Shy of expectations. They also snap up a u. S. Cloud company for 2 2. 4 billions. And shares in some of russias Largest Companies fall after the u. S. Treasury Department Issues an oligarchs list that names and shames but does not sanction hundreds of the countrys politicians and businessmen. Happy tuesday morning, willem it hasnt been so rosy when it comes to markets reaction. We saw the first down day in four months in u. S. Trading yesterday with all the major indices coming off a bit dow and s p seeing their worst day since september pulled down by some blue chip names including apple. The picture in europe is not positive this morning. Stoxx 600 is trading down. The ratio of red to green is 8 to 2, i would say. More red than green. Lets get into individual bourses. Again, you can see that european bourses across the board are actually struggling. Ftse 100 down almost a half percentage point similar theme for germany and cac currant as well. Ftse mib is one of the more riskon riskoff barometers and is the index outperforming today. Technology is leading the charge here, which is surprising given the apple news we got in yesterdays u. S. Trading session. Apple stocks down about 2 food and beverages was a leader. Basic resources having a strong down day today, down 1. 6 as the commodities complex continues to come under pressure. Similar theme for banks. Banks also down 1 as we begin to see movement in u. S. Yields so speaking about u. S. Yields, what weve seen is a big rewriting or a repricing across the curve. Front end twoyear note is trading at 2. 11. That number will continue to move higher as the market comes to terms with more fed rate hikes. Keep an eye on that twoyear note the major yield that people have been focused on is that tenyear u. S. Treasury trading around 2. 70 tech analysts are saying the next leg up from here could be a move up to 3 . Thats beginning to spook equity markets a bit. Speaking of fixed income, happy to say we have robin marshall, director of fixed income from smith and williamson theres a lot of chat about u. S. Yields now equity markets seem to be getting nervous, not just with the level of the u. S. Yields but the pace at which things are turning. Were seeing the selloff exacerbated a bit. Do you think this move has legs . Will it continue to keep going i think the difficulty for equities is how far they can resist this pressure, upward pressure on yields, unless there is strong confidence about Earnings Growth. In the u. S. Weve seen Earnings Growth get revised up consistently even though we have the s p yield below the twoyear and tenyear yield, theres no equity risk premium left, the issue now, is that, on relative asset pricing terms, the bond markets got cheap. The uk you could argue the ftse is more defensively priced, but has a brexit risk premium in it. I think thats the issue going forward. When you think about the dividend yield versus s p, what are you comparing it to, the twoyear yield or the tenyear both of them. Both have tilted towards the higher levels than the dividend yields on the s p. Do you think that will imply passive reinvesting from equities back to fixed income . I think so. Were getting towards a barri s extreme on bonds yields have to go higher despite the fact that inflation is the dog that never barks i think the fed is still in front of the inflation curve everyone is playing off the old cyclical script if you get to 4 unemployment or 4. 1 unemployment, inflation has to take off, wages have to take off. That is evidence that yields wont back up that much. Business confidence is picking up thats a good indicate their Wage Inflation could show green chutes this year, and we had Larger Companies in the u. S. Passing on tax reform benefits on to employees. The weakness of the u. S. Dollar, do you anticipate that will have an inflationary impact the passthrough coefficients on the weak dollar are low theyre generally estimated around 5 . Not much more than that. So you would only get a 20 move lower in the Exchange Rate you would get a 1 increase in inflation. We had nothing like that off the dollar the pass through is quite low. Its a closed economy. Also productivity is understated in the numbers theres an old economist joke about productivity is improving everywhere, but in the numbers its never been very funny but the fact of the matter is productivity numbers are probably understated, thats reflected in strong Profit Margins and i think limited pressure to put prices up. Profit shares and margins are comfortable. So you are still bullish fixed income here . You would be a buyer of yields at 2. 70 . Yes, i would. What about the flattening of the curve, does that continue . I think so. In previous cycles i wouldnt attach too much weight to previous cycles, but 12, 15 months after the curve got this flat, we have recession. Theres not one i dont think theres one shortly, but it is worth bearing in mind that flatness in the curve. There may be technical factors with mbs duration as well. The fed owns a lot of the market dampening that that shows yields not far from a peak switching topics a bit. Tomorrow is yellens last fomc conference if you had to grade her for the last few years what would you grade her . 7 out of 10 shes done a pretty good job by in large in stage managing the exit strategy from qe or the run down of the balance sheet. I dont think shes done a great job in hurting the cats with the fomc members, many of whom have gone ferreal at times. I dont think that part is her strength shes probably too collegiate and civilized at times do you think powells approach will be different it will probably be similar but a bit firmer in trying to get them to coalesce more clearly around fed policy. At times its been incoherent and difficult for markets to fully understand where they were going. Shes gotten better over time, i think. Thank you very much for bringing us the latest on your views of fixed income. We actually find a buyer of u. S. Treasuries here at 2. 70. Thank you very much indeed. If you feel like emailing the show about these fixed income issues, the address is streetsignseurope cnbc. Com and follow us on twitter, streetsignseurope cnbc and coming up on the show, five more years for jamie dimon, but the race to replace him is already red hot. Well look at the contenders when we come back. For your heart. Your joints. Or your digestion. So why wouldnt you take something for the most important part of you. Your brain. With an ingredient originally found in jellyfish, prevagen is now the number one selling brain Health Supplement in drug stores nationwide. Prevagen. The name to remember. Welcome back to street signs. Jamie dimon signed on as ceo of jpmorgan for five more years becoming one of the two big bank bosses who lasted through their roles through the financial crisis daniel pinto and gordon smith were also named. Swatch shares are rising after reporting a 27 rise in fullyear net profit driven by an acceleration in sales in the second half. The worlds biggest watchmaker said it made a good start to the year in all segments and that the outlook for 2018 is positive they also hiked the dividend to 7. 50 francs a share. The ceo said he was very bullish about demand from china. The potential in mainland china, where we have 60 market share of swiss watches over there, its growing tremendously there is no reason to be concerned. You see people are really wanting to buy products for themselves and as a gift to others and i can see no cloud shares in Italys Luxottica are trading higher after the Italian Company said it expects strong net Profit Growth the eye wear maker also reported an increase in sales inFourth Quarter, nearly doubling the pace of growth in the first nine months counter intuitive that people are buying sunglasses in the winter months. Shares in philips trading fleer the b near the bottom of the stoxx 600 after Fourth Quarter sales came under analysts forecasts philips saw highend equipment boost sales by 5 to 5. 3 billion euros. Thats more than 2 below expectations the Dutch Health Technology firm also reported a rise in adjusted earnings for the last three months of 2017, but that was below estimates the European Union agreed to allow the uk a 21month transition period after the formal brexit date in march 2019 that would mean britain would remain under the european courts of justice jurisdiction and be bound by eu rules and regulations, but lose the right to influence those rules and regulations and any new european legislation. The eus chief negotiator, michel barnier, outlined the proposal as part of the transition, the uk will be bound by the obligations stemming from all exiting Eu International agreements for instance, for trade and aviation this is crucial for the good functioning of the Single Market and the customs union. We can agree on this in article 50 agreement between the eu and the uk but we cannot ensure that the uk keeps the benefits for this International Agreement our partners around the world may have their own views on this in italy the five Star Movement announced its list of candidates for the general elections. The partys mainstream rivals have been accusing it of inexperience ahead of that ballot in early march. According to latest poll, the five Star Movement is set to win the most votes as a single party but no one party is expected to win a majority and the centerright coalition headed by former Prime MinisterSilvio Berlusconi looks to win the most votes in aggregate. Im happy to say that Steve Sedgwick joins us from florence. How does italys current economic situation, some of the numbers over the last few months, feed into the polling numbers. Im very happy youre happy that im here. Good to see you today. Look, i think its interesting the economy is going okay, isnt it theres enormous structural problems in this place you have been doing the hard miles on the ground as well. We know the debt level of this country is absolutely ast astronomic astronomica astronomical 130 debt to gdp, 30 bigger than when we got into this mess in 2008. The debt levels and debt performing levels are another issue. I spoke about a host of these issues i spoke to the i tatalian econo minister he says the economy is better at the moment, but what does that mean for polling probably not a lot in terms of breaking the logjam. He said its difficult to see anyone getting majority. Hes friends with berlusconi, by the way. Hes on with renzi as well hes an independent. A lot of people around here and elsewhere have been talking about is he a compromised candidate . Maybe for the pm job, possibly for replacing patuwan as feninae minister this is his reaction i think gentiloni is more better and better skilled than me in doing this job im more technical working in the area of economy and economic development. Categorically you would not stand no. No. If you became the compromised candidate acceptable to all parties . Its not something that will happen i will measure myself with things that are likely to happen mr. Padoan also knows his way around. Not an easy boss as weve discussed previously if mr. Padoan decided he no longer wanted the finance minister role, would that be a role you see yourself doing with the formation of the next government if i am free to go back to the private sector where i belong, and this has been a fantastic experience, but what is very important for me is to be and remain independent. If you were the finance minister and you were building on the legacy of mr. Padoan, what would be your key priority for italy . To reduce deficit and find money to fings ance investment. Investment is the crucial thing for italy, to have more company into the global value chain, to bring more companies to the global value chain but also to prepare people to face a dramatic change in the work with new professions coming, and a lot of old professions disappearing we need to get prepared for that otherwise there will be a second shop after the first phase of globalizati globalization. All the western world will be at risk so you get a lot of priorities including getting that debt down i thought that was a definite no on the pm joe, a definite maybe on the fm job. What is he worried about he said hes worried about some of the countries to the broader european culture, hungary, slovakia, the Czech Republic and polish, and whether they share enough common Cultural Heritage to move forward on the same values thats come up a lot recently. I also asked about brexit. He is kind of very much in favor of a canada plus plus plus deal as he put it but he doesnt think that the british negotiating is giving us an affirmative start from which to get an agreement listen in. When you enter into a negotiation where one of the two parties have still to decide what they want to reach, the negotiation itself becomes Something Like chaos that was Carlo Calenda so whether youre pro brexit or t anti brexit, chaos thank you very much lets talk about oil lets look at what commodity complex has been doing in the last couple of sessions. We have come down a bit. You can see crude is down almost 0. 5 trading around 69 wti is also down around 0. 9 today. So a heavy day in the oil complex. Back out to steve, because steve has been very busy not just covering italian politics, but youre also at an Energy Conference do you get the impression from the people youre speaking with are more confident about the price of oil are people expecting it to stabilize around these levels . I think they hope it will, but there are 1,000 Senior Energy executives surrounding me around 1,000 of them are concerned about the price of oil. They are very cautious on spending still look, some of these companies have had neardeath experiences, none more so than petrobras. What is that petrobras has the biggest x efex in history they also happen to have one of the biggest corruption scandals on this planet, which, of course, has taken down all kinds of people including the previous management of petrobras. I spoke to the ceo of the company. I spoke to him about the corruption that surrounded petrobras and whether the company was different now or still blighted by its past the difference is this is one of the areas that we have made much, much progress by changing the bylaws of the company, establishing committees that look at projects before they go to the executive board so double signatures of everything we do so theres no single approval of anything we do in the company. So we made many changes in governance to make sure that we will never have this kind of issue in the future. And we have also an independent whistleblower channel that people can call and, you know, and express their views of what is going on. Also if theres anything that they spot being done wrongly its possible for any employee of petrobras to make it known to the management do any of the Ongoing Court cases against individuals who work for petrobras, is that siloed away from the company its not going to affect you regardless its set by the rate authorities, not by the company itself we are supporting the investigations as much as we can. So the company is cooperating with brazilian authorities in that respect in terms of the election, i know youre not going to say you back so and so candidate, but its to an outsider a wide open election as well does that mean there are a wide number of scenarios for future government for petrobras, you have to be aware of all the politicians and what theyre saying because it could mean different destiny for your company . Thats very simple answer because for us there is only one scenario, a Business Plan we have to deliver. So we focus totally on the Business Plan. We do not Pay Attention to distraction outside of the company and Business Plan. For us its about delivering the plan by the end of the year and have another plan for 1923 as soon as we finish delivering our targets by 2018. That was nelson silva from petrobras saying they are trying to do the right things now corruption is still prevalent. We had in the states a Class Action Settlement of 2. 2. 95 billion. A lot of analysts think they got that behind them and petrobras may have a Bright Future address all these people around me are concerned about, it comes down to price and cost discipline its a tenuous situation despite 69 a barrel oil back to you. Brilliant thank you very much for that and for bringing us the latest and all of your cultural quips coming up, more changes at the fei as athe fbi as Andrew Mccabe resigns welcome back to street signs. Im willem marx. Im joumanna bercetche. These are your headlines european stocks head lower following sharp declines in asia and the u. S. As Goldman Sachs warns a high probability a correction is coming. Telling the right time at swatch the watchmaker rizes to the top of the the stoxx 600 after posting its second best month in history december sales help fullyear profits jump more than 27 . S. A. P. Shares slide a bit after reporting earnings jus shy of expectations. They also snap up a u. S. Cloud company for 2. 4 billion and shares in some of russias Largest Companies fall after the u. S. Treasury Department Issues an oligarchs list that names and shames but does not sanction hundreds of the countrys politicians and businessmen. Looks like we got the uk mortgage numbers its a beat. So the december net mortgage lending came in at 3. 68 billion, versus expectations of 3. 45 billion. Still lower than the month before declining momentum but higher than expectations there. Sterling dollar has not really reacted to this. The current Dollar Strength has been bucking the trend that sterling dollar has come off the highs we saw just a few days ago when it topped 1. 4 2 in foreign exchange, euro dollar has come off a bit, too. Picture of Dollar Strength when it comes to euro dollar and cable. But not so much in dollar yen. That currency pair continuing to drop 0. 3 lower on the day. That yen strengthening is beginning to bite and were seeing an impact in the nikkei dollar swiss as well, the same picture. Continuing to strengthen switching to u. S. Futures, yesterday was the first down day in about five months, and it looks as though the picture is not that bright going into todays session. Dow seen opening 125 points lower. Thats a big low open for the dow jones. S p also seen opening up about 10 points lower as well. In line with the last couple of days momentum has been squeezed out a bit. European market, ftse 100 is down 0. 35 xetra dax and cac also struggling were in the middle of european earnings season. U. S. Earnings season, plenty of things to watch out for. In the u. S. , the main event the next couple of days will be the blue chip earnings, and the fomc meeting and the state of the union coming up. Its worth keeping an eye on u. S. Policies. Andrew mccabe, the fbi Deputy Director has resigned. He has faced routine criticism from trump and other republicans who accused him of being politically biassed in his investigations mccabes eventual retirement had been expected but many thought he would stay on until march the white house said the president was not involved in mccabes departure ed lawrence joins us from washington ed, theres a man named Samuel Johnson who once said when a man is tired of london hes tired of life is Andrew Mccabe just tired of washington, d. C. Weve been hearing from sources that Andrew Mccabe got tired of the pressure hes been hearing. Still a lot of controversy surrounds this the president for several weeks has been tweeting out and pressuring the fbi to get rid of Andrew Mccabe. He was in charge of the investigation into Hillary Clintons email servers he eventually became in charge of that. He also looked over the Trump Campaign investigation going into the russian meddling in u. S. Elections the president has been tweeting out a tirade over the past several months against mccabe, pointing out in one case that his wife was running for office and received hundreds of thousands of dollars from donations in a friend of Hillary Clintons, this is while mccabe was overseeing the Hillary Clinton email investigation the president has been pressuring him the wous said they had nothing to do with this. I can tell you its interesting timing Christopher Ray, the current director of the fbi said he would quit before being told to fire Andrew Mccabe however last week he came in to the white house and read a memo that was written by the house intel committee, the republican side of that, gop staffers in that memo we think it says or sources have said that it talks about how the investigation into the wiretapping of the Trump Campaign possibly was politically motivated. After reading that memo, it seems now that Christopher Ray has pushed Andrew Mccabe, the number two in the fbi out of his position Effective Immediately sounds like President Trump now has five days himself to declassify that memo you mentioned. Andrew mccabe taking a bit of time ahead of his expected retirement in march. Hes taking leave. Will he be sitting back on his couch tonight watching the state of the union you think i dont know if you will be watching that. Hes been the target of the president s ire for a long time. He will not be at work he is taking what is called a terminal leave so hes basically stepping aside and taking a break, a leave of absence until his retirement date so he can get his full benefits here. This is something that friends of Andrew Mccabe have said hes soured with the politics that have gone into all of this he is stepping aside now ed, thank you very much talking of the annual state of the Union Address by the u. S. President , a number of tickets for President Trumps first address tonight have been printed with typos the invites spell the word union with an m rather than an n. Its the house sergeant at arms, not the white house, that printed the tickets. The invites have been reissued, but thats not stopped the original 40 tickets from being shared widely on social media. Republicans on the House Intelligence Committee voted to release a classified memo on the Russian Investigation against the advice of the Justice Department the document is said to accuse the department and fbi of antitrump bias during a request for a surveillance warrant Peter Alexander reports. This is Peter Alexander at the white house. Tonight the mystery over a secret republican memo, the latest partisan flash point. So whats in the memo . Only a few lawmakers know for sure transparency is a good thing. Sunlight is a good thing lets let the American People see. Reporter republicans say the memo compiled by House Intelligence Committee head, devin nunez and his staff, details alleged abuse by the fbi and Justice Department, that the agencies acted inappropriately when requesting surveillance warrants for members of the president s campaign team. Evidence republicans say the russia investigation was tainted from the start but democrats are dismissing the document, one calling it a brainwashing memo that picks and chooses its facts. This document they put together is as false, misleading, misrepresenting. Reporter why does the memo matter it is another effort to discredit the russia inquiry just as special Counsel Robert Mueller is eyeing an interview with President Trump the New York Times reports the document shows Deputy Attorney general rod rosenstein, the man overseeing muellers investigation, approved an application to extend surveillance of a former Trump Campaign aide according to three people familiar with the memo. Rosenstein tonight ignoring questions. Asked whether the president has confidence in rosenstein, the white house deflecting. When the president no longer has confidence in someone, youll know. Reporter fbi agents fear the mysterious memos already damaging the publics trust. What were seeing here is politicization, weaponization of a classified memo that our own department of justice has said would be extraordinarily reckless to release. The u. S. Treasury department has released a list of oligarchs with ties to the kremlin this includes hundreds of politician and business leaders. The kremlin calls the report unprecedent and said it may damage the image of Russian Companies while adding it will study it further before drawing conclusions. The heads of Russias United Aircraft Corporation are on the list as are russian billionaires roman abr abramovich and alsher usmanov. They say they will analyze the report on people close to the kremlin before drawing a conclusion, but have said that essentially this is making enemies, u. S. Enemies of ail those people listed on that list moodys saying it would like to see clarity on russian taxes after the 2018 election. And the Banking Sector there with its cleanup is a positive move it has supported russias external finances. Lets talk about nafta as well another round of talks on the north American Free trade agreement is over. The u. S. , canada and mexico pointed to progress in the talks but disagreements did flair up between the u. S. And canada over Auto Industry regulations. Kayla tausche has more reporter President Trump is planning to ask for an extension on the timeline for nafta talks, thats what his chief negotiator told reporters in montreal today. The current Legal Authority to renegotiate the deal under a quicker timetable expires on july 1st the same day as elections in mexico its the clearest sign from the administration yet that talks could extend into 2019 as some industry executives have been warning. Negotiations are likely to stall until mexicos new president is in office. Inauguration is december 1st the extension by law is three years and comes as the ambassador expressed frustration with the pace of talks so far. I am hopeful progress will accelerate soon. Well work very hard between now and the beginning of the next round, and we hope for major breakthroughs during that period. The next round is february 26th in mexico all three countries expressed cautious optimism on the negotiations with the u. S. Said to be xhitded ed committed to. Sounds more positive when it comes to the nafta negotiations. Switching to japan tokyo stocks slumped, falling for the fifth day in a row the nikkei finished down 1. 4 wiping out gains since the beginning of the year. Makiko utsuda joins us from the nikkei these are big moves weve seen in the nikkei. It has wiped out the gains from the beginning of the year, is this a currency phenomenon or is there Something Else going on there . We are not quite sure, but theres lots to watch for, ambassadors were stunned as the index slipped under its 25day moving avenue waj, which usuaav. There was selling across the board in tokyo, 80 of all stocks listed at the Tokyo Stock Exchange first session finished lower. Following reports that apple will slash the iphone x Production Target for the first half of the year because of weak sales, japanese supply partners bore the brunt of the selling. Falling Oil Prices Also was affected if the trend continues, it could lead to firms revising their forecast to less growth and smaller profits. The nikkei index may be approaching a turning point and all eyes on wednesday will be following firms for the latest quarter. Thats all from the nikkei back to you. Thank you for that another big earnings week for Japanese Equities now, japanese Chipmaker Renesas Electronics is set to buy maxim. Speaking to cnbc, a spokeswoman from renesas denied it is in talks for a possible acquisition. Doctor pepper and snapple is emerging with Keurig Green Mountain in a 21 billion deal the ceo,l larry young, outlined the reasoning behind the deal. Its a fabulous deal not only for share holders, consumers, partners we talk about being a total beverage solution. This was the perfect avenue to take us to where were not only in cold beverages but also in hot beverages. Dell considers a reverse merger with vmware such a deal could be one of the biggest tech transactions ever giving dellholders who took the Company Private in 2013 an opportunity to profit dell has apparently not made a final decision so more traditional Public Offering could still happen. Thompson reuters confirming theyre in advanced talks with blackstone over the fing andiand risk business. They are looking to value the unit at 20 billion, including debt the board is set to meet later today to discuss the offer around half the firms revenue comes from that unit we have plenty to talk about, but if you want to get involved in the conversation, email us. The address is streetsignseurope cnbc. Com as ever, follow us on twitte twitter, address streetsignseurope cnbc coming up, will the middle east remain on the road to reform the imf encourages policyholders to keep their focus even with Rising Energy prices on the lha m wel veore coming up. , meaning you probably dont clean as often as youd like. For a quick and convenient clean, try Swiffer Wetjet. Theres no heavy bucket, or mop to wring out, because the absorb and Lock Technology traps dirt and liquid inside the pad. Its safe to use on all finished surfaces tile, laminate and hardwood. And it prevents streaks and hazing better than a micro fiber strip mop, giving you a thorough clean the first time. For a convenient clean, try Swiffer Wetjet with a money back guarantee. Brand power. Helping you buy better. Welcome back to street signs. We have a fun segment coming up. Build it like beckham. Former england captain David Beckham has been officially awarded a Major League Soccer franchise in miami it follows a number of years of complications and negotiations to land a team stateside the Investment Group includes the ceo of sprint and mabeckham spoke about the deal getting across the line. The league is so stable now, its made huge strides in being a successful Bigger League in the last ten years we have an amazing set of owners, owners that care about the sport, that care about the city we have obviously the mas brothers that live and breathe the city that was the missing component for us we have mass is masa san. So beckham used to play for the l. A. Galaxy. He moved to the u. S. , he made a lot of money out of the l. A. Galaxy he became a well known figure in the u. S. This became his dream. He wanted to live longterm in the u. S. , his wife wanted to live there he started trying to negotiate this six or seven years ago, as he was coming to the end of his playing career, the Major League Soccer league was not in a good situation at the time. But he that name brand recognition. It seems as though team usa is Getting Better when it comes to some international competitions, right . The world cup, they made it to the quarter finals last time they hosted the world cup back in the 90s tbut the league itself is becoming more popular. It is no longer a place where talent and International Players go to die. This for him is the culmination of a dream i was reading reports, unconfirmed, that remembnaldo me tipped to go there super bowl week is officially under way state side the Philadelphia Eagles and the new England Patriots have arrived in minneapolis ahead of sundays game. Jay gray reports on the preparations from the host city. Reporter the trophy is here, and so are the teams the eagles made the trip on sunday the patriots got a rowdy send off from thousands of fans as they left new england this morning. We have one more to go. It will be fun it will be a lot of hard work. Were playing a great team, we have a locker room full of guys ready for the challenge. Reporter super bowl week has officially started in minneapolis. The city is ready. Were pumped to have a great week we plan to showcase minnesota, this region, minneapolis st. Paul and the bold north to the world and you. Reporter while the game is a big deal here, the super bowl is a sell break that begins long before kickoff and this years festivities are uniquely minnesota frozen statues and an ice castle are the centerpiece of a party that includes concerts, a carnival inside the mall of america and a zip line across the Mississippi River. Theres nothing more minneapolis than flying across the Mississippi River at 40 Miles Per Hour they call it the bold north its also the cold north very cold. Temperatures all week will be well below freezing. Its 12 right now. But on game day it will climb to the 70s inside u. S. Bank stadium. Jay gray, nbc news, minneapolis. Jay gray wearing a thick sweater. One of his interviewees was just wearing a shirt and tie talking about zipping across the river on a zich wirp wire this would be a big week for tom brady winning his sixth super bowl game. Very excited to watch that. Well be in bed see the highlights. A saudi official says all the detainees in reh s is in r carlton have been released and the International Monetary fund is urging governments across the middle east and north africa to push ahead with Structural Reforms in the face of rising social tensions and protests across the region the imf call comes amid concerns of Rising Energy prices could reduce the incentive for Oil Exporting Nations like saudi arabia and iran to make promised changes to their economic models speaking to cnbc, the regional imf director said governments that are taking serious steps to overhaul the National Budgets are starting to reap the benefits egypt started last year with an ambitious reform program. Their Fund Supported it. The first year showed that the results were good. We saw an improvement on the financial situation with the build up of the reserves confidence came back, investors are coming back. Certain sectors are positively affected by that like tourism, like exports the first phase of stabilization has succeeded, including also reigning in the inflation. This is something the central bank had as a priority the time now is to move into grow growthfriendly Structural Reforms that will allow us to grow faster. To allow the private sector to be in the drivers seat and address some social issues and some implications of the first phase of adjustment. This is something that the government has recognized and put as part of the program for example, they have increased the social contributions through the program and also helping women to get access to work by certain number of social programs what i think is important is to recognize that improvements were made, but we are not at the end of the process now its time to benefit from the Global Economy that is improving, that egypt stands ready to benefit from that and also to do the required reforms that will allow egypt not only to create jobs and allow mid income and low income people to benefit from this improvement. Given that Global Economic growth, which countries are you most optimistic about in the next 12 months of course many have been surprised in the last six months, but in the medium term we consider the proyek shjectior oil prices are the same as our update in ctober the region is divided into two groups the Oil Producing countries because of the opec agreement will recover, they have bottomed out last year. But they will start, in fact, have slower recovery Oil Importing countries will have growth that will increase gradually. We expect this year they will get around 3. 5 to 4 . Some countries will perform more than others, like morocco or egypt. Some will still need do reforms. Those reforms will help them on one hand because of the high level of debt, reduce vulnerability and improve chances for growth all right just want to point out quickly that the frankfurt listed apple shares are now down 1. 1 , hitting a threemonth low. Apple was in the news yesterday, down 2 . It looks as though this momentum will continue for now. Thats it for todays show. Im willem marx. Im joumanna bercetche. Worldwide exchange is coming up next. 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. Jimmys gotten used to his whole yup, hes gone noseblind. Odors. He thinks it smells fine, but his mom smells this. Luckily for all your hardtowash fabrics. Theres febreze fabric refresher. Febreze doesnt just mask, it eliminates odors youve. Gone noseblind to. And try Febreze Unstopables for fabric. With up to twice the fresh scent power, youll want to try it. Again and again and maybe just one more time. 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