that's all for this edition of "dateline." i'm andrea canning. thank you for watching. [theme music] ♪ welcome to "street signs" on this tuesday morning. i'm silvia amaro and these are your headlines. the ecb tells cnbc the central bank is not on a straight forward cutting path as pressures are looking to ease as he tells annette that inflation continues to rise and fall. >> so, we are moving in the

right direction and in the short term, we have to be cautious. >> can later today, do not miss the cnbc panel with the ecb president christine lagarde. and the supreme court shields donald trump for the official acts and the charges he tried to overturn the 2020 election. >> today's decision almost means there are no limits what a president can do. this is a fundamentally new principle and dangerous precedent. equities pull back from the monday relief rally and european majors are trading in the red ahead of this morning's eurozone inflation print. the french center and leftist blocs face a deadline to consolidate urging third-place

candidates to withdrawal in the bid to block the far-right's path to power. >> welcome to the show. we start today looking at monetary policy. the ecb vice president told cnbc the eurozone inflation path will be challenging and the central bank should act carefully. speaking to annette at the ecb forum, de guindos said the central bank should not take further rate cuts after the ecb lowered rates last month for the first time in nearly five years. >> i think in june, the cut was very clear and we pre-announced our position for june, but for the rest of the uncertainty we're going through, it is clear

we don't have a determined path with policy positions. we take it meeting by meeting. >> let's go through the topics of the uncertainties. what weighs most? >> the political risks with the situation in the middle east, the situation in ukraine, the war in ukraine, the electoral process that we are having now. i think they are giving rise to the uncertainty. we will see. the evolution of the labor market and the proper ticket and wages, these will be an issue. the possibility of the trade war and fragmentation of the glecony could have an impact and it is affecting europe as well. >> speaking to annette earlier

this morning. christine lagarde telling the ecb forum that the central bank will take its time to ensure the risks of above target inflation have passed. lagarde also pushed back against suggestions that the risk of recession has passed. >> given the magnitude of the shock of inflation, a soft landing is not guaranteed. what do you mean by soft landing? i define that as an avoiding recession or employment. if we look at historical rate cycles since 1970, we see when major central banks hiked interest rates, when energy prices were high, the cost to the economy were usually quite steep. only around 15%, 1-5, of the successful soft landings in this period have been achieved

following energy price shocks. >> lagarde will join the fed clair powell as well as christine lagarde as well as brazil's central bank governor with sara eisen later on today. i'm pleased that annette is joining us. this is the start of the ecb forum. perhaps outline for us how much of the political uncertainty in europe is dominating the monetary policy discussions. >> reporter: well, i would say the dominating topic is still inflation, but of course, political uncertainty and also the potential outcome of the french elections are a concern to the ecb, but nobody really wants to talk very openly about it, because it's speculation what's going to happen. i'm now joined by the president of the institute for the world

economy in kyiv. thank you very much for joining us. there's so much political uncertainty out there. what do you think the outcome of the french election means for the european project and the policy making for the ecb? >> we don't know the outcome yet. i guess if the outcome is more or less a hung parliament and a situation in which neither of the blocs has a clear majority, that will reduce some uncertainty and at least until 2027. t the date of the presidential elections will make the job of the central bank clearlier without a party in power. >> we clearly need to watch the united states. it seems that trump will be the new president from november onwards. what does this mean trade policy wise? >> it's not a done deal.

the uncertainty has decreased. it's likely going to be trump if nothing changes. it means that we'll certainly have in terms of the international economic policies a much more confrontational approach. he said he wants to raise tariffs by 10% on everything and larger trade on china. that puts the wheels on the transatlantic relations. there is a big danger with the trump presidency that he will propose a deal or pd tend the conflict in ukraine that ukraine will not like and throwing ukraine under the bus. there is a lot of uncertainty. >> a lot -- i should phrase it differently. the defense spending will be affected as well. does that have, as well, reinflationary effects, in your view? >> i think europe definitely

needs to do much, much more on defense. organize its defense to realize the efficiency gains and economies of scale and doing it together instead of doing it at 27. we're spending roughly three times as much per year on defense as russia does and it doesn't feel the security and military might we get in return is sufficient. i think it was a very bad policy we waited far too long and we are clinging on to the idea that the article v commitments and the mutual defense will not be touched under president trump. he will use it as a bargaining chip with tariffs. he will say if you don't do this or that, i'll do this to ukraine. >> when you listen to him, it is quite clear this is going to happen. may i bring you back to germany?

clearly, you are based in germany and you are also german and also to talk about the likelihood that this current coalition will not last because there is an ongoing speculation that because of the problems of the discussion we could see an early election as well in germany. what do you think? >> it's a possibility. i don't think it is very likely t.likely. it is an issue to stick together for another year. no one wants to lose the jobs in parliament. i think the most likely scenario is they will agree on some kind of budget that will not be the right budget or appropriate budget for germany and what the country needs and macroeconomics. it will be the thin evident compromise they can agree on. we will basically sleep walk for another year.

>> you don't sound overly enthusiastic about that potential agreement on the budget. i've been hearing this can come as soon as friday this week. what do you think will be the compromise and why does it send the wrong incentives? >> i think it will be the same what is pretty much out now. we will have some restraint on the spending side and use extra resources and reduce some of the development budget and freeze some other items. it won't be anything -- there was a lot of talk about the new start that the german economy needs like a shot in the arm and really addressing the weaknesses we had structurally. i don't think it will deliver anything long these lines. we had a very questionable pension and policy approach recently. i don't think that will be touched. i think in all these questions that are really necessary for the future of the country, it

will be more much of the usual. no game changer. >> when do you think the pressure will be enough to have something like the agenda 2010 when we look back in the history of economic germany? clearly, something like that is needed right now. >> well, we're a little bit in a tricky situation. like the frog in the pot where the temperature's turned up slowly because the labor market is doing reasonably well. the political pressure to do much is not there. the indicator for politicians to do something as unemployment rising and the demographic changing and the the aging we h is not flashing red. it is the slow growth and draining out the dynamism is a problem and we need to do something. >> the industry is raising the red flag of the substantial risk of the industrialization and investment is going away.

is that just rhetoric or do you really see that? >> no, i think it's true that investment is weak on the private side and public investment is weak. we haven't done our homework on the decade or two on the infrastructure, including the digital infrastructure. germany lags behind most other industrial nations for fiber cable for fast digital and transactions and internet. so, we really need a shot in the arm. right now, what's been discussed is all kinds of shots in the arm that don't cost money and don't always work. i think we need a lot of structure reform. we make it really hard in the country to change things for even treme entrepreneurs. >> hopefully we are getting this

done, perhaps, for the next government. >> hopefully. >> reporter: with that, guys, i'm sending it back to you. w we will get more tomorrow. >> thank you, annette. he we will have more today. we will hear from the governor of the bank of lithuania. sara eisen will host a panel with the fed chair jay powell and the ecb president christine lagarde. you can watch that live and stream it live on cnbc.com. let me bring you back to the equity session here in europe on this tuesday morning. we are seeing the stoxx 600 trading lower by .5%. a bit of a different picture compared to what we saw during monday's session. we had the stoxx 600 posting

higher by .30%. we know there is a lot going on for the markets. i know that i often use the word busy, but this week is extremely busy. of course, we have the election here in the uk. a lot of data also coming through throughout the week and on top of that, naturally, all of these comments from monetary policy. let me show you the different boards. you can see to my right that they are all trading in the red for the time being. i would highlight the cac 40 down .60%. it is an important part of the equity market at this stage because we are still die ggesti what is happening on the political front in france. the cac 40 gained 1% yesterday. however, today, we are losing that momentum over in france. we are keeping a close eye on the ftse down at this stage as we approach that vote on thursday. also, an important moment to look at germany.

at this stage, the main board is down .60%. data yesterday showed inflation coming in below market expectations. let's see what's going to be the read for the eurozone later on this morning. when it comes to the sectors, this is the picture at this stage. the out performer, the only sector in the green is oil and gas up by .5%. one we heard from is siemens energy. they will announce 10,000 employees by 2030. when it came to shell, they announced they are holding plans in the netherlands as well. we are keeping a close eye on that. i want to take you briefly to the tech sector. at this stage, it is trading lower by .20%. it is an important one in the context of what we are seeing stateside. let me take you to the u.s. futures. we are approaching the open on wall street. at this stage, they do suggest

it could be a lower start to the trading session on wall street. the reason why i was mention tech earlier, is because what you heard yesterday on wall street, it was the narrative, the same narrative of what we have seen in the first half. we are looking at investors looking at a.i. and the tech stocks and that is giving more momentum to the nasdaq and other parts of wall street as well. let me take you on the bond market. we are also digesting what is happening with the comments from some of the central banks over here in the eurozone. looking at some of the bonds in the eurozone, actually yesterday, we saw yields rising across the board. at this stage, they are pretty much steady as we await the latest inflation print. it is worth keeping in mind what happens to the ten-year in france trading at 3.4%. over in the united states, the treasuries to my left, for the

time being, it was an important session yesterday because some market players are suggests we could see the ten-year falling to 4%. at this stage, you have it at 4.44%. there are some market players questioning whether that will drop to 4%. one of the dynamics here is the potential reunification of the political scene on the bond market with the investors now suggesting that we could see trump reelected and they are concerned about what that could mean for some of the fiscal positions of the world's largest economy as well. coming up on the show, the france's far right national rally. we will be looking at what is happening in the second round, of course, we'll keep a close eye on what is happening in france and bring you the latest after this break. it's hard to run a business on your own. make it easier on yourself. with shopify, you

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welcome back to "street signs." let's look at france. the centrist and left-wing candidates have until today to decide to withdraw from sunday's

detecti second round. emmanuel macron and the far-right are facing calls to finish the first round in third place to an avoid splitting the rally vote and prevent the far r -right from winning the absolute majority. charlotte, you have been looking at everything happening in france. it is a very important day. we have seen the number dropping for the time being. is that likely to support or actually hinder macron? for macron, we don't know before the anti-far-right bloc is the question here. you see the number of the three-way runoffs with the high participation in the first round. the question is who drops their candidates in third position. when you come to the left-wing bloc, the message is clear from sunday night. the leader of the party will stand down any of the candidates if he comes third if it helps

beating the far right. when it comes to macron's camp, it is blurry and unclear depending on the voices. the prime minister said the objective is clear from reaching absolute majority. the other key voices, bruno le marie is looking to the far-left party and bloc with the socialists and the greens. it is a bit of an end feeling with president macron's camp with the mps stepping down after they didn't want the snap election in the first place. a bit of non-consistent positions because we see the far right still having the momentum. it looks like they could be short of absolute momentum going into the second round this weekend, but it is not a done

deal yelt. tha yet. that is coming up at 6:00 p.m. and could be crucial of what is happening with the consistencies. >> it is clear this is such a transformation moment for the political scene. they cannot block the far right as easily as they did in the past. it is a change in policy and how politics are looking in france. i'm pleased to say natalie is here part of the left-wing party is jioining us to discuss in moe detail. thank you for being with us on the show. first of all, i would like to understand what is the position at this point as we approach the second round as we approach the end of the negotiations. ultimately, how do you feel you are in a position to actually stop the far right from having an absolute majority? >> hello, everyone. good morning.

as you said, it is part of the coalition and the new popular front. we have made a clear decision by withdrawing the candidates where our candidates finished in third place or lower and the far right has finished first and i insist on this second element that our motto is not one vote and not one vote for the national rally. macron's alliance has been more unclear and not very coherent from one place to another even though this political moment demands -- demands clarity and to be quite ambitious. so, for instance, i was elected directly after the first round by getting more than 50% of ballot casts and this has added up to at least 25% of total

number of voters as well. we are in position here as what i say is the new popular front is in a position to get the absolute majority of at least 289 seats out of the 577 in the next national assembly. this is possible and this is what we are fighting for. >> nathalie, congratulations. forget the instructions from the party itself. many voters have to face a choice between the far right or this candidate and they are not very happy with these voters in particular. >> we are in the very important political moment where two visions of france are facing each other and people will have to choose between these two visions. the vision of the national rally

is often racist and homophobic one. well, you know in france, as in many european countries, we're facing a huge inflation. we have a clear platform. we defend social, economic and environmental measures. so, if people, for instance, want to repeal the pension law, which has raised the retirement age to 64, that was emmanuel macron's law, we intend to lower the retirement age to 60. people can vote for the new popular front. if they want public services everywhere, in schools, in hospitals, in the police, they can vote for the new popular front by a position and by contrast, the national rally -- sorry. >> we are actually following the

manifest quite closely. because of the measures, excuse me, that you were just outlining there, i would like to ask you what is the message to international investors? there is a real important about the international investors of the fiscal position of france and actually reversing the pension reform. what is your message to them? >> i have a message for the french people, actually, who suffer from and have suffered a lot from the liberal politics which have led to the current situation in france, the chaotic situation. i address french voters first of all. then, there will be room for everyone and if people -- for instance, we are also proposed to -- to raise, sorry, minimum wages and wages in general. this would lead to -- well, this would benefit everyone because when people get more money, they consume a lot and it's -- it

boosts the economy. this is a good message as well. on the opposite, the national rally is a social and political front. they vote against social measures all the time and vote against raising wages and vote against taxing super benefits even though they have promised they would do so. i insist the coherence. >> thank you so much. that was the mp for the left-wing new popular front and our charlotte reed as well. coming up on the show, the sterling slips on the forex markets. we'll dig into the details after this break.

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

your headlines this hour. the central bank is not on a straight forward cutting path as price pressures are continuing to ease. >> we will have ups and downs. so, even though we will are headed in the right direction, in the short term, we have to be cautious. >> later today, do not miss a cnbc moderator panel with ecb president christine lagarde and fed chair powell. the supreme court shields donald trump in the landmark decision giving him broad immunity over acts. >> today's decision means there are virtually no limits of what a president can do. this is a fundamentally new

principle. equity markets pull back from the monday relief rally with the u.s. futures pointing to selling on wall street and european majors starting in the red ahead of this morning's eurozone inflation print. the uk heads into the key election today as candidates hammer home their last-minute message to voters. welcome back to "street signs." let's look at u.s. futures at this stage as we approach the open on wall street in a couple of hours time. at this stage, the futures suggest a lower start to the trading session on wall street today. in terms of the economic activities, we are expecting the jolts figure for the month of may. looking at other action on monday, what we saw is the same

narrative of what we saw playing out in the first half of the year. we had the s&p gaining 15 points. gaining .30%. the nasdaq also ending the session higher. when it came to the russell 2k, it was down by .9%. looking at the different sectors, tech was the best performer on monday's session up 1.3%. let's me bring you back to europe. this is how we are trading so far on this tuesday morning. you see all of the major boards are trading in the red. i would point out to the activity in france where we have the cac 40 down .6%. that part of the market actually gained 1% yesterday. it was the first trading session on monday where investors had a chance to react to the first results of the first round of the parliamentary election. let's see what is going to happen over the coming days.

still quite a lot of uncertainty and volatility coming out of france for the time being. on the dax at this stage, it is down .7%. inflation figures yesterday showed that inflation fell more than expected in the month of june and we are going to see the eurozone inflation print later on this morning as well. let's see what that will have in store for investors. with that context in mind, let's look at european yields at this stage. we saw quite a lot of momentum during yesterday's session. we had most of eurozone bond yields rising throughout monday's session. there are held steady so far this morning as we await the latest inflation print from the eurozone. to give you the latest idea of analysts expecting, we will see what will be the final reading. as i was telling you earlier, we did get headline german inflation yesterday. it showed that the print

actually is more than forecast in the month of june falling to 2.5% after two straight months of increases. falling energy prices contributed to the decline and the report also comes ahead of preliminary cpi print ahead of the eurozone this morning which is due at 11:00 a.m. cet. the belgium central bank said there is room for another cut, but he said policymakers can wait until the next economic projections in september before making a move. the ecb board member added that further policy adjustments should only come once there is confidence that inflation is moving toward that 2% target. annette will be speaking to him as well. we will bring you the interview tomorrow. annette is on the ground at the ecb forum and has been asking about the governing council members about the future for the

rate cuts. >> the financial markets are pricing one to two cuts this year. in my view, clearly, it is consistent with the baseline sn scenario we have. of course, we will be data dependent. we will see with inflation and the wider spectrum of data points. >> in the case of june, the cut was very clear and we pre-announced our position for june. for the rest, and given the un uncertainty we are going through, it is clear we don't have any predetermined path in terms of monetary policy decisions. >> as this confidence builds up with the forecasts that we are getting right, i think we can look at every meeting and take decisions that leave us level of p prudence. >> i want to show you how the u.s. dollar is trading against

the euro at this stage . it is lower by .20%. we have seen it trading at a two-week high in the wake of the results from france. let's look what especlse we ask expect from the forex space. we have our guest with us this morning. thank you for being on the show. first, i would like to get your thoughts on the euro. it is trading lower at this stage. when you think about the outcome, the potential outcome of the preliminary second round in france, what is the likelihood we could see the euro falling even more? >> we are confident on the euro. back in april, we had skirmishes with iran. so far, through the french election, we stayed above the 106.5 level.

we see that as a critical level that is unlikely to be brieache. we don't see that as our base case right now. >> right. i did see a call yesterday that did suggest the euro falling below parity against the dollar over the next six months. when you think about what is happening here in europe and eurozone and what is happening in the u.s. ultimately, and given what you just said, what is the likelihood we could see this happening? the euro falling below parity over the next six months? >> things would have to get really bad. if we get a lot of uncertainty around the elections in france and in the uk and in the u.s. as well, there is more of a pull to safe havens like the u.s. dollar. for us, we've seen that the eurozone escaped recession in 2023 and oil is below $100 a barrel.

global growth is at 3% or more. from that sense, we see a hard fought around the euro-dollar at 106.5. things will have to go south quickly as well. >> i would like to get your thoughts on germany as well. we are talking a lot about what is happening in france. some people suggesting that we could actually see a potential crisis in the eurozone as a result of what is happening there. if you think about germany, the fact there is no movement on the budget and the government seems a little bit unstable at this time, ultimately, is this a risk the market is simply ignoring? >> i think for us, all of the views is a fiscal slippage worry that we've seen play out in markets, but i think after the liz truss affair back in the fall of 2022, it seems that markets have learned and politicians have learned you

can't just spend your way out of a crisis. i think what we expect to see something more along the pragmatic lines of the meloni government in itdaly. if one of these parties should come into office, the realities of governing and get reelected again, will bring a more moderate set of policies. >> what about sterling? you mention a health appetite when it comes to the british cur currency. ultimately, we have the election on thursday. for the rest of the year, is this healthy appetite likely to continue when it comes to sterling? >> we like sterling at the moment. i think compared to what you're seeing in france and in the u.s., the election in the uk looks very tame by comparison. if anything, we'll get a strong labour government where the prime minister might finish

their term which would be new in the uk. it would improve relations with the eu and, again, because of what happened with the truss government, even a labour government would be moderate in its spending. on top of that, if you are looking at a reserve currency, investors are reluctant to go toward the yen. there is a lot of volatility around the euro. you want to diversify away from the dollar, then sterling is very attractive. >> i'm glad you brought up the yen because this is another market narrative at this stage. we are seeing the yen trading at 161. ultimately, how much room for weakness do you really expect or are you on the camp that we will see intervention from the authorities any moment now? >> i think we would like for intervention at 163 or 165. with that said, i don't think it

will bring a lot to the market movement or the direction in the market. we still have negative real wages in japan, negative real yields in japan and until those start to approach positive levels, we don't think the bank of japan can take a very hawkish approach. they can normalize ultra policy, but dollar-yen willi be decided on the policy. >> i want to get your idea of how the politics are impacting policy. we are seeing a lot of conversations around a trump re-election and what it means for the fiscal position for the united states. what is the result of the greenback in the political scene? >> in the short-term, we see a safe haven flow into the dollar. if we see trump win the white house and the republicans win the senate, we could see a lot

of fiscal spending and you could have worries of debt-to-gdp levels. you could see inflation up to 5%. at those levels, it is not confidence in the growth of the u.s., but inflation. that would bring worries around the dollar. until there is an alternative, we could see flows go to gold instead or bib bitcoin. there is no alternative to the dollar. if there is a great deal of talk on tariffs on china and the eurozone, that is also another strong dollar story as well. >> we talked about the euro, sterling, yen and u.s. dollar. thank you for your broad conversation today. that was the chief fx strategist at efg. bringing you back to the uk, we are in the final straight of

the candidates bringing their latest. our sister channel sky news puts labour with the advantage of more than 20 percentage points. arabile has been following all of the twittests and turns. arabile, what should we expect for the final hours? >> there will be some last-minute pushing, particularly by the conservative party because they have nothing to lose at this stage. they will probably want to give a clear message then that they do have a plan to ultimately gain, pick up and push the economy a little bit further than currently has been. they will reduce inflation as the prime minister rishi sunak continues to point out that it is not necessarily within his purview to have necessarily done so at this stage considering the hikes in interest rates we have seen across the uk and, of course, around the world as well.

globally, those are the issues at play. and ugov say this is an issue going into the election. the economy and health being important. crime becomes one, but it is fifth on the list, ultimately. something we have seen within this and immigration becomes a key one for this election. overall, though, just to give note, some of the gimmicks and antics you are seeing there from the likes of sir ed davies, the lead of the liberal democrats to try to garner attention to his party and to himself in order then to be able to give out a clear message. he has done everything from having gone on that roller coaster ride and we have seen him paddleboarding and playing jenga. the wheelbarrow race and then something a zumba class as well.

>> it is a unique strategy compared to the other ones. let's see whether it will payoff. arabile, thank you for that. we will be very busy later on this week. in the meantime, let's go to the ceo and co-founder who is confident at the company securing a british banking license. in an interview with cnbc, he said they are working on approval for the fintech after three years of hurdles. this comes after the record profit in 2023 with the pre-tax profit of 438million after revenue surged 95% to 1.8 billion pounds. for more on our interview and how the bank is tackling regulatory hurdles, go to cnbc.com. coming up on the show, the former president, donald trump, is handed a supreme court

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welcome back to "street signs." it has been very busy on the political front in the uk and now in the u.s., the supreme court has ruled that donald trump has some immunity from the federal election interference case, but rejected the broad immunity claims saying trump has immunity for his official acts as tpresident. the move was called out by president biden. we have brie jackson from nbc news with more. brie, how could the outcome from the supreme court impact the campaign? >> reporter: good morning. this landmark decision regarding presidential power, the supreme court ruled that some of the actions closely related to the court duties of the president are off limits to prosecutors,

but a president has no immunity for the private act. the 6-3 decision that former president is immune. he must be able to carry out his constitutional duties without undue caution. the court's liberal justices said this will have distrust consequences in the united states. trump claimed this as a big win for democracy, but president biden condemned the ruling. he urged voters to make the decision at the polls this november and reject former president trump there. so, that's where politics comes into play here. former president trump is using this as a big thing and saying this is a big win for his campaign going off the narrative that this was politically

motivated, which there is no evidence of that, while president biden is saying that former president trump is a threat to democracy. >> we did see a lot of pressure on the presidentresident himsel wake of the debate last week. ultimately, is he the best candidate to be put forward? have those concerns been put aside completely? >> reporter: no, it has not. the biden campaign is in damage control over the debate last thursday. in fact, over the weekend, we know the campaign held calls with donors trying to ease their concerns and saying that president biden would be the best candidate moving forward. that's what the campaign is

sticking with. the president did have -- he gathered with his family at camp david on sunday and they are urging him to keep fighting and stay in this race. the president does have a lot to do moving forward when it comes to easing the concerns of those within the democratic party that are calling for him to be replaced as the nominee. >> brie, thank you for bringing us the latest. let me take you to the action in the equity space over here in europe. we are seeing all of the major boards so far trading in negative territory. i would highlight we have the cac 40 down .5% as we approach the second and final round of the parliamentary election in france. when it comes to the moves in germany, it is down .70%. we are waiting key eurozone inflation print this morning. we will see how it will impact the equity space as well.

speaking of equities, i want to take you to one company we are monitoring this morning. tesla shares are driving lower ahead of delivery numbers expected today. tesla said in january it expects notably lower growth this year and in may, it particulared d and in may, it particuitched it target by 2030. tesla shares in pre-market trade lower at this stage. briefly, looking at u.s. futures, it suggests a lower start to the trading session also on wall street. to give you an idea of the economic activity we are expecting today jolts today which is due at 10:00 a.m. eastern time. we will hear from the federal reserve chair jay powell. he is speaking in portugal later on today in the cnbc panel as well. just to give you some context in terms of how wall street performed yesterday, it was a lot about tech. we had tech, the best performing sector yesterday, up 1.3%.

on the down side, however, it was materials. just to give you further color, the nasdaq ended the session higher. the russell 2k was lower by 1%. this, of course, as we are seeing the narrative of the a.i. boom, the tech boom also continuing to play in the markets. that was the main narrative in the first half of the show and that is continuing so far in the second half. let's see how that's going to unfold. as i was telling you earlier, our u.s. colleague satisfra eis will discuss global monetary policy with fed chair powell and ecb president christine lagarde. that is it for today's show. i'm silvia amaro. "worldwide exchange" is coming up next. is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at

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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." losing steam. stock futures under pressure after kicking off the new quarter in the green. craig johnson is next with his technical wall of worry. and should it be the magnificent six? tesla is trying to make a rebound as we see the name looking to be removed. and eu regulators is looking into the mag seven names. details coming up. and th