and that's all for this edition of "dateline." i'm craig melvin. thank you for watching. ♪ the top of the hour. welcome to "street signs." i'm arabile gumede with silvia amaro in brussels with your headlines. the european commission vice president tells me in an exclusive interview that the eu antitrust rules can boost the domestic economy especially against global competition. >> we defend ourselves against unfair competition.

the point is to realize we can never out spend china or the u.s. we can spend strategically. still failing to reach consensus on the top job as the party calls for a slice of the eu presidency. and opening in the green after the rally straateside puss the the rally higher after the 30th record close of the year. far from perfect. boeing ceo dave calhoun preparing his mea culpa on capitol hill over the plane's shortcomings. it is an exclusive european commission vice president commissioner which has told cnbc

antitrust can be part of the mission to boost competitiveness and maintaining a level playing field should be a key focus for her successor. silvia has more which has been put into the conversation. silvia, run us through the highlights as much as possible. >> reporter: so, we had an extensive conversation with the aren't vestager. i talked about the cycle about to emerge in brussels because this is the point in time we hear more and more officials focusing on the need that the bloc needs to be more strategic. this is a key concept for european officials. when you think about against what the eu has against competition, strong competition laws, it remains to be seen how they square the circle.

when i spoke to the executive vice president, she had a clear message. the eu cannot out spend china or the u.s. they cannot pretend they can do that. her message here is the eu needs to be strategic with investments in order to compete on a global scale. >> this is a bit of a paradox because if we look at what we consider our global competitors, china and the u.s., they enforce competition and they focus on competition as one of the drivers to make them more competitive. i think it is really important to take note of that. their competitiveness have not given up. that has focused on competition. the biden administration has done that in three different sequences both with the leadership of the doj and ftc and the competition measures and

the third competition measures package. it is important to learn from that that competition is part of the solution. you are more resilient if companies have suppliers to choose from and you are more resilient if you have customers to serve if one customer fails you and then you have others instead. i think we have a very important discussion ahead of us. so far, you know, for instance, our merger rules have shown to be sufficiently flexible. you can recognize digital competition and competition in innovation which is an important issue. the stated rules have been updated, but also shown that they are really sufficiently adaptable when we are in a critical situation. >> the reason why i'm asking you

is because i get to be in the privileged position. i get to hear from the business community and also from the policymakers. i'll just give you this example. there are several. there is a recent example of the banking merger in spain that did not go ahead because authorities said it would not be good for consumers. then i hear people here in brussels telling me what we need is a bigger banking system to compete with those in the united states. how do you square this circle? >> this is actually not an impossible equation because what we need is to have more single market. for ten years, we have been talking about a capital single market. the legislation is in place. two consecutive action plans are fulfilled. what we need is for member states actually to implement. if you look at the telco sector, more or less the same thing.

national market and national regulators and national rules for the national market to become more gardens. we need single market. if we have scale in the market, we can also have scale in the businesses. i get sort of -- i had been listening to and participating in discussions about competitiveness for a very long time now. i have seen no progress on creating that capital market that will serve european businesses. we are less than half than the u.s. market in equity, bonds and venture capital. that is only because of resistance to integrate and to have one internal market also for capital. >> that resistance is coming from the market level? >> that is why i want to see change. if you want to push for competitiveness, you also need to push for what makes that happen. >> right. some states, though, some governments would argue that what they need is morle leeway o

provide subsidies. you mentioned china and the u.s. with the inflation reduction act and is there a clear subsidy given by chinese authorities, too. is there room for european governments to step up the level of subsidies so european companies have a more level playing field when you look at it from a more global perspective? >> two perspectives on that. first, we have become much better defending ourselves with the unfair competition with the unfair trade mechanisms. the point is to realize that we can never out spend china or the u.s. we can spend strategically. we now have ten of these important projects that have a common european interest. in total in hydrogen and batteries and cloud and health.

it's an investment in cutting edge of 100 billion euro. that, i think, is a strategic way of using taxpayers' an moen and crowding in private capital to get what otherwise the market would not deliver. instead of thinking of coping, it is important to find strategic ways of doing what we cannot otherwise get. enhance the european model. we are actually delivering to our citizens. this is one of the few unions, whatever you call it, on the planet that delivers to citizens. >> reporter: now, there's basically four months left in the mandate, in this current mandate -- three months really if you exclude august because brussels goes on holiday during that month. there is a question if they will

conclude the investigation into microsoft and teams. the issue here is the commission has been looking at this as unfair competition in the market. microsoft has already said it will unbundle teams from office when providing this to consumers. she shied away from giving us a timeline when it comes to this case. however, she did hint this is still a market where there is not a lot of fair competition going on. >> timelines are always interesting. there are many who deliver sort of tools for you to work remotely. to have meetings with other people. they come from different businesses and it is really important that we keep having competition so we keep innovating on how these tools work. actually, i think a lot of people were disappointed during

the pandemic. is this it working remotely because working remotely will be part of our working life. we need competition. we need innovation. it is important to multi-home as you say, and do that seamlessly. >> i also want to look at a.i. i know there is also quite a lot of work going on this front. you are looking at microsoft with openai in particular. their usissue is around followi merger rules. any update on that front? >> we hope to get more information that we asked for from some of the internal documents to assess if there is a change of control. this is basically what we're looking at. then with colleagues in other juris jurisdictions, we are talking about whether we should see these different ways ever organizing as a way of evading

merger control. so far we have no conclusions, but there is a global watch out for what this may be because it is important to be able to assess who's controlling what. the a.i. tech race is not over yet. it has only begun. it is really important that we do not get entrenchment of a.i. and big tech as we know it, but making sure that many can participate in the development of the different types of a.i. because we have so many use cases. so, we do not just need a few large language models. we need a come peting landscape. >> reporter: as we approach the new cycle in brussels, we are likely to see more focus on a.i. investment from competition policy here. i'll highlight that quote from vestager there. she said it is important to be

able to assess who's controlling what because the a.i. tech race is not over yet. a clear message there, arabile, from vestager there. this might be the job for her successor in a couple months time. >> silvia, that is excellent reporting there and a really interesting interview. do stay with us. i want to tap into your thoughts on another situation within the european union. that is an informal meeting with the union with no agreement for the bloc top job. this is despite expectations that a consensus would be reached. the current eu councilpresident said he is confident an agreement will be reached by the end of the month. listen in. >> it is a good position in the right direction, i think. there is no agreement tonight at this stage. the political parties are playing a role in this critical

moment. they made proper osproposals. we have occasion to work further and prepare the decision. >> silvia, let's talk about what exactly the permutations here and the reason why you exactly have this no deal being put forward. it wasn't the most formal meeting put together, but they anticipated some discussion would happen in this regard. then you have the eu summit coming up on the 27th and 28th of june. does that put that in jeopardy of not having leadership by then? >> reporter: so, there was a timeline in place ahead of the informal meeting. we already knew leaders were going to come here in the wake of the european elections in the conversation on the top jobs. they were only meant to come to agreement by the end of the month when they return for the end of june summit. there is no change there.

as we were getting closer to the dinner yesterday, there was growing concern here in brussels that we could see consensus last night. that did not end up being the case. the conservative party, epp, arrived with a new amendment on the table. they are having to have half of the mandate of the presidency of the european council. that's the situation that brings the heads of state together and it is basically in charge of making sure this conversations among the heads of state run smoothly. however, one thing, two things became clear last night. first, huge support for ursula will continue for the second mandate. the second thing that is clear is the urgency they have on this matter. going into the conversation, we knew the heads of state were keen to get this process sorted as soon as possible.

it feared hungary could initially put influence in the process and change the way things are to some extent. actually, that became a second plan. this conversation on top jobs became more urgent because french president emmanuel macron called for a snap election. officials here in brussels want to get things sorted and agree on the top jobs. at this stage, it does seem we could see agreement next week. if that ends up being the case, it would still continue with the original timeline of seeing the president of the european commission voted by the european parliament in july and we would be looking at the new commissions in september or october time. when it comes to the timeline, it is still very much on track, although there was no consensus as of yet of who will be the president of the european

council. >> i guess we willi wait until the end of the month. silvia, thank you so much for all of that. great work out of brussels. silvia amaro outof the eu in brussels. coming up on the show, a selloff in french stocks giving london a bit of a boost. we'll explain next. what is cirkul? cirkul is what you hope for when life tosses lemons your

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welcome back. let's give you a quick look of how the markets are faring out of europe. it is a mixed trading day yesterday. today is perhaps more positive. the cac 40 rising 0.9%. we are marginally up on that index today. last week wasn't necessarily that great for that index. we are seeing the ftse mib trying to rebound after last week's decline. most of the sectors seem to be in the green. they were led higher by travel and leisure 1.3 % to the good

there. the widest selloff in french stocks did leave paris losing the largest equity market. stocks listed on paris were worth a collective $3.13 trillion compared to $3.18 trillion market valuation. charlotte is joining us with more. charlotte, it feels like france lost its place rather than london getting its top spot on this one. why don't you run us through what happened. >> we are doing a deep dive here. the cac was down 6% last week wiping out all gains. the worst week after march of 2022. showing the concern in the markets there after we saw the snap election called from emmanuel macron. the far right or the far left could be in the lead.

certainly shy of majority, but still potentially in the lead. here, we did dive on the programs and the stocks impacted. the banks most impacted there. general proxy for the economy holding large amount of french debt as well. they suffered higher credit costs on sharp increase on borrowing. also a concern on the windfall tax on the far left and capital taxes on dividends as as well. infrastructure having the program and policy to nationalize the reduction of road toll operators. the energy stocks impacted. france relies heavily on nuclear energy and winding down the investment in renewable energy and wind farms.

utility, ng in particular, we will hear from goldman sachs on this with the new government could lower retail prices and increase taxes and come back with green regulation. defense as well. a far right of the expectations that they would spend less in foreign interventions, particularly in ukraine and focus more on domestic security. we also hear on a positive note from goldman sachs that international stocks of the cac would be less impacted. we are talking about l'oreal and lvmh being more shielded from the volatility in the french stocks looking at the election forward. now looking at the bond market, french spreads to german bunds to 77 basis points which is the widest since 2019 over the concern of public finances. current debt to gdp is 110%.

there was the reason we saw one of the downgrades from s&p recently. this is expected to go up to 2027 in the current scenario. if you had a scenario of a hung parliament according to goldman sachs, this would go up to 116%. if you had the far right coming into power, this would come up 120%. what we expect is this continues and we should see the spread continue and the volatility in the stocks continue and we don't have a clear picture of what the election means in three weeks. >> charlotte, what an interesting picture you painted for us. thank you. let's unpack it more with ben who is the model of portfolio services at invesco. ben, you are not worried by that. you perhaps think it is a little oversold and there will be a recovery in the local stocks, so to speak. >> always a touch of anxiety of investment views.

on balance, we have seen this movie before. markets do tend to overreact to political events. on balance, with some conviction, i think that's what's happened this time. markets are fretting and concerned about populous f fahrfar right majority low. on balance, it looks like a reasonable short-time possibility. >> you don't neces't know when will get done. let's call it extremist with the macron views and thoughts on the economy because he still has to contend with the other side which may not agree. he has to taper down his thoughts, right? >> i think it's a tricky one to call. a hung parliament and uncertainty, i think the assumption is that brings the

volatility to markets. of course, what you don't have in that instance is that sort of firm sort of populous right-wing majority role. you are removing one risk the markets are fretting about. you are also looking at moderation in policy to try to get over the line should you need further elections to secure that majority. you are talking about the positive outcome from the unstable government is you don't actually get much policy changes. unstable government leads to stable policy and actually markets can take some comfort from that. >> you make a fair point. at the same time though, you had citigroup go and downgrade all of europe and goldman sachs yesterday saying there is more strain to come for european stocks. are you not necessarily favoring european stocks either, you are? >> i'm not in the business of

making swinging short-term trades. if i were, there could be something to go for in europe through the election cycle, the short-term election cycle, but therefore, the markets have a fragmented market as europe with the lower return on equity. there are some gem businesses in europe and some cheap ones. active management can play a role here. i think in terms of balance of asset allocation, probably -- we aren't leaning to markets in the u.s. and uk to barbell that. >> you talked about uk. why so much there? >> it is a diversified market from the u.s. which is rich in tech. there is appreciation in the uk market, i think, that could be growth better than expected. some very downbeat expectations. lots of dividend around and valuation. i know that is a well troddend

argument. some are investing at a low return rate. that could be rewarding for the investors. >> and staying in for the long term, but not necessarily getting the same return you could still get stateside long term. the intrinsic benefit of staying uk is based on you have to go and fetch the ones you always tried and trusted which become resources and which become banks and maybe fetching the tech innovators because not a lot of them are going to list particularly on the uk and, perhaps, don't have the same valuations. >> i know you have an exciting guest coming up talking about the tech and uk market. clearly, the uk market is not rich in technology. that's why uk is a bit of a barbell in the u.s. market.

it is a magnificent market. you are looking at resources and you are looking at financials. in both instances, there is a reasonable story to articulate that could be rewarding, certainly if less geopolitical favor events happen. >> i'm just glad we didn't get to speak about the u.s. as much as we usually do. man, it sucks out all the air, doesn't it? ben, thank you so much for teasing our next guest, richard, as we talk about uk tech. thank you for the time. ben is the director of model portfolio services joining us from invesco. coming up on the show, damage stdark trade shareholders are looking to vote. we will talk all things tech with richard anton. that's coming up next.

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welcome back to "street signs."

my name is arabile gumede and these are the headlineses. eu commission vice president tells cnbc in the exclusive inte interview. >> we have become much better to defending ourselves against unfair competition. the point is to realize that we can never out spend china or the u.s. we can spend strategically. eu leaders fail to get the top job as the center right party calls for a slice of the eu council presidency. european stocks open in the green as the rally pushes wall street higher with the 30th record close of the year. dark trace shareholders are looking for a crucial vote to take the security firm private

after accepting a 4.3 billion pound deal from toma bravo. > let's get into that story. dark trace shareholders are looking to the take private offer today and they agreed to sell itself for 4.3 billion pounds. directors expected to recommend unanimously that shareholders vote in favor. the sale comes two years after the previous attempt, should i say, by thoma bravo went awry. dark trace shares are trading 570 pence fallen from the surge on the news of the deal. i'm joined by richard anton.

the co-founder of oxx. thank you for the time. i appreciate it. maybe we can start with the dark trace deal. your thoughts on it. ultimately, it is not the first time we are seeing such a thing. ultimately, it looks like it will hit stateside. >> good morning. a sign of success for uk tech. private equity is the choice for tech companies. it has taken over from public markets. to have a substantial player of prestige and capability of thoma bravo acquire the uk company is a sign of success. >> some would say that success is based on somebody else after it has built so much in the base in the uk and then it heads off elsewhere. none of the tech companies built

in the uk stay. why is that? why can it not have the same level of success here? >> the companies do stay in the uk. the ownership transfers to overseas. actually, sometimes it comes to uk private equity as well. so, there is a west coast company acquired by hg in the billions in recent weeks. so, that's a uk acquirer of the company going public. it is about private equity. the investors are international investors. many of the bravo customers are uk. >> you have somewhat or not necessarily a market leader, but a really big growth tech startup story in the uk and it is more than likely not going to stay? >> it is more than likely going

to go to a private equity player and perhaps when it is really substantial, perhaps 10 billion plus in value, go public and then likely to go public in the u.s. >> tech startups or a.i. startups, should i be more specific, in london, raised more than $3 billion in tech. is that making sense for you that you have the significant growth? none of them, however, go on to challenge the big behemoth? it is not necessarily at the most mature stage. >> companies from the uk and europe do go on to challenge the behemoth. dark trace is one that raised capital in the uk before going public and ultimately -- depending on the vote -- getting sold to thoma bravo. in europe, actually, there was enormous amount of venture

capital in 2021 in the pandemic-era boom. it exceeded 100 billion. it dropped 20% by that amount in 2023. that is the typical bust after a boom cycle. so, things have stabilized and now since that correction took place, and the actually, there's a lot of emerging companies that are really attractive in a.i. and in the cybersecurity and in vertical software in fintech . it is a hive of activity. >> some would say there is regulation in uk and europe as well. is europe as open as it purports to be when you take a look at some of these companies that are necessarily going private equity stateside? is uk as open?

>> the uk is open. the difference is the european market is more fragmented because the u.s. market is much, much larger. so, most companies that have international markets will need to focus on the u.s. as the substantial al leading market. >> yeah. the uk -- have they not struck themselves in the foot? i'll give an example. google bought deep mine for 400 million pounds. no questions asked by the government at the time. uk, cambridge based company, not so long ago. with that one, the government did ask questions. with that one, it doesn't feel there is enough being done to keep uk startups here in the uk. should there be more done? >> there should be more done to keep companies independent for longer and self sustaining

companies staying in private markets for a lengthier time. if you compare like for like, venture capital in the uk and europe and the u.s., at the early stage, it is roughly at par. the gap is at the scale-up stage. that is where more action is needed and the compact has been set up to encourage pension funds in the uk to invest in the sc scale-up gap. >> how long do you think it takes before we get to that stage where it can turn to cap capital? >> in private markets, i would say a year or two. something like that. the new government, whichever color it is, it is important they focus on that. >> let's talk about yourself. a few of the companies you are interested in and invested in. a lot of them are sort of

software-based entities. what you are seeing in terms of that space and growth? is it just about whatever says a.i. works or how much deeper are you now devlving? >> we are delving deeper into the companies. a.i. is a major platform shift in software. all software companies are becoming a.i. companies. they are adopting a.i. coding and a.i. libraries to enhance their businesses and enhance products to broaden products to optimize their costs. it is a real engine for growth. >> a quick word on nvidia. that must just be astronomical to see how much growth that is adding to a.i. as well and the tech space? >> it is phenomenal. absolutely phenomenal. it is a global monopoly in the

a.i. processes. it is an amazing business. >> fantastic. richard, thank you so much for the time this morning. >> thank you. >> richard anton. co-founder at oxx joining us here in studio. now, nato's latest defense expense report shows the alliance estimates ten members the 2% spending target last year. these just ten. now the figure is forecast to more than double for 2024. with 23 of the 32 members expected to spend at least 2% on gdp on defense. now mark rutte struck a deal between nato and hungary's viktor orban and giving them the ability to opt out in support of ukraine. rutte has secured the backing of 29 of the 32 member states to become secretary-general of the alliance and told journalists he

was, quote, cautiously optimistic of securing backing from hungary. israeli prime minister benjamin netanyahu announced the dissolution of the war cabinet. that move was widely expected in the wake of the resignation of benny gantz who called for a better strategy in gaza and comes amid a row with his own military generals. nbc's matt bradley filed this report from tel aviv. >> reporter: this assault is well into the eighth month. benjamin benjamin netanyahu dissolved the war cabinet. this was expected ever since benny gantz was one of three voting members and resigned in protest about a week ago. when he did this, he apologized to the israeli public and the

families of the hostages. he said israeli politicians failed them and not resolving the war. without him now, it looks like there are two voting members and eventually now retired and replaced by a kitchen cabinet which is a consultation tcabine. we don't know who is going to be part of this, but it sounds as they it will not be including, we don't know evenntirely yet, more extreme ministers in netanyahu's government. the war cabinet was created to exclude those people and reassure the israeli people and the war issues were in the hands of benny gagantz. it is unclear what this means

for the war. it is clear without gantz, that netanyahu has few opponents and will be facing off against his own extreme right wing. his own right-wing allies. again, we don't know how this will go, but it does mean the governance of this war, which has been taking notice throughout the world, could be changing very, very quickly. coming up on the show, boeing ceo dave calhoun w, will testify before congress today and admits the plane maker is wl r omerct weilplain next. s what you hope for when life tosses lemons your way. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the effortless energy that gets you in the zone. cirkul, available at walmart and drinkcirkul.com.

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reach out to a friend about their mental health. seize the awkward. it's totally worth it. let's take a quick look at what markets are looking across europe. the anticipated uptick is what the market looked for yesterday and it got a little bit of that with markets finding a bit of a mixed start to the trading week. that rebound coming into play today with all of the markets there all on the up. it was all about the sectors which seemed to have moved in positive territory. travel and leisure moved higher. so, too, banking stocks as well.

on to the yield picture. treasury yields were up yesterday after falling sharply last week. you see a slight uptick with the ten-year going up at 4.29. the 30-year advancing after the decline of four straight days. investors awaiting some economic data particularly stateside as well. we have retail sales numbers coming out of the states and we will keep a close eye on france's political scene, but we do have french elections and uk elections in sight, but the bank of england interest rate decision is a little more urgent with the cpi printout of the united kingdom tomorrow. here is what it looks like out of asia. another positive session for the market. 1% higher for the nikkei 225

with some gains seen there. a chorus of fed officials are set to speak. that may set things along in asia. the nikkei is up 1% as you can tell there. the shanghai composite is .50% stronger. toyota is on the up after reelecting the board chairman. hyundai hitting a record high gaining 1.62 as it plans to list its india unit in mumbai. the reserve bank of australia kept their cash rate unchanged at 4.35%. even stressing it is prepared to raise rates again if necessary in order to bring down inflation. the rba board said inflation is coming down, but the pace is slowing. it will remain above target for some time. the boj governor ueda

indicated the central bank could hike interest rates next month providing economic data states the move is merited. rising wages could see japan's economy move toward a positive wage inflation cycle boosting the case to hike rates. he did decline to offer the scis size or size of the plan he announced on friday. the rba kicked off decisions this week. coming up on thursday, we will be getting rate decisions out of the majors. swiss national bank is seen cutting rates by 25 basis points which could be the second meeting in a row on that one. that will be followed by norway's norges bank and the bank of england which are both expected to hold rates at their current levels. go to stateside.

patrick harker says he thinks one cut before the end of the year would be appropriate if his economic forecast plays out. two cuts or none are both possible depending on the data. speaking at the event in philadelphia, harker said last week's cpi data was welcome, but overall progress on inflation in recent months has been modest and short of the confidence needed to begin loose ening policy. the u.s. retail sales figure is set to move 0.2% month over month. the u.s. futures is going higher following the positive session on wall street yesterday. it saw the 30th record close, should i say, for the tech influence nasdaq. finishing with the gain of 1%. significant uptick there. both indices, the s&p 500 and

nasdaq, reaching all-time highs during that sessions and closing then at records. tech stocks again performing well. let's head to the airlines where boeing's ceo dave calhoun will tell the u.s. senate panel today that the firm is concerned over the safety culture and expected to tell lawmakers it is quote far from perfect. it does come after a mid air blowout of a door plug on the max 9 plane in january which put the plane maker on the spotlight. we have alice barr joining us from washington. alice, this is the situation where dave calhoun, the outgoing dave calhoun, stating the culture needs to change. >> reporter: arabile, there are very serious concerns about

boeing's safety. you laid several of them out. expect a bgrilling when the ceo testifies today which is a clue. you can see how senators are going into this hearing today. ceo david calhoun will testify before congress for the first time since that door plug blowout in january that you noted that was on a boeing plane on the alaska airlines flight. very fortunately no one was injured. the department of justice opened an investigation after that happened to try to look for exactly what happened and if there was potentially any criminal liability inn developed. the incident led to the boeing's commitment to safety. here on capitol hill, there have been hearings with whistleblowers who talked about manufacturing shortcuts and retaliation with bringing up concerns. boeing disputes those allegations.

calhoun took over the company in 2020 after two boeing 737 max 8 jets crashed killing nearly 350 people. he said he will step down at the end of this year. more than one incident is raising concerns of the safety culture at boeing. last month, the company outlined what it would do to deal with the safety concerns after a federal aviation administration investigation was also opened. certainly the hot seat today, arabile. >> alice, one of the questions becomes is it more empty promises? five years ago, boeing agreed to overall the safety practices and culture. there are any signs to what exactly dave calhoun would say outside of speaking about having a not so perfect culture at the company? >> reporter: right. we did see an outline road map that boeing put out not long ago, a couple of weeks ago,

talking about specific steps they will take in the manufacturing process. there has been an issue in some instances along the assembly line steps are done not in sequence order when assembling a plane. that will change. there are specific steps that are set to be put in place we pre-viewed about how these concerns have been raised regarding safety of the planes that don't forget, millions of people go up in the air and fly in. how that will be more tightly regulated and overseen by the government. >> alice barr, i appreciate that report. we will watch out for dave calhoun's comments, the ceo of boeing, speaking to the senate panel today and the changes the company might be making following the safety regulatory issues. alice barr from nbc news.

let's give you a quick wrap up across the market today. you are seeing positivity across the board. the uptick coming in the way of travel and leisure stocks which moved higher. more than 1% gains. the banks are managing to move higher. the question mark is the cac 40 set to continue its rebound following the 6% downfall last week that we saw. election risks still at play even for the ftse 100 which is 1% higher so far. a quick look at the u.s. markets. this is what you will see. a slight improvement is what things will start off. thank you for joining us. my name is arabile gumede. "worldwide exchange" is coming up next.

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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." fires are in the driver's seat. no shortage of bullish sentiment as stocks push deeper in record territory and more big banks drive the stocks. is there a catalyst to turn the melt up into a rally? and in the hot seat. dave calhoun set to testify before the senate committee today as the company struggles to find a new ceo. buying the dip with the