so many students, like, their dream is to go to an ivy league. i never -- i never saw that coming. that people weren't even trying at all, they were just paying their way in. like to me, it's insane. -- captions by vitac -- ♪ good morning and welcome to "street signs." i'm arabile gumede and these are your headlines. state media confirms the death of raisi and his foreign minister in the northwest. surging for ryanair is moving more than one-third and it warns prices could come in softer than expected. the cfo says the carrier is

hitting targets. >> our balance sheet is solid. our cost base is supreme. we are bringing in pay increases and paying down the debt. the ftse 100 hovering around record levels despite concerns over the health of the uk's financial market. we'll be discussing with bim afolami this hour. and taiwan inauguration is drawing the eye of beijing. the new leader is calling for both sides of the taiwan straits to pursue peace. >> i hope that china will face the reality of the republic of china's existence and respect the choices of the people of taiwan and in good faith choose dialogue over confrontation and exchange over containment. iran's president and foreign

minister have been killed in the helicopter crash in bad weather. state media says all passengers died. it battled blizzard conditions and dogs and drones to find the accident site on sunday. state tv paused programming to show prayers. the helicopter hit the mountain peak in the ynorthwestern part f the country here azerbaijan. we have more with dan murphy in dubai. >> reporter: the state tv says no survivors have been found after they located the crash site of the helicopter carrying the iranian president raisi and the foreign minister and e ento entourage. we have been following the reaction. in last few minutes, we have

seen pakistan announcing a day of mourning today as a mark of respect according to the prime minister. lebanon announced three days of national mourning and he was deeply saddende and shocked by the helicopter crash. it opened a joint project and he was working when it happened. the cause of the crash still unclear at this point. the u.s. senate majority leader chuck schumer said u.s. offiofficial s informed him there was no evidence of foul play. that was the volatile back drop of which this unfolded across the middle east. an investigation is under way, but you heard from the senior official there is no evidence of

foul play. iranian officials say fog and bad weather and terrain also had a major impact on the ability to reach the crash site in search for survivors. the obvious uestion, arabile, is what happens next. if you look at the situation in iran, the law there lays out a clear process for what happens next and for raisi's succession. the vice president will assume the presidency until an election can be called within the next 50 days. at the end of the day, it is important to remember it is the guardian council in iran, the party that works in the gap between the supreme leader and the presidency. it will decide who becomes the president elect. that is because raisi was the successor to the ayohattolah.

we will see him take over that position when it is his time. of course, that is looking further ahead. right now, the focus is on what happens within the iranian recainn substitution here and what it means for domestic priorities and foreign policy. those we spoke with say his death has an impact on the core domestic issues with iran like the nuclear program or the fractured relationship with the west. of course, it's relationship with its neighboring states at well. a lot to unpack here. certainly a very dramatic and surprising situation in iran and widely impacting the region as well. a arabile. >> dan, thank you for that

report as we unpack this story further. neal atkinson is the former head of oil at the iaea. neal, thank you for the time. i appreciate it this morning. this is all happening at a volatile time within the middle east. how big of a power vacuum does the passing of the president leave within not just iran, but also the middle east? >> as far as iran is concerned, there is a process which dan was explanation a moment ago that an election will be held to come up with a new president within 50 days. of course, we all know it is not a free and fair election like here in the west, but there is a process in place. i think the iranian regime, whatever the calls from younger people for a more liberal

environment, whatever they may be, the regime is strong enough to engineer the kind of result that will cement it in power for the foreseeable future. as far as the middle east tensions are concerned, i doubt it will have a significant impact and certainly not in any interest to any way to portray this accident as being anything else. you referred earlier to the senator schumer receiving intelligence advice this is an accident and not foul play. it is not in iran's interests to ratchet up the tensions of the middle east any higher than they already are now. >> there is a dynamic to come to the floor, neil, with iran itself as it leads to the new leadership, especially an election that would be happening in 50 days at the very minimum.

does that mean the power dynamic shifts one way or the other? >> obviously, we have to see how many candidates are able to stand and whether there is any way a liberal or more popular candidate can stand and, obviously, that is a process which will unwrap in the next few days. again, i think the underlining point is the regime remains fundamentally strong and, you know, i think it will be able to overcome this accident. it is not as though the islamic regime is going to fold its tend tents and disappear. the next 50 days will be critical. if the regime engineers the desires, it will find the turn y turnout in the iranian election

will be low. younger people and secular iranians will not wish to participate in what is a rigged l election. >> you follow this regime and other forms and i know i'm probably going back a bit here, but i want to get your sense of who raisi really was in the context of iran and the oil market and the context of leadership within the middle east. >> obviously, he's a significant figure because if you are a leader of a country which is as big and powerful as iran is, you are a powerful player. iran is striking a difficult balance. there are rising forces in the country for more liberalization. with sanctions against iran after the imposition of the agreement, iran's economy is in a bad way.

inflation is high. there are shortages within the country. the iranian regime has to find a way of keeping the economy as strong as they can in very difficult circumstances. also pursuing what is now a more aggressive foreign policy. of course, we're seeing with relation to the post-october 7th situation, with the wider conflict or potential conflict in northern israel and lebanon, iran plays a critical role. iran plays a long game and it is not in iran's interests to get into direct confrontation with the united states or, indeed, direct confrontation with israel on a scale to call it a war. the reason for that is iran lives on the oil revenues and exports need to be maintained to keep the show on the road.

it is a difficult balance iran strikes and raisi has been part of the process. i think the election of the new leader, which will not be somebody that the west inn stengtively feels they can do business with remains with the policies in the middle east and expand the thinfluence and suppt the palestinians. meanwhile, they will continue to develop their nuclear program as best as they can. they have more freedom to do that now since the ending of the nuclear agreement with the u.s. and other powers. >> the foreign minister also passing away in this crash. what does that mean for foreign relations? is that where you think the conversation changes in any way with raisi having such a significant role as well although effectively being

number two here? does the foreign minister's passing change anything with relations? >> it does change, of course. iran would take this opportunity, a grim word of describing it, but iran may decide that perhaps a more emoluent figure as it moves around the world. there is an ongoing process of reestablishing relations with saudi arabia, which, of course, is very important in the middle east. not least because of the powerful countries which have made overtures to reestablish relations, but further efforts to improve that relationship is important for the iranian government after the replacement of the two deceased officials. there's a lot on their plate.

maybe they will triy to be more resilient than in the past. such as the tension arising from the post-october 7th situation. the ongoing influence of iran in lebanon, i don't think we should hold our breath for too long. >> neil, thank you for your time. neil atkinson at iaea. as we continue with this conversation, in fact, we are just getting word from the iran supreme leader declaring a mourning of five days following that crash which has killed the foreign minister as well as the president of iran ebrahim raisi. the supreme leader says the first vice president is in

charge of the executive branch per the constitution as highlighted by dan that would be the succession until the next elections. speaking of elections, iran's supreme leader says there is a maximum of 50 days, 5-0, to arrange the elections with the head of the yjudiciary. that is the sentiment we are getting now. national mourning for five days out of iran. coming up on the show, u.s. corporates are flocking to europe in a bid to raise fresh funds. we'll have the details 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

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the markets. .30% for the cac 40 market in france. the fitzgeraltse 100 is gaining record territory from the last week on friday. minorss miners are keeping thins af afloat. we will get to that picture for you later on in the show. the stoxx 600 is finding positivity. carmakers are managing to move higher, too. so, too, technology or carmake s and autos are moving up. ryanair is moving down because it posted the full year profit

of 1.905 billion euro. the airline announced a share buyback program which will launch this week. looking ahead, ryanair said summer demand is strong trending higher on the year, but adding it is too early to offer 2024 guidance. let's look at the airlines as i made note of ryanair which is down 1.3% today with easy jet following that one down. the rest of the airlines are actually managing to find positivity today. rca going up around .20%. the big gainer is wizz air and klm which is managing to gain 1% so far. speaking on "squawk" this morning, the cfo said the airline is hitting its financial targets adding it to return cash

to shareholders. >> we have a 70% hedge with savings of 450 million locked in already. that's a very good place to be. balance sheet is strong. bbb plus rating. the strongest rating of any airline in the world. our priorities have been restore to pay for people after covid and bring in pay increases and pay down the debt. we have been paying down bonds. 1.4 billion in gross cash in the past year. that is the confidence for the board to return the 700 million to shareholders at this point in time. keywords studios is in advanced stalks with eqt with the cash offer of 25 pounds per share and representing a premium of 70% of the fri cday's closin

price. it has until june 15th to make a firm offer or walk away. and the bond market is all raising money for so-called reverse yankee deals which is on course for near record volumes this year. that is according to data from bank of america which says the surge may be partly down to monetary policy divergence with the ecb as well as the fed. barnaby martin at boa global research is joining us here in studio. help us understand the allure of the bond market and what is happening right now. good morning. >> good morning. thanks for having me on. u.s. companies are rushing to issue debt in our world and eueuro rather than the home country. it is unique because it will go before the fed and never seen

the leading cycle which is driving funding costs down for u.s. firms looking at our market. the temptation is to issue more of the needed debt in euro rather than dollars. they are adding to our supply and flooding our market with issue answer. >> if you get at a later stage and need to refinance, that is a general good sense? >> it rejuvenates our market. it is good to have more firms and good for others which have traditional big firms which dominate the euro market. if you establish a funding pat ern patent in euro, it will mean

every time you refinance, you keep the euro debt. >> what does it mean for the broader market? >> it adds supply. it means more issuance and weaker technicals. it could be weaker in the sh short-term for spreads. it could invigorate the investors. they want diversity and they want different names. buying different names in euro may be quite positive for the market. >> the gap exchchange. if you look at yields on euro dominated corporate debt within seven-to-ten years, is that a gap that can go on for some time because you still have the policy divergence from the ecb and fed until the end of the year? >> it is here to stay for a while. we know the u.s. story. stickiness in the u.s. the fed cannot deliver the first

cut until december. the divergence for now stays. i think it is a structure feature of the market until 2024. it will drive not just u.s., but any issuance globally. look at the coupons you can get. >> m&a activity. how much does it help that? is it because of that that you get this happening as well? >> it drives the supply. there is cross border happening. assets are perceived as cheap by global acquirers. a u.s. firm will acquire a european tyentity. >> does this create a longer term flow to the european market? we have spoken about it and i'll ask this because you had previous deal making and deals

come through and a lot of investors look for european cond companies and try to buy them up. >> yup. >> does that mean the u.s. take what is they want to take and just goes back having said we have gotten everything we need out of the market and leave it is high and dry? >> it depends on innovation and what is available going forward. once you establish a funding universe in europe, you are committed to keeping it for the long term. there is a lot of u.s. firms that want to issue in dollars. that could create a crowded market. that is a good defensive thing in the european market. >> keeping us in the place is something here for some time raises a lot of other issues. do you think the way that europe then looks at deals like this, this situation, means that the

likes of the ecb and the bank of england continue to say why don't you just keep moving ahead of the fed? it helps this way. >> there is certainly one benefit. there is certainly a need now for the ecb to think about how quickly the euro market is growing and that determines part of the monetary policy. first things first, let's break the back of inflation and until that is done, the ecb will not cut quicker than the fed. >> the path is not determined. barnaby martin at bank of america global research. thank you for joining me. to give you the breaking news story from south africa. the top courts saying that former president jacob zuma has been barred from running for parliament in the national election. just a reminder, president jacob

zuma would have been running with a party he only created in december. that party is called in controversy or mk was set to run in the elections which, of course, had been put forward. his face is on the ballot papers having seen it this week. he is the man who is scheduled to be running as the leader of that parliament party. jacob zuma left prison on the back of health reasons. the breaking news this hour, south africa ag's former presid jacob zuma barred from running for the parliament election. coming up, we cross over to the london investments which

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welcome to "street signs." i'm arabile gumede and these are your headlines. iran state media confirming it's death of ebrahim raisi and his foreign minister in the helicopter crash in the northwest of the country. ryanair summer booking looking strong, but the airline warns it could cut fares. the cfo tells cnbc the carrier is hitting targets. >> our balance sheet is rock so solid. our cost base is suprsupreme. our base is restore pay after covid and pay down the debt. the ftse 100 hovering around record levels despite concerns over the health of the uk financial market. we will discuss with bim afolani next. and taiwan is drawing the

eye of beijing with the calls for taiwan straits to bring pe peace. >> translator: i help they will face reality and respect the choices of the people of taiwan and in good faith choose dialogue over confrontation and exchange over containment. here is another look at the market picture and what is faring. you are seeing a general uptick across the market. .30% for the ftse 100 which is hovering near the record highs and headed toward 8,500. following on from the united states with the dow managing to close above 40,000 points for the first time and giving that positive impetus across the market picture. carmakers and technology stocks are the laggards overall for the

market. you have ryanair reporting a jump in profit after taxes, of course, and announcing 700 million euro share buyback program. that stock is down 1% in the morning's trade. an hour and a half or so since the market has opened here across europe. let's move to the russian court which ordered seizure belonging to deutsche bank and 90 million. the two banks were among the g garuantor. both those stocks in divergence. deutsche bank is down .20%. up .60% is commerz bank.

and atos has rejected the takeover offer according to the french newspaper which cited bond holder concerns over kretinsky's concerns to wipe out atos debt. it will make a deacision on the offer by may 31st. that stock is down this morning. let's look at the miners which are leading the market higher across europe. you are seeing big gains here with glencore moving up 1.4%. anglo american is the one to look out for and the increase in demand for the company as it continues to break part of the business up in order to restructure and try to gain as much value out of the assets. questions around different parts of the business whether in the

form of diamonds or the iron/ore business or the south american operations and everyone scrambling for the copper assets. bhp managing to gain .80% and rio tinto following the market higher. these are the metals picture today. record territory across the board particularly for spot gold and copper. it is managing to hit 11,000 earlier on today. we saw copper sitting below that mark having gained nearly 300. 204% to the good. 1% uptick for gold. nickel also managing to move significantly higher. more than 2.5% so far today.

on to currencies. the dollar with the biggest weekly drop. you are seeing the greenback here with investors waiting for clues for the rate path in the united states. we have fed speakers on board today. we have the fmoc minutes with regards to the last meeting set to come out this week. of course, the earnings array will be one to focus on. when it comes to the dollar, steadiness so far is what you see. dollar/yen at 155. still on intervention watch there. these are the yields in the u.s. and the bond picture. here is what you are getting out much europe. the benchmark for germany with the 10-year bund at 2.52 right now. having managed to gain a few basis points at the back end of

last week. italian is a 3.82 right now. the ten-year yield in the united states is slightly higher for the yield at 4.42%. dropping off from the 4.45 we had started to see it. the two-year yield was looking to the 5% mark and dipping off slightly from that mark. fed speakers galore speaking this week. you also have earnings out of nvidia. those first quarter numbers are anticipated on wednesday. the market will be looking out for that and in the meantime, can the dow continue its surge past 40,000 points? it may start that way, but does it have the momentum to carry it throughout the day's trade? saudi arabia's king is undergoing treatment for a lung inflammation according to state media which saying he is suffering from high temperature

and joint paint. the king salman postponed his trip to japan which was supposed to start today over concerns of king's health. benny gantz will resign if benjamin netanyahu does not agree to a new plan in gaza. he set out a six-point plan giving netanyahu until june 8th to agree. despite, fighting continues in gaza and in the north where they previously skirted. in a commencement address, u.s. president joe biden spoke about securing peace. >> humanitarian crisis in gaza. i called for an immediate cease-fire. stop the fighting.

bring the hostages home. i've been working on a deal as we speak. working around the clock to give more aid into gaza and rebuild gaza. i'm working around the clock for more than one cease-fire. i'm working to bring the region together. >> taiwanese president says peace is the only option. lai said china should acknowledge its government. it will not and nex the island. emily has the story from t t'aipei. >> reporter: lai sworn in on monday in the ceremony which included a 21-gun salute and honor guard and marching band and overhead flyover by f-16s. of the many elections taking

place this year, not many are going to be as closely watched at lai's especially at the inauguration address and the first public speech. he was talking about peace being the only option. taiwan will not make concessions on democracy or freedom. he called on taiwan and china to take on the global responsibility of maintaining peace and stability. here is president lai. >> translator: i also want to call on china to cease the military intimidation and share in the maintaining of peace and stability in the taiwan strait and ensure the world is free from the fear of war. taiwanese are a peace-loving people who have treated people with kindness. i believe the leader of the

country puts the welfare of the people above all and peace of the strait and could - existenc would be a common goal. >> reporter: he said the peace is inn dispension able to global security. both the roc and poc are not subordinate to each other. he spoke about artificial intelligence and a.i. that taiwan stands at the center of the a.i. revolution and taiwan will influence global economic vp development and work across the military to build a stronger economy. in the eight years under the previous president, the yuan surged 70% and helped to trade

at record highs. the index is up 20%. on the first day of trade under lai's administration, we saw a flat close, but trading near historical highs. reporting from t'aipei, i'm emily tan. >> taiwan's foreign affairs office responded to the comments and saying they are responsible for a quote complicated and grim situation in the taiwan strait. listing activity on the london exchange improved in the first quarter with three ipos raising 280 million pounds according to ey. the uk stock market is hoping to we welcome more lifstings this yea.

there are serious concerns after missing out on key listings such as arm. proceedingsi fell 20% last year. dominic johnjohnson, the uk minr told cnbc he is optimistic of the future of the london stock market. >> as that narrows, you will see the stock market becoming a track tive. we will try to tweak the rules to see the new economy companies with long records to see the lseg as their home. technical changes on the one hand and real vagsatvaluation. i'm optimistic in the uk. the uk minister has criticized uk regulators

anti-fraud proposproposals. it floated a new set of rules that would require banks as well as payment companies to refund victims up to 415,000 pounds per claim. he told the financial times there were quote significant problems with the plans. the regulator says it is increasing protections for people and working to prevent fraud. the economic secretary to the treasury and minister for the uk joins us then. secretary, thank you for the time. i appreciate it this morning. is it fair to say that the problem here with the psr has put forward is too high and may encourage more complicit fraud is your issue with the rules put forward? >> look, they are what you mentioned, are some of the i issues. the psr did say to me they will

look at the evidence this year to make sure the industry is capable of making any changes and make sure we are looking at the practical impacts and if they see the relevant evidence, they will change tack. i will hold them to that this year. >> if they change tack, what is your hope? would it be a lower figure or would you propose doing away with that claim completely? which is it that you look for? >> look, it's important that i don't give a number on what it should be. i think the key things is we keep in mind two aspects. the first is the thriving fintech sector can continue to thrive and they don't have to hold unnecessary amounts of capital. also, we have to protect people from fraud. that means taking more action and making sure we prevent more fraud and make sure we are not

increasing it. that's our aim. make sure that is the aim of the psr. that is coming to me and many others saying this level proposed is not right and i will look forward to working with them in the coming weeks and months to get this in place. >> the approach the actually incentivizes firms to prevent the authorize push payment fraud from happening in the first place. they won't want to pay the high claim, 415,000 pounds that is, but they would be incentivized to ensure that doesn't happen? >> fraud online is a complex subject as you and viewers appreciate. there are many as expects to it. the key focus from our spe spectertive is to make sure the sector continues to thrive and

work with the regulator to get this right. >> do you think this is one of the ways that can ultimately change or alter the competitiveness in the uk to bring other payments and payment providers and other system regulators and the broader context of the innovation in the uk to ensure it doesn't hamper innovation and growth? >> you are completely right to focus on the innovation and growth. i'm at the gilt hall. looking forward to the next decade or the next period of time where we need to make sure this country is as innovative to growing the technology as possible. a key way is we had a series of reforms that are starting to

bring fruit. the lseg is having a good year. we are looking forward to many more companies and many more investors saying london is the right place to be. >> how do you know that? we have long seen the uk market being a very important one across the globe. increasing that importance and increasing that significance for the international investors coming back to the uk means it is drastic work. is there drastic work in the pipeline, mr. secretary? >> i would not say drastic, but significant. we are nothing things for the long term. we are not looking at a short-term kneejerk approach. we need to make sure we adapt to the new technology companies and the new companies that don't have 40 or 50 years of track records and make sure the rules

are fit for them to use our capital markets. secondly, it is about capital flows and the amount of capital deployed and that's why we're putting forward cerseries of reforms with pensions in the uk which invested more in the capital markets than they do today. we are consolidating the pension funds to increase the capital they put in to the uk capital markets. it raises the valuations and raises the overall amount of capital. that will mean better markets and drthriving markets. >> fully understood. the banks have been campaigning to get the tech companies to share the cost burden of implementations or situations of fraud as well, but trying to

rebuild the uk as the tech hub, how fine is that line to ensure both parties meet somewhere without friction between the two? >> it's a good question and it's not easy. the way we have been thinking about it is through partnership. partnership and clollaboration. we want to see less fraud online or any respect. the difficulty is how do we achieve that? i look forward to working with the tech sector and banks and over financial services institutions over the coming weeks and months to get the right balance and focus on prevention and make sure everybody has all of the right rules pointing in the same direction. >> interesting conversation. one we will continue to the follow. secretary, thank you for the tim time. i appreciate you coming on to cnbc. we hope to chat with you in the future as well.

economic secretary to the treasury to the uk bim afolami. coming up on the show, nvidia is set to dominate earnings this week. we will look at what else to expect in the week ahead. that's after the break. hi. i'm wolfgang puck when i started my online store wolfgang puck home i knew there would be a lot of orders to fill and i wanted them to ship out fast that's why i chose shipstation shipstation helps manage orders reduce shipping costs and print out shipping labels it's my secret ingredient shipstation the number 1 choice of online sellers and wolfgang puck go to shipstation.com/tv and get 2 months free

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welcome back. we are looking ahead to another big week. we have numbers coming out of nvidia. that is coming out on wednesday. it will be the big result to look out for and we will hear from a slew of fed speakers and boe governor andrew bailey and key inflation data due from the uk as well as flash pmi readings across europe and the latest fmoc meeting minutes. look at the nvidia results and a.i. is the big thing to look out for here. let's remember what happened so far. facebook will spend more on a.i. you have other social media giants with google putting out

issuance with a.i. and investors really saying if you are spending on a.i. now, we're going to punish you for it because it should have been done earlier on. even softbank is shifting focus with a.i. ultimately, when you see that the spend of a.i. is now beginning to pick up a little bit more, one wonders is it because these companies are now seeing where the direction is for generative a.i. which will help their businesses or is it just too late? you actually missed the boat and that's what investors are looking at in regards to this. nvidia, as i was speaking to analysts, they are the ones who are earning money from a.i., not having to invest in a.i. which is a totally different company. they raised their revenues from around $4 billion to $30 billion in just 12 months. can that flow continue?

these numbers will be a clear sense of where to from here with ra regards to that. the nvidia numbers are important. we have word from the fed speakers and the rate path is one of keen focus. we will unpack that and get you some of those conversations and the fed minutes gives you a clear siense of where the fed i so far. we have the italian market going down so far and the rest are slightly higher. can the dow surge more? we will see later on today as the market opens more positive. that's it for today's show. i'm arabile gumede. "worldwide exchange" is up next. my name is ashley cortez and i'm the founder of the stay beautiful foundation when i started in 2016 i would go to the post office and literally fill out each person's name on a label and now with shipstation we are shipping 500 beauty boxes a month

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it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." 40,000 and beyond. the dow closing at the highest in history. global rally. not just wall street riding the recent winning wave. a dozen indices around the world in rally mode. we look at the markets that you need to watch. small chips and big results. investors looking to a.i. and nvidia when it reports this week. why it could decide the direction of the enter