peacock next week. 10:00 a.m., qualifying coverage. 1:00 will be the motos. join us for the pro motocross finale and ironman and congrats to chase sexton. ♪ ♪ you are live on cnbc. good morning from london. i'm dan murphy. let's get to the headlines. european equities take a breather and futures on the flat line off wall street's best week since november. attention firmly focused on the fed summit in jackson hole. plus, european defense firms take a hit following reports that berlin is freezing all new funding for ukraine in the latest bid to plug its latest

def deficit. vice president kamala harris makes her plan to voters for the national price gouging ban as polls show her neck and neck with republican donald trump. >> many americans don't yet feel that dprogress in their daily lives. costs are still too high. for too many people, no matter how much they work, it feels so hard to get ahead. and u.s. secretary of state antony blinken arrives in tel aviv as they try to broker a deal for a cease-fire with hamas. >> i'm here on president biden's instructions to try to get this agreement to the line and over the line. it is time to get it done. good morning. good morning. let's go straight to the markets

this monday morning. you see the stocks holding around the floatat line. just holding on to 511 at the moment. with he have seen a strong week last week showing resilience the last ten days recovering most of the recent losses. we saw european markets closing higher and rounding off the week after the recent bought of volatility. we are seeing more optimism come back into the trading day. let's flip it over and show you what we are seeing with regards to the major european indices. in the week ahead, it is not just the fed and jackson hole, but ecb minutes coming in hot this week as well. in terms of where we are trading. the london's ftse is down 2,890. losses in paris below the flat line and 0.1% lower on germany's

xetra dax. it is leading up .5%. here's a sector breakdown for you. we flag this in the top stories, but defense stocks are leading losses on the headline suggesting berlin will limit military aid to ukraine due to budget restrictions. oil and gas pulling lower right now. both down 3%. it is basic resources leading gains up almost 1%. i mentioned germany is freezing funding to ukraine according to the german newspaper reports . it is part of the ruling coalition to narrow the gap to 12 billion euro down from 17 billion previously. let's take a look at what all of this means for those big german

defense stocks. you see significant losses in the order of 5% or 4% or 4.2% respectively. . down 4.2% and pulling lower. we are will monitor this over the next hour. this is contributing to the broader losses in the region. let's take you to what we are seeing outside of germany now as well. this trend continuing here. leonardo down 2%. we are seeing ba systems down 2.7. this is bringing the broader trading landscape further. let's get more with annette ann

weisbach. >> reporter: the defense budget is still rising by roughly 1.3 billion euro to just shooi of 53 billion euro for next year. it's a huge defense budget in terms of the ratio to the gdp. for germany, i guess it is not too bad, the news. i think the profits are now taken because clearly the defense stocks had a huge rally and rhein had one record to another. there is a certain cap on what a country like germany is going to spend on military aid to ukraine. if you look at the fine print, it is interesting because what the budget proposal says and what christian lindner, the finance minister of germany,

says only those contracts who are actually having a financing in the budget can also get delivered to ukraine. it does not necessarily mean there will be less military aid going to ukraine. what they want was also agreed with the g7 finance ministers in italy. the years of the frozen assets sitting in the euro area which amount to 200 billion euro and those yields and interests should be used to actually buy military goods which that then can help ukraine in its war against russia. i guess we need to look into the details. of course, today, it's the realization that budgets not only in germany, but elsewhere, do have certain constraints and you can't go on forever and just spending. i think what we are going to see not only here, but also in other

countries, that governments are reining in on their spending because there is a certain discussion about that sustainability and not only in germany, which is, of course, having its own debt brake. to sum it up, the spending to the ukraine is getting limitations in germany with the new budget, but the overall defense budget is actually rising not as much as the defense minister wanted, but still on the rise. >> annette weisbach, thank you. and moving on, troubled battery maker varta shares slump on porsche restructuring deals.

uk home builder barratt will takeover redrow. the deal was agreed between the companies earlier this year. barratt will finalize the acquisition this week. let's give you a look at the u.s. markets. the nasdaq down 75. the dow off 36 and the s&p down 10. the u.s. markets seeing the best week since november. the dow up 3%. the s&p 500 climbing almost 4%. the nasdaq better by 5. the s&p 500 is up more than 6% since posting steep declines on august 5th. some of the tech names staged strong rebounds since then. take a look at the names. apple up 4.5%. amazon up 6% last week. nvidia up by almost 20% last week alone.

nvidia, in particular, surging ahead since the market rout at the start of the month. meanwhile, we also like to look at this as well. the vix hitting a four-year-of 65 last week, but it has since come back down. look at the ski slope on the chart there. quite a significant move. we are live now with luke barrs. he is with goldman sachs joining me around the desk. good morning, luke. >> good morning. >> quite a wild month for markets. where do we stand right now? what's driving this rebound and is it sustainsustainable? >> not the quiet summer we were hoping for? has the market digested the difficult news from the u.s.? the macro picture not as bad as we feared. we had seen some weakening, but th things are fairly healthy. we see 2.8% annualized growth for the u.s.

if we look at the worse t-case sce scenario, things feel pretty healthy. >> what are you telling clients right now how they should be positioning and allocating right now? >> our message is clear. stay in the market. take advantage of the very high quality names. they have come off a lot. don't think about this as a significant flight to safety. don't think of this as a big risk-off event with the underlining health of the economy. >> how do we explain the massive valuation reset we have seen in big tech? particularly around a.i.? can you stay invested given where valuations are right now? >> our views have evolved specifically with the gen a.i. cycle. we still think it will create significant winners. we also have to think about the return on investment from the capital investment. what the market is trying to

digest recently is we have seen huge floods of capital going into developing the a.i. models. what is the return that will come from that s? our view is the hardware and technology space. we have seen huge winners. where we have yet to see opportunities is what do you see in the software space into the product you are delivering? that is not clear who the w winwi winners or losers are. >> request that is the case, why haven't we seen a broadening out in the rally? >> i think because right now, the trade on gen a.i. is the hyper scalers investing to develop the underlining models. for every single dollar they are putting to work, it is going into the hardware and technology on the semi and conductor service side. we will see a move in the

software trade t. it is difficult to see who the winnerss and losers are. >> any other areas? >> the area we have focused on is the small cap space in the u.s. that is a cross-sector statement. parts of the technology space is interesting where you haven't seen the same reset in the valuations in the last 18 months as the mega cap space. if you see what is happening in the u.s. economy, especially as we see the fed normalizing rates, that should be favorable for the small cap space. these are companies that have floating rate debt where you normalize rates and the interest line item is better and margin is superior. >> you are positioning into the trade. we are watching to see what he says closely.

do markets need to see a signal of a rate cut for the rally to continue? >> i think the market is expecting a rate cut. the question is whether it is 25 or 50. i think two weeks ago, it would be 50. now, it is 25 based on the recent data being healthy. we need to see a signal that the underlining economy is hemalthy. >> if we don't get it, what happens to markets? >> i think the market will have to digest that change. what we have seen in the last week is the market focusing on the individual companies which they were not doing ten days ago. there will be a digestion of that across the level. >> goldman saweid a couple of weeks ago that 50 is still

app plausible. >> on balance whether it is 25 or 50, there is a signaling mechanism of the rate cut cycle. >> what is the next data point you are watching out to determine whether or not the fed moves 50 or 25 in september? >> we will listen to the discusses this week and see what jay powell says. you need to watch the hard economic data points. we see jobs numbers and economic growth numbers come through, i think that's what the fed will focus. >> we love watching the fed. i mentioned just before, we are going to get ecb minutes this week as well. what is your view on trading in europe and asia looking at the 30,000 future view broad stroke. what about ex-u.s.? >> we started to find some interesting opportunities in europe because you have not had the valuation reset. there are value cyclical type names. it is important to understand what we have seen in the recent

earnings print is bifurcation. you are seeing weakness on the consumer side. broadly, there are interesting ideas you can find that especially in the technology space or healthcare space that don't have the premium that exist in the u.s. >> fascinating. you will stick around on the other side of the conversation. it's luke barrs at goldman sachs asset management. when we come back, we will look ahead to another packed week from the markets headlined by jay powell at the jackson hole summit. stay with us. we're back in two minutes.

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welcome back to the program. it is shaping up to be another pivotal week for the markets. silvia joins us with what to expect. >> good morning, dan. from politics to earnings and monetary policy. here's what's happening this week. starting with politics. kamala harris is having a break after the democratic national

convention this week? we will find out after she addresses the dnc on thursday. before that, we hear from joe biden today and the v ptim walz is speaking on wednesday. we get a big picture of what is happening retail side stateside. we have target and macy's reporting on wednesday. we will hear from peloton on thursday. when it comes to the macro picture, the headline from the markets could come from the market we are going to hear from central bankers this week. the figures will be published on wednesday before jackson hole begins on thursday. the chair jay powell is speaking at the end of the week and so is the bank of england governor andrew bailey. with expectations on what the fed will do in september, changing so much over the last couple of weeks, perhaps the central bank gathering will bring us more clarity on how big

the fed rate cutting cycle could be. back to you. >> thank you, silvia. as silvia mentioned, central governors will be gathering in jackson hole in wyoming this week. don't miss our special coverage of the fed symposium. our u.s. colleagues are live from jackson hole this week. meanwhile, goldman sachs economistsreduced the expectation of the resectcessio the coming year. it could cut therecession probability lower if the august jobs record looks reasonably good. with me is luke barrs at goldman sachs asset management. luke, what does reasonably good look like? >> we need some health from two weeks ago which was a stark surprise to the market. i think when be look at what our

colleagues in investment research is saying, this is changing from 25% probability recession to 20%. we are not talking about a significant change, but we are also not saying we have gone from a scenario where the recession is the likely outcome from unlikely. this is a continue indation of we have been saying is soft landing is likely scenario and you need to build your portfolio around that scenario. >> 20% equals soft landing, is that correct? >> that is our assumption. starting from where we are today, 5.25% to 5% fed fund rate. i think when we look at that probability of soft landing, that 80% scenario where the economy continues to grow and 1% to 1.5% growth.

>> luke, when you assess the outlook for the rest of the year, what is the single biggest risk or the biggest unknown or the black swan event that to derail? >> we need to focus on the fundamentals. for us, the starting point is one that is fairly positive and under pinned by robust data. what the market is trying to think through or the scenarios we will see post november and that impacts policies is not easy to project. what we have to do and engaging with clients is what is the common ground do the individuals have that we can invest behind that doesn't create a huge amount of volatility around the november election. >> we are coming up to the democratic convention this we're. what does kamala harris summer

mean for the sntocks? >> when we look at the course of the year, it is hard and ill afford to bet the portfolio. where is the investment going to go? i would say u.s. onshoring of manufacturing with bipartisan support with the repatriation into the u.s. chips act. the need to increase u.s. power supply as a function of a.i. vestment where you think about the a.i. model development and that needs significant investment. you think of the power generation on the tradition and renewable side. those might have bipartisan support and you see benefits on the government side and corporate side. >> harris released her economic plan at the end of last week. it has praise and it received

criticism. trump is relatively known quantity for markets. you outlined the policies we could expect from the future trump administration. when you are advising clients and putting portfolios together, does that really matter? does either candidate offer anything for the u.s. economy for your decision making strategy? >> two parts. one is thinking through the short-term. how do i manage the volatility around those events and not just the u.s. election, but the macro geopolitical events? we have to find the right balance to achieve the longer-term targets. what are the longer-term opportunities that there will be volatility around the u.s. election cycle, but these are businesses and sectors to continue to do well. >> very interesting. luke, before i let you go, you

mentioned two other key areas to watch. japan and india. why india? >> i think india is the one market globally with growth visibility in the 7% real gdp growth territory over the next decade. that can translate into earnings for the capital markets in the tune of 15% to 17% annualized. you have to be a bit thoughtful of starting valuations. we have seen that creep up in the recent month or two. underlining that are businesses that are heavily tied into the domestic economy. >> as for japan? >> we just think there's a huge change in government happening in the market space which gets the lack of focus it should have because we are focused on boj and carry trade and how it has unwound. the growth oriented businesses in japan and shifting to be more shareholder friendly can be a

long-term driver of income. >> luke, i appreciate you coming on today. thank you for the conversation. >> thanks, dan. >> that is luke barrs at goldman sachs with me here in london. when we come back, the democratic national convention kicking off in chicago. it will be another key test for vice president kamala harris. we look at what to expect on the other side of the break. stay with us.

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you are live on "street signs." recapping is european equities taking a breather coming off the back of the best week since november. the attention furthermorely focused on the fed's jackson hole summit. european defense firms take a hit following reports berlin is freezing all new funding for ukraine in the latest bit to plug the latest deficit. also, vice president kamala harris making her pitch to the u.s. voters as froesh polling

shows her neck and neck with republican donald trump. >> many americans don't feel that progress in their daily lives. costs are still too high and on a deeper level, for too many people, no matter how much they work, it feels so hard to just be able to get ahead. u.s. secretary of state antony blinken arrives in tel aviv as washington renews efforts to broker a cease-fire with israel and hooamas. >> i'm here on president biden's instructions to get this deal to the line and ultimately over the done. it's time to get it done. recapping monday morning trade in europe. major markets are in positive territory with the exception of the london's ftse which is down 2,301.

the cac 40 is up 3.5%. dai dax is above the flat line there. here's a look at the fx markets and how they are moving as well. euro-dollar, 1.10 and tracking highs we have not seen in months. continuing to see strength in the currency. dollar-yen is 146.17. sterling at 1.29 and the franc is .86 against the greenback. a big week ahead had. we are not just going to see the fed in jackson hole, but ecb minutes coming in hot as well. the ten-year bund at 2.2%. in terms of what we are seeing in the united states, you can see the short end of the curve.

a live look at u.s. equity futures and trading mixed at this point. the dow called higher by 10. we have just seen that flip in the last few minutes. the nasdaq down by more than 40 points. the s&p 500 is expected to open flat. still early days before wall street gets back under way. the democratic presidential nominee kamala harris has delivered her pitch to voters. $25,000 to help first-time home buyers with down payments and a national ban on price gouging on groceries. >> when i am elected president, i will make it a top priority to bring down costs and increase economic security for all americans. as president, i will take on the high costs that matter most to most americans like the cost of food. we all know that prices went up

during the pandemic when the supply chains shutdown and failed. but our supply chains have now improved and prices are still too high. >> the vice president's price gouging proposal has faced criticism with economists and former obama administration member jason furman telling "the new york times" it could stop the economy from balancing itself. mean meanwhile, the ipsos poll and "washington post" shows ds dona trump with a nine--point lead over harris. it would lead to food shortages and higher inflation. >> who would believe this? 80 days from now we are going to defeat a communist known as kamala harris. most radical left person ever to run for office. this is not what this country needs. we had enough of them.

we are going to win back the white house and we are going to take back our country. >> donald trump there. meanwhile, a ugov poll released sunday shows harris with a narrow lead over her republican op with an even split in several states. the latest poll in the sun belt region showed an overall dead heat. for reaction and analysis is gary gorsall. welcome to the program and thank you for being here. the polling really shows just how narrow this race is particularly as we come to the democratic national convention later on in the week. kamala harris now facing a test of essentially attempting to reinvest herself before the republicans can. what should we expect at the dnc

this week in terms of messaging and tone? >> well, i think the first demonstration is going to have to be democratic unity. all parts of the democratic party coming together in an enthusiastic way for kamala harris. they have managed to come together and a ground swell support from the rank-and-file. that has to maintain itself and in the face of what is large pro-palestinian demonstrations planned theis time. she will have plenty of backers and celebrities, but she have to present herself to the american people and spin a narrative that is convincing to them that she can handle the responsibilities of the presidency. >> you say she will have an early test at the confervention

pro-palestinian protesters appear. can you tell me why this is a test for kamala harris? >> the base has been angry with biden and by extension, kamala harris, about insufficiently taking up the issue of death of so many civilians in gaza. they want at the very least an immediate cease-fire and beyond that, they want a halt to military shipments to israel. they have embraced this particular policy and it is going to be a divisive issue or could be at the convention. the fact that this is occurring in chicago, which was the site of massive anti-vietnam war protests in 1968 is not lost on anybody at the convention. there was crazy rioting in the streets which hurt the democratic party. the democratic party has to allow the pro-palestinian

faction to air its differences. >> by the way, harris comes into this with some significant momentum behind her and you also get the sense that the trump campaign is struggling to find its footing here working out how to react to this resurgent candidate on the other side. what does trump need to do to regain the media spotlight and attention and momentum? you also said recently that you believe he might regret his pick of vp. can you expand on that as well? >> well, he picked jd vance at a moment when all the polls were showing a great victory to trump where biden was rejected by huge numbers of americans. he felt that either biden would continue and be a weak candidate or kamala harris would be his replacement and she would be weak as well. so, he chose jd vance who sits

militant to his right on a number of issues. not anticipating biden would drop out as quickly as he did and kamala entering the arena with a huge blast of wind at her back and delivering eloquence and focus that he didn't know she would display. if he had known this challenge was coming and she would generate this kind of support among democratic voters and people beyond democratic ranks, i think he would have chosen someone to his left at the center. if you can imagine someone like nikki haley, i think he would have walked into the white house. the election will be close and likely decided by a small slivers of moderate, uncommitted voters. vance will have trouble getting trump those voters. he chose vance at a moment of

great hubrus in the way where he is on his instincts. he should have been shrwed about this. >> it will be interesting with the split screen to see how that plays out. it will be a highlight of the election cycle. gary, before i let you go, the polling is rapid and fast at this point. we still don't have a grasp of who is leading. if the election were held today, who would have the strongest path to 270? >> i think at this moment in time, harris has a stronger path to 270. her polling figures have been very impressive. she has put in place four of the battleground states that have

not been in play for biden. if the election was held today, i think she would win, especially since trump has been unable to regain his footing. this will be a close election. the last two were very close. the number of undecided voters is very small. it will turn on the one hand for each party to get out and mobilize polls and decisions made of undecided voters. it will be volatile. kamala harris will face reversals. every presidential candidate does. she hasn't been tested. trump is a skilled counterpuncher. i expect this to be a narrowly decided election. the democrats are in play and have a shot at the presidency in a way they did not have four weeks ago. >> buckle up. gary gerstle there. moving on and at least one

person has been killed and another injured by what israeli police confirmed a bomb explosion in tel aviv as secretary of state antony blinken visits the city to push for a cease-fire deal. let's check on oil prices. wti and brent on the move not on the headlines, but the supply side story. brent crude is $80 usd. wti at $76.13. here is how the oil majors are reacting to the price input. you see a mixed picture with bp pulling down by .50%. shell in negative territory alongside eni. blinken is making to assure

the u.s. comes to a deal. here is what he says. >> there are no provocations or no actions to move us away from getting this deal over the line or, for that matter, escalating the conflict to other places and to greater intensintensity. i know this is a fraught moment in israel with deep concern of the possibility of attacks from iran and hezbollah and other sources. as you heard the president say, the united states has taken decisive actions to deploy forces here to deter any attacks and if necessary, defend against any attacks. the focus of my visit is intensely getting the hostages back and the cease-fire done. it is time for everyone to get to yes and to not look for any excuses to say no. >> ahead of blinken's visit, the prime minister benjamin netanyahu says hamas must be put

under pressure. >> translator: i want to emphasize we are conducting negotiations and not that we just give and give. there are things we can be flexible on and things we cannot be flexible on. up to now, hamas is objstant. >> stay with us through the day on cnbc. energy secretary-general fer granholm will join programming today. coming up on the show, there is a challenger bank in town and it is growing bigger than bar barclays. we will give you the latest on the fintech on the other side of the break. you know what it is. what is cirkul? cirkul is what you hope for when life tosses lemons your way. cirkul is your frosted treat with a sweet kick of confidence. cirkul

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easily transfer your services in the xfinity app. bring on the good stuff. welcome back. startup bankruptcies are up this year according to carta. it says the bankruptcy rate is now more than sevens times higher than when it began

tracking in 2019. fintech firm tally is the latest to say the firm valued at $850 million could no longer secure the funding it needed to continue operations. revolut bucked the trend to boost its valuation of $45 billion. that figure puts the giant high on the leaderboard of european lenders, bigger than barclays or natwest, and double the size of socgen. the firm is looking at a new york listing. it is expected to meet with london representatives to emphasize the appeal according to the financial times. cnbc is reaching out to the uk treasury for comment.

it comes after the firm received the banking license in the uk. before the share sale last week, i asked about the biggest backer in funding rounds and what the hold up is on the ipo. >> we are in a great sper pec persp perspective. we just got the banking license. to have that in the uk with a regulator that is detailed about the way it looks at this things and achieve it at the scale of revolut with hundreds of millions of accounts, that we feel good about. i think we are a bit old fashioned with the ipos and say the primary reason is to raise capital. we have priofitable and sitting on cash. there is no need to raise more

capital. at some point, we will want to do that. when we do, we will go public. >> let's bring in the executive director here in london. luke, good to have you on. >> happy to be here. >> let's get the latest news from revolut. a $45 billion valuation. what does it say about the state of play in europe? >> i think there's a few things which immediately come to mind. one is that, you know, this is an employee share sale. hopefully this will create the new wave of entrepreneurs. a lot of them have been working at revolut and the ceo and inspired by what they've seen. with the capital they get from the sale of shares, hope it can make a new generation of entre entrepreneurs. it is a great sign for uk tech in general to get a business to

this scale. there aren't many companies that get these kind of valuations. it is very positive. >> why do you think europe struggles to get companies of this scale? europe has long been questioned to build big business. what is that? is it culture? is it political? is it financial or something else? >> a number of factors at play. one of the things that comes up with the u.s. versus europe is in europe you have a bit of a disaggregated market. you have different languages and businesses. when you are trying to scale across europe, it has a lot of different hurdles to cross. if it was in the u.s., it doesn't have that same kind of difficulty. the other factor at play is probably capital. in the u.s. around the venture capital area, it is just a much more established industry. there's a lot more money available to turbo charge hethe

companies. >> what is fascinating for me when you look at revolut, why do you think that's the says? why push for a wall street listing over a uk or europe listing? >> i think it is no secret wherever revolut is listing, it is courted by the uk and u.s. there are plans to try to convince revolut to probably list here. in the u.s., in true u.s. style, there was a times square billboard when revolut got their license, con ag congratulations. there is more capital there. that is one thing that will be

helpful to them. >> i think it is interesting. when we turn our focus to what you're doing, beringea is expanding in the u.s. to raise funding for american investors. you are also part of the trend. help me understand the companies that you are working with and explain the process here. what role do you have to play in helping to build businesses in the uk and europe and get them to public markets? >> sure. beringea is a uk and u.s. team. we focus in uk businesses. the whole idea with the firm name, beringea, it was derived from the bering strait. we connect businesses by funding them at both stages and bridge the gap. a lot of the uk office want to

scale and grow to the u.s. because it is a much bigger market and easier market to scale. those are the dynamics we think about. >> do you think you have the next big unicorn in your portfolio? >> there is one i would be excited to mention. the business called dash water. it is from a sucu.s. concept wh is seltzer water. it is a huge industry out. that idea of the lightly flavored sparkling water hasn't taken off in europe that much. dash is one of the first companies going to scale for seltzer has a big esg in our portfolio. with dash, they use fruit to flavor it which is fruit which would otherwise go to waste and replace drinks with sweetness. promote more healthy living.

>> you are working with interesting companies. one of the things we hear about within the fintech and tech ecosystem is the slowdown of the vc and deployment of capital. what are the trends you are seeing now, luke, with deal flow and volume and value at the moment? >> it's a very good point. i think versus 2023, for example, we have definitely seen an uptick in terms of the volume and the quality of what we're seeing. i think some of the dynamics at play is last year in 2023, valuations were a bit lower. a lot of quality founders of the best companies deparidn't necessarily want to come to market. i think now, given private markets pegged to public markets, valuations are increasing a bit. we are seeing a lot more founders say now is a good time to actually go out and see what valuation i could get and talk to vcs like myself. >> it is a really interesting

dynamic. luke, i appreciate you coming on. you studied physics? >> a very long time ago. >> you did your thesis on the x- x-ray thesis on the galapagos? >> it was a very long time ago, dan. a deep space telescope to look at a region of space. x-ray filament which is detected in the spectrum. we see the way the stars were moving. i'm amazed we got that right. >> you paid attention in class. >> i tried to. >> luke, thanks so much for joining me. luke is the investment director at beringea. before we go, here is a look at the stock market. the stoxx 600 has been flat right now. 511 is the level. just holding on to gains.

when you look at the european markets in focus, in particular, losses being led by the ftse down .2 here in london. the xetra dax is pulling these indices lower. u.s. equities looking mixed. you see the dow up 36. nasdaq lower by 34 and the s&p 500 is flat. a lot in focus when trading gets back under way in the united states, including the latest from fed chair jay powell this week at jackson hole. thanks so much for your company today. i'm dan murphy in london. stay with cnbc. "worldwide exchange" starts right now.

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it's 5:00 a.m. at cnbc global headquarters. markets coming off the best weekly performance of the year. key on the agenda this week, the jackson hole summit. two central bank leaders painting different pictures. bulling pulling back after snapping the losing streak announcing the biggest weekly gain in more than a year. follow