good morning and welcome to "street signs. i'm carolin roth and these are your headlines. european markets clinging to gains, but the nasdaq's record close peters out with the thin trade with the u.s. and uk o offline. the data from germany is coming up today. we will speak with clemens fuest in a few minutes. and policymakers try to

reignite the world's second largest economy. and the g7 tries to hit out on the policies, but delay o the agreement to use rus russian-seized assets for loans to ukraine. and macron's far-right warning in the european parliamentary elections. >> translator: often we forget the parties have been in challenge and everything they value about europe would not exist. good morning, everyone we've got data to break to you with the german ifo climate index at 89.3 in the month of may. this is against the reuters

forecast for 89.4 slightly below forecast. we're not seeing any reaction here in the euro/dollar. sitting at 108.45. obviously, trading is thin with the u.s. and uk out for trade for public holiday we will not see any huge moves here i want to bring you a couple of details from that ifo index. keep in mind that in april, we saw the german business climate index improving for the third month in a row with companies having a lot more satisfied with the current business expectations which rose which is a sign that the economy is stabilizing especially thanks to the services sector. let's take a look at the german may ifo index. 88.3 that's for the month of may. that is a slight downtick from the april ifo current conditions print of 88.9.

expectations at 90.4 in the month of may that is a little bit of an improvement coming or compared to the april number of 89.7. again, we check the euro for you. not a lot of movement. i want to show you the german yield with the ten-year bund is at 3.08. we got wage data last week that was a little bit stronger than forecast a quick check here and no major corporate stories to tell you here the dax is up 0.2% we will get to clement fuest in a few minutes. we looked at the dax the smi is interesting

we will have a couple of corporate stories here to tell you about in a second. the cac 40 is up 0.1%. the ftse mib is adding on 60 points i want to show you the asia markets. we'll get to the smi in a second the asian story is a really interesting one. we did see the gains across the board. look at the hang seng up 4%. the nikkei 225 adding on to the gains year to date up .23%. the big story from china is the industrial profit numbers. the profits industrial firms rose 4% in the month of april reversing a 3.5% decline the previous month as beijing stimulus measures kicked in. sam vaddas filed this report >> reporter: the data was consistent with the industrial

output 70% of the sectors saw profits rise the equipment manufacturing sector was a big contributor autos saw strong profit growth chinese officials still highlighted weak domestic demand and the complex environment with pressure from the west over capacity concerns. it caps off a mixed month of data which shows an uneven recovery in china. there are even courages signs on the supply side, there are worrying trends on the demand side with the retail sales and home prices disappointing. foreign direct investment is a worrying trend fdi fell nearly 28% in the first four months of the year. ap april, alone, was the lowest since november what it tells us is the campaign to attract more foreign invest is yet payoff. right now, the premier li has been in suouth korea where he is

welcoming companies like samsung to invest. we will get the may data this week with the pmi surveys out on friday in singapore, sam vaddas, singapore business news. and in the meantime, the central bank will proceed with the inflation target and framework adding that challenges are uniquely difficult for japan compared to the counterpart. a lot happening this week with the opec supply cuts in the second half of the year. they will meet on sunday according to reuters the company will meet virtually. investors will look out for several key data points this month as they gauge the policy

path point coming up in the next hour, we will be discussing the german ifo data with clement fuest. wednesday will see the latest inflation print from germany and south africa goes to the polls for the national election. thursday will have jobs data out of the euro area as well as the u.s. and the second reading of the gdp. on friday, the two important prints are euro area for the month of may and the fed preferred inflation measure. and neel kashkari will speak to "squawk box" on tuesday. coming up on the show, emmanuel macron kicking off the first presidential state visit to germany in 24 years we will be bringing you latest we'll be back in two

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it's the only solution with two max-strength anesthetics to deliver the strongest numbing pain relief available. so, do your thing like a pro, pain-free. absorbine pro. hello, everyone. welcome back to the show let's recap the ifo data out of germany for you for the month of

may. the german business morale stagnating according to the survey which fell short of the forecast improvement for the month of may the ifo institute saying the economy remaining constant at 89.3 expectations, on the other hand, brightened let's dissect the data with clemens fuest. it is a pleasure steek peaking h you. is this glass half full or half empty? >> in this case, the glass is half full. the economy is stagnating overall, but we see improvements in the sectors which have been struggling most, in particular in manufacturing and in construction and to some extent in trade and wholesale trade

services which had been doing better had suffered a setback. overall, i would think this is evidence of further stabilization of the economy >> the ifo institute conducted a poll recently. that showed the german companies see the competitiveness in internationally eroding. what are the culprits? bureaucracy or higher energy prices if anything, what can be done about it >> it is a combination of the factors. that is more a long-term environment. that is the high prices and uncertainty of the energy prices and certainly demographic developments with the issues of trying to find employees they look more abroad simply because they think we need to find workers and we need to be closer to markets. there is the expectation of more

protectionism. all of that is bad for germany as an investment location. >> mr. fuest, i want to pick up on that because we have seen the fear of the exodus of the companies from germany to the rest of the eurozone or further afield are these fears overdone we see the stories about some moving the production to poland for example. are we really seeing a large-scale deindustrialization of germany >> i think we aren't, but we are seeing structure change. there is mass exodus and it is a slow process these are long-term decisions and if we look at investment today, we see that in germany, investment is still below the 219 level.

it is not a mass exodus. it is a slow process that doesn't make it better. something needs to be done to address that that's true. >> in the past, you have been vocal about the current government having or bearing some part of the blame does that mean we simply need a new government in place to make sure the picture for germany is improving or can the current government -- can they do anything to improve the situation? >> the usual yoissues we have te a result of the longer process it's previous governments that have missed reforms and i think, yes, the current government could do things. the trouble is there is no consensus within the government about the strategy and on ptop f that, the government would need the second chamber to do things. this became clear in the small piece of legislation about

stimulating investment in germany that was passed recently the second chamber where the states are represented said we don't want that legislation, at least not at these volumes they reduced tax cuts. germany's system is difficult to change things and the current government doesn't have majority in the second chamber. that slows things down still, what is expected from the current government is measures to support economic growth in principle, they should get their act together and doing it. >> they should get their act together on the other hand, i'm wondering to what extent germany is hamstrung that it doesn't want to run a budget deficit. i'm wondering if this is embedded in the german psyche or if this is the view of the current finance ministry do you feel if we get a new finance ministry in the next election that would materially change >> i'm not sure it will change,

of course, there is criticism of the current institutions, but they are very hard to change the next finance minister will have to deal with the current institutional setup. at these interest rates, it is not so bad to be careful about defi deficits at the same time, they should not forego investment. one option would be to talk to the opposition and get to the third majority together and set up some soft of special investment fund so the possibilities are there, but the majorities are not there, the political majorities are not there. yes, this does hold back investment >> clemens fuest, the president of ifo let's move on.

g7 finance ministers are issuing a rebuke of the china policies after the summit in italy. acut ac accusing it of under mining industry the group stopped short of the agreement of using seized russian assets to fund ukraine the issue is set to be the epicenter of talks again when t the g7 leaders meet next month charlotte is joining us here she was at the summit. >> it was a classic g7 conclusion progress, but not progress using the russian frozen assets of $300 billion. the u.s. first proposed confiscations. europe said absolutely not there were ramifications over

that the frozen assets to be used to back a loan. that was the latest proposal a $50 billion loan backed by the funds issued by the interest of the funds. this aid package was stuck in the house for months and then donald trump coming back to the white house. they want to look at the circumstances outside there. here as you were saying, the question is who boots the bill and who backs the loans? that is put up to the u.s. treasury representative that i spoke to saying we are not going into the weeds of who is backing the loan whether it is the u.s. or the g7 or the european countries. that is the concern. we don't have the details. some proposals with the hard work in the next few weeks to put proposals to the leaders when they meet in june they look to agree, but we don't

know the details. >> that is the crux of the matter stay with us we have an important story to cover. the french president emmanuel macron met with his counterpart in berlin as he begins the first presidential state visit to the country in 24 years. charlotte, the two leaders don't have the strongest of bromance going on they are so different in style and personality. really over the last day they have been playing up what they have in common. >> it is interesting you remember the macron did have massively different styles of leadership they did get on the same page for many things. the bigger picture was important when faced with a crisis with covid. they did agree on the joint borrowing for the recovery fund. the question is another chris was crisis

chancellor scholz and president macron have revived that friendship you saw them exchanges football shirts with the olympics and euro >> that is a nice moment >> things are difficult. we know over the past, european defenses is a key issue. germany is favoring the u.s. military is still the best o option and realistic one the question of joint borrowing to finance the industrial industry that france is keen on and germany not so much. you remember the war in ukraine and president macron potentially seeing boots on the ground in ukraine. his public rebuke on him from chancellor scholz that this would never happen this days agisagreement was so on something that is so evenings

existential for europe shows the differences. this eu elections coming in a couple of weeks. both leaders are facing this threat from the far right. in france, the far right is in the lead for germany, also, for chancellor scholz. when president macron arrived in germany yesterday, he said the existential crisis for democracy during the european election >> translator: i consider it my particular responsibility to get involved in the european debate even as president in order to unmask, if i may say, the rally as i said a few days ago this is important as i mentione earlier, the paradox is important and the far-right seem

to seduce people. >> they are both facing this challenge from the far right the paradox is the french far right and german far right are not on the same page you had le pen getting closer to meloni we will see if they are able to put something on the table that is tangible for european voters. >> that would be a strong signal to the u.s. and toward china we know there have been huge differences with the view on china and the strategic autonomy with france and germany. charlotte, thank you so much. let's change tactics south africans could be heading to the polls on wednesday in the congress party

opinion polls show the ruling party could end its time as lead of the country what stood out to me is we have so many voters undecided at this point. all right. it seems we have a bit of an issue with the line here we will get back to gutfried on the south african election. we will go for break we have a lot coming up on the show we are talking football and ether and the south african elections. stay with us for more on this monday morning in the markets. bye-bye.

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hello, welcome to "street signs. i'm carolin roth and these are your headlines the momentum from the nasdaq record close peters out with the german business morale steaming

out in the month of may. clemens fuest says corporations have a key role to play. >> in principle, they should get their act together and do it. chinese profits kbs bouncing back in april as policymakers ry try to reignite the world's second largest economy. and g7 look to bring together policies, but fall short of the russian assets being used for ukraine and . president macron is urging people over the far-right party.

>> >> translator: everything we value about europe would not exist. good morning it is monday and it is a public holiday here in the uk and also in the u.s that's why volumes across the european markets are going to be a lot thinner than usual in the absence of the u.s. and uk, we are seeing the dax up 0.1% cac 40 is adding on 0.2% remember, a lot of the markets had a pretty tough week last week we had stronger than expected data points which pushed the ecb rate cuts further. we had disappointing corporate news the european markets were under pressure the smi is up four or five points interesting story from the swiss market that i want to tell you about. the swiss bank julius baer held a tie-up with the efg. julius baer held discussion was

the banks in recent weeks, but talks have ceased. the ubs rules out the outsider to successor when sergio ermotti steps down the swiss bank to reveal the suck successors as early as next year. and the bbva is looking to takeover the sabadell. this kicks off the bbva bid. bbva went straight to shareholders after sabadel l rejected the initial offer and a chorus of ecb speakers are paving the way for the first rate cut next week speaking with the financial times, the chief economist

philip lane said barring any issues, they would remove the top level of restrictions. those comments were echoed by other board members over the weekend as they expressed confidence over easing monetary policy ahead of the mostmentous week nx week, yields are tapped higher not a lot of movement this morning or this week i assume traders will sit on their hands. the 10-year yield at 3.35. very much range bound for this year that is a good word to use for the fx markets we are seeing the dollar lower against the euro at 108.48 no major impact from the ifo business index sterling and dollar changing at

127.42 we're seeing the dollar and the swiss at 91.45 it has been a big week in the cryptocurrency markets i want to show you ether up 1.8% on the day bitcoin is down at 0.1%. sitting at 68,759 an an. following a rule change from the s.e.c. that could pave the way for an ethereum etf. our next guest says the introduction of ethereum has been a positive development for market freedom, but does not compete with the savings let's get to the chief investment officer for bitcoin how is bitcoin and ether different? >> good morning. great to be here although it is a holiday,

bitcoin is 24/7. it continues to track every day. you know, as you said, it is super interesting to see the recent developments. most of all, as you mentioned, this is super important with the developments very positive for crypto and digital assets in general. i think when i look at this, right, first i think one of the things we should bear in mind is the s.e.c.'s ultimate mandat disclosure if there is one disappointing thing about this is the lack of disclosure on all of the assets. if we look back at the last 15 years that bitcoin has been out there, i can tell many times you have conversations with institutions, the first thing on their minds is government banning bitcoin. the developments with the s.e.c.

pivot, but also more important with the comments the last few days, it is clear to see that is a shift in the landscape that governments will not ban this, but embrace the technology because at the end of the day, it is all a gain if they don't do this, they will lose votes and interest of the population. >> raphael, i want to pick up on the comments over the weekend. i will ensure the future of bitcoin and ethereum will be -- is he becoming protectionist of the crypto industry? the whole industry has been way too heavy handed >> i think so. if you look at how long it took for bitcoin etf to get approved, it was just mind boggling. as i said, i think at the end of the day, it was far from

protecting individuals it was far from giving disclosure on the risks. i think the ser.e.c. would have been better providing disclosure over why bitcoin is the ultimate savings technology and different from what we have seen in the past to make sure investors understood the self custody and how that works none of that has been discussed. the same with the etf coming out. nothing is discussed with the asset base or how it is different from bitcoin as you mentioned. none of that is discussed. going back to the political land landscape, i think as you said, it is super important with the shift and it is because individuals want access to the asset class. it is not only individuals if we look at what has been changing and has been happening particularly in the last few months after bitcoin etf has been approved, we have seen

gradual adoptions by institutions there is nothing to stop that now. it will only be exaccelerating from here. >> i really do wonder when cryptocurrency or digital assets at large, when will they be a standard part of the institutional investors asset allo allocation what percentage is the right one? 1% 5 5% do you think institutional investors would sustainably warm up to this >> it is happening every day we see family offices and high net-worth individuals. we are starting to go into the broader spectrum of individuals with the foundations and pension funds. that is happening already. i think when they look and it is the same way and if you look at any nascent asset class with the

investments which came into play and they get comfortable with it, that's the right way to do it bear in mind, all of the institutions have policies and investment policies in place that need to be changed. the cios need to understand the asset class and they need to get comfortable around it. if you look at the good news, you look at the asset allocation perspective, you have 15 years of a stable monetary policy on bitcoin and you have a lot of data also in price with ten plus years of price action of bitcoin and if you look at asset allocation and risk and return and adjusted risk/return, bitcoin fits in a portfolio. what we have seen in institutions varies. we have seen insurtitutions sta small. .5% or 2% for bitcoin. through that process, we see

something that we see a lot with individuals as well. they get more comfortable. we understand the asset class. they see the benefits of it. just like any other investment as soon as you have it in the portfolio, you start to really learn and understand you get to the point which as we said in the beginning is why bitcoin is different it is the ultimate savings technology it can be monetized by individuals and central banks. we know exactly how much the cap is going to be that's not going to change i think individual institutions are gradually waking up to that. >> i want to get an outlook from you on the price of ether. you said ether is different from bitcoin. i have a forecast chart here analysts believe ether will rise from $8,000 from roughly $3,700 by the end of the year to $14,000 by the end of next year.

they expect $15 billion to $45 billion of inflows in the first 12 months of the eetf being launched is that too conservative >> i haven't seen a lot of people get predictions right in bitcoin. the same is true tfor other asse classes. i think there is a need to monetize anything in today's world. even meme stocks get monetized because assets have to go somewhere. people are disillusioned with the current investments. it may continue to p cacapture t value. i go back to the fundamentals. that is what people should be questioning. the difference between bitcoin and other digital assets the difference with most

investments and people look at digital assets, they tend to shift investments and shift to stocks and other companies the reality that we are talking about is a monetary base the monetary base is a winner-take-all scenario where if you have the best money, the best money will drive out bad money. if bitcoin really establishing itself as the monetary base, at least on the monetary asset persp perspective, there is no room for competition. it is an interesting technology, but competes in a different world than bitcoin digital oil -- this is closer to digital field. culminating to the proof of stake. very different infrastructure and different architecture

people should understand that and come to their own conclusions if they should have it in the pcortfolio or not. >> last question to you. do you hold bitcoin? >> i hold bitcoin personally i do not hold ether. we are a bitcoin only company. >> thank you so much for your perspective and insight analysis on everything bitcoin and ether and u.s. regulation. chief investment officer at swan bitcoin. moving on. ukraine president volodymyr zelenskyy has appealed to president biden to attend the peace summit in switzerland. his comments come as russia steps up attacks with zelenskyy warning that moscow is gaining troops for a new offensive at least 35 people were

killed sunday night after israeli missiles hit a camp in southern rafah is is israeli's military prosecutor said it is very grave and being investigated dan murphy filed this report >> reporter: distressing images coming in over the strike in gaza three dozen people were pulled in rafah this strike occurred in an area called tal saltan. 35 people died after being trapped in the flames. majority being women and children video being shared to social media and verified by nbc news shows a tent area engulfed in flames palestinians can be seen fleeing for safety and civil defense crews attempting to put out the fire the palestinian red crescent

society said this place was designated by the israelis as a humanitarian yarea where they were told to shelter in place. the israel defense forces said it was carried out under target under international law. it is unclear if the israeli targets were hit we saw israel hit by the barrage to force the silence of tel aviv the missiles were intercepted and not reports of casualties or damage this cycle of violence comes after the international court of justiceordered israel to stop the assault on rafah over the weekend. it is understood that prime minister netanyahu is holding that review, but unlikely to

change the course of the war in abu dhabi, dan murphy, cnbc. the progress with european football surges with the biggest names involved aufugahat means for the betil me that's coming up next. 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, available at walmart and drinkcirkul.com.

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welcome back to the show trade is top of the agenda at an the first summit in four years with the leaders of china, japan and south korea. today's summit has bilateral talks which were key chery filed this report. >> reporter: it was the first trilateral in four years it looked like china and japan and south korea wanted to ease into it with trade and economy all sides looked for three-way cooperation. china's number two, premier li, called this a new beginning with south korea and japan.

japanese prime minister fukushima said this is a chance to recrvitalize the talks south korea said the three countries agreed to build transparent and predictable trade environment and supply chain. the three-way summit was followed by business summit leaders where they worked on green technology and aging systems. this sold as a chance for investments. while in seoul, li held talks with the head of samsung the consensus seems to be it is a good thing for the three countries to meet and talk, but the hard work starts now given there are a number of thorny geopolitical issues at hand,

such as the u.s. efforts to edge out taiwan and china i'm chery kang, cnbc hong kong. technology will have to evolve accordingly as whether it becomes more extreme this comes after another mid air square with 12 people hurt on the flight from doha to dublin we have dana griffin with details. >> reporter: ambulances racing across the tarmac after the flight from doha to dublin one showing the cabin in dis disarray food flattered on the ceiling. >> panic everywhere. >> next, we saw the flight attendant go up in the air and come straight back down. >> reporter: the dublin airport

says it was overturevert turkey hit turbulence. >> some had scratches on their faces. one girl with a sling on her arm. >> reporter: emergency crews evaluated passengers on the plane in dublin. eight people were taken to the h hospital. >> it was scary. >> reporter: the airline says it is the subject of an internal investigation. this comes after the singapore flight hit severe turbulence one person died of a suspect the heart attack turbulence is common, but this is rare. climate change could cause the number of insurcidents increase heat nation the jet stream vol volatile >> how advanced is this to get a warning this is about to happen? >> it would be a game changer. >> reporter: another game

changer? seatbelts. >> it keeps you in your seat and not in the ceiling >> reporter: if you are out of your seat during a dip, try to brace yourself to avoid injuries dana griffin, nbc news now more than a third of football clubs in the top five leagues have financial backing from private debt firms or venture capital. recent akcquisitions have continued with data released last year showing 5 billion euro of annual investments by dealmakers in europe's biggest leagues. let's talk about this with kieran pe typically stands for value

creation what does this look like in football >> i think what the pe model is doing is looking for growth opportunities. i think there is a belief, especially from u.s. pe investors, that the soccer market is hugely under valued when you compare its popularity to that of other sports. they have the skill sets to de-risk football clubs and competitions and to improve revenue streams and ticketing and broadcasting deals and the sponsorships and commercial partners you have organizations such as the premier league who broadcast to 197 countries around the world. that is a huge amount of eyeballs >> what kind of target returns can lps expect in football teams? is there a certain track record here that is representative of

pe investment in football? what can you tell us is it value creating or value destructing? >> i think it is an element of both with the recent investments, new owners are coming in and taking t a look at the cost base of clubs. i feel if they spend smart, the track record is bad with the spending big there's the increased use of data analytics from pe which they are used to doinginvestmen. if you have a promotion, you will make a significant return on your investments. there is no money to be made in football while you are there 19 out of 20 premier clubs lost

money. there is the use of growth with the ar and avatar and use of broadcasting rights. >> you are talking about a mixed track record so far. i want to signal out inter milan. we saw oak tree on the debt side here is it smart for the players come in on the debt side and someone else take in the equity risk in the case of milan, there was a monetary risk here is that a move for others? >> i think a lot would depend on the rate of quewhich you arie g to be lending. football is a strange beast because you don't get to the

private equity and those lenders and investors who are looking for a financial return there is a significant proportion of the market which is owned by trophy asset owners looking for emotional return that caused a distorted impact as far as the prices for talent is concerned first of all, in respect to the premier league, premier league wages have increased by 3,600% since it started in 1992 compared to revenues increasing by 2,800%. that is why they are losing money because the trophy asset owners are distorting the market by setting new benchmarks. if you are coming in from the debt side of things, provided you still got your real estate assets and security and so on, you are relatively risk free and make your return with the interest being charged >> you make a really interesting point with the trophy assets

maybe these big investors, the billionaire investors, d distorting the market. does it remain a playing field, no pun intended, for the owners? will it become an instit institutionally accepted asset class in its own >> i think you are absolutely right there. if you are a billionaire, you've got circles of cash. what do you do how do you become known? you've already got the apartment in monaco and the three helicopters and the yacht. you are looking over manhattan each morning from your other apartment, but nobody knows who you are. if you acquire a soccer club, you become known globally. if that club is successful, you made it attractive to investors all over the world therefore, it does create a

slightly different ethos because you still have the people coming in from the traditional perspective. >> kieran macquire, thank you. we want to show you the european equity markets. the dax with a gain of 0.1%. we saw stagnation with the ifo business climate the ftse mib is up .25%. on a programming note, minneapolis fed president neel kashkari will speak to "squawk box" tomorrow morning. that is it for today's show. i'm carolin roth stay with cnbc we will see you tomorrow bye-bye.

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on this special episode of "unlocked: living abroad"... welcome to my apartment in paris. marisa: she's living her dream in the city of her dreams. but making the big move was far from easy. then, we head south of the border, where life is a whole lot cheaper. welcome to my apartment in mazatlan, mexico. marisa: next up, the happiest place in the world. hi. welcome to our copenhagen apartment. marisa: how a primary school teacher from texas unlocked happiness by moving abroad. then, we follow a digital nomad to croatia. steve: i moved to croatia from new jersey. i live on $47 a day here. marisa: and then, we're unlocking lisbon, where an american family spent half a million bucks on a new 400-year-old home. hi. welcome to our apartment in lisbon, portugal.