Transcripts For CNBC Street Signs 20170731

Develop quite nicely in Second Quarter have been helped by nice weather in europe indeed and the time for talk is over u. S. Calls on china to impose sanctions on north korea as President Trump and the japanese Prime Minister shinzo abe agree on action after the latest missile test good morning, everyone, brand new edition of street signs. It is monday, final trading day of july. Fairly positive start here doing well on the manufacturing data coming out of china show you what the european markets are doing. Ftse 100 up. 4 after dax is higher. Lets come back to the sectors i mentioned minors, theyre doing very well among top formers following Australian Shares and manufacturing data. Stable under lying growth despite coming in under expectations basic resources up by 1. 3 banks are doing pretty well this morning. Look at that sector. Up by. 05 beating expectations europes biggest bank announced 2 billion Share Buy Back. Third move in a year should be completed before 2017 and will take a total Share Buy Backs in the last 12 months to about 5 billion. Lets talk more about this with Senior Analyst this is the gift that keeps giving when it comes to hsbc capital returns. How sustainable are these . Good question as you say 5. 5 billion buy backs. Part of the reason theyre doing that is because buy backs are seen less risky than dividends ordinary dividend you have to pay year in, year out. If you fail to pay it, market takes against you. At the same time, if you continue doing Share Buy Backs, market gets addicted to that, you get withdrawal symptoms if you suddenly take it away. Last year earnings didnt quite cover dividends, this year that seems to be the case. From a fundamental point of view, it is definitely a good idea do you think . I mean absolutely youre right in terms of dividend last year dividend looked shaky at hsbc, you saw Share Price Fall back in respect to that nowadays that dividend looks like it will be covered this year, theyre saying theyre not increasing dividends for the foreseeable future that seems proven given the environment were working in that Share Buy Back scheme, the market is getting used to seeing that, that means it can be disappointed if either Share Buy Back doesnt come in at the amount the market wants or if it is taken away all together. Are they more hesitant when it comes to the dividend because they dont know what the pound sterling is doing, theyre paying the dividend in dollars, can easily do that if the pound sterling continues to plummet, obviously with brexit scenario, we dont know what the pound will do. Could that be one of the key reasons . Youre right, the dividend is denominated in dollars hsbc has Revenue Streams from across the world, it is exposed to Exchange Rate risk, not just pound dollar, but Exchange Rates. One of the interesting things is whats happened to share price in the it dividend for uk investors. Despite held at 51 cents a year, that is more in pound sterling uk investors are seeing a jump in dividends it has gone nowhere in dollar terms. What do you think of fundamental Business Performance of hsbc first half of the year, wants to increase the mix. How are things looking thats been the strategy of hsbc, reduce the number of countries it is operating in and to roots in asia, thats where it sees a fast growing economy threequarters profits First Quarter came from asia, so it is in tune to whats going on in asia that provides opportunities and were seeing more developments on that front today from hsbc, announcing a joint venture in china. It will be the Majority Shareholder and First International bank to do that in china. There are opportunities for hsbc there are risks for those developing economies as well if they catch a cold, hsbc will suffer as well. Up 60 since the brexit referendum most other stocks havent fared that well. One being rbs, you talk about litigation issues and lack of profitability. We get earnings later this week. What could we expect to be a positive surprise or do we have to wait for the doj settlement before we see any positives . Arent too many positives with rbs british core bank is doing okay, there are extraneous nasties out there, it tends to dominate results from rbs so weve had some progress because we have seen a settlement for Mortgage Backed securities in the u. S. Early on this quarter, were going to see that, but that issue is now out of the way. We have seen recently more progress in terms of alternative plans spinning off williams and glen, rbs was required to do as part of bailout in 2008. Theres been some progress there in terms of the new plan rbs has put in place, but that department of justice finding is the big thing hanging over rbs nobody knows when it is going to come or the timing either. Once all of that bad news is cleared, and that could happen in the next 12 months, you could start to see the bank look forward rather than backwards. The big issue remaining would be the fact of the uk Government Holding 75 of the bank and it wants to sell that how it is going to achieve that when break even price for taxpayer is twice the market price for the moment, difficult to see. That makes it difficult to find a gooden tree spot into rbs. Would that happen at some point in the next 12 months . At what point do you want to enter . Its a difficult one. Once all those litigation issues, cleaning up the sins of the past are dealt with, you then have potentially a bank that can make progress, but theres a limit how much progress it can make in terms of government Share Holding if you have a seller coming to the market to sell off 75 of the company over a given time period, thats obviously going to put a pressure on share price. Theres a long way to go between here and where the government needs to break even in terms of share price. We dont know whether the government is willing to set a loss, that was before the uk election, things seem to have changed politically a lot in the uk since then. And brexit is a key focus. But it may be we get further currency from the government second half of the year in terms of what it is thinking in holdings in rbs, given where share price is at the moment, has to be a long term holder to break even on taxpayer funds. Very quickly, whats your thoughts on the sector. It seems to be the uk bank seems to be performing okay, there are lots of issues in terms of litigation that seems to be ongoing but things generally in a state of recovery, lets face it we are ten years on from the financial crisis, it has been a long, arduous journey. Thank you so much for that. Lets talk about other stocks making headlines this morning, one drug maker sanofi. Thinks the 2017 eps will be stable where it was anticipating a slight year end decline. It will be upgraded, after posting Second Quarter earnings that came in line with expectation shares up by 2 . Shares at bmw are trading lower, after report from german publication that implicated the car maker in the ongoing diesel emissions scandal, finding documents from 2007 they claimed bmw used two different for diesel engines, one for testing and another was a lower efficacy in a statement, bmw says its vehicles are not manipulated and comply with all legal requirements staying in germany, two strong sets of data out of the eurozones biggest economy they had the biggest gain in retail sales since october, twiksz sales increased 1. 1 in june, more than double the gains in may. Unemployment figures hit a new post reunification high. The euro dollar is off by 0. 2 still coming up, no action on north korea u. S. Leaders accuse china of inaction against the volatile regime as more missiles fly, we have the latest after this short break. Who knew that phones would start doing everything . Entertaining us, getting us back on track and finding us dates. Phones really have changed. So why hasnt the way we pay for them . Introducing Xfinity Mobile. You only pay for data and can easily switch between pay per gig and unlimited. No one else lets you do that. See how much you can save when you choose by the gig or unlimited. Call or go to xfinitymobile. Com. Xfinity mobile. Its a new kind of network, designed to save you money. Welcome back President Trump and shinzo abe spoke about the threat of north korea for nearly an hour over the phone following a recent Missile Launch speaking to reporters after the call, he completely agreed that additional steps needed to be taken against the isolated country. Terry chan filed this report reporter north korea seems to be getting some things right with missile technology. Over the weekend, they tested what many believe to be an intercontinental ballistic missile. This was the second icbm launch this month alone it is unclear how long pyongyang are at mastering other skills like war heads for guiding missiles to specific targets one thing is for sure, washingtons patience is wearing thin u. S. Ambassador to the United Nations nikki haley said over the weekend the u. S. Is, quote, done talking about north korea and u. S. President donald trump resorted to the path of blaming things on china, tweeting his disappointment in china for not doing enough to reign in north korea. And one player in this picture that seems to be moving things along is pyongyang, state run media carried its leaders statement saying the latest test shows the reliability of the icbm system and that the whole u. S. Is within the firing range of north korean missiles back to you. Meantime, Vice President mike pence said all options are on the table when it comes to the threat of north korea. Speaking in an Eastern European tour, the Vice President said china needs to step up. We believe china should do more i think the president has been clear about that in his conversations with president xi, while china has taken unprecedented steps to begin to isolate north korea economically and to bring diplomatic pressure, we believe china has a unique relationship with the regime in north korea. China reported purchasing managers 51. 4 short of expectations China National bureau of statistics attribute the light slow down to adverse weather conditions and flooding in parts of the country adding imports and exports have actually grown in the past month. The chairman of one of the richest man endorsed the crackdown on outbound m and a. He said tougher rules were essential to put an end to risky overseas deal making speaking to cnbc in an exclusive interview, explained why the government is toughening its stance in overseas deals the Chinese Government is not discouraging overseas investment, it is just that the Chinese Government started regulating overseas investment you know when making overseas investment, there might be some risks. What the Chinese Government has done is control or fend off risk might make the outside world feel theyre discouraging investment abroad but its not overseas investments have become more regulated what the Chinese Government has done is good, not only for the economy but for risk control. And quick look at oil prices, theyre moving higher. Mounting expectations that the u. S. Is preparing to impose sanctions against venezuela. Brent crude up and wti crude 49. 76. United states vowed to take strong action against the nation in response to what it described as fraud election. President maduro the state department condemned violence surrounding the vote in which at least ten protesters were killed reporter under threat of force, voters lined up to cast ballots. Hours after polls open, streets erupted in violence again. With sections engulfed in smoke and tear gas opposition leaders say at least 14 people were killed just today bringing the death toll to more than 120 in four months of protests. They want to break it down, but when they do that, they give us more strength with todays vote, the socialist president wants to create a Political Assembly with vast power to rewrite the constitution and potentially dismantle the democratically elected legislature. Polls show most venezuelans are against that, and all the candidates are maduro supporters, including his wife and son. The opposition is calling it illegitimate saying this is a vote for peace. I am voting because were trying to support our main leader, the road to the peace. On national television, president maduro tried to cast his vote when a poll worker scanned his d, it says this person does not exist. Saudi arabia, bay rain, and the uae are open for dialogue with qatar they met to discuss the ongoing crisis which dragged on since early june, despite efforts by kuwait, the u. S. And others to end the dispute. Speaking after the meeting, the Prime Minister said his country was ready for talks, could show he is actually serious. Reporter he announces to stop funding terrorism and extremism and commitment not to interfere in foreign affairs. In other news, russian president Vladimir Putin expelling 800 american diplomats flt country. The latest in the fight between the two nations that began after accusations of russian meddling in the u. S. Election which russia denies. Putin announces the move as the white house said President Trump will sign a new package of sanctions passed by Congress Putin says moscow could consider additional retaliation measures. Kelly odonnell has the latest reporter tonight, a new powerplay from Vladimir Putin as the russian president surveyed his nations military might on parade, putin ordered a Diplomatic Retaliation against the United States. In an interview on state owned tv, putin said he will cut the number of americans allowed to serve in russia by 755 traveling today, the Vice President is in estonia, a former soviet state. We expect russian behavior to change reporter putin blamed the u. S. For deteriorating relations after Congress Overwhelmingly approved new sanctions to punish russia for 2016 election interference and aggression for his neighbors. The president made it clear that very soon he will sign the sanctions from the congress of the United States to reinforce that reporter the strain tonight is far greater than just three weeks ago when President Trump and putin met in hamburg. President putin and i have been discussing various things and i think it is going very well reporter complicating the escalating tension, the Political Drama around the trump team and investigations into Russian Election intrusion putin said that did not play into his decision. There are unresolved conflicts, like control over two russian diplomatic compounds seized by the Obama Administration unknown, will President Trump give them back. No decisions have been made on that whatsoever. Reporter President Trump does not have his own man in moscow yet he picked jon huntsman to be ambassador of russia but he is awaiting confirmation. The former ambassador described the ouster of american diplomats as a troubling movement. You have to go deep into the cold war to a time we were at this level of confrontation with russia or the soviet union certainly even end of the cold war was a friendlier time. That was Kelly Odonnell from nbc reporting. Germans economy minister described proposed sanctions against International Law plain and simple speaking to a german newspaper, he said the European Commission should look into Counter Measures to protect european firms which could be hurt from the russian sanctions. Lets look at the dollar against the euro the dollar is gaining a little ground this morning, despite two and a half year lows the gbt put pressure on the dollar friday. Today marks john kellys first day in new role at President Trumps chief of staff speaking to the campaign manager, he talked about why he thinks he replaced reince priebus. I would against moving forward is general kelly will bring the type of discipline to staff to ensure leaks are stopped and that the president s agenda is foremost of what takes place in that building there will be no more back fighting and stabbing each other in the back. President trump is threatening to end payments made to Insurance Companies under obamacare if a repeal and replace bill is not passed in a tweet posted saturday, he expressed willingness to end what he described as government bailouts for Insurance Firms the comments came after republicans latest attempt to repeal obamacare failed in the senate before we wrap up this side of the show, were going to go for a quick break. Before we do that, show you what the european markets are up to shares of hbsc are rising, and another buy back Program Announcement cac 40 is up ftse 100 on the back of the chinese data. We have to take a quick break. Check out world markets. Ukatley be back with pntof da. Hello, welcome back to street signs. I am carolin roth. Hsbc rockets to the top and they launch a third Share Buy Back program in a year. Profit tops 10 billion. Cheers to that heineken reports better than expected 6 rise in revenues thanks to strong sales in europe the beer maker cfo says early summer weather has helped. Very Strong Performance in the first half and what youve seen is volume build up nicely in the Second Quarter. A bit helped by nice weather in europe indeed. Miners leading gains after chinese manufacturing data paints a picture of stable underlying growth. All right. Just looking at data from the uk economy, looking at June Mortgage approvals at 64,000, lowest since september, 2016 versus reuters poll of 65 thoirks. Touch lower than expected. Mortgage lending up, and i am looking at consumer lending. I guess lending has also been impacted by the fact that inflation is rising, mixed set of numbers, uk mortgage approvals dropped to a nine month low in june, reflecting uncertainty around the latest elections and outlook for brexit quick look at u. S. Futures show you where they are. Looking quite positive s p 500 up by four ponts, jouj up by 50 points, nasdaq expected to add this morning. Mixed markets friday, extending a slump we saw thursday into friday, closing down by 1 dow had another record friday, up by 0. 1 for the week up to 1 thanks to earnings from boeing and chevron. Quick look at the european markets. The ftse 100, boosted by mining stocks on chinese data and increasing copper prices in australia, also banks doing pretty well on the back of hsbc, upgrading european banks to outperform chinas province announced 300 million deal to invests in the Industrial Zone in abu dhabi. It is the latest in partnerships between china and gulf countries and deepening trade ties, after reports that abu dhabi port is considering initial Public Offering lets get out to the abu dhabi port, talk about the new kopgs how citigroup is that for you . Hi. This is a big deal for Abu Dhabi Ports. Today we signed a lease of 2. 2 kilometer of the zone. The Chinese Company established within the free zone suddenly is to apply factories to start with this is the right successful story for us today by signing this agreement, news agreement straight away, then signing with five factories immediately, thats a minor storm for us. Obviously at the heart of the plan that china has been trying to implement, youre now partnering with them to realize that what kind of industries will be presented in your port well, it will be variety of midstream and downstream industry we expect to see pharmaceutical industry, we expect to see electronics industries, and things related to aluminum because in our area we have the biggest aluminum smelter in the world. And they could benefit from the stock we offer how concerned is someone like china about risks emanating from the region with political instability and drop in oil prices how much confidence can you give them about the future of that region well, we give them many offerings. To start with location, state of art infrastructure, the connectivity we are the link between the east and the west we have direct access through major shipping lines to africa and europe and far east asia so the trade will be enhanced. After we signed last year with cosco. Theres some confusion within the shipping industry given the qatar crisis are you letting ships with foreign flags pass through even though theyre trading with qatar or is the blockade really limited to ships sailing with qatari flags well, i mean, we are not preventing any to visit our ports. As a matter of fact, we put a statement up i wanted to come back to the reports saying that youve been talking to a number of bankers about ipo. Last week you shot down reports saying it is too early at what point would it be the right time for your company to ipo . What conditions have to be what sort of conditions are you waiting for . Well, our company is embarking and many aggressive opportunities. Looking at different ways of funding. But in the immediate, theres no immediate plan to go to ipo at this stage last month we signed an agreement to run for port and expanding to other ports in the region. Thank you for that. Ceo of Abu Dhabi Ports hopefully we can talk to you when you ipo that business thanks nfor your time. Heineken posted strong set of numbers first half of the year, boosted by warm weather inch of europe speaking to us earlier, the cfo explained the renewed strength i would say little bit of a floor, and in europe number of countries including my country, the interest of young people coming back a little bit to beer and that is very good and it is helping that by bringing conversation around lifestyle but around the origin, the way it is made which is really something that plays for us at heineken because thats what were really interested in and thats what we really talk about. Lets dig deeper into the numbers. Add a little physical with johnny force, analyst at minimum tell the spring was warm. Does it go against the trend of people drinking less beer and going into gin they had stellar numbers because of european gin revie val. People are moving away from alcohol, particularly key markets of europe and north america. I was interested in what you were saying about the fact that crop is doing well for beer. Gin is doing well in spirits, high at the moment but that craft beer is giving beer more cachet stick with crop heineken realized this is a trend we cant ignore. If you cant beat it, you join it thats why they have full ownership in the u. S can it work through m and a, do you stay authentic by doing that at the moment consumers are not aware when crop brands are owned by big brews whether thats the case in ten years i dont think thats the only approach. I think theres still opportunity to create your own craft store brands, however, it is probably the best approach. And you could argue that heineken has been a little slow off the mark they now control a strong crop brand but if you look at their rival, they own ten crop brands in the u. S. Alone. You say they should be more aggressive buying craft brands. They should have already been more aggressive. Do they have the power to do that they do theyre still number two beer company in the world i would see no reason why they wouldnt have that i think it is more that they have been a little conservative and cautious and trying to get off to the right brand i spoke to the head of marketing at heineken two or three months ago when they officially launched 0. 0 beer, nonalcoholic beer. I see what theyre trying to do, cater to the Health Conscious consumer out there can they still sell at premium prices at premium prices probably not, Consumer Research shows basically people dont want to spend as much on nonalcoholic beer im sure the position is whether they can sell the same price nonalcoholic beer is interesting, Beer Companies look to this as Growth Opportunity for the more Health Conscious consumer question is will nonalcoholic beer grow big enough for a place that lost profit for full strength beer. Right now just a couple of Percentage Points in terms of sales. Where do you see it going in the next ten years i guess it will never go above 15, 20 . Unlikely i would say. I think theres more opportunity, but at the end of the day a lot of competition from coffee, premium soft drinks to go beyond 15 would be tough, but at the moment, 1 or 2 look at craft, some said craft wont go beyond 5 and 10 . In the u. S. Up to 20 value. We are seeing a change there are great opportunities there. I question whether it will fill the hole of standard strength beer. Could you see Growth Opportunities for nonalcoholic beer in muslim countries, in dough nearby a the biggest Muslim Country in the world. Could that be one of the key areas. It seems heineken is very much exposed to europe, not so much i would argue they need to be aggressive getting into those markets. They have done well in indonesia pushing. Big mashlgt with the most demographics, highest growing demographics in the world. Untapped opportunity i have my doubts whether it will reach the mainstream definitely a profit driver, but will it be sufficient. Heineken offered to sell pubs and theyll make a final ruling by august 22nd do you see risk related to that . Not really to be honest, not really at all. Think that should be a smooth transaction. I expect that to be a smooth transaction. Thank you so much analyst at mintel. Too early for an alcoholic drink, do enjoy the rest of your day. The weather is a theme across the program chinese data, heineken numbers, german retail sales reference summertime temperatures. At least one of our guests was skeptical about the weather playing a significant role in economic and market indicators. Apparently it is the weather. Couldnt they plow the snow the way the weather was . Couldnt predict what it was saw that with russia with interest rates, said inclement weather. You didnt know what the weather was at that point. Dont tell me it is the weather because it was weak. I hate those kind of stories i look at them in total disbelief. What happened in germany in june. Most of europe was bathed in sunshine we have had stunning seasonal weather, seasonal factors this time of year that can make a big difference. Strong performance in the first half, what youve seen the volume build up nicely in the Second Quarter helped by nice weather in europe now that we speak about the weather, can i add my two cents. I was in germany and it rained cats and dogs every single day with flooding. I dont know whether that will play into the Economic Data at some point. In other news, Japanese Technology firm panasonic posted First Quarter profit focused on Automotive Technology and boosted quarterly results. Shares up 30 so far this year Tesla Ceo Elon musk says the model 3 has more than a half million reservations handed keys to the first 30 buyers frieday. Sets the stage for the biggest challenge as they look to sell the latest vehicle to the mass market tesla has to work at a furious pace to deliver cars as soon as possible huge number of cars frankly, were going to be in production hell. Welcome, welcome welcome to production hell thats going to be where we are for six months or maybe longer. Good luck with production hell then. A little emotional talking about the loyalty of tesla customers. I want you to know, it really matters to us, we really care. Going to do everything we possibly can to get you a car as soon as possible were going to workday and night to do right. Thank you for doing that hundreds of millions of snap shares could soon hit the market as the lock up period for early investors is set to phase out. All shares tradeable by end of august, potentially putting further pressure on an already struggling i believe the ipo price was up by 1. 3 . Still coming up on the show, which countries are looking most attractive to investors. Fresh insights from the new report dont want to miss it. Welcome back to the show heres whats going on in currency see markets the dollar changing against the euro and british pound and aussie dollar. A bit of reversal after the dollar fell to two and a half year low against the euro last week on the last set of data points, gdp indicator, 2. 6 and u. S. Labor costs rising less than expected. Euro is above that 117 handle, proving a headache for european stocks when it comes to the dollar, imf says it is overvalued. The annual assessment of currency, says certain advanced economies such as the United States built up external account deficits it enjoyed recent strength, posting the best week against the swiss franc in more than two years. The Balance Sheet is doing very little to boost the economy. Noted rate hikes is concerned about weak inflation, reducing the fed holding gradually is the right thing to do. He suggested political dysfunction could threaten markets saying theres a lot of political anxiety in this country that could lead to a correction and goodbye bricks, hello bie. In the latest report, unconventional views on investment attractiveness, u. S. And malaysia topped the markets in major sectors, breaks significantly underperform head of research joins us to discuss the report first of all, explain the metrics. Whats this index. Good morning. What we tried to do is quantify investment attractiveness, not look at size or scope of growth in the market, say auto manufacturing or sales but overlay it with quantifiably other metrics, political risk, regulatory outlook, framework, legal environment, so on and so forth. The final score enables us to have a comparison across 120 markets, across 11 industries, it is a comprehensive metric we have been able to apply. So the uae in the middle east does well. What makes them so attractive. I think intuitively, oil price makes it less attractive and theres political instability. What are the reasons that prove it wrong. The uae does particularly well top ten of the industries we looked at, especially heavy industries, infrastructure, power, renewables, auto manufacturing, the heavier cluster of industries, in addition to the food market which does particularly well good pipeline, looking at the construction sector, talking abu dhabi and the port theyve got, when you look at consumer sector, good logistics network, demographics profile there are a lot of factors at play that help the Industry Growth which is already quite substantial. Theyre ahead of the curve compared to other countries. One of the most surprising findings in the report is the fax that bricks are notably absent that was one of the most surprising conclusions we were able to unearth was the fact that bricks, you have traditional narrative, especially for russia, india, brazil doing particularly well, and they have good demographics, et cetera. When we dig a little deeper, we have high levels of political risk, you look at countries like russia, they have a slow pace of reform when you put everything together in addition to falling Commodity Prices that has impacted brazil and russia, we see that the opportunity of getting into markets and invest isnt necessarily it is quite high. The investment narrative doesnt necessarily fit with all of the metrics we are applying. Underperformance of bricks applies to domestic consumer, thats where he or she is underperforming, too, for countries like vietnam, poland, chile, malaysia, doing better, why . We talked about heineken and indonesia, it is one of those markets where we see again if you move away from the dominant emerging market we have been talking about, you look at other countries like chile, argentina, vietnam where they have the drinks industry and auto sales and have better reform agenda that does enable players, foreign players usually to enter the markets and tap quite good opportunities. Last but not least, talk about slow movement giant, japan. Japan is underperforming where japan is underperforming compared to its peers. If you look at japan in relation to the United States, united kingdom, south korea, for instance, other peers in developed markets, japan dont do that well across industry, especially in a heavy industry that is traditionally dominate they do have potentially big perfect pipelines, good demographic profile, looking at infrastructure, public partnership, but they also have a closed network of very Large Industrial local companies and it makes it very difficult for Foreign Companies to enter one area we like when it comes to japan, thats where they have the two crucial profiles for launching blockbuster drugs, and high income population whats interesting is now that we have the eu trade agreement, thats definitely one of the segments in the market to watch. All right one of the few bright spots for japan. Thank you for that head of Industry Research at bmi research before we wrap up this show, a quick look at u. S. Futures pointing slightly higher s p 500 up four points, dowjones up 45 points on the back of another record closing high on friday index up 0. 1 for the week up more than 1 from boeing and chevron. Nasdaq fell thursday and friday seen rebounding by 15 points or so quick check of europe peen markets. Thats it for todays show Worldwide Exchange is next see you tomorrow byebye. Is this a phone . Or a little internet machine . [ phone ringing ] hi mom. It makes you wonder. Shouldnt we get our phones and internet from the same company . Thats why Xfinity Mobile comes with your internet. You get up to 5 lines of talk and text at no extra cost. [ laughing ] so all you pay for is data. See how much you can save. Choose by the gig or unlimited. Call or go to xfinitymobile. Com introducing Xfinity Mobile. A new kind of network designed to save you money. The Trump Administration threatened more sanctions against venezuela. You could see gas prices rise issues of job losses. If you want to get something done, it is not earlier than 18 and you have to get something to entice the democrats to play i think the best bet is infrastructure good morning earnings and the economy front and center as wall street is ready to kickoff a new week. We have your setup straight ahead. Venezuela vote violence, russian retaliation, and growing north korean threat. We are on the frontlines of three big developing stories abroad. Breaking overnight, charter reportedly says thanks but no thanks to sprint details coming up. It is monday, july 31st, 2017 and Worldwide Exchange begins right now. Good morning