Oh ye of little faith. David novak from yum, kfc, delivers a terrific number tonight. I think there will be a squeeze up tomorrow. Who didnt believe in novak . How could you not . Like i say, there is always a bull market somewhere. I promise to try to find it for you here on mad money. Ill see you tomorrow welcome to todays worldwide exchange. These are your headlines from around the world. Financials in focus again with italys biggest retail bank expected to post a Fourth Quarter loss. Sharns in Munich Re Trading higher after they issue a higher than expected profit target for the year. And more power for germany. Angela merkel calls for the country to have greater Voting Rights. And to super size or not to super size, a judge tosses new york citys ban on sugary drinks just as it was set to take effect today. Weve had a sevenday win streak for stocks. We managed to flip into the green and as a result, this is a sevenday win streak. Identities the s ps longest winning streak of the year. So if theres some caution creeping into the markets, you maybe kind of understand why. We are pointed lower this morning, looking to give up some of the gains weve had which has been an impressive week. A quick look at whats happening across europe, were seeing green across the major index, the ftse mib up 0. 7 despite the fact we get relentless client notes out from major banks. In fact, in just a little bit later today, were going to see whether we get a new pope elected in italy or at least the beginning of that process. The ftse 100 trying to add about 0. 1 this morning. But its been an uphill battle given whats happening overnight in asia. You saw green mind me in europe, but li sixuan joins us from singapore where its mostly been red where you are. Youre right, kelly. Asian markets hurt by worries of the recovery. After a volatile day of trade, the shanghai composite give back gains of nearly 1 to finish lower by 1 . The shenzhen tumbled 2. 4 today. The markets are down for the fourth strayed session partly due to worries about share fly. We saw profit taking in environmental and agricultural stocks. Mid sized banks took a beating over liquidity concerns. The hang seng extended losses in the afternoon session, ending lower by almost 1 . China life lost over 3 today on trade consumption after the insurer clarified that as chairman comments on better profit for only personal instead of a forecast. But there was a market debut in hong kong. In japan, the nikkei snapped its eightday winning streak, ending marginally in the red. Exporter stocks ended mixed. While the yen has weakened against the green back, the financial stocks retreated earlier on mormon tear easing. South koreas kospi eased 0. 5 weighed down by a weaker yen and a geopolitical risk on the peninsula. Tracking the losses reversed early gains to end lower by about 0. 6 with resources lagging behind after Goldman Sachs downgraded the sector. Indias sensex is still on the move, but reversing early weakness now trading along the flat line. Back to you. Sixuan, thank you for that. The dow has extended its winning streak for eight days now. Where does it go from here . Lets ask gina sanchez. Are you still bearish . Roubini, maybe not the most maybe not the guy thats going to tell you, yeah, stocks are going to the moon from here. Newerel has been positive on stocks here at the beginning. Hes been warning of some disappointments later. But youve had a couple of things, sentiment and money flow. Money flow has been extremely supportive of stocks in the u. S. , and particularly in europe where its been recovering from a really, really low level. Its been impressive, the performance of european equities and a lot of people are asking how much longer can the fundamentals and market levels continue to disconnect or is there a disconnect . There is a disconnect. Obviously, in europe, youve seen the lost earnings season was a disdisappointment. And thats not surprising. Im expecting continued recession. Theres going to be a recovery, obviously. I think, you know, roubinis economics is estimating that there should be a recovery by next year, 2014. So from here to there, thats a positive story. But were still mired in very high unemployment in europe. Its really hard to paint a good picture there. And i think earnings forward earnings estimates versus actual estimates that are coming in are still way off track. What about buying italy here . Not a guy typically bullish on equities. You would think after the performance we had last year, which is a strong one, perhaps people would start to see no, we can its super cheap, all of this political turmoil notwithstanding. What is your take . I agree with him that its still hael cheap but its not as cheap as it used to be. Especially particularly in italy where youre looking at banks that are going to have to raise provisions. Generally rising npl provisions and earnings dont go hand in hand. Not usually the most positive situation there. Definitely not. Weve seen the mi b sometimes on this board disconnect from other markets. But at the same time, they appear to be rising and falling together. At this point, is it still a case where the ecb backed up in place, thats all we care about . Why isnt there more of a sense of concern across these markets . Well, i think theres an enormous faith that everything is going to turn out okay. The omt is in place and, therefore, theres a box top. The problem is, you have an Italian Government thats failing to form. And will say one that is threatening to short of go in the other direction and start to reverse austerity measures. If that happens, then well never call on the omt, the back stop. All this is getting complicated. As an investor, if you were to say italy is going to roll back on austerity, you would almost need to applaud that, right . Italy needs some fundamental growth to convince investors longer term, but if theyre not pushing through measures that would hurt growth now, is that not a positive . A certain amount of pain has to be felt. The question is, do you feel it now or do you feel it later . And if you dont take the structural reform soon, then at what point do you get more negative repercussions in the future as a result of not taking your medicine now . Thats generally the balance. The markets are saying, you know what . Its all going to be fine. In the end, theres going to be a backstop and everything is going to be okay. I think theres some disappointments later on in the year or early next year. I would say that thats coming down the road. For now, you know, i see a strong sentiment recovery and cash flow. As long as that cash flow is flowing in, thats going to be a big positive. We have seen italy and is shape, at least the spread between those tenyear rates narrow considerably during the italian elections. Now youre looking there, yield is about 4. 611 is 4 for italy and 4. 72 for spain. More widening today, about 11 basis points between them. Its interesting to see prices up across the board. Its not just sovereign debt. Were seeing a lot of influence. Its not just equities, its really across 2 the board allegations are taeg place. The euro dollar is down about 0. 3 . Interesting to see that happening even though weve seen risk across the place generally picking up now. City points out the Australian Dollar is seeing more volume than the euro trade today. Sterling is a little bit weaker. The dollar yen has been moving quite a bit overnight as sixuan mentioned in her hit. Plus turkey, were seeing some deterioration in the current account situation. Thats speeding in. There is also some sign of concern for a lot of these emerging markets. Now, two senior members of germanys Coalition Government approaching for the country to have more Voting Rights on the ecbs governing council. Ryan buderi said the Current System is unfair as germany is the biggest contributor to ecb capital that has the same Voting Rights as the smallest contributor. Coming up on cnbc, our very own julia will be speaking to the president of germanys bundes bank. Catch the interview right here coming up later in the day. Gina is still with us. You said gina antico is the god of fire. Yes. Symbolic . Naming a company is not an easy thing to do, but i chose the aztec goddess on of fire because she rules the fires of the volcano. She rules pressure things because theyre formed from the fires of the volcano. And the ancient aztecs would bestow upon the households do you like latin america here . There are some interesting consumer stories. That play is a very longterm play. I think theres robustness to that. Typically you focus on equities, do you not . Right. But we have seen gold recently starting to bottom out, start to go show signs of moving higher. Do you buy into that . Do you watch that as a sign of anything . Well, gold lately has been moving with the forex market. One thing worth noting, you m mentioned forex markets are making headlines this morning. It is interesting that youve seen the euro dollar start to pile on and net short. Its like the question is, is it a good euro fall or a bad euro fall . Gina will particular around for a couple more minutes. In the meantime, its crunch time in athens as samaras meets with troika to discuss civil service. And it comes as greeces Privatization Agency launches a tender for the sale and lease back of two dozen stateowned properties including the athens headquarters. Greeces Privatization Fund so far has raised about 2 billion euros. This year, it has a target to raise 276 billion. Italy has asked the eu to ask regions that come close to hitting budget targets more flexibility to achieve their balance budgets. With the lingering recession and last months inconclusive results, some officials want austerity measures imposed to meet the target. Today, catholic targets begin in rome to begin the process of choosing a new pope. A man from iowa has created a basketball playoff bracket game to determine the new pope. And theres a catholic group, youth 2000, which has set up a website to choose a candle who you can play for during the conclave. Anyway, long on to adopt a cardinal. Oral right now, i should say, right now, math is getting under way. You can hear there and see the shots from the carpals. Its only been a couple of years since the last time around. Most people only get to see this maybe once in their lifetime. A new york judge has put a lid on mayor bloombergs ban on super shuggiery sized drengs. Carfirmation. Only hertz gives you a carfirmation. Hey, this is challenger. Ill be waiting for you in stall 5. It confirms your reservation and the location your car is in, the moment you land. Its just another way youll be traveling at the speed of hertz. You are watching worldwide exchange. All eyes turn to milan with key italian Bank Earnings later today. Two senior lawmaker res pushing for more new on the ecb governing council. And a state judge has put the lid on mayor bloombergs sugary drink plan. Mayor bloomberg vows to fight on. Indias industrial output beats forecasts, but the rate cut is still seen. Cpi out earlier showed prices continued to increase in february up nearly 11 from a year earlier. And its been a sterling debut for hong kongs largest pawnshop. Shares trimmed as much as 30 today. 1. 31 versus the issue price of 0. 98. Thats not surprising while pawnshop shares were oversubscribed more than a thousand times. The Company Managed to raise 112. 5 million. That is at the top end of its ranges. China galaxy securities is reportedly willing to raise in an ibo. Beijing based company had originally planned to list both the hong kong and the shanghai bourses but skrabd that plan. There are reports that the china galaxy is looking at bringing the total number of underwriters to 16. After that strong debut, you cant blame them for looking to the market in hong kong. Results were bolstered by the Lunar New Year holiday and easing worries about a food safety share last year. Kfc, pizza hut, taco bell with, if you want to pick one . Yo kiero taco bell. You can see investors are pretty relieved. A judge has truck down new yorks ban on sugary drinks. It was expected to take effect today. The ban arbitrarily applied to some beverages and places that sell them. Convenience stores were going to be exempt because they fall under state jurisdiction. The judge said mayor bloombergs board of health intruded on the City Councils authority when it opposed the plan. Bloomberg has vowed to appeal. I dont think it will hurt your bottom line, but even if it did, were talking about lives versus profit. Nobody can make the case that serving 16 owns cups versus 32 ounce cups could cause anybody any appreciable amount of money. I would argue it doesnt have to cost you anything. Regardless, i think we all have an obligation to try to do what we can to help each other. Take a look at shares of coke, pepsi, starbucks and Movie Theater chains. Cocacola as 0. 11 ers this morning. We want to know what you think about the move. Email uswidewide cnbc. Com. Do you think its a smart move . Do i think it should be in place . Yes, i do. Really . Part of but youre in the market. I guess the point about free market, the problem is the Health Care Costs that go with that down the road are sizable. And i think the point isnt necessarily to reduce sales. The point is to reduce how much you get in one serving. The there is an argument that people eat. Drink in excess simply because theyre given proportions in excess. It will be more time before that ban on sugary drinks goes into effect. Still to come on the program, is there any hope for recovery . Partnershipcos will join us when we come back. Its a big day for italian Bank Earnings. The lenders are expected to post losses for the period as the sector continues to struggle with large provisions. And italys recent sovereign downgrade. For more, phillipe, managing director at pimco, joins us now. It doesnt sound like it will know a pretty picture in the Fourth Quarter. Is there any sign that this is the bottom . I dont think this is the level. They will candidate that, you happen, theyre all. I dont think youll continue to see that, especially in light of the recession. You know, they trade at a significant discount. I think partially it is quite savings. But really, again, the pressure on the levels of structure on the provision in italy is something thats been a bit under the radar. But i think its coming through, as well. Theres a negative feedback here and is a lot of the italian banks have been buying italys debt. Have they not . Right. But i think thats the least poorly performing port follow he yos. The concern here is the level of s p around 15 and the level of provision in the nfls is very low and it can be adjusted. So i think the pressure is coming from the real economy in italy, not from the sovereign side of things any more. Weve seen a rise in bad debt in italy. That tends to harm the small and mid sized banks far more. To what degree is that priced into or sort of the small cap and midcap banks versus the large cap banks which have more liquidity . The large cap banks, youre right. I think you will see some pressure there. Phillipe, are there any names you like here or do you just shy away from the sector altogether . So i think its clearly a high quality play in italy and the one to sick to. When you look at the smaller lenders, especially looking at the bottom of the cappal structure in the stock, i think thats that. But still looking at intessa, shares are up 0. 5 . Thank you, sir. A little battle over credit derivative losses is headed for a london court. Nomura Investment Bank is looking to defend its role in the risky trades under uk jurisdictions where latitudes more favorable. Shares there, as you can see, have been hammered. They were up about 0. 1 today. Straight ahead on the program, its two years on from the fukushima disaster. Where does the Energy Sector lie . Apparently at the bottom of the ocean. Stay tuned to find out more. Thats not much, you think. Except its 2 every year. Go to etrade and find out how much our advice and guidance costs. Spoiler alert its low. Its guidance on your terms, not ours. Etrade. Less for more for you. [ male announcer ] ive seen incredible things. Otherworldly things. But there are some things ive never seen before. This ge jet engine can understand 5,000 data samples per second. Which is good for business. Because planes use less fuel, spend less time on the ground and more time in the air. Suddenly, faraway places dont seem so. Far away. Welcome to worldwide exchange. Im kelly evans and these are your headlines around the world. Stocks drop in asia. Italys biggest retail bank is expected to post a Fourth Quarter loss. Shares in munich re are trading higher after the worlds biggest reinsurancer issues a larger than specd for the year. Well speak to the head of the bundes bank later on cnbc. And to super size or not to super size . A judge toes new york city in,s ban on sugary drinks just as it was about to take effect today. Announcer youre watching worldwide exchange, bringing you Business News from around the globe. Its going to be eight Straight Days of gains for the dow and for the s p 500, not from the looks of things this morning. Although, in the past, most of the last phase of this rally we have seen stocks start off in the red, futures, as well. Well hold our breath and see what happens. But it does look at this point, taking fair value into account, the dow will shed about six points. The nasdaq and the s p 500 looking to give up a couple of points. The cnbc ftse 300 gives us a fraction of a point. There has been selling across most of asia, what better attitude in europe. The uk being an exception as we just got data showing Industrial Production was surprisingly weak last month. The ftse is just barely, the xetra dax has just turned enough. Its now going to be an uphill climb. Industrial production fell about 1. 2 versus the small uptick that was expected month on to. Manufacturing production down 1. 5 . It was supposed to be flat. How do you make money in these markets . Here is what our guests have been telling us all morning. Political risk generally tends to associate itself in weakness in sterling against the dollar. Weve still got some ways to further fall, probably back towards the 1. 45 threshold. Now inv