♪ it's monday morning. welcome to "street signs." i'm arabile gumede and these are your headlines. the real estate sector put asset on the fixed sector. and eu exports of pork products has raised concerns over trade tensions after the eu hit chinese ev makers with fresh tariffs. and european equities are

trying to bounce back while u.s. futures point higher as minneapolis fed president neel kashkari guides toward a december rate cut. and hundreds of thousands take to the street in france opposing the far right national rally as the party takes an early lead in polls ahead of parliamentary elections. welcome to it. we will get you a whole lot of news then. we will start in the far east and go through the scope of data news as well as political news happening across the world let's start in china where industrial output came in at 5.6% on the year fixed asset investment grewes listen expected with the steep

drop in real estate. 3.7% year on year and that was well ahead of expectations at the same time, the china central bank kept the policy rate steady at 2.5%. goldman sachs analysts now expect the pboc to cut rates twice in the second half of the year sam vadas filed this report. >> reporter: it was a busy start to the trading week in china aside from panda diplomacy down under, they had numbers to digest the numbers were downbeat in the property stector with new home prices falling at the fastest pace in ten years. despite a wave of policy support. industrial output missed in may. fixed asset investment surprised

to the downside as the property secreta sector continues to drag analysts say it may not be as good as it looks the data captures the may labor day holiday which may cause distortion in the headline we know spending per head is a worry. the pboc made no change to the rate this morning. the fixing is typically seen as a guide for the lpr fixing on thursday they don't always move in tandem economists are not ruling out a change or cut to the five-year which influences the price of mortgages. the rate decision came after credit data showed new bank lending in may, but respecting the slushish demand. in singapore, sam vadas, cnbc

business news. and the probe is set to begin today in the pork products and is expected to last for a year ramp up in trade tension is what we get from that picture what does it mean overall? we will find out with a year to go until that. overall to the market picture. you are seeing apple up a quarter so far when one compares how much you lost last week, it shows how much of a recovery you need. the cac 40 lost 6% all of last week the ftse mib down 5% those were astromonical numbers. you are seeing recovery coming to the floor with the political turmoil from france, of course, that snap election called, with protests

against the far right national rally party. all of that is still going to impact things significantly. not much by way of equity data to really move things as well. it means the market would possibly be beholden to a bill l little bit of defer especially it is not just about the top line decision on whether they cut rates or not, but what are they thinking and how are they looking at moving forward? you see the ftse mib move up .10 it has been holding steady at the 8,000 mark we saw the likes of travel and leisure leading the gains. mining is lower. they are down .75 weaker in the early trading session. the market has been over for just an hour technology stocks are 1.5%

higher how we have seen technology stocks ramp up in the u.s. we can talk about the last wtwo years or so and what apple has done and nvidia has done in the market and the semiconductor and chips in europe moved higher 1.5% up there. travel and leisure at the top of the stoxx 600. here is the futures. we have been having the data deluge last week this week, we are looking out to see if there are any cracks in the tech rally as really spurred things on. so far, it looked like we could be headed for a slightly uppish move to the u.s. market as we get toward that opening trade in a few hours. now, once again, it is a busy week for markets. we are trying to, perhaps, to look out for inflation data from the eurozone

that comes out tomorrow, so tuesday. the uk will release its figures on wednesday that is very important to look out for that data. then thursday is a bumper day for central banks. the bank of england, snb and norges bank make monetary policy decision does the snb cut again we will see. flash pmi is expected across europe and u.s. on friday. golden goose will make its debut in the milan ipo in the year we will get into that across the week here is the market week then matt ryan joins us now matt, thank you for the time i really appreciate it a lot has happened a lot still happening. if we just take a look at the european market last week, that downfall with the cac 40 down 6% ftse mib down 5% weaker. dax down 3%.

is it really the political influence or is there more under the hood >> this is a driven move if we look at the european economy, the economy is holding up well. you will see the pmi later this week we are looking for signs of a continued rebound in the services sector. the ecb will continue cutting rates. that should be good for european stocks of course, we have that added political risk premium we have seen since the european elections. obviously, markets were pricing in the swing to the right. it is the extent of the swing we have seen particularly in germany and france that has taken markets by surprise. we have the extra uncertainty added by the snap election in france that could lead to a hung parliament that is not helping things. >> would the decision on that determine whether we get a rebound in the european markets or not is this a case of the market

looking for news in the form of the ecb or the bank of england or other data? >> i think the political events tend to have a shorter-term ramifications. we may see weakness in the european assets. in the near term, until we see the end of the political uncertainty and then markets will look for economic data and the pmi data this week they will continue to look at gdp numbers out of the euro area and looking for signs of the continued rebound there. then all eyes shift to the ecb we will see if they cut rates on a couple of occasions or maybe just one that is the key for the markets this year. >> and trying to find a market leader across europe yes, fine, you look at novo nordisk and you think to yourself, lvmh and the granolas as a whole where would you find direction in europe? this is where you need to invest if i'm not from europe and i'm

looking to europe and looking to get in right now, where does one go >> well, i think just in general, there's the european outlook is slightly more favorable than last year i think if we look -- >> that is looking at isolation, not comparing to china or the u.s. that would give you a distorted view. >> that's true if we compare the eurozone and european economy compared to the u.s., that is under performance. our view this year is we will see a bit of a convergence and actually if we look at the european economy, say to relative to last year, there is a lot of scope to the upside f. we look at the u.s., strong growth there last year, we are seeing signs of deterioration that convergence should be good for european assets in general >> any sectors you are looking at specifically?

>> not particularly. as a currency company, we take a broader view on markets and look at the macroeconomics picture. i wanted to drill down too deep. on the whole, our view is a modest one continually if we see downtrend and the ecb cuts rates more aggressively this year and we should see two cuts. >> you are seeing two more cuts or one from the ecb? >> our base case has been for a while a couple of cuts our market is slightly doubtful. the communications from the ecb have not been as dovish as we expected but it all depends on the inflation prints and if we see signs of disinflation and that core number continues on the downward trend if we see more of a downward trends, i think there is a

chance we see two cuts this year markets see just one at the moment, i think it is a close call. >> do you think the ecb would actually cut had they not kind of foreshadowed that cut so much considering the data was topsy t turvy? maybe they were not too comfortable to cut yet you saw what happened to huntsman who said we shouldn't have cut. >> that is the problem a bit with forward guidance. they backed themselves in the corner with the june cut heavily telegraphed by ecb officials they did force themselves in the corner the data leading up to the meeting and slightly higher inflation print and stubbornness in core inflation. maybe looking in hindsight, maybe they would have been more sensible to deliver a pause.

>> it is all about credit bu ability. >> you will stay with us and continue the chat. we will talk boe coming up as well a lot to look to as well quickly, to really get you a sense on the ecb discussion. we got data on lines from philip lane saying this morning just out about two minutes ago actually we are seeing significant wage increases in some countries. that has been the factor that, of course, has been looked forward how much of the wage increases impacted the decision then made by the ecb wage inflation and services inflation can key factors and even in the uk as well we will unpack that one. philip lane saying cost pressure are to be muted next year which is a hint toward more cuts

that should not be too siensitie to monthly inflation data. need to differentiate between note noise and signal i want to ask on that one, if you want to differentiate on noise and signal, if you look at any data, any of it could be noise. how do you differentiate it? >> that is something you see with a stronger inflation print. markets react an degrees sufficiently the ecb is looking for a sustained downward trend they are not reacting to one data point it is looking at the longer picture and take a look at where core inflation is headed and they look at wages and the strength of the economic activity and make a judgment

based on that. >> it is the sense you haven't gotten out of the united states. the fed has really almost commented on the back of every single data point is what we have gotgotten also, philip lane says jumps are the ones they don't like and the bumps are the ones they can deal with we will unpack through the show as we continue here is another story. ubs is expecting to book a $900 million provision after it offered fund investors the opportunity to redeem at 90% of the net asset value. ubs says the voluntary redemption will have no material bearing on its up scoming financial earnings it gives them an accelerated exit from their positions. ing has laid out hits targets ahead of the capital markets day with the lender

targeting 4% to 5% per year until 2027 it was aiming for a return on equity of 14% and fee of 5 billion euro over that same period shares of danish insurance company topped higher after the sampo rmade a takeover bid of 47 billion euro. and in sports, adidas received a whistleblower complaint of adidas china alleging senior staff are embezzling millions of euro a year interesting. thales has won a french order from the french military nations are looking to increase military capacity amid the war in ukraine the defense in technology

company the will quadruple production at the domestic side to fulfill the order. coming up on the show, we look ahead to the bank of england rate decision as signs of the economic improvement ahead of next moh'gerants nel election stay tuned i'm andrea, founder of a boutique handbag brand - andi - and this is why i switched to shopify. it's the challenges that we don't expect, like a site going down or the checkout wouldn't work. what's nice about shopify is when i'm with my family, when i'm taking time off, knowing that i have a site up and running and our business is moving forward because we have a platform that we can rely on. that is gold to us. start your free trial at shopify today. ah, these bills are crazy. she 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

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welcome back. now minneapolis fed president neel kashkari said it was a quote reason able prediction to expect the fed to cut rates in december. in an interview with cbs, kashkari said policymakers needed to see more evidence that inflation was coming down. he added that the fed is now in a good position to take its time before making any decisions. meanwhile, the cleveland fed president loretta mester warned. >> if you look at the policy so far, you can see it affecting the economy. we have seen it affect housing markets and affect growth rates and the supply and labor market.

whether it is sufficiently restrictive, that's why we need to be data dependent and assess where information is going. we've always said we really need to have that confidence and inflation is moving down on a path to 2%. it would be inappropriate to keep rates at current levels. let's move to the uk where the economists polled by reuters had previously seen the bank of england cuts rates this month as inflation fell to 2.3% in april. prime minister rishi sunak's decision to call a snap election have changed that. none polled see the cut on thursday. it will show a return to the bank's 2% target. uk shadow chancellor rachel

reeves spoke to the financial times and reeves would seek a bespoke arrangement for the chemical industry and hold a summit in the new government's first 100 days. l labour plunged no change to the eu. matt ryan is still joining us. he is the head of market strategy at ebery. surely they are itching to cut, but they can't now because of the elections. is that the sentiment? i thought they were meant to be independent. >> i think the election is partly to play at the uk rate cuts. if we look at the data we have had since the may meeting with the dovish shift in communications, i don't think the communication is warranted another dovish pivot or more votes in favor of lower rates.

the latest on the uk inflation data surprised to the upside and we are still seeing stubbornness in services inflation where the bank of england pays attention to. the uk labor report was mixed. wages are growing at a fast pace. 6% on an annual basis. there are reasons from the macro point of view for the bank of england to take a slightly more cautious approach and wait until the august meeting for the first out cut. >> okay, fine. you have the average and services inflation still being an issue. if the overall figure hits 2% on wednesday and you now hit your mark that the bank of england wanted, can't cut because it seems difficult an among the election cycle, then you might do it in august.

that means it is exactly a year you held rates at 5.25% ultimately. is that not late? would they not be late in cutting? yes, you have the two aspectasp but things have gone down. >> the services is such a big part of the uk economy and that is a nagging concern for the officials. they want confidence that 2% is sustained in inflation. simple 2% or 1% or 2% inflation is not enough. they want to see the overall picture and feel inflation is going to stay at 2%. i do understand the aurrgument r the election. that provides another rationale to wait a bit. i think that is the perfect opportunity for the mpc to not only cut rates, but provides an

opportunity to explain the decision as well. if we see positive data on inflation on wednesday and further signs of disinflation, less than 2% in the headline number, that could be the argument for the dovish pivot in communications. i have think that would be the right decision to wait until august after the election. >> what happens? how quickly do you think the rundown comes with the boe? i suppose the broader question becomes do we ever get back to the zero rates again? probably not. >> no, we very much don't expect that to happen. i think 3%. >> 3%? 3% by the end of next year or is that your future rate? >> it depends on inflation, really. that's the key to how quickly they cut. i think every other meeting, seems to be the base-line scenario. that would be the way they would want to go. >> yeah.

>> but they need inflation to play. they need to see 2% sustained. they want to see wages come down faster than they have done. as i said, still stuck around 6% in annual terms. that's far too high for the bank of england in the achievement of the target in the sustainable manner. if inflation stays sticky in services, that path toward the longer-term rate could be a more gradual one. >> matt, i appreciate the time. thank you so much. we will see all of these permutations come to the floor and we will have you back and replay all of this and see what happens then. matt, i appreciate the time. matt ryan at ebury joining us to unpack the boe decision amongst other things. we are following news across israel as well. just some news coming out moments ago. israeli prime minister benjamin

netanyahu has disbanned his war cabinet. it is a six-member war cabinet. it was a move that came after the departure from the same war cabinet of the former general benny gantz. netanyahu faced issues from the religious partners in his coalition including the prime minister and the national security minister to be included in that war cabinet. a move that would intensify strangs with the international partners including the united states. the big question mark is now you disbanded the war cabinet, benjamin netanyahu, does that make it closer to a cease-fire? the war cabinet was formulated with regards to the war that was happening with palestine. what happens from here is the

big question? we will follow that news story for you. netanyahu disbanding that inner war cabinet. coming up, hundreds of thousands of people taking to the streets of france demonstrating ahead of the far right rally. we will break down what to expect at the ll b nt. baotoxex

welcome back to "street signs." i'm arabile gumede and these are your headlines. china with a concern over the real estate sector. china launching an ant anti-dumping concern over pork products. european equities bounce back after a volatile week while u.s. futures point higher as minneapolis fed president neel kashkari guides toward a december rate cut. israel's benjamin netanyahu reportedly disbands his inner

war cabinet with the rift with the economy and the prime minister condemns the general plans for daily tactical pauses to allow aid through to gaza. it's a rebound that was hoped to stem through to the market picture having seen the likes of the cac go down more than 6%. the dax also 3% just last week. that's across the week. that rebound is coming through, but not as the losses we had seen last week. that political tension across france is impacting a lot of the market picture as well. of course, we have seen protests and we will unpack that more. for now, you are seeing marginal gains across the markets in europe. this is what your forex markets

look like. as we head to the bank of england and their decision on rates. holding rates is in the mix, but it is what happens post that and they are looking toward the sterling and see what happens then. 127 is pretty much the mark followed last week. we just dipped below that mark with the little bit of weakness in the pound. you are seeing some relative strength coming through in part for the u.s. dollar against the yen, but the euro is managing to gain ever so slightly. on to the european yields and treasury picture. this is how we are looking. ten-year treasury is falling nearly 22 basis points to 4.211 actually. what you got out that have data was really just a clear sense, then, that markets are anticipating that things are beginning to ease. so, perhaps then, we will get those cuts in interest rates.

it is getting a little bit tougher to understand the market from that point of view. the data can be bumpy at times, but neel kashkari talking about a december rate cut in play. when he spoke to us a few weeks earlier, he did say nothing should be taken out of context and he should, perhaps, be considering every aspect here. you see the ten-year note at 4.24. a out of european area, the ita italian papers are at 4%. 2.3981 is the benchmark for europe at the ten-year bund in germany. let's follow on for the markets. week to date, mixed with the blue chip dow posting the third losing week in four. the s&p and nasdaq notching the

seventh up week in the last eight. both hits the record moves by the end of trade last week. will that continue to be the case this week? all eyes will be on that tech rally. let's head on over to france now whose far right national rally and the popular coalition are leading in polling in the election. the deadline for the group to field candidates for the vote passed yesterday. protesters took to the streets across france on sunday. police say an estimated 217,000 people joined the protests. the union put the figure at 640,000 with a quarter of a million in paris. charlotte is joining us now for this discussion. charlotte, the while they take to the streets, they could have made their voices heard on the ballot paper?

>> we will have to see. this is capping an extraordinary week with the french politics. macron calling the snap election after the bruising defeat in the european election. we certainly see that in the polls that the far right is in the lead. arabile, they have around 33% of the votes. that gives them 226 in the national assembly. far away from the absolute majority of 289. they would be the biggest block in the chamber. the second is the left-wing block with 5% of the vote. 176. one-third of president macron's party which is 100 mps. way far away from the 245 that they have at the moment. we see the jitters on the market last week. the two parties have very costly economy programs. we see they would revert the pension reform to bring back to

62 from 60 years old. energy cut from 20% currently. the costs of 100 billion euro in extra spending per year. we know that public finances already being the focus of tension at the moment. the commission expected to call for excess deficit procedure for france this week. we have to wait and see. certainly, we heard from the potential far-right prime minister speaking this week and said he would not collaborate with president macron and push for his own program. >> a coalition government is part of the institutions. yes, i agree that emmanuel macron has chosen to consider his prime ministers as collaborators which i won't be. if the french put their trust in me, i will lead them on clear priorities. security and immigration and i would like to create a national

unity government that would not include only people from my party. >> now we heard again this weekend from the house that after years of campaigning against the pension reform, that it will be implemented to take it away straightaway. we will see. providing a few details over the weekend and we have to wait and see. we had the few issues over the weekend which were extraordinary. the mentor to president macron is worried this election could backfire. former president saying running in this election for something unheard of. the captain of the french football team mbappe calling for the youth to get involved and vote. he was against the extreme. he will be proud of the jersey he will be wearing on july 7th. uncertainty for the next two

weeks. a lot of uncertainty here. >> let's bring all of that to fredrik who is the head of macroe macroeconomics research. thank you for the time. i was saying this earlier as well to charlotte that, indeed, if the voters weren't happy with the far right, they could have made their voices known. they have another chance to let their voices be heard. do you think these protests are a sign of what's to come? >> absolutely. i think you are right on that turnout into the election is going to be a critical input into the final outcome. as you might know, it is a complicated two-ballot system where eventually one candidate wins in each area. this will be driven by the t turnout and the alliances with the disqualified candidates that won't make it to the second round which can change the

outcome. this means the protests are early signs we get that from the opinion polls that the turnout is likely to be much higher than previous ones. maybe 60% to 70%. back to normal levels that we are used to in the last two decades. second, i think this is going to drive also the discussion and the campaign and the negotiations that are going to drive the election in the next week. it is only the beginning now. be aware of the opinion polls in general, i would say, because of this normality that this creates in the final outcome. >> fredrik, one thing one must note is the chief economist for the ecb, philip lane, has been speaking. he made notes when asked about france, he goes on to say that all governments need to show how

they will implement new fiscal frameworks. is that the biggest worry? we are looking at the fiscal framework and wondering how things move forward if there is a change in leadership or, perhaps, an addition with regards to the new primarye minister is possible here? >> i think is there is a risk to the short-term outlook where you have to vote the budget this year and the budget for next year which is the challenging for the position of the government. the longer-term challenges that france is facing with the structural needs for defense and energy and et cetera. this is going to be the critical, i think, driver for the markets over the next few weeks and months. if i want to put it very bluntly, the ecb will never save france. this is not 2012. this is not italy.

there is no pracfragmentation r risk as of now price in the bond market. there is no frexit. there is a re-pricing of the fiscal risk prem nium. that is why the ecb is right. they have tools and they could provide liquidity, but they will not use them unless you get something more systemic risk and we are far from that situation. >> frederik, i heard of a risk trust there and i see twice as painful with the program with the unfunded tax cuts. is that something you agree with on this risk? >> unfunded tax cuts is what you need to look for. if you get this kind of threat

to the fiscal situation, the market can freak out. it is a mixed bag. i can make a more positive case based on the fact that the euro has improved a lot and grown up to something more structurally stable. we have the balance hsheet in te background if something goes wrong. we have the banking institution. it is the banking union which has not been completed in full. it is much more stable and safe. on top of that, you don't have the banking system in europe, and in france, in particular, that is exposed to the bond market. there are big differences which is hedged against the risk. within the range of difficult and challenging scenarios, but not the end of the world scenarios. we are fine. it is a re-pricing and we will

lead with that. if something big happens, absolute majority for one of the extreme parties and they go for the full radical program, then we are talking and it is a different scenario. the reason why you can freak out in terms of the far left or the far right economic policies. >> i guess at the moment, the most probable scenario is the hung parliament. does that limit the most extreme economic programs or is there paralysis in france for the next few years until the next presidential election? >> for macron, it is a different story. from the market perspective, it is the least outcome. we have the insuconstitution wh gives power to the president in terms of foreign affairs and also in some strategic areas, we

would need to sign the decree or law. we have episodes in the past which were different terms of cohabitation between left and right and president and government that went bad, but did not lead to some disaster because we know there are limits to, indeed, the power of both of the government and parliament and p preresident in that scena. i think the most concerning scenario is something more unexpected in terms of, for ins instance, you get positive momentum on the far left or positive momentum on the far right with some sort of government that could create alliances and go a little bit further in terms of, as you mentioned before, the pension reform and unemployment scheme reform that could be abandoned and indexation which would be a concern with weages inflation.

the least bad outcome would be the problem for parliament. >> it will be interesting if we get more short answers from the election. we will see where things will go. frederik, thank you for your time. head of macroeconomics research at pictet wealth management. thank you are charlotte, for joining us on that conversation. coming up, eu leaders are looking for consensus on the top jobs since they meet for the first time since the last month's parliamentary elections. we will have the latest 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

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well pcome back. israeli prime minister benjamin netanyahu has disbanded his inner war cabinet. that's according to reporting by is israeli and western moedia and comes after netanyahu called out daily tactical pauses to allow the flow of aid.

several key nations, brazil, india and south africa have refused to join a joint communication following a two-day summit in switzerland endorsing the ukrainian territorial integrity. around 100 countries attended the summit, although russia was not invited and china declined to participate. and european leaders could reach consensus on who will fill the top job at the meeting later today. leaders are expected to back a second term for european commission president ursula von der leyen. the former portuguese president is expected to be announced. silvia is join us for more on

this one. silvia, the expectations are here that those decisions would have been made and ratified ultimately today, but will only get final word in what, a month? >> sources told me today we are expecting consensus. we have a formal gathering. they are not supposed to take official decisions. that is expected to happen later this month when they return to brussels for a formal summit. this is the process. >> this is agreed in public? the formal process. the people have their own thoughts and secret meetings and come together and ratify them, don't they? >> there is always priority work. you need to think about parties and you need to think about guy graphical divisions and the outcome of the european elections. there is an a lot of criteria you need to keep in mind.

that is why the work started a couple of weeks ago. that is why they are moving closer to having consensus on the top jobs. it helps they are moving closer to name the president of the european commissionme. once you have the name, it is easier to name the other jobs. it seems it will go to the former portuguese prime minister and then kallas as the former affairs chief for the eu. what is interesting here is the speed of this negotiation, arabile. five years ago, when i was in brussels reporting on the top job summit, we were at the council meeting throughout the night. it was the longest summit we had ever seen. the fact we are moving closer to the consensus and they are showing they are quicker in the process compared to previous years. that is important. i have to say we will be in brussels tomorrow and we will

report on the outcome of the council meeting, and we are speaking with the executive vice president of the eu commission. margrethe vestager. join us for that exclusive interview. >> do you have points on your air miles with the amount of times you go to belgium? >> i take the train. >> i love it. thank you so much for that, silvia. we will catch your coverage. let's move to the united states quickly where president joe biden and presumptive nominee donald trump held dualing campaign events over the weekend to bolster support for the week. the attention on the supreme court which could impact the race for the white house. nbc's alice barr joins us with more from d.c.

alice, we are ramping up with the debate happening soon between the two. >> reporter: less than two weeks away from the first debate on this presidential election cycle. it is a surefire sign the election season is heating up. we had the events for former president trump and president biden. biden had a star-studded event in l.a. which featured former president obama. biden said whoever is next to hold the oval office will likely nominate two more supreme court justices. he honed in on that. he said that was potentially one of the scariest parts of his former rival, president trump, being elected. he called the current court out of kilter referencing the opinion from clarence thomas with the overturning of roe v.

wade. he considering other things from abortion and ivf and contraception and same-sex marriage. former president trump was in detroit over the weekend. he was at the event with black church leaders. he talked about how president biden has been the worst president for black people. he said the immigration policies are hurting the black people. the biden campaign called this an 11th hour attempt at black voter outreach that isn't fooling anyone. he talked about the legal troubles which are helping his ch campaign. he will continue to shore up support with congressional republicans. arabile. >> alice barr, thank you for that report.

we will follow that through november and beyond. quick check on the european markets. we hoped for the rebound following last week's anticipated rebound in the market picture, shall we say after the markets with the big dip in the cac 40 and the ftse mib which was down 5%. the dax as well. those are the only markets which have gone higher. the rest seem to have gone down. we have been following philip lane, the chief economist in europe, saying they still plan to meet the 2% target. in the united states, markets are starting off higher, but a mixed picture there. we will unpack that and so much news still to come. i'm arabile gumede. "worldwide exchange" is coming up next. your business. take full control of your brand with your own custom store. scale faster with tools that let you manage every

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it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." stocks hovering near all-time highs as investors are questioning the recent market rally and if it can hold in the summer months. don't tell that though the chief market strategist who is raising his target to now 6,000. goldman sachs is getting bullish as well. in europe, stocks trying to stage a comeback after the rough week for the region and france's worst week in more tha