.. welcome to "street signs." >> these are your headlines. elon musk surprises the market with a pitch to take tesla private at $420 a share. if it happens, the $72 billion deal would be the biggest of its kind. glencore shares slip as the miner posts a 23% rise in first half profit at the lower end of consensus. . ahold dei shares see red but

overall earnings beat forecasts on the top and bottom line. and abn amro cuts cost the ceo tells cnbc it's all a part of business >> trying to deliver on overall group r.o.e. targets that we have good morning good to see you. >> great to have you here. >> it's a special wednesday edition. we want to talk about tesla. huge move in the share price yesterday. shares marked their most active day since 2014, spiking over 10% despite a 90-minute trading suspension this after elon musk said he's considering taking the electric carmaker private musk stunned investors with the idea in a tweet where he suggested shareholders could get $420 a share in what could be

the largest leveraged buyout ever he also said funding had been secured. musk said going private would make running the company way smoother and less disruptive later musk said a final decision was not made but short sellers in the stock are already feeling pain with some estimates betting the carmaker lost 1$1.3 billion during the trading session securities experts say musk could face legal trouble including lawsuits and regulatory action if the content of his tweets turns out not to be true. nancy joins us more on this. it was a stunning turn of events yesterday. we have seen a year of erratic tweets from musk is this another one of those or something deeper >> elon musk never shied away from a tweet storm but this is nothing like we've seen before as the tweets were coming out, you could sense the shock on twitter. first it was the line about

taking it private, then many were surprised he went out there answering a reporter's question about the price, when he put that 420 figure out there. that caught many by surprise, not the least of which was the s.e.c. chairman who told cnbc, sure, companies release information on twitter, but the fact he put that price out there raised eyebrows. let's talk about what he wants to do with the private company he said clearly on the blog post that it would make it more efficient. he drew a lot of parallels to spacex, talking about the advantages that company has when it comes to focusing on development. he wants his team focused on the product going forward. there's context here because musk before has run into trouble on earnings calls. remember when he called out analysts for their bonehead questions. perhaps he wants to do away with that burden. and in his statement he said

clearly this company is the most shorted stock in the history of the stock market that means a large number of people have the incentive to stick it to the company. not everyone is on board with this plan. sure, there are some concerns about what a private tesla would do in terms of its ambitious profit targets on the cash flow level, but there are fans of this deal. listen to what gene munster has to say >> we have this broad, big v vision of accelerating this is more than making a great car. it makes more sense to be a private company. that's on one side on the other side is investors, public investors who believe in the story. this is obviously, just listening to the conversation, an opinionated investor base this could be a much bigger

company. how much bigger? this takeout evaluation, 85 billion for enterprise billion, investors think this could be three, four, five times bigger >> interesting what he's saying there. they still have a 1 in 3 chance that this may end up happening i thought this was interesting, for every word in the tweet yesterday, the market capitalization of the company went up 6$667 million very effective value per word. then if you think about it, from tesla's perspective, does it not make sense for them given that they are at this point very much focused on the long game, which is investing in their -- dealing with less short-term questions >> the cash bend, where do you go to solve the cash bend

problem. capital markets would be a better source of funding 10.9 billion debt pile, the company still losing money and you have bonds rated junk by some agencies. would this be a company you could fund in the private markets? >> that's the big question because elon musk sounded so confident on the funding issue he said i have this secured. the only thing stopping us from confirming it today is that it has to go to a shareholder vote. then many people said give us more information at 420, that's no small task >> he says he has the funding secured, you have to say you have the 5% stake revealed yesterday by the saudis, is there also conversations with other key shareholders we know access to silicon valley companies has been hard to come by getting access to those offerings has been hard to achieve. if you already have an ownership stake in tesla and you want to

keep it, you can still do that under this deal. perhaps that's the swing factor. >> elon musk said he would prefer if the existing investors took the deal to stay investors in the private company also existing he said this may not be forever at this stage of froth that the compa -- growth that the company is facing, he would like to take it private. >> the s.e.c. was reluctant to comment yesterday. this is not the forum where these details are typically disclosed. earlier in the year in a challenge against warren buffett, elon musk said he woulo go into candy. there could be legal action from

shareholders and regulators if this turns out not to be true. nancy, thank you very much let's go back to joumanna. >> all right let's check in on how markets are doing. i should tell you u.s. markets again, we had another positive session there. s&p is within a half percentage point of its all-time highs. these are highs reached back in january. inching higher it has been a strong earnings season as far as the u.s. is concerned, also as far as europe is concerned over night asian markets were mixed. again some weakness in chinese equities, down more than 1%. this as the second round of tariffs on the $16 billion wort remaining of that $50 billion have now been imposed as far as the u.s. is concerned. an extra 25% that came into effect that has had an impact on chinese equities trading in the

red. overall stoxx 600 is trading softer this morning to the tune of about 0.2%. let's get into the individual sectors over here to see where some leadership is coming from we have technology leading the charge up, 0.2%. really muted no strong moves there, but in line with some strength we've seen in u.s. equities. nasdaq is on a winning streak. oil and gas a bit of a bounce in line with what we're seeing with the price action in spot healthcare is underperforming today to the tune of 1%. this is nova nordisk in europe driving those under-performances as they announce lower prices for the next year, that's the diabetes pharmaceutical company. insurance earnings coming out today. we'll get into that in a bit, discussing some of the challenges for that sector as you can see, insurance is one of the underperforming sectors

>> thank you let's get back to some earnings. abm amro reported a decline in second quarter earnings. the ceo said the move is part of a major overall of the struggling unit. >> we're looking to do three things reduce capital allocated to that business lower costs. and transform the business model as we transition into basel 4. so all told a good business, but work to do to improve it to deliver on the overall group r.o.e. targets we have of 10% to 13%. >> casino opened near the bottom of the stoxx 600 after it was downgraded to underperform it cited related party transactions in french franchises which could weigh on profitability and cash flow.

aheld del haize is lower 3.7% from a year ago net profit missed forecasts coming in at 410 million euros they say they're confident of delivering synergy targets for this year and 2019 novo nordisk is sharply lower. the world's top maker of diabetes drugs reported second quarter profit broadly in line with expectations. novo relies on the united states for half of its revenues that's a trend we're seeing with all the pharmaceutical companies, no doubt on the back of some tweets coming out from the u.s. president i'm happy to say patrick spencer from bairds is joining us on the show to discuss more let's talk about your take on the earnings season so far u.s. has been very strong, about

25% eps growth stronger than q1 even. q1 was a strong quarter. also seeing decent growth in europe as well >> yes, also the key is because everyone knows that this season was going to be strong it was really to look at guidance that's what we've been looking at closely positiveguidance has beat negative guidance for the third quarter running. that's the strongest it's been since '06. not only have you had strong top line, which was 10%, we've had bottom line which is strong. but the guidance has been more importantly encouraging. so it's been a great earnings season >> vindicating your bullish outlook then i see in your notes you prefer value over growth in this environment which is interesting given the growth numbers we were talking about. also as far as the u.s. is concerned, where are you finding value? >> well, value as opposed to momentum growth stocks we're finding value in energy

stocks i've been on a big trip around the far east most of the people -- actually very few institutions own oil stocks they're underowned, underbelieved. people are negative on them. so the energy stocks we continue to like. >> why is that we've seen a steep run up in the oil price on geopolitical tensions is it about the long term because fups refunds realize wet be as oil dependent in the future >> as a small percentage at the moment of electric vehicles, it's more around the u.s. being a domestic producer, being a bigger producer than the middle east now because there's issues about getting the actual physical workers on the rigs and getting pipe into the large places like the permian basin in the u.s., the actual production is slow.

now throw in the mix of iranian geopolitical issues, sanctions, and, you know, we still feel that will provide a further pinch point in the market. >> the question i have is around market levels and where they're rotating to sectors. the s&p 500, if we can bring up a chart, from the start of the year we were close to the peaks we had since january it wasn't a market to buy and hold if you traded in ranges you could have made money. what lies in the market still which means there would be more upside than peaks in january i question whether that's achievable this year >> if you think -- the most used words in corporate conference words in q2 is it's as good as

it gets. so the consensus is it's as good as it gets we think this is mid cycle, not late cycle we also believe, like in 2005 when you were seeing a peak in earnings, you still had two years before the market rallied to new highs we think the peak in earnings was 2011 so maybe in earnings you move from 20% to single digit rather than double digit, but the market like in 2005 can still go up to our point, we prefer the value side of the market than the momentum look, i think the momentum side of the market continues to do well the free cash flow from techs is higher than the s&p. so the technology group is still attractive at this stage in the cycle with interest rates rising, value stocks traditionally outperform momentum that's where we are today. >> thank you we'll pick up on the conversation in a minute it's been a hot summer here,

hasn't it? >> it's not hot in the studio, i have to say. the ac is pretty strong today. >> the ac vent is blasting behind us. >> water and shady spots have become prime real estate in paris where temperatures have risen to 36 degrees celsius. spain and portugal also endued sweltering heat with the murkry jumping above 45 degrees celsius. europeans are expected ed ted break from the heat wave today we're at 18 degrees today, which is much cooler than the near 30 in recent days >> a bit of rain yesterday as well head to twitte twitter, @streetsignscnbc to get involved you can also reach us directly plenty coming up president trump praises his progress with north korea and takes a swipe at china as his administration finalizes its next set of trade tariffs. >> we have a good relationship

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welcome back to the special edition of "street signs" today. some corporate news for you. glencore reported a 23% rise in profits for the first half of the year to 8$8.3 billion below th the8.5 billion forecast. the ceo says there have been key product costs. >> it's been a muted first day of trade for china tower, debuting in hong kong after pricing shares at the bottom of their indicative range china tower is still the largest ipo in two years with the company raising $7 billion we'll speak to charles li midday cet, so tune in for that

china's trade surplus shrank in july to $28 billion, sharply below analyst expectations imports surged 27%, exports rose 12%, both meeting forecasts amid escalating tensions between beijing and washington the trade surplus with the u.s. narrowed slightly to 28$28.1 billion in july from the record 28$28.9 billion surplus hit in june so the trading tensions not yet showing up in the numbers. >> some would question what china's been delivering, whether it's been managed and whether the numbers are real at this point it's in china's favor. >> everyone is keeping a close eye on the numbers, this don't appear to be budging yet the u.s. has finalized its next list of tariffs against china. the trade representative said

they will begin collecting a 25% levee on $16 billion worth of chinese goods on the 23rd of august the list targets semiconductors, along with plastics, chemicals and railway equipment. >> i want to get your view on the trade discussions. are you expecting companies to make some arrangements or modify behavior on back of the likely further tariffs coming due in the sense that will they be looking to relocate or invest less in capex, as a consequence of that are you moving away from certain industries >> that's a great question certainly we've done the analysis from a top-level, how much the impact will be. you have a world economy of $17 trillion if you look at actually the tariffs, just even the recent increases, even though they

sound enormous, they've gone from 0.12% to 0.16% of the total tariffs. in reality the impact is not big on world trade the u.s. only exports 14% of its products >> if european companies are no longer manufacturing in the u.s., what if they move manufacturing to china >> the key is these u.s. companies are multinational. they're huge they have massive supply lines and chains the american companies, what they generally do is they'll work with a third broker or they'll work through countries that are not restricted. they will get around these tariffs. >> there's no getting around the tariffs for some of those big chipmakers in the states >> for some of the auto companies, some tech companies,

yes, they will have to take an impact but the general impact to the market will be so small in terms of the overall impact. you had all the talks about tariffs, the market is half a percent from all-time highs. >> that's at an index level. if you look at individual sectors, and you look at the auto sector specifically in europe, you see year-to-date it's one of the worst performing sect sectors. a lot of that is on the back of these tariff discussions and the u.s.haps escalating tensions >> the market is starting to discount >> if you take a view on trump, you take a view on the market sometimes, it's quite bipolar the way the market has drawn up lines on whether trump is successful or not. what if he's not successful, and the escalation of the trade war

continues and then you see positioning change because investors say it won't be solved quickly. it's a lose-lose all around. let's de-risk on stocks. is that possible >> trump is the art of the deal. he's using this platform looking towards the midterm elections in november he will position himself ahead of that. i know the chinese are saying they'll dig in they are making a firm stance. our opinion is that there will be a deal. i think if it does happen and it becomes more protracted -- look, everybody hates tariffs. the impact is never going to be as bad as the market is making out. so i think it's almost bullish in so much as the impact won't

be bad but the sentiment is horrible. if the war continues to be protract protracted, yes, maybe the market does take a small hit but then i think it recovers the fundamentals are there you know, there's too much involved for either side not to come to the table. >> thank you very much for joining us on "street signs" today. coming up, disney disappoints even as studio revenue grows 20%. we'll break down their earnings coming up next my digestive system used to make me feel sluggish but now, i take metamucil every day. it traps and removes the waste that weighs me down, so i feel lighter. try metamucil, and begin to feel what lighter feels like.

welcome to "street signs." i'm karen tso. >> i'm joumanna bercetche. these are your headlines elon musk surprises the market with a pitch to take tesla private at $420 a share. if it happens, the $72 billion deal would be the biggest of its kind. glencore shares slip as the miner posts a 23% rise in first half core profit at the lower

end on consensus and abn amro cuts cost the ceo tells cnbc it's all a part of business >> trying to deliver on overall group r.o.e. targets that we have munn ni munich re shares sir second quarter losses. lrlall right. so lots of insurance results out this morning we just got results from prudential as well they have recorded an operating

profit of 2.4 billion pounds that's up 9% on the year the net inflows of about 4.4 billion pounds versus 4.3 billion pounds from one year ago. so slightly better inflows than where things were just one year ago. not hugely there they have announced a deal they struck a first longevity deal with reinsurance transaction. let's get more color on that prudential insurance company of america sees longevity risk for about 1 billion pounds in pension liabilities. there are more transactions going on in that space we heard from swiss re last week looking to sell their uk reassure business. so it looks like prudential making some steps in that regard let's look at their solvency

ratio. surplus is at 6.7. estimated at 14.4 billion. equivalent to a ratio of 209%. so the solvency ratio is looking healthy. overall from what i can tell, their focus will continue being on merger and transforming some of their businesses. >> i think it's having a bit of an issue the uk life business was merged with them in june. if you look at the numbers, first half net inflows tallied up to 3.5 billion pounds, they were up a year ago so perhaps some changes. the asian business has been split also from the uk business. so you have a business which was separated into two unequal halves you want to see pick up in the

uk, but brexit is coming and it's an uncertain market and sterling have an impact. >> yesterday we had the standard life aberdeen results, that's another insurer who have basically morphed into an asset manager because of challenges facing the uk market >> let's get back to those munich re numbers. they were pushing the stock lower. munich re trading south after operating profit missed consensus. the reinsurer reported an increase in man made losses to 501 million euros dominated by damage to a colombian hydroelectric power station. the stock price down 3.4%. >> moody's is keeping a stable outlook for the european insurance sector adding there are still some negative spots in germany and france joining us is the associate managing director from moody's

karen and i were talking about the headwinds facing insurers now. is it fair to say a huge proportion of those problems come from this very low interest rate environment and the fact that there's a lot of capital sloshing around and really not that much yield to be had? >> yes good morning low interest rates are certainly a headwind for the insurance sector however we have a stable outlook on the european insurance sector for three reasons. one, gdp growth. we expect european gdp to grow around 2.1% in 2018. that would sustain volume of business the second reason is interest rates. interest rates are low you know, we expect to increase. we have seen debt in the u.s u.s. treasury, ten-year yield is 3% third point is that the bonds of insurance companies are strong

the solvency 2 ratios are very high we may be on a tipping point for the sector >> there's a lot of transformational deals kicking around we talked about prudential splitting up axia has been doing the same they have ipo'd their u.s. unit. what is this telling us about the sector with a couple of major insurance companies conducting a pivot to change the way they do business >> this is right this is not new in the sense that over the last year, year and a half we've seen transformational deals you mentioned axia, prudential, generali, many companies involved in m&a. what we've seen is a portfolio organization is still happening. companies want to, you know, invest in businesses that are

less core for them there's significant transactions, but some want to move towards more commercial property insurance >> there was an interesting article in the ft, a big read on insurance sector they were saying as far as the insurance industry is concerned, most of the revenue growth potential is coming from the services side of the business, less underwriting premium and more all of the transiental services that you can offer to customers on the side. do you expect that area to be one of focus >> yes it's an area of focus. when we take a step back in terms of the environment we discussed low interest rates, regulation technology there's also headwinds for the sector so the sector and industry and companies have to change so they are moving towards services offering more services to customers

technology means the customers want better experiences. so companies have to be ready. they accelerate that business change >> i want to ask about what's coming down the line as long as we've been talking to allianz they've been warning about a crisis, a market correction coming. it's been a challenging market to trade also now saying it's a matter of time before a crisis hits. two to three years that was the comment from the cfo. what does that mean for the insurance companies? i know a number of the insurers have been moving into liquid assets because there's not been much to buy. they want to protect the long tail of their assets and what they pay out in claims >> market volatility is affecting insurance companies. they are a big investor. they invest a lot of money into fixed income securities, equity, liquid assets. what we're seeing is, for

example, the spread increased over the q2 and had significant impact on insurance companies in italy. volatility in capital markets affect mostly, you know, the solvency positions of these companies, and we need to keep an eye on those. >> thank you very much for joining us we will take you back to market action. a look at how we're perched on the major indices. trader firmer on the ftse. another drop in sterling which i will take you to in a bit. the dax and cac lower. a lot of earnings crossing the wires. so we're seeing some market reaction to those. when it comes to the italian market, one that is holding up

slightly, up about a tenth in contrast spain is lower choppy action on the equity markets. the pound movement was flagged up by a lot of fx traders as the volatile currency moving it could move 10% higher or lower depending on whether clsthere's deal on brexit so far today we have a drop to lows on the currency this as the yen and the u.s. dollar have reversed in the trading session to 11 month lows, also on volatility three-month volatility has risen to the highest level on the trade. just holding on to 110 for the japanese yen and the u.s. dollar trading. this is some whatwhat a safe ha trade as trade wars continue let's see how we're setting up

for the trading session for the u.s. slight inclination to bounce out of the gates this morning. that may help some of the red in the european markets it was a volatile day for snap shareholders after they marked their first ever drop in daily users. snap says a redesign of its app weighed on numbers and the company won the backing of a significant new shareholder. saudi arabia's prince bought a 2.3% stake for 2$250 million shares in desny fell in extended trading after third quarter profit and revenues missed expectations. the company put the disappointing results on rising costs. the media giant's studio, parks and broadcast units were a bright spot. studio revenue grew 20% thanks to strong box office

performances julia boorstin has more. >> reporter: disney reporting quarterly results that missed wall street expectations earnings of $1.87 a share came in below the $1.95 expected. the ceo opening the earnings call with a look at its 21st century fox acquisition and how it will bolster disney with international reach and the right assets to build the consumer businesses. iger assured cord cutting is slowing. >> though the erosion of the expanded basic bundle continues, the impressive growth has steady slowed overall sub losses. to that end we've seen noticeable improvement in the rate of sub loss in each of the last four quarters >> iger also saying the fox acquisition will bolster their direct to

including hulu >> brands matter more than ever. our portfolio of high-quality, brand content allows us to strategically and successfully navigate this dynamic marketplace. we have always believed we have the brands and content to be extremely competitive and to thrive alongside netflix, amazon and anyone else in the market. >> as for the espn plus service which launched in april, riegg did not reveal numbers but said the performance is encouraging >> this is about the forward looking guidance coming out of disney and bob iger yesterday. their big gamble or their big bet is ontheir own version of

the streaming service, disney flix which will come to the market in 2019 while they prep for that, that entails extra spending on the technology side. it doesn't appear we'll see a reward on that investment until the later stages of next year. >> they have their hands full. don't forget this is one that the shareholders and most regulators signed off on a couple more to get across the line if this goes through, iger has a huge number of assets to fold into one disney flix, the comments were interesting from iger yesterday, we will walk before we run in terms of how many shows we'll offer. the pricing will reflect that lower volume of products compared with netflix at this stage. so they won't have a big blockbuster launch by the sounds of it. which you expect from a disney brand. a more rational approach to get it right from the start.

that's interesting on the cost side, it was also around espn. the sports channel and abc where those revenues were higher on marketing costs. don't forget some assetsthey'r picking up from 21st century fox will be sports assets. i wonder whether short-term there will be higher costs associated with marketing of those assets if already espn is requiring a bigger spend >> i thought one other interesting thing was the cfo saying they're halting their share repurchases until their balance sheet is in a better state. they are a leveraged company the debt to equity ratio is high and this acquisition of fox's assets potentially accounts for things removing the share repurchase from one perspective as an investor, you think that's taking away one of my incentives for holding the stock at least until we see a return on

investment >> it's not a bad time to come up with an offering like this. there's been a few question marks about the user base, about the average daily users on some different sites. netflix is one of them so investors will look to see whether we're at peak subscription, whether challenges lag at at&t, comcast, and whether they can cut into some of the netflix numbers so are we shifting back to traditional players that are becoming more innovative or is there a better position in netflix. >> coming up, no love for the lira turkey's currency continues to tumble as u.s. sanctions take their tolls.

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president trump hosted some of his critics for dinner at his new jersey golf club the business leaders dinner included five ceos who dropped

off his advisory boards last year who made the cut for dinner and what have they said about the president in the past? head to our website for the full rundown. donald trump warned companies doing business in iran will be barred from the u.s. he said the reimposed sanctions on iran are the most biting and will reach another level in november he added he's asking for world peace and nothing less the eu's foreign policy chief and one of the key nergs of tgo of the nuclear deal urged others to ignore trump's warning. for the year the lira has dropped by almost 40%.

willem joins us to discuss more. 40% for the year 7% the last couple of weeks. the trajectory from here, is it fair to say the market is looking for the central bank of turkey to do something at this point in time? >> whether they're looking for them to do that or not expecting them to do that, that's a big question we had a number of moments where it seems like they would have t force themselves to raise rates. that has not yet happened. there are questions about their independence, as of the last election last year, erdogan is in charge of who he puts on the committee in the central bank. his son-in-law is now the finance minister he has repeatedly said over the years and recently that he's an enemy of increasing rates. when you have increasing inflation, you are seeing the lira tumbling again and again, making borrowing costs incredibly expensive, it makes

it difficult for banks as well >> add to that the deterioration in the relationships with the united states. >> absolutely. you have had the u.s. level sanctions against turkey the turks have responded by h e holding an american priest or pastor, he has finally been let go, but he's under house arrest. the americans have requested that he be returned to the u.s the turks have said they would like one of their bankers back who has been convicted of evading iranian sanctions. >> the imf long said strength of institutions is good for long-term sustainable growth when you have strong arm politics in the region, those institutions have taken a battering. you point out the bank and judiciary and just about every other institution in turkey has been challenged by erdogan himself. should we get into what some of the investors need to think

about? >> sure. the chief em strategist at seb group is joining us. big moves, depreciation of 40% year to date how do you think this is going to play out? also the contagion effect on other emerging market currencies ironically july was a good month for emerging market assets >> right good morning yeah the turkish lira has been battered i think the contagion effects are relatively limited still turkey is a special case with a large account deficit. also an increasing budget deficit. investors are, you know, have turkey specifically on the

radar. we've done some research on the lira in different cycles when other emerging markets are doing well the lira is uncorrelated to what other emerging market currencies do that's what we'll see this time around as well >> what is the turkish bank having to do to turn this situation around >> first of all, probably needs to hike interest rates again i don't think really that's the problem. the central bank or the authorities, the government needs to make it abundantly clear that the central bank is free to act. it's independent the way erdogan in particular has been cagey about it, even suggested that he would increase control over the central bank. you know, interest rate hikes don't really cut it at this point given the threat to the

central bank's independence. >> can i ask you about one move erdogan could make around his son-in-law, who is in charge of the finance ministry if you look at the tone of some banks, they think there's a lack of independence, and they say even if the finance minister or the central bank have a plan, they can't do anything to sell it to erdogan. would some risk be removed if the son-in-law was taken out of that finance ministry position >> potentially, but he's not only finance minister, he's minister of economy. he has a more powerful role than previous finance ministers having said that, he has come out speaking quite well. he has said the right thing in terms of, you know, consolidating public finances, allowing the central bank room to maneuver to bring down inflation. whether he can actually be true on that, if he can actually implement and pursue those

policies given erdogan's reluctance to hike interest rates, that's another matter >> sir, i want to broaden out this discussion and ask about your general outlook for emerging markets and how closely that is intertwined with chinese growth prospects we're seeing many analysts downgrading their growth forecasts for china the latter half of this year. we are seeing tariffs bite, investments slowing down with china slowing somewhat, does that redale your rouderail? >> the outlook for turkey is definitely driven by domestic issues, but as you say also driven by a general slowdown in the em growth. we see it in the pmi numbers that have moderated. it's driven by global trade growth coming down as well that has partly been driven by

china, partly driven by weakness in the eurozone as well as in the u.s. now with china slowing down, that is going to hurt countries that are dependent on it >> thank you very much for joining us today thank you to willem for joining us on turkey a quick look at how we're shaping up we're not far off some of the highs from january and we're watching that run up to peak levels dow and nasdaq and s&p 500 up today so far >> today may be the day the s&p sees new highs >> that's all r fotoday's show >> thank you for watching. stars perform their newest hits.

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it's 5:00 a.m. at cnbc global head quarters, here's your five 5 at 5:00. >> wall street buzzing after tesla's owe lon muelon musk says considering taking it's a company private. >> mickey misses disney with weaker than expected results. >> and the biggest wildfire in california explodes in size. china reporting a surge in exports as the white house puts the finishing touches on a new round of tariffs. and china has the