that's all for this edition of "dateline." i'm andrea canning. thanks for watching. ♪ hello. welcome to "street signs." i'm carolin roeth and these are your headlines. kering shares hitting a seven-year low as the company sees profits plunge in the first six months of the year and warns it could be a similar picture in

the second half. stellantis misses the forecast in the first half. ununilever shares misses guidance despite the slower than expected sales growth. >> we are focused on margin to refuel our brands and increase the investments behind our brands. these what anwe have been seein in the first six months of the year. good morning. we have a lot to get through on this show. we have ifo data hitting the wires in a second. we have all of these evenarning mostly disappointing and the selloff in europe. i want to show you what it looks like one hour into the trading session. the ftse 100 is down .30%.

the smi is losing as well. the ftse mib is off by .23%. the cac 40 is losing 1.5%. of course, the luxury names not helping out with the earnings. dax is losing more than 1%. that follows the declines yesterday of 6%. yesterday was a heavy earnings day, but the picture and sentiment has been negative. why? because we got tesla and alphabet. tesla off 12%. the tech selloff carrying in the european trading. i want to get back to today's earnings that we got out. kering off by 7.6%. we'll get to that in just a second. roche up by 2.7%. we will hear from the coo throughout the show.

unilever almost a four-year high at 6.25%. kering posting a 42% drop in the first half operating profit to 1.6 billion euro. the company is expecting a further 30% decline in the second half of the year. charlotte has been poring over the numbers. the trouble here is a turn around story and china weakness at the same time. >> that is the double challenge they are facing at moment. a little bit like we were talking about burberry. it is challenging for them. we talk about kering and we talk mostly about gucci. it makes two third of the operating profit. they have a new creative director that came on board recently. they have a strategy which say different aesthetic. we have to wait and see if the chinese buyer buys into it.

the second half will be really pivotal if we see a pick up in the gucci demand. looking at that warning where kering is saying the operating income in the second half is expected to be down 30%. could a turn around take longer than expected at the cost higher than expected? not much light at the end of the tunnel for kering. there are other concerns because other brands are weaker. there is a slowdown with lvmh with 1% growth for lvmh. other houses down 5%. only the smaller house for them with good momentum and continuing. overall, it is a tough one for kering. they are looking away from gucci. they created a need for beauty and just starting to build and

create a perfume acquisition. they bought a stake in valentin oval valentino. it is not bearing fruit yet. kering is down 47% over the past few months. >> i wonder at what point have we hit a trough in sentiment with the overall sector. we heard from lvmh and beturber and hugo boscs. it has to be priced in. >> it is different positions of them. we saw from montclair today that when the uk looked for the wealthier customers, we have hermes reports after the break. hermes up 12%. is there is a focus on the aspirational buyer. we have weakness coming through

and we were told earlier that kering had the strength of pushing into street wear of buyers. that is why they are hit. >> charlotte, thank you for that analysis. let's get to data from germany. german business sentiment darkening in the month of july according to ifo. the business morale expecting to fall in the month of july. the business climate index at 87.0 from 88.6 in june. that 88.9 was forecast from the reuters poll. let's get more from clemens fuest. good morning. no summer miracle for you in july? >> not really. this really is a setback. it is a particularly strong in

manufacturing. we have seen problems in the secretor for a long time, but n it is clear this is continuing in the summer. businesses are bad and they expect no good news in the months to come. the auto backlog is declining further and it is particularly dark in the investment goods industry suggesting that companies in germany aren't investing and that's bad news for the medium-term development. we getting less and less. >> when it came to the budget that the coalition government agreed on after months and months of wrangling, there was investment in there. this is not an us austerity bud. is it? >> it is not an us austerity budget, but it is not enough to breathe life into the german

economy. of course, the issues facing german companies and the reason for the stags nnation. fiscal policy is not expansion either, but the structure factors with the declining labor falls and high taxes and a lot of regulation. the regulatory bureaucracy is still increasing. this is because a lot of european legislation is only coming into force and con confronting companies with more and more regulation. these are issues that cannot be addressed by the budget. >> what about the monetary policy front? we got that from the ecb in the second half of the year. would that help the german economy? >> i think it has helped a little bit. the rate cuts have been priced in relatively early. if you look at market interest rates, we have seen a decline at

the beginning of the year when the rate cuts were priced in. since then, not much has happened. so far, what the ecb has done has been expected by markets. i think further support would cause a surprise cut. two further small cuts priced in the markets. if the ecb did three or more, that would help, but if the ecb sticks to its plans, they will be no impact on the german economy, i'm afraid. >> what about the boost for germany specifically for the consumers who suffered from the high energy prices and falling inflation? energy prices are way down. would that give a little bit of a sentiment boost at least? >> that sis a puzzle. discretionary incomes are growing, but consumers don't spend. they save more, but don't spend it. that suggests they are worried about the future and they are

preparing for difficult times. that keeps the economy bad. there is a lack of trust and lack of confidence also with consumers, not just with investors, but consumers. >> clemens, i need to take you back to the defense budget. germany with the small increase in the budget for defense, some argue that is a cut. it was woefully under prepared when it comes to an i mpending donald trump 2.0. do you feel germany can full that gap? >> i think germany is not in the position to fill that gap. germany has missed the opportunity or has not really reacted to what we have seen since the first trump presidency. now we have the special fund,

extra 100 billion, for defense. overall, defense spending hasn't increased. the scale of the challenge is more will need to be done. i don't think germany is up to the challenge at the moment. a lot more will have to happen for that. >> all right. big warning from clemens fuest. thank you for your time. let's get back to the earnings front. unilever posted a 17% rise in profit in the second quarter despite the underlining sales rising weaker than expected by 3.9%. prices rose less than forecast with underline growth of 1%. silvia has been speaking to management of unilever. shares at an almost four-year high. >> investors suggesting these results positively this morning. it is one of the top gainers so far in the ftse 100.

there are a couple of positives in the release from unilever. on top of the fact they are confirming their guidance for the year, they also confirm that the performance will be volume led. that is an important message for investors. on top of that, the increased dividend for the second quarter by 3%. a lot of positives here even though sales, underlining sales growth, was weaker than what analysts forecast going into the results. when you think about unilever, it is important to understand what is happening in terms of consumer trends. i had the chance to ask the ceo what he is seeing at this stage and whether consumers, perhaps, going back to some of the premium brands. >> it is not a one-size-fits all. allow me a short detour around the world. if i look at china, we are clearly seeing a slowdown in luxury and premium beauty for

example. we are less exposed to that in china. the market leader in hair care is mainstream and nutrition and healthcare. that has not seen a sclowdown. we have seen a slowdown in ice cream. in north america, we have seen the same. in prestige beauty and luxury, yes, a bit of slowdown there in the main chains. if you look at our overall core business, we have been able to realize pricing and volume growth. so, you know, that's okay. we are less exposed. if i look at the rest of the world, a broad brush, we haven't seen a huge change in consumer behavior. i wanted to call those two out. >> that's why i want to understand to sum it all up, really, the choice for premium brands is very much dependent on where the consumer is. >> that's right. yes. >> it is interesting you brought up china. the numbers are staggering. lower performance in china.

are you rethinking your presence in the market? do you perhaps need to reform how unilever is there? >> what is interesting for u unilever, we have not grown with the position, we have grown with the power brands. we are the market leader in hair care and home care and nutrition. these are brands that are ours. we developed them. we fuel them. we feed them. we nurture them. that's what we will continue to do in china as well. from that sense, it is the same strategy as we had. >> just to give you an idea to put things into context, sales in china declined mid single digit. however, one of the big questions from investors as well at this stage for unilever is what will happen to the ice cream business. the company has had conversations about what to do with the part of the business.

the ceo confirmed to me this morning that the idea is to demerge it and list it here in london. >> when we announced by the end of march, we talked about demerger be the most likely route. that is still the most likely route. we are really focused on making that happen in the last quarter of 2025. as i said, there might be other options that may come to the table. we're open to that which we should be. we are focused on the demerger, i.e., listing happen. >> is london the right place to list? >> london is an a tttractive space. it always has been and that's why we are here. we need to look at all of the pros and cons. the ice cream business is currently establish in the netherlands. that is where the head office is. you know, we are weighing pros

and con and cons. >> unilever is on track to complete the merger by the end of 2025. let's see how they will do so. >> let's stay in the sector. nestle posted weaker than first half sales growth. prices had come down at a faster rate than expected. that is very much reflected in the share price this morning. take a look at this. down by 4.6%. silvia, there is a big debate of pricing versus volume. the pricing part really is a big disappointment. >> of course, there is also the impact of inflation here. it is important to keep that in mind. perhaps what investors have issue with this morning is the fact that nestle is lowering the organic sales forecast to at least 3% down from about 4%. they are claiming this morning

that one of the reasons we had that is indeed the fact that the consumers are still very cost conscious. we have seen inflation dynamics falling in many of nestle's markets, the company is saying this is a concern for many investors. for menany consumers, i should say. when you compare unilever and nestle, you have the price action different. nestle shares are falling. over the last 12 months, it is a different story with investors appreciating the message from unilever thus far. they are happy with the transformation plan and cost cutting plans as well. that is reflected in the share price when you compare these two peers. let's see what the outlook is going forward. >> silvia, thank you very much for that. coming up on the show, european equities joining the global selloff. we will take a look at what's hot and what's not.

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a quick check of u.s. futures after the nasdaq and s&p hit the worst session since 2022. yest in yesterday's trading session. the dow jones industrial average bouncing back to 52 points. the s&p can still fall by 16 points. the nasdaq still expected to see a triple digit decline. yesterday was a rough day for the markets because tech under performed. the s&p down 2.3%. once again, the worst day for the s&p and nasdaq since 2022. it was all about tesla after the big earnings miss. the biggest one in about four years. of course, we also had alphabet under performing and underwhelming the markets. i want to show you the tech sector by and large. apple was down by 2.9%.

microsoft off by 3.5%. that company is reporting this week as well. alphabet down 5%. some concern about ad revenue when it comes to youtube and netflix off 1%. even nvidia, the darling of the market, off 6.6%. quite a bit of volatility in nvidia of late. of course, that selloff also translated over to the asian session. equities following wall street lower in early trade. the yen spiking after the reuters report after the boj meeting next week was a close call with the central bank considering a hike. the nikkei 225 with the yen strengthening down 2.5%. the hang seng off 1.7%. let's get more on the markets and the pboc with jp ong from cnbc asia. jp.

>> reporter: good morning, carolin. not a great session for thursday. you see the sheen of red. we start off in japan with the tech selloff with tech stocks listed in tokyo. the stronger yen is now through 152 against the u.s. dollar. it is partly because of the safe haven play favoring the japanese currency. it is too close to call whether or not they will hike rates. this yen strength will move to hold off on hiking rates if the yen holds water in the next couple of days. we did see tech shares in japan fall. we saw nissan almost wipe out the operating profit on the year on year basis in the second quarter. that weighed on carmakers. this translated to south korea. there is a question if it will boost markets.

it didn't matter this day at least. we saw the sk hynix reporting. we saw hyundai moving in the red. you mentioned the pboc mapping another surprise rate to the medium-term loan facility. you can see here chinese markets not getting any love. the hang seng out in the greater chinese markets losing. shanghai in the red. shenzhen with slight gains. it does lead uncertainty for the asian markets. whether or not the tech selloff than its into friday as well. carolin, back to you. good morning to you in europe. >> good morning and good afternoon to you. jp, thank you for that. let's get more analysis with the

global selloff with donas. you say you are not priced by yesterday's selloff. why not? >> carolin, good morning. i don't think we should be surprised simply because of the period of inn interrupted positive returns we have seen over the last few months and quarters. we also need to take use consideration the valuations which we knew were quite extensive particularly in the technology sector. furthermore, number one, it is a holiday period and as a result, there seems to be more volatility around the periods of people being less present. finally, some profit taking and overall risk. we are not particularly concerned about that. in terms of the views that we had, we have been neutral on nasdaq and the s&p because of the underlining valuation

component. we have had a preference for healthcare and consumer discretion which is a sign of the u.s. equity market. >> you say there is a fair degree of profit taking if there. i take that point. the bigger question is and that's something filtering in the markets over the last two years, is it more than that? is it fatigue in the tech sector? >> i think that is an important question where we are talking about that this morning. we are looking into it in much more detail next week when we have our monthly scorecard and management meetings. however, we don't see yet anything on the fundamental side or geopolitical angle which would obviously impact the u.s. economy or the broader sentiment, if you like, around the equity markets and financial markets. we think this is more of a

profit taking and correction given for adjustments from those levels. we don't necessarily think this is a broader turn for a recession in the u.s. driven with the significant correction in the equity markets. >> you say you stayed out of the nasdaq and s&p and valuation re reasons. are you not worried missing further to the upside when it comes to tech? >> we have had the tech and communications services from february of 2023. the market was very much doing well in the u.s. with recession and we were more constructive on the u.s. because inflation was coming off and the fed was there. we are looking into taking action with the financial crisis. it was in march of this year

that we reduced that view on the communications services sector. risk of missing out on the outside? yes, there is that element of r risk, but that will become more clear next week. for now, we will not be rushing into that. we would rather wait and see if there is further correction to be had if we don't think this is structure yet. >> thanos, i want to say with the broadening message filtering and transpiring into the market with the u.s. market, small caps have done really, really well. up 10% year to date. on the same time, we have seen mega caps rallying hand-in-hand. can they both rally together? >> i think that is a fair point. in our view, they both do look expensive given the historical

periods. we think construction in the u.s. policy and we think 60% of the recovery and expansion. the only adjustment we did, carolin, over the last month, is adjusting 5% from a slowdown to a moderate recession. it is not a big move, but marginal move because we have seen the unemployment rate move from 3.5% to 3.7% to 4.1%. it gives the flexibility for the fed to take action in september. we don't think it will be this month. it will take action in september. why we think the probability of a hard recession is low at 10%. >> that's a fair point. thanos, as we are in the thick of earnings season and some numbers coming through, they were not bad. they met expectations. in a market that is so richly

priced, is that not enough? the bar is incredibly high. >> it is high. you are hitting on a significant point. obviously, we are looking at 8.3% expectation fs for the earnings growth. that is quite high. that is preventing us from turning overweight on nasdaq or s&p 500 and preferring the defensive sectors. >> thanos at abp invest. thank you for your perspective. still coming up on the show, autos miss forecast after stellantis miss forecast. that's coming up next.

hello. welcome to "street signs." i'm carolin roth and these are your headlines. the stoxx 600 joins the global selloff with the tech-led declines set to continue

stateside. kering shares hitting a seven-year low as the group sees profits plunge more than 40% in the first six months and warns it could be a similar picture in the second half. autos in reverse. stellantis misses forecast and renault misses the quarterly speed as autos slump 17%. and unilever shareses boost despite the slower than expected sales growth. >> we are focused on margin expansion to refuel our brands and increase the investment in marketing behind our brands. that's what we have been seeing in the first six months of the years. good morning, everyone if you are just tuning in. we are in the midst of the global market selloff.

that has carried over to the european markets. i want to show you the markets one by one. these are the asian markets. the nikkei 225 down 8.2%. we did see surprising action in the pboc. when it comes to the european markets, this is the picture. the markets are down across the board. the ftse 100 is down as you will see imminently. same applies to the rest of the sector. the french market bearing the brunt of the losses with the weakness from the luxury stocks. the cac 40 down 1.5%. the dax is down by 1%. ftse mib seeing declines to the tune of 2%. we are in earnings central. sd micro cut the sales outlook for the second time this year from weaker chip demand. the chip maker will see revenue of $13.2 billion which was below

$15 billion. shares off by more than 10%. that was totalenergies. reported second quarter adjusted income of $4.76 billion. that was below expectations, but is a 15% increase on the year supported by higher crude prices. roche is a positive story. the company hiked its guidance for the year after the drugmaker posted a first half operating profit of 11.3 billion swiss francs. the ceo told cnbc the group is taking a broad-based approach to drug development. >> there is a breakthrough in innovation. we are really present in five different disease areas.

we do believe that cardiovascular and obesity are the biggest needs today. there are a lot of diseases linked to this. in order to have a holistic approach, this is important to have in the portfolio. >> and it no longer expects profits to fall this year. it posted a better than expected 3.2% rise in operating income boosted by strong demand for new drug launches. shares up 3.5%. astrazeneca sales in the top division grew 19% accounting for more than 40% of total sales. the ceo will be speaking to cnbc later on today. don't miss that interview at 4:40 p.m. cet.

let's change gears. stellantis missing expectations for operating profit and revenue in the first half with the net profit falling 48%. the auto giant citing lower volumes for the miss and said it would consider price cuts in the u.s. market where inventories remain high. also, take a look at renault. punished by the market today off by 8.7%. hitting fresh records in the first half of the year posting a better than expected operating margin of 8.1% as the group benefitted from strong pricing and new vehicle launches. the french automaker confirmed full-year guidance and continues the operating margin by 2030. the stock price is down heavily. we'll get to that in just a second. it may have something to do with the following story. nissan has cut its full-year outlook after a 99% fall in the

first quarter operating profit to 995 million yen. analysts had expected a profit to rise to 164 billion yen. charlotte joins me now to make sense of it all. why do you think renault is down? we have been looking at the analysts notes and they have been positive. >> there is a concern for ev demand and extra pressure there after nissan cut the income operating guidance for the full year. renault with the highest ever profitability with the margin of 8.1% for the first half of the year. they said they benefitted from lower raw material costs and strong demand for the models and a good reflection of the change of strategy with renault and the ceo moving away from the strategy and pushing for volume and moving toward margins. that is bearing fruit there.

as were you saying, the automaker reconfirming the guidance for the year and launching new models going forward. the iconic model in france, a small city car, they hope to make around 25,000 euro. they hope to attract new buyer there is with the affordable models. there is pressure and competition with the chinese buyers with the tariffs coming into the game as well. overall, the strategy at renault is reconfirmed and showing it is bearing fruit. we see the margins here at the high for the brand, but stock still under pressure. >> charlotte, thank you. let's get more perspective with tim erkhart. tim, many stocks being punished although numbers seem to have been okay. the bar, it seems, in the auto space, wasn't all that high. we really just expected these companies to somewhat confirm guidance. we thought that was good enough.

what do you make of the moves? >> i think it is often a bit of a disconnect of the performance and how the company responds. why that is, i don't know. it is remarkable to how they react to the auto results. for me, as a sector, they are treated slightly differently to other sectors. it has never been a sexy sector, as we shall say. renault did not make sense in terms of the market response to it. that's just the way it is. >> just the way it is. obviously, volatility could be higher in the markets where volumes are lower during the summer months. we'll take it at that. when it comes to the auto market overall, obviously, we have seen the big shiftevs. many firms have gone full out on

the strategy and now scaling back because the consumer is not there or the government incentives is fading out. what do they make with all that capacity? >> i think flexibility is key. the more insight in the production is flexible and technology is flexible and platform is flexible. i think it could have been predicted this was going to happen once the manufacturers stopped selling into the big fleets and stopped selling to people interested in the technology. ev evangelists, as i call them. that is what they are having to do is sell to the mainstream and they are finding it difficult. there is a huge concern of infrastructure and the old-fashioned issues and the extra expense with the cost to purchase or to lease.

the manufacturers have to work on the issues and tell a story to the more general consumer that this is the future and way forward. >> obviously, that's why a lot of the auto companies are focusing in on the hybrid. that seems to be adopted from evangelists and the other side, the conservative consumers. can you let us know who might best be placed here? >> i think german manufacturers seem to have the biggest portfolio the bets and plug-ins. bmw and mercedes. the stray tegy is now looking t be vindicated in the move to electrification. hyundai has a very good position

in terms of the technology mix. >> let's talk about china as well. obviously, over the last couple days when it comes to the luxury sector and economically overall, still a lot of concern about the chinese consumer. when it comes to auto, cut-throat competition going on. vw especially. the q2 deliveries fell short of expectations. china is such a difficult market to crack for them. obviously, previously, a very important market for them. i think one in five vws, cars sold in china was a vw. what do the likes of vw do in a very competitive chinese marketplace? can they survive? >> oh, yeah, they will survive. vw were the strongest selling group in china for a very long

time and overtaken by the immense success of byd last year. there might be some casualties in terms of european and legacy auto makers in china because the market is getting intense. the bigger players with the likes of volkswagen and nissan and hyundai, i think they are there to stay. there's no doubt about that. it's a brutally, brutally competitive environment with the price competition at the moment. there's no doubt about that. they are fighting for every sale in china. >> habsolutely. i know there is a bit of a disconnect going on with the individual markets. germany is not doing very well. we talked to the president of ifo earlier on and consumer sentiment in germany is poor. when we look at italy, spain seems to be going a lot better. is that also reflected in the car markets across europe?

>> yeah, i think there is a bit of a disconnect there with spain and italy coming from low bases after the recessionary period. their governments are putting in high stimulus. there is the opposite in germany. they have their environmental bonus to encourage the electric vehicles, curtailed similarly and unexpectedly at the end of last year. that is having an impact as well. in terms of the german economy, it is a little bit cool at the moment. consumers s are wary how they spend their money. it is just moving along steadily. as we say and spain is the factor which is encouraging growth. >> tim, thank you for your

insight. analyst at s&p global. let's stay in the sector because ford came in short of wall street second quarter earnings expectations and beating on revenue over costs which plagued it for several years. eps was 40 cents and short of the 60 cents expected. the automaker forecasts the target for the free cash flow, but maintained $10 billion to $12 billion. disappointed investors who hoped for a hike. look at the stock price off 12% on ford. let's get back to europe and switzerland. julius baer posted a 15% lower profit on the year. it comes after a very tu mmultus

period. they announced a new ceo. goldman sachs private banker. shares off 10%. no risk for julius baer in switzerland. universal shares are on track for the worst day ever after streaming revenues fell in the second quarter and the company announced the end of the streaming partnership with meta. total q2 revenue rose 8.7%. streaming revenues sank and downloads and other digital revenue plunged by more than one fifth. shares off by 25%. still coming up on the show, passing the torch. u.s. president joe biden addresses the nation explaining his decision to exit the race for the white house. we'll have the latest from washington, d.c. after this short break. don't go away.

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nation for the first time since dropping his bid for re-election on sunday. biden said the time had come to pass the torch to a new generation of leaders saying it was the best way to unite the nation. explaining his decision to withdraw, biden framed the move of the defense of american democracy. >> sacred cause of the country is larger than any one of us. those of us who caherish that cause, cherish it so much. the cause of democracy itself. let's unite to protect it. you know, in recent weeks, it has become clear to me that i need to unite my party in this critical endeavor. i believe my record has president, my leadership in the world and my vision for america's future all merit a second term. nothing, nothing can come in the way of saving our democracy.

that includes personal ambition. so, i decided the best way forward is to pass the torch to the new generation. >> nbc's brie jackson joins us. brie, this is the first time the world saw joe biden with covid. how were the comments received? >> reporter: good morning, carolin. so, president biden, as you saw there, said he is setting his personal ambitions aside in the defense of democracy. he was praised for this during his speech. the presidresident highlighted accomplishments in the last three and a half years and telling the country he will call for supreme court reform and work to protect the right to vote and right for a woman to choose. these are things that happen for

democrats. the president is putting the party and country over himself. the 81-year-old said he is passing the torch to the next generation of party leaders and endorsed his 59-year-old vice president kamala harris to succeed him. we have seen kamala harris really hitting the campaign trail over the past couple of days since it was announced that president biden was not going to seek re-election. without directly mentioning the former president, president biden says americans must choose between moving the country forward or backward this november when it comes to making the decision about the 2024 presidential election. during his speech, president biden also reflected on what he accomplished during his more than 50 years of working in public service. adding it has been the privilege of his life. >> brie, thank you so much for that. as we close out the show, the quick check of the european markets as we are in the global market selloff.

european markets still seeing a lot of red on the charts. cac 40 down 1.5%. some of the luxury names, once again, under performing on the back of the kering numbers. the ftse mib in italy down 2%. the dax in germany falling 1%. this follows declines in yesterday's trading session of 0.6%. when it comes to the u.s. futures, look at this, we are seeing signs of stabilization. the s&p 500 seeing a mod ofest n at the start of the session. the dow jones industrial average bouncing back 130 points. the nasdaq is off well off the session lows when it comes to the futures. this comes after the s&p 500 and nasdaq composite posted the worst session since 2022 in yesterday's trading session. why? of course, it was tesla and alphabet. tesla down 12%. i want to show you what tesla and nvidia doing in pre-market.

nvidia down in sympathy with tesla and alphabet and the tech sector in the trading session. take a look at that. tesla is off 1.3% today. still continuing the declines we saw yesterday. nvidia is off by just a fraction off 0.9%. the key thing to watch out for today is more earnings in the u.s. also second quarter gdp. advanced gdp numbers for the u.s. economy. all eyes on that and what the treasury markets are going to do and whether this tech selloff will actually continue. that's it for today's show. i'm carolin roth. "worldwide exchange" is up next. see you tomorrow. bye-bye.

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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." global market selloff. wall street coming off the worst day since 2022 with the nasdaq and mag seven losing. global chip stocks take another hit and a rate cut ins china leaves investors anxious. plus, tracking the luxury sector stock slide and i