welcome to "street signs." i'm joumanna bercetche these are your headlines don't expect an asylum agreement at today's eu summit, that's the message from angela merkel who says they have a way to go on migration. european equities see red dragged down by basic resources after a late stage selloff in china as the u.s. tightens investment restrictions. >> the president was very clear, we'll treat china the way we treat other people to the extent we're worried

about transactions, we will block them the white house and kremlin agree to a summit between donald trump and vladimir putin after the nato meeting as washington defends the president from criticism over his stance towards moscow. and h&m second quarter profits fall more than expected as higher markdown levels and growing inventories weigh on the world's second largest fashion retailer sending shares lower. good morning let's check in on markets. we had some big swings in u.s. equity trading towards the close with all three major i dindices closing in the red asian markets, we saw further losses with chinese equities down about 1% yet again. chinese equities officially in a bear market now. the definition of that is 20%

from two-week highs. the mood in europe is a bit more lackluster you can see the stoxx 600 is really trading around the flat line let's get into individual indices and see what the picture is like for individual countries. you can see broadly speaking there has not been major moves we have ftse mib leading the charge, outperforming a quarter percentage point dax is around flat line. nothing major. slightly in the green, slightly more positive tone than in yesterday's trading. let's switch to sectors. oil and gas yet again leading the charge, up about a third of a percentage point that's helped by some moves we're seeing in spot prices with wti and brent both bouncing here we also have food and beverages tr trading higher the tech sector continues to underperform nasdaq actually leading the

declines in yesterday's trading. that is continuing into europe as well. we have basic resources continuing to struggle as trade tensions take front and center today is all about the eu summit german chancellor angela merkel ruled out an agreement on migration at today's european leader summit. she said the migration challenge facing leaders could make or break the european union willem is in brussels. at the summit there are plenty of items on the agenda from trade, brexit, russia, but migration is front and center. most at this point ruled out a comprehensive solution what can we expect on that front? >> that's the common sentiment amongst european leaders we're joined by the european commissioner here in brussels focused on european neighborhood policy

i want to ask you, do you think european leaders being forced to talk about migration again because of politics in countries like germany and italy is that why the leaders are talking about it now >> it's primarily a political debate if you look at the figures, we can see compared to the same period last year, figures have declined by 77% definitely it's necessary to talk about this, to address the issue. to prepare ourselves for the future, because migration will stay for the next decade, so it's good to identify ways and means, how we can accommodate these challenges >> you talk about it as a big challenge. angela merkel said it was make or break for europe. do you agree with that >> europe has faced many challenges, even in the last couple of years, financially,

economically, others so it's a real challenge and it's also something where we test our ability to apply legality amongst all ourselves i think this is probably the biggest challenge. i'm confident that in particular after this official summit, little summit last sunday, things are becoming more pragmatic, leaders are looking to solutions and not only having populistic views >> merkel has ruled out a comprehensive new agreement on asylum applications, does the commission think the dublin rules ned need to be overhauled? >> we are proposed ideas, clear suggestions on what should be done i think and i hope the european

counsel will pave the way to find an agreement in the course of this year i don't expect a final solution this day, but i expect something in the course of this year because now i think everybody understands we have to find a solution, a solution which is anticipating possible developments in the next couple of years >> one country you spend time focusing on is albania there are continued talks about expansion that would involve albania. the albanian prime minister yesterday told the german newspaper that he did not want to see asiylum processing places in albania could this derail the relationship between germany and albania? >> not at all. we have to acknowledge and comment on what some countries have done and contributed doing during this migration wave, such

as we had in 2015. they are supportive to resolve this problem, and i can only repeat myself today that they cannot become a parking lot for refugees >> turkey has played an important role in helping europe cope with record numbers of people trying to reach europe. libya has had an important role as well. the italians made a deal with the libyans in the past. there are now noises from the italian government, particularly the interior minister, that he would like to deal with countries further south with that this is part of your portfolio, your european neighborhood, is it true that europe could make deals with other countries like they did with turkey >> it is important to differentiate between refugees and migrants refugees are fleeing conflict,

wars, everybody is clear they have a right, a human right to be protected then it's about migrants if it's about africa, most of the people trying to come to europe from africa are migrants. therefore we have to address the root causes, why migration is becoming such a big issue. therefore we have to invest in these countries in a comprehensive way to stabilize institutions, develop the economy to address the population all of this is in a way linked to each other. therefore we have to let them define ways, and work with certain countries to achieve these goals. one reason why we have this line of migrants compared to previous

years are the first results of this, but we have to invest much more money, energy, commitment, personal attention, act united as a european union, meaning member states and european institutions together, then i'm very -- deeply convinced that we can really address in a sustainable manner this issue. >> tonight, 28 european leader also be sitting down for dinner and talking about a lot of this. in particular the funding model to cope with migration you as part of the commission spend that money how much more do you think the commission needs in order to address migration and those issues in countries like west africa >> well, i mean, i can't say -- name a particular amount, but i think what is more important is that we act in a coordinated manner, that we really are able

to put the horsepowers on the road already, because if you look at member states, how much they invest in these countries, in africa. what financial institutions are doing, the challenge now -- this is what i'm trying to achieve -- is tocoordinate efforts in order to have a much stronger political leverage in all these countries, then the financial means we can provide today are very relevant. i wouldn't say sufficient, but it's a first step in the right direction. acted in a coordinated matter to have the political leverage we can have due to the financial investment we are already doing there. >> thank you very much for your time that was the commissioner focused on european policy,

essentially talking about the challenge of trying to mix politics and practicalities when it comes to migration. back to you. >> definitely not an easy issue to contend with. we'll be back with you shortly sticking with the theme of immigration, the u.s. house of representatives voted overwhelmsly overwhelms -- overwhelmingly to reject legislation on dealing with children and parents entering the country illegally. the bill also contained the $25 billion funding for president trump to build his wall on the u.s./mexico border all democrats and half of the republican house members voted against the bill, which was defeated by 30 1-121 the u.s. department of defense

has been tasked for finding shelter for 2,000 men, women and children within 45 days, according to a statement from the pentagon if accommodation cannot be found, plans are under way for families to be housed in camping facilities president trump has halted his policy of separating the children of illegal immigrants from their parents following widespread criticism and u.s. supreme court justice anthony kennedy announced his retirement after 30 years on the seat of america's highest judicial body. a conservative, kennedy was appointed by former president ronald reagan in 1988. he won over liberals as a proponent of gay rights and abortion rights. president trump is expected to appoint a more hard line conservative in the job for life if you want to get involved with anything we discussed on the show, e-mail us at streetsignseurope@cnbc.com or follow us on twitter

at @streetsignscnbc. coming up, h&m posts lower than expected second quarter pre-tax profits. we'll break down the number when we come back

welcome back to "street signs. a meeting between president trump and president putin will go ahead after washington and moscow agree to hold a summit. while a date has not yet been set, trump said the meeting will likely happen after the nato summit on july 12th. he said helsinki could host the event but others seem to be more keen on vienna geoff hosted a panel with president putin back in march 2017 geoff asked whether they would be happy for helsinki to play host to a potential trump/putin summit >> would you be keen to invite both president putin and

president trump to a leader's meeting immediately, you take up the chair of the arctic counsel? >> we would surely be pleased to have the possibility of hosting such a summit. but to host a summit you have to have also something to say out of that summit and we want to surely see how the situation is going on, how the discussions are going on whether we find some new common points of view, then surely we would be proud to have a summit. >> president putin, if finland did set up such a summit, which would come obviously several months ahead of the potential

july g20 meeting with the u.s. president, would you be very happy to meet with president trump at the arctic counsel? >> translator: they are a good neighbor of ours, and finland is good at organizing different high-profile events. the helsinki process was kicked off in helsinki where very important instruments were signed eventually. so finland, i believe, would be quite appropriate country. and they that would be an appropriate venue for organizing such events. the fininish president said thes are events that need thorough and proper preparation on both sides. if it happens we'll be glad to

participate and i'll be glad to attend if not, probably in the form of regular meetings in g20 we'll have that event, that meeting. >> jegeoff cutmore saw that coming so chinese equities are officially in bear territory now. the picture in europe is more positive with most indices trading in the green, albeit slightly trading around the flat line ftse mib is faring better, up 50 points, about a quarter percentage point a lot of the movement in the next couple of days will be driven from some headlines coming out of that all-important eu summit taking place in brussels let's look at the fx picture again, the moves are pretty lackluster here.

the one big major move is cable, seems to be getting close to that 130 mark. down about a quarter percentage point. interesting to see how the market will react if we break through that psychological level of 130 keep an eye on that one. dollar yuan, again, an interesting one. i've been watching this currency pair closely, the yuan has been weakening quite a lot versus the dollar in the last couple of trading sessions that move has continued in the overnight session as well. about 0.4% weaker. lots of people are saying china could be using the currency as a means of retaliating against some of these tariffs. we want to keep an eye on that one. u.s. yields and here, this is interesting, i want to draw your attention to the spread between the two-year note and ten-year note two-year trading around 10.50.

this is the flattest the spread has been for about ten years now. i have a fixed income specialist with me, jerome schneider. let's talk about the flattening of the u.s. yield curve. about 34 basis points from inverting. do you think that happens? >> well, it's obviously a trend that's going ind way wiunder wa. it's significant because of the increased growth in the united states over the past few quarters, and that's what's being taken into account there's a great amount of focus coming into the investor's eye because of what it signals to be an inverted yield curve and signaling recessionary environments that's not the best indicator in the world. historically it has been an

indicato indicator, but has not given us a precursor to those conditions. for investors we need to think about wheat the economic data i going to portray and what the monetary policy response is to that >> do you think there is significance of that curve breaking through zero? a lot of people are focused on this flattening because it comes up a lot is it just a matter of okay, we're through zero now, it's just another number. no need to panic >> initially people will be focused on the psychology of that threshold, with that number what's most important is the logic why that might happen and what we'll have is the flattening of the yield curve

because of increased expectations and increases in monetary policy rates in the u.s. so the continuation of that will result in that the why is probably more important than the what at this point in time. and if it's why we have increased growth, that means it's a positive development to global growth and normalization of monetary policy, which global central banks clearly want to demonstrate. >> let's talk about monetary policy expectations. i can see from a blog you wrote that you are getting bullish the front end of the u.s. here you would want to own and buy the front end of u.s. treasury does that mean you think what is priced into the curve is fair? >> when you look at the u.s. interest rate curve, there's a couple things that come into play one, we continue to see increased growth, a quarter or two of growth in the u.s. is percolating between 3%, 4% now that's substantial and monetary policy is going to have to recalibrate to higher growth expectations.

which means you will see two rate hikes this year several rate hikes next year as they get closer to that terminal rate of where the market is pricing or where the fed believes that rate will go that's 3.4% compared to the 2% upper boundary we're at now. the market doesn't necessarily believe we will get closer, but the fed and monetary policy will believe we have another four plus rate hikes over the next year or so for us the best way to protect your portfolio is to embrace the higher rates on the front end and own securities, pressures, corporate bonds and other diversified sources of income, on the front end of the yield curve right now which looks attractive when you actually look throughout the opportunities in the front of that yield curve, you can earn yields of 3.5% or more that's pretty interesting. even on a hedge basis for

european basis that is interesting despite the u.s. hedging costs back to the dollar >> because of the dollar appreciating and getting more expensive. it also raises questions about emerging market investments as well why would you invest in five-year em bonds when you can buy treasuries at 2.5. >> you have the term premium, which is significant you think of that as a flight to quality premium that people want to protect themselves against. you also have concerns about global growth and concerns about inflationary pressures while the fed believes pce is going to be up -- core pce will be 1.9%, hovering around 2% and higher, the perception of inflation moving over the future is flat. the inflation expectations has been really subdued for the foreseeable future until that increases, people are not wanting to participate and

expect those yields to move higher we believe ultimately the ten-year note will trade between the 3%, 3.5% range that will be impacted by increasing term premium, less focus on flight to quality risk. >> do you think the fed is the only central bank in the world who is going to be hiking at this point we heard from the ecb last week and they ruled out any hikes until possibly the end of 2019 uk potentially would get one this year. how are you thinking about it, u.s. versus european central banks at this point? >> the sequencing is the u.s. is at forefront of this normalization of monetary policy the framework is that everybody wants to get into that normalization framework and move to higher rates. how quickly they do it is another thing. monetary policy is really managed tool to volatility management central banks are focused on how

we focus on market volatility and they want to be subduing market volatility. as investors we have to think about ways to manage volatility. as long as central bank policy remains steadfast to focus on volatility, they will be slow to increase rates the first step we saw last week is what we'll see from everybody else, a methodical increase on how to manage volatility something investors need to be focused on now one reason why fixed income in the u.s. makes sense for investors given its low volatility profile and good high income >> very quickly, does that mean you're focused on the european end right now? right now we're more focused on the u.s. end >> thank you very much coming up, the u.s. looks to boost an existing federal body chaired by steve mnuchin

more when we come back

sif. welcome to "street signs." i'm joumanna bercetche these are your headlines don't expect an asylum agreement at today's eu summit, that's the message from angela merkel who says they have a way to go on migration. european markets are under pressure as the u.s. tightens investment restrictions. >> the president was very clear, we'll treat china the way we treat other people to the extent we're worried about transactions, we will block them the white house and kremlin agree to a summit between donald trump and vladimir putin after the nato meeting as washington defends the president from criticism over his stance towards moscow. and h&m second quarter profits fall more than expected as higher markdown levels and growing inventories weigh on the world's second largest fashion

retailer good morning looking at the mood in europe. today it's more positive, but the session in asia was mixed with the chinese index, the shanghai composite struggling a bit yet again, down 1%, officially in bear teartorritor right now. hang seng is somewhat reversal of fortunes, up about 140 points nikkei is trading around the flat line. so a bit of a mixed picture coming from asia broadly speaking sentiment in china is getting hit let's talk about what's happening in u.s. indices. we had some wild swings in the dow yesterday at one point

it was up 250 points, then ended the day lower, but the main underperformer has been nasdaq this is the first time in a couple sessions that the nasdaq index is one that's underperforming here should also tell you from a technical perspective, we have the dow that has officially closed below the 200-day moving average. also s&p has now also closed below its 50-day and 100-day moving average so the technicals are not looking positive for the u.s. markets. the picture today is slightly more positive. all of this is about trade the white house said they will not impose new investment restrictions on chinese companies looking to buy u.s. tech firms that's according to president trump who said that instead washington will boost the powers of an existing federal body that reviewing foreign investments. legislation making its way

through capitol hill would see the committee on foreign investment in the united states given more power to investigate and to potentially that ward any foreign investment in the u.s. the committee is chaired by steve mnuchin, who told cnbc that china will not be singled out. >> we looked at the issue of protecting technology is very, very important we will use these new tools very carefully. and we determined and we recommended to the president and we were unanimous in him accepting our recommendation that as soon as firma passes which we expect to be quickly, the president will sign t maybe as part of the ndaa and we'll have the tools to protect investments, whether it's china or anybody else, we are not singling out china, but we will protect technology transfer to china. >> pushes on whether this

strategy would play a part in bay jieijin beijing, mnuchin said the white house's instance is clear. >> we have a very large trade deficit with china we told them we want them to take down structural barriers to we can have fair trade with them and our countries can do well. that's our objective and we've been clear on that but the president was also clear, we will treat china the way we treat other people. to the extent we're worried about transactions, we will block them we are not going to, on a whole sale basis, discriminate against china as part of negotiation >> steve mnuchin saying that the u.s. wants to protect investments but they're not necessarily singling out china this applies to everyone let's look at how some of the key chinese tech stocks are trading. we have alibaba down more than

3%, down 3.3% in the overnight session, tencent is up chinese equities are under pressure because of the mixed messages that are coming out from the white house, even though treasury secretary mnuchin has gone at lengths to say they're not singling out china. joining us on the line, we have tim adams, ceo of institute of international finance joining us from beijing great to chat with you i know you're in china meeting with tech companies. interesting timing here. what is the mood like from the ground, from the various business people that you've been speaking to given the onslaught of news, rhetoric, and exchange of words that's going on between the u.s. and china now >> sure. obviously there's enormous interest, i've been bombarded with questions just today on the u.s. approach to u.s./china

trade relations and also with respected to investment. your previous segment touched on the cfius process. enormous interest here focused on the u.s./china trade relationship >> have you detected concern from businesses that you have been speaking to that ultimately even if they decide to make an investment in the u.s. it could get knocked down by congress with this new legislation? >> certainly i have not heard much about congressional roles, but there is a concern that there's a different investment environment in washington. not only washington but in a number of countries around the world. that has gotten the attention of outward bound investors in beijing. so they understand there's greater scrutiny they have to pick their investments much more prudently with the understanding that there's a political overlaw to screening for that investment. >> one final question on this point. i was looking at some reuters data this morning, says that

chinese companies investments in u.s. assets are down almost 80% from the previous year, while investments in europe have risen about 40% from the previous year that tells you that the chinese are looking at different locations to partner up with, perhaps due to some issues arising with the u.s they're looking to expand more into europe. do you get that sense as well? >> absolutely. there's an old adage that capital is a coward and goes where it is treated well and flees where it is treated badly. there are other investment opportunities around the world other locations attracting chinese interests and chinese investment that's where it's going, per the data you noted. i think the investment environment in the u.s. has grown much more cautious >> bigger picture, i know you're

there on the ground doing some work with the tech companies, many tech companies are getting into financial services, you're from the iaf, so that's your segment of the market. while tech companies are doing that, that creates opportunities, but equally it creates challenges as well do you think we're going to see more and more of this type of crossover from tech companies branching into the financial world? if so, do they need to be regulated the same way financial services are regulated >> sure. great question you have a company like ant financial, a global financial intermediary, involved in savings products, they have the largest money market fund in the world. any a they have a financial institution. i have heard from many member firms that there's concern about what role they play in financial mediation. it's the same risk and should be

the same rulebook. >> one issue that comes up in the context of regulation is that regulation tends to lag innovation a bit it's almost as though the companies are moving faster than regulation can keep up what more needs to be done on the regulation side as far as these tech companies are concerned? >> it's true, regulation and supervision always tends to lag innovation it's part of our job which is to educate policymakers on the role these new technology companies are playing. these internet platform companies, which are huge. global enterprises with hundreds of millions, if not billions of users. they're not just an internet platform company, they're a financial institution. if it's the same risks, same systemic risks, they ought to be treated equally and it ought to be a level playing field >> ant financial has 600 million

customers. that's a huge number of customers not subjected to the same rules we have in europe do you think policymakers and central bankers in europe and the u.s. need to take on board this concept of systemic risk coming from asia more seriously? >> absolutely, and they are. in my conversations in europe, i was in europe last week and with u.s. policymakers earlier this week, they are paying attention. i think we'll see greater scrutiny nobody wants to undermine innovation we all want to see innovation occur especially with respect to providing customers with the kind of products they want the key is if there's systemic risks, same risk, same rule book, the incumbents want to make sure they have opportunity to innovate as well, also providing world class services to clients >> question about the domestic market there just reading the iaf flows, there's been big redemptions out

of emerging markets the last week or so, money is being pulled out do you get the sense that people on the ground and businesses on the ground are a little bit concerned about some capital flight that could take place out of china if this type of macro environment persists >> well, we are seeing a bit of cooling in the chinese economy i don't think it's a substantial downturn the month of may was a pivot point. so far i don't worry about capital flight out of china. we see it out of some emerging markets because of rising interest rates into the united states, faster growth in the u.s. i don't systemic problem or a china specific one, but it's one we're watching closely. >> thank you very much for joining us today that was tim adams of the iaf joining us from beijing. some corporate news, h&m has seen pretax profit fall more

than expected for the second quarter of its fiscal year, coming in at 6 billion swedish crowns that is a company that continues to struggle. coming up on the show, jean paul gautier tells us why paris is the center of the couture world. >> paris is such a beautiful city when you look around paris, looking at the buildings, the beauty of it, what are some of your favorites >> faberge building. the color, it's like oxidized copper, which makes a little grayish color. i was influenced by that for

jewelry. for color, for even a little bit. i think it's beautiful, the eiffel tower some of the clothes you can see who you are, who you think you are. who you want to be, or who you don't want to be you can see all of that. you can see politics you can see a way of living. >> the passion of gut iier. don't miss that tonight at 23:00 cet. and laura ferrara says europe needs to be more serious in dealing with the migrant crisis stay tuned for our conversation after this break - i love my grandma. - anncr: as you grow older, your brain naturally begins to change which may cause trouble with recall.

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welcome back to "street signs. angela merkel has ruled out an agreement on migration at

today's european leaders summit. speaking today, merkel said the migration challenge facing leaders could make or break the european union willem is in brussels and has been watching this story closely. we spoke a lot about angela merkel, but italy also has a huge role to play in the run up to the summit. we heard from prime minister conte who talked about his ten-point plan and how this should be structured in the future as far as italy are concerned, this is a big summit for them as well >> that's right. to make sense of how important it is for italy, i'm joined by the mep for the five-star movement based in brussels part of the time. we hear a lot from the new italian government about migration. from your perspective, how much of what they have said, that proposal we heard from giuseppe conte is likely to be taken up by the rest of europe? >> we know it's hard

it's difficult because we are talking about a cooperation between all the member states of the european union since 2014 we are not able to find an agreement, a compromise, and an agreement among all the member states we are conscious it will be hard but i think about the possibility to have sharing of responsibilities for the operation, for that for the protection of external borders maybe it will be easier to find a compromise but for the regulation for us, which is a real priority, i think it will be more difficult. >> just to talk about that in a bit more detail, the regulation governing rules on asylum

applications and movement across europe once they register in a particular country, that's what italy has a problem with under the new government and that's creating problems for angela merkel do you see foresee in the future that individual european countries will end up forging these bilateral and trilateral deals given there won't be that general consensus? >> yes, if no agreement is taken at the european level, that it will be very bad it could mean the end of the european project because the european project is based on solidarity and cooperation it could be there will be a t trilateral agreement, a cooperation between a selection of member states this is important because maybe it's easier to find an agreement between the member states that share for the statement g

geographical position and priorities a solution that coul be put in place while other member states are debating about the european approach. >> donald tusk inviting leaders here in his formal letter said that we have seen legal migration dramatically reduced by measures taken across europe over the last three, four years. it doesn't sound like the italian government agrees with that i wonder going into the summit, are they really hoping that their message, their criticism will be heard by other european leaders? >> i don't know. i don't know because this is a very sensitive issue this is a very delicate issue. it's hard to find a solution without finding a compromise that could be good for other member states. for that issue, italy has an

important role in the european union. so i think that it could be good even for all the other countries and for america, for united states of america and for all the other countries because if the european union is strong, is really united, it's a good thing for all the other countries. >> one quick final question, the model where the cooperation with turkey has been held up by people like donald tusk as a great success story, others are talking about processing centers, disembarkcation centers in other countries, does the turkish model work in those countries? >> it's hard to find a solution in libya or other countries such

as nigeria it's better to find a solution in other third countries, such as european countries albania or kosovo or third countries that are not a part of europe, but are more likely to have social stability or economic stable in libya or nigeria it's hard. has we would like to see is to have a legal way to reach europe the first thing now is we want to fight against illegal migration but we don't have a legal alternative. it's important to have rengional platform outside the european union and to give people a legal possibility to reach europe in a safe way and not pay human

traffickers or smugglers >> thank you very much >> thank you >> talking to us there about the centers that will be a major topic of conversation over dinner, this working dinner amongst european leaders tonight. okay. defending champions germany have crashed out of the world cup after suffering a 2-0 defeat to south korea. it's the first time in 80 years that germany exits the tournament in the first stage. adam is with us. i was reading, three of the last four defending champions have gone out at the group stage. is this a curse of winning >> that's what they're saying. i think it's a combination of things germany started this world cup with six of the starters from the last world cup those players are four years older, there's a motivation idea

maybe that some people are having, maybe a complacency idea germany are out. there was an old saying in football, 22 players turn up and germany win on penalties, but not in this case we thought after that dramatic win against sweden that they would be reinvigorated, but as it proved, south korea got the first goal in added time look at this where is manuel neuer, he's up the pitch playing left wing, and south korea scored a second. korea went out of the world cup yesterday, but a lack of pace, a lack of energy, a lack of ur yentcy on this german side and they're out. >> who is emerging as a potential winner here? there's been lots of shocks and drama in this world cup. it's been very exciting, but a lot of the big names have been relatively underperforming >> this world cup is wide open

that's reflected in the betting, in the results france, yes, they topped their group, but they have not been having big wins. brazil went through yesterday as well they are unbeaten from their three games two wins and a draw, but at the same time brazil have not been superb either. they needed to make sure they beat serbia. it was two goals by hapaulinho d thiago silva now it's down to england and belgium, which part of the draw they'll end up in. >> we'll see whether or not england want to win this one that's it for today's show i'm joumanna bercetche "worldwide exchange" is coming up next. hey, want the fastest internet?

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it is 5:00 a.m. at cnbc global headquarters. breaking news on amazon. the retailer launching another new delivery service. a bank bust. financials in the middle of their longest losing streak ever. oil calms down a bit things are still heating up globally reaction flooding in after justice anthony kennedy says he is retiring from the supreme court. and chipotle shares under pressure after announcing store closings and new menu changes. all the details on your big stories on thursday, june 28th as "worldwide exchange" begins rite