that's all for this edition of "dateline." i'm craig melvin. thank you for watching. ♪ welcome to "street signs" everyone i'm silvia amaro and these are your headlines india election looks to pro-business reforms. wall street futures point to further selling as the latest manufacturing selling in the u.s. slips to contraction territory and now the attention

turns to the jolts data. and the maersk hikes atop the guidance as the red sea tensions and strong demand is driving freight rates higher. and oil prices extend their slide as concerns over the u.s. market and consumer outlook offset the opec plus producer pledge over cuts welcome to the show, everyone today has been a very eventful day for global equities. we're just basically an hour into the european trading session. today is a very good example of how politics, sometimes, have a direct impact on the equity space. we'll have more on that in a moment, but first, i want to

show you how european stocks are trading at this stage. stoxx 600 is trading below the flat line. this is a different picture from monday's session where the stoxx 600 posted marginal positive gains. let me take you to the boards to understand the picture across the geographies in europe. you can see it is mostly a negative picture at this stage i would highlight the ftse 100 down .60%. earlier today, we got data from the british consortium showing retail sales, i should say, rose in the month of may, and a lot of that had to do with food sales. looking at germany, which is an important one this morning, the main market is down .5%. unemployment data showed it rose more than expected in the month of may so, not good news out of the german data more broadly speaking at this

stage, one of the open questions for traders is what will happen when the ecb meets on thursday of course, the expectations are the central bank will cut rates by 25 basis points the key question is whow many markets can they expect for the rest of the year let me take you to the different sectors as well so we understand what happens or what is happening, really, with the corporate stories. we have at the bottom oil and gas down 2% at this stage. one of the key questions is what happens in terms of oil surprises. we are seeing them trading at a four-month low that is also having an impact on some of the oil stocks in terms of basic resources, it is also down by 1.7% another part of the market we are monitoring this morning is

actually what's happening in autos. one of the more points here is actually if the european union imposed sanctions on chinese evs and this morning we got to hear from the chinese trade minister putting pressure on spain to dial back the rhetoric we are getting from brussels. let's see what outcome we get. when it comes to the best performance, we have utilities up .40% and the tech space up .30%. let me show you what u.s. futures are suggesting at this stage in terms of how the u.s. stock market will open later on today. you ccan see on the screen it i looking to open at a lower start. this is off the back of the weak manufacturing data today, there is focus in terms

of the thejolts data that is the key looking at the wall street session today. i was mentions earlier how politics, sometimes, has a direct impact on what happens in the markets. that is in the context of the election out of india. you can see at this stage mostly of the session, really, from india is suggesting significant losses at the moment for instance, when it comes to the nifty, the main market in india, it is currently down 5% earlier today, it was down as much as the 8% significant losses there when it comes to the sectors, you can see it's mostly all in the red and significant losses for instance, oil and gas down 9% metals down 8% all of this because traders are looking at the voting count and thinking that narendra modi might not be able to get as big

of a majority as traders unus initially thought. that is having a negative impact in the indian stocks i want to mention to you to put all of the moves into context, the indian shares are currently seeing the worst day in four years. that is significant. in terms of some other moves in the indian space, when it comes to the adani, it is also moving lower in the session pretty much continuing what is happening in other parts of the market let me show you a couple look at the number down by 15%. 1-5. 15%. and adani power is down 11%. as i was suggesting earlier, one analyst did mention in a note earlier today that perhaps this could be a short-term reaction

depending on that final number on how big the majority will be. we will wait for the results, the official results, to understand how big the majority will be for narendra modi's party and, of course, what it means in terms of pro-business reforms. when it comes to global buyout deals, it is hitting deal-making activity in europe and asia in particular according to the data compiled by bain and company. i'm pleased to say the ceo and annette joingss us on the show first and foremost, i want your thoughts on real estate. other private equity members earlier this morning were suggesting this is a point of concern for them what are your thoughts when you think about real estate at this

stage? >> yeah, good to be back on the show when it comes to real estate, the cycle, of course, is elongated. it is a bit more cyclical than other asset classes and it is more interest rate sensitive if you look at -- if you look at eqt across our asset classes, we started leaning into the private equity and infrastructure markets at the beginning of 2023 we started leaning into our real estate business at the end of 2023 and beginning of 2024 we believe that the cycle is about to turn. interest rates are stabilizing and inflation is stabilizing we find the opportunities in logistics and multifamily. >> let's look more broadly at what is happening in the markets because there's a lot of conversations about dealmaking

and potential ipos last year, you said this was a no-lending period in terms of dealmaking has that changed are you more positive in the dealmaking and potential ipos at this stage >> yes, i am more positive i think we're in a real recovery now. if you start with the credit markets, i talked to my colleague the other day, and he said they were actually hot. if you look at the sources, syndicated loans and bank loans and high yield and private high yield, they are all open and available. there is a lot of competition. base rates are coming down the deal making will start to increase as the year goes by when it comes to the public markets, the ipo market is open for larger high performing companies that are easy to understand where the equity

story is crystal clear it is not yet open for medium-sized companies or the story is unclear. >> i want to get your thoughts on the outlook for private equity as a whole because i want to share this number with you in that context essentially, there is a report suggesting that eqt is sitting on $3 trillion of unsold assets. just tell us what is the outlook here what are you planning to do? can you use these as hsets >> i started in the industry 30 years ago and we were talking about dry pouwder compared to deals. i'm not so concerned if you look at this whole industry all the way from private credit through the private capital and infrastructure, we find tu

opportunities all over the world. in particular, there are certain themselves we are investing in with infrastructure which is related to the energy transition and the digital society and a.i. and everything needed to drive that transformation. we see a lot of public to privates a lot of public companies are shrinking in the world the number of companies owned by private equity are increasing in the world. we are actually quite positive on the outlook for putting capital to work and not so concerned about the dry powder >> christian, it is annette here in berlin from the conference. i wonder what you think about the ipo pipeline and whether you think about tapping the markets with the public markets being attractive right now >> thank you for the question, annette. yes, i think it is right for the

com companys to go public today. it is more complicated and as i've spoken about before, the ipo markets are the challenged with the majority of the public markets being etfs and index funds not allowed to buy ipos. there are a shrinking number of buyers for ipos. regulatory questions are there in europe, we have a fragmented public market space with the stock markets. there are challenges in the public market, but it's an important part of our exit strategies in 20% of our companies which will still go public >> if you look across the investment horizon and the industries, valuation not quite rich everywhere, but do you still see pockets of certain industries that are still

important to tap into right now as an investor >> as a growth-oriented investor, we are driving deals in sectors like technology and software and healthcare where an aging population, of course, supports long-term growth. the digitalization of society, we have data centers and fiber cable and a number of services around those we try to find the long-term themes in society and invest in those. having said that, the top sectors which are growing, multiples are really high. we are seeing some credit providers are providing leverage and we are declining leverage. the areas that are hot, are quite hot, but for the immmedioe companies, there is not yet much activity. >> let me also ask you about a.i.

in berlin, it is a hot topic are you looking at a.i. opportunities or is is still too early? >> yes, we are we invest in venture capital for the long term and in real estate all those sectors are impacted by the digitalization of society. we are investing in a.i., not so many direct a.i. companies with the chatgpts of the world, but the infrastructure and the software that needs to serve the industry and hardware that needs to serve the industry. we find a lot of opportunities we have one exciting company, a leading robotics company is deeply reliant on a.i. to perform whether they are making humaniod robots. we are trying to attack it from all sides. picks and shovels is our approach. >> christian, i would like your thoughts on the recent report suggesting that eqt was interested in buying the video

game services company. if you can't talk precisely about this, can you highlight if this is a sector that you are also looking at? >> i can't comment on specific deals. in general, public to privates is very active we have one in england and one in india and one in france we just did one in sweden a few months ago so, there is a lot of activity in the public-to-private space when it comes to the video game industry, there are certain parts of it we find interesting and it would be the picks and shovels to the industry and we own some companies in that space already. >> you were suggesting that you are looking at different angles when it comes to a.i i'm interested in getting your thoughts in terms of a.i. versus the energy used that is needed for a.i. to actually work. when you think about it, are you more pro-a.i. or are you looking

at energy solutions here to basically answer the needs for a.i. in the future >> that's a great question we are looking at both we actually have our own significant a.i. team we call mother brain, we have four data scientists working in i.t. to make us sharper. when it comes to the question, we own a large data center business and we partner with microsoft and google and amazon, et cetera. in that company, we no longerce but the grid around. the players in the industry need to find solutions and land areas and space where you can get renewable energy which is what we are really trying to do to find sources of energy that are sustainable for the long term and can support the digitalization of society. we think that trend is inev

inevitable it is very important that we do that in a good way >> let me ask you about pharma because there are so many trends are you interested in investments in that sector as well >> yes, we're a large investor in healthcare across private equity and venture capital and growth we find quite interesting opportunities in orphan drugs or, again, the services and manufacturing around the drug space. galderma is the largest prescription or one of the three businesses is the prescription business around skin health. with aging society and certain lifestyle trends in the world, we find it is an exciting space to be. what we do know is we are careful about the provider space, but we would rather focus

on medical technology and health care i.t. and like i mentioned different areas within prescription drugs >> christian, we don't have much time left, but i want to get your thoughts on the rate environment because we are likely to be a few days before the ecb is going to cut rates. i was wondering if you were thinking if this is a turning-page moment or if you are concerned rates will remain higher for longer. >> i believe they will stay somewhat higher for longer we don't expect the anomaly that was there for a few years with interest rates being zero or negative to come back. we don't want to rely on that. we want to rely on the fundamental creation in the companies. that is important as an industry that we make companies and industries better and more sustainable for the long term

and, therefore, more valuable. what is important is the industry outlook is stabilizing. that's what we all need to make deals happen >> christian, thank you so much for your time today. that was christian sinding, ceo of eqt partners. coming up on the show, moody's looks to send equities lower. we will bring you the latest after this break switch to shopify and sell smarter at every stage of your business. take full control of your brand with your own custom store. scale faster with tools that let you manage every sale from every channel. and sell more with the best converting checkout on the planet. a lot more. take your business to the next stage when you switch to shopify. what is cirkul? cirkul is

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welcome back to "street signs," everyone. let's look at the equities as prime minister modi's majority looks set to be squeezed after this latest election mo moody's looks to see him win a third term in office official numbers by the indian electoral commission states the ruling alliance will look to win the majority in parliament with the moodi's majority gaining th

seats. with that in mind, i want to show you how the nifty 50 is trading at this stage. it is currently down by 4.4% earlier in the session, it was down as much as 8% and all in all, we are seeing one of the worst sessions for the nifty 50 in four years. some significant losses here i'm pleased to say tambir gill is here with us. how much is driven by potentially not seeing pro-business reforms happening in the future? >> reporter: silvia, firstly, thanks for having me on the show i think there is just widespread disappointment especially among investors. you have to remember in the run-up to the election at the

start of the year, there was a major speculation on the results that happened in december that they would be a major modi wave in the general election that gripped the country. from that standpoint, the expectation was that modi would comeback bfor a third permterm d that might still be the case if he gets a simple majority with his allies, that might still be the case here is the important story that i want to highlight to your viewers in europe. modi's party is struggling at this moment to on a stand alone basis to claim majority. this is in stark contrast to the standalone performance minus allies compared to 2019 where

the party won -- sorry, in 2019, the bjp won 303 seats on its own. in 2014, it won 282 seats on its own. crossing the halfway mark without the support of allies. currently, they are leading in between 235 to 240 seats in that range. it is turning into a struggle to go past the halfway mark on its own. it may need its allies or alliance support to go past that mark may, in capital letters, if i can highlight that if that were to happen, modi's alliance comes in with a majority, he would still come back to power and come back for a third term what would be important is how he doubles down on economic reforms. the first 100 years will be critical in his tenure and term

as prime minister for the third time in india. not just land reforms, but also in terms of opening up more sectors for fdi and menthen in july, you have the budget with the effort made by the anllianc to bring up the prospect to course correct and regain p p popularity remember the final number on the tally for the bjp and indian alliance would reflect modi's popularity and his resolve to actually pass the unprecedented reforms and strengthen india's position on the global stage lots at stake in the next few hours. we will have more clarity on how

many seats bjp wins and the total tally for the modi alliance silvia, back to you. >> thank you for breaking it down for us, tambir, in a very important vote for india, but we are seeing the implications on the equity space i'm pleased to say we have another guest joining us now to discuss the outcome of the indian election in more detail the senior research fellow for south asia at chatham house. good morning thanks for being with us first and foremost, it seems although the majority might be smaller than what we have seen in the past, narendra modi will get another term my first question to you is what sort of economic priorities, really, do you think we will see from this new government >> thank you thank you for having me. obviously, as we heard, we are waiting for the dust to settle i think the expectations are we are likely to have a third term

modi-led bjp government. on the reform front, we will see a tweaking of the existing policies with the fiscal management and the tax system needs further improvements nationwide goods and vservices needs to be simplified the issue is the foreign investment the key campaign for the bjp is make india a global manufacturing hub in the area of semiconductors and electric vehicles and food processing and textiles and pharmaceuticals this will continue the push on infrastructure development and trying to strengthen india's export competitiveness we will also see a continued push to try to conclude free trade agreements there are several agreements recently concluded with countries like the uae and australia and the key watch

points are the united kingdom and european union beyond that, the key challenge would be to see if there will be a renewed push on the political lic ly sensitive reforms at the time, it looks difficult. we have to see if we see a challenge in implementing the reforms. the government had to back down following large-scale protests by farmers in 2021 i think there are, you know, several reforms in the pipeline, but they will depend to a large degree on the strength of the mandate that the government is able to secure. >> i would like to get your thoughts also on how likely is it for narendra modi to actually

we have issues with apple to be present in india do you think he will be able to deliver significantly on adding jobs in the indian economy >> i think it is a challenge there has been a degree of rational exuberance. there is a belief that india is the key risk to push supply chains away from china the country, to the government's credit, it has policies with heavy investment on infrastructure you know, what we see is it continuing to face challenges. in the area on labor, india is not labor strained, but it is a key issue. there needs to be an investment in human capital the country continues to face high levels of disparity and inequality

two-thirds of the population are on some form of food support we see high levels of disparity between the prosporous south and north. between those that are working in the india's large family-owned conglomerates and those in the small and medium-size enterprises to a degree the indian economy faces structure challenges which will make it difficult in fulfilling its potential. >> i want to get your thoughts on the geopolitical aspect we are thinking about the audience here at cnbc. we are approaching the u.s. elections in a couple of months time what will happen with the india and u.s. relationship? >> i think there is a high level of engagement. we have seen the bilateral

relationship moving with strength to strength with defense to technology and energy policy i think irrespective of the u.s. election outcome in november, the relationship will continue to deepen. there are friction points depending on the outcome a second term for the trump administration will look for a foreign policy toward india which would raise friction in trade and immigration and a second term biden administration tends to adopt a more value-driven policy with human rights record. >> thank you so much for sharing your thoughts with us. that was the senior research fellow for south asia at chatham house. for more market news, sign up to our inside india newsletter. it will give you an inside look of the stories shaping the narrative in india each week

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welcome to "street signs." i'm silvia amaro and here are your headlines equities sell off as narendra modi looks to narrowly get the significant majority. european markets in the red and wall street points to further selling as the u.s. manufacturing data slip ns into contraction territory with the jolts data due today oil prices extend their slide as concerns over the u.s. market and consumer outlook offset opec plus pledge to extend cuts.

and gamestop shares clim higher pre-market continuing tuesday's rally as roaring kitty returns to social media. cnbc has been on the ground all morning at the super return conference asking industry leaders about the outlook for private equity and where they see the best returns >> the real estate sector is a space that is set to have a funfund fun fundmental re-rate we are spending less time in office as an example many traditional asset classes in real estate are finding it hard to find financing >> public equity is looking and we tend to look as well. with the lens of the defensive

and stable and non-cyclical sectors, we look at business services and software and healthcare and specialized distribution three or four sectors that we are heavily skewed toward. >> we are really excited about the growth opportunity and infrastructure we feel infrastructure will require $5 trillion of annual spend for the foreseeable future for us, the financing for those needs will migrate as we have seen on the corporate side from the banks to the public sector to the private side which gives an opportunity to public credit. >> let's get back out to annette at super return. annette. >> reporter: thank you so much, silvia i'm joined by john carter, the ceo of hollyport capital you have been around since 1987 in the private industry.

where are we in the cycle right now? >> the markets have evolved tremendously over the last 35 years or so. where we stand now is an asset class that is recognized by investors around the world and it is attracting increasing amounts of capital because of the attractive investment returns that are generated it is an intricate part of the portfolio. >> reporter: this is a hot topic in europe, but you need security about regulation how do you feel about europe being right for loads of investment >> private equity wants consistent regulation. it wants a level playing field if you get that, the capital is available to support these projects. >> do you feel the level of regulation or other consistencies are right for you to grow your money >> if you look across the industry, the answer to that has to be yes.

they are increasing massive amounts of capital deployed across europe. it is now far more accepted as a sense of capital. >> reporter: let's look at the united states. despite that, everybody wants to invest in the united states, it is an attractive place to put your money to work which industries are you looking? >> we are looking across the globe and we invest in the vast range of industries. the attraction of the u.s. market is agre growing economy d an economy that wants to do business i think sometimes the challenge in europe, people are reluctant to do business they look backward rather than forward. >> reporter: we have been talking bengabout investing in funds. why is that and what makes that attractive >> private equity is a ten-year

model. the reality is that with longer holding periods, a lot of funds are extending beyond ten years we provide a liquidity solution for large institutional investors for portfolios and to sell the mature fund interests >> reporter: of course, the longer holding period has something to do with a lack of exit possibility how would you say is the consideration around exit? is it improving because of public markets improving or is it still difficult >> it is still challenging if you look at exit volumes in the first quarter this year, they are actually down on the first quarter of last year i think what we are seeing now is we are seeing a return of the debt markets that has a big impact on m&a transactions that is the first step the next step is the agreement with borrowers and sellers that will come next. >> reporter: let's focus on the

ipo markets. we had some ipos that were successful and some were not what made the difference >> you have to have a good story to tell that investors are really attracted to. you can get a good company with good growth prospects and appropriately priced and people will buy into it >> reporter: what is the outlook for 2024 are the markets more stable so ipos can actually come back? >> i think we are starting to see that now certainly, people are getting more comfortable with geopolitical risk. people see that inflation is now under control and starting to head down. interest rates have certainly peaked out and hopefully come down that creates an environment that is more comfortable to do business >> reporter: the interest rate environment has been challenging on top of the geopolitical risks. do you think we get a better picture from both fronts during

the course of the year >> i think we are. i think everyone thought the fed and the u.s. would lead the charge in terms of reduction in interest rates what we have seen is a buoyant u.s. economy what we will now see is the ecb will be the first to cut rates i think that is likely to happen in the next month or so. >> reporter: does that also mean, in other words, europe could get more attention because we are seeing a divergence in the interest rate trajectory >> i think in terms of capital deployment, people look at the growth prospects right now, the u.s. is a more attractive proposition than europe >> reporter: thank you for the time and insight. >> thank you very much >> reporter: guys, back to you more from here during tomorrow's show of course, there is plenty more to talk about from the super return >> thank you, annette. we will cross over to you during

tomorrow's show. let's show you how european stocks are trading at this stage in the european trading session. you can see to my right, the major boards are all trading in the red. we see more pronounced moves to the down side in spain and in italy. early this morning, we actually got retail sales from the united kingdom with a rebound in the month of may looking over at germany, however, unemployment came in higher than what analysts were expecting. at this stage, we have the dax down .70%. i want to take you to some of the corporate stories we are following this morning one of them is maersk. the company actually raised its full-year profit guidance for the second time in a month the shipping giant cited strong demand and the crisis in the red sea. it now predicts earnings to be in the range of $7 billion to $9 billion, up from the previous

which was 4 bi$4 billion to $6 billion. we are seeing shares moving higher looking at another german company, the state lender kfw has sold 110 million shares in d deutche telekom. this comes as it will build out the country's rail network this is an important trend to monitor across europe. at this stage, the stock is down almost 2%. the german army is planning to order an additional 200,000 artillery shells from the armsmaker rheinmetall. the extra shells are intended to

refuel armies as germany helps ukraine in its war against russia we know the overall defense story is an important one when you think about, also, the upcoming european elections due to start on thursday let's show you the futures at this stage as we approach the open on the wall street. at this stage t could be a lower start to the trading session on wall street. yesterday, there was disa disappointing moves on the back of weak manufacturing data today, all eyes on the jolts number let's see what we will get during the wall street session. coming up on the show, we will look at oil prices as they extend their declines with the analysts split on the post-opec meeting outlook. we'll have latest after this break.

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now, welcome back to the show earlier, i mentioned this story. the chinese commerce ministry hopes spain will encourage the eu to support a fair and

predictable environment in the green energy sector. this comes among talks with the chinese electric vehicle sector. an important one to monitor in the coming weeks steve had a chance to speak to the swedish minister to development and kocooperation a foreign trade and talked called for more protection. >> we need to be competitive that is our protection to do more things competitive. we don't have the giant home market to rely on. that is why it is important to have the free and open trade that's why we are skeptical to more of a geopolitical tendencies when it comes to discussing trade we want to go the other way around here. we want to have more free trade agreements we are looking at chile and mexico, et cetera. that is how we create the

prosperity that we have been enjoying so many years here is the story we have not spoken about in a while. the national gas prices in europe have jumped to the highest number in years following an outage in norway. we have seen the energy crisis easing in europe, but this latest development out of norway did put some pressure in the market staying with the energy sector, let's show you how oil prices are moving at this stage we have brent trading at $77 a barrel wti is moving lower by about 1.7% we are seeing prices basically hovering around theirlowest levels in about four months. this is as the investors are worried about supply and have a cautious demand outlook from the

united states. as we keep a close eye on the oil prices, dan murphy joins us with more. dan, what do you make of these moves? we see the numbers at the lowest levels in four months. >> reporter: that's exactly right. prices tracking at a four-month low. we see downside pressure for brent and wti. asian markets and equities are pointing lower here. oil is falling in a down market. fair to say the knee-jerk reaction to the opec meeting this week has been bearish we are seeing prices extend declines right now with regards to what we saw coming from the meeting, opec plus extended the production cuts to 2025 opec outlined a plan to unwind the voluntary output cuts from october. the prospect is spooking traders

here with rival production in the united states looking really strong right now and also a big question mark over the outlook for demand with global central banks still pretty unclear about what the cut timeline is going to look like however, we did get a chance to speak with the saudi energy minister on sunday he says opec has the flexibility to manage supply when he joined this call in the following opec meeting on sunday. here's how he characterized this move to add barrels back on to the market listen in. >> we want to make sure like we did in the past is be cautiously optimistic and ensure the market guidance -- although we hope nothing happens to continue this

increasing production as we have put in that schedule however, we maintain the choice that we could pose or could reverse. this is not new. we have been doing it over the last three years and i think it is proven to be effective. >> reporter: the saudi energy minister there i think it is critical to underscore that he says all of this is dependent on market conditions as it stands, as well, if opec goes ahead with this plan, we could see 500,000 barrels on the market by december we could see 1.8 million barrels on the market by june of 2028. we have seen analysts reacting to this and a fresh note of the plan to bring back barrels and unwind production cuts is unlikely to tilt the market to oversupply

it expects ps brent to trade ath $87. what was interesting to me is we saw goldman sachs disagreeing here with ubs. they said this meeting was bearish oil. they now see a risk to the $75 to $90 forecast as well. the reaction to the recent opec meeting has been interesting you have to remember oil is down today in a down market at the same time, opec might not actually go ahead to the plan to add barrels back to the market if market conditions don't warrant. that's where we stand. >> great reporting, dan. thank you for bringing it to us. before we approach the end of "street signs," i want to look at the final trading at this stage. you see all of the major boards in the red more pronounced moves in spain and italy. one of the open questions for investors at this stage is what they will hear from the ecb

later this week. in this the moves in the u.s. market, the shares of gamestop surged on monday jumping more than 70% at the open before pairing back to close 21% higher this after a post on reddit linked to keith gill known as roaring kitty claimed to hold 5 million shares in the company totaling $150 million as of friday's close making up 2% of the company's shares looking at u.s. futures, this is how they are shaping up at this stage. they are tracking for a lower start to the trading session on wall street. let's see what will happen that is it for today's show. i'm silvia amaro "worldwide exchange" is coming up next. of your business. take full control of your brand with your own custom store. scale faster with tools that let you manage every

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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." under pressure stock futures pointing to a lower open after weaker than expected factory data put the damper on the first day of june trading and creates more questions about the fed's path forward. that economic data impacting oil after opec plus decides on the cuts we are live in dubai with reaction. and retail trader favorite roaring kitty sparks a tough decision at one trading house. and indi