vulnerable in our society. the intention was to sow fear, the insen shtention was to divit it will not succeed. the stock market reaction to the incident is muted in early european trade, but uk travel and retail stocks underperform. good morning. before we bring you more on the situation unfolding in manchester, just economic data in the form of may ifo business climate in germany rising in may. the climate index stands at 114.6 in the month of may versus a reuters consensus forecast for 113.1. so once again a bit better than expected. when it comes to the current conditions index, that's at 123.2 in may versus a forecast of 121. we saw this in the month of may. current conditions index once again, this is one of the highest levels ever. lost month in april we saw that at the second highest level reading. by in large conditions and confidence among the companies and investors in germany very upbeat. let's bring you in conjunction, let's bring you what the eurozone pmis were saying. we had a beat when 2 it came to germany and france. the eurozone may composite pmi is at 56.8. that's the flash pmi. the forecast was 56.6. once again the forecast or the flash pmi we're seeing is a bit better than expected. the manufacturing flash 57 also better than forecast. and services flash at 56.2. that is a tad lower than what we were looking for. maybe a bit of a mixed bag when it comes to the overall pmis coming out of the eurozone. b by in large pointing to continued improvement. let's get back to our top story. at least 22 people have been killed including some children, and at least 50 injured in a bomb blast in manchester last night. the attack happened at the manchester arena where pop star ariana grande had just finished a concert. police say one man carried out the attack and he died at the scene. britain's prime minister theresa may is expected to chair a covert security meeting at downing street in the next few minutes. we'll keep you updated on the news coming out of that meeting. speaking earlier, a m manchester steve constable updated us on the attack. >> we believe at this stage that the attack last night was conducted by one man. the priority is to establish whether he was acting alone or as part of a network. the attacker died at the arena. we believe the attacker was carrying an improvised explosive device which he detonated causing this atrocity. we would ask people not to speak late on his details or share names. this is a complex and wide ranging investigation. our priority is to work with the national counter terrorist policing network and uk intelligence sources to establish more details about the individual who carried out this attack. >> uk home secretary amber rudd sent her sympathies to the victims of the attack. >> i know some people will only just be waking up to news of the horrific attack in manchester last night. this was a barbaric attack deliberating targeting some of the most vulnerable in our society, young people, children, out at a pop concert. my thoughts and prayers go out to the families, the victims who have been affected. i know the whole country will share that view. i'd like to play tribute to the emergency services who worked throughout the night professionally and effectively, they've done an excellent job. later on this morning i will be attending cobra, chaired by the prime minister, to collect more information to find out more about this particular attack. i can't comment more on that at the moment. the public should remain alert but not alarmed. if they have anything to report, they should approach the police. but i have two further things to add. the great city of manchester has been affected by terrorism before. its spirit was not bowed, it's community continued. this time it has been a particular attack on the most vulnerable in our society. its intention was to sow fear. its intention is to divide. but it will not succeed. >> it's no surprise that all major uk political parties have agreed to suspend their general election campaigning in response to the manchester arena blast. now, another topic here, looking at live pictures of bethlehem where u.s. president donald trump and palestinian northity preside authority president mahmoud abbas are giving statements. let's get back to the manchester terror attack. want to show you what the reaction was in the currency markets. we did see some yen buying. sterling did dip against the u.s. dollar extending yesterday's weakness which came on the back of a tightening of the election polls. sterling/dollar 1.2973. off by 0.2% on the day. we are joined by john reins head of political risk at ihs market. john, thank you for joining us. is it too early to say who is behind this terrorist attack? >> i think it's way too hardly. we hardly have any information. we would hate to go down the wrong path, implicate the wrong group or wrong individuals. probably too early. there are certain signs. the targets specified leads one to believe this could be islamic, but at this point we don't know. >> it's odd because islamic terrorists, apart from the bataclan terrorist attack, they haven't been targeting the big concert halls. they've been carrying out isolated attacks which haven't been organized to a large degree. do you feel the strategy may be changing when it comes to isis? and again, we don't know if this is isis related. >> early days. we can't say who is the culprit here, what is the methodology they're employing. if this is an islamic attack. the bomb itself seems to be more sophisticated. probably got outside help domestically or on the internet. that's a sign they're utilizing these two tactics. before in the uk, the primary threat was people stabbing individuals or running cars off into the sidewalk. >> we've seen that the political parties stopped campaigning, with just two, three weeks until the general election. do you think this will have any effect on behavior? >> we have seen traditionally a rally around the flag effect in crisis, so that could help the conservatives. but it also depends on how they handle the investigation. >> do you think the uk government, conservatives around prime minister have done a good job trying to solve and assure the public when it came to the westminster attack, based on what they did then, do you think they'll do an equally good or bad job? >> i think scotland yard does a good job on these investigations. every one is different. you can always make mistakes. it not only makes it hard as far as the investigations go, but also the public relations campaign. you can't communicate your message to the public or mess that up, that can hurt you as well. >> the uk terror alert, do you think it should be at the imminent level? >> if you look at the classification, probably not. it's only supposed to be at the critical level if you have explicit information saying an attack is about to take place. probably stays where it has been for the last two years. >> john, thank you very much for those particular comments. we will talk with you more about israel and mr. trump's visit. coming up on the show, we'll have the latest on mr. trump's visit to israel. do stick around. 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and in peace. i want to offer my deep appreciation to the palestinians and president abbas for hosting me today. it's an honor to join you in bethlehem, the city that is precious to people from all over the worlds. it's a precious city. as i discussed with president abbas in washington earlier this month, i am committed to trying to achieve a peace agreement between the israelis and the palestinians. and i intent to do everything i can to help them achieve that goal. president abbas assures me he's ready to work towards that goal in good faith. and prime minister netanyahu has promised the same. i look forward to working with these leaders towards a lasting peace. i also look forward to working with president abbas on other important matters such as unlocking the potential of the palestinian economy, which is having a very rough time. and building on our very positive counterterroism efforts. several days ago in saudi arabia i met with the leaders of the muslim world and arab nations from all across the region. it was an epic gathering. it was a historic event. king salman of saudi arabia could not have been kinder, and i will tell you he's a very wise, wise man. i called on these leaders and asked them to join in a partnership to drive terrorism from their midst once and for all. it was a deeply productive meeting. people have said there has really never been anything even close to that in history. i believe that. being there and seeing who was there, and hearing the spirit and a lot of love there has never been anything like that in history. it was an honor to be involved, but great things can come from that meeting. i was gratified that president abbas joined the summit and committed to taking firm but necessary steps to fight terrorism and confront its hateful ideology. it's so interesting that our meeting took place on this very horrible morning of death to innocent young people. peace can never take root in an environment where violence is tolerated, funded and even rewarded. we must be resolute in condemning such acts in a single unified voice. peace is a choice we must make each day, and the united states is here to help make that dream possible for young jewish, christian, and muslim children all across the region. in so doing we will all enjoy a safer and brighter future and a safer and brighter world. in this spirit of hope we come to bethlehem asking god for more peaceful, safe, and far more tolerant world for all of us. i'm truly hopeful that america can help israel and the palestinians forge peace and bring new hope to the region and its people. i also firmly believe that if israel and the palestinians can make peace, it will begin a process of peace all throughout the middle east. and that would be an amazing accomplishment. thank you very much. thank you. >> that was the u.s. president, donald trump, speaking along the palestinian president, mr. abbas in bethlehem. he said i look forward to working with the leaders towards a lasting peace in the middle east. he said this would be "amazing." but to be honest he's been vague on how to achieve that lasting peace in the middle east. let's get some initial comments from john raines from ihs. how he would do that? >> achieve peace in the middle east? >> yeah. >> will be a tough road. they've been trying to achieve it for 50 years s now. i don't understand his methodology -- >> some say because it's his personality. he's enthusiastic about it, he's a go getter. is that enough? >> there's always possibilities out there. we haven't seen it on this trip or the last few weeks. that being said, most of the hard work won't be done by donald trump, it will be done by negotiators. if they could get abbas and netanyahu to agree to meet each other and get together on a timeline, maybe there will be movement. >> what is this trip about? is it about showing goodwill? >> i think it's atmospherics, maybe getting the process started. i think it's making sure you meet the people. and also like appeasing also politically inside the base within the united states and demonstrating u.s. commitment to israel, not only for donald trump, but jared kushner, one of his primary advisers, son-in-law, and other members of his administration saying it is significant if you go to saudi arabia, it's important you visit israel on that trip as well. >> there seems disappointment on the part of the israelis because the trump has not been as aggressively pro israel as many people were hoping for. do you think he could be doing more in the eyes of bibi for example? >> of course. they had high expectations for this president, especially in relative terms compared to barack obama, wlr the here the relationship was pretty poor. so there were high expectations. but they realized the political parameters under which the white house operates. overall they are happy with this president, but sure they would like more. >> president trump, what he was trying to do as he embarked on this trip, he was hoping to turn the page after he had this disastrous week in washington last week. do you think once he goes back home at end of this week, do you think last week will catch up with him? do you think he can turn that page? >> i think it's waiting for him. it's not going away. this issue is not going away any time soon. if we continue to have more and more leaks from this white house and this administration, i think that the problem is going to get worse before it gets better. doesn't mean he can't survive, but it does mean there are some tough weeks ahead. >> so far no major gaffes. no major missteps, that's good news for the trump administration, isn't it? >> i guess we had the one thing with israel where he mentioned the israel intelligence issue in a press conference today or questioned by the press. that probably is a small gaffe. this the easy part of the trip. the easy part is going to saudi arabia, having a great reception there. going to israel. relatively receptive environment. once you go to europe, nate to where some of these members have divergent views compared to the white house, also to the g-7, where the problems could resurface on climate change, there could be a sticky situation ahead for him. >> he once called nato obsolete, he now reversed course. we know he wants nato to join the alliance to fight isis. >> i think isis is a possibility. it's an easy win for nato and the administration. on the 2%, will you see commitments. it's easy to commit. it's much harder to do. i think there will be at least calls for increasing defense spending by several different members of the nato community. whether they actually achieve those gains, that's debatable. what about the eu? he will meet a number of high profile officials at the eu. during his campaign he has been riling against the eu saying this is a dysfunctional organization. what sort of trump will they be seeing? will be a much sorter trump? this is just a guess. generally speaking we see him interact with international leaders. he wants that international leader to feel good about their interaction with them. however the question could emerge if someone decides to criticize him publicly while there. he will feel the need to respond. even if it's off stage, he feels the criticism is coming towards him or the united states, he will feel the need to respond. what about rome? he's making another stop in rome at the vatican before the eu. before looking at nato. any potential for missteps there? >> there could be. the vatican just releases general press releases. it's also a great photo-op. >> john, thank you very much for that. john raines head of political risk at ihs market. back to the equity markets. what we're seeing on the stoxx 600 is a little bit of buying. just off session highs. we are up by 0.3%. buy in large we're brufshing of the terrorist attacks coming out of manchester overnight. sadly this may be because investors around europe and the world are immune to those. let's show the equity markets. we're all higher. ftse 100 back above the 7,500 level. dax up by 0.53%. and the cac up by 0.74%. we had strong pmis coming out of the eurozone. six-year highs. the french and german pmis in may beat expectations. let's look at some of the sectors on the move. the travel and leisure sector, a key sector to look at post the fer wris terrorist hig t terrorist attacks. a fairly uneven response coming after the manchester terrorist attacks. defense is a different picture. defense and security stocks are rallying harder than the rest. bae systems up by half of a percent. probably this reaction was to be expected post the very, very sad terrorist attacks. let's get to some single individual stocks. vivendi shares are getting a boost after the ceo, arnaud depuyfontaine is considering floating a minority stake in its music company. depuyfontaine told the "wall street journal" there are no imminent ipo plans but this is not a sacred cow. nokia settled its lawsuits with apple. they will work with apple providing a range of network products and as far ass. coming up, we will continue to update you on the events in manchester. you can head to our blog, world markets live, for the latest. welcome back to "street signs." i'm carolin roth. these are your headlines. at least 22 people have been killed and around 50 injured in a bomb blast at manchester arena in the deadliest terror attack in the uk in over a decade. uk prime minister theresa may is holding an emergency cabinet meeting shortly as authorities work to establish details and election campaigning is suspended. >> this was an evil act. our first thoughts are with the families of those killed and injured. we will do whatever we can to support them. we are grieving today but we are strong. the stock market reaction to the incident is muted in early european trade, but uk travel and retail stocks underperform while defense stocks rise. and speaking in bethlehem, u.s. donald trump lashes out those against those behind the man xheschester attack. >> many young, beautiful people living and enjoying their lives murdered by evil losers in life. i won't call them monsters because they would like that term. good morning. if you're just tuning in, let's continue with our top story. at least 22 people have been killed including some children and at least 50 injured in a bomb blast in manchester last night. the attack happened at the manchester arena wr where pop star ariana grande just finished a concert. one man carried out the attack and died at the scene. all major uk political parties agreed to suspend general election campaigning in response to the manchester terrorist attacks. she's already issued an statement, that is theresa may. she says we're working to establish the full details of what is being treated by the police as an appalling terrorist atta attack. all our thoughts are with the victims and the families of those affected. let's take it back to the markets. we saw a bit of buying in the safe haven currencies like the japanese yen. sterile hag fallen somewhat against the u.s. dollar. we're off the session lows. if we can bring the board up once again, off by 0.1% when it comes to pound sterling. willem marx joins us live from manchester. where are you and what are you seeing? >> hi, i'm a few hundred yards away from the manchester arena. there's a lot of traffic in manchester as you might imagine. police have blocked off a number of roads here. pedestrians are allowed to walk through the city center here. we're in a part of manchester healthily populated by office buildings. a lot of people on their way to work this morning. a lot of roads are closed. it's had an impact in the city in terms of logistics and an emotional impact. >> the terrorist threat has been at level four since even before the westminster attacks. are there calls for this to be raised at the most severe level? >> you're right, it's been at this level since 2014, whether it gets raised to critical is something for services to decide. it has never been at that level. it indicates imminent attack at any time. clearly we've seen two attacks in four months. so theresa may meeting with her senior ministers today on downing street, they will be discussing that threat level with security officials. >> i had a guest on the show earlier, john raines, he said it may be too early to say whether this will have arn impact on vo voting behavior. do you get a sense that they might play into the hands of the conservatives? >> traditionally they've been the party that was tough on crime. that was a slogan used in the 1990s. theresa may clearly pushed this agenda over the last few weeks. j over the last few days, the conservative party in its election strategy has gone after jeremy corbyn for refusing to disavow the ira, irish republican army, and call them terrorists. this is something that potentially they could push on. but it is likely to play into their hands. >> couldn't there be a bit of a back lack from voters give than this is the second terror attack in as many months? maybe there's a feeling that the current government hasn't done enough to protect the people? >> certainly there's been a debate in the uk over the last few years about policing levels. the conservatives spearheading austerity over the last five, six years have been criticized by trying to reduce front line peace numbers. that's something that has not actually come to fruition. those numbers have not changed that dramatically. certainly in manchester there was a robust police response to the attack. your nig overnight, around 400 police officers responding and 60 ambulances trying to affect the 59 injured and those who lost their lives. clearly britain's police services have reacted quickly and effectively to the threat. so it's therefore a question of intelligence. as experts will tell you again and again and again, if these are individual operators, as appears to be the case here, i very difficult for the intelligence services to know whether these acts will be person trade ed by individuals. >> absolutely. willem, thank you very much. britain's prime minister, theresa may, is chairing a covert security meeting at downing street. you're seeing some live picture there's of downing street. once we get information of what happened at that meeting, we'll bring it to you. >> let's talk to olivier guida on the phone. it is said the pressure is now on the intelligence services in the uk. yes, they thwarted so many attacks in the uk, but unfortunately some of these terrorists have slipped through the cracks. do you think the intelligence community is doing a good job? >> good morning, yes, it is. what you have to realize is that for the time being the uk hasn't been targeted like french or belgium. and this has changed mostly because of the uk's intervention in syria against islamic state. that was the inflection point when jihadists clearly said the uk was becoming a priority target. i would say that starting in january 2016, intelligence community had potential intel on attacks mostly from islamic state. in terms of what intelligence communities are doing, it is very difficult if you don't have a point to connect to the person that is going to carry out the attack to actual human intelligence, to build that kind of information. traditionally the uk, like the u.s., was really relying on electronic intelligence rather than human intelligence. that is starting to change. in order to get that intel, you need to build up your network and you need to have a force that is to be reckoned with in terms of being able to monitor and sur vam individualveil indi. we are talking about potentially 3,000 people, so many thousands of officers or police staffs. >> many of them are located in the northern city of manchester. that is considered to be the hotbed of terrorism here in the uk, maybe similar to belgium. do the intelligence officials have a good handle on what's going on in manchester, do you think? >> actually it's birmingham that is the center of the capital of jihad in the uk. but it is true that they've been doing a lot of work with communities, and we have seen the case of the foiled attack on white hall a you into weefew we. because of that kind of relationship with the community that allegedly some of the family members of the potential terrorists came forward and gave the info to security services. that's the kind of scenario that we need time and again to stop those attacks, otherwise it's really flying on the blind. olivier, thank you for your time. let's have a quick look at u.s. futures this morning. let's see how they're faring. actually not faring too badly. the s&p 500 is seen up by 6 points. dow jones set to add 46 points. the nasdaq looking at a gain of 11 points. this is after in yesterday's trading session we saw the dow up by half of a percent. major averages closed higher for the third straight day and ended the day near session highs but have not erased all of last wednesday's steep losses. there's a narrow trading range for the dow at this point. just 54 points in yesterday's session. in europe, we're not seeing a major fallout from the terrorist attacks. ftse 100 is up 0.2%. we are seeing retail stocks, travel stocks slightly underperforming. defense stocks are doing better in response to the terrorist attacks. the xetra dax is getting close to the record highs, 12 t,663 points. the may ifo numbers came in at a record. the cac 40 good morning. is slightly higher. we did see a reaction in pound sterling. it's still below the 130 handle. 1.2986. extending yesterday's weakness which came off the back of the tightening in the election polls. euro/dollar at 1.1249. a bit of safe haven buying with the yen gaining ground against the u.s. dollar. 111 is the handle there. still coming up, as brexit official negotiations are set to begin, we'll heared from t from in charge after this short break. we'll be back in two. just a reminder, britain's prime minister theresa may is chairing a cobra meeting after the manchester attack. as soon as we get more information about that meeting we'll bring that to you. >> brazil's president, michael tem temer, says he will not step down after he was implicated in a corruption probe. temer said aus me oust me if yo wanted, but if i step down i would be admitting guilt. temer claims the tape has been edited to frame him. turkey has summoned the u.s. ambassador to ankara for aggressive and unprofessional actions after brawl erupted between security staff and the video shows the turkish president looking on as the authorities clashed. they claim the protesters were demonstrating peace think. and the eu brexit negotiator says he hopes to begin the first round of official talks with britain in june. he refused to accept that brexit negotiations could collapse. he was speaking in response to his counterpart, david davis, who thetenned to walk away from the negotiating table if the -- >> the yuunity of the 27 is key for these negotiations. absolutely necessary. for the rights for the citizens, in my opinion it has to be the first item to discuss. this uncertainty for the citizens is lasting now for more than ten months. people living in britain, people -- british citizens living in europe are -- have really no clue what will happen in the future. so we need to end this uncertainty as fast as s possib. >> you will have to wait for a new prime minister if theresa may doesn't do so well. you're presuming it's her team. >> we don't enter into british politics. that, don't do. but we prepare ourselves. today there was a general council that finally adopted the directives, which were very clear. we hope to start immediately after the british elections and to start with citizens rights. so i should say let us start. >> sticking with the subject of brexit, belgian deputy prime minister didier randers set out the negotiating priorities in an interview with cnbc. >> the 27 member states discussed with the uk, and we need to solve some important issues. the first one is for the rights of many citizens to live in the uk. there are 3 million citizens living in the uk, and maybe 1 million from uk living abroad. then we have an issue where we have a lot of agreements inside european union about financing of projects in the next years. we need to solve that. we need to ask uk to pay the bill. if it's possible to have a solution on those two first issues, it would be better to discuss the next step, what should be the new relations between the uk and the continent. for belgium, it's a partner. we need to have good relations for uk. but it's the choice of uk to go out. so the first step is to organize the way out. and then we will have some solutions for the most important elements of the way out, it will be possible to discuss that, the future relations between the uk and european union. foreign investment projects in europe hit a high in 2016 sparking the creation of almost 260,000 new jobs, that's according to the e ushgey. france and germany drew in just half of europe's fdi last year. here to discuss the report is andy baldwin. thank you so much for bringing us this report. >> pleasure. >> it's astounding the optimism we see going into europe right now. we see record equity flows into european etfs, but that's hot money. we care about the sticky money in the form of fdi, that means companies are setting up businesses and acquiring people and creating jobs. what is driving this, do you think? >> i think it's a combination of factors. you have fundamentals around the attractiveness of the single market. 500 million consumers. through the actions of the ecb, we see a steady improvement and return to growth within the european market more broadly. europe outgrew the u.s. for the cyst time since 2008. a number of factors. scale, returning to the buoyancy of the market. >> what strikes me is this is data for 2016. not even for 2017. it feels like in 20616 there 16 a lot of political uncertainty. we didn't know that about the netherlands, there was uncertainty left about the german elections. why do you think that even though we had that sort of lack of clarity that there were so many inflows? >> one, the fundabilitial attractiveness of the market meant investors were prepared to invest through the geopolitical cycle. the report shows that the geopolitical uncertainty did have a dampening effect. the growth rate of the uk slowed. we saw a resurgence in germany and france. political uncertainty shows the investments had a different profile. and we need to bear in mind this is how attractive is europe. europe's attractiveness relative to emerging markets has certainly increased. >> let's stick with the uk. still the top destination when it comes to fdi. yet how is this changing in the face of brexit? >> what we're starting to see is while the uk still remains attractive, we're seeing a slowdown in the growth rate, relative gap between uk and germany has reduced. the data suggests that if this continues into '17, germany will overtake the uk. the other thing for the uk, historically it benefited from significantly better financial services. there's been a slowdown in the fs related investment into the uk. >> it could be losing its top spot to germany. >> i think that's the risk. the opportunity is for over the next 12, 24 months for negotiations to reestablish the attractiveness of the european market. what is going to happen to the attractiveness of europe as an fdi place once the ecb pulls back its money? will that have an influence? >> no, what's fascinating from the report is over 5 % of the investments are coming from europe. it's europe investing in europe. that investment, i think, is effectively agnostic to what the ecb is doing from its easing perspective. >> talk to me about some sectors attracting most investment. you point at software and business services being strong? >> this is a fascinating area. if you look at technology, the silicon valley took the lead. where there's an opportunity in europe is the internet of things, the industrialization of businesses. with europe, on a mannering base, we're seeing a growth in investments into technology, into digitalization of europe's manufacturing area. that's a real opportunity for europe to take a leadership role. that sector, 25% of all fdi is in business and software technology. >> you say europe's workshop is the area. >> we're seeing the classic blue collar work is heading there. >> finally i'm just very curious about what will happen to china given all these regulations, the restrictions when it comes to fdi, outbound m&a, and those restrictions have been in place since the end of the year. they wouldn't be endaps lacapsuy your data. to what extent do you think your flows will look different in do 17 based on the chinese story? >> with the one belt one road policy and the expansion of chinese companies, we will see more following the one belt one road, but also following large chinese corporations who invest internationally and abroad. >> andy baldwin, thank you very much. let's remind you of our top story. at least 22 people have been killed including some children and at least 50 injured in a bomb blast in manchester. the attack happened at the manchester arena where ariana grande had just finished a concert. police say one man carried out the attack and he died at the scene. we continue to await news from downing street where britain's prime minister, theresa may, is chairing a cobra security meeting. our very own willem marx will continue to report from manchester throughout the day. stay tuned for more coverage of this very sad and horrific event. that's it for today's show. i'm carolin roth. "worldwide exchange" is up next. good morning. a suicide bomber hits a concert in the uk killing 22, injuring dozens of others, we're live on the scene with the latest. a developing story, president trump meeting with palestinian leader abbas today. the latest from the middle east coming up. and live from washington, the white house sends its budget proposal to congress. it's tuesday, may 23, 2017. "worldwide exchange" begins right now. good morning. welcome to a busy "worldwide exchange" on cnbc. i'm s