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00:00THERE IS NO NEW NEWS. WHEN YOU LOOK AT THE SITUATION REGARDING OIL PRICE, OR THE GROWTH IN CHINA, AS WELL AS THE OTHER ISSUES -- THE GLOBAL GROWTH. DEFLATION WAS GOING TO IMPROVE MARKEDLY IN 2016. I'M A LITTLE CONCERNED I THIS OVERREACTION. FRANCINE: THE MARKETS MAY FEAR OF GLOBAL SLOWDOWN. MAURICE: IT IS NOT THAT NEW. HAVE NOT HAD THE KIND OF GROWTH WE WERE EXPECTING. THEY DON'T KNOW, WHO BESIDES THE FRENCH, OR REALLY THINKING ABOUT THE KICKOFF NEXT YEAR OR THIS YEAR. I THINK THAT EVERYONE WAS CLEARLY CONCERNED ABOUT THE SLOWNESS OF THE GROWTH. I DO NOT BELIEVE THE MOVE-IN 3% GROWTH -- IT WAS QUITE CLEAR THIS WOULD BE BELOW. TOM: WHAT ARE YOU SEEING AMONG CORPORATE OFFICERS IN PLANNING. IF THEY HAVE TO PLAN FOR A NEW MEDIOCRE. IF THEY HAVE TO PLAN FOR NOT A GLOBAL RECESSION, BUT A DAMPENING OF THE ECONOMY. WHAT IS THEIR ACTION, GIVEN THIS ENVIRONMENT? MAURICE: IT IS UNFORTUNATELY WHAT WE ARE SEEING. THEY'RE NOT INVESTING AS MUCH AS THEY SHOULD. THEY ARE NOT SPENDING AS MUCH AS THEY COULD IN TERMS OF MARKETING EXPENDITURES TO GROW THE BUSINESS. THEY ARE A BIT CAUTIOUS. BECAUSE OF THAT FEAR, NOBODY UNDERSTANDS EXACTLY THE SITUATION IN CHINA. THE REALITY IS NOT THAT THEY FEAR WHAT CAN HAPPEN, THEY FEAR THAT THEY DO NOT UNDERSTAND WHAT IS GOING ON. THERE ARE SO MUCH DIFFERENT INFORMATION COMING FROM CHINA. PEOPLE SAY I AM BULLISH ON CHINA, SOME SAY I'M BEARISH ON CHINA. THEY HAVE A LEVEL OF CREDIBILITY WHICH IS SCREWED UP A. -- WHICH IS S CRUITABLE. LOOK AT WHAT HAPPENED WITH THE AUTOMOTIVE INDUSTRY IN CHINA. YOU HAD A NOVEMBER WHICH WAS TERRIBLE. YOU HAD A DECEMBER WHICH WAS CLIMBING TO THE SKY. IT IS A YOU YELL AFFECT. FRANCINE: AND MARKET UNCERTAINTY. THAT IS SOMETHING WE HAVE BEEN TRYING TO PULL TOGETHER. WHAT NEEDS TO HAPPEN SO WE KNOW WHAT IS GOING ON. DOING AS A SHOCK IN THE MARKET, SO PEOPLE COULD SAY AT LEAST WE'VE HAD BAD NEWS, LET'S GO ON. HOW LONG ARE WE GOING TO STAY IN THIS SEMI-ANGST? MAURICE: I DON'T KNOW WHAT WILL HAPPEN NOW THAT WE ARE IN A GLOBALIZED WORLD. YOU ALWAYS HAVE ONE MARKET. THE KEY PROBLEM -- RUSSIA IS NOWHERE. BRAZIL IS HAVING DIFFICULTIES ON ECONOMY, SOCIAL, AND POLITICAL THE ONLY MARKET THAT SEEMS TO BE COMING BACK IS INDIA. TOM: YOU ARE GOING TO BE ENJOYING 30-YEARS AS YOU RETIRE NEXT YEAR. I WANT TO ASK YOU ABOUT THE AMERICAN FIXATION, THE DENVER BRONCOS AND THE NEW ENGLAND PATRIOTS ABOUT ADVERTISING IN FOOTBALL ON TV. DISNEY KNOWS THAT ESPN MIGHT BE A THREAT. WHERE WILL THE TV COMMERCIAL BE, NOT IN 30 YEARS, BUT IN TWO YEARS, THREE YEARS, OR FOUR YEARS. IS IT A DINOSAUR? MAURICE: IT IS NOT A DINOSAUR. THE WAY PEOPLE WATCH TV IS ALREADY CHANGING AND WILL CHANGE DRAMATICALLY. IT WAS MENTIONED A FEW MINUTES AGO DIGITAL NATIVES ARE BEHAVING DIFFERENTLY FROM US. OBVIOUSLY, THE WAY THEY ARE CONSUMING TV IS VERY DIFFERENT. WE WILL HAVE TO ADAPT OURSELVES. THE IDEA THAT WE HAVE VIEWINGS OF TV SHOWS, SITTING DOWN WITH A BEER AND POPCORN -- TOM: HOW DO YOU SAY COUCH POTATO IN FRENCH? MAURICE: ALL OF THIS IS BELONGING -- IT WOULD NOT BE A TRANSITION. A LOT OF PEOPLE ARE WATCHING TV. IT WILL MOVE SLOWLY. FRANCINE: YOU CAN TWEET US WHILE YOU ARE WATCHING US. TOM: HE IS NOT A SOFA -- SO FAR POTATO. -- SOFA POTATO. ON OIL, OUR INTERVIEW OF THE DAY. STAY WITH US FROM DAVOS ,

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Markets Overreacting to Growth News: Publicis CEO Levy

Maurice Levy, chief executive officer at Publicis, talks about "overreaction" in global markets, caution and fear exhibited by companies, and the changing nature of television advertising. He speaks from the World Economic Forum in Davos, Switzerland on "Bloomberg Surveillance." (Source: Bloomberg)

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