he hero, the one out there every day, not me. that's all for this edition of "dateline." i'm andrea canning. thanks for watching. welcome to "street signs." my name is arabile gumede, and these are your headlines. the chips, well, they're down. asml moves down as a chip crackdown overshadows an earnings beat. euro takes a step higher after posting a beat in the second quarter, hiking its guidance for the year once again as trade events wrap up its initial offerings.

investors are pairing back their bets. the bang of england will cut rates next month. and roche shares drop on the trial of the obesity drug in early trade. ♪ there's been this negative sentiment across the european markets. the mid-week blues seem to continue. this market picture across europe, it's the earnings picture we'll be focusing on rm tomorrow's ecb picture will be looking at it. you'll be asking yours what exactly is the message the ecb will want to send out. the key question in the uk has been the inflation print, coming

out at 2%. we'll unpack that throughout this show. overall, very quickly, down 0.6% in the stoxx 600. you'll see only the swiss market is actually higher, around a quarter of a percent. the rest of the market moving down for both the ftse 100 and the cac 40 in front of the dax out of germany, around a similar mark, 0.2%. ibex 35 down half a percent. technology is toward the bottom this time around. more than 2% weaker this time, in fact. it is on that asml story. we'll unpack that in a little while. the retail stocks going down 0.8%. then there was that jump we saw perhaps coming back a little bit on the back of that. autos, two-thirds of a percent down.

banks managing to gain 0.2% higher and for telecoms. there are four main stories we're going to focus on really across this stohow. we'll start off with adidas. it's managed to hike for the second time this year after the german sportswear maker beat on second quarter revenue. that's going to be an interesting story. we'll thrush it out for you as the show goes on. i really want to then focus on sportswear endorsement deals that you saw with celebrities. you don't need that anymore. the restructuring is working. hsbc appoints a current chief financial office georges elhedery as the next group ceo. he's been head of the global banking as well as the markets

division. on to the next space, roche says in the early trial of its drug to treat obesity, that's gone positive. so you're seeing the stock managing to move up 5% toward the top end of the stoxx 600. that's pretty significant news now. in the market that's becoming very competitive. the likes of knonor voe /* /* n nordisk coming in 678 new bookings managed to rise. chipmakers said sales in china do remain strong. the ceo forecasting the global recovery to continue into the second half. that stock, however, despite all of that down 6%. meanwhile overall for

chipmakers, they move slower in asia. the u.s. is mulling imposing the m most severe trade decisions possible on a chip crackdown in china. the foreign direct product rule using american tech could be imposed on tokyo electron as well as asml. let's bring in arjun kharpal. these stories are about to hurt the chip sector, right? yes, you want competition. is this -- is this a bit of a hampering as well for asml? does this mean it loses out or it's ultimately going to be a blip in the scale? >> there are a few things in this story. let's just deal with this report first and what it's suggesting. bloomberg reporting that

potentially the u.s. could use its foreign direct product rule. this is a very wide-sweeping export rule the u.s. has at its dispos disposal. it means even foreign made products that use the smallest amount of american technology could come under u.s. restrictions. so the u.s. could impose export restrictions on companies in japan. with asml. we've seen it used against other companies like huawei to cut off their access to some of this key chip-making equipment. what does this ultimately mean? for one, the companies involved, two, china. 49% of sales going to the chinese market, that's a huge chunk. now, asml has already face read stricdss in the past few years in terms of exporting its most advanced machinery to china. that's sort of a big deal.

if these restrictions impact their older generations of machines, that's where it gets very complicated for a company like asml. similar for other ee kwiquipmen makers. what does this mean? china has been hampered by restrictions we've seen over the past few years on its chip sector, whether it's directly cutting off wowway's access like the u.s. did in 2021 to tsmc, which effectively crippled huawei's mobile business. whether it's cutting smic from chip-making, which means smic has nonbeen able to catch up. it's been kept generations behind those two companies and kept behind china's chip-making sector, behind in places as well like taiwan and south korea. there are ramifications for both

sides if the stricter policies from the u.s. do come into effect. >> this is very interesting. it's a major story. there are so many ramifications, even stateside that really come into play here, and we'll touch on these comments in just a moment. but i want to -- if asml were to be able to go around it, would they be able to, or is this a case that one part of your business gets hampered or one region as well? >> i think it would certainly take a bite out of asml's potential revenue. the big question again is reports at this point. the big question is how far do the restrictions go. as i've said, the extreme ultraviolet ligtingthography

machines, they would like lu never be shipped to china. but if those restrings go down the value chain to some of asml's older chains that are used to produce some of the older generation of chips, that's when i think it starts to hurt its business because of how large a part china is for the company. >> yeah. look, this is certainly one major story particularly in this sector that has been driven as well. the market has been driven by this ai play and push. let's continue with it. shares of tsmc were lower in the wake of comments made by republican presidential nominee and former president donald trump. taiwan should pay for protection against china, claiming china took our chip business from us, and even the shares were down premarket. if trump was to become president, which is a possibility at this stage, it

seems that the fight against these chip and semiconductors will ramp up, ultimately meaning tsmc is going to have to make greater investment into the u.s. if it wants to get anywhere. >> you have to remember it was under trump's last administration wihen the battle with china over some of these restrictions actually came into effect. it was under his administration that this sort of campaign against huawei really began and ramped up as well. so you can expect, i suspect, similar moves if he does become president of the u.s. again. these comments on taiwan, of course, are interesting. a couple of things to unpack here. for a long time there's been concern over chip-making power in taiwan and tmsc and what would happen if china attacked the island. that was the other big point. but the point he makes that they

took 100% of our chip business, america was once the leader in chip making and began to outsource chip-making to taiwan. as it did that, they became big companies. but that shift has allowed american companies to tliesh. there would be no apple or nvidia without tsmc. so that is one of the things president trump has to realize, u.s. has to realize, that, yes, while manufacturing has left the u.s. to taiwan, that shift has allowed some of these huge american firms to thrive and be worth trillions of dollars. >> almost to cut off your nose to spite your face, not seeing this and realizing the long-term ef effect. arjun, appreciate it. the interesting story we will look at in the future is

the chip-making. dow down 3%, asml 5%. tema's cio will state down later today. tune in. do scan the qr code on your screen and sign up to cnbc pro. now, uk inflation held steady in the month of june. that's up 2% on the year. services inflation, the area that the bank of england has expressed concern about came in 10 basis points hotter than expected at 5.7%. at the same time, the prime minister, starmer, said he plans to open up his first stage of his package. now, the dozens are expected to

cover tons of topics from growing economy to strengthening infrastructure. simon joins us now. i appreciate the time. august out the window, is that it? >> not definitively. we still have wages data tomorrow, which is probably as important as the services inflation you mentioned in your intro, but i certainly think the martial bit of news makes it less likely. the overall path of loosening is probably unchanging, but its star data probably has shifted to the right. >> one question that a cnbc member has said. uk households have enjoyed enough strain. it's about time they get down. would it not be as beneficial if at all like the ecb to just make a gesture to consumers and say we're cutting 25 basis points? we're going to pause after that and see how things fair, but we

want to prove to you. >> yes. he's one of two who at the last meeting voted for an immediate cut, justifying the fact that the squeeze that is still coming through in the data and actually within the inflation data this morning, we saw the mortgage interest payments on household debt, which is about 1.5 trillion points, 60% of gdp, is up 31% year on year. that's how much more mortgage interest payments are being paid. she's saying with that to come and as more finance deals come up before the spike in interest rates, actually we need to stay ahead of the curve here. the problem is they're in the minority on the mpc, and, therefore, the collective you is not yet there. they've pushed down on services-led inflation. having said that, for what it's worth, i would make a push for cutting interest rates.

not the least. it's north of 11%. that is presuming the consumers are feeling pretty cautious and probably need a major appetite in purchases. >> how long before you hit into benign growth. >> it's still relatively high, and that could then be eaten away by continued hike -- remaining of these rates so high. >> we're even more constructive than you mentioned. the bank is at 1.5%. we're at 1.2%. still below trend growth, which is 1.75%, 2%. that's a reflection of the fact that that tightening of financial conditions or historic tightening that is still to pass through the system can squeeze and is squeezing consumer spending. and i think you're absolutely

right. it's the signal from further moves to the right as consumers use that as more of an excuse to push up the household savings rate further and compress consumer spending. we could see downside revisions to gdp. it has to be said, they've been upgraded for 18 months on a steady revival of low expectations. in the aftermath of the mini budgets in september of 2022. there will expectations to contract by 9% in 2023. it didn't happen. again, this year the economy expects to grow by 1.4%. we think 1.2%. >> it's another question of the labor party. that's what you get out of the king's speech and him putting

down the laws. your expectation from that. is this where he sets the agenda as clearly as possible on how growth comes about for this economy? >> i think it's a big moment for the uk economy because while ke starmer would like to be, the medium to long-term growth agenda will be framed by this king's speech. if you're looking at getting structural growth back into the uk economy, more permissive, big housing projects, and set the roadmap to building 1.5 million homes over the course of the pond, which is a huge ask and has never been achieved, they nea need to get moving quickly. it's a multi-year project. >> simon, there's so much that goes into this. we could have still spoken about

tomorrow's up employment data as well. 5.7% is the expectation. do you see that coming down? >> we see a path of 4% by autumn. the question is whether that will come, don we don't know. >> maybe you only cut in december. man, the permutations are large. simon, appreciate you joining us. up next then -- the world's biggest lock maker and cost-cutting. assa abloy posts an is 11% rise

in quarter two operating profit. i appreciate you joining us. let's run through the numbers here. some of this feels as though there's somewhat of a recovery in motion. is that the case? >> yeah, good morning. thanks for having me. it's true what you say. we had a good quarter, 8%, 10% up. i would say because of challenging conditions, we posted a minus 1% organic drought, but in a strong way it's plus 11%. like you said, execution giving us a bottom margin line of 16% and a record north of 6 billion. very strong cash generation and cash conversion of 107%.

we continue to see good market dynamics on the industrial side. we're seeing market conditions improovgs that is correct, yes. >> i'll touch later on the residential versus commercial side. in terms of cost-cutting, are you planning on continuing that? have you reached the intended goal here ? >> i would say we see opportunities to further go faster and even go faster than the market and obviously in the market where we see the market is more challenging there, we look at reality. that's what we've been doing for many, many years. we're a decent organization, having an advantage we can adapt

very fast to local market conditions. if things ha p happen /* in france, we have that. we don't make decisions on a centralized level for the whole world. they're giving us that agility to act fast or down in the market. >> nico, one things for sure, you'll also be impacted by consumer demands, consumer needs, and consumer changes, right? and with the consumer feeling a little bit of a tightening at this stage, are you finding and you're seeing somewhat of a selective customer, not necessarily choosing the higher end of the security or perhaps choosing the higher end of your lots and security as opposed to the lower end and really focusing in on what works best as opposed to perhaps a whole suite and a range of items? >> yeah. two-thirds of our business is

residential, commercial. so it's not directly to our end consumer. with residential, a lot of it goes to -- but it's clear that we live in a world where people have the impression that the world is less secure than, say, five, ten years ago, and it definitely drives the need for consumers to go for more secure solutions unless we have a strong offering, which is a good strength as a company. >> what about china? you point out that organic sales growth declined, particularly in the asia pasting and gleebl technology segment. is china still continuing to be a sore spot? >> yeah, for us, china is a small market. we only realize 2% of our top line in china as compared, for instance, to north america where

50% of the auto plants come from north america. it's clear that conditions in china remain very challenging. we believe that the construction market has bottomed out, but on a lower level, and we clearly don't see any improvement yet and we don't believe any im improvement is going to come in the near future, so the china market remains challenging for us. but like i said, it's a smaller part of our business. >> let's move to another part your business, and that's the uk. when you hear government like starmer say they plan on building more homes, pushing up the infrastructure as well, where does that leave you? >> of course, what they say, it's positive news. then we normally don't speculate too much on the political agenda. what we have learned is often the consequences for our business of political changes

are, one, taking longer, and, two, more limited than perhaps people expect. there, again, us being or running our business in that way and having people in the uk that can make fast decisions based on whatever the politicians decide in the uk, we believe keeps us at a competitive advantage. if those were to also translate into actions and improve the market, we can then take advantage of that and improve our business as we can in the uk. >> nico, finally, you've been very inquisitive. when you get into acquisitions like integrated warehouse solutions, hhi, what are you looking for exactly? and are you planning to continue that inquisitive nature as well throughout the remainder of your fiscal year? >> doing acquisitions is part of our dna. we have the ability to grow 5%

per an per annum over the business cycle. this year we're well on our way to break that record. again, i would say it's part of our dna, and we look at quality comp companies that we try to make even better. so we're looking to companies that perform well in our access solution sphere, and what we marlie look at is people because if you buy quality companies, they're made by good people. so it has to be a good chemistry between that culture and our culture, which i would say is the most important thing when we look at acquisitions. >> nico, really great talking to you. thank you so much then.

we hopefully will chat with you again soon. nico delvaux joining us from assa abloy. coming up, adidas hiking its guidance for the second time in three months. we'll be joined by annette to break it down next. step one be terrible. step two be slightly less terrible. ugh. ah! come on. step three. que gusto conocerte por fin discover that practice doesn't make perfect. practice makes progress. hola tio! listo para improvisad. espanol. muy bien. vamos. babble. every step is a step in the right direction. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when

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e est. welcome to "street signs." my name is arabile gumede. these are your headlines. the chips are down as asml moves in an early report. to europe where adidas takes a step high after posting a beat in the second quarter and hiking its guidance for your the year once again as trader fans lap up its retro offerings. uk inflation holds steady at 2% in june with investors pairing back their bets that the bank of england will cut rates next month. and former top rivals, ron desantis, nikki haley back the former president as they address the republican national convention. >> i'm here tonight because we have a country to save, and a unified republican party is essential for saving her.

welcome to the second half, then, of "street signs." let's get into your market action and how things are faring at this point. an hour. and a half since trade opened in europe. you're seeing most of the markets still sitting in the red. not much to talk about on the upside when it comes to the boerses as you can tell. 30% here. the european stocks, a little bit of a softening. those were the key factors at the start of the week. of course, on the equity front then you still have some news then, the likes of asml being looked at. the drug trial has been positive for it as well as adidas, they're raising their four-year guidance. on to the european story, treasury yields, little change

after tee carolinas in yesterday. yesterday's declines may have been driven in part that some traders might actually be thinking the u.s. economy may weaken, and that could be enough to justify as much as three 25 basis point cuts from the fed this year. the market is getting ahead of itself. we'll certainly see. the bond yields took a dip slightly yesterday 678 the 10-year bond slip, two basis points to 2.41. as you can tell it's 2.413. there it is for the 10-year bond. we've been focusing on that following the cpi print that has inched up 4.07 as we're finding that one. the u.s. futures, we're firmly into the earnings season as well. there's going to be a focus on those numbers really, but it has been significant gains here. it's the great rotation. that's what the market seems to be looking at. we haven't seen the doll rally

over 700 points, even closing at a record, the russell 2000 adding at 3.5%. it's up more than 10% just this month alone. but today doesn't look like the start of trade will be as positive. back here in europe, we saw adidas hike its full-year guidance for the second time this year after the german sports ware maker beat. sales rising on a currency mutual basis. all of that was boosted by soaring demand, reduced discounting, and even lower sourcing costs as well as dwindling easy supplies. i want to focus just a little bit on the last one. we've seen yeezy's become the focal point for a lot of the business as well and even years as they had that fallout with kanye west with regard to this, and r really, endorsements

haven't worked out the way adidas would like, particularly on the more social sports ware brand, right? not necessarily on the classic foot ware items in sports such as your football, your footballing icons, et cetera. it's more on the social front. what's really happened is they've lost significant sales coming out of the yeezy supplies. here's the thing. adidas plans to sell the rest of the yeezy stock by the end of the year. just excluding the yeezy brand, the sales are up 16% on the year. that's the expectation through june. beating analysts' expectations and even doubling compared to a year ago. in fact, then, that i could generate an additional 150 million in sales from those yeezys, but all the profits from that, which is estimated to be

around 350 years, it's still going to charity. they're not looking at that as being a sales figure. just because of this marked improvement that this company has managed to make with regard to its transformation, with regard to trying to find a better way of shelling out, reducing the discounts and more favorable about agreements, the only issue they currently flas, well, currency flung united nations. they expect those to weigh significantly on product in 2024. perhaps some of the brands need that. an interesting story when you compare to nike on the other side when you've had their share drop off. and essilor luxotica plans to buy supreme in the second

half of the year. that stock down 3.7% with some of that news taking effect in this market. onto the pharmaceutical, roche reports positive results in obesity drug trial. they say it was just over 6% in four weeks, adding that the drug was well tolerated. now, of course, the question mark is what does this remean f the remainder? the frankfurt trade is down 3.3%. stock had risen. key question marks, as the space becomes a lot more competitive, what happens to these players? is that effectiveness going to matter or is first move advantage always going to help

you? of course, state side, you have eli lilly playing in this space too. how much will they eat into novo nor dis's space too? daimler truck posts quarter two impairment due to china weakness. down 120 millione euros in the second quarter. vaneck crosses $10 billion in aum in europe. the ceo is joining us. ma martin, thank you for joining us. steady as she goes has long been

the motto, is that right? >> that's definitely been right. >> what's the focal point? what's driven the assets across europe because you've had to be very picky with the players you get into. >> true. yeah, there's been a lot of diversity within the choices you have with etfs. i think we've been quite lucky to have a number of themes that were very much in favor. the semiconductor defense. but also high dividend play. so there's been a number of exposures that have really driven our growth and, yeah, it's great to be able to offer that many different themes because as we always tell investors to be well diversified when they make their investments, for us as a firm, it's nice to be well verse fied

/* versified. >> you're not going to get the growth prices you get stateside. you don't have the same earnings growth as you do state side. how do you pick in a time when you're going to have to be really specific because of the earnings growth not looking the same. >> well, i think the way i look to look at it is for the longer term. it's always difficult to pick, let's say, the next big thing for the second half of '24 or even '25. we look to focus on longer term trends that continue to grow over years. yeah, sometimes it definitely takes a couple of years for a team to really flourish. sometimes it goes a lot quicker than you think. there are a couple of examples i can give from the past. i can remember when we brought a video game in 2019. it seems like a really fun idea,

good narrative, niche. for instance, hydrogen, we think it's a good long-term play, but in the short term it really disappointed quite a few people. i think it had to do with lot of governments being not entirely clear on their strategies and the way they would incentivize the use of hydrogen. so that's one of those examples where you probably need, yeah, a bit of a plonger time. >> look, one things for sure, martin. it's about time somebody was a little more bullish on europe versus the u.s. because things haven't always been that great. in terms of sectors, what is perhaps driving these themes? is it still the semiconductor? that ai trade that the market is

looking at? there seems to be a few cracks in play, or is it that pharmaceutical place with the obesity drugs coming into the fore? does it go into construction? what are you looking at? >> first of all, i think semi-co semiconductors will be interesting. there's a holot ai will be capae of. and they'll need a good supply of chips. i don't think the play is over yet. if companies like nvidia can keep up the growth, yeah, their stock is actually skyrocketing. but if earnings keep up, it could still go higher. i think there's also some interesting smaller sectors to look at. for us, one of the big growers this year was the defense etf. while the defense sector is very topical at the moment for

obviously not great reasons, but especially in europe, people and governments have began to understand we need to pick up the pace when it comes to defense in the industry, and, yeah, that shows in both the performance of the sector, but also in the inflows that we see in this product. year-to-date, it's grown to a little over 900 million when it earlier this year started at 100 million. so it's one of those really -- yeah, unexpected surprises when it comes to growth for our business. >> martin, bitcoin, your call. >> i'm still bullish, especially in the long term. i think by now it really has proven to be ha here-to-stay asset. a lot of o people have discarded the idea it's an impairment game. i think people have started to realize for large quantities of

the globalization, it's the one and only way to gain access to finance. if you have access to internet, bitcoin allows you to transfer to someone else even if you do not have a bank account. that's an obvious use case. i think other than that, there's probably crypto projects going out there that are maybe more sophisticated and offer more opportunities. i'd like to look at crypto as small businesses that will solve an issue for a lot of people. bitcoin is sort of the odd one out. it's also a storied value. if you're in a country with high inflation, may be good to have some of your assets and bitcoin to protect yourself against that inflation. so, yeah, i see also the way that investors embrace bitcoin as an asset class, and all of these will, i think help bit copy grow further in years to come. so, yeah, i'm still positive.

>> well i hope that stays then martin, because it certainly is a tumultuous market. i appreciate the time this morning. the ceo of vaneck eu. 3.5 billion people a day use a unilever product, and the consumer goods giant spends around a billion dollars a year in it. t our annette weisbach asks where does the money go. >> it goes in investments and the science in our facility to invent new materials, new products, and run those trials and get them ultimately to markets, to consumers. >> you have over 400 brands currently. whelp do you decide one of them needs a revisit? >> we're focusing on our top 30 power brands we call them. >> reporter: one of those 30

power brands is personal. >> it's one of the first times we've created a detergent for short cycles. >> how do you actually measure success? >> it's really about the holistic experience. that's what we appraise. >> reporter: finally, there's the packaging to consider. >> packaging runs in parallel to when the formulation is being created. >> whatsus sustainability? >> it's looking to reduce its footprint by 2030. what is the target? >> we're stretching goals. r & d doesn't do this alone, but we do have a key role. ingredients we use in our products is a must focus. we're always looking at green

alternatives whether it's through technology or the right authorities. >> you can catch the full story on cnbc. coming up, trump's former rivals, nikki haley and even ron desantis create a united front to endorse trump if presidential nominee. we'll bring you more next. i'm andrea, and this is why i switched to shopify. it gave me so much peace of mind. if we make a change, my site's not going to go down. and just knowing that i have a platform that we can rely on, that is gold to us. start your free trial today. step one be terrible. step two be slightly less terrible.

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traders are now 100% certain that the federal reserve will cut rates by or in september. it's a 93.3% probability that the bank will cut rates by 25 basis points from the current level. meanwhile fed governor adriana kugler is optimistic that the banks are coming down. former op primary rival nikki haley gave her strong endorsements to republican

nominee donald trump on the second day of the republican national convention in milwaukee, wisconsin, saying she was glad to speak in the name of unity. the former presidential candidate made her pitch to republicans, still unsure on the party's nominee. >> there are some americans who don't agree with donald trump 100% of the time. i happen to know some of them, and i want to speak to them tonight. you don't have to agree with trump 100% of the time to vote for him. take it from me. i haven't always agreed with president trump. but we agree more often than we disagree. we agree on keeping america

strong. we agree on keeping america safe. and we agree that democrats have moved so far to the left that they're putting our freedoms in danger. i'm here tonight because we have a country to save, and a unified republican party is essential for saving her. >> nbc's brie jackson joins us for a little more coverage on this. it seems all have fallen in line. >> reporter: that's right. good morning. safety and security was the theme of yesterday's republican national convention, but really the underlying message there was unity as you saw former trump rivals, including former ambassador nikki haley and

florida governor ron desantis took the stage at the republican national convention and showed support for donald trump. you saw ron desantis touting trump's ability to lead while blasting president biden's age. this is something we've seen from voters that we talked with at the republican national convention. they say there needs to be a sense of unity not just within the republican party, but they want to see it across the country. they point to in particular, they say in the wake of that attempted assassination against former president trump, it's time for the country dom together. >> it's such a monumental move. what you see ultimately is the shift headed in the direction of the republicans in many ways then, and you find nikki haley appealing to those unsure. has this perhaps moved the needle a little bit?

>> reporter: well, it remains to be seen. but we do know even throughout the primary that nikki haley had the support of many moderates and independents. she waited several months before she gave the key speech here and gave her full endorsement of president trump. that shows a big sign for her. but it remains to be seen if it moves the needle when it comes to attracting voters who are not already on board with the former president. one thing that we have heard here from essentially people is that they already have their minds made up. this is the republican national convention. they're here for a reason. so many people that we've talked to at this particular conference say, you know, they're already on board and they're here to show their support. >> brie, appreciate the time. thank you so much for reporting in milwaukee, wisconsin, as well. brie jackson, nbc. let's talk a look then at the yen, the dollar/yen.

the japanese yen slightly lower than where it was at the end of last week. down 1.3%. 156 there. japanese authorities, well, it's likely intervened in the currency market last thursday and friday, reuters reporting the government likely spent a total of 6 trillion ten or $8 billion over two days shoring that figure up. onto u.s. futures as well, we had seen a spike, on the dow as well. some of the others managed to gain in that report, but weakness seems to be in play. that's all for "street signs" this morning. thanks for joining us. my name is arabile gumede. "worldwide exchange" is next. what is cirkul? cirkul is the fuel you need to take flight. cirkul is your frosted treat with a sweet kick of confidence. cirkul

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it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland. here's your "five@5." stocks looking to reverse course as the tech trade unwinds and chip stocks leave global markets lower. a lot of attention focused on d.c., and a report of a new china chip crackdown coming from the biden administration. tune in to possible new rules coming down the pike. and former president donald trump saying how the island nation should pay its own way. we're also hearing from th