and italy is not only a museum. >> rose: italy is not only a museum. >> renzi: italy is not only the this is the point. for adults with advanced non-small cell lung cancer previously treated with platinum-based chemotherapy, including those with an abnormal alk or egfr gene who've tried an fda-approved targeted therapy, this is big. a chance to live longer and is the most prescribed immunotherapy for these patients. opdivo significantly increased the chance of living longer versus chemotherapy. opdivo works with your immune system. opdivo can cause your immune system to attack normal organs and tissues in your body and affect how they work. this may happen any time during or after treatment has ended, and may become serious and lead to death. see your doctor right away if you experience new or worsening cough; chest pain; shortness of breath; or tenderness; severe nausea or vomiting; extreme fatigue; constipation; excessive thirst or urine; swollen ankles; loss of appetite; rash; itching; headache; confusion; hallucinations; muscle or joint pain; flushing; or fever... as this may kee

it would change italy's constitution by slashing the number of senators in parliament. >> renzi: italy is incredible. because italy is the country with 950 members of parliament. the double of the united states of america. >> rose: the u.s. has 435 members of the house, and 100 members of the senate. >> renzi: in italy, the number are 630 in the chamber, and in the senate, 315. >> rose: a "yes" vote would reduce the senate to 100 members, who would be appointed and not elected. renzi believes the change is needed because the senate is the graveyard of legislation in italy. >> renzi: this referendum is not a referendum to change democracy in italy. it is a referendum to reduce bureaucracy in italy. italy is the worst country for bureaucracy around the world. if we have a system with a lot of politicians, the consequence is 63 government changes in 70 years. >> rose: 63 governments in 70 years! >> renzi: exactly. because we have a system in the hands of bureaucracy. everything is difficult. everything is complicated. and my idea is simply, give simplicity to italy. >> rose: renzi is know

and italy is not only a museum. >> rose: italy is not only a museum. past. this is the point. for adults with advanced non-small cell lung cancer previously treated with platinum-based chemotherapy, including those with an abnormal alk or egfr gene who've tried an fda-approved targeted therapy, this is big. a chance to live longer and is the most prescribed immunotherapy for these patients. opdivo significantly increased the chance of living longer versus chemotherapy. opdivo works with your immune system. opdivo can cause your immune system to attack normal organs and tissues in your body and affect how they work. this may happen any time during or after treatment has ended, and may become serious and lead to death. see your doctor right away if you experience new or worsening cough; chest pain; shortness of breath; severe stomach pain or tenderness; severe nausea or vomiting; extreme fatigue; constipation; excessive thirst or urine; swollen ankles; loss of appetite; rash; itching; headache; confusion; hallucinations; muscle or joint pain; flushing; or fever... as this may ke

it would change italy's >> renzi: italy is incredible. because italy is the country with 950 members of parliament. the double of the united states of america. >> rose: the u.s. has 435 members of the house, and 100 members of the senate. >> renzi: in italy, the number are 630 in the chamber, and in the senate, 315. >> rose: a "yes" vote would reduce the senate to 100 members, who would be appointed and not elected. renzi believes the change is needed because the senate is the graveyard of legislation in italy. >> renzi: this referendum is not a referendum to change democracy in italy. it is a referendum to reduce bureaucracy in italy. italy is the worst country for bureaucracy around the world. and this is very important. if we have a system with a lot years. >> rose: 63 governments in 70 years! >> renzi: exactly. because we have a system in the hands of bureaucracy. everything is difficult. everything is complicated. and my idea is simply, give simplicity to italy. >> rose: renzi is known as the demolition man in italy, because he wants

and italy is not only a museum. >> rose: italy is not only a museum. >> renzi: italy is not only the past. this is the point. for adults with advanced non-small cell lung cancer previously treated with platinum-based chemotherapy, including those with an abnormal alk or egfr gene who've tried an fda-approved targeted therapy, this is big. a chance to live longer with opdivo (nivolumab). opdivo demonstrated longer life and is the most prescribed immunotherapy for these patients. opdivo significantly increased the chance of living longer versus chemotherapy. opdivo works with your immune system. opdivo can cause your immune system to attack normal organs and tissues in your body and affect how they work. this may happen any time during or after treatment has ended, and may become serious and lead to death. see your doctor right away if you experience new or worsening cough; chest pain; shortness of breath; diarrhea; severe stomach pain or tenderness; severe nausea or vomiting; extreme fatigue; constipation; excessive thirst or urine; swollen ankles; loss of appetite; rash; itching; hea

prime minister of italy. and i, i wish him every, every good, good luck for, for the next years. >> rose: did you remind him that you had supported his opponent? >> renzi: but we don't discuss about it. but it's normal. it's the, the great, the great play of democracy. >> rose: matteo renzi finds himself at the center of a great play of democracy. italial on a referendum he initiated. it would change italy's constitution by slashing the number of senators in parliament. >> renzi: italy is incredible. because italy is the country with 950 members of parliament. the double of the united states of america. >> rose: the u.s. has 435 members of the house, and 100 members of the senate. >> renzi: in italy, the number are 630 in the chamber, and in >> rose: a "yes" vote would reduce the senate to 100 members, who would be appointed and not elected. renzi believes the change is needed because the senate is the graveyard of legislation in italy. >> renzi: this referendum is not a referendum to change democracy in ital

and italy is not only a museum. >> rose: italy is not only a museum. >> renzi: italy is not only the this is the point. for adults with advanced non-small cell lung cancer previously treated with platinum-based chemotherapy, including those with an abnormal alk or egfr gene who've tried an fda-approved targeted therapy, this is big. a chance to live longer and is the most prescribed immunotherapy for these patients. opdivo significantly increased the chance of living longer versus chemotherapy. opdivo works with your immune system. opdivo can cause your immune system to attack normal organs and tissues in your body and affect how they work. this may happen any time during or after treatment has ended, and may become serious and lead to death. see your doctor right away if you experience new or worsening cough; chest pain; shortness of breath; severe stomach pain or tenderness; severe nausea or vomiting; extreme fatigue; constipation; excessive thirst or urine; swollen ankles; loss of appetite; rash; itching; headache; confusion; hallucinations; muscle or joint pain; flushing; or feve

and my idea is simply give simplicity to italy. >> reporter: renzi known as the demolition man in italy. he wants to scrap the old ways of doing business. he has already passed a bill that makes it easier to hire and fire workers. renzi argues with a leaner senate he can streamline the way italy is run. history is italy's richest asset. but its present is hampered by a bloated inefficient state. italy's economy hasn't grown for two decades. the unemployment rate is nearly 12%. italians still know how to enjoy life even as the country seems stuck in place. many italians are suspicious of renzi's motives for the referendum. >> this is crazy. this is madness. ridiculous. democracy is the right that people have to choose their, their representative. >> reporter: virginia ragi, the mayor of rome who cam to office with little political experience. her party opposes renzi's constitutional reform. >> he doesn't want to change the country. he just wants more power. >> reporter: that is an incredible accusation to make. more power to do what? >> what he wants. maybe -- all the laws he wants to do

and my idea is simply give simplicity to italy. >> reporter: demolition man in italy. he wants to scrap the old ways of doing business. he has already passed a bill that makes it easier to hire and fire workers. renzi argues with a leaner senate he can streamline the way italy is run. history is italy's richest asset. but its present is hampered by a bloated inefficient state. italy's economy hasn't grown for two decades. 12%. italians still know how to enjoy life even as the country seems stuck in place. many italians are suspicious of renzi's motives for the referendum. >> this is crazy. this is madness. ridiculous. democracy is the right that people have to choose their, their representative. >> reporter: virginia ragi, the mayor of rome who cam to office with little political experience. her party opposes renzi's >> he doesn't want to change the country. he just wants more power. >> reporter: that is an incredible accusation to make. more power to do what? >> what he wants. maybe -- all the laws he wants to do without great opposition from the parliament. >> report

and my idea is simply give simplicity to italy. >> reporter: renzi known as the demolition man in italy. he wants to scrap ol he has already passed a bill that makes it easier to hire and fire workers. renzi argues with a leaner senate he can streamline the way italy is run. history is italy's richest asset. but its present is hampered by a bloated inefficient state. italy's economy hasn't grown for two decades. the unemployment rate is nearly 12%. italians still know how to enjoy many italians are suspicious of renzi's motives for the referendum. >> this is crazy. this is madness. ridiculous. democracy is the right that people have to choose their, their representative. >> reporter: virginia ragi, the mayor of rome who cam to office with little political experience. her party opposes renzi's constitutional reform. country. he just wants more power. >> reporter: that is an incredible accusation to make. more power to do what? >> what he wants. maybe -- all the laws he wants to do without great opposition from the parliament. >> reporter: one of italy's leading columnists. he says renzi

. >> italy is incredible. because italy is the country with 950 members of parliament. the double of the united states of america. >> reporter: u.s., 435 members of the house. 100 members of the senate. >> in italy, the number are 630 in the chamber. and in senate, 315. >> reporter: a yes vot w reduce the senate to 100 members, who would be appointed and not elected. renzi believed the change is needed because the senate is the graveyard of legislation in italy. this referendum is not a referendum to change democracy in italy. it is a referendum to reduce bureaucracy in italy. italy is the worst country for bureaucracy around the world. and this is very important. if we have a system with a lot is 63 government changes in 70 years. >> reporter: 63 governments in 70 years! >> exactly. because we have a system and bureaucracy. everything is difficult. everything is complicated. and my idea is simply give simplicity to italy. >> reporter: renzi known as the demolition i he wants to scrap the old ways of doing business. he has already passed a bill that makes it easier to h

and italy is not only a museum. >> rose: italy >> renzi: italy is not only the past. this is the point. for adults with advanced non-small cell lung cancer previously treated with platinum-based chemotherapy, including those with an abnormal alk or egfr gene who've tried an fda-approved targeted therapy, this is big. demonstrated longer life and is the most prescribed immunotherapy for these patients. opdivo significantly increased the chance of living longer versus chemotherapy. opdivo works with your immune system. opdivo can cause your immune system to attack normal organs and tissues in your body and affect how they work. this may happen any time during or after treatment has ended, and may become serious and lead to death. see your doctor right away if you experience new or worsening cough; diarrhea; severe stomach pain or tenderness; severe nausea or vomiting; extreme fatigue; constipation; excessive thirst or urine; swollen ankles; loss of appetite; rash; itching; headache; confusion; hallucinations; muscle or joint pain; flushing; or fever... as this may keep

and my idea is simply give simplicity to italy. >> reporter: renzi known as demolition man in italy. he wants to scrap the old ways of doing business. he has already passed a bill that makes it easier to hire and fire workers. renzi argues with a leaner senate he can streamline the way italy is run. history is italy's richest asset. but its present is hampered by a bloated inefficient state. italy's economy hasn't grown for two decades. the unemployment rate is nearly life even as the country seems stuck in place. many italians are suspicious of renzi's motives for the referendum. >> this is crazy. this is madness. ridiculous. democracy is the right that people have to choose their, their representative. >> reporter: virginia ragi, the mayor of rome who cam to office with little political experience. her party opposes renzi's constitutional reform. >> he doesn't w t country. he just wants more power. >> reporter: that is an incredible accusation to make. more power to do what? >> what he wants. maybe -- all the laws he wants to do without great opposition from the parliament. >> repo

i'm not as the old politicians in italy. the old politicians maintain the chair for a lot of decades. so if we will lose the referendum, this is not a problem for me. it's a problem for the new generation of italians. because it's a lost opportunity. >> rose: if it's a "yes" vote, what does it mean for him? >> severgnini: well, if it's a "yes," yes vote, we have to be very careful. we have to find a way to, to anchor matteo renzi somewhere down to earth, because he's going to float in rome. you see, you look at the sky. this matteo renzi's floating away. because he's going to be over the moon. ( laughs ) ? ? ? >> rose: prime minister renzi is his native florence brought the west its greatest cultural transformation. the geniuses who produced glorious art and brilliant ideas are still celebrated here: michelangelo; da vinci; galileo. >> renzi: florence for me is not simply a city. florence is a sentiment. and i think it's impossible to be a politician without sentiment. >> rose: matteo renzi's sense of romance about the wonde

and my idea is simply give simplicity to italy. >> reporter: renzi known as the demolition man in italy. he wants to scrap the old ways of doing business. he has already passed a bill that makes it easier to hire and fire workers. renzi argues with a leaner senate he can streamline the way italy is run. history is italy's richest asset. but its present is hampered by a bloated inefficient state. the unemployment rate is nearly 12%. italians still know how to enjoy life even as the country seems stuck in place. many italians are suspicious of renzi's motives for the referendum. >> this is crazy. this is madness. ridiculous. democracy is the right that people have to choose their, their representative. >> reporter: virginia ragi, the mayor of rome who cam to office with little political experience constitutional reform. >> he doesn't want to change the country. he just wants more power. >> reporter: that is an incredible accusation to make. more power to do what? >> what he wants. maybe -- all the laws he wants to do without great opposition from the parliament. >> reporter: one of italy'

for italy, and himself. renzi argues that italy has changed governments 63 times in 70 years, and trimming the size of government will help bring order to chaos and move the country into the 21st century. the vote will have implications for all of europe, and hinges on the considerable political skills of a modern-day macchiavelli-- a 41-year old former mayorfl the youngest prime minister in italy's history. ( bells ) we met matteo renzi in his hometown of florence, where the renaissance was born, and where it flourished. >> matteo renzi: this is-- >> rose: he insisted on conducting the interview in the magnificent palazzo vecchio, the old palace, in a room with a >> renzi: yes! >> rose: it was only 48 hours after donald trump had stunned the world. this is the headline i saw in "the new york times" this morning, when i got up here in your city. what's your reaction? >> renzi: it's a surprise. ( laughs ) it's a great surprise. yesterday, i spoke with the president elected. >> rose: you spoke with trump? >> r

and my idea is simply give simplicity to italy. >> reporter: renzi known a demolition man in italy. he wants to scrap the old ways of doing business. he has already passed a bill that makes it easier to hire and fire workers. renzi argues with a leaner senate he can streamline the way italy is run. history is italy's richest asset. but its present is hampered by a bloated inefficient state. italy's economy hasn't grown for two decades. the unemployment rate is nearly life even as the country seems stuck in place. many italians are suspicious of renzi's motives for the referendum. >> this is crazy. this is madness. ridiculous. democracy is the right that people have to choose their, their representative. >> reporter: virginia ragi, the mayor of rome who cam to office with little political experience. her party opposes renzi's constitutional reform. >> he country. he just wants more power. >> reporter: that is an incredible accusation to make. more power to do what? >> what he wants. maybe -- all the laws he wants to do without great opposition from the parliament. >> reporter: one of

i take it back to, this is the quiet of italy. this is the confidence of italy post bureau. the euro -- post euro. the euro is right there. how did italy get from here to here? francine: political risk. 2000, there is the euro and a pretty easy period. there was the.com bubble. reforms were not talk about because everything was smooth. when you speak to former commissioners they say they will lulled in a false sense of security. let's get more on the markets and what happened in the last 15 years, christian shulz from citigroup. tom's's chart, as there where everything was it fine, or was it just we were not pricing in risk at all? christian: at the time people were pricing the ecb as the lender of last resort, unconditional across the eurozone irrespective of growth potential or government debt or deficit. but a much all countries where the same because there was the lender of last resort. it turns out that lender, eventually was there when mario draghi said he would do whatever it takes but it came with conditions and there were doubts whether it would be there. we are sti

and my idea is simply give simplicity to italy. >> reporter: renzi known as the demolition man in italy. he wants to scrap the old ways of doing buss. he has already passed a bill that makes it easier to hire and fire workers. renzi argues with a leaner senate he can streamline the way italy is run. history is italy's richest asset. but its present is hampered by a bloated inefficient state. italy's economy hasn't grown for two decades. the unemployment rate is nearly 12%. italians still know how to enjoy many italians are suspicious of renzi's motives for the referendum. >> this is crazy. this is madness. ridiculous. democracy is the right that people have to choose their, their representative. >> reporter: virginia ragi, the mayor of rome who cam to office with little political experience. her party opposes renzi's constitutional reform. country. he just wants more power. >> reporter: that is an incredible accusation to make. more power to do what? >> what he wants. maybe -- all the laws he wants to do without great opposition from the parliament. >> reporter: one of italy's leading c

and my idea is simply give simplicity to italy. >> reporter: renzi known as the demolition man in italy. he wants to scrap the old ways of he has already passed a bill that makes it easier to hire and fire workers. renzi argues with a leaner senate he can streamline the way italy is run. history is italy's richest asset. but its present is hampered by a bloated inefficient state. italy's economy hasn't grown for two decades. the unemployment rate is nearly 12%. italians still know how to enjoy many italians are suspicious of renzi's motives for the referendum. >> this is crazy. this is madness. ridiculous. democracy is the right that people have to choose their, their representative. >> reporter: virginia ragi, the mayor of rome who cam to office with little political experience. her party opposes renzi's constitutional reform. country. he just wants more power. >> reporter: that is an incredible accusation to make. more power to do what? >> what he wants. maybe -- all the laws he wants to do without great opposition from the parliament. >> reporter: one of italy's leading columnists. h

and my idea is simply give simplicity to italy. >> reporter: renzi known as the demolition man in italy. of doing business. he has already passed a bill that makes it easier to hire and fire workers. renzi argues with a leaner senate he can streamline the way italy is run. history is italy's richest asset. but its present is hampered by a bloated inefficient state. italy's economy hasn't grown for two decades. the unemployment rate is nearly 12%. life even as the country seems stuck in place. many italians are suspicious of renzi's motives for the referendum. >> this is crazy. this is madness. ridiculous. democracy is the right that people have to choose their, their representative. >> reporter: virginia ragi, the mayor of rome who cam to office with little political experience. her party opposes renzi's constitutional reform. >> he doesn't want to change the country. he just wants more power. >> reporter: that is an incredible accusation to make. more power to do what? >> what he wants. maybe -- all the laws he wants to do without great opposition from the parliament. >> reporter: one

italy down almost 1%. we're back in a couple minutes. >>> welcome back to "worldwide exchange" and good morning. it's time for our must-read stories, what stands out to us in the papers and across the websites. italian columnist mario margioco? writing a piece titled "the stakes of italy's referendum." you can find it on project syndicate, which is always good for some sharp economic takes. this one is very pro yes vote in italy this weekend. he writes, "the opposition, as usual, benefits considerably from its simple message to vote no is to vote against the system and all of its corruption. who is not against corruption? add that to rising euro skepticism and the result is an intoxicating political brew. opinion polls now indicate a 5-6-point majority for no with 20% of voters still undecided." very familiar in a year of brexit, trump, surprising, anticorruption, antiestablishment, anti the system, and that's how this vote is being framed, even though it's not necessarily just about that. >> no, but what

and here in central italy. this bursting fan of honor has special meeting the woman from wheat ridge colorado because a man she never even met. my mom is only two months old. melanie loveland's grandfather richard johnson of wells county was killed and buried at 22 years old nearly 9,000 miles from his colorado home i think about my grandmother who was that is incredible to me that she went through all that. and still survived it was tough. her grandfather especially tough because they train for war in the harshest winter conditions back home in colorado. mountain division. we took 3,000 change gears another 5,000 volunteers. help to fight in years right to a bunch of skiers was the east coast college kids and shipped them off to train for mountain warfare and airplanes called the high mountain valley about 9600 feet in altitude close to colorado which is the highest out to the city in the us the most many expensive military camp built during world war ii and it encompasses what is now the ski cooper ski area c

>> i love italy. i have to say the coast is my favorite place in the world. >> so jealous. >> now it's time for our italian edition. >> chrissy teigen and john legend and baby luna visited. >> mariah carey finding her light wearing a sexy slip and some diamonds, she was on vacation with her citizen. >> bradley cooper and real life love getting time overseas, and also jumping off of the yacht. >> it is our goal the next year to go. >> let's go to michael corbin who is taking in the countryside. >> so if you want to get your hands into past to doe. or whipping up, foodies rejoice, let the kitchen set the table for the ultimate culinary get away. >> one-stop shopping for the world's most phenomenal get aways. the international kitchen tours are exactly that. if you want to go to some of the most desirable locations in the world, this is the vacation for you. >> in the six nights you have four hands on cooking classes. which is a half day. the other day decades to an excursion, a cheesemaker or something

>> i cannot say our best cases the exit of italy -- case is the exit of italy. we view the referendum for the euro and italy and the eu at large is a double-edged sword. if renzi loses which is what the tols suggest, it is a blow his credibility and strength within italy. constitutional reforms do not change the underlying picture which is been a gradual movement over the course of 2016 towards antiestablishment parties. unlikely to fix the growth picture. tom: a big debate when i was in london, the idea of day two of an italian lira, what would happen to italy if they went back to the italian lira? >> one of the good things for italy is it is running a current account surplus, it puts it in a more favorable position than otherwise. given the growth trajectory of the country, given the nonperforming loans, given the fundamentals, there would be a devaluation. for the rest of the eurozone, most of the debt is held domestically. to theage overall financial sector outside of italy may be more limited than if it were france. of the day, it would raise questions abou

it is a referendum to reduce bureaucracy in italy. italy is the worst country for bureaucracy around the world, and this is very important. if we have a system with a lot of politicians, the consequence is 63 government change in 70 years. >> yeah, so mr. renzi speaking there. julie's with us, and indeed, you'll be heading to italy to cover this as of tomorrow. >> yes. >> the trip begins. >> yes. >> so, what is this a vote against, do you think? i mean, is there a vote for, for that matter as well, is it for or against renzi, is it for or against the government, is it for or against the reforms? >> i think all of the above. i think as we've discussed the last several months, unfortunately, because prime minister renzi said he'd resign, it became a test once again of the establishment here in europe. and obviously, what we've seen with brexit and with trump has got the markets concerned, hasn't it? i think that's the ultimate point here and you're seeing that with the banks today. i'd make the argument that whether or not renzi steps d

growth was boost bad pick up in italy and germany. however the british narrowed its expectations. >>> foods fell due to weak grocery sales. its maintained its full year expectations and expecting sales to grow by 2% to 4% during the second half of the year. >>> and land securities have reported a loss. the uk property company says demand for office space in london is hesitant with vacancy rates on the rise. speaking to cnbc earlier, robert knoll was asked how difficult was it to sell in the current market? >> the market is fairly liquid. the point our sales last year we were using very buoyant market conditions to sell secondary assets. and insue late us from market turbulence. so we're sitting here really very relaxed about the position we sit in and on that move we'll be going back into the market to reinvest. >> now easy jet's profits dropping by 28%. the british low cost airline blamed currency headwinds amaid post-brexit. >> facebook and google made moves to spread accurate information online over concern over fake news site. goo

the problem of that in italy can only be solved if italy starts growing again. rest is really working at the margins it seems to me. we cannot solve these problems except to create more rove and inflation. -- growth and inflation. it's not a technical issue of doing this or that. it's really about putting the euro zone economy back on the growth path. italy do it alone? francine: this brings the main difference between the u.k. in italy, italy manufactures and still has a great companies. are they competitive enough? how do you foster that growth? does it have to be from euro devaluation or leaving the eurozone altogether? simon: it may end up going in that direction. seems to me we should do what donald trump is doing. he understood that. monetarynt to row, policy will not do the trick. you need to stimulate public investment. in italy, despite the large debt, sometimes people say these countries like italy with a large government debt, they cannot do it. of course they can do it. you are creating assets and that doesn't increase. we should take the opportunity

chances are good the eu will let italy off the hook. he country does have the third largest economy in the eurozone, responsible for 16% of the union's economic output. it is simply too big to fail. if italy fails, it could bring down the rest of europe with it. javier: pilots at germany's largest airline lufthansa threatening to strike. the pilots will give just 24 hours notice. the carrier has offered mediation to resolve the dispute, which is in its fourth year. in that period, lufthansa has faced multiple strikes over pay and pensions. the airline is in the midst of a restructuring process under two compete against budget carriers. you need government abolished the two highest in nomination banknotes last week in an attempt to fight the black market. but they make a pretty -- 85% of the circulation. it is now causing chaos. they are desperately trying to get cash from atms in the government is struggling with solutions. reporter: they have been waiting in line for hours. millions were left high and dry with the government abolished

in italy, it is different. i guess the italian families have held so much of these bonds, and it is a different relationship in italy. elisa: i think for the italians, it began to bite last year when there were a couple of small bail ins, then it hit home. aside, itpaschi hadn't effectively need in any bailout, as we seen in the u k and other countries. francine: how can you be sure, .imon -- this is a catch-22 how can you be sure the european union would change the rules if we haven't had any indication so far? merkel is going up for election in seven months. simon: the behavior in terms of, times like this we always like to quote dennis varoufakis. he comes up with very quotable quotes. the rules change on a sixpence. they make them up as they go along. that is not a criticism. you've got an evolving unitary system. without fiscal and political deepening, that is a problem in france and italy. it is a crossroads right now. we either go down that journey note recognize that it is political and you start to pul

those things that happened here in italy are being chipped away. there's still a long way to go and that's because women galvanize and men in supportover women's rights ban valuized in italy because of berlusconi but they didn't realize how bad it was until it was so blatantly in front of them and we see that in the states to a certain extent that a man could be elected president of the united states and says things that are so demeaning to women and yet still win means that we have a long way to go in the united states as well as women in italy did. and the only way is up. >> but yet a lot of women, barbie, especially white women in the united states, voted for him. >> because it was about voting against what you hate, not what inspires you. it was about identity politics more than anything else. don, you and i are journalists but we are black and we understand what this election has been about all along. it's also about racism, xenophobia and other things. berlusconi treated women in a horrible way, disgusting way but he felt he was above the law

also down five basis points today in italy. we are also seeing the 10 year yields coming down on the german blonde. -- the german bund. thoseker oil price around concerned that there isn't going to be a deal reached at the opec meeting on november 30. brent crude down 2.7%, $47.56 a barrel. of what's happening in european stocks, stoxx 600 for much unchanged right now. .1%. it is near one-month high, also set for a third weekly gain, the longest streak of weekly game since july. all of this bearing in mind the volume is lower than the 30 day average, around 40% lower. in terms of what's happening in the sector space, a little bit of a mixed picture here. we health care stocks leading the gains, i will come onto that little more in just a moment. energy lagging with weaker oil price down .7%. we're also seeing materials which includes the commodity producers off by .2% and financials underperforming as well. i wanted to bring up actively in. what we've seen is the shares spiking, hitting a record high. we got some breaking news,

it is italy. from broadway to "snl," celebrities bashing donald trump, but are they adding fuel to the fire for his supporters? let's discuss now with cnn senior white house correspondent mr. jim acosta and cnn senior correspondent brian stelter. how does it feel to be inside? >> it feels great. i'm always with a bus behind me when the life shot comes up. anyway, i digress. >> good to see you inside. then, wait, did the election happen? >> think we pushed it back to cember. >> it is still happening. i want to talk about the meeting today with donald trump. he backed away from promises to prosecute hillary clinton. he denounced the neo-nazi movement hailing his victory, and he even indicated that he has an open mind when it comes to climate change. are we seeing -- who is this donald trump? >> you know, this has been the story of this transition. he turns up the temperature, it turns down the temperature. i think that -- i sort of feel like the "new york times" got the press conference we were supp

italy concerns rise. trump euphoria fades. italy concerns arise. south korean president park embroiled in az and. she says she will let congress decide her future. he is seeking assurances that eu citizens living in london will not have to leave post-brexit. >> it would be inconceivable that you would be forced to leave london. i would say to you if you are in london, and you are originate from the eu that you're welcome here. ♪ anna: very warm welcome to bloomberg: daybreak gear. our flagship show here in london. let us talk about what we have seen in the banking stocks. theerday, the focus was on banking sector. investorsking many risk off in the asian section. the italian stocks are underperforming the rest of europe. yousef: a lovely charts here you can pull up on bloomberg. the brunt of the selling has been felt by rank stocks. leastally vulnerable, at as a proxy to overall sentiment. we are seeing some of the five-year credit default widening against it to date highs. in the spread between italian and german 10 year paper as well. anna: we

if italy votes no then the investor would say okay europe is, italy is starting to become a little bit slow. >> watch out. swiss watch exports slump over 16% as the slow down continues in october. >>> donald trump takes to you tube to announce that he'll withdraw the u.s. from the transpacific trade partnership on his first day in office. >>> let's have a quick peek at u.s. futures and we're expecting more buying today. the s&p 500 seen up by 4.5 points. due jones by 52 and nasdaq set to gain 20 points. this is after you heard at any time dow and s&p and nasdaq and russell 2000 closed at a record high for the first time since 1999. this is as energy stocks really outperformed, they are up 2.2% as far as the sector is concerned. this is as oil prices rose once again to a three week high. there's optimism back in the market that this opec deal will come to fruition. i want to show you what's going on in the european market. we're taking heart what happened in asia and the u.s.. the dax up by half of 1%. stronger gains for the ftse 100. metals and mining that are driving this outperforman

it is possible, but italy has not dealt with this yet. it is possible there is a strong recovery around the corner, but in the absence of that, the danger for the italian banks is that good loans turn bad, and then you get into serious financial difficulties. guy: again, italian bankers are trying to get their heads around how big the npol books look like. stephen king, thank you for joining us. , black friday fades to gray. we will discuss discount driven shoppers and the rise of cyber monday. that story is next. this is bloomberg. ♪ guy: welcome back. you are watching "bloomberg markets: the european open." let's talk about where we are 30 minutes into trade. european equities are on the back foot this morning. we have got banks a little softer this morning, the computing factor. politics will put a big part in this week. we have seen the republican vote in france and now we will work our way to the italian referendum next week. some of those banking stocks under pressure this morning. it's good to be more specific stocks we need to f

of interview with the ceo italy's biggest insurer. kam chancellor philip hammond -- how much has brexit cramped his room for maneuvering? we will get to it all for you. stay tuned. this is bloomberg. ♪ anna: welcome back. , butang seng index flat asian markets excluding japan trading higher this morning, up 5.6 percent. japan is closed. shares fell in taiwan after the board said the airline is shut down after two disastrous rashes in as many years. thanks that lend money to the --rier are said to reduce reject closure and will fight the plan. the taiwan cooperative bank is reported to be pulling other banks to discuss counterproposals. >> in the first three quarters of the year, the company lost almost 70 million u.s. dollars in the future does not look any better. the board has made the painful decision to dissolve the airline. the times of will cancel almost 900 flights today, disrupting travel for 100,000 people, after of pilots strike over pay was dismissed frankfurt labor court. premium services are among those wiped out. sued

italy is the crux, italy is what we should be paying attention to. david: france, it is not just the fact of the top election victory. election victory. renzi may resign purely to hope to come back at a later stage and not be a lame-duck leader. at that point, ecb may take along with the european commission a much tougher look at the italian banks. the banking system inside the eurozone is not resolved. we don't have a banking union or insurance backstop in the system overall. obviously, with the market would be focused on is what mario draghi set on this today. you have spread widening out. govvies willnk widen out that much. ecb is not maxed out. it is the only game in town. yousef: should regulators push for the urine -- further euro integration? avid: while, you have got situation where you need a fiscal federal europe to move forward. in particular, he talked about the creation of the use quasi-european eurobonds. they were not called back, but something different. ecb wants to have a fiscal response in countries like germany. that is really cle

it is on constitutional reform within italy, but he said he would resign if he loses. and it's looking, based on polls -- >> let's wait until we have the result. >> that's another big factor to focus on over the weekend, in fact more so than any of the other movements in terms of who will be in the elections next year, because it's the one that is very soon. >> fair enough. we'll pay attention to see what happens there. >>> in global news, president obama meeting with leaders of asia-pacific nations at an economic summit in peru this weekend. the nations discussed new free trade options following president-elect donald trump's promises to scrap or renegotiate chinese deals. they are looking to join a china-led trade iing bloc. he also had a four-minute chat be russian president vladimir putin. four minutes. >>> and wells fargo is facing tighter controls after a bank regulator lender must seek prior approval before naming new leadership. the office of the control of the currency also reversed the early position allowing it to potenti potentially give backpay to wells fa

who's going to win that trip to italy? who? who, fred? who? who? who? and here's the man that knows who. here's your host harry money. hi, harry! [click] good-bye harry. what'd you do that for, fred? because that show is a drag, that's why. why, it doesn't bother me. i go home every night and dream that i won me a speed boat and i'm going down the river with the speed boat and the stereo playing on my way to rome or italy. grady, rome is in italy. wow. well, now is the time to go. see, they both in the same place. listen, grady. tomorrow is lamont's birthday, and i don't wanna hear nothin' about all them presents like that because i want to get him something nice. you know what i mean? fred, what about 2 years ago and they gave him a free tutti frutti. now that was nice. what do you say, fred? hi, bubba. hey, grady. hey, bubba. hey, man, why the long face? fred is worried, bubba, that he can't get lamont something nice for his birthday. what happened? did they run out of tutti frutti? listen, bubba. would you do me a favor? yeah, anything, fred. yeah? l

would it create stable government in italy? probably yes. but the problem is right now you have the rise of this party, they are polling behind renzi's party in the opinion polls. there's a possibility if this law were to go through, if the referendum were to pass this may end up benefiting them. it's still a lot to be seen. >> one of the central questions is will renzi go if it's a no vote or will he not? he staked his political future on this question. do you think she? >> if he were to lose, it would be difficult for him to continue, and there may be a push for fresh elections next year. >> thomas cole, thank you very much. >>> still to come, shop until you drop. the black friday bonanza is upon us once again. while the craze is embraced by the uk, some analysts suggest it may not be the biggest shopping day of the year anymore. >>> welcome back. you're still watching "street signs." i'm carolin roth. these are your headlines. >>> not such a happy thanksgiving for thyssenkrupp. the german steel giant weighs on a quiet day as its full year

italy, a lot of the downside is in the price. youef: how concerned are about the viability of europe at the moment? ofgot this rising tide populism. a lot of people on the set that are concerned. others saying, you are making too big a deal. let's move back in the other direction. guest: we had a big conference. i think it was last week. probably hundreds, over 1000 investors, on what their biggest fear was. happens in the u.s.? the u.s. recession? is trump upsetting the global arena? the number one concern, 70%, populism and what happens in the euro area. a real concern in minds of investors. we have learned polls mean nothing. there have been big upsets. it is a real worry. we have lost control of what these countries are doing. genuinegeneral in -- worry. yousef: where does it leave the euro? guest: the euro it in at the moment. yousef: we are not getting any clarity about how people feel. guest: i'm not a strategist, but i think the view is there is more upside, the euro reaching its downside limit. we are not saying we are g

if we have a no vote in italy, it's not going to work as well. we could still see italy spread. we could see france spread around 100 if there is a no vote in italy. that is possible. this is the relation. inequality leading to populism. tom: this is critical. this is nominal gdp. it's not a pretty story. this is the four-year. do you see any indication of economic growth? havemr. trump and others to work in a no growth analysis? >> i think it's different. the u.s. will see stronger growth. some will have an impact. if you spend a dollar increase gdp. 1%, youut taxes to the don't have that same effect. infrastructure spending is good. in the u.k., you will see the same. the pound is weak. finance minister said they are going to double it. to make it 10 times bigger. let's finally look at the euro. just -- through parity? we made it to parity. is a weaker euro the solution for all of these different issues? >> i think it helps. it's not the solution. it helps and we're going to see another move to parity. i think the weak euro helps germany and some countries. you really need inc

if italy votes no, then the investor will say, okay, europe is -- italy is starting to become slow. >> now, banca monte dei paschi ha share holders have approved the bank's 5 billion capital increase. the ceo said the operation could start around the 7th of december or the 8th, and end before christmas. bmps off by 4.5%. the eurozone's national banking systems are pulling apart and becoming more domestically focussed leaving the continent's financial institutions more exposed to shocks. that's the warning from the european central bank's central economist who deemed the trend dangerous. as he called for a more integrated banking sector in europe. >>> turkey has raised interest rates for the first time in almost three years. the benchmark has been hiked by 50 basis points this comes as the lira hit a series of record lows following donald trump's win in the u.s. the lira continues to recover from a post-coup crackdown. >>> and south africa's central bank left lending rates unchanged at 7%, but warned inflation reads might lead to a rethink, this after consumer prices have been elevated

this is localized to italy. the question will be after the brexit vote if we know what referendum is working in italy. scarlet: there is political risk to deal with in france. the spread between french and german debt. this would be a lot higher if it weren't for the backstopping. bob: race for the whole year would be higher without the ecb backstopping. risknk that the political thene of spreading across whole continent and then you get disorderly conditions in this market. the ucb will -- ecb will be called on to keep costs down. i don't think we will get there. is a't think that this political risk. he may be refreshing for the french economy. you can do about political politics. saidet: even though he that it would take a little rest. joe: coming up, what will they trump presidency me for u.s. ?inancial reservations we answer some key questions. this is bloomberg. ♪ . . >> on courtney collins. let's get to bloomberg first word news. the suspect in the attack on the state university has been identified, a s

ahead bond space yields -- lower in italy. if we look at what is happening across the sectors on the stoxx 600 as we close the trading day here, the stoxx 600 overall going higher, near it its lowest level in one week, up to tenths of 1%. outperforming, a gauge of banks rising for the first time in five days. we take a look at what is happening on the downside, materials down 6/10 of 1% which includes the commodity producers, no surprise. energy stocks down 1.1%. on a weaker oil price no doubt. we see some the deadlock in the talks ahead of the opec meeting this week. one stock we are watching, actively and shares jumping, up 10% at the moment after johnson & johnson raised its takeover offer according to people familiar with the matter. johnson & johnson is reviewing the financials and discussing various structures, it significantly increased its offer from an earlier bid of 246 swiss francs a share. if we look at the bond space, the italian 10 year yields moving lower and we saw an auction of five and 10 year debt which attr

to change democracy in italy. it is a referendum to reduce bureaucracy in italy. italy is the worst for bureaucracy around the world and this is very important. if we have a system with a lot of politicians, the consequence is 63 government change in 70 years. >> reporter: 63 governments in 70 years! >> exactly! because bureaucracy. everything is difficult. everything is complicated, and my idea is simply give simplicity to italy. >> we will show you how italians are reacting to this referendum and what the prime minister says he will do if it doesn't pass. watch "60 minutes" this sunday right here on cbs. >>> credit card chips help prevent fraud when you shop in stores. but they don't protect you wi-fi and how to look out for fake appears. we invite you to subscribe to our "cbs this morning" podcast. you'll get the news of the day, extended interviews, and podcast originals. find them all on itunes and apple's podcast app. we will be right back ? i got to make up shopping time ? ? if you have moderate to severe p

agency that gave italy and a rating. that is the concern on a no vote but i do not think it is the same kind of gene -- game changing event. one thing i do want to emphasize is even in the event of a yes vote there is still the opinion on the electoral reform which needs to happen. and then there is the completion of this reform process. there are still some uncertainties. anna: i pulled up the function and this is focusing in on the 10 year. this is the ramp-up we have seen in italian 10 year yields. you can play with this and look at all kinds of different things. you would not expect to see spreadspiking or yield really pulling away. and the results of a disappointing vote outcome for matthew renzi. that hask a loof already been discounted and we can see how the italian spreads have moved compared to other spreads. a lot of this risk is priced into the market. yousef: assuming you believe what the polls are saying because the track record of polls in the last year does not necessarily encourage someone to buy into tha