that's all for this edition of "dateline." i'm andrea canning. [music playing] thanks for watching. ♪ welcome to "street signs." i'm carolin roth and these are your headlines. the largest ever share buyback and posted first half profits. the cfo tells cnbc the bank is monitoring outflows for china, but still stands to gain. >> the direction has changed. the direction used to be the direction of u.s. to china and china to the u.s. is now moving to the global south.

that plays strongly to us because we exist at both end of those trades. on the other end of the stakz,stoxx 600, diageo states consumers are spending less. >> within the u.s., we are nar gaiting the environment. the u.s. is a cautious consumer is what we are calling it. cautious spending, pressured wa wallets. bp posts a second quarter profit beat despite lower margins for the gulf of mexico. u.s. futures in a holding pattern as u.s. braces for the couple days of monetary policy with the fed kicking off the meeting later today.

good morning, everyone. i want to take you straight to german gdp data for the second quarter. that looks weakish. second quarter down 1% quarter versus quarter over a rise of 1%. the german economy, once again, disappointing expectations here. we have seen the weakness in the pmi numbers. we have also seen the weakness with the ifo data. this shouldn't surprise much. we had italian numbers on the year basis of 0.9% which is bang in line with expectations. we are getting full-year numbers later today. a lot happening on the macro front, but i want to show you what is happening with the european equity markets.

the stoxx 600 is up 0.3%. i want to show you what the markets are doing first because we are seeing buyers coming back here. we did see weakness in yesterday's trading session to the tune of 0.6% for the stoxx 600. let me show you the markets one by one. we have one under performer, ftse 100, down 1%. glencoe came in with lower production numbers. the dax with a modest gain of 0.1%. when it comes to the sectors, you are seeing glencore here down 1%. food and beverage is also down 1%. autos doing a little bit better. of course, we are in the middle of earnings season. these are the companies that have reported numbers today. bp and standard on the down side. i want to focus in on standard.

the company has unveiled the largest ever buyback of $1.5 billion. this after a 5% rise of first half pre-tax profit over $3.5 billion beating analyst estimates. the group cfo told cnbc the lender is watching international trade patterns and stands to benefit from a changing environment. i want to show you that in just a second. first of all, take a look at the share price in the uk. up 5.4%. the hong kong shares are up 3.4%. let's listen to what the cfo has to say. >> the direction has changed. the direction that used to be the direction u.s. to china and china to the u.s. has been moving to the global south and it is china to singapore and joi china to india and china to the

u.s. in a world where trade of goods services or of flows of investment where the world is fragm fragmenting is of benefit to us. >> now, diageo is a big under performer today. the company posting 4.8% decline of full-year profit missing analyst expectations. the drinks maker flagged a challenging consumer environment and in particular in north america. shares down a whopping 9.87%. the ceo told cnbc the year had been difficult, but the company is picking up momentum in key markets. >> we finished the year down 0.6% in the latin region. if you you exclude latin america from the group, we grew net sales plus 1%. it is no doubt a challenging year. it has been challenging for us. it has been challenging for the

industry. i was quite pleased in the second half of theyear, we really picked up share momentum and a lot of our key markets like the u.s. and like china and pleased to report that by the end of the fiscal, we are holding or gaining share in 75% of our total net sales in measured markets. within the u.s., we are navigating an environment. we are not unlike other consumer facing companies. the u.s. is a cautious consumer is what we're calling it. cautious spending, pressured wa wallets, 30-year high food baskets is pressuring us. >> bp is posting a second quarter profit beat as income rose to $2.7 billion. the energy giant hiked the dividend and confirmed a share buyback program of $1.75 billion

of the second quarter. let's make sense of the evening season with rupert. what is your verdict out of europe? >> there have been some disappointments with diageo. overall, some companies have been cutting back the forecast and the actual numbers. at anthe end of the day, you ar still seeing positive growth. that is the best you have seen in a year or two. it is consistent with the economic recovery. you cannot expect companies in europe, you know, to see the same profit growth you see in the united states. >> we will talk about the second quarter gdp numbers later, but we are seeing bifurcation. we see spain strong and italy not doing too bad. i want to focus in on the earnings season in the u.s. we are seeing an inflection point with the a.i. and a.i. spend. the honeymoon period for the a.i. spend story seems to be

over and we are getting four of the seven magnificent seven companies reported this week. do you think the focus will be on that a.i. spend? can they reassure investors here, do you think? >> it remains to be seen. i agree with you. one is the headline earnings numbers which at the end of the day, there is a lot of good news priced in and the expectations are fairly high. as you also say, the most important thing is can they justify the amount for a.i. how much are they spending on a.i. and how much are they seeing any commercial benefit coming through? alphabet is not seeing commercial benefit yet. it is not the fact they met expectations in terms of earnings. i think the a.i. bit is crucial. >> you said blowing on a.i. and you shouldn't use that word. do you think the companies are blowing the numbers? do you think it is unnecessary spending at this point? >> i think it's too early to tell.

that's one of the big uncertainties out there. up until now, the markets have been assuming that any expenditure on a.i. is a good thing. comment from the head of alphabet is actually it's a risk, but the bigger risk is not actually to spend. maybe that is right or maybe that is wrong. we will not tell until a year or two. >> i want to take you back to europe. here when it comes to oil and gas with some of the big banks, the story here when it comes to investors buying into the shares has been one of capital returns. how much visibility of the companies got here in terms of continued shareholder returns? >> in a way, the underlining macro back drop is fairly sluggish. that means the earnings growth you get on the back of the economy is not going to be that great which is why they are resorting into buying back shares. a combination of the two. they have to get numbers up one way or the other. >> absolutely.

rupert, you stick around. we have a lot to talk about with all of the gdp numbers from the eurozone coming out. germany with the disappointment. 0.1% negative growth. we will get into that with rupert thompson after this short break. coming up on the show, growth in france, but consumer spending plunges. what it means for political paralysis? that's coming up next.

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the chinese president xi jinping met with the italian prime minister giorgia meloni in beijing. they discussed creating more balanced ties with the eu and china. sam vadas filed this report. >> reporter: giorgia meloni met jinping in beijing as the two look to reset the relationship after italy withdrew from the belt and road initiative last year. this is hailed as a potential

model for other countries amid heightened geopolitical and trade tensions with europe and the u.s. the visit has seen a three-year action planwith the two sides aimed to work together in the area of evs and renewable energy. it has been seen in part as part of efforts to cushion the fallout of stepping out of the belt and road initiative and clear up misunderstandings. it is keen to welcome chinese inve investment, particularly in evs and batteries as hungary and spain have done. on the other hand, china says it welcomes italian investment as is willing to import more. that is no doubt a positive message for the delegation in tow which includes those in the business of wine making and luxury goods. it is still calling for

sincerity in the negotiations given italy has shared concerns with europe. meloni stressed putting trade on even footing with china, the war in ukraine and the middle east was also discussed. in singapore, sam vadas, singapore business news. let's get back to the economic data from the eurozone. the french economy grew 0.3% in the second quarter according to preliminary estimates. slightly above analysts expectations. consumer spending dipped sharply posting a big miss. charlotte, let's get into the details here. the consumer really that weak? >> it was a very much weak at 0%. it comes after it was down 0.1% in the first quarter. it is interesting because we know household consumption is usually the engine for the french economy and stalling slightly. the boost actually came from dynamic exports for the french economy. we have to keep an eye on that.

these numbers were better than expected for the second quarter, they have questions for the second half of the year because the snap election that was called in june and the political instability there is opening questions of what happens in the second half of the year because of the second half is more dynamic in terms of growth. now because of the political instability, you may see companies delay investment decisions of what might happen with taxes for example. the left-wing bloc was top in the election and we are waiting to see if they are forming a government. there has been a lull this summer with the olympics. the olympics are expected to give a little boost to the french economy when it comes in q3, but because of the uncertainty, it is a question mark with the household consumption has stalled and what it means for the second half of the year. they revised upwards for q1 and q4. q1 up 0.4% and in q4, up 0.4%.

the economic minister, le maire says it has been around 1% growth for the year. it is a positive impact for finances because all eyes are on the question of the french debt there. the 110% of gdp and if the next government could do it in a fragmented parliament. better than expected for q 2. >> charlotte, now we're going into august and we know nothing happens in the month of august. everyone goes on holiday. they come back in september and we're expecting the autumn budget at some point. what will that have to include to convince investors? >> a lot of questions there as you were saying as they decide not to do anything during the olympics. it is tough to change the government and interior minister with the security issues with the olympics.

a couple of weeks on holiday with august. in september, things start seriously. emmanuel macron is expected to pick his next finance minister. we will have to wait and see. if they get the opportunity from the government, they are far from the absolute majority. 180 seats. too far from majority. that government could fall quickly if the rest of the other mps don't give them the confidence. as were you saying, carolin, the question of the budget coming around the corner soon and the commission putting in france with excessive deficit procedures. last week, france has a proposal on the table in september and reviewed by the european commission and given recommendations in november. it is hard to see how they take measures to address the issue.

>> that seems like light years away. let's focus on the olympics. anything exciting today? >> we're number two in terms of medals. it started well. there is judo today. that's a sport we are good at. another chance for a medal. >> judo. i might watch that. i've been engulfed in the swimming. now to something that is not as amazing. the german economy. it unexpectedly contracted in the second quarter compared to the previous three months against the reuters forecast of 1% growth. we heard from the likes of ifo last week with no bright spots of the german economy. we saw the pmis and they were not reassuring either. probably no major surprise with the general economy at this point. in the meantime, italian gdp rose 1% in the second quarter. i thought that was 0.2%.

i'll have to check. the italian economy grew 0.9% according to preliminary numbers. cpi was on deck. cpi came in at 0.3% higher in the month of july. most of the economic activity happens there. the region of bavaria, the second most populous state of germany reported an increase of 2.5% on the year slightly lower than the june figure. we get the full eurozone gdp numbers in about one hour's time as well as the inflation numbers for germany. those will be out in a couple hours time. let's get back to the economic analysis with rupert thomas. we had an under performance from germany. do you see any bright spots there? >> not too many. i guess the one bright spot is

that in the last year or two, there is a recession in manufacturing. germany is most sensitive to manufacturing. it doesn't seem to be happening yet, but it should pick up slightly faster than elsewhere. over the coming year, we look at under performance of germany to close over europe. i think you shouldn't get too excited. i think the underlining picture is eurozone is seeing a sluggish recovery. in the second half last year fryear, it was a mild recession. >> how many more cuts do these european economies need from the ecb? how many more cuts will they actually get? >> i think the expectation at the moment is the ecb will probably cut 25 basis points once a quarter. that is probably right.

in a way, monetary policy is important, but not the end-all of everything. the real wage gauge is wage growth has not fallen back, but you have a real wage sportupporu have not had a year ago. >> there is a bit of a lag here and also with monetary policy and rate cuts. the transmission works with the lag. how long is the lag? are we starting to see the effects of it? >> that is the $20 trillion question in the eurozone and also in the states. one of the questions at the moment in the states, as in europe, there are question s about the health of the consumer. you have the same question in the states. part of that is it has the full effect which has fed through or hasn't it? there is a big debate on this. the market has fed through and if they do start to cut, you

will start to see monetary policy turn negative. >> if the effect is actually come through and we are not seeing huge signs of it, we are seen a minor uptick. >> it can help at the margin. it is helping with cutting rates, but fiscal policy is also very important. we heard about problems in ch france with pressure to cut the deficit. the government will want to do that. germany with political paralysis. fiscal policy is not helping at the moment. >> let's talk about the u.s. we got the gdp in the second quarter which blueew it out of e water last week. consumer spending. the consumer numbers in the gdp were better than expected. how worried are you about the consumer component here? >> i think those numbers were quite reassuring as you say. at the margin, there are worries starting to surface in terms of

the stresses of low-income consumers starting to feel. the pandemic related savings have be have have have been exhausted in the states. you have a cushion in europe. you have real wage growth in the states. you have reasonably okay consumer spending growth. part of the that is because the labor market is still holding up in the sdats. s states. it is sluggish, but it's a soft landing. too weak and you have a recession. at the moment, i hate to use the word goldilocks, but it is still there. they've done it. >> it is a perfect setting for the fed. they sort of pulled off the impossible feat of a soft landing. in a way, you could argue they would be ready to cut rates as early as this week. they're not going to because they don't want to shock or

surprise the market. hypothetically, they could? >> they learned the lesson last year when everyone got excited of the possibility of the rate cut. what happened? a big unexpected spike in inflation. they always said they are data depe dependent. they are moving in that direction. better to be safe than sorry. wait until september. >> it is a finally balanced meeting. what do you think the b ooe? >> i would wait. one, growth is weaker in the united states. that means you should be cutting rates. you have a bigger problem in the states. services inflation is running at 5.7%. again, why not wait another month? >> service inflation tends to be sticky. do you have to wait until it is way down before you cut rates? >> you have to wait. you need more confidence you are headed in the right direction.

there are signs that wage growth is easing in the uk. >> rupert, great to get your perspective. rupert thompson at iboss. coming up on the show, we recap earnings coming up out of europe. that's next. hey, can you speak french? who, me? i know a few words. if you're struggling to speak a new language, you should try babbel, a learning platform designed by over 200 language experts. it's like having your own personal language coach. babbel offers live classes with expert teachers for real world conversation practice. it's totally flexible so you can learn at your own pace and with the right practice and coaching, start speaking a new language in as little as three weeks. go to babble.com to claim your limited time offer today.

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hello. welcome to "street signs." i'm carolin roth. threa these are your headlines. the german economy shrinks in the second quarter. standard shares announce the largest ever share buyback and a 5% rise in pre-tax profit. the cfo tells cnbc it is monitoring outflows from china. >> the flows are still strong, it is just the direction has changed. direction used to be u.s. to china and china to the u.s. has

now been moving to the global south. that plays strongly to us because we exist at both end of the trades. on the other end of the stoxx 600, diago shares slump as sales dry up and the company warns of the challenging environment. the ceo tells cnbc consumers are cutting spending especially in the u.s. >> within the u.s., we are nar gai navigating the environment. the u.s. is a cautious consumer. pressured wallets. 30-year high food anbasket pric is impacting us. and a sixth production hub in the gulf of mexico for bp. we are a little more than one hour into the european

trading session. this is the picture. the ftse 100 slightly under performing to the tune of 0.6%. diageo pulling that index lower. glencore with a lower production update for the first half of the year. the cac 40 is up 0.1%. the dax in germany with a modest gain of 0.2%. the gdp for that economy was a disappointment. down 0.1% in the second quarter. versus expectations of modest growth of 0.1%. i want to show you the sectors one by one. i mentioned it there. basic resources under performing. that is the glencore effect. food and beverages is the diageo effect. performing out of the u.s. this week and four of the mag seven reporting this week. real estate is also doing a little bit better. i want to come back to the

mining story. a lot of concerns, obviously, around the china story here. a lot of disappointment when it comes to the economic data. glencore with the production update is falling on the back of the numbers off 3%. some of the other stocks are down in sympathy. let's get back to the other earnings from the chemical sector. covestro lowered the end of the profit target citing a challenging economic environment. the german chemicals maker posted a second quarter number down 17% on the year to 320 million euro. we talked to the ceo who pointed to several factors weighing on consumer sentiment. take a listen. >> for sure, geopolitics and the repu repercussions weighing on the economy. we have inflation out there and that is ongoing since two or two and a half years.

we have high interest rates or higher interest rates than in the past which is also weighing on consumer sentiment and high uncertainty and you mentioned one of the main reasons, geopolitical tensions or open wars we see across the world. at the same time, people are concerned about their future. >> heidelberg posted a 5% jump in the second quarter profit despite a dip in sales. the building materials maker confirmed the outlook for the year, but warns it is operating in a quote persistently challenging environment. we spoke to the ceo and this is what he had to say. all right. let's push on. we didn't have that sound bite ready for you. fresenius beat second quarter profit despite saless slumping n

the quarter with revenue falling to 4.77 billion euro. and clariant raised the forecast to 16%, but shares sharply lower after the chemicals maker trimmed guidance for the year. now off the session lows and it is down 5.79%. we spoke to the ceo who pointed to china as the standout market. >> you should take a broader look at chemical markets globally. you see industrial production has recovered fully in china. we are seeing industrial production above 5% right now. outgrowing gdp. if you look at the u.s., that's not the case yet. we see fairly flat industrial production despite the strong 2.8% gdp growth number in the second quarter. europe is in a different situation. we're actually industrial

production negative 2%. >> in the meantime, sika posted the first half sales of the year beating expectations with revenue coming in at 5.8 billion swiss francs. and dsm rised guidance with expectations coming in at 6.3 billion euro. the german company expects growth of 5% to 7%. quick check of u.s. futures for today's trading session. we are expecting gains at the start of the you trading sessio. the dow jones could see gains of 41 points. the nasdaq seen higher by 33 points. this is after u.s. markets didn't move a lot in yesterday's trading session.

we saw some very, very marginal gains here. hardly any movement ahead of the central bank decisions. in indonesia, the largest economy is projected to become the fourth biggest economy in the world by 2050 with the country playing a key role in the commodity supply chain. the indonesian conglomerate including mining, oil and gas property and infrastructure. i'm very glad we're now joined by the coo of bakrie & brothers. great to have you on the show. tell us what you have to offer for international investors. >> first of all, indonesia is the largest country in the asean as you mentioned and number 15 in the world. we made it to g20 about 25 years ago and we believe we should be

in g720 years from now. i think the growth is coming from various cycles. number one, we have huge domestic consumption. that is important because we are a country of 285 million people with young population. 60%. we are also a country of trade. right now, we have positive trade with most countries, including china. that is not only for raw resources like we have done in the past, but for value added products. for example, our nickel resources have been produced to become one of the largest producer of stainless steel in the world. now we are focusing on battery materials. that is one of the critical min minerals. in addition to that, indonesia would like to also go up the value chain in the renewable energy potentials. we have the potential in

indonesia and that's a resource of invesinvestment. >> let me jump in here. a little bit of sound going on in the back ground. i want to talk about batteries. we saw elon musk visiting indonesia there year. your country wants to become the ev power house. the adoption is slowing someone. does the country still have the lofty goals and will elon musk make the investment in terms of batteries in your country? >> first of all, we have a lot of discussions with leaders in the ev sector such as elon musk is one of them. byd is another company. of course, the oem from the western world in europe or the u.s. the idea is very simple. the world needs more secured,

sustainable and safe supply chain. indonesia has the critical minerals underground like nickel and copper and boxite and many things. we believe indonesia going up the value chain can be the big part of the industrialization of the renewable energies. just because it is a playground for this type of technology. lastly, i would like to mention about the sustainability and supply chain. indonesia is the place for bio-diversity. our forest and mangroves can be one of the biggest carbon capture in the world. when we say about indonesia is the mecca of carbonization and a dream, is a reality and we have done it already with nickel to start with and copper. >> your country, indonesia, is

abundant with natural resources, but also a fair degree of natural resource nationalism banning export of nickel in 2020 and other raw materials in 2023. will that policy continue under the new president? >> first of all, indonesia has been open for business and also open to cooperate with all of the countries in the world whether western countries or the eastern countries because number one, indonesia needs investment and other countries also need the supply chain certainty from indonesia. there is almost a very slim chance of sustainability of, you know, battery materials supply chain within indonesia being the largest nickel resource in the world not come into play. i think the worry about the nationalism has not been in our agenda in the last ten years. in fact, we have a

record-breaking investment from countries all over the world with big names and also it is a good way for us to increase the welfare of indonesians. bear in mind, while we are number 15 in the world, the gdp per capital is $4,500 per year per person. we want to grow in this value addition industry is something that we are very happy to see and we are very proud of because now indonesia can be in the ecosystem of something bigger than what we have seen before than fewer natural resources. one thing i want to mention, we also have emissions with natural resources to be a good source for the utilization of the world. as you know, we are one of the largest users of digital products and we feel in the era of a.i. and quantum computing,

indonesia can be a good source for market or talent, but also home grown technology. >> it was great to get your perspective. very ambitious goals for the economy. you also have ambitions to host the olympic games. thank you for joining us. staying with the olympics, great britain's tim pidcock successfully defended his gold medal of the cross country mountain bike race. he finished nine seconds ahead of the second place finish. this was a nail biter. david popovici was the first

gold winner for romania. he had a time of 0.04 seconds slower than when he finished fourth in tokyo. team japan edged out china in the men's gymnastics to win gold. take a look at that. wow. japan came back from sixth at the halfway stage to seal the eighth men's tigtle winning by half a point. the u.s. secured the bronze. that was a big win for team usa as well. coming up on the show, we will take a closer look at the private equity markets as they undergo a crucial shift. 'lbeig bk.h . wel rhtac i'm andrea, founder of a boutique handbag brand - andi - and this is why i switched to shopify. it's the challenges that we don't expect, like a site going down or the checkout wouldn't work. what's nice about shopify is when i'm with my family, when i'm taking time off, knowing that i have a site up and running and our business is

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let's talk about tech news. apple unveiled the preview of the apple intelligence. a new software that can automatically generate emails and other features. the launch is expected to trigger a wave of phone upgrades, although it may not be loaded as standard on the next batch of iphones yet.

nvidia has a number of updates on the offerings to make it easier for the firms to use generative a.i. and fuel the rapid technology. the services are software packages that handle the logistical issues needed for a.i. hsbc downgraded arm stock in a near 30% down side to friday's close. hsbc added it expected a potential slowdown in android smartphone momentum which could weigh on the chip maker earnings. arm is due to report its results tomorrow. tesla shares jumped 6% on monday after morgan stanley named it the top after ford. tesla could grow the energy segment larger than the auto business leading to a 100% margin miss for the automaker. it comes after tesla reported

the lowest profit margin if five years last week after heavily discounting vehicles amid slowing demand. let's switch to u.s. politics. jd vance has been courting silicon valley executives making a fundraising stop in palo alto to drum up support for the campaign. his trip follows the trip from donald trump back in june which raised $12 million. cnbc's kate rooney filed this report. >> reporter: this is the epicenter of tech which with money flowing to the left, but this year, high profile donors are opening their wallets for the trump-vance ticket. one executive that i did speak to has been a registered democrat for decades and plans to give to the gop this year saying it is the issue of the crackdown of the cryptocurrency.

the s.e.c. and gary gensler is the complaint from the crypto crowd, but the issues with lina khan and the ftc. vance is a familiar face in silicon valley. he worked for peter thiel before starting his own firm and he has close ties to david sacks and elon musk. meanwhile, this is kamala harris' backyard. the former d.a. of san francisco. she raised $100 million thanks to wealthy tech donors from the other side of the paypal mafia. kate rooney, cnbc business news in palo alto. the central bank is widely expected to hold rates at a 23-year high.

a string of positive data and warnings from fed officials not to wait too long to cut. the bank of july begins its monetary policy meeting today. the central bank is expected to hike the interest rate from 0.1% from the range of 0% to 0.1%. bank of america expects it could rise to more than double that. traders are watching the bond buying. our next guest says private equity markets are undergoing a big shift with liquidity solutions explexplored. that guest is william barrett. william, thank you for your time. what we're talking about here is semi liquid solutions for a new segment of investors. those of private wealth investors and everybody talking about the democritation.

>> it is a crowded space. it is a bit more challenging on the institutional side to raise money for these fund managers. they have focused a lot on the private wealth segment. however, as you said, you need to find new solutions to address that new segment and address the liquidity issue. we have seen a lot of creativity on this front with new structures or new forms of liquidity through semi liquid. >> how much more education is needed for the retail crowd and private wealth crowd which falls between the institutional and retail investor. do they know what is attached to the liquidity solutions? >> i would say right now, yes, because most of the market has been targeted or educated

investors. you know, they are pretty familiar with private equity. a lot of managers from companies that have been around or people familiar with the matter. i would say as of now, yes. when you talk about it as you see it now, most of the cases people are pretty educated on the topic. however, the next wave of investors, you know, when you are really talking about the retail market, in that case, yes, there is still a lot of education do about the risks and lack of liquidity of that market. so, still a lot of work to do on that front for sure. >> william, you mentioned before the outreach to the private wealth segment is happening largely because the institutionals saw this denominator effect in 2022. the allocations when it came to

alternatives and private equity. it was so high, they had enough of it and they wanted to decrease exposure. now almost a year and a half later, are they getting back into the game? >> yes, they are back into the game, but they are still struggling with the lack of distribution. you mentioned the denominator effect. that is one thing. apart an from the equity market being at the low level last year, the other element that was effecting was the lack of liquidity or lack of distribution from the private equity market. this is still the case today. we're expecting a lot of the m&a market and ipo market in the second half and the beginning of the next year to bridge that gap and help institutional investor bring back capacity to the primary market. as of now, i'd say the number one issue that they have is the lack of distribution. >> the lack of distribution is a

really big issue, as you mentioned, and that's why the gps resorted to some other practices. the secondary market being the w big one. that was the story of 2023, but also riskier practices like lending and there has been pushback here from lps. >> totally. in this lack of distribution world, i think everybody is exploring new solutions. secondary is definitely the solution to this lack of liquidity. gp is secondary in general. you know, that encloses funding and other solutions as assets exp explode. we estimate that each capital will beat the volume of last year. last year was a bit more than $100 million invested in the

market. it will probably be a lot more this year. especially on the gp side, a bit more than $50 billion last year. we expect it to be a bit more this year. gps are exploring the new routes. lps are happy with that because, again, they need the distribution. some newer solutions are still being questioned and, you know, the main element being the alignment of interests. i think we all should welcome the new solutions. it is trying to solve the biggest profit of private equity which is liquidity. overall, good news that we're seeing the solutions coming up >> william, thank you so much for your time. william barrett of reach capital. before we wrap up the show, the quick check of equity markets. the ftse 100 off .50%. some of the mining stocks along with diageo is putting pressure

on the market. we had numbers from the companies and they were disappointing. the dax is eeking out a modest gain of.3%. gdp for the economy was underwhelming falling 0.1% in the second quarter. the cac 40 is seeing a modest gain of 0.1%. the second quarter gdp numbers will be in five minutes. a quick check of the u.s. futures. the dow jones was off 0.1%. today, the dow jones is higher to the tune of 38 points. similar for the nasdaq and the s&p 500 seeing up 10 points. that's it for today's show. i'm carolin roth. "worldwide exchange" is up next.

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it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." the busiest week of earnings season as they brace for the next week of the market shift. and kicking off the triple threat. we tee up what you need to watch for. and warren buffett's berkshire is slashing its stake in one u.s. banking giant taking massive profits. politics and protests in venezuela to challenge the country's recent