Good morning, everyone want to kick things off with a bit of data in the form of the eu pmi numbers the german manufacturing number posting more solid growth in july the french number showing another sixyear high. And once again were still waiting for the pmi numbers. We will bring those to you as soon as we get them. Let me double check whether theyre out. Not for the time being but well bring them to you as we get them. When it comes to european markets, we are broadly higher xetra dax up by 0. 2 ftse 100 is up by three quarts over a percent thats very much driven by the oil and gas story. Thats one of the best performers sectorwise lets flip over to the sectors here you go. Oil and gas is very much outperforming. This is on the back of Higher Oil Prices this morning, but also the profit beat coming from bp lets talk about that. Higher oil prices and deep every cost cuts have helped bp to a Second Quarter profit beat the british oil giant reported a 10 rise in production that would take a charge related to failed exploration in angola bp is targeting output of 800,000 Barrels Per Day by 2020. Despite an increase in net debt, bp says it expects relief in the second half of the year from a boost in investment proceeds and a decline in payments related to the gulf of mexico spill lets dig deeper into the numbers with russ mold from ag bell. Is there anything not to like about the numbers . The thing that bears will focus on is the rising net debt, focus on slower than anticipated revenues, and in the end theyll focus on the fact that cash flow is not kov earing tcovering the expenses so, the big debate, is that fat, juicy dividend yield safe . Theres enough in there for bears to keep them interested, may not be we heard from an analyst on squawk box, he says that the cash component of the dividend, that has been covered by cash flows. Thats reassuring. Why do you still think the dividend might look shaky . That the the question people keep on asking in the end, the company can rely on script. I think it will make income seekers a little never vous that t nervous that the cost cutting is not there. If oil prices go up to where the guy from jeffries said, 60 bucks plus this issue starts to fade away into the background because cash flow will improve, kotcost cuts will kick in and the dividend will look save. Right now the company is having to work hard to provide the cash to make the payments, and thats weakening potentially the longterm position 800,000 per day new production by 2020 f th, if they can achie that, this will improve longterm prospects. The dividend yield is one of the highest top ten 6. 5 up there with the likes of shell. I guess investors still give the company the shares, the benefit of the doubt and flock towards them because of that dividend. Its the income story thats key. For oil, theres a huge key for the uk market. A quarter of dividends are forecast, whether its cash or script the stronger the oil price, certainly the big potential beneficiary would be the ftse 100 given the weights of shell and bp lets talk about the oil price. In the Second Quarter it hov erd belo hovered below 50. This morning opening up above 50. Can we draw parallels between oil prices and bp share price . Bp share prices track the oil price for most of the two years. The trick is get the oil price right, you largely have bp share price right. The tricky bit is working out where the Oil Price Goes if opec cant control it, it will be difficult for everybody else to predict where its going. We have seen u. S. Inventory and stockpiles come down we are starting to see some slowdown in u. S. Onshore activity rig count is at 100 year on yea year you have seen the big pick up in she shale, the big rigs sticking around, the 1. 5 million barrel per day increase has yuf set ofe opec and nonopec cuts supply has been the issue. Shale is only 5. 5 million right now. Youve seen a big swing in shale, its offket the cset thet it needs to move higher. Theres been a thought share prices are not really pricing it in, theyre the worst performing sector in the uk market you did get more bullish commentary from halliburton and schlumberger its a stroory that will develo over the summer. Which is your pick . Shell or i think theres stronger internal element to the story at shell than at bp russ, youll stick around longer russ mold from aj bale venezuelan president nichololas maduro is attacking u. S. Sanctions on the country calling them desperate the white house labeled him a dictator mtd t dictator the Administration Says maduro got into power under a sham election heres how h. R. Mcmaster described that situation you see the end of the constitution in venezuela. This is happening at an accelerated pace, under the maduro regime. This has taken really two regimes to restrict venezuelan democracy. By designating maduro himself, he joins an exclusive club, including mr. Mugabe, al assad and kim jongun, in terms of the brutal repression of his people and in this case the aggregation of the constitution with the constitution with the assembly venezuelas opposition leaders have been taken from their homes, their families have said the wives of leleopoldo lopez ad Antonio Ledezma were led into police cars. The government has not commented on the reports the big story yesterday, certainly was this Anthony Scaramucci became the shortest serving Communications Director in white house history hes the latest in a series of highprofile Trump Administration officials to leave the white house. General kelly replaced Reince Priebus as chief of staff yesterday. Hallie jackson filed this report on the latest white house reshuffle. Reporter today, the retired general reorganizing his ranks, with new chief of staff john kelly pushing out controversial Communications DirectorAnthony Scaramucci, according to sources familiar with the move it comes not long after scaramucci, originally praised by the president , targeted white house staff with a profanitylaced rant in the new yorker, one so vulgar its not repeatable here. The president certainly felt that anthonys comments were inappropriate for a person in that position, and he didnt want to burden general kelly also with that line of succession. Reporter the white house publicly says scaramucci, spotted in the Oval Office Just this morning, wanted kelly to have a clean slate privately, its a clear message to staff theres a new chief in town. Embraced. We just swore in general kelly. He will do a spectacular job. Reporter and empowered. General kelly will go down in terms of the position of chief of staff one of the great ever. Reporter for the west wing, a new era with a new manager but ultimately the same boss, one who is insisting today theres no white house chaos after himself creating some. President trump hiring scaramucci in first place over the objections of some advisers, which set off a domino effect. Press Secretary Sean Spicer leaving followed by former chief of staff Reince Priebus. While the warring factions in the white house appear to be giving kelly some running room, the battles internally give kelly a clear mission. General kelly is going to bring the type of discipline. He will bring some order and discipline protocol, pecking order, order, discipline. Reporter andy card served as chief of staff under president george w. Bush. Removing Anthony Scaramucci i think demonstrates candidly and forcefully to everyone that the chief of staff means business in terms of trying to bring discipline to the white house to help the president accomplish the agenda. That was Hallie Jackson reporting. The Washington Post reports President Trump personally dictated a misleading statement on behalf of Donald Trump Jr the statement claimed trump jr. s meeting with the russian lawyer focused on an adoption program. But later disclosures revealed trump jr. Expected to get damaging information about hillary clinton. A trump attorney told the post the report was inaccurate and of no consequence email the show, streetsignseurope cnbc. Com love reading your emails, even if theyre two weeks old just got back from holiday yesterday. And you can follow us on twitter, streetsignseurope cnbc and tweet me directly at carolincnbc. Coming up on the show, central bank on strike find out why bank of england staffers are walk out today right after this short break your brain is an amazing thing. But as you get older, it naturally begins to change, causing a lack of sharpness, or even trouble with recall. Thankfully, the breakthrough in prevagen helps your brain and actually improves memory. The secret is an ingredient originally discovered. In jellyfish. In clinical trials, prevagen has been shown to improve shortterm memory. Prevagen. The name to remember. Thats why at comcast were continuing to make4 7. Our services more reliable than ever. Like technology that can update itself. An advanced fibernetwork infrustructure. New, more Reliable Equipment for your home. And a new culture built around customer service. It all adds up to our most Reliable Network ever. One that keeps you connected to what matters most. Lets get you caught up on some other earnings news dsm exceeded expectations for the first half posting a net profit of 312 million euros. Thats a 42 jump on the same period last year the Dutch Chemicals Company raised its fullyear outlook for 017 forecasting Earnings Growth in the double digits we spoke to the dsm ceo about the companys Growth Prospects in china. China is doing very well. If you look to the Macro Economic figures, around 7 growth, its doing well. But dsm is growing clearly above 10 in china again, in this Second Quarter. And we look, in fact, confident to the future and to the end of the year and next year of the growth in china. Of course we specifically are helped by the enormous urbanization in china. When people move from the rural areas to the cities, they eat more processed foods, they buy a car, all that stuff. And we are helped with our materials business with that as well rolls royce is running full throttle the Aerospace Engine maker posted a first half profit of 28 mi2 287 Million Pounds the ceo warned cost cutting is working but theres no room for complacency. Uk home builder taylor wimpy will pay a special dividend of 340 Million Pounds after an increase in first half revenues. The company was forced to set aside money for a leasehold scandal. Speaking earlier this morning, the ceo offered this assessment of the Central LondonHousing Market weve seen sort of two years or more of real uncertainty around where the Central London market would go. Prices have not moved very much. Only in certain schemes, sort of where theres an awful lot of competition have we seen prices move at all. Theres pent up demand as people wanted to buy a home in Central London we are seeing that translate into transactions. It doesnt get away from it. It remains a slow market volumes are low but much more stable man Group Reported a nearly 20 boost in assets under management in the first half this figure was bolstered by new investment and the acquisition of a Real Estate Fund. Gemma acton joins me in the studio to go through the numbers. They say its unusual to see this level of inflows, but on the down side to see this level of margin compression. That will moderate in the second half yes were seeing a move from retail to investments we saw big inflows some of them are quite lumpy frm, a fund of hedge funds took in some big mandates, which sho shows 8 8. 2 billion of inflows, very, very high. Some of that was under one of the mandates margins compressing by 8 points over the first half, thats quite a big compression. What is that down to . Because of the switch from retail to institutions its low margin products. Partly due to the client base and the products offered more broadly speaking its due to the competition in the industry as well russ molden is still with us. What do you make of the numbers . Shares are up 6 , in that respect theyre favorably received performance fees were strong that makes a nice change also surplus capital on the Balance Sheet. A big increase in the dividend one or two analysts are wondering if there will be a buyback. There are strong shortterm fundamentals longer term you worry about fee compression and competition. You still worry about whats historically been slightly patchy performance there and the lack of volatility in the market it isis not a big help for them now. Do you think even though were in the midst of slow summer trading, this could be an indicator of how well hedge funds will be doing in the second half of the year . Momentum has been strong volumes up inflows up performance better than compared to a dreadful 2016. Some of the European Asset managers benefited from the rotation from u. S. To europe youre seeing them pick up assets there part of whats happened there. Man group itself, you have to look at it differently it is large. They have been very much on the front foot when it comes to incorporating technology into what theyre doing and that seems to give them a critical edge. The amount of data that you can incorporate into investment processes is important to the investment process Going Forward if you do want to have an edge man group is working hard on that edge and showing ways in which they think they can get ahead of the competition from regulatory stock pickers, which is where a lot of the firm started out. When we talk about man group, weib usually talk about man vers man argument some of their things are driven by the ai approach do you feel theyre behind the curve . Are they on track . Are they in line with industry standards . I would say theyre ahead on the they have been doing this for a long time, on the discretionary stock picking side, they have now started to incorporate that given how much data there is to crunch, the thesis is, it sounds like defensible thesis, the more you can utilize the data thats out there to give you a back drop for your investment processes. Russ, what is your view on Asset Managers as a whole . Not specifically Hedge Fund Managers i dont fancy being replaced by machine Asset Managers, markets are going up thats clearly a generally helpful environment. More volatility would give the active managers a chance to prove their worth. If anything, they would welcome volatility of the next 6, 12 months, so they can say we are worth the fees we charge we will generate performance in a more difficult environment russ, thank you very much for that hopefully you wont be replaced by machine im hoping the same for myself gemma, thank you very much for that a walkout at theboe. Support staff including maintenance and security personnel at the bank of england will go ahead with a threeday strikes after talks at averting the action failed. Employees are anger over pay and have planned protests outside the central bank the strike marks the first in more than 50 years by boe staff. Lets hope this is not going to throw a spatter into the works of thursdays big Inflation Report that gemma and i will be coanchoring hopefully you and i are not striking this thursday or in the lead up to thursday. Theresa mays Office Confirmed that the Free Movement of people will come to an end after brexit the prime ministers team was forced to clarify its position after senior cabinet officials appeared to take contra directory lines on the issue last week amber rudd indicated that there would likely be a relatively liberal post brexit migration machine. The city of london could lose 40,000 banking posts as a result of brexit. Thats according to a study by oliver weiman. The job losses would deal a blow to the uk treasury which derives a significanant portion of tax revenues from the Financial Sector a number of banking giants say theyre already working on plans to relocate staff from london ahead of brexit. Shares of Charter Communications hit a record high on speculation that softbank is considering a bid for the company. This despite attempts by charter to quiet any talks about the deal with the firm saying it is not interested in a merger with print. Softbanks u. S. Wireless carrier. Sources tell cnbc a potential offer would be at least half cash with the remained ner shares shar remainder in shares in the newly combined company yesterday it was all about media m a. Discovery is buying skrips in an 11. 9 billion deal its the latest in a wave of media mergers as content providers banned together to face the new challenges of the changing digital landscape discoverys ceo said the deal will expand the companys international reach. Theyre much further staged internationally. They have a big business in poland, tbn. They own 50 of uk tv. We are much bigger now, we will be, in the uk and poland we make about a billion dollars outside the u. S. When you look at the synergy we have, just coming together we should be in the 1. 25 or 1. 3 range. Thats before we start launching their content to all of our platforms. The 2028 summer olympics will be in los angeles as a result of a deal with olympic officials that also had involved paris. The two cities were the only remaining bidders for the 2024 games. L. A. s willingness to host the later olympiad means france will host in 2024 all this has still to be formalized at the next International OlympicCommittee Meeting in september good luck to both cities in terms of preparing and in terms of the cost issue. We know thats a big one the ftse 100 up by 0. 8 . Plenty of data after this break. And hallie joins us now welcome back to street signs. Im carolin roth these are your headlines President Trump removes anthony skroo scaramucci from his role as Communications Director after only ten days on the job as new chief of staff john kelly makes his mark on the white house. Bp beats on Second Quarter net profit as production rises 10 , but the energy giant sees its earnings halve from q1 due to a writeoff on exploration in angola assets under management at british fund man group rise nearly 20 in the first half lifted by the firms recent purchase of Real Estate Fund aalto. All right once again we are on data watch this morning we are waiting for the uk manufacturing pmi and we got a print of 55. 1 versus a revised figure of 54. 2 for the month of june the roiteuters poll was for 54. 4 so this slightly beat expectations not much of a reaction in sterling dollar. 1. 3210 an export boom helping recovery in the month of july. Looking at the markets, broadly positive ftse 100 given a boost from the oil and gas sector the xetra dax is up by 0. 3 . For july, we were down once again for the european markets off by 0. 4 . Not huge loss, but still it tells you how much were suffering from the headwinds coming from the stronger euro. U. S. Futures look like this. Pretty positive. The s p 500 seen up by 8 points. Dow jones set to add 120 even. This is after we saw yet another record high yesterday. The dow up by 0. 3 so this is the fifth straight gain for the dow, the nasdaq up by 32 points in Early Morning trade. Lets get back to all the drama in the white house Anthony Scaramucci became the shortest serving Communications Director in white house history. Hes the latest in a series of Trump Administration officials to be forced out of the west wing press Secretary Sean Spicer resigned last month while former marine general john kelly replaced Reince Priebus as President Trumps chief of staj washington President Trump said this was a great day at the white house there was no chaos what next for the white house . Theres been a lot of change. Whats next is hopefully stability. General john kelly with the promise of that. He had a lot to do, sources tell us, with scaramucci being pushed out of the white house just hours after kelly was sworn in now we have a situation where weve had a lot of turnover, but kelly is there to bring that stability. One thing that hes doing is making sure hes empowered to do so the white house secretary, press secretary confirming that all white house staff will report directly to the new chief of staff, john kelly, not to the president. You wont have people going around one direction or the other accessing the president. Hes the gatekeeper of all information now for President Trump. That would include steve bannon, his chief strategist it includes the new Communications Director when they get one it includes his daughter, ivanka and soninlaw, jared. All of them will be reporting to kelly. The president will be getting his information from general kelly. For people who know him, who worked with him, they say that he is a man of law and order he is, after all, a career marine he came from the department of homeland security. So, theyre hoping that some stability will come to the white house from this. Especially after this sort of sudden ouster of scaramucci and some big issues theyre dealing with the provocative missile test from north korea, now with the potential of reaching the u. S. Mainland with this last one. And also the relationship going on with russia and the fact that our diplomatic staff has been kicked out they have a lot to deal with and the president s relying on kelly to pull some of that strategy together thats on the International Front what about domestically. Whats the first order of business is it tax reform or is it trying to clean up the debacle that is called healthcare . Depends on who you ask. If you ask people on capitol hill, if you ask mitch mcconnell, he says he is moving on to tax reform but if you ask President Trump and likely general kelly, inasmuch as hell be working for and speaking for the president now, they are still very focused on healthcare. There was an alternative plan that the white house wants scored, they want the financials on that to see if its an option the president doesnt want to go down saying that a republican president with a Republican Controlled Congress on both sides was unable to repeal obama care thats where they stand now. They want to get it done and le keep pushing for that. Tracie potts joining us bright and early out of washington sticking with the u. S. , its the first trading day of august. Lets show you how we farir farr july for july, it was up 2. 5 , this is because of strong earnings. The nasdaq was up by roughly 3. 4 for the month, but that belies some volatility that weve seen in the course of the month given the bounce of the tech selloff and oil prices in the month of july, at least wti, up by 9 that was the strongest monthly gain for wti since april of 2016 that bullish sentiment has been driven by the threat of u. S. Sanctions against venezuela. Last but not least, heres a quick look at how the euro has fared in the month of july up by 3. 5 thats because the ecb turned relatively more hawkish and maybe the fed was seen as more dovish yeartodate, euro dollar is up 12. 5 . Im joined by kamal sharma from bank of America Merrill merrily. You say the tables may turn for the dollar why . Positioning build up is a key reason the market has pared back expectations of significant tax reform by the Trump Administration thats a key message thats coming out through various surveys that weve been taking so, heading into september and october the markets will begin to focus back on the tax reform agenda given where expectations are, give than we still believe the ecb is on a slow burn to taping and policy normalization, the risks are that some of the broader metrics suggested that the dollar could stage recovery until the end of the year. What is the bigger driver Political Uncertainty or certainty once we get more clarity when it comes to tax reform or the question as to whether that third rate hike will happen . Which is the biggest we have always been skeptical or concerned about the second phase of the trump trade which has been fiscal stimulus and tax reform we have a fed thats effectively pursuing a dual mandate, Balance Sheet normalization and rate hikes. We believe the fed will hike again in december. The politics cant be ignored given the fact that the repeal and ae plareplace of obama care failed that puts a bind on the administration to look for meaningful tax reform. I want to talk about the euro and the ecb side ochtd stof the. I would think in the frankfurt tower they would be concerned about the strength of the euro 118. 17 is the print this morning. Thats hurting the equity markets. At what point does this hurt the economy . The market was concerned, as we approached 115 in europe, that the ecb official would come out with veshrbal rhetoric as te have done the past three, four years. The key here is the tightening of financial conditions. The forecast will be contingent on a higher youre euro dollar e the concern is in inflation likely to shoot up over the medium term . We believe the ecb will signal it will taper because of political and technical factors. That will start in the First Quarter. We pushed back our deposit rate hike core from the end of 2018 to 2019 gbecause of those factors. Lets talk about pound sterling the big news this week is the Inflation Report and the Rate Decision what are you expecting . I guess no rate change, but the key focus is on the vote absolutely. If you look at market expectations, virtually nothing is priced in for the thursday meeting. Were looking for a 62 vote two members to vote for a rate hike if we had this rate meeting at the beginning of july when rate expectations were 20 that probably would have had more meaningful impact on sterling. Give than we paired back those expectations, the market has adjusted to the slowing Macro Economic climate were seeing in the uk the market is probably going in with a dovish slant. We think the risks are asymmetric for the pound as youve seen from the data, sterling really doesnt react to data this is a brexit story it will continue to be that for the next few years that means is it simply not tradable because we dont know whats happening with brexit i think respect the ranges. Uncertainty there will keep the markets and participants on the sidelines. We will be trading headline risk our view is to trade steriling from a higher vol basis. Before we let you go, want to get an overall sense of which trades you think will be doing well in the second half of the year you said the dollar will outperform does that automatically mean emerging market, the carry trades will do less so were still relatively krubttive krub constructive on the emerging markets. We have a fed slowing to normalization. Thats contingent on the ability of the Trump Administration to get through tax reform the bank of japan and the smb, the two currencies where Central Banks will continue to maintain this accommodative stance. So the weakness in the yen, the weakness in the swiss franc are likely to persist. Kamal, thank you very much for that eurozone pmi came in at 56. 6, slightly below expectations the figure indicates still strong growth. In june the eurozone pmi hit a high of 57. 4 frances finance minister has said he has good hopes that an agreement over stx can be reached in the next few weeks. As he prepared to meet with his italian counter part in rome speaking to a newspaper, he said the shipyard must not be directed by the french state tensions have risen in recent days after emanuel macron announced his plans to nationalize the countrys Biggest Shipyard effectively blocking stx from falling into italian ownership by stateowned group. The Swiss Stock Exchange is closed for a National Holiday today but open for business in switzerland is a brandnew bridge spanning the alps at nearly 500 meters, it is the longest pedestrian suspension bridge in the world. I can tell you i would not get on that thing. Never in a million years not sure about you guys, i wouldnt look at that we asked people to just go about their day to try a new feature from match. So sara, what did you do today . I grabbed a coffee. Yes, you have to do that. And then i checked out a new art exhibit. So now, you have the match app up open up the missed connections tab for me. Okay. It shows you people youve crossed paths with in real life. Oo, i crossed paths with josh near pine street. Maybe he was at the gallery . Maybe he loves art . Imagine what else you have in common. Hes cute. Id like to find out im on the edge of my seat. Match. Better ways to make a real connection. Start for free today. Youre searching for something. Whoooo. Like the perfect deal. On the perfect hotel. So wouldnt it be perfect if. There was a single site. Where you could find the. Right hotel for you at the best price . There is. Because tripadvisor now compares. Prices from over 200 booking. Sites. To save you up to 30 . On the hotel you want. Trust this birds words. Tripadvisor. The latest reviews. The lowest prices. Welcome back the secrets of Upcoming Program on hbo may have been stolen, this includes the script f for game game of thrones. Reporter game of thrones is battling something every bit as power official as a fire breathing dragon hackers reportedly leaked an alleged script or documents from an upcoming episode after hbo was hit by a cyber attack. The Hollywood Reporter says hackers also released upcoming episodes for two other series, ballers, starring dwayne johnson, and a new program, room 104. Its unclear exactly the depths to which the information on hbos servers has been breached, but early indications are that this is a massive invasion. Reporter hbo is not commenting on what was stolen but confirms to nbc news it recently experienced a cyber incident which resulted in the compromise of proprietary information. In a letter to employees, the Networks Chairman says any intrusion of this nature is obviously disruptive, unsettling and disturbing for all of us hollywood has become a big target for hackers. Its not clear whether its organized crime groups or hackers that are looking for the ability to boast about it, but its certainly having an impact on these corporations. Reporter earlier this year episodes from season five of netflixs orange is the new black were leaked online and in 2014 a major hack at sony unveiled embarrassing emails and other private information. A sham marriage reporter as for game of thrones which is smashing ratings records this year for hbo, no episodes have been leaked so far. The network says its working with Law Enforcement and Cyber Security firms as it navigates a new world with new cyber foes. Joe fryer, nbc news, los angeles. Sonys operating profit tripled in the First Quarter to 1. 1. 4 billion putting it on trk for its highest annual profit in two decades. Sonys net profit for the april to june quarter increased to nearly 7 730 million sales were up 15 as demand grew for the smartphone image sensors, 4 k tvs another area that investors are counting on is the Gaming Business concern was that demand for sonys playstation 4 peaked, but new game titles are in the works, including one based on the Box Office Hit spiderman released last month. The new game titles are expected to gain more players the fact that sony is unaffected by a stronger yen is the plus. The firm gained 3. 5 billion yen in operating profit, which makes it preferable for investors compared to other exporting firms. All this good news had seemsly been priced in as stocks hit a high last week, and today it shed nearly 2 as investors became wary of quick selling before the Earnings Report came out. Thats all from the nikkei back to you. Apple has failed to dismiss a lawsuit claiming it broke its facetime Video Conferencing feature to force users of old every iphones to upgrade a u. S. Judge ruled that iphone 4 and 4 s users can still make claims this as apple is set to release Third Quarter earnings this week after a decline in iphone sales in the previous quarters lets talk about what to expect with neil campling. Is it safe to say nobody cares about the numbers of the past quarter but all we care about is the guidance of the next thats fair the key focus for apple is what happens with the new product cycle for the iphone 8 or iphone x, which ever it is called the key thing is the timing of the ramp up of the product many supply companies have given guidance that the quarterly number in september could be low, but then we could have a super cycle from september onwards. Super cycle given by what the iphone 8 will it be that much of game changer. I think the product will be a complete game changer. We will a good example of a highend smartphone getting great traction already, the galaxy 8 from samsung. The current iphone is a threeyearlong design cycle so a lot of pentup demand and 700 million active iphones to get an upgrade passed, people expect a 10 upgrade, we think it could be 20 . Fofrnlgts th for that to happen, wouldnt you want to see mediocre numbers today which would indicate that consumers did not upgrade or buy an iphone 7 because theyre waiting for the iphone 8 would that have to go hand in hand you have a low number to beat on a yearonyear basis, were looking at 6 yearonyear growth in terms of revenue line driven by the iphone its not a big growth driver for this quarter its very much about the future. Still a lot of older products on the iphonesid side, with the 5s in the uk, the number of cthings have 12month upgrades we heard about supply issues that may be hitting the iphone 8. How significant do you think theyll be in the rollout . Do you think apple will have to delay certain models but a couple weeks and the consumer will be fine with it or more of a pr debacle that has to be managed . You have to manage the expectations it appears the highend device, the oled screen, will get pushed out until the end of the year. Not in time for the krushcru holiday season. The main design will be ther for holiday season, and the oled design around thanksgiving and china is so critical to longterm growth of apple, as long as it is in stores ahead of the chinese new year, well be okay for that part of the design how important are todays numbers by apple and also the outlook its giving for the Holiday Shopping season and the iphone 8 for the overall tech sector facebooks numbers were perceived as bad a couple wooks beaks ago. Could a good number by apple reverse that trend potentially weve seen massive capex increases for the next 12 months that doesnt come through in a september quarter. Tech seems to be a wellearned sector if you look at the last 12 months, tech is the best performing sub sector. Its better than financials even theres a lot of money involved in tech and shortterm risks still that people are looking to to rebalance portfolios. I think as we get into the key selling season, october and november, well probably see stocks back at new highs so you dont want to short the tech stocks right now. Is it a clear buy for most of them is it a clear buy for the nasdaq one thing we heard from clients is that they have been they feel like they missed some recent moves theyre waiting for the opportunity to get back in lets play the cycle of a small earnings quarter, june for most companies, and look for opportunities over the summer to sort of increase those positions into the yearend. Is sony a stock you like . We talked about it before. Theres a real shift going on in how consumers buy games. Do you think that could help the company into the Holiday Shopping season . Certainly the gaming side can help them. And the Semiconductor Business for sony sony has many different decisions. We would rather play the growth parts of the cycle that they have exposure to through stocks that have specific exposures we do like the video Gaming Sector nintendo is a great stock exp e exposed to that. The semiconductors, image sensors, sony optical growing at triple digits this year. So your topic in the sector, that is Nintendo Nintendo is the top asian pick in the Gaming Sector. Others we like in that space will be netes, mobile gaming, and ten cent i assume you still like apple given your outlook for the super cyc cycle . We like apple, we dont have an official buy on it because we get better alpha from Core Companies that serve into that neil, thank you very much for that round up of the global tech sector rolls royce is running full throttle the Aerospace Engine maker posted a first half profit of 287 Million Pounds that beat expectations a pick up in engine orders boosted performance. The co says cost cutting measures are working, but warned theres no room for complacency. Shares in rolls royce hit a twoyear high off the back of those results. Dsm exceeded expectations for the first half posting a net profit of 312 million euros, that is a 42 jump on the same period last year the Dutch Chemicals Company has raised its fullyear outlook for 2017, forecasting Earnings Growth in the double digits. Dsm will pay an interim dividend of 2. 6 euros per share lets look at sterling, its trading at a tenmonth high versus the u. S. Dollar up by 0. 2 that came in large part on the back of the slightly better than expected manufacturing pmi as we heard from the guests before, the big one is the vote coming out on thursday a quick look at futures, expecting a positive start dow jones seen up by triple digits im carolin roth Worldwide Exchange is up next. Hey youve gotta see this. Cmon. No. Alright, see you down there. Mmm, fine. Okay, what do we got . Okay, watch this. Do the thing we talked about. What do we say . Its going to be great. Watch. Remember what we were just saying . Go irish see that . Yes im gonna just go back to doing what i was doing. Find your awesome with the xfinity x1 voice remote. The wall street rally remains red hot as we kick off a new trading month. Were breaking out your august playbook another big white house shakeup after ten days in office, white house Communications DirectorAnthony Scaramucci is out. Were live in washington with the fallout. And brexit, banks and bre breadsticks. How the brexit is impacting everything from savings to cravings its tuesday, august 1, 2017 Worldwide Exchange begins right now