Street Signs : CNBC : July 3, 2024 4:00am-5:00am EDT : Free Borrow & Streaming : Internet Archive (2024)

that's all for this edition of "dateline." i'm andrea canning. thank you for watching. welcome to "street signs" on this wednesday morning. i'm sill ya marlo. here are your headlines. powell want more confidence and stressing the need for more data before any rate cuts. >> we want to be more confident that inflation is moving sustainable down toward 2% before we start the process of reducing how tight our policy is.

european stock 600 is higher. the final day of campaigning before the uk goes to the ballot box and it could be prime minister his final days at number 10 as the conservative party is on track for its worst showing in history. france left wing parties forge a republican front as they look to block a final right majority in sunday's second round vote lifting nearly every stock in the index into the green. ♪ welcome to "street signs." we start today's show with the latest final pmi figures for the euro zone. let me just show you these latest numbers in terms of the service's final px mi figure

came in at 52.8. the number that we had in terms of analyst expectations was 52.6. so, ultimately, a slight uptick here in terms of services, in terms of services final pmi reading for the composite figure came in at 50.9 and it is also slightly higher than what analyst were expecting going into this -- in to these figures. we were aware that the initial figures for pmi in june indicating a softening there a bit. they were suggesting it came in slightly disappointing earlier in the month in terms of what analysts were expecting but a slight revision here in terms of what analysts were expecting and this also comes at a time when investors are also digesting the latest inflation print for the euro zone and that number came in at 2.5% yesterday for the previous month.

however, there are still concerns and question marks really about what to expect in terms of the services figure. that also stayed steady at 2.9%. so even though we are seeing progress in terms of bringing down headline inflation, that services inflation figure held steady on the month. i want to break down what we have seen in terms of the pmi figures across the european economy starting with spain. their services phi extended a tenth straight month in june 56.8 and italy services activity saw sixth consecutive month of expansion. a slower pace than in may. in france, services activity less than feared coming in at 49.6. in germany, the largest economy in the euro zone services sector growth is to 53.1 below forecast. with all of that economic data

in to context in your minds, i want to take you to what we are seeing in the equity session so far in europe. european equities have been trading just over an hour. you can see they are mostly in the green so far in the session. we have the stock 600 currently higher 0.04 of a percent. when you think about what we have witness this week, it has been a mixed picture for european equities. in the green on monday. yesterday in negative territory. today, a different narrative for the markets. why? well, investors have a lot on their minds. on the one hand they are monitoring what is happening in terms of the political ramifications and votes in the uk and france and stateside. there are also comments from central banks on outlook and potential new rate cuts to come in the near future. on top of that all of this economic data as well.

we were just outlining the latest final pmi figures for the euro zone and the latest inflation picture so there is a lot in the minds of investors. with all of that context in mind, let me show you how the different are trading in the session. most of them are trading in the green at the stage. cacha is up by almost 0.08. this part of the market fell 0.3% yesterday. naturally, as i've been telling you throughout the week, this is an important one as we try to understand really what is happening in france. we are heading to the second and final round of voting in the uk. ftse is trading 0.04 of a% as we approach the key voting day and we will have more on the uk election later on in the show. briefly, germany is trading up by about 0.04 of a%. important part of the market as

to look at in the context of the latest inflation print for the euro zone. let me take you to the sectors. stories to monitor at this stage. at the top we have basic resources. it is the outperformance stage up by 1.6%. a couple of these moves are related to upgrades from analysts. for example, this was upgraded by jpmorgan this morning. tech is higher up by 1.3%. also some of these moves are related to upgrades from some analysts, too. all in all, is an interesting sector to monitor because it is always interesting to compare what is happening in some of these european names compared to those in the united states. then briefly. when it comes to health care trading lower at this stage. important narrative for the market is the state side putting pressure on some companies such as a european company nova to cut the prices of their weight

loss drugs. u.s. futures are suggesting in terms of what we could see on wall street later on today. at this stage they suggest a mixed open state side. yesterday, however, we had a positive session. the s&p and nasdaq posted fresh record closes, too. in terms of what we can expect today -- payrolls will accompublished and the minutes are be published. fed chair jerome powell said he needs more confidence before cutting rates. he said the fed is walking a fine line between cutting too early and too late saying it risks undoing all of the good work by moving too soon.

powell said he wanted to see continue this inflation before any rate cuts. >> we have made quite a bit of progress in bringing inflation back down to our target while the labor market has remained strong and growth has continued. we want that process to continue. i think the last reading and the one before to a lesser extent do suggest that we are getting back on this inflationary path. we want to be more confident that inflation is moving sustainably down 2% before we start the process of reducing how tight our policy is of loosening that policy. >> we also heard from the ecb president. the latest inflation read across the euro zone is 2.5% in june in line with expectations and down from may's print but core inflation 2.9%, missing

forecasts. they have this message that taylor swift's eras tour is keeping inflation high across the euro zone saying other musical acts have come to europe as well. 4.1%. coinciding with the european leg of swift's tour triggering talk of potential swift i flags. they say more information is needed to secure surround effects are avoided. >> there is an element of capture. we need to really unpack all of that to get to the root causes of inflation behind services so we we will continue to look at that and need tea to apply to wages and profits because we are seeing profit gradually declining comparing to the height they were at the end of 2022 but we need to see those profits absorbing the wage cost

increases to make sure the second round effect is out of the window and services are also going to be on the declining path as well. >> it was such an interesting conversation happening on the panel but, ultimatelies, my question is whether we have more clarity at this stage. the future of the potential rate path for the ecb. >> i think she insists on being data dependent and i guess it was more of a push back against those who want these to be cut like at every meeting. i think she wanted to get that off the table given the service inflation component is far too high for their likings and there might be too dynamic in the service prices. i caught up with the belgian --

sorry. >> my easy answer we are going to push at the data. our forecast inflation we knew would be stable and moving around 2.5% for a number of months and i see room for cutting rates to 3.5 in this environment if our projection materializes. after that, we can go below 3.5 but i would need to see more more momentum of the data between service inflation that we are clearly moving from 2.5 in the direction of 2. give or take 25 points but inflation is going down. because we were at 4% real

rates, we are going up so that created some room for removing some restriction but at some point we will need beyond the projection really data moving below 2.5% to 2% before doing more. yes, i'm quite comfortable going to 3.5 if we are moving the way of the projection we see. >> how many others do you have in your camp in the governing council? >> i think there is a very broad consensus that things are moving in the right direction which i completely agree with. very broad majority in june and i was convinced we should do that. then for the rest, i think it's really a question of how we treat the data and how comfortable we are in terms of pace, so i don't see this really a matter of being in one camp or another. i think we are broadly speaking the same camp. >> still, it seems that erroring

on the side of caution and sticking with inflation rates rather than progressively cut, if not aggressively. how would you describe that opinion picture inside the governing council? >> i would consider myself in the camp that want to be cautious but let's take a step back. in march or april, the markets were, you know, pricing more than 100 -- points of cuts and the data was going in the right direction. we had a number of good readings and we decided not to catch and in retrospective, i think a good call and decided to wait until june and june two numbers going the wrong direction and made the complications difficult. really some distance -- >> reporter: again, there are plenty of uncertainties out there. what the cv is concerned about

france is just ahead of us but also what means a potential victory in the united states for trump mean policy going forward because if he were to introduce higher tariffs the fed would potentially stay put on their rates even further because that would mean higher inflation in the united states as tariffs ultimately end up with the u.s. consumer and it would have detrimental effect on the economic activity in your area meaning the cb could move further and faster on rate cuts, so it's a fluid situation as people on the ground would call it when it comes to predicting the rate projection. rate hikes are off the table and the first rate cut in the states could come as soon as september and also the ecb could follow suit in september with another

25 basis point cut provided there is no negative news on the inflation front over the summer period. >> let's see what is going to happen. thank you for your reporting. now from portugal to the politics in the uk. arabile is joining us from the pub. >> we have quite a few people who have political thought and i'll be unpacking that in a moment or two with the founder and chairman of j.d. weatherspoon. the biggest question mark is according to the polls, it could be final call then for number ten and we will pack that for in a bit.

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get the fastest connection to paris with xfinity. it's the final day of campaigning before britain goes to the polls under 24 hours' time. the polling companies says labor is originally certain to win its highest ever number of seats in a general election with its mrp

survey suggesting it's possible the ruling conservatives could be knocked to third place. what a better place really than a pub to take the polls of the uk economy ahead of the voting and arabile gumede joins us with more. >> look. if one police to get a lot more conversations around just the country, the uk, politics, and the like as well, you certainly want to come to a weatherspoon's. we are lucky to be joined by the chairman and founder of j.d. weatherspoon, tim martin. no better place to have these conversations. i imagine with people around you, you have this similarly. i want to start eight years ago having support brexit as well and specifically for hospitality as you may have thought it was? >> i don't think any realistic person thought that brexit was a

panacea. what it did was it restored democracy in the uk because a lot of decisions were taken in europe and you don't vote for the president of europe meps don't have to initial legislation and the court isn't subject to ghkic control so it was a democracy thing and democracy is not perfect and certainly in a pan a see it but it has a record and for people of brexit thought it was for people that understood it but the political arguments around it became very exaggerated. >> what is happening now are the question marks trying to get a little bit closer to europe. do you think that is the call that needs to be made? that is what labor are saying. if the polls are correct, they step into 10 downing street and we want to get closer to europe in order to ease trade and help areas like hospitality.

>> i don't think being close to europe is a bad thing as long as the laws are made in the uk. nothing to prevent a labour government or a consumer government getting closer to europe or, the usa. generally trade is a good thing and nothing in principle about brexit that prevents that. >> yeah. the other aspect is endorsem*nts. it's something unfortunate ton previously, endorsing either party, whether it be reform or the conservatives. you haven't done so this time around. do you feel like you've let down perhaps by political parties or perhaps holding your cards closer to your chest this time around? >> i never was involved in party politics before 2016 but we were asked, as a country, then to get involved in the debate and i was actually a couple of months before the referendum by someone like you where i thought that what propelled me into the stratosphere so i just then

supported brexit having thought about it and waiting until david cameron came back because he said the eu needed that reform and ists was sort of repelled i the spotlight and now i'm low key and a person who doesn't state a preference. >> does that mean you haven't necessarily gotten what you thought out of it or is it a case it hasn't benefited as you perhaps wanted it to? >> i think that in democracies, one of the things i've noticed -- a very good article written about this the other day in the ft, it's extraordinarily cha chaotic. yes, at the same time, an extreme good economic economic performance so i think the two things can go together. yes, democracy is chaotic because we human beings are chaotic people and we get angry,

et cetera. >> does it give a sense of businesses wanting to stay in the uk and invest more in the uk, businesses like yourself? >> i think they have been really dire in understanding what makes tick. one of the things you need for business is some sort of advantage at your borders. you need a tax advantage, you need a planning permission advantage and mobility of labor advantage so the people say we are going to come to the uk it's such an attractive place to do business. i think they have forgotten that and there aren't enough long-term policies based around that and in the ends, business pays for everything. >> it does. imagine if you were part of a tough team or force or whatever that leads a hospitality group in particular and you then get a meeting and you're asked what is it that you want from labor as a government? what do you say? >> i say care.

this is how many beans make five. if you want the hospitality sector to do well and countries with high employment levels and high standard of living need a hospitality ity sector. i say care is a bit silly. you pass your gcse's and you can work out the number. >> what do you think of what you've heard and seen from all abouto labour to some of the other party. >> i think what we need is proper engagement, ease of planning permission. every expanding business needs a planning permission. ease of mobility and people have to be able to move around the

country to get a job and reasonable tax levels and long-term policies. if there is one criticism of all the parties is they do a little polster sounding and come out with a policy on friday afternoon that we say in the uk cobblers. >> yeah. what about -- as a man. do you think he is right man to be leading the uk post this? >> he's a lawyer, like i am myself. he is good looking. as i am myself. okay, that part is untrue. ha! and he's got every chance if he can -- if he can show some common sense and long-term approach. he is going to have to face up to pressure groups, et cetera. not only within his own party. and merge with sensible and lots of small policies. government, i think, like a pub company, is built on hundreds and hundreds of small decisions and they are the ones which count. >> if he gets to number ten

you're keen to support as best you possibly can as you would under any other administration? >> well, i'm key for any of them to get into number wen, arabile. you asked me about care. he is likely to become the prime minister so it is the most important question. he can do it. >> thanks for the time. we really appreciate it. thanks for letting us in as well. the founders and chairman of j.d.wether spoon joining us. a couple of hours to go, over 20 until the polls open in the uk election. >> we will stay with the uk after this break. we will be looking at the final pmi numbers.

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drinkcirkul.com. welcome to "street signs." i'm silva margo. central bank fight against inflation but echoes his counterparts in the ecb stressing for more data before

any rate cuts. >> we want to be more comfortable that inflation is moving sustainably down 2% before we start the process of reducing how tight our policy is, of loosening policy. >> europe's stock 600% tick higher with all major averages in the green as business activity in europe's biggest economies enjoy a summer bounce. >> it's over 21 hours to go until the polls open here in the uk for an election that could see prime minister sunak vacating 10 downing street with a landslide victory. we look at euro zone final pmi figures and now look at the uk final pmi figures for the month of june. we are seeing the services figure coming in at 52.1 for the month of june, that is.

analysts were expecting 51.2 so we are seeing a final number for the services figure that it is higher from what analysts were expecting. in terms of the composite figure it stayed at 52.3 and that also slightly higher than what analysts were expecting going in to today's data and this is an important development not just because we have the upcoming election in over -- in just under 24 hours but as we approach the summertime and investors thinking that we might see the bank of england cutting rates in the month of august. the bank of england has been saying that will very much depend on the data and what will happen throughout the coming weeks really but, ultimately, a lot of people in the markets expecting that first move in august or potentially in september so let's see what data we will get in the coming weeks. that is the picture in terms of

the final pmi figures in the uk. to give you more context in terms of the euro zone figure we obtained earlier this morning, it did show that business growth slowed sharply in june. this is important because i also want to take you to what we are seeing in terms of european equity action at this stage and looking at the major forces so far in the wednesday session. it is an important part of the market as we approach that second round of voting in france for the parliamentary election. dax is trading high and this in the context of latest inflation for the euro zone that showed headline inflation came in at 2.5% in the previous month. i want to take you to the corporate stories as well. no comment to cnbc amid reuters

reporting it did not deny a report that the italian government is planning a 20 billion euro tank order this is after germany reported that italy plans to buy at least 350 links and more than other tanks over a 15-year period so an important one for the stock. in terms of euro fins they have released more detailed list of a muddy water short report that sent shares more than 16% lower after its publication last month playing more than 1 billion of its market valuation. eurofin refutes what it calls muddy waters baseless qualifications. on your screen is how the shares

are moving at this stage up by almost 3%. -- has struck a deal vowing the video game service an they say it's a acquisition. after mounds of rejected offers and talks between the two. let me take you to the u.s. features as we approach the trading session on wall street. this suggests it could be a mixed start to the trading session on the stateside after woe saw a relatively positive session on tuesday. we had the s&p and the nasdaq posting fresh record closes, too, this after some job openings data did come in to show a rise to 8.1 million in the month of may and keeping in mind this is despite higher interest rates as well on state

side. speaking of united states and interest rates. speaking on a cnbc moderated panel, jerome powell set out his projection on where inflation goes next. >> we are sitting here on stage in one year from now, which we hopefully are, the inflation rate in the u.s. will be? >> mid to low 2s. >> that is kind of -- we are mid 2s now. >> yeah. we have one month of 2. and, you know, we had a brief visit to the low 2s at the end of -- i mean, sustainably durably underlying inflation between 2 and 2.5 i would say would be a great outcome. >> headline pce? >> yeah. >> the ecb president lagarde gave her own view on the policy horizon. >> most recently, we have seen a round of projections which are really important.

we have seen target at last quarter of 2025. so it's on that basis and on the basis of what i'm happy to describe the three-leg reaction function and all of the underlying data on information that feeds those three legs that we decided to do a 25 basis points. >> meanwhile, the central bank governor of brazil warned about the trajectory of debt levels worldwide. >> it's time for us globally to think about a way to get some kind of stable -- next couple of years and it's not one country or the other. it's something we need to do collectively. the global debt is very high and is going to start taking a lot from the markets. the ones that will feel the effect are merging economies and low income countries are feeling

that effect already. if you have higher rates for longer the effect from lickedity depends how much longer you have the higher rates, i think the risk is higher than what the markets pricing it. >> according to our next guest the ecb looks to cut rates twice more this year. a small chance the bank of he could could cut foreign costs by 50 basis points in august. robert is joining us to discuss more. good morning. robert, actually, before we talk about the bank of england, i would like to get your thoughts what we were seeing from the central bank governor of brazil. i have the comment. the markets are mispricing the risk of this high level of global debt. do you agree with this? >> absolutely. one of the concerns and thoughts we had is risk premium is probably mispriced in longer term tenures due to some of the

physical expenses. we just had the congressional budget office and the u.s. increase the deficit for the united states and that is even with some better growth that we have had in the u.s. so this idea that the fiscal could influence higher rates is a concern we have. >> what could that mean in terms of potential markets reaction the moment the markets wake up to this really? >> exactly. we saw it a couple of years ago in the uk we had a bit of the debt crisis here. you never know whothese things happen. we saw it early with the snap election in france and the france boone spread. you never know the trigger but one of the concerns there is not enough risk premium in some of those longer tenures. >> one to watch out for. let me ask you this. you are projecting two more rate cuts before the end of the year. what makes you think that is actually going to be the case

given that the comment we are getting so far from centra this is a bumpy road. >> it is a bumpy road but we have to think about how is the economy going to evolve over the next couple of quarters? you know, we saw some slightly better services in pmis than that what original forecast but france is still declining and they have the olympics to go so the services pmi is declining into that number. german unemployment is ticking up. and while the ecb is looking at wage growth, that is where we view that as a mp uch lagging indicator making up for inflation and see the growth evolve over the next few months the impetus to cut will be there. >> let's talk about france. you mentioned it there but i want to get into more detail. as we approach the second round of voting for the election what is the outcome here for the french paper? >> france is an interesting story.

it has one of the biggest budget deficits in the eu and 50% of its debt it needs to refinance over the next five years and france recently got downgraded as well a couple of weeks ago. france was always going to be an interesting story even would you the election. the election just sort of maybe brings some of that price action forward. french stands could potentially withstand an effort. you see the declining pmi what should be an increase in the olympics and in addition that high debt, that high fiscal deficit could pressure france. also, you know, worth noting about 50% of the debt is held by nonresidents. it's not exactly a great mix for french spreads. >> when you think about euros on paper, is france the one you're monitoring more closely? >> absolutely. france is the one. even before the snap election was the one where we had our closest eyes on. >> the reason i'm asking is

because we are seeing a little bit of instability when it comes to germany. there is no agreement on the budget yet and reports suggesting we might see at least a proposal by the end of the week. why are markets not looking at germany and thinking this could be a problem for the physical position as well? >> they should be, right is in the markets right now are sort of processing things in serial fashion as opposed to parallel fashion. there is so much data. we have the uk election tomorrow and second round of the french elections and payrolls on friday and next week, fed minutes and claims today. a lot the market is dealing with and eventually they will get around to it but also if there is no deal on the fiscal in germany is small wen see pressure in france to consolidate its fiscal that is slower growth for the euro zone. unlike in the united states where we are see some of that fiscal spending continue. >> i keep saying it's busy,

busy. this week i changed it to extremely busy because i don't know how to describe it at this stage. i'd like to move to the united states a little bit. we are also seeing the impact of what is happening on the politics in terms of the treasury market. i saw a call yesterday suggesting we could see the yield on ten-year falling to 4%. how likely do you think that is? >> that is where we think fair value is on ten's. we believe that 4.25 is around medium term fair value on ten's. the issue that you have in the u.s. is how much do we get that term premium again due to the fiscal issues that we are seeing in the u.s.? again, whether that manifests in tens or 30s is to be determined but again, that would seem a bit low relative to where we think fair value is. >> what you think about the politics alone, how much of a risk is that for the treasury

market ultimately? because some are suggesting that if we see a re-election of donald trump, that actually could bring pressure on the fiscal front too. >> that's what it comes down to. what is the reaction post-election? is this reducing the deficit going forward or where we see an ever-expanding deficit? that is really the issue in terms of what is that -- because a lot of paper the u.s. needs to issue to the markets. we have seen correlation between the u.s. and europe and the u.s. and the uk go up extreme to fairly high levels. we saw five. -- you see that type of correlation coming from the u.s. markets. >> you expect the next couple of months will be muted on the treasury front and once the election a lot of activity post that. >> it will be choppy. you talked about bumpy rides.

it will be bumpy because a lot of it is it looks like one party may be in control and what those physical policies are. with you saw 20, 30 basis points rise in the 30 year so you could see a fairly bumpy summer. >> thank you so much for joining us today. that was robert dishner of neuberger berman. we will go to washington, d.c. coming up for the latest on the presidential election.

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join the millions of people taking back their privacy by downloading duckduckgo on all your devices today. now in france. more than 200 candidates from the centrist have decide to do withdraw and consolidate support and prevent the far right natural rally from winning an absolute majority. charlotte is following all of the twists and turns. outline the momentum for the far right in the wake of these

latest negotiations. >> it was interesting to see 360 learning french new words here! runoff no the second round and thirty-one seats with 220 of those candidates in third place as you were saying to get the work into one candidate facing a far right vote. here again try to block the far right to reach a majority in the second round of this election on sunday. we heard different voices like the french president who might be one of the last three runoffs this week and praise the republican front after these candidates stepping down there. whether this will move the needle or not we have to wait and see because voters would still have the last word. this weekend the carryover of votes to the other candidate will not be able to -- we have to wait and see. we know the center right voters have an issue voting for the far left candidates.

the only candidate stepping down there. reports showing who is the candidate -- [ inaudible ] then it's 50/50. we don't know what the measure will be. it seems to be more difficult and hung parliament looks like the biggest possibility there and the biggest possibility. 37% of people want a majority for the [ inaudible ] and 16% want a relative majority for them and 47 don't [ inaudible ] you still have a majority of people that want some sort of majority for [ inaudible ] what at stake here. candidates moving the needle there. one thing could move the needle tonight not a debate but three

one hour long interviews but a different candidate [ inaudible ] and green left wing long and one hour interview each tonight the very last one between the two surrounds and on could move things. we don't have polls what it looks like so we will have to see the next couple of days what it looks like. >> we talk about the deals happening between the left and the center. what is the chance the far right can find further support to the right? because i did see la pen saying she will look to make friends if she needs a majority. is it lying le pen could switch that if needed? >> that is the thing. they are [ inaudible ] we know the leader of that party to join marine le pen. [ inaudible ] talking about [ inaudible ] accent.

they are two unpopular figures and message that if you vote against us, you vote for them so their plan at the moment. you have big figures of those being methe message. >> this is definitely a different momentum in french politics! let's look at the united states. the texas democrat has become the party's first sitting lawmaker to publicly call for president biden to step aside citing thursday debate performance and asked for biden to withdraw from the ticket. new polling suggests three-quarters of u.s. voters think the democrats would have a better chance at holding the

white house if a candidate other than biden was the party's presidential nominee. in a matter of where the former president trump, he is shown trailing by six points outside of the poll's margin of error. nbc brie jackson joins us with more. i think the question is how hard is it to replace joe biden if, indeed, he decides to withdraw from the race? >> reporter: well, this would be a hard process for them to do. there has been talks about this. the white house is really trying to ease those concerns and biden campaign insist he is staying in the race. president biden and house democratic leader hakeem jeffries they spoke by phone on tuesday. tonight, president biden is scheduled to speak with democratic governors to shore up their support and all of this comes amid the growing calls for president biden to withdraw from

the 2024 presidential race including from congressman who is the first democrat in congress to publicly raise concerns about the president staying in the race saying that president biden staying in the race risks a donald trump victory. while the white house continues to defend the 81-year-old's mental and physical fitness the biden campaign is really trying to reassure democrats and the public that he is capable of doing the job and they are scheduling more public appearances. the president is scheduled to do an on-camera interview on friday and possibly hold a press conference next week. the white house chief of staff will hold a call with white house staff today in sending the message for staff to weather the storm and keep their heads down, this after some staffers have indicated frustration that no one is telling them anything. >> apart from the interview and the phone call, ultimately, any

other events we should be mo monitoring the next couple of days that joe biden will remain the nominee for the democratic party? >> reporter: well, we know they do have two scheduled events. the president is scheduled to travel to wisconsin on friday and then over the weekend, he plans to go to philadelphia with the first lady. this is just part of the biden campaign's efforts to really ramp up his public appearances and get him out there. that is what the campaign is trying to do. they are trying to get president biden out in the public and get him back out on the road to try to ease concerns about his ability to -- his abilities and fitness to do the job. >> we will continue to monitor what is happening state side. thank you for bringing us the latest. let's take a look now out european markets are trading so far in this wednesday's session.

at this staining we have the majority of the -- i should say trading in positive territory. we do have the baseless market below the flat line. looking at france up higher than more than 1% as we approach the final round of voting in france. yesterday, cacha had fallen and looking at germany trading higher almost 0.7 of a percent in the wake of pmi figures and final pmi figures for june earlier today and inflation detroit from yesterday suggesting inflation has come down in the euro zone, however, according to to chris keen lagarde a bumpy road to bring down inflation. we have seen, obviously, quite a lot of focus on the french paper. the yield is currently moving

lower trading 3.3%. let's see what will happen in that part of the market as we approach the election day. let me also take you to the u.s. futures and interesting session state side yesterday with wall street ending the day higher with the s&p and nasdaq posting fresh record closes. today at this stage, futures suggest it could be a positive start as well for wall street and we are watching for payroll data and trade deficit figures and the minutes from the latest fymc meeting. with that in mind, that is it for today's show. i'm silva amaro. worldwide exchange is coming up next. i'm andrea, founder of a boutique handbag brand - andi - and this is why i switched to shopify. it's the challenges that we don't expect, like a site going down or the checkout wouldn't work.

what's nice about shopify is when i'm with my family, when i'm taking time off, knowing that i have a site up and running and our business is moving forward because we have a platform that we can rely on. that is gold to us. start your free trial at shopify today. what is cirkul? cirkul is what you hope for when life tosses lemons your way. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the effortless energy that gets you in the zone. cirkul, available at walmart and drinkcirkul.com.

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it is 5:00 a.m. as cnbc global headquarters. i'm frank holland. 5500 and beyond. stocks extend their record breaking win streak as we hear from fed chief j. powell with rates and inflation. s&p 500 current all-time high is really just a pit stop on the way to 7,000 and what he says will get us there by next deal. paramounted over talks wit one company left dead a few weeks ago. tracking hurricane beryl as we kick of

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