fe yeah. [music playing] [dramatic music playing] ♪ welcome to "street signs." i'm karen tso. these are your headlines. slower growth points to more weakness in domestic demand. exit polls show the left coalition in the lead securing eight streets in brussels and building the anti-immigration pvv makes strong gains one seat behind. the ecb cuts rates for the first time since 2019, but the

persistent price pressure has one more cut this year, but christine lagarde refuses to commit to further easing. >> i cannot confirm it is the dialing process that is underway. there is a strong likelihood, but it will be data dependent. and u.s. futures point higher as attention turns to the all-important jobs report with operators looking for any signs of labor market cooling. it is all about the data. the mainland market with the chinese export growth roaring past estimates in may coming in at 7.6% higher on the year versus the 6.6% reuters pencilled in. expansion was five times higher

in april. the trade surplus with the united states widened to $30 billion the as import growth came in above expectations. our colleague emily tam filed this report. >> reporter: exports grew at a faster pace in may with exports beating ex-pecexpectations. i am imports were a miss. the chinese economy recovering at various speeds. protracted weakness in the profit sector is the biggest drag on the world's number two economy leading to consumer confidence and hurting consumption. the surplus grew to $82.6 billion last month. asean is the number one market for china followed by the eu and

the united states rounding out the top three. china surplus widening to $30.88 billion. i'm emily tam in hong kong. thank you. we have a lot trading on the stoxx 600 with fresh gains yesterday. not the case throughout the morning session. investors still taking stock of the messages yesterday from the ecb that perhaps there is a level of uncertainty with future rate cuts from here. don't forget we have the ecb watching inflation. whethe what we are seeing in terms of monetary inflection and the challenge with the inflation level at 2.6% and going to be above target for this year and next year. challenge getting back on the final mile as we talk about through the lens of the united states as well with stubborn challenges. the market on the back foot in

session today. non-farm payroll from the united states to add to the complexity. we are talking about a still tight labor market driving up services prices. let's get into what we are seeing at a market level in europe. a slippage of 27 points on the ftse 100. down .30%. slim gains before the session. a likely negative after today's trade. when it comes to french stocks, there was leeway for the french and german storcks to close out positive. we are giving back .30% on the french market and .40% on the german market. in contrast to what we have seen from the united states, the u.s. market has been a furtherm trad than here in europe. we are down on the italian market by .20%. slight slippage from the ibex in

spain. in terms of sectors and what investors are trading, technology is still at the top. technology stateside was the pattern we saw yesterday. here in europe today, it is on the front foot. retail up .20%. household goods and banks are areas of support. the interest rates withthe real estate on the back of the ecb as investors digested the ramifications of the ecb statement and the updated forecast from staff. you can see that sector peeled back. today, more casualties down 1%. basic resources also trading weaker weaker. let's push on from the exit polls from the netherlands. parties holding off from the far right with the country the first of 27 eu member states to vote in the parliamentary elections. silvia joins us with more.

silvia, a lot watching the dutch result for the parliamentary elections. weigh in on what we are witnessing so far and what the next couple days holds. >> reporter: so, we have exit polls from the netherlands. they do show, karen, more support for right-wing the policymakers. this is also what we are expecting at the euro level. let me digest the exit polls in more detail with my next guest. the mp for the group in the european partnership parliament. good morning. from your point of view, who won theses elections in the netherlands? from the european perspective, who do you think is the winner from yesterday's vote? >> the winner from yesterday's vote, is, of course, the right because the far right party in

the netherlands won six seats in parliament which is substantial for the dutch. i think the far right is the ultimate winner and this is quite here. >> reporter: ultimately, what is the message for voters in europe for institutions? when you think about the strongest support for right wing and far right, at the same time, the turnout is higher than previous european elections. what did you think dutch people are telling european institutions? >> what we see in the netherlands is a polarized situation, so the left and the far right, are completely the polarized and talking to voters and saying this is a battle about democracy. the outcome of the elections, as we see it now, is, i think, a prolonging for the situation we saw in november in national

elections. the far right is continuing to win elections and the answer of the socialists to join forces did not help them very much. >> reporter: let's talk about the far right. they won the elections back in november. we are seeing a lot of support in the wake of the european exit polls. what he wants to do in bruzssel is be part of the stronger right-wing coalition in parliament. as a member of the parliament, do you think it is feasible that the far right will come together and form a super power at the european parliament? >> from a political point of view and political standpoint, this would be, of course, the obvious thing to do. if they joined forces and as we

see it now, they would become probably the largest political group in the european parliament and this would give them a lot of power, extra power, and it would break the ultra right. i'm not sure if it will come to this. >> reporter: why? >> we have seen ursula is going to mrs. meloni in italy quite oc often to appease her and maybe take her into the epp. this could be happening. i'm not sure how stable the ecr will be with this. i can't understand mrs. meloni thinks it is more interesting to join the epp than the i.p. this is the battle that will go

on after next sunday. >> reporter: very interesting you are suggesting that scenario hadn't been played out as of yet. when you think about the role that giorgia meloni can actually play in the jutoutcome of the european elections, do you believe she is working with ursula or is she thinking about working more closely with marie le pen? >> i think she will choose to be independent in ecr. of course, there is power to gain if she joins forces with le pen in europe, but she will lose out being more acceptable partner for efp. this would, of course, get her into much trouble because as we see it now, they would join

forces to stay in the parliament for the ecr group together. this is a huge risk. i'm not sure mrs. meloni is willing to take. on the other hand, if she joins forces with the evp and they have a strong party business discipline. there is no independence there whatsoever. then she would lose, what i say, a clear face for her internal national political profile. this would be a risk as well. >> reporter: let me think about the priorities for the next five years of policy making in brussels. it seems from the exit polls and the opinion polls that we are on track to see more far-right politicians in brussels and

st stras strausberg. what does this look like with change? >> i think this is important for the course, but also the talk about the european army will lose track. of course, macron is very powerful political person in the eu even if he is not part of the european parliament. of course, he is a major player. it all depends on the elections in france, i think, in which direction europe is going to go. >> reporter: climate, defense policy. what does this mean also for potential support for ukraine? >> well, i don't think there will be a huge change. >> reporter: i'm asking because parties and the democracy group and some of them are favorable

of russia. >> well, they used to be, but they're not anymore. it is now in coalition with other parties and promised to stay supportive of ukraine. i don't see there are many changes there, although, i do believe it is in the interest of europe to keep the peace on the continent. this is why europe was founded or the eu was founded, anyway. it would make sense to try to establish a peaceful continent. i don't think that you do this by delivering weapons all the time to ukraine. >> repo >> reporter: let's see what will happen in the stage of the very important conversation. thank you very much for your time. she has been a member of the european parliament for the ecr group. karen, as i was saying, this is

just initial stages of the european-wide elections. it is defifinitely an important election. one of the biggest election exercises in the world. let's see what will happen with final results on sunday. we will be live from brussels and try to piece together and figure out what the voting means for the next five years of policy making at the euro level. >> silvia, thank you very much for bringing us the update. i want to push on to the other topic. that is defense in europe because we are closely watching the european elections with the ramifications for ukraine. currently today, the ukrainian president zelenskyy is on the ground. you see live pictures as he is taking the podium. one issue is the fighter jets from the french. that support from president emmanuel macron has been giving to ukraine. we will be having that conversation after the break. you can currently see the comments as he speaks to

parliamentarians in france. he is speak benging about the w ukraine. we will breakdown the comments when we return. ahead on the show, it has been a whirlwind week for the india outlook. we will discuss the business outlook post election.

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a big day in monetary policy yesterday as the ecb anticipated the first rate cut since 2019, but will keep policy restrictive as long as needed to tackle inflation. it reduced the main interest rate .25 to 3.75%. that came as the central bank raised the forecast for inflation above the 2% target until late next year. robert holsmann opposed the rate cut. he is a non-voting member in september. according to reuters, other hawkish members expressed the

signaling of the june cut. lagarde said yesterday's decision was supported by the data. >> our confidence in the path ahead because we have to be forward looking has been increasing over the last months. if you look at the peak of inflation at october of 2022, we were 10.2. double digit. fast forward to september of 2023, we are at 5.2. fast forward to today, we are at 2.6. at each and every step of the way, when we reassess and decided to move in a different direction, we had halved inflation. >> the bundesbank now sitting at 2.8%. the bank now saying 0.3% on the year compared to 0.4% expected

back in december. the bank president said it is not on auto pilot with interest rate cuts. warning that services inflation, in particular, is stubborn. it's been a busy morning for ecb commentary with schnabel warning this could i am petmpede moneta policy. meantime, in other news, ind india held interest rates steady. the governor said the economy in the country remained resilient and more pickup is considered in consumption. it has been busy around the

elections. narendra modi secured a third term in office, but his party failed to gain a majority for the first time in ten years. modi's bjp party will rely on coalition partners to form the next government. let's look at the market. the nifty 50 was volatile in reaction to the election result. it has stabilized since then. this is another session suggesting that stabilization is happening for the friday trade up close to 1%. you see the numbers for the week. take into account on the back of the election, it is up 3%. let's discuss what is next for the india business pibltcture a energy. thank you very much for joining us. it was a fascinating election. i think the outcome of the much

smaller than expected majority for modi's team and having now to rely on coalition partners to form a government. what does this mean for a business sector? it feels it is a hiccup with the renewable goals. weigh in on the outcome. >> thank you, cane. the election results have been a little bit of a surprise for sure. that's also partly because the exit polls a couple of days before the counting actually happened gave a very different picture. that threw the market off. having said that, i think it is important to keep in mind this is the first time in the last 60 or 65 years that we had the same government come back into power. that is an important thing to keep in mind. the second thing is that the bjp has got 240 seats out the 540 in

parliament. therefore, they form a strong alliance. therefore, they are reliant on a small amount of external parties. i think given the fact that prime minister modi is the opposition leader of the alliance and i don't think you will see a lot of change in the india economic policies and there should be a lot of continuity in policy making going forward. therefore, for the renewable; to sector, i don't think there will be a lot of change. the government has been very supportive of the sector in the last several years. my sense is that it will be as supportive as it has been in the past and in the future as well that the targets the prime minister set for 2030 and the government will crack on and try to make sure the targets are met. that's also not just for

particular reasons, but the strong commercial reasons. india is a rapidly growing economy. it means power demand is growing at 7% to 8% every year. renewable is the cheapest way to deliver the demand growth. >> let me jump in on this. you mention the renewable targets, there was a report from moo mo moody's saying there is not enough to achieve that goal. the 500 gigawatts by 2030. do you need deeper pockets to fuel this transition? >> absolutely. we require a lot of capital. it is not just for renewable, but building transportation and infrastructure and for last mile as well. we need $400 billion to go into the power sector over the next six or seven years. having said that, i think a lot

depends upon the environment the government creates. as we all know, if there are returns to be had, capital well follow. our experience has been debt capital is not a problem in india. there is enough liquidity and there are enough investors that are willing to lend to india. there is a tremendous interest from pension funds and capital and private equity funds and large indian conglomerate looking at the sector. we will not found a lack of capital hampering our sector. >> with that said, india is caught between a couple of cross winds. the china plus one policy that is benefitting india. on the other happend, we see hu industries pouring huge amounts in the united states and europe that the p indiindians have bee criticizing the past year.

this is presenting a conflict because we are not seeing enough projects built out in emerging markets. what do you say that modi will have to align the huge fiscal policies? >> you are absolutely right. i do believe that india is the ultimate for china and the government is already taking a number of steps in that direction. we are already seeing a lot of large manufacturing capacities getting located to india. that is terrific. on the other hand, you are right. renewable energy and industrial policy is moving toward deglobalization. everybody wants to create jobs and have investments within the domestic areas. we see that in the u.s. with the i.r.a. and the green deal. industry is trying to push in the same direction. i think there's a bit of unfairness creeping in as a result of the trade policies.

my sense is with so many bilateral forums, there will be talk and discussion in these areas to figure out how trade policies can be more oriented to re-shoring or near-shoring. that is where india can benefit. we are setting up a large solar manufacturing industrial base now to export from india to europe and the u.s. that is something we all have to collectively take advantage of to figure out how we can relocate some of the critical supply chains from china out to india and other countries. >> thank you very much for joining us today. the ceo of renew energy global. french president macron's party is lagging in the polls ahead of the elections set to begin on sunday. the national rally party is surging ahead as right-wing sentiment is surging in the

bloc. charlotte is here with more. this is instrumental to how the parliamentary elections play out. it is not easy for macron. >> the context of the d-day commemoration is important to make the parallel with the situation in ukraine and the d-day and never again. europe being built because of not wanting this to happen again on the european continent. the message macron was pushing during the commemoration and maybe hoping to have a boost in the polls because they are lagging the far-right party an. we see that in the european countries. the far right did come past this already. they are so far ahead this time around. it is one or two points ahead, but 30%. way, way ahead there. of course, in the past, they

have been advocating for exiting the euro. that is not the case anymore. i had a chance to catch up with the number three in the national list and one that will become the next mp. he used to be the head of the eu border agency. he had to leave, he did resign after evidence of wrongdoing, and push back of immigrants. when he joined the party in february, the undeinstitution w critical. i had to ask him the vision for europe now. >> my party, the national rally party, wants to be a member of the european union and eurozone and also a member, well, we are

members of the free movement area. we want to improve europe. we want to change as inn side insiders. we want to transform. we believe the european commission has too much power. it is a bureaucratic power. it is not elected. it is not democratic. it looks like many policies are just like punishment of european citizens. particularly the so-called green the deal which as a consequence will reduce the agriculture production. in some sectors, 20% of the agriculture production will be reduced. that's nonsense in our view. >> you heard from the house minister to change the eu from the inside. some say unravel it.

they work very hard on this, but this is led by one who is 28 years old. he is appealing to young voters there. they are in the lead in the po polls. they want to make an alliance in the ecr. that is backed by giorgia meloni. marie le pen wants to make alliance with giorgia meloni. if they join forces, it would be the second biggest group in the european parliament. what does that mean for ukraine and the green deal as he was mentioning? that was at stake. for the far right in france, they pushed everything on the domestic campaign. they said if you don't like macron, vote for us. they want this as a springboard. >> fascinatifascinating. thank you very much, charlotte.

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you are watching "street signs." i'm karen tso and these are your headlines. chinese exports surged 7.5% in may, but slower import growth points to weakness. exit polls in netherlands show the left lead and the pvv makes strong gains just one seat behind. the ecb cuts rates for the first time since 2019, but the market pressure has one more cut priced in this year while christine lagarde refuses to commit to further easing. >> i cannot confirm that it is the dialing process that is underway. there's a strong likelihood, but it will be data dependent. and u.s. futures point higher as attention turns to

today's all-important jobs report and investors pointing out for signs of any labor market cooling. we have been watching european market limping along in the morning session on the back of the ecb yesterday with the rate cut. the hawkish cut and the expectation shuffling around for what is left in movement in interest rates this year. potentially just one. don't forget the markets were looking at two to three and really on the fence as to how many of the cuts would happen. the challenge around inflation providing some disappointment on markets today and caution ahead of non-farm payrolls stateside today. we are watching decline on the dax and ibex.

.30% down for the market. the foreign exchange markets. don't forget we bounced on euro-dollar trade yesterday on the back of the ecb decision getting close to the 109 mark. we trade at 108.86 mark. some dollar strength. let's look at yields and treasuries. we had march ed higher on the trade of the back of the ecb. the ten-year italian paper is 3.88%. on paper out of the united states, as we yocountdown on th jobs report. 3.7%. and exosens listing in paris

today valuing the company at 1 billion euro. t the company is deemed strategic by the government which was sold to the u.s. years ago. we have one guest telling cnbc what the company would do with the ipo raised today. >> we are in a strategy and detection and we need to fund that. we continue to develop new products and applications and acquisitions for the portfolio to use the proceeds for the strategy. >> joining me now is gareth, the global head of ubs. it seems like there is a lot happening. what do you make of the activity? >> the long wait for the market to reopen is over. we had two years plus of nothing

happening. we had a number of significant transactions in the u.s. and europe. the average ipo in europe is up 20% on day one year to date which leaves them hungry for more deals. >> what leaves them hungry for more deals? we had one rate cut. the united states is waiting it out for any monetary policy moves. why are we seeing confidence? >> one, pre-conditions for issuance is in place which is high level and low volatility and significant liquidity for investors. secondly, we're still at this stage where there is much s sele selectivity for investors. this is larger and higher quality and becoming attractive the valuations. >> if you look at them, exosens today, there is consumer

discretionary. they are changing the behaviors thanks to the credit rate environment. >> and also from the issuance perspective, we are seeing discipline on pricing. they are leaving value on the table for investors. secondly, really, to address bigger deals which means after market liquidity. >> some companies coming to market are newish companies that should change the nature of indices. there is one in the pipeline we are watching closely being shein. some saying this is exactly what we need for the uk stock market. modern and techie. we are not focused on the esg. others say this is everything bad about coming to the market. it doesn't tick any box. what do you think of shein? >> we look at the 2021 window which the ipo market was big.

what is more encouraging for sustainable open market this time around is if i look at the companies coming, consumer stocks and industrials and defense companies and tech as well. it is a broader group of sectors and regions represented which is therefore giving investors more choice. >> if you don't have tech coming to market and you don't see a reshaping of the companies listed on the exchange, is that a negative in this day and age with the a.i. phase? >> i look back to what's fundamentally driving equity markets which goes back to the interest rate points. we had a long bull market driven by interest rates. last year was re-pricing of interest rates from north of 4% to 5%. that was challenging for the equity market to digest. now we have the clarity on the top peak rates will be in the u.s. and europe. we can look forward now to a constructive equity environment. that's, i think, driving a

broader diversification of choice to invest in. we are seeing a broadening out of sector representation. >> i want to get into the weeds a bit p more on a.i. and what it means for future. talking to the ecs and one talking about the eight-year exit timeframe. you see why the runway is extended for the early stage investors. even multiples are looking quickly to the market. there is a lot up for grabs when it comes to the public markets. do you think we might be looking at a longer timeline for holding of a.i. stocks for the future? >> two factors. one, today is more private capital to own significant size companies in the private context. secondly, from the public market perspective, there are a scars

scarcity of structural growth. a.i. fits in that. there is a re-rating. it is part of the narrative going forward. there a balance of opportunities to play that in the private space and through traditional public listings. >> what is your inkling of those coming to markets with the acceleration of the technology is coming in on other cycles? >> i think one is the individual company equity story and capital structure and what their funding looks like and secondly, what is the pressure on the underlining shareholders to trigger a m monetization. >> gareth, thank you. gamestop shares are higher again in pre-market after surging close to 50% in thursday's trade. the rally comes ahead of a

youtube live stream on the roaring kitty channel which belongs to investors keith gill which is scheduled for 6:00 p.m. cet. robinhood has played a role in the interest as a popular commission-free app for investors. the ceo spoke to cnbc about recent investigations by regulators around keith gill's staple stop trades. >> i do think that there's a lot of new tools that the regulators have to monitor tradingk consol. a lot of these have been implemented the last couple of years. i imagine they are seeing something that hasn't been revealed yet and they are investigating. again, i don't really have insights that are special there. short bets against nvidia reaching $34 billion.

that number is twice as much as the total staged against apple and testesla. the shorts represent the market capitalization. nvidia is the second largest company after apple's trade on thursday. you will see shuffling between those two companies. tesla chairman robyn denholm has defended the elon musk pay package of $56 billion. the shareholders will vote on it next week. speaking to cnbc, the chairwoman said the package was about fairness. >> put yourself in his shoes. you've worked really hard and incredibly hard over six years to lead the company through transformative growth.

nobody thought these goals were possible in 2018. i remember talking to shareholders. they were saying to me, what's the board going to do when he doesn't hit the goals and he is de-motivated? for me, after all that effort, to then have somebody overturn that package or the deal that was struck, how would you feel? >> for more on tesla and to find out why car rental giant hertz is selling fleet at no-haggle prices, go to cnbc.com. coming up on the show, the non-farm payroll data as investors are looking for for any signs of labor market cooling. we'll discuss that next.

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we are counting down to the all important jobs report as investors are looking for any signs of labor market cooling after wednesday's softer than expected adp data. non-farm pay rolls are resilien

according to economists polled by reuters. that employment is expected to hold steady. u.s. weekly jobless claims rose to 229,000 the first week of june. neil wilson joins us now. neil, we are so data dependent. how important is the non-farm payroll? >> we saw people waiting to see what happens today. i think all of the data that came in this week was very to the weak side, which i think could portend a weak number or anything under 200, the consensus is below. initial claims were much higher. adp was really, i think, showed you how weak manufacturing is in

particular in the united states. out of the 152,000 jobs, 149,000 or 98% were in services. i think jolts is the most interesting because it really, really dropped. we're down 30% from the height of job openings in march of 2022. i think that also portends we could have a weak number and the market will jump on that. if we have a high number, obviously, that will have the opposite effect. >> what is interesting in the comments is how our expectations have progressed with the non-farm payrolls. there was a time when 150,000 jobs created was a magic number of cooling with heat coming out of the market. to hear you say under 200,000 is suggesting a slowdown. it is not enough, is it? >> i would argue that's fair, karen. what i would argue is what we

are seeing the consumer which drives 70% of the u.s. economy is really starting to struggle. the covid payouts have been spent. credit card balances are higher than they were pre-covid. we're starting to see weakness in manufacturing which a lot of money has been put in the federal government in the infrastructure bill and i.r.a., inflation reduction act, which is a renewableses poost. y boost. we are seeing it in the bank loans. the consumer is not taking out bank loans. first quarter numbers were weak for consumer loans. that tells you something. if the fed should be focused on that and do what the ecb did and think about maybe earlier rather than later. the complication in the u.s. is the election in november. they will not necessarily do one cut at most before the election. >> we can all cherry pick data.

i can pick out lululemon sweat pants where the american consumer is spending. this is the data. we have patches of weakness, but we also have patches of strength. what can you focus on with the strong data? it's going to be hard to get us across the line for the first rate cut. >> i think that's very fair. i upon the people to the composition of the fmoc is the new crew that rotates. the new crew tends to be hawkish. i do think the right betting is they will not cut that much this year. the market is saying one to two times. i would argue they should do july, but they will do september. i think, you know, that's the right course of action. >> speaking of the new crew, i spent time with this at the ecb with the voting members in september. the markets ruled out july. in september, holzmann, who was

the holdout yesterday, he is not a holdout for september. that is not whether we get a follow-up rate cut in september, do you think we do from the ecb? >> i don't think we do. he wasn't persuasive being the lone hold out this time. i think the ecb did an insurance kind of cut. they have done one outlier raise. this is the policy reaction. wages, employment, those tend to be lagging indicators. you want to get a little bit ahead of it. we are starting to see the signs. it is a general saying don't shoot until you see the white of their eyes. you have to see the color of their eyes. that's too late. i think it would be better to do it earlier. >> the deer leaping across the horizon. you have the rifle out. >> you have to anticipate. >> i want to get what the ecb and fed do from here.

we have been talking about the divergence. the fed was here and the heecb s here. very different back drop. it doesn't feel different now. the labor markets and labor markets. that came through yesterday from the ecb. until we see signs of cooling, you will have the driver for services prices. how different are the two central banks now? >> i think after this cut and i think once the fed and i would argue is september, i think they are, you know, not sympatico, but it will be slightly lower for longer. >> what does it mean for the markets? we still had appetite, but the markets are looking for monetary policy ideas from here. >> it is. it absolutely is. i know from the u.s. perspective, there is also kind of the anticipation for what happens in the election. i would argue what with people aren't focusing on, it doesn't party who wins in america.

biden or trump, you have a lame-duck president. they don't have another term to leverage to get things do you think down. the makeup of the composition of the senate will likely flip republican. the house so close and it is hard to get anything done though matter which president wins. t what does that mean? you will not have a lot of fiscal change or you will not have tax cuts. you might have spending increases. >> thank you so much for that. neal wilson of ejf capital. that's all for today. we will leave you there and send you over to "worldwide exchange" which is up next on the channel.

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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." holding at records. u.s. stock futures pointing to a higher open with the nasdaq and s&p hovering at or close to all-time highs. bracing for data. counting down to the jobs report today and if it will move the needle on the rate call. and roaring hadness. shares of gamestop soaring. and apple's big unveil next week and if it has w