signs." i'm arabile gumede. we have reports from europe and the par meliamentary elections.

macron announced a snap parliamentary vote after national rally comes out ahead in the eu election. then -- >> translator: this is a serious and waited decision the ability of the french people to make the just choice for themselves and for future generations. >> the center holds but the far right seize unsettled report and unblocking the main street establishment. >> the center is folding but it is also true that the extremes on the left and on the right have gained support and this is why the result comes with great responsibility for the parties. >> the rise of the right raise

questions over stability while the italian prime minister solidifies her position as one of the most powerful figures in the eu. u.s. features are trading lower ahead of a pivotal week stateside as investors await this week's fed decision while there is fresh inflation data. ♪ pivotal day in europe as they voted. people across the bloc electing a new european parliament. sylvia live in brussels and charlotte reed in brussels and

we will get to all of our reporters this hour. the biggest news of the night comes from france. rally party gained 12 seats to secure 50 in total with president emmanuel macron only narrowly avoiding to fall into third place behind the left. macron delivered what is a political shock, calling surprise parliamentary elections with the first round of voting at the end of this month. >>. >> translator: this is a serious and weighty decision but above all it's about trust and the ability of the french people to make the just choice for themselves and for future generations. >> what has it done? not yacross france but europe. meant for the right. the stability by the looks of it then is pretty much what you're gaping out of this market picture so far. so much so you're seeing losses

across the board and 1% down over italy and perhaps a sense of stability but here is down half a percent. the big loser is out of france, 1.6% down on the cac 40. let's get into the cac 40 and see what is shifting things along. 5.6% is down and perhaps giving back the losses it had earlier on today and 6% weaker at some stage. but now you're seeing it perhaps give back some of those losses and find some stability but still in the red' firmly so. you can tell a lot of these are sitting in that negative. on the other side, you can tell, the whole index down 1.6%. in fact, we had seen it more 2%

weaker than when things started. we are an hour since trade, of course, since trade opened up in europe and the picture out of the markets. charlotte is joining us out of paris. charlotte, this is an important election and president macron ultimately weak but does he have anything to lose at this stage. >> you in the european parliament the center held. one of the most pro eu government in europe got a bruising defeat with president macron's party arriving only second in the european parliament results. the past two elections the far right was already in the lead but the difference this time around is how much more ahead of all the parties there were, 31.56% of the vote. the far right party around 40% of the total vote. the runner-up president macron's party was at 14.5% and that is huge shock there that led to

this announcement that president macron just an hour after having the european results calling for the snap election at the national assembly that behind me. the whole conversation shifted to that. what would happen in this building now in three weeks? that would be the first round of the election and four weeks the second round and that is what is really important here that it is two-run election when it comes to parliament here in france. you can't really translate the result that we suffer the european results and what would happen in the national assembly. we have seen the far right progress with the past few elections and domestically here and what heard yesterday she is ready to lead the country with her party. >> translator: i can only welcome this decision which is in line with the logic of the institutions of the fifth republic. we are ready for it. the national party is the major

opponent these european elections confirm our movement to the major force of change in france. we are ready to exercise power if the french people place their trust in us in these future legislative elections. we are ready to turn the country around and ready to defend the interests of the french, ready to put an end to mass immigration and ready to make the purchasing power of the french a priority. we are ready to start the re-industrialization of the country and in short ready to turn the country around and ready to revive france. >> the european company was very much fought on domestic issues, cost of living crisis, et cetera. had to be a medium flavor to it and one big election during president macron's term. the next presidential will be in 2027 so that was the big midterm election here and how we the election in parliament.

i'm giving the people bag their voice and express this on the domestic stage at the national assembly and have to wait and see what that means. some saying good campaign and could catch speed and particularly the far right and others say he is playing with fire and could introduce the door for the first government prime minister and minister in france. the first round will be held with lot at stake for the country and for europe, of course. >> charlotte, if you thought there was a certain speed with which the uk government had decided to put on its election, but these elections out of france are serm going to be ones that have going to have to be put on review. a swing to the right it shows the early elections with all three right of center groups gaining led by the far right identity and democracy group

which added nine seats. the green, as well as the renew group were the biggest loser dropping 41 seats bean them. despite that far right strength the three centrist party in the parliament in boost of a hope of a second term. to stop the advance of extreme parties of both sides of the spectrum. >> no majority can be fought without being together and that is important and together with others. we will build a against the sprems from the left and the right.

>> the far right fd party pushing chancellor spd in to third place. the worst-ever result there. in italy? georgia's brothers of italy party secured the most seats on that side. in spain, the center right people's party gained ground overtaking the socialists to move them in to first place. let's get out to sylvia in brussels with more in the result across the continent. this is a significant and important one. to lead again, ultimately still fractures across the eu. >> let me put it as simple as i can. we are in the european parliament. this is the only directly elected european institution among all of the other european institutions and what we are about to see, 720 new lawmakers

arriving here in a couple of weeks time. the outcome of this european election is very clear. we are going to have a more fermented in brussels and one is leaning more toward the right. as a result, one of the open questions here is what is the future for climate policy? the eu, over the last five years, has tried to position itself as the global leader when it comes to climb of policy. speaking last night with a member of the green party he said this support for the far right and right wing parties overall is actually putting at risk further progress when it comes to climate policies. >> in the world, i would say the global green races on and you see that in china and the united states. so this means europe really needs to step up its action and where i don't fear rolling back but if we are not going to proceed and not going to accelerate the action here, i think our european industry is going to lose this global race

and that is what i'm worried about. >> reporter: this is the very start of a new political cycle here in brussels. this is not the end at all. it is the beginning of a lot of tough negotiations in the coming weeks so let me guide you through what to expect. later this month we are going to have a summit in brussels the heads of state will be discussing who gets the next top jobs and among that is the question of whether he will continue as the european president. the results from last night suggest she's in a good position to get the job once again but not the end of it. she will have to come here to the european parliament mid july when they start their new jobs here to ask for a majority. after that, she needs to decide who is the head team. she is going to be asking all of the 27 eu nations possess commissions to be a part of her team. they will then be recruit nobel prized at the european

parliament in september and october and if all goes well, a big if, if all goes well during this time line we will get a new commission at the start of november and the president of the european council. the president that brings together the 27 heads of state are likely to start the new mandate under the 1st of december. let's see if they get a consensus and indeed basically imply with this time line. >> thank you for that reporting. great stuff coming out of brussels. on the other side you got germany's ruling coalition which suffered a severe setback in sunday's european parliamentary election. the chancellor social democrats returned their lowest vote share ever at just 14%. 1-4. in partners the green and free democrats also suffered losses. the center right christian democrats led about w30% of the

vote while the far right alternative for germany made significant gains, finishing second, nearly 16%. joining us now for a little bit more on this one is annette who is standing by with a special guest as well. >> reporter: thank you so much. i'm joined by the ceo of the german insurers association and also the former deputy -- minister of georgia. what does the result of the european election mean for the german ruling coalition? >> let me start with the european elections what the outcome means for europe. pro european center and the parliament is weakened but it holds so it really can do what it needs to do in the future dealing with the competitiveness, ukraine enlargement, and the security in defense so that is good news.

for germany, i think the outcome means that the current traffic light government will continue to monitor through. i don't see any vote of confidence on new elections in germany happening. >> reporter: we have seen your election in france and some say it would be a good idea as well for germany, but there are constraints and it's not so easy, right? >> yeah. you gave the answer already. the constitution of framework of france and germany in this respect is totally different so, yes, the president of france can result the parliament as he did yesterday evening. a risk y gamble but in germany the situation is different so i don't see a new election in germany happening. the government will continue until september '25. >> germany has its own challenges. you look at the german man, a clear division on the left. like the former west is another government and the right is afd.

why is that and what needs to change in your view? >> we have seen clearly the division in germany. the people are a bit gurumpy ona number of of issues. the war in ukraine and it's close. living crisis, including housing and regular migration and the link to the rise in crime. we need to deliver success. the populist seem to deliver when their economic program is bad for the germany economy and for the european economy. >> reporter: do you see that some of the populist arguments and topics are including. >> the mainstream parties because it's so compelling to the electorate? >> what i see on the european level is the pro-european and

also pro-competitiveness agenda will not change the influence of the extremes on the right or on the left and politics will be limited. i would see an influence on eu and german migration policies and the eu which will be recalibrated, put it like this, because there is not sufficient support in the european parliament but, of course, the climate issue will not go away. >> reporter: the climate issue of course will not go away but in germany we see not u-turning but compassion engine shoulding coming back and deadline pushed into the future. do you see this, perhaps it's a fast stretch to say that but the european result pushed that debate into more heated territory? >> i mean, there is a point. it's right to deal with the climate change and we need to

adept to this and we need to slow down the climate change, but we have a lot in to micro management. if you look the eu implementation cost for the germany industry alone is 1.4 billion euros and this is just for this party. we have not reduced any -- so we have gone too far in a kind of bureaucratic micro management. >> reporter: back to the german political scene. what are you expecting the next 14 to 16 months is in the infighting could get worse, of course. >> i mean, the key question for this government to resolve the budget for '25 and currently 30 to 40 billion are missing and where the coalition has to work together and they have to deal with issues like housing,

migration. it's time to talk and not use marketing ing languages to rea act because germany is losing competitiveness and this is what we have to really get our grip on. >> reporter: a recent opinion poll is showing on top of people's mind is literally security from war. would you say that, like, more defense spending as well which is very popular here? >> i mean, we have a war just around the corner. here in europe, we did not have this for decades, so, for sure, we have to adjust to this when it comes to our activity on defense and security. that includes spending. but this will lead then to other scarcities and more budget financing needs to be done by climate sector investments. >> reporter: i'm send it back to you with that. i think it's too early to say what will be the implications for the ruling government in

germany. one thing is clear it's not easy to call for snap elections as it is in france. >> but the pressure certainly is there. thank you so much for that report. for more on the european election results, as well as the implications of the vote on the future of the bloc check out cnbc.com. up on the show how equity markets on chinese philosophy. that is next. don't miss it.

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or if ibd symptoms develop or worsen. ♪see me♪ ♪ welcome back. another look at the markets for you. a lot has shifted. just really on the back then of those european parliamentary elections which certainly meant a lot has happened andmarkets are really taking a lot of that in and perhaps a lot of instantly instability across europe. having seen the markets hit the record territories it means the markets are a lot lower and, yes, we have given back some of those losses and big losses

across the french market and cac 40 down 7% and following from french president emmanuel macron calling for that snap election and heavy defeat from the eu parliamentary elections then. so what does that mean for that market? that instability is what reins in there. here are your sectors. a lot of on the banking stocks rted ones that seem to have suffered quite a lot-of-instability and the bottom end. so is the cac 40. you'll see a lot more of the french banks as well as. construction and material down 1.2%. lao a lot of the markets in the red there. they moved significantly higher on the unexpected jobs numbers

last week. the market had been anticipating as many as 175,000 so still blow-out numbers there. on the other side of europe yields higher here because of the risk factor pretty much into play over in this market. italian paper beyond 4%. 4.04 is where you're seeing. the benchmark out of germany, many risks still at play. 2.64. you can tell then that the risk between german and ten-year is expanding quite significantly on that front around 140 bases points. let's get into the market picture. felipe ferreira is joining us now. thank you for the time. let's get your overall sense of how negative all of this instability could raeble be for the markets from here when we

are just beginning to see european markets move towards record territory in some aspects. >> yes, indeed. a rise in europe today with the currency markets. we are seeing banking stocks on the downside and, you know, in france where basically the far right has been -- the past four and no longer the case today, but the far right party has assimilated to the risk so banks are experiencing some turmoil today. at the end of the day we have to keep in mind the fact while politics could tend to have a short-term effect in markets. we think there could be some volatility over the course of june but at the end of the day, i mean, if bank stocks tank significantly, we think that could be an opportunity. i mean, a sector that has benefited from higher interest rates over the past couple of

years. >> yeah. look. i want to move on as well, though. because you aptly pointed in your notes then and called your latest research yin and yang and trying to juxtapose the markets at present. why don't you expand on that for us and how that japanese philosophy goes into the market now. >> there are many positives of the fact that it has been to resilient the past two years, despite the rising interest rates, but, at the same time, the negatives of, i mean, stability is a question mark, how your interest rates beyond a center threshold put those risks. the market has found the balance and actually it's been rather in favor of equities in the past six or 12 months due to the fact that, i mean, they will grow when inflation is good for stocks. corporate earnings have been quite strong so, i mean, we think there is an opportunity in fix the income space with

interest rates but we need the trigger and the trigger they will catch interest rates in banks more than just one shot from last week. >> a lot more certainty at play but not what we got then last week. to give clarity and a sense of where exactly we would be going with these rate cuts. there was no clarity. do you hold off until you get that sense of clarity then? >> we think we will get the clarity and especially with oil prices below $80 a barrel. it takes some time. they asking for patience but we will get that clarity in the end. so we are in the middle of where inflation settle down or will stay high? the fact that -- well, i mean, with regards to the european election the green agenda will

be pushed lower so probably less inflationary pressures related to that. we will get that clarity. last week, as usual they give us all of the reasons why they couldn't have occurred but the fact they moved on and more step and more step in that direction in h2 but we need some patience to see the good numbers for them. >> you also very cautious on u.s. equities. have lofty valuations felt a little too rich for you? >> yes, but valuations are reached. it's not the trigger for a near term correction, but that is something we have to keep in mind for the medium term evaluations are reached and, in the end, they need to come back a little bit. so there is a lot of exuberance around artificial intelligence, everyone is banking to this theme for good reasons but,at

the same time, pushing -- quite high. >> i suppose the tech aspect of it. we haven't discussed and that whether the market is looking between that and the fed which is important so i believe an important conversation. we have to leave it there, on all of the time we have on a busy day across the european elections we are all following. thank you so much, felipe ferreira at kepler. our european election coverage does not stop there. charlotte is in paris and will give you more. >> reporter: we are in front of france's national assembly after president macron called for a snap election in the parliament. we will bring you more after the break.

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this comes after president emmanuel macron announces a surprise snap parliament vote after the national rally comes out way ahead in european elections. >> translator: this is a serious and weighty decision but, above all, it's on trust. competent in yen may take confidence for european people possess make decisions to themselves and the future of the generation. >> the far right sees record support unsettling the bloc's mainstream establishment. >> the center is folding but it is also true that the extremes on the left and on the right have gained support and this is why the result comes with great responsibility for the parties in the center. >> germany's ruling coalition suffers its worst ever result as the rise of the right raises questions over the government

stability while italian prime minister solidifies her position as one of the most powerful figures in the eu. u.s. futures are trading lower up ahead what is a pivotal weak state side as the investors await this week's fresh data. ♪ ♪ let's head over to this news story. belgium prime minister has announced he will resign after national results that saw his centrist liberal party to lose almost half of its seats in the chamber of representatives. the far right party claimed just over 20% of the vote but fell short of its performance in pre-election polls and coming second to the conservative new

flemish alliance. a national rally secured a dominant victory in the europe's parliament vote. macron said he decided to hand voters the choice of the country's parliamentary future describing the snap poll as, act of trust in the public. charlotte reed is joining us from paris. you have a guest with you? >> yes. absolutely. very interesting that we have this kind of paradoxical situation where the center held in the european parliament but one of the pro-eu deposit in the bloc got a bruising defeat with macron's party behind the far right and calling a surprise snap election here in the national parliament here, so we discuss all implications of all of these are our guest. you just got re-elected yesterday, so congratulations. >> thank you. >> reporter: renew 14.5% against

what was around 23% last time. big defeat. the gap between renew and the far right has really brought to have more than double your vote. what happened? >> well, we feel that for this european flex in europe was focused on domestic issues and security and there is a lot of fear around, economic fear, security fears, and faced with this, we haven't been in effective in focusing on the aspect we are provided and everything was on domestic issues and on that, the extreme right managed to get its message across. >> reporter: sticking at the european parliament, could this poor result in the european election for his party damage president macron's credibility when it comes to the european

and international stage? >> i don't think so. as you rightly said in your introduction, in the european parliament, we are -- the suspense. there is no pro-european majority that can build up in strasburg without us, without new and ready to work again and to talks with social diagnosis and europe's party to be about this new party. fromthe european perspective, i think we still will play a key role. certainly, i mean, there is the fact for us and satisfactory for france. >> the european parliament, the center held but certainly more far right meps than ever. what does that mean for the next legislature? >> it means they not a majority but they go to a higher possibility, higher power of building a blocking minority and depend very much on -- yes.

by legislation, they can try to block the action of the european election. only to block the mantle to block the european's right and will they stick to potential agreement with socialist or they will vote on certain bill to the extreme right. >> reporter: can i ask for your views in france and the snap election. president macron has pulled off many gambles before. can he pull off this one? >> i hope he can. the logical conclusions of a campaign that i was saying was totally focused on the domestic issues and also to remain in this situation of mobility, for three years. they ask the national assembly is not working properly.

this country, obviously, needs a quicker answer to many domestic issues. i repeat, the security in power and it's always good to go back to the cities and ask whether they want really to give the extreme right a majority or they want to give the democratic forces the strength to rule this country for the next three years, so i think a clarification is very much needed is the reason of the decision of the president. >> reporter: i heard someone say ago the result came through that people voting for the far right actually is not so much that people are anti-immigration but anti-elite and that is what happened in this vote so putting this vote in kind of the line of the election of brexit? >> the sentiment of cities and rural areas and let's get rid of -- certainly is part of this

but, in my view, it's more the fear. the fear on one side and the impatience to get very quick solution on the other side. >> reporter: can i ask you your views on italy as well? you have been in government and [ inaudible ] a good result. we know le pen wants to yum u late her success and actually she is playing ball in brussels now and playing before the election but hasn't -- now. would it be the same with le pen? >> i disagree on both. they seem italy keep the same strength. high but nothing change between 2019 and 2024. only shift of vote from the sp extreme right and to the italian. she played by the european rules

when she got to manny. she is not crazy but when she can, she is a reactionary extreme right. look at the right and look at the control they want to have on the visual public service. so, i mean, this story that is a moderate, the story she stop and suddenly marine le pen is even more extremist than maloney and talk about getting out of nato. i think president maloney as a leader is absolutely the biggest fake news i heard in this last month. >> reporter: yet she would be a force to reckon with in brussels and italy. how do you think she is going to position herself right now? i know o ben has joined her party. could they team up and become a big block?

>> in my opinion, it is difficult because france force and europe come last if it come at all so this is why it's very difficult for them to build up but they try to coordinate to try the reaction of the european parliament. i repeat very much will depend on the exit of the european party and to the extreme right which has been clear during this election and i hope to clarify at the beginning of the new term. >> reporter: thank you so much for your time. >> thank you so much for that, charlotte. i appreciate that reporting as well. a very speinteresting for francs we currently see it. in georgia they secured what is a higher vote share than in the 2022 election which saw the party enter government.

the center left democratic party also grew its vote share with meloni right coalition rivals losing ground. claude ge claudia is joining us for more. perhaps meloni is not the model that the right ring across most of europe is going for. certainly someone has to think their policies are growing across europe a little bit? >> yeah. absolutely. it's really interesting to speak right after that guest that we just heard. first of all, because, as you were saying, she is the clear winner in italy and her party grew in terms of approval, so 29% of the vote versus the 22 that she received in 2022. the rest of the coalition also increased their approval going into the nine's from the eight's even though they were reversed.

the coalition overall has very strong support so we are talking about 47.9% support altogether versus the 42.9% that she received in 2022. there is no question that the coalition has gotten the confidence vote here and has maloney so we will see how she plays that strecngth in europe. your guest said he had doubts about that. she wants to serve as a bridge between those more central euro files and the euro skeptics. it's too early to tell. what we can tell is, you know, how happy she was with this result. she said this is more important than the elections of 2022 for me. in 2022 it was a vote for hope. this time it's a vote for

confidence. >> translator: a message from all italians. go ahead and do it if possible great determination. a sign i understand. it is a great responsibility and we must be aware of that responsibility. >> another winner, as you said, the opposition port. this was a confidence vote for her and she increased her approval as well. she actually went above what they were expecting. she got 24% of the vote so that is an important positive for the opposition that will have more weight here in government in italy. there are some losers. the five-star movement certainly is one of them.

as i was saying, it has weakened which is the furthest right party that we have here in italy, so that is also a little bit of a difference as opposed to what we have been seeing in the rest of europe. very interesting turnout here. when is unusual is that the italian government is the most stable one in europe so it's unusual for me to be talking about the stability in italy. another interesting aspect is also the voter turnout which is at its lowest in history. 49.7%. italians have always been the ones going to the polls more than other europeans which tells us a little bit about how europe may be perceived as a little bit too far away but it is, again, a moment in which we are understanding how the italians feel about the actual government right now. back to you. >> claudia, thank you so much for that excellent reporting there as well. just really outlining what italy kind of looks like now in the back of these eu parliamently

elections and all of the aspects around the national elections as well. we are following situations just on the economic stance, particularly on monetary policy and the ecb. they are speaking this morning saying the ecb should not rush into another cut and should sit out the summer, so possibly another cut in interest rates later on after the summer. saeimir says september is a pivotal month as new data will be published by then and saying also that inflation not yet broken. price pressures can resurface. questions had been asked whether the fight against inflation had pretty much been completed. central bank governor saying not the case. inflation not broken and price pressures can, indeed,

resurface. disinflation will be bumpy but confident the ecb is moving towards target and the word from the governor there. we listen to watching that. coming up, nfp beat expectations. what does it mean for the fed and future? a lot of data. coming up this week we will discuss more afterhere. t bak what is cirkul? cirkul is the fuel you need to take flight. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul is your gateway back home. so what is cirkul? it's your water, your way. cirkul, available at walmart and drinkcirkul.com.

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take investors are watching out for apple's wwdc event later today. sounds like a wrestling event! but they will be actually wrestling to try to get ahead in the tech space again. the tech giant is to announce a.i. features and including summarizing tools and suggested messaging. >> there is enormous pressure on apple to deliver a gang busters announcement on monday and we could talked about what we are expecting in a bit like the a.i.

open partnership. the apple executive first against the strategy and everyone calls him j.g. apple approached him from google six years ago and eight months he was promoted to apple's leadership team reporting directly to ceo tim cook. his team's work is going to be on full display monday. i caught up with folks who know him pretty well and former colleagues and the like. jeff hinton who worked with him at google said he is the rare combo of a great researcher and a great manager. emil michael told me he still goes to him for advice and wisdom and would be surprised if he is not a big part of the key note on monday and he is not a show man like other execs.

a.i. features is what investors are watching to make sure people are going to be able to upgrade their phones in the next cycle. >> very interesting run, i think, overall on apple and one we need to watch out for. they have never been the ones who innovate in the space and all always been followers really in this space, so have they followed sufficiently so if they can get this a.i. push right? that is the question mark that investors certainly have. what about the u.s. economy? it added far more jobs than expected in the months of may and payrolls rose and beating expectations of 190,000. unemployment rate rose also. 4% for the first time since early 2022. could that actually worry the fed? could there be something then that jerome powell and the rest of the federal reserve will ultimately begin to ask themselves is that push a little bit too high?

for the first time since 2022, you are seeing that 4% mark and you're seeing a few weaknesses in the economy overall. i mean, that was just highlighted from the start. gdp numbers in the first quarter eased off ever so slightly but still relatively high. is there a weakness in data now suggesting that things are restrictive enough and maybe the feds could, indeed, cut interest rates sooner, rather than later? or does friday's jobs data then actually become the pivotal piece of data that shifts things the other way around? well, that and a whole lot more certainly will happen. if you're looking for more data, that is pretty much what you're going to get. we do have a busy week coming up on the economic front. a meeting is taking place this week. the fed policymakers are expected to leave rates unchanged and that will be the one that we will look at. it's not just about this meeting but what do they think of this data and what does it do moving forward? any changes to estimations is

also very important to the data because so data-dependent and if the data shifts, what does that? policymakers convenient this week and looking for information out of china and germany and united states and france. this is what the markets look out of particularly out of europe. the instability following those elections and the snap election then that president emmanuel macron was called out. that is the overall picture we are looking at and looking at future as well and they look like they could be headed into negative territory tell start of this week. it's been a busy one! it certainly will continue to be so. thank you for tuning in. i'll arabile gumede. this is cnbc. you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our

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it is 5:00 a.m. i'm frank holland. here is your "five@5." investors brace for a double whammy of the special rates and the fed. apple has high hopes for a push into artificial intelligence. a right wing wave over europe and possibly putting the european rally at risk. whether it supports elon

musk a