i'm andrea canning. thanks for watching. hello and welcome to "street signs." i'm carolin roth and these are your headlines. the bank hikes rates for the second time since 2007 while planning an aggressive plan to cut bond buying in half. the stoxx 600 rises nearly 1% hitting a two-week high while stateside the nasdaq is on pace to gain almost 300 points when wall street opens. european chip sector plays a

jump in early trade after reuters reports they could see curves of semiconductors to china and cloudy skies as slow growth reaccelerates next year. ♪ a decisive move from the bank of japan raising its key target rate 0.25%. it's a decision approved by a 7-2 vote puts the ben. marc interest rate at the highest level since the global financial crisis. the central bank also decided on

a quantitative tightening plan that would have its bond buying to 3 trillion yen in 2026 as it pushes forward with phasing out a decade of massive monetary stimulus. i want to show you the market reaction in japan. for the most part of the day, we didn't see a lot of reaction in the dollar/yen pair. take a look at this. over the past hour or so the yen has rallied hard. nikkei 225 is loving that decision. boosting shares up by 2.5%. >> reporter: the july boj meeting proving a doozy because we got both a hike in terms of the policy rate plus the bond purchase taper plan, and another landmark moment as the boj phases out of a decade of massive stimulus.

the big one was in relation to the rates. in the weeks leading up, the markets were pretty split on whether or not a policy rate rise would be on the cuts, but local media reports prior to the decision suggested a 15-basis point hike, and that was what we ended up getting. the short techl policy rate going from the rank of 0 to 0.1% to a quarter of 1% in what proved to be a split 7-2 decision. the boj in its monetary policy statement cited as reasons for this decision that they believed wage hikes were broadening and that that was pushing firms to pass on higher labor costs through service price increases. in the outlook report, the central bank also roughly maintaining its prior projection that inflation would stay around 2% through fiscal 20 26. in terms of that qt plan, this was well tell graduated by the

boj in advance of the decision, and what was announced was monthly bond purchases from 3 trillion yen from 6 trillion yen by the first quarter of 2026. so about 17 to 20 months from now. and with that goal in mind, the boj will be offering to buy 400 billion yen at 5- to 10-year jgbs. we have seen in terms of the market position leading up to the decision that the rising stocks are outperforming while the yen has been appreciated but remains choppy. in singapore. the dollar/yen falling off. we have an ethics guest to chime

in on that. first i want to bring in a comment. it's one of the factors, not the dom gnat factors. th 0.25% rate is very low and they don't have a policy rate ceiling in mind. let's welcome in our guest from bank of america. what do you make of the move of the yen in the last hour? >> the market went into the meeting price for a hike, and the bond markets indicate there were reduced purchases and also suggested that this is not one and done. there's more coming. you can argue it's not too hawkish, but considering the market expectations and the dollar/yen we had last week, there was expectation maybe they would wait.

so compared to these expectations, you cannot view that some investors may have been forced to sell dollar/yen again, which might blame the move. it can be a choppy market for the next few days. >> but it's been a really choppy market and one of a lot of yen strength over the last couple of weeks. we've seen the big unwinding of the carry trade. is this the final nail in the coffin, if you will, for the carriage rate? >> they will not go far. we expect that by the middle of next year, they would hike it two more times. also it would continue supporting the dollar/yen. however, it's not that the dollar/yen trade was traced, but investors joined the trade at very high levels. we can estimate that the big money position was at 160. so the move we saw last week and

most likely even more this week is beginning stock losses, which is behind this. >> let's talk about the other side of the carry trade because some of the long emfx positions got flushed out. how risky do they look right now and a further risk of a selloff? >> the two might look related but investors actually hit both trades. though it might not have been that stretched, latin america was stretched. so the dollar effect we saw last week that started the dollar/yen the week before, it's weakening and widening in the carry trades. it's hard to imagine that it's very challenging for the market month. investor would get back into the carry trade. then we have the euro selections. most likely the easy mon is

behind us in the early trades. >> i love your notes because you say it's a very cruel japanese yen summer. it probably is. is it also a pretty cruel summer for em currencies? >> the current trade was the only trade that really worked this year. if you take i t away, it's crue. >> there's also been a cruel summer for tech. the unwinding of the carry trade was the real move or vice versa.

i'm not sure. do you know? >> that's another trade that's related with the yen and dollar/yen trade, but it was the same investors. there was some disappointment in some key positions of the higher sector. at the same time we saw the position squeezed in the tech market. for some reason they all came together in the perfect storm. >> perfect storm for everything. can we also talk about the boe, which is happening tomorrow? a very close call. what's your expectation? >> another 50-50 chance. we believe the cut will be a close call. if they cut, it's going to be what we call a hawkish cut. just removing restrictiveness. if they don't cut, it will be relatively tarnished because it would give the signal that it's a matter of time. inflation is moving in the right

direction, but still core inflation is sticking hard from other economies. so, yen, you can justify a cut, but this would be very shallow for the bank of england. >> once again we have to talk about positioning and pound sterling because it's been so long. a couple of guests we've had on the show have told me some of the longs might get squeezed. what's your view. >> positioning long is not necessarily stretched, although, there are pockets of stretch, for example. i don't think if the bank of england cuts, it could be squeezed again because this would be a relatively hawkish cut. the truth is it's been improving because the fundamental story after the elections is getting better. you have a government following maybestream policies, and particularly given the background of what happened eight years after brexit, this is something the markets like regardless of what it does.

>> thank you very much. i just want to let you know what sterling is currently trading out. 128.30. not a big move on the day. a quick check of the stocks. take a look at this. we're higher to the tune of almost 1%. a lot of buyers coming in here. i want to show you the markets one by one. what we're seeing is a lot of green on the charts. foot ftse 100 up. the chipmakers really focusing on technologies, leading the charge by 3%. the u.s. will reportedly unveil a new rule next month expanding its powers to stop foreign exports of chip-making to china. that's according to loiters, citing the rule that it would exempt cuts from key allies like netherlands and firms like asml.

that's a big factor why we're seeing big markets today. the earnings were up today. deu deutsche lufthansa is pretty much flat. hsbc pointing a profit. the bank also announced a share buyback program of up to $3 billion. again, shares, asia listing up by 4.6%. >> the economy's going through a transition from one economic growth model to a new economic growth model. the world of supply chains and changes as well, post-covid and for some of the geopolitical challenges that exist in the world, but we're a long-term

investor in china. we remain committed to mainland china. we believe in a longtime opportunity and growth opportunity. we're recent le conf-- reasonab confident. >> the co-owner said they would remain equitable at two levels. >> the franchises that we have across the world, they're great franchises to start with. great franchises. we have by far the leading bank in mexico. we do have an amazing banking industry in spain, peru, count

countries, and america. we have great countries to start with. on top of the strength, we put two important levers, digitalization, which had been in our view the pioneer of putting a lot of money in it many years ago, and sustainability. >> i also want to show you what's happening with airbus. take a look at the shares. the company has launched a review of its space business after charges of almost $1 billion in the first half. operating profit of the european plane maker fell 56% but still beat expectations. the ceo of airbus told cnbc the company is ramping up production in the u.s. >> we see ourselves as well as a u.s. company, we're seeing a lot in the u.s., we're assembling in the u.s. also for satellites, helicopters in the u.s. we have thousands of employees and hundreds of thousands in

authority. so i would not put it this way and i would not comment for the challenges that we see at boeing we also have our own difficulties to overcome, and that's good enough for me. >> staying in france, lore real posted a 5.3% increase in the second quarter. that was lower than expectations. the european market continued to outperform. charlotte has more on this story, and this is going to be a really bad pun. i think european buyers will think they're worth it. really bad? >> i'm going to bring in another cliche. the lipstick effect. it seems to be the case. beauty is a recession-proof corner when it comes to spending. people are likely to indulge themselves in a bit of care of 5.3%. it was just below expectations

there. so a slowdown compared to q1, but still a bit of growth there. the impact of china is impacting china by a quarter of a percent. 2.4%. that was worse than the first quarter. prices can be tough. it was the end of the policy, reflecting where we heard from others on the weakness when it comes to china. some resilience in europe, up 4.9%. north america, 3.4%. looking at the divisions, luxury did very well for l'oreal. in this segment we have plans like prada and aesop as well. beauty, up 2.8%.

consumer products up as well. you have some brands up 8.2%. there are expectations up 10 basis points. so they rate the guidance to outperform the market, and profit growth this year. interesting a few comments from the ceo this morning on the call saying the travel rye tail will enter positive territory in q3. here again that could impact the dem logical and beauty industry. that could be positive for them. >> thank you so much for that. we've got more earnings on top. g gsk hiked its full-year profit

after an otherwise strong second quarter earnings. investors not liking it too much. take a look at the shares up by more than 2%. meantime adidas has confirmed its preliminary second quarter results posting $5.8 billion in remember knew as greater china sales jumped 9%. it excluded its yeezy line, but when they included them, they were down 8%. still coming up on the show, yep, it's all about microsoft today, shares trading lower in frankford after investors failed to see a silver lining to its cloud revenue miss. we'll bring you all the latest and plenty of analysis next. to duckduckgo on all your devie

duckduckgo comes with a built-n engine, like google, but it's r and doesn't spy on your searchs and duckduckgo lets you browsel but it blocks cookies and creepy ads that follow youa and other companies. and there's no catch. it's fre. we make money from ads, but they don't follow you aroud join the millions of people taking back their privacy by downloading duckduckgo on all your devices today. when we're young, we're told anything is possible... joi ...but only a few ofple t us go out and prove it. witness the greatness of anna hall on a connection worthy of gold: xfinity mobile.

only xfinity gives you the most powerful mobile wifi network, with speeds up to a gig in millions of locations. and right now, get up to $800 off the new galaxy z flip6 and z fold6 when you trade in your current phone. get the fastest connection to paris with xfinity. welcome back to the show. i just want to bring you an update on the smi. the swiss exchange, the switzerland stock exchange saying that trading had been halted on wednesday morning at 10:00 a.m. cet until further notice due to technical

problems, the exchange saying in a statement just now it decided to extend the deadline until the end of the day, saying that further information will follow. and this is also impacting the madrid exchange, the spanish exchange, which is also owned, of course, by six. we eat keep you posted on any new developments. meantime microsoft dropped as it became the latest to be punished by investors frustrated with the speed of its expansion. cloud revenue expansions came at the firm lower than expected ending june 30th even as capex sundayed. and amd surging. take a look at this. increased by almost 9%. lisa su said she expected sales to come up, half a billion dollars higher than the firm's previous estimate. this on the back of beats earnings which came in at $5.8

billion in the second quarter. don't miss our u.s. conversation with su at 15:15 on cnbc. nvidia up by almost 5%, bouncing back after yesterday's weakness. shares off by 7% yesterday. qualcomm seen up by 2.9%. micron up 3.5% or so. i want to stay with the u.s. trade markets. obviously we're seeing some gains expected at the start of the trading session. the s&p 500 up by 40 points. the dow jones up by 125 points, the nasdaq, up by 278 after the nasdaq closed by 1.3% lower, the nasdaq yesterday at a two-month low. so what do we make with the mega caps?

what do we make of the rotation into the small caps? let's talk to julian howard. always great to have you on the show. even is talking about the big rotation going into the small caps, but you say we're missing out on a very important part of the market, the mid caps. why? >> the mid caps as the name suggests suggests a midpoint. it might be a little bit of a stretch to go from the midcaps to the smallest part of the margin. they're companies like mattel and alcoa who are well sensitive to the economy. if you think the economy is doing really well, which there is evidence that it is, this could be an interesting play. the mega caps are less sensitive to the economy due to their cash piles and there's this whole secular theme around ai, but they have that increased

sensitivity. there's a little bit flow rate going on in the mid caps space. if we get lower interest rates as well, that's an interesting play. >> the lower rate, that's the point investors would always make. you're having the best of both worlds? >> you're having high quality companies with pretty stable revenue flows, but lower rates if they do come. we can talk about that in a moment. if the lower rates do come, that's going to be helpful because there are more in the economy than the mega caps. the technology sector, it's really doing its own thing. the whole conversation around earnings has to do with cloud and intelligent cloud. it doesn't have much to do with the day-to-day economy at this stage. >> you also make the point that the s&p 500, which represents the mid caps is trading at a 23% discount to the mega caps. you could also argue it's

trading at a discount for a reason just because we're not seeing a big growth story. that certainly is better than a lot of people expected. those who expected a bit of a recession going on this year, but it's the overwhelming ai story. >> yeah, it's true. valuation does not mean guaranteed outperformance in the future. it's not a prognostic indicator what's going to happen next. i think one of the best examples of persistent undervaluations is europe versus the u.s. they're alwayscalling out they're much more. i think, however, for mid caps, there is a catalyst of change here, ewhich economic growth is such. what do you think is causing that? my guess would be partly the retail investor, sort of looking at the mega caps.

maybe they're looking for another story. i think the point is midcap can co-exist. it can exist? parallel with the mega caps. it doesn't have to be ee her to/or, which is often how it's framed. >> i love the theme. why should they emulate the beatles? we do have a bit of a musical theme going on today. >> i think it's somewhat recognizable. if you think o of the beatles or lennon and mccartney, they were dominant. george harrison was the sort of quieter guy, but he came out with absolutely masterpiece songs. >> such as? >> "here comes the sun" and others with eric clapton. you overlook the mid caps and small caps at your own peril. i think there's room for all of them. >> i love that analogy. what about the presidential election. will that be a catalyst for mid

caps? >> i think both or either party winning will good for the u.s. economy. i know that sounds controversial, but actually both of them are into kind of spending in different ways. for the republicans, it's about renewing the tax cuts, the corporate tax cuts. for democrats, it's about spending in order to foster growth more directly into the hands of consumers. both will be good. i know we've got this super partisan and political discourse going on, but i think both will be reasonably good for spending. i think investors can be reassured on that front. >> julian, thanks so much for that. still coming up on the show, poste posyour own. make it easier on

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hello and welcome to "street signs." i'm carolin roth. there are aggressive plans to bind bond buying and cut it in half. there's a packed day of corporate earnings where the nasdaq is set to gain almost 300 points when wall street opens. the european sector jumped after u.s. exporters could curb exploration to china without optimism spilling over to u.s. before the bell. and microsoft shares fell after the tech giant posted a near miss since october 2022. but shares come off their growth in the hopes that growth reaccelerates next year. good morning, everyone. a quick check of european equity markets, which are on a tear this morning. we're higher by a little more than 1%. take a look at the ftse 100, a

little up. the the ftse is a little bit higher. i should let you know the swiss market is not currently trading. same with the spanish market because of some technical issues there. when we take a look at some of the tech sectors, the chips are rallying. that is giving a lift to the overall markets. of course along with some of the better than expected earnings that we had. but, of course, it's also a really busy day when it comes to the fx markets. i do want to show you dollar/yen which has fallen quite yhard ovr the last hour or so. we had the decision by boj hiking interest rates by 15 basis points. that was more or less expected, also reducing the bond buying, of course. the guest we had on the show

earlier of bank of america/merrill lynch said expect more choppiness when it comes to the dollar/yen and the carry remains in place. we'll get the trade numbers later on today. ahead of that i want to show you the yield picture. the german t10-year yield is trading lower. when it comes to u.s. futures, this is the picture. we're expecting a bounceback at the start of the trade session. remember yesterday the nasdaq was down 1.3%. the s&p drop being i 0.5. today, again, the s&p 500 could recoup some of those losses seen up by 55 points. the dow jones seen up by 176. the nasdaq seen up by 300. for nvidia shares seeing their biggest drop since april, dropping 7%. sending the nasdaq to a two-month low, but all eyes on earnings today.

let's turn our eyes on italy. poste italiane posted a growth of 7.3% in the first half. the state-run postal provider raised its figure after they grew 14% in the first six months of the year. we now have with us matteo del fante, the ceo of poste italiane. thanks for joining us. what give you the confidence to hike that forecast? >> good morning. following the business growth across all segments, so mail, parcel, and interest rate margin are supporting the revision of the guidelines -- the guidance for year end from 2.7 to 2.8. >> do you also have confidence this could result in higher capital returns for your

investors? >> yeah. we changed it since march in the new plan to 2028. we changed the policy, which is now a fixed minimum of 65%. so if we do more earnings, we will do more dividends for our shareholders. >> all right. citi pointing out on a note a couple of positive factors in your set of results. amongst them, a trade union deal on the work force. talk us through that. how difficult was that to kind of produce? >> that was a very important mind storm agreement. it was a four-year agreement that has basically obviously an important economic increase of its employees, which is w well-deserved. it has next to it much more flexibility on the labor side to

help us to transform our letterman into a parcelman to make it short and simple. if you want to use a letterman to deliver a parcel, you need to have them working in a maximum flexible way in terms of time in the day, time in the week, peak periods in the year, weighing the parcel that you deliver from 5 to 10 kilos, and all has to be agreed with unions, which is the building block of our transformation in this new agreement. >> you've got a pretty ambitious five-year strategic plan and a big pillar, matteo, is digitalization. to what extent can people digitalize postal services? >> there is a growing trend that

the main business has gone a long way in italy. we're one third of the per capita items versus the european average. so there is a lot of mail in italy. there's more room do the register mail base, which is what we're working on. this is on one hand reducing obviously our revenues on the mail side potentially in the future, but it's also giving us the upper hand on the digital connection with clients, which is helping the company making revenues and margins in other products. >> all right. matteo, final question to you. because the italian state still owns 65% of your company, there's been talks of further stakes sale. do you have any further clarity on that? >> no, there's been no news.

we're expecting official signals from the shareholder. >> all right. let's get some updates when you do get them. thanks so much for your time. matteo del fante, the ceo of poste italiane. let's talk olympics. now, this was absolutely breathtaking. simone biles led the united states to gold in the women's team gymnastics. look at that. i mean that's just incredible. the team finished with silver. it's biles' fifth olympic gold medal and 38th medal overall, one of the most decorated gymnasts ever. and three years on from

tokyo, great britain's swimmers reunited to retain their gold. scott brought homethe gold for briton coming in ahead of the united states and australia. and this made me tear up a little bit. daniel whiffen won the first gold. he set a record of 7:38.19 seconds. there you go. the final meters. let's just finish it. there we go. this is it. now, the women's try act len went ahead on the river seine as set after the tests showed lower than expected materials in the

river. coming up, the tech giant microsoft, stick around for that.

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russia has launched one of its largest drone attacks on kiev since the war in ukraine began. that's according to kyiv's military administration which says it destroyed more than 30 drones. no casualties or damage was reported. and hamas has confirmed that its chief political leader has been killed in iran during a strike on his residence. hamas has blamed israel for the attack. israel has not claimed direct responsibility but did post an image of hanieh with the word eliminated stamped on his forehead. his death comes after an israeli strike on beirut last night that killed a top hezbollah commander who is claimed for the golan heights strike over the weekend that killed at least 12 children and teenagers. if you take a look at oil prices, there's a fair degree of premium in there. brent crude up.

the u.s. benchmark is higher to the tune of 76.55. let's get more analysis on this with associate feller in the middle east africa program, chatham house. thank you for your time. talk with us about the magnitude of this strike on iran. >> good morning. i through we have to look at the issue in israel and the retaliation and what happened with regard to the 1 ta12 taeen. you can look at them. what connects israel to tehran and the construct that's ongoing has been going on for many years. i think the main thing is it's

not only the assassination itself. we see that in the case of it, it's got to do with responsibility not only in tehran, but also the timing immediately after the -- iranian president and the fact it happened in iran. it pushes it more into retaliate. >> do you think we're now going into a new sort of retaliatory spiral, another tit for tat? >> i think we are in a very dangerous zone right now. again, because of the iranian connection, i think the case of assassination will be seen as retaliation to what happened on saturday in the killing of 12 teenagers, this was our response to it. we can stop it there.

i think what happens in day rap, this could be something completely new. i don't think many thought it would be a one-go after the leadership of hamas, but the timing, the question of the negotiation of the cease file and release of the hostages would do that, and the fact that -- is such a sensitive time. >> does that mean that the cease-fire that israel called for not completely off the table? what does it tell you about how serious israel was in those demands? >> there's only pressure on hamas that would bring about the release of those hostages. this is not the case. in many ways it's about the --

hostages, tragically so. you have more pressure in gaza itself, looking for the heads of hamas. it doesn't seem -- now it's heading to a cease-fire. now it's a top priority. >> israel has been getting a great deal of support from u.s. president biden, but we know that the top contender for the job on the democrat side, harris, she's been a lot more balanced. she's been on the fence. what can israel expect here? >> i think we look now in the next few months. not only that, but also with a president that right now has failed to express his opinion because he's not running anymore

for a second term. he's restraining from criticism. as you mentioned, the presumptive candidates are showing more balance in supporting israel. at the same time, the humanitarian disaster in gaza is completely unacceptable. and strangely enoughing it's one of the only things that actually also -- the republican nominee agrees on with democrats. i think in the this sense it's -- the calculations are more domestic than the nation. >> we're going to have to leave it here. that ing you so much for your analysis on this very important story. associate fellow in the northeast and african american chatham house. let's take you back to the u.s. markets. i want to show you what the

futures are looking like. s&p 500 up by 55 point, the dow jones up by 178 dlp, the nasdaq around 304 points. remember the nasdaq closed lower by 1.3% yesterday and the nasdaq was actually at a two-month low while nvidia shares were dropping like a stone. meanwhile the company disappointed with weak third quarter guidance. the social media giant beat on thetop and bottom line of the second quarter and reported a 12% jump in active users. meantime meta will pay $1.4 billion to the state of texas to settle claims it scraped buy metric data from millions of texans without their consent. texas attorney general ken paxton says it represents the largest settlement ever obtained brought from a single u.s. state. let's get back to microsoft shares.

the company are lower after cloud revenue came in lower than expected for the quarter ending june 30th even as capex surged. arjun joins us with a lot more. for the story that we saw in the case of alphabet, tesla had a different story. expectations were sky high. if they didn't blow it out of the water, it kind of fell flat with investors. is that what we're seeing this time around? >> it's a continuing thing. microsoft will continue to be the theme as we speak about perhaps rotation out of tech stocks and the market looking for some pretty lofty markets. there was still growth in the quarter, but that was short from what the market had expected. therein lies the problem. if you look at the capex from microsoft, it was up to around

$19 billion. but at the same time, investors are expecting costs to remain under control while those cloud units that are rela itted to ai continue to increase, and they felt that growth was. strong enough. there are other bright spots like productivity, things like devices in gaming, those both beat in terms of their revenue. but clearly it all relies on the cloud unit where the ai gains are to be made. >> there's always this big question hanging over the hyperscalers who spent so much on ai, on the build-out, on some of the hardware monetization. it's interesting to listen to the call and some of the comments there. the monetization will take place not just in the next quarter, but over the next 15 years. that's a fair point obviously, but the market is so incredibly short shortsighted. and obviously investors every single quarter want to get an update. can they wait 15 years? >> i don't think this quarter alone changes the trends i'm seeing, which means more

business is digitizing, trying to move to the cloud, wanting to implement these ai applications that microsoft is selling. i think right now the market is very much short-term as you see there, looking at what's been spent, what is the return right now. clearly we're in a moment where these trends -- these underlying trends will continue. and it takes time. you think about who microsoft is selling to, its's enterprise customers and smaller businesses. they're not necessarily someone who would go gung ho particularly when they're still working out the value to their business. when i speak to a lot of companies working on ai products, what they're saying is, look, we're at a stage where we're doing a lot of pilot products for the business. we're not ready to commit to a full-scale rollout across the business. mabel a handful of devices.

but that's when they talk about this longer term gain. it's about the fact that these applications around ai would take a long time to roll out. the gains would take a long time too. >> it's not necessarily microsoft. meta is due to post its second quarter numbers today and tomorrow. investors will be watching out for numbers from amazon and apple. what's the story there? same kind of dynamics? very high expectations? a lot of room to disappoint? >> i think the common theme is, yes, expectations will remain very high. when we look at meta, for example, we can take cues from alphabet. a few days ago we showed the ad market bodes well, which still make makes the bulk of its money from it. amazon will look at the remarks of what we're seeing on the cloud front and all the investments, are they paying off? apple, the story is revolving around the iphone and what any

commentary we can glean about the expectations for the iphone 16 and the suite of ai products may be slightly delayed. they're moving sales to iphones and the broader sales. not just iphones, but they make a lot of money off services too. core, too, helps with the hardware. interesting note out from ubs wealth management, that i do say the recent pullback presents an interesting entry point. we've seen a pullback every year except for 2017, i believe, and that was followed by a big bounceback in the six months after. this could be better potentially for investors. arjun, thank you so much for that. we'll have you on set tomorrow hopefully. okay, a quick check of the

european equity market picture, and we're seeing a lot of buying today. the ftse 100 up bey almost 4%. the european chip sector is higher considering it could be higher on semiconductor exports to i chchina. that is boosting chipmakers also in the u.s., of course. we get inflation numbers for the eurozone in a couple minutes time. do keep in mind ahead of that german yields are somewhat lower. of course, we have that big boj decision. 15-basis point hike. the yen is stronger for today. that's it. i'm carolin roth and "worldwide exchange" is up next. we'll see you tomorrow. e-e.byby

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it is 5:00 a.m. here at cnbc global headquarters. here's your "five@5." the tech looks to e rew bond after a historic wipeout yesterday as nvidia tracks its worth month in almost two years. investors look at top and bottom line beats and instead are looking at crowd growth. fed chair jay powell is set to deliver a message