to that temptation to make money. the greed took over, and they decided to commit a massive fraud against the government. they played high-stakes poker, and they won a couple hands, but at the end, they lost everything. ♪ good morning. welcome to "street signs." i'm joumanna bercetche and these are your headlines. european markets kickoff a crucial week with the central bank front and center. china falls deeper into deflationary territory with the numbers falling at the steepest pace in years causing another

problem. and rakuten joins the global a.i. race. ceo tells cnbc the company is well placed to succeed. >> the data that we have is very unique. nobody has the data. we are number one ecommerce company. number one bank. now we have a mobile business. nobody has a data set like we do. and ukrainian president volodymyr zelenskyy heads to the white house as the u.s. and the eu look to mobilize more military aid. the incoming president of the investment bank tells cnbc funding ukraine is one of the key missions. >> it has the ability to mobilize large amounts of investment, public and private investment, in the areas of green transition and rebuilding of ukraine and all other european priorities.

good morning. welcome to "street signs." on friday, the focus for the investment community were the nfp numbers. headline number higher than expectations. a bit of a surprise in the drop of unemployment rate ticking to 3.7%. what we saw was good news for stock market with the s&p at the high of the year. we saw bond yields moving higher. investors started to dial back expectations of rate cuts for next year. as of now, fed fund futures are implying 11 basis points of cuts for the year. last week, we were looking closer to 25. 20 basis points of rate cuts were taken out of the market by the end of the week. of course, it is a huge week for the markets.

the u.s. has cpi print to watch out for and the last fed meeting of the year. central banks will dominate this week over here in europe with the ecb on thursday and in addition to the bank of england as well as snb as well as the norges bank as well. a lot for the board to digest. we see more red on the board behind me. the stoxx 600 is down seven basis points this morning. let's switch over here to see the picture which is mixed. periphery is under water. the ftse mib is down .30%. d dax is under water as well. we are seeing rwe at the top of the dax. cac 40 is the only bit of green on the board up .20%. 14 points higher. the ftse 100 is down .30%.

we are seeing a pull back in minors today on the weak inflation numbers from china. we spoke about the bank of england on thursday and that is key for markets, but politically is a big week with the uk prime minister rishi sunak testifying in front of the covid inquiry. that will be a lot of questions put to him about his time as chancellor back then. of course, later in the week, there is a vote in the house of commons about the government's policies. lots to watch out for politically as well. some people saying there could even be a leadership contest. that would be big for the ftse 100. let's switch to the sectors. this is where the leadership is coming from. health care is up .30%. industrials having a good day. on the flip side, oil and gas cannot get a break. down .50%. the spot complex is somewhat supported by news that the u.s. has started to replenish some of the strategic petroleum

reserves. that gave a bit of support to oil over the last couple sessions. oil has been negative. basic resources down .50%. minors coming down after the weak cpi in china. u.s. futures is shaping up today and trading sideways. after the nf, p numbers on frid, we saw a turn around. s&p scaling to the new high of the year. today, as of yet, it looks to be like a flat session. of course, a lot is coming up this week. as i mentioned, this week is set to be set by central banks for the final rate decisions of 2023. tuesday brings the u.s. november cpi print a day before the fed's fmoc announces latest rate decision. wednesday will see uk gdp and

consumer price data. on thursday, the ecb, bank of england and norges bank announces the final rate decisions of the year. we get the latest inflation print from spain and flash pmi in europe and u.s. if you thought things were going to calm down to the end of the year, you are mistaken. this is not a holiday week as far as markets are concerned. let's talk about what happened on friday in the u.s. the non-farm payroll print came in at 199,000 and significantly higher than october. the unemployment rate dipped and after hourly earnings saw the highest uptick for the year. this underlines the fed will hold rates at this week's meeting. i'm happy the global head of fx is joining us from goldman sachs. let's start with the nfp numbers

which came in higher than expected. surprise to the downside. how does this move the needle into the fed meeting this week? >> i think when we think about the fed moving into next year, it makes sense that they are on the look out for when and how much to reduce rates. as the policy rate is restrictive and unemployment rate is closer to kneutral, the question is what is the pace of that? unemployment rate is important. if it is 3.9%, it means it is further away from neutral. as we move into the week, our base case is the fed will not say all of that much. the dots don't move that much and policy doesn't change that much given how much the market is pricing for the fed, it may be disappointing. we do think the main story, as

we move through 2024, is a reduction in rates from the fed fed. it is a question of when. >> the rate reduction thesis. i argue the inflation print is more influential. >> we have been focused on the rolling after of average. if you look at the core cpi, the real sticky stuff, it is running 2.5%. we do think the inflation cap has been put back in the bag, you may say. it is leaving us foccused on fe. >> i see in normal times, we think this is not the time to starting accommodative. so the question then becomes how much will they cut? will they cut rates to get back to kneutral or cut to get back? >> the core of our thesis is

pricing this which is not a cutting cycle and accommodative stance. the trough in the cutting cycle and in our expectations is around 3%. that is the nominal neutral rate for fed. as long as the market is not pricing anything more aggressive than that, that is accommodative. it is a neutral stance. >> the dots are projecting 25 basis points? >> 50 for next year. it depends on the starting point. the market is certainly ahead of the dots, as it can be. the dots are a mode of expectation. the market is an average of all possible outcomes. we are not surprised the market is more than the dots. i'll tell you from a tactical standpoint, it is tough for the dots to probably get as aggressive as the market is pricing. >> the problem is it is is difficult to trade around. that it is difficult to forecast what the fed will do. we are landing around the 100 or

135 basis points cut baked in. >> it is really important, particularly coming from the private bank where clients are thinking more exstrategically. the number one thing that we're convinced on globe aally is the central banks are done hiking. we think they should bolster with fixed income and bonds and getting to the financial goals with less the volatility. the question when it comes to fx, we feel fairly confident that over the medium term, the dollar is overvalued. the question is when does that move weaker happen. to us, it happens with con convergence with the u.s. and rates. we think it happens over the medium term, but not until the second half of next year. >> what about the ideal of

exceptionalism? >> the first half of the year was u.s. unexceptionalism. then over the summer, it came back. in november, it disappeared again. now the question is when do we get more signs of u.s. unexcep unexceptionalism? i don't think it looks as exceptionalism like the summer. it certainly is the high yielding currency. it has growth out pace aing the rest of the world. for us, you get the end of the narrative in the second half of next year. >> it is the question of who starts cutting first. the ecb will have to go before the fed. obviously, an aerial view which is not good for the euro. it is good for the u.s. dollar. >> yes. we do think the ecb will end up most likely having to go before the fed. that is not typical in this cycle. it is why it is tough if you

express a short-dollar view and i can make a case, it is tough to do because unless you have the euro participating, it is tough for the dollar to weaken. >> what about the yen? lots of fireworks. one year ago something similar happened. i remember at the beginning of 2023, fx analysts came on and asked if yen was the big trade of the year. it wasn't. until a couple of years ago where people are saying the bank of japan will move away from negative interest rate policy. they are dialing that back down again. what happens with the yen? are any clients looking to buy the yen? >> we have clients thinking more tactically. we were in the camp last last year. we were too early on the yen strengthening. over time, if you get the convergence and rates come down and those in japan are allowed to drift higher. it is a question of when does that happen. we think we are getting closer

to the time the bank of japan will normalize interest rates and yield curve control. we are seeing some clients put on trades to benefit from a stronger yen. it is in little pockets here and there. the timing of the trade is important. we are, in our base case, the same timing we have than visioned for the dollar against everything else for the second half of 2024 story. >> you said you are advising clients to buy fixed income and yielding products. how does the carry trade manifest in fx space in. >> it has worked in the last 12-to-18 months. it will still be a theme in 2024. it might be a damper them. where are you expressing that view? we tfeel real guyly good about . more selective if you fund

yourself in dollars. you need a high, stable yielding cur currency. there are slim pickings. there are opportunities in latin america. really, to us, where are you funding that carry trade ? >> let me ask you this. i read lots of reports about clients beefing up cash holdings. you can pace deposits and get 5% return. you have not had that for a long time. do you expect in 2024 that clients will dip into the cash savings and becoming more experimental? >> we think that's what they should be doing. that's the right thing to do for long-term investment returns. it has been a very comfortable place to be. i have a lot of cash in my portfolio sitting there earning 5%. it was easier in 2023 because rate cuts and the end of the rate hiking cycle were further out on the horizon. it was a theoretical thing.

we are three months, maybe, if we're talking about the ecb and six months if we are talking about the fed, from the first rate cut. returns have peaked. the question is when does reinvestment risk become real. this is the time to reduce reinvestment risk and lock in the yields you can get for longer periods of time. >> move away from short-term yields to medium? >> the question is where on the curve the right place to be? the belly of the curve gives you enough duration in the rate cutting cycle. duration is leverage. it is not so much tvolatility that you can't sleep at night. that belly of the curve with cash or one or two-year paper is the right balance. >> taking the asset financial question where i was reading the u.s. high yield index is trading

at an 18-month low. if you are looking to buy paper, do you have a preference with credit paper? >> it matters where are you in the economic cycle. we are in an early cycle environment with rates high and growth slowing. that's a late-cycle environment. our buy is up in quality. whether the equity space or credit space. it doesn't mean there is not a role from the income pers perspective. we think on the volatility adjusted basis and fixed income gives you returns you kcouldn't get otherwise. >> make boring great again. thank you for joining me. a big week and great to have your view. global head of fx from jpmorgan chase. china's consumer prices fell at the fastest pace in three areas in november while producer prices declined for the 14 month in a row.

lynn filed this report. >> reporter: the inflation data shows ths domestic demand in ch is struggling to recover. more than what the market was expecting. the falls are mostly driven by food prices which are down 4% year on year and pork ticket prices, a favorite in china slumping down 31.8% on year and showing the anticipated rebound of pork consumption simply h hah hasn't been there in months. on the producer price index side shows it was down 3.3% year on year. that is to deal with global energy prices from november. this is reviewing calls for policy support and we got some broad brushed clues of what it would look like at the meeting which is a key meeting of the top 24 chinese officials chaired

by president xi. he acknowledged the economy was at a critical point. the read from state media saying that fiscal policy should be proactive, but of appropriate intensity. some analysts interpreting that to mean more support is coming, but not mega stimulus on the cards. we will get more details on fiscal and monetary policy at the annual conference later this month. reporting for cnbc business news. let's check on the asian markets. it was a roller coaster session, but in the end, we saw indices in the green. shanghai up .70%. on friday, we had the language come through from chinese authorities suggesting they are looking to be slightly more forceful with fiscal policy in 2024. that is containing and giving support to the index.

hang seng is down .80%. just in terms of where the hang seng is trading, we ware at a 13-month low now. nikkei is up 1.5%. this is after a lot of news about what the bank of japan may or may not do at the december 19th meeting. the latest report suggests they may not look to move away from negative interest rate policy. that is dialing down the expectations of the move. the market is pricing in an 8% possibility of them moving the rate up. let's look at the yen on the back of the story. here is where the japanese yen is trading. down .80%. you will remember on friday where we had a move stronger with the yen. that is being unwound today. coming up on "street signs,"

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welcome back to "street signs." let's checking on how the markets are faring. we are an hour and a half into the trading session. we have the bank of england meeting on thursday. nobody is expecting them to do anything on the interest rate decision. of course, as for the other central banks, language is the key and whether they push back on rate cuts for 2024. dax and cac 40 and ecb on thursday and pmi numbers on friday will give a good test of how the country's macro data is faring into the last month of the year. today, we are trading sideways. a lot of movement in terms of individual stocks. let me bring you corporate stories in europe. syensqo shot to the top of the

trading debut above the price of 83 euro. solve plunges. the spinoff is trading up. uniper investors approved a bailout to allow the dividend payment. the proposal will allow the german government to divest the 99% stake in the energy giant. oil prices are extending gains after the u.s. moved to replenish strategic reserves. dan murphy spoke to the qatar finance minister over the weekend. >> we need the long view because it becomes not affordable then. people will come up with

different ways to reduce demand and other issues. it will come with a price. so, i believe $70 is a good price level for what we are comfortable for the suppliers and buyers. >> and he touched on tighter financial conditions and impact on the wider global economy. >> it is linked to the u.s. economy and performance of the u.s. economy. the u.s. economy has been performing very well. the numbers have been well with employment and real estate and retail. everything in the right level. inflation is not too bad. at 3%, that is not too bad. 2% is aggressive. the fed set the aggressive target. even 3% is not too bad inflation. i think there are talks about recession in the u.s. next year and what would happen or not and how long or how short that recession. i think most likely we should not see a recession at the u.s.

level. given the numbers we are seeing today, there are no signs of recession or slowdown in the u.s. some index reshuffling news. ebay and zoom and doordash were dropped from the nasdaq 100. and then these changes will become effective before the market opens next monday. one thing i was reading to the producer, david, a lot of names that were kicked out did well over the course of the pandemic. jd.com and zoom was a hero of the pandemic and now has been kicked out of the nasdaq. that was interesting. elsewhere, u.s. department store macy's is looking at a $5.88 billion buyout offer to take it private according to cnbc sources. the stock is up 19% as you can

see. arhaus management and brigade asset manager are believed to be submitted a bid on december 1st for $21 a share. that represents a 30% premium for the share price from the day before and is more than 20% higher than friday's close. the department store chain has struggled in recent years to compete with online rivals with s sales down 7% on the year. you may recall in the summer, the numbers were better than expected, the community from the ceo was not pretty. they are seeing a decline in sales not just online, but also in brick and mortar as well. another issue in retailing. saks with a $3 billion offer for neiman marcus. that is the luxury sector. it tells you a lot that the

luxury retailing shopping complexes within the u.s. are coming under strain. a lot overloaded with debt and the interest rates raising is problematic. also coming up on "street signs," rakuten ceo speaks to cnbc about the company's latest deal in germany and the broader telco developments in a.i. we will bring you that interview coming up next. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul. it's your water, your way. it■s beginning to look alot like savings! blendjets holiday sale is on now! give the gift of convenience the blendjet 2 portable blender is perfect for everyone on your list.

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welcome back to "street signs." i'm joumanna bercetche and these are your headlines. european markets kickoff a crucial week with central bank action front and center as investors brace for the final rate decision of the year from the fed, ecb and bank of england. china falls deeper into deflationary territory which poses another issue for beijing. christmas comes early for

macy's as it receives a $5.8 billion buyout offer sending shares 20% higher in pre-market trade. and ukrainian president volodymyr zelenskyy heads to the white house as the u.s. and eu look to mobilize more aid. funding ukraine is one of the european block's key missions. >> it has the ability to mobilize large amounts of investment, public and private investment, in the areas of green transition and rebuilding of ukraine and all other european priorities. i do think we need it which is fit for purpose. welcome back to the show, everybody. european markets are trading with a mixed picture. we are moving toward the green which happened in the last 15 minutes. a better hand over from the u.s. on friday after the stronger

than expected jobs numbers which cemented that soft landing narrative as we head into 2024. big performance in nasdaq and within the tech sector. the hand over from asia is mixed with the exception of the hang seng. this is the picture for the european markets as we head into a busy central bank week with the ecb and bank of england. ftse 100 is down .30%. basic resources is the sector under pressure which is impacting the ftse 100. in terms of foreign chexchange, this is the picture. we are trading sideways. the euro is 107.60. the pound is firmer against the u.s. dollar. 125.60. a lot of focus on the yen.

dollar/yen is .80% stronger. dollar is firmer over the yen. that is breaking the trend from last week. we got strong moves in the yen on expectations into the bank of japan meeting on december 19th. they may look away from negative interest rate policy. over the weekend, some of the he can pecexpectations were damped. that's why the yen is losing the gains it saw at the end of the week. over in fixed income, we are seeing not a lot of movement today. yields are trading sideways or stronger. we have ten-year franc at 10.2. we rallied a bit. the theme is fixed income as we saw the u.s. yield market come off on friday after the nfp print. european yields did come up in

sympathy. as we have been talking about the last month, the trend is lower in yields. as for u.s. equities today, the picture is positive from a half hour ago. s&p and the dow are opening up in positive slightly weaker. we have the fed meeting on wednesday, but before that, we have the cpi number. that is a huge market driver tomorrow. heading back to europe, the european union agreed to landmark rules for artificial intelligence and what is likely to become the first major regulation governing the technology in the western world. arjun, this is the eu a.i. act. tell us more. >> what was first proposed in 2021, this was before the boom of generative a.i. with chatgpt. on that point, the european commission and lawmakers were proposing a risk-based approach

to the use of the technology. the category of different use of a.i. for different risk categories. then what happened is chatgpt came and generative a.i. exploded and blew the regulation out of the water. they went back and we are figuring out what to do with the part of a.i. that has been a huge point of contention for the european lawmakers. they are looking at it and wonders how do we regulate the large language models and general purpose a.i. models. they are regulated them as much as the industry said you should at this point. they put in what they call transparency requirements. for example, technical documentation complying with c copyright law and algorithms. that is the big point of contention and the industry is just not happy with it. >> big point of contention. how does it square up with the

biden examinexecutive order ens that the likes of people's likeness is well documented and p you have to use watermarks on graphics and images if it has been altered. how does this differ from what the u.s. has put out? >> many see this as prescriptive and restrictive. what they are going after at the moment is the fundamental technology. they are not regulating the use or what you see. what the eu a.i. act is arguing is it is regulating the foundational technology. if you look at a couple of the tech groups and what they have said, it is interesting. digital europe, which represents the tech sector, they fully support the risk based approach. the last-minute attempt to regulate foundation models have turned this on its head.

the computer and communications industry, google, they have said that this is likely to slow down innovation in europe. the industry, tech industry, is firmly against what has happened here. it is particularly around the idea of regulating the technology at the early stage. >> i recall sam altman was extremely critical of the eu's decision and move toward the type of regulation. we have to see how it plays out. arjun, stay with me. i want to stay with the a.i. theme because rakuten is planning to launch its proprietary language model. the ceo hiroshi mikitani has told cnbc and arjun that the move comes as the japanese tech giant looks to move forward. tell us what rakuten's plans are? >> there is an arms race to bring out the best models.

japanese companies have been behind the curve at this point. they are looking to catch up. these foundational models are underpinning the apps we use. we heard from google with gemini. than now rakuten is developing its a.i. uses internally and externally as well. i spoke to hiroshi mikitani to learn more about the plans. listen in here. >> it is very unique. nobody has the data. we are the number one ecommerce company and number one credit card company and number one bank. we have mobile business. nobody has a data set like we do. the second thing is how will we use it? defend definitely, we like to improve by 20%. we like to improve marketing by 20%. we like to empower, especially

small and medium size enterprise by 20%. that will give us a huge area of growth. that is my vision. i don't want to talk just about vision. we are making more plans to execute. >> and your own large language model. when are you planning to launching that? is that something to only be launched internally or opening it up? >> we will open it up first. rakuten does business with over 9 900,000 companies in japan. most of them do not have the ability to properly deploy and utilize a.i. or generative a.i. we can teach them and package it and provide the platform for them. >> what is interesting is

rakuten is a huge japanese tech company. they can use that data as hiroshi mikitani said they can train their large language hod model. one issue is they could train it in the japanese language which may give it an edge over the u.s. competitors. that is interesting to watch. in another part of the conversation, i spoke to the ceo about open run. a new type of architecture. it has been a tough year for terms. o open-radio access. if you are a telco, you buy from one or two vendors. e ericsson or nokia or huawei. the problem is, it is difficult

to integrate vendors. what open-radio access does it allows you to mix and match vendors and run it on software. on friday, rakuten, teamed up with a german telco company to launch what they are claiming is the first fully commercial open-run network. i spoke to hiroshi mikitani about the technology. listen have allimited resources. i don't want to be engaged and not deliver. we need to be selective. i'm sure that every single t telecom company is considering to deploy open-radio access. the question is when and how. >> still early stages, but

clear, rakuten is excited about it. we saw a deal with at&t and ericsson last week. >> a nice preview for the next guest. that is why we have the next guest coming on the show. you can check out more from arjun's interview with the rakuten ceo on cnbc.com. as arjun stated, we have an analyst joining us on the show. paul, the analyst from pp foresight. arjun is staying with us. wonderful to have you with us. nice to see you in the christmas jumper. arjun was talking us through the major development and i would say it is a big catalyst for market movers last week. that was a big decision to choose ericsson over nokia. how big a deal was that for the industry? >> good morning to you. i think arjun stole my thunder.

it is a big deal. it had been very, very quiet the until recently in the open-run front. this move came out of nowhere and suddenly, you know, at&t deciding to kind of ditch nokia f for ericsson on the open-run route. it is a huge endorsement in the marketplace given what we see is the move toward the open-run move. certainly, great more for ericsson in the marketplace. it will take time for nokia to turn around its fortunes. >> it is arjun here. i wanted to ask why now are we seeing more interest and what seems to be more concrete moves in the direction of open-run? it is something we have been

speak bengaling about for the p years. trade shows and et cetera has been speaking about it, but why is it taking off in the commercial way? >> telecos are struggling. there is a huge focus on efficiencies and savings made on the network side of things. they are seeing huge growth in data. they are trying to drive down the cost of delivery of that data. all of this has come at a time and you talked about it earlier. we have seen the shift from the regulatory perspective to oust huawei out of the network. there is a huge focus during the transformational change and operators to take control of the network rather than tied in to one specific vendor. it gives them more flexibility and agility as who they work with and with the hope that not

only does it drive the cost down of delivering services to customers, but also look to introduce new services that would drive revenue such as network slicing and applications. >> i thought it was interesting that at&t picked ericsson. the idea for open ran is to bring a select supply of networks. in the world of open ran, if this increases, do the vendors like nokia and ericsson have a strong place, or does the market get eroded? >> it is a big question. huawei, upuntil that shift, were reading the race in 5g. it was a big question of what would happen with nokia and ericsson. let's not forget in europe that nokia has done a good job of cementing the relationship with

open ran. a huge shift from the u.s. moving the other way. there is not only an opportunity for both nokia and ericsson, but the small niche players. let's not forget there is an opportunity in that particular deal that at&t has done with ericsson for nokia to return to the fray in the medium term. that is an opportunity for open ran to have a more level playing field. >> interesting point there regarding nokia and possibly of returning back to the market. let me ask you a traditional question. a lot of the telecom providers are saddled with a lot of debt. to what extent is that casting a shadow and impeding the further rollout of open ran at this

point? >> i think all telcos are struggling. margins have been squeezed. they are not necessarily growing. some aren't due to effectively price rises, but really there is a huge transformational change happening across the sector. there will be a huge change next year of how they manage the network rollout to meet uses and managing costs. consolidation would be a big driver and as part of the discussion, how do they offload certain assets? the other element is, of course, regulation. that's not a sexy topic, but it will be hotly debated as consolidation takes shape. >> we will leave it there. we have to bring you back to talk about the topic of regulation. analyst from pp foresight.

arjun, thank you for bringing us that interview. >> it has been a year of open ran and foundational models. a year where i have done so much reading and learning. >> we should do the best of wall and walk us through the developments in a.i. space. >> i'll lose my mind. >> something for the producers. thanks for joining me today. it is lonely on the zet. if set. i'll give you the "street sign" handle @cnbcjou. if you want to thread me, i'm @joumanna.bercetche. coming up on the show, ukraine's volodymyr zelenskyy is set to visit d.c. as he looks to secure military aid from the u.s. as well as the eu later in

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signs." the newly named incoming president of the eu is focused on making the transition as she is prepared to take up the role next year. speaking to cnbc this morning, calvino is looking to support the eu priorities. no? calvino says they have a role to play to investing in ukraine as well. >> the financial arm of the eu. it has played a very important role up to here and it should be key going forward because it has the capability to mobilize large amounts of investment, public and private investment, in the areas of green transition and rebuilding of ukraine and all other europeanpriorities. indeed, i think we need eib which is fit for purpose.

>> sp speaking of ukraine, president volodymyr zelenskyy will travel to washington for talks with president biden on tuesday. he is looking to ramp up a $110 billion military aid package for ukraine and israel. the visit will underscore the u.s. commitment to ukraine. biden faces opposition from republicans after gop senators voted last week to block legislation for additional funding. eu leaders will meet in brussels on thursday with aid on ukraine on the agenda. silvia is joining me at the table. it is a sticking point as the war continues. >> totally. it was very interesting. i was in brussels last week for a finance minister meeting. the talk of the town was ukraine and the upcoming summit. some officials said some heads of state are booking an extra

night in brussels because this is going to be a difficult summit. it will last until saturday. what we have at this stage is the eu leaders discussing further support for ukraine. there is a package of 50 billion euro on the table and so far hungary is blocking the di disbursement of the funds. it is important to keep in mind that the rest of the eu is very much committed to providing support. there is already talks that perhaps what they will agree to is among the 26 heads of state rather than the 27. they are trying to avoid reaching that moment. it is important for the eu to support ukraine as a whole and still look united. if they go down the route of seeing 26 coming together for this, that's not going to look good. >> it undermines unity. one thing i'll leave with the viewers is nearly half of the american voters think u.s. is spending too much on ukraine.

most from the republicans. 65% of republicans say too much is being spent in ukraine. silvia, thank you for joining me on set today. silvia amaro. that is is for the show. quick look at the equities. a pivotal week for the markets. cpi and the fed on wednesday. watch out for what the fed chair jay powell says and whether or not he pushes back on the rate cuts. later in the week, we have fireworks on thursday. thursday is a busy day for me with the ecb and bank of england and norges. that is it for today's show. i'm joumanna bercetche. "worldwide exchange" is coming up next. it's hard to run a business on your own. make it easier on yourself. with shopify, you can have everything you need to streamline your shipping, returns, and product storage,

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it is 5:00 a.m. at cnbc global headquarters. here is your "five@5." stocks are riding a six-week winning streak as investors turn toward inflation, jay powell and the fed in the week ahead. futures under a little bit of pressure. regulatory road blocks and falling share prices reportedly forcing signa to merge were humana. and a $6