that's all for this edition of dateline. i'm craig melvin. thank you for watching. welcome to "street signs." i'm sylvia amaro, and these are your headlines. the fed decision and inflation data firmly in focus today. the eu is reportedly set to more than double tariffs on chinese evs which it claims benefits from states. we'll discuss this hour. european banks stage rebound

while others are clareting around the french budget ahead of a snap decision this month. and they keep a lid on deflationary prices while others decline for the 20th month straight. good morning, everyone. we start today's show looking at the latest commentary from the international agencagency. they say oil demand is to peak by 2029. major supply glooms. they're also suggesting that they see supply capacity hitting nearly 114 million barrels per day by 2030 or a full 8 million

barrels per day above projected demand in its annual oil report that is due right now. this projection is based on the latest day that that shows a major supply merge, suggesting that oil companies want to make share their buzz strategies and plans are prepared for changes taking place. we know the iea had made similar comments in the past, suggesting that it is time for oil companies to indeed accelerate the transition, however, we know some of them are still rethinking some of these plans. now, with that in mind, i just want to take you to what we're seeing in terms of moves of oil prices. you have them on your screen. the brand is currently moving about -- higher by about 0.7 at $82 a barrel.

wti also moving slightly higher at this stage. this is ahead of the sentiment going into today's session with oil prices basically moving higher amid this upbeat in terms of global demand. that was also a message we had seen from opec producers. but i want to take you to the overall picture over here in europe in terms of equity moves. we know this has been a very, very busy week, but today is likely to be another busy one for the markets. we have, of course, stateside, two key moments, two key events, the cpi print, but on top of that, the latest fed decision. over here in europe, we're seeing a lot of implications from the politics in terms of what -- how markets are trading. with that context in mind, let me show you how the stoxx 600 is trading at this stage. we're seeing the benchmark up by about 0.5%. this is slightly different than what we had seen during tuesday's session, but, indeed,

as i was telling you earlier, we are seeing this implication from what politicians are saying in the equity space, particularly in france. that story in the wake of the call for a snap election is still having ramifications on the equity markets. with that in mind, let me show you how the major board is operating at this stage. as i was telling you earlier, the cac was up by about 0.4%. it was suggested that france needs to clarify its budget plans for the future regardless of the upcoming vote, and we know that credit rating agencies such as fitch and moodys have raised concerns about what this election might mean in terms of the fiscal prue densi or lack of it in france. i also want to take you to the ftse. it's up by about 0.6%. earlier today we got a new gdp print that suggests no change in

growth in the month of april. yesterday also we saw some labor data figures that are still having a bit of a question mark here in terms of what we might expect from the bank of england, which is due to meet next week. let me take you to the sector spread at this stage. at the top, look at it. we have banks moving up by about 1.2%. this is as we're seeing a bit of a change in sentiment when it comes to banking stocks. we actually heard from jeffries in a note today suggesting that the election-induced selloff we saw particularly in french lenders is actually an opportunity, and a lot of the rebound we are seeing today in terms of banking stocks is actually happening in france. i also want to take you to al to alto's at this stange. they will likely increase their

tariffs on chinese electric vehicles today as the board is cracking down on low-priced subsidy imports. we're seeing shares of bmw down by 1.2%. mercedes also moving lower, and we're also seeing some ramifications when it comes to the french audi. it's worth keeping in mind when you think about the ev story, there could be implications for the auto parts of the world. china could retaliate and could choose particular sectors in france and in italy that could move lower as a result of this news. we'll keep a close eye on what is happening in france. i already told you how banks are moving this morning. it is an important sector that we are monitoring at this stage. some of the lenders that are benefitting from this rebound

include deutsche bank up by 1%. we're seeing several of these naples moving higher, but of particular focus in fran. i would highlight sub jen, 1.2%. they also increased their rating to buy exactly as they believe that this is a good moment, a good opportunity to look at french stocks. in other spaces, in other assets, i also want to take you to what is happening in terms of the u.s. market. of course, as i was mentioning to you earlier, it's an important moment when it comes to their cpi print. it is also due today. we have on top of that, not just the cpi print but also what's happening with the fed. we are looking ahead to that u.s. inflation print. the headline figures expected to

come in up 3.4% on the year. the core figure also a very important one to monitor is seen as 3.5% year on year, down just ten basis points from april. as i was mentioned later today, we're also going to be keeping an eye on the federal reserve. the largest will be on the datest data plot. much has changed since their monetary projections back in march. back then theyprojected 75 basis points in cuts by the end of the year. however, recent data has pointed to sticky inflation and red-hot jobs in the market in the u.s. has added to the pressure. it's seen the rate cuts right back with the investors split down the middle over whether the fed will make the first cut in september or later. all eyes on the commentary from

jerome powell later today. the market is pricing in only two cuts at best by the end of the year. this is a image hu, huge change compared to the expectations at the start of the year. now, the former president of the st. louis fed told cnbc the fed should only start reducing rates when it's clear that inflation is once again coming down. >> they're going to have to see further progress on inflation in order to make a move, and it's not that clear we're going to get it, but maybe we will if this inflation resumes in the second half of 2024 here, so we look to the next inflation reports, including one tomorrow. >> now, with all of that context in mind, these are how u.s. futures are shaping up at this stage. you can see it on your screen. they're pointing to a slight start to the trading session -- harder start to the trading session on wall street. this is after we saw a bit of a mixed session on tuesday.

however, we did see the s&p and nasdaq posting fresh record highs. now, i'm pleased to say we have the global head of economics. good morning, marcelo. what a very busy day for markets particularly if you're monitoring wall street. first, what are your expectations in terms of what we might hear from the fed today? >> so, listen. the fed is in no rush to cut because they want to build more confidence that the inflation is converging toward a 2% target. for that to happen, you need time to assess the data. i think the fed situation is one of once beaten, twice shy. so to speak, remember, while inflation numbers were looking better, it sounded like they were going to do that. i think they want to avoid getting too excited about short-term data and wait longer.

the fed is unlikely to do anything. in other words, the fed is less mild -- the 2% target is longer than what was expected, which is different from the ecb, by the way. >> very much so. let's continue focused on the fed for now. it's changed significantly from six months ago. ultimately do you think we'll get clarification on whether we're going to get any rate cuts this year? >> look, i think we should eventually. today the fed is going to provide some signaling to that end in the form of updated dot plot. the dot plot was showing three cuts this year. i think that's definitely going to change, probably to two cuts at most, maybe even one. that's because since then things have not played into what the fed expected is. actually the forecast from the fed today are probably going to show sticky inflation and softer growth. >> if we indeed see the fed challenge the dot plot to one

rate cut this year, what could be the implication on the markets? what are we likely to see on wall street in the wake of that? >> i think the markets are having to adjust already. remember, earlier in the year, people are looking for six, seven cuts. that's not going to happen anymore. so far we've seen bad numbers on inflation in the first quarter. some improvements will have the may's cbcpi numbers today. that's not enough. they want to see multiple months of it. i think bottom line the fed starts in december, to be clear. i see risks both ways. there is a risk that by the september meeting, numbers will be encouraging enough that the fed could seriously think about it. but then there is the political calendar that complicates things. >> i was going to ask you about that. we have, of course, the election happening in november. does that make the case for stronger rate cuts in december.

for instance, say 25 basis points change, perhaps seeing a bigger cut at that point? >> i think it does make a change for two reasons. one is that the fed, if possible, would probably prefer avoiding the potential decision of playing politics if it can. i mean, september is going to be the heat of the cam pane in the u.s. so if it can avoid that kind of criticism, it's probably preferable. if it has to cut, it will. but there are choices here. and the second reason for the delay to december is that the outcome of the election itself. depending on who wins, the policies implemented for next year can be meaningfully different compared to the next year. the argument is quite strong, i think, to wait until december before you jump into the cutting cycle. >> explain to us, would a trump presidency be more likely to

lead to the fed decreasing or increasing rates? >> so, listen. what the fed has indicated so far, it's quite clear, policies toward a pushback on immigration, policies toward higher import tariffs on altherr riffs in general, chinese imports in particular, and policies toward tax cuts. all of those cuts seem to be inflationary if anything. that possibly complicates the fed to cut rates into the next year if you go in the direction of the policy framework. >> talk about policy inflation. we're also going to get new prints from the u.s. today. the latest prints show a softening of the u.s. economy. do you think inflation today will support that argument? >> the wide expectation that is about 0.3% month over month, which is encouraging relative to the surprisingly bad numbers we had in the first quarter. april was a bit better.

but it's just too soon. it's not sufficiently positive. remember, the year on year numbers both headline and core are still safely abob 30%. so it's still too high for inflation to go to the 2% t target. probably going in the right direction but not enough to get the fed moving. >> you also suggested -- we're comparing the fed and ecb at this stage. tell me regarding the different timelines and what could be the implications here when you think about the fed potentially waiting much longer compared to the ecb. >> absolutely. the u.s. feels exceptional on so many fronts. one is the americans' refusal to use the metric system. it's clear the mile is longer

than a kilometer. in other words, the ks for the cutting cycle are much more compelling because of the secret caomposition of congress. they're recovering gradually after many quarters of stagnation. the u.s. by contrast is now moderating, yes, but after running hot for a long period of time. as a consequence, the inflation picture in the eurozone looks much more encouraging than it does in the u.s. >> just to sum it up, would you say the ecb has been much more successful in terms of inflation by the fed? >> i would say so. yeah, so much so the ecb has been able to start cutting already. it won't be an aggressive cycle. it will be gradual. >> it's such a change in the tone. thank you so much for your time. coming up on the show, we'll

be talking to marco tronchetti of pirelily. that exclusive cnbc interview is coming up next. has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com.

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signs." chinese inflation continues to diverge with consumer prices coming in at 0.3% higher on the year, while factory gate prices fell almost 1.5% for the 20th consecutive month. the european union is expected to reveal its tariff rate plan for chinese electric vehicles as soon as today as the block cracks down on low priced subsidized reports, according to the financial times, which says the rate will be hiked 25% from the eu standard 10% import on evs. you can see on your screen just a bit of a picture in terms of

shares of china ev makers. the ones that are on your screen are all trading higher. i would highlight neo, 5.6%, geely down by 0.4%. we, of course, wait to hear from the europeans on this front. looking now at the european names in the space, several of them moving lower so far in today's session. bmw, for instance, down by 1.3%. similar moves to the downside for volkswagen. in terms of some of the french names, renault, stellantis, they're also moving lower at this moment. we're only seeing ferrari shares marginally to the upside so far. i want to discuss this story in more detail with marco

tronchetti with pirelli. good morning, marco. good timing to hear from you as this announcement seems imminent this week, potentially today. first and foremost, what could be the direct implications on your business if we see the european union indeed going ahead with tariffs on chinese ev makers? >> good morning to you, sylvia, and thank you for the inv invitation. we don't have a major impact because we are global. so we see for the entire industry is an issue, for the entire automotive industry. for us as tire makers in the very high end of the market based on technology, i don't see major threats coming from that. >> however, do you think that this potential move from the

european union, is it reasonable or is it overstated? is the competition ultimately from chinese ev names just too risky for the european union at this stage? >> i think the european union should have an industrial policy on the automotive industry and should revise the green deal of old. and according to the exiting technology, there are options not only related to electric. so i think industry, being careful with deals with the chinese imports because the most important players of the european automobile industry have -- the best market is china for them.

so more or less the profits are coming from china. before fightg, fightl how we ca independent on technologies. we've become dependent on technology. i think -- becoming independent from other regions, then see what can be done to incentivize. >> just to clarify, are you suggesting that if the eu announces tariffs on evs in china, this is a mistake? >> this is a mistake if it's not related to a promg for the future of the automotive industry, european automotive industry. as part of a larger project in which u.s. investments are involved, we could fierjsd say a

reasonable rebalance in costs in the different regions, but the main issue is what are we going to do with our evolution of battery production, what are we going to do with electronics, how we can handle it, becoming competitive and independent. you have to look at other alternatives like hydrogen. just a decision like this, i don't think is providing opportunities for the european automotive industries. >> ultimately this is going to have an impact on certain european businesses, and, you know, this is not just a one single story. as you mentioned, we are seeing a little bit more of a protectionist tone coming from european politicians. so ultimately how can businesses

really navigate this environment? it's increasingly more geopolitical. >> this is very difficult. what we should expect from our competition is to have a larger picture on competitiveness. so we cannot handle the economy with the volatility we have today. let's say the very low impact that europe has on geopolitics, so we have to think the first priority for europe is to become more independent as i mentioned and to have a competitive industry. then we have the largest market in the world. so we should leverage them together. we have to get industry and politicians close. you cannot decide the future of

europe in brussels without an industrial war. this decision can be shared, and europe has to gain momentum in the geopolitical environment. >> there is no doubt a very hard task, and in the wake of these european primary elections, definitely we saw support for far right policies, and it's suggesting it's going to have an impact on the ultimate sector. what do you think is going to happen from a more protectist eu? >> i think even with this result, there's a delay in the transition because the green deal has been set improperly

without analyzing the reality and competitiveness of europe as a priority. so i think that in any scenario, considering also the far right improvement, but even so, it's a changed policy. europe is losing ground and becoming less and less competitive in this situation. >> however, in europe there's naturally also a strong sense of the need to support consumers. you know, competition regulation is also very strong in this block, and ultimately what we're seeing is this dilemma of how much to protect competition law versus being competitive. where do you think the balance lies? can the european union, which has such strong competitive -- competition laws actually deliver on becoming more competitive? >> at first europe should

consider europe as a region of the world with rules, simple, and then compare it with the rules of our competitors. in different ways, china and the u.s. are protecting their business, and europe is pleading, let's say, to regulations. it's more pieces. so we need to have european champions. we need to be able to -- teach the world to have european -- let's say, champions in the automotive industry in a clearer way, considering what is veejt for -- convenient for consumers and producers. there is an incentive for the growth of the market and on the environmental impact without

being -- stick to rules that cannot be implemented. many decisions are taken without considering part of the larger world. so it's like considering brussels to the central world. >> we'll see what happens as we look at this new political cycle in brussels. thank you so much for your time. that was marco tronchetti, executive chairman for pirelli. apple unveils its weight of openai policy. we'll be joined by acorn founder h herman hauser to discuss everything from semiconductors to the big fad.

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welcome back to "street signs." i'm silvia amaro and here are your headlines.

the eu is reportedly set to more than double tariffs on chinese evs, which it claims benefit from state subdicies. pirelli's marco tronchetti says the eu should approve support for the sector. >> they should adopt our policy on the automotive industry and should revise the green deal as a whole. the iea trims its demand forecast saying companies should examine their strategies with the market to peak in five years' time. from the house of mouse to mouse traps, nelson peltz builds up a stakes war more than $400 million, sendinging the stock soaring.

good morning, everyone. we are basically an hour and a half into the trading session here in europe and this is the picture across the main board. they're alternating in the green at this stage. i would highlight the ftse 100 up by 0.7 in the wake of a bit of a weak gdp prinlts that showed basically no growth at all for the uk economy, however, we are also keeping a close eye on other parts of the uk market, particularly as we approach the general election. the german market also trading higherer by 0.3%, also one we have been monitoring quite closely in the wake of the announcement from the french president for a snap primary election. it's actually taking place at a very similar time compared to the one happening in the uk. busy times ahead.

i want to take you to some of the big stories. this is about rentokil. nelson peltz has built a significant stake in this pest control giant. they're a top ten shareholder with a stake of $400 million. rentokil is down, but look at the performance today. we're seeing the shares moving up by more than 11%. so investors quite happy really about this latest announcement. now, when it comes to other parts of the corporate space in europe, general has announced a buyback of more than 200 million pounds. the move is part of a push to move more capital to shareholders over the next three years with a combination of

dividends and buybacks, however, the announcement has not translated into a popstive momentum for the shares. they're currently down by 3.6%. now they have posted between 4.8 and 5.2 this year with a cash flow of 340 million euros. it touted its acquisition of the dutch business and said it's m & a strategy will pave the way. and looking at the shares at this stage, up by about 1.3%. the ceo thomas schultz told cnbc about that key part of the company's plan. >> woe look at countries we're already in and out of our core technology. why do we do that?

we still have a very, very big market in front of us, which, by the way is doing very well. if we cover all of our clients, we could actually more than double our revenue. to the growth, m & a comes on top of 4%, 5% growth of what we see to the midterm year 2026. >> let me take you to the bond market, also a very interesting one amid all of the changes in the political scene. with that in mind, i want to show you how the yield is trading. we're seeing it at 3.22%. it's important to keep in mind this part of the market exactly because we are seeing rating agencies say that they are slightly concerned about the outlook for the economy in france because it could lead to a far right government and, indeed, the rating agencies are

concerning about what that could mean in terms of fiscal prudency or lack of it. i want to mention the benchmark on the 10-year german bund at 2.68%. over in the united states, also a very busy day stateside. in terms of the u.s. yields, we are seeing the 10-year paper at 4.40%. we are getting a new cpi print today as well as a new fed commentary, so that could have implications for this part of the market. it could also have implications for the u.s. equities. it's looking like it could be a positive start to the trading session on wall street. this is after we saw actually a bit of a mixed session on tuesday, however, the s&p and nasdaq, they did post fresh record highs, and a lot of that had to do with with check. so let me show you some of the latest tech headlines. apple shares have hit a

record-high, witnessing their best day since 2022 after these fresh announcements from the company's ww d.c. event. it announced ai features across newer devices including an updated siri voice assistant integrated with chatgpt, writing assistant tools and image generation. awe of that is now being digested by investors that left apple on the cusp of overtaking microsoft to regain its position as the largest u.s. company for the first time since january and widening the gap between itself and chipmaker nvidia. now, the initial market reaction to apple's ai announcement was luke wam, but yesterday saw at least 13 -- 13 analysts raising their price targets on the company. that comes amid expectations that ai features, which are only available on the very new evidence i -- newest iphones.

this is also an important one as we look at the other performances for ai. now, the u.s. is reportedly ruling another tranche of restrictions of china's ability to access cheap technology used in artificial intelligence. this is according to bloomberg who say the tech in question is a cheap arc teng tur called gaa all around or g-a-a. they will produce the world's biggest chips within the next 12 months. nvidia and adv both showed a decline. now, germany has announced its biggest announcement into

semiconductors as the company looks to shore up its access to technology. they've achieved more than a quarter billion euros in funding, which will enable it to enbark upon the first massive project based on graphene. europe has a strong niche in the market. >> europe is very strong in parts of the chain and contributes in its sector. as i said earlier, i don't think it makes sense to copy all of the technology into one country. it is more a value chain that's distributed all over the world, and we contributing in a certain sector. what we can do is work on the design sight. this is what we can improve very easily without a high capex investments that big fabs need.

>> now, herman hauser is co-founder of acorn. he's also the co-founder -- was one of the co-founders of acorn computers in which arm holdings spun out. it's good to see you. good morning, herman. first and foremost, for the viewers who have not heard of black semiconductors before, just explain briefly this partnership. >> well, it is a wonderful example where europe can lead in a new material called graphene. graphene will have a remarkable impact on the development of semiconductors because of its very unusual 2-d properties. >> it's also an important moment given that we're hearing from politicians here, taking a step

and trying to support this part of the market. if y have you noticed a change in tone of policy makers? are you aware of the importance of having a strong independent semiconductor market? >> very much so. so for the first time we're seeing rounds and investments in the region of hundreds of millions being put into early stage companies in europe. this is the biggest gap on the european financial scene that americans and chinese are capable of putting these large-arounds to help their companies to become world leaders, and in europe we've been getting behind the early stage companies with sufficient money to give them a chance to become a global leader. black semiconductor is one of those companies to help world leaders to use graphene to

interconnect chips the way black semiconductor does. we have a chance of building a global leader based in europe. >> now i also want to get your thoughts really on the outlook here for the sector because europe has lagged behind in terms of the semiconductors and the space. is there a chance it can become a chip hub? what is the outlook that this is likely to change for the europeans? >> well, the exciting thing about high technology is that there's always a new game. the leaders aren't necessarily always the leader when new materials or new devices come on screen and so it is with graphene. europe is the leader in

graphene. it's going to be one of the disruchlters in the semiconductor companies and for once we have a company that's a world leader. >> i'd also like to broaden out our conversation and look out for ai. we are getting quite a lot of moves in our space, for instance, with apple announcing a new ai overhaul strategy. it's draup a bit of criticism from players including elon musk. he said the deal with ai is not one that's good for consumers. ultimately do you agree with his comments, and more broadly, do you think apple's step is one in the right direction? >> well, apple really is in a catch-up situation. they're not one of the leaders of ai. it's very interesting that they're now getting off of the ai bandwagon to catch what is probably the most exciting technology that we've ever developed, so it's good to see apple take note of that and

building it into their product. it's also clear, of course, america is leading in ai, however, we do have european strengths. we've just seen the funding also, but few fundings in the hundreds of millions of dollars in a french company doing foundation models in europe. and there is one? london. although it is google owned, it is very much a european company with european employees. so we have great strength in europe in that we actually have more software engineers in europe than americans. >> you know, all of this conversation around strategic autonomy and independence is leading to more government independence. is it more in vain when you think about it?

do the europeans actually have room here to compete seriously with the u.s.? >> yes, it does. we have a university output that's compared with the u.s. but we have the talent. as i said, we have more software jeers in europe than do the americans. and as far as the market is concerned, this has become a global market. it's not an american market. i's a global market. so as long as our products are global products and world class, europe has a chance of getting that market to buy european products as american products. >> i also would like to get your thoughts on a.rc.m.

it said it was planning to launch ai chips in 2025. i was wondering if you have any thoughts in terms of how this might look like in next year's. >> well, it's going to be very exciting. you're not going to get any details out of me, other than the announcements that have been made by rene already. so there is another company, a.r.m., which is a european market, but is quoted on the u.s. market, and it's interesting that a.r.m. has taken over intel in terms of capitalization. sometimes we do get things right. >> let's see. perhaps we can revisit our conversation in the future as we get more details on a.r.m. herman hauser, co-founder of acorn and capital partners. coming up, it will take 134

years to achieve global gender parity. we'll look at all of the details from the west coming up after this break. what is cirkul? cirkul is the fuel you need to take

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welcome back to "street signs." the global gender gap is moving so slowly, it will take five generations to close the pace. it says parity and labor force participation rates for women has rebounded to 65.7% globally from a low of 62.3% in the wake of the pandemic with europe leading the way. the managing director for wef said they have a positive and economic social impact. >> over half of the countries we cover have on their laws and their policies a need for pay parity, but at the same time,

only one fifth of them put in place transparency measures and enforcement mechanisms, so there is a development of that. but there is another piece, too, starting to put in place different work practices in workplaces, making sure there's a wider care area. so there are a number of things that are not just about top-down regulations that are really win winns for everybody involved. >> let's talk about the impact of an election year as well and what you said it will do ultimately to the entire conversation around gender disparity. >> yeah. so this year and next year combined, there have been a will be about 3 billion people who have participated in some form of local or national election, and at the present moment when it comes to local government, there's about 35% women in those

positions. when it comes to parliamentary positions, we're looking at an all-time high of 33%. and then when it comes to ministerial positions, 25%. and when it comes to heads of state over the last 15 years, less than 15%. so very similar to how various industries are structured. there is this vertical gap that continues in political leadership levels, and, of course, when so many people are going to polls around the world and there's so much change in political systems here, there's an approach to leap forward. as we approach the end of the show, it want to revisit some of the activity when it comes to european markets. as this point we're seeing all european markets trading in the dwreep with the ftse 100 trading by almost 0.8%. similar moves in italy. 0.6%. some sectors where we're seeing

a bit of an increase is banks and tech and altos. it seems looking at the futures, it could be a positive start of trading on wall street. this is after a mixed session on tuesday, and know that it will be an important one today with cpi and the fed, both of them happening today. now, that is it for today's show. i am silvia amaro, and "worldwide exchange" is coming up next.

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. it is 5:00 a.m. at cnbc global headquarters. i'm frank holland. here's your "five@5." double trouble. investors brace for the latest read on consumer prices before the open. futures, they are inching higher ahead of that report. then it's all about jay powell and the fed with the latest rate decision and policy forecast. we ask gina smiley of "the new york times" what she wants to finding out when she speaks with powell later today. apple closes in on microsoft to become the largest u.s. listed company after