Speaking to fellow eu lieders in brussels, she may pull the on brexit as early as tuesday. We will trigger article 50 by the end of the month. This will be a defining moment in the uk as we begin forging ahead in the world. Good morning everybody. Welcome. Its friday. Its friday and jobs day in the u. S. Exactly. No one one hike in the december and then all about trump and all of a sudden its about jobs again. I cant believe were talking about four hikes from the fed now. If its a really strong report. Here in europe, were opening slightly stronger. Shy of 1 for most of the European Equity markets. In terms of the sectors and moves were seeing across the board, a lot of greens. Oil and gas, banks up by 1 percentage point. A rebound coming across the board in board. Also, larger announcement from bt. Well be speaking to the bt ceo later on about this agreement theyve reached. A giant Oil Field Found in alaska. The Spanish Company said the field could amount to 1. 2 billion barrels of oil in what it said is the largest u. S. Onshore Oil Discovery in 30 years. Rep soil begins to start in 2021. Director bonus to how well it manages emissions cuts. At the conference in houston, the ceo said the company is committed to reshaping itself and the sale of canadian sales was part of that transformation. What we were thinking of doing the deal and completing the deal was how this was going to transform the company from a portfolio perspective into a world class investment case. That meant we were going to focus on both businesses, where we are fundamentally, think of things like integrated guess, l and g, petrochemicals, et cetera, in the middle of that deal we came to the conclusion that oil sands didnt fit in that strategy. Its a High Quality Asset but it was probably better owned by somebody else. Lets check in on oil prices. Brent crude is changing hands at 52. 40. Wti crude below the 50 level but improving by half of 1 at 49. 52. These oil prices are off the threemonth low. Wti fell below 50 for the First Time Since middecember. Lets get out to richard, the geo political analyst at energy aspect. Good morning to you. Whenever we see a big move like that, wednesday down 5 and 1. 7 in yesterdays trading session, were looking for the reason. Were looking for were looking at brecker indicators in the u. S. What was the ultimate reason for the selloff . I think the trigger by the energy minister, it wasnt guaranteed that it would rollover the cuts for the second half of the year and the market had taken that for granted. He also went out there and said other producers arent doing their part and he said that if shale grows then saudi arabia cant be expected just to make space for it. All of those comments sent a bit of a shockwave through the market. Through that net wave which waited for evidence of the rebounding and is patiently being tried richard, if we read between the lines of what the saudis are saying and what others like russia are saying, do you think this deal, the agreement will essentially fall apart before may . If you look at the output numbers from russia in january, that was flat. We didnt see many cuts. I think there are reasons opec compliance from january and february, record levels compared to historical averages. Russia, yeah, they cut amounts in january. It was expected to cut similar amounts in february. It didnt deliver that in february. Some of comments look like the saudis are reminding russia of what it committed to. We need to see russia coming back playing its part. Really the most likely outcome is still that we get a rollover that wont run down the surplus come may and june. I thought when the deal was done a quite successful deal you think that theyre making an about turn or to me, it seems like theyre standing at the same ground as a couple of months back . A lot of opec delivered the deal, a lot of expectation that there would be no cuts theyve bp sending out very different messages, iraq, iran hitting much higher pro dugs levels. Some countries saying its too early to say whether the deal gets extended. Kuwait saying were at compliance of 140 . The market is grappling with all of that. They dont speak from the same point often. I think it would have been the case of less communication would have been more here. Opec, it set itself up for a difficult first few months because it pumped at record levels before the deal started. But that takes time to show up. Oil is traveling on the water. Its still arriving in america from barrels that were loaded early january. Its going to take time for stock drawers to show up. Filling the void with lots and lofts messages hasnt been helpful here. Want to come back and talk about speculator positioning. That was at a record high on wti and crude after the opec agreement was done in november. Now thats come back a little bit. Where do you see that going . Do you think that will balance out somewhat . The record net contracts are at a lower price than what we saw. Not necessarily as much capital in the market. But i think some of that has been taken out. We dont think all of the money that was going to position for rebalancing in the market will have entered and exited. But there will be more nervousness about taking those positions again. That could be difficult because u. S. Producers are busy hedging the finally, where do you see it going and at the moment its like catching falling ice. We could see wti into the mid40s. But fundamentals havent changed dramatically this week. I dont think its gone by midyear, but prices above 60 before the end of the yeefrmt. Richard thank you so much. Geo political analyst. Youre not the only one who talks about mid40s. Speculators are throwing in the towel at 42 a barrel according to the Founding Partner at n and g hedge fund and a long time opec skeptics at the current state of the oil market. Rex tillerson has recused himself, thats a new word everybody is using. Can i recuse myself from something . From this next interview . We had vetted used by everybody. Vigilant back in the day. Rex tillerson recused himself from the he would play no role in the decisionmaking in the trans canada for the permits. In the demand that the secretary of state recuse himself given his former role in exxonmobil if the pipeline is approved. The Environmental Protection agency questioned the impact on Global Warming. Pruitt didnt believe that co 2 was a primary contributor to Climate Change thereby measuring precision is challenging to do and theres tremendous disagreement about it. I would not agree that its a primary contributor to the Global Warming that we see. Or we dont know that yet. Bt reached an agreement with off com to separate broadband reach. It will operate as a legally separate company within the bt group. Regulator has pushed for the legal separation of open reach on competition ground. Bt says around 32,000 employees will be moved into the new company which will have its own brand without the logo. Allen higgins told us that it was positive for bt. Im one of the customers stuck with it. I know there are cheaper options. Life is too short. Looking at it, 4. 5 yields, ratio of 14. Rare value. The fact that they havent had to spin it off. Should see a decent rise today. Well be speaking to Gavin Patterson. Make sure to stay tuned for that interview. Have you ever met somebody who you really didnt want to meet . Remember how that felt as well. Heres what happened when a little boy had to meet the british Queen Elizabeth ii yesterday. The queen was at an event yesterday and was honoring armed forces to if you look at this little boy, he was not happy. He had the task of presenting the queen with a bouquet. It proved to be too much and didnt want to hand over the flowers and fullon tantrum taking place with this little boy. Hes held by this woman in a uniform. Still not happy. Maybe its not his mom. That might explain it. It might exactly. This elderly lady. This is the queen. Comes up to you and wants the bouquet of flowers from you. You dont want to give it to her. He did apparently eventually give over the flowers after coaxing, right . When the kid has a tantrum as you know with your child, theres not a lot you can do. Remind me of dinnertime last night. Which takes about two hours. Really . I wasnt im not each the queen. I enjoy seeing the coaxing from parents. Please, eat the broccoli. Give you whatever you want. Email the show. Street signs at cnbc. Com. Find us on twitter. Caroline cnbc or louise boys a. Sparking widespread protests. Well show you after the p break. Did you know slow internet can actually hold your business back . Say goodbye to slow downloads, slow backups, slow everything. Comcast business offers blazing fast and reliable internet thats over 6 times faster than slow internet from the phone company. Say hello to internet speeds up to 250 mbps. And add phone and tv for only 34. 90 more a month. Call today. Comcast business. Built for business. Welcome back to the show. Ubs was slashed bonus pool in 2016. This after the banks a full year net profits almost half. The latest Compensation Report it was revealed that they received 13. 7 million swiss franks with a bonus cut just over 5 . Approved a restructuring strategy after failing to raise enough capital from the market in december. The plan will now have to get the support of european authorities from the Italian Government before it can bail out the lender. The state is expected to take a 70 stake in bmps by pumping in funds. Scrapping bonuses for Supervisory Board members. Of the company is looking to get certain costs back on track following the diesel emissions scandal. Theyre set to plead guilty to charges of misconduct in the United States today. An Equity Investment director from m and g investments. Good morning. In two weeks roundabout were done with the First Quarter of the year. There has been april massive rush to buy emerging market debt. Do you think this strategy has been proved successful continuing into the Second Quarter . I think earnings if you look at them more globally have beat expectations. Theyve been fairly robust. Were seeing downgrades in the u. S. Its more euphoric. Growth is at 11 . Still very positive. When we look at equities now, valuations are clearly not cheap anymore. Theyre around fair value. If we see earnings go through, that should drive them higher. Were driven by earnings as opposed to fundamentalsment. If you look globally, sentiment indicators are robust. If we look at consumer confidence, its been increasing. Pmi bottomed out the second half of last year to reaching sevenyear highs. Of course, you need earnings delivery to make that more sustainable. Across the board, we have robust Economic Data and were starting to see the earnings delivery coming through which should hopefully make the rally more sustainable rather than the risk bands than the last quarter last year. I would challenge that to some extent. Were trading on hope. Hope for infrastructure spending, primarily thats happening in the u. S. At what point does the fatigue of hope set in. The u. S. Is a special case where a lot of that hope has been priced in. Infrastructure spending, deregulation, tax cuts. In the u. S. Market it definitely feels euphoric. Some of the expectations are dealing with pullback. If we look at in europe and emerging markets, valuations are much more attractive. Were seeing better Earnings Growth coming through. When you look at the values point of view, europe is much more interesting in that regard. Same with emerging markets, earnings are starting to improve fundamentals are getting better. Youre getting more attractive valuation. When it comes to europe, the french elections, are they a binary event or are they not . Many people are arguing both sides . European equities could fall by 25 . Is it really going to be that binary . Last year, it was difficult to forget political outcomes. Its harder to predict markets. As longterm predictors, we try not to predict political outcomes. Its one thing to look at valuations we used a lot of the political volatility to add to the opportunities. We should see more of the same, volatility around things like the dutch elections coming as well could potentially be opportunity for us. Hinting yesterday that it was less necessary to prop up the economy with the ultra with the environment. You looked at whether its the end of the 35year bond affair, whether theres going to be a big shift. Talk us through a little bit of this. The equity side, were sort of bull equity, bond deals bottomed out in the middle of last year. With deals rising, theyve been at historical lows, thats a positive impetus in the market. We saw significant rotation of bonds into equities out of more quality within the equity market into more value plays, its been driven much more by fundamentals, rather than hopes of what trump is going to do. We are starting to see a change where that set for yield is sort of moving on and were starting to see value coming back again. How does that translate through the brexit scenario that were going through over the next couple of years . Brexit, when article 50 is triggered, how much that of is priced in . It might be a nonevent for the market. But i think the next two years of what the negotiations are going to mean, what it means for trade going forward, thats going to i mpact the equity markets. Theyre getting to the point where european equities is becoming more crowded trades. Where do you see entry points, specific live in the European Market . Europe is a value market. You have to be selective when youre looking at europe. Clearly more pockets and cyclical segments. Areas like technology, cyclical areas like materials looking healthier as well. Thank you so much. Equity investment director at m and g investments. Now, south Koreas Constitutional Court has decided to oust President Park meaning shell be the first president in history to be removed. Sherri pang is in seoul. Thank you very much. The Constitutional Court of korea says theres been a breach of trust on the president on the part of the president. I think the former president now. So you will remember the scandal that gripped the country for months now. Some of the allegations that have been recognized by the highest level of court in south korea were one of violation of popular sovereignty. Were talking about the president basically leaking, giving confidential information to her friends and 2, failure to protect the citizens, basically saying not doing enough when it comes to the ferry sinking disaster in 2014. Became south koreas very first democratically elected leader to be ousted from the top office. Nows, there seems to be a celebration in downtown. As you can probably hear in the background, noise. Basically, this is a day that everyone is talking about, impeachment, whether for or against. Yes, we do see some supporters of park protesting the decision in front of the Constitutional Court today. But most south koreans, close to 80 do support this decision. But i dont think this is it yet. We do have some remaining questions here. So were going to call a snap election in south korea in 60 days from now. Who is going to be the next leader. And two, whats the future of President Park because shes very much likely to face some of the questionings and indictment potentially by the prosecution over that Corruption Scandal as well. And whats the future of the policy direction moving forward in south korea . Who is going to be the next leader who is able to unify this divided country . Quite a bit of leftover to deal with over here in south korea. Sherri, thank you very much. Joining us live from seoul. Well be hearing about the eu summit and talk Political Risk next in the second part of the show. World markets live is our blog. Take a look during the break. The guys put lots of good stuff on it throughout the day. Plenty of data after the break. Tweet us live. We love your company. See you after the break. Is. Im louisa bojesen. Your headlines this morning. Stocks kicked higher ahead of the jobs report as investors wait for a likely rate hike from the feds next week. Bt shares spike after the Telecoms Group reaches a deal with the media regulator off com over on a programming note well be speaking to Gavin Patterson short ali after 11 00 cet. Oil find in the north slope sending shares sharply higher. Speaking to fellow eu leaders in brussels, the british Prime Minister teresa may will pull the trigger on brexit later this month. It could happen as early as tuesday. We will trigger article 50 by the end of this month. This will be a defining moment for the uk as we begin the process of forging a new role for ourselves in the world. Good morning everyone. It is friday. Not just any friday. Its jobs friday. Lets have a look at u. S. Futures ahead of that. The dow jones set to add 75 points. Nasdaq set to this is after losses erased late in the session of. Very small gains. The markets are broadly higher ahead of the jobs report. A couple of good stories. Lets take a look at the fx market. Pound against the dollar, 1. 21. Data hitting the wires. January just as global goods trade deficit of 10. 8 billion pounds sterling. That coming from the uk just now. Unrevised at a deficit of 10. 9. Again on that trade data. The noneu. 10. 4 billion pounds sterling and deficit there. 2. 18. Were looking at the manufacturing output for january in the uk minus 0. 9 on the month. Plus 2. 7 on the year. So that means were looking at a slight revision. The manufacturing data in december being revised to 2. 2 on the month. 4. 2 on the year. Its coming through a little bit better than anticipated. Not by much. The manufacturing output down thats a bigger decline than what people anticipated. They were looking for 0. 6 decline. In fact, a stronger growth in nearly 7 years. I have a minus 1 expectation. Okay. Anyway. 0. 9 for the downside. The data is notorio