welcome to "street signs." >> these are your headlines this morning from london. a short-lived rebound. european equity markets give up earlier gains despite a recovery in the u.s. and az dwra after president trump moves to diffuse trade tensions with china. >> we're having a little squabble with china because we've been treated unfairly for many, many decades >> germany returns to growth in the first quarter thanks to stronger household spend and a

construction boom. berlin warns a looming trade war means the economy is not yet out of the woods a strong commodity performance. it's the largest german electricity producer we'll speak to marcus trevor at 11:15 cet. credit agricultures sync after the french lender misses first quarter profit estimates as a pair of one-off events offset a strong ever performance in its retail unit good morning to you. we are just getting some flashes from the iae monthly report. i'll bring you some of the key headlines there. there has been a slight downward revision to their 2019 oil demand growth just by 90,000

barrels a day to 1.3 million barrels a day. it's a small reduction in the demand growth outlook here they say that the global oil supply in april fell 300,000 barrels a day with -- they said that opec's output rose 60,000 dollars a day in april as higher flows from libya, nienl era, and iraq actually offset it is decline of output that came out of iran and clearly the market had been watching closely to see what would happen to supply after the iranian waivers were not extended you can see that to a certain extent at the opec increase in production as somewhat offset thedecline that came out of th global oil supply with not just iran leaning the losses, but also losses in canada. just one thing i would point to auz well that struck me from the

report is that they did point out about the curve which is fans term for saying that the front prices of the oil curve are trading much higher than the longer data prices for oil they said that they have steepened considerably, and that's mainly because the asian customers are paying significantly more for barrels for middle east sources as they're looking to replace some of the supplies of iranian that's one of the reasons why that is persisting, and it's featured in the iea report if you lock at oil and what's happened, we are pretty much flat on where we were the beginning of april now >> the push and pull from both sides there. that's after president trump tried to dif autos tensions on

tuesday. he traveled to an energy event in louisiana that day, but before he left, he told journalisted the u.s. maintained the upper hand in the trade dispute. >> we are having a little squabble with china because we've been treated very unfairly for many, many decades we are, again, in a very, very strong position. they want to make a deal it could absolutely happen, but in the meantime, a lot of money is being made by the united states, and lot of strength is being shown. this has never happened to china before on the back of that we had a much better session for u.s. equities yesterday a rebound there. the dow ended the day at eight points firmer. nasdaq higher on the session again, on president trump saying that they had very good dialogue going on with china there. overnight the theme was also get more positive for asian equities chinese equities we'll get into that shortly. as with the trend over the last

couple of days, the european sbeks are doing the exact opposite you can see there is actually a lot of red on this green today these stock europe 600 is trading about .3 periods weaker on the session there are a couple of stories driving this it's want just all about the trade narrative here let's get into them. this is the pick for all of the main forces. you can see a lot of red on the screen bucking the trend. what we had out of aidsa, ftse 100, relative outperformance still down by 1 periods it a government spokesperson has confirmed that will there will be a plan to put forward a fourth meaningful vote for the first week of june, and that is what is in the overnight so we can press obviously as far as that pertains to the brexit discussion that first week of june is setting up to come a big one for u.k. and brexit obviously after the european elections next week in germany you have da kb down .4%. this despite some better gdp

data we had earlier on today. >> we've been looking at the banking sector today wrshlg you can see the main underperforming sector, but it's about two-thirds of it is percentage point. a couple of stories we're focused on there a couple of earnings that have come out too weaker than expected results also posting weaker than expected results as well for the first quarter. we're right at the bottom in terms of sectors we have autos down 1.5%.

some knock-on effects out of peak earnings out of nissan. that is having an impact on renault as well. all eyes on the shaping high composite. a bit of a rebound in the overnight session up 1.9%. again, despite some weaker data coming out of china. we had the industrial output dropping from its four and a

half month high levels back in march, and we also had some disappointing retail sales numbers come out of china as well because there's optimism about the trade discussions going on between the u.s. and china, we have seen some buying overnight. let's see how long that will continue for us. >> let's talk about that president trump has insisted that the federal reserve were to cut interest rates, then the u.s. would triumph in its trade dispute with china he remarked in a treat that monday -- if the fed were to follow suit, then it would be game over. we win meanwhile, germany returned to growth in the sirs first quarter according to preliminary data. that was in line with forecasts, and in part thanks to stronger household spending and a boom in construction activity. german economy minister peter said the figures represented, a first ray of hope. he warned that as long as trade tensions remain unresolved, it

the economy would not yet be in the clear. you can see the impact or lack of impact really that is having on german bund yields there. alie yas bernstein said he remains concerned. >> as you look forward, concerns about a recession in europe probably don't go away on this data the tricky bit is the trade situation, and, unfortunately, germany is the tail on the u.s.-china trade war dog at the end of the day 47% of gdp for germany, exports the majority of that going through trading partners if they blow up in the trade war, germ anticipate is probably the place that gets hit worst, and we see that he in the confidence numbers.

>> how worried should investors be, do you thu, about those tariffs actually being enacted >> we think the reason we worked is you had asked a lot of investors six months ago what were the odds of you getting the 25% on the next round. i think most people said no, and that seemed to still be a reasonable position to take a week ago i think what we've learned out of all of this is the unpredictability or i guess relearn the lesson of the unpredictability of trump. any rationale person would say this shouldn't happen. we should be able to negotiate a solution that's win-win. very easily, especially when it comes to personalities and the politics, things can go -- >> just to follow-up on that, also people can say that such a

move would be rationale. >> i think it's been watching -- who is calling whose bluff if investors were to react to every sinal tweet, i think that wab irragsal clearly what we're seeing here is more than just the trade war. this is more about the flexing of muscle biz two powers and what china has been doing effectively is to say a little e put on pressure. it suggests that perhaps there's more to fear about how china could frt stimulate the economy. we've seen that already with the weaker numbers that justifies further stimulus from china

yes, perhaps therefore, hiking the rates might be the thing to do i think in this instance, investors should understand that what we're talking about here is the -- >> when it comes to these trade discussions and the u.s. have made it a normal part of discussions having this threat of tariffs and showing no problems whatsoever is a

self-proclaimed calling it the -- how do you think about your economic models multi -- many yoerz out, assuming that tariffs will continue to be an active part of discussions and economic discussions? >> i think tariffs is an easy weapon to use. they're fairly easy to intact. that's why so far it's been the main weapon. they change the way it delz with foreign investors. i think those are the sort of things i think we need to understand and i think protectionism is have i, very bad for global trade as woef seen germans trade numbers will

be impacted. it's not actually china being impacted on the back of tariffs. >> yesterday a say china state-run newspaper saying if you want to fight, bring it on, bully us, if you wrish fighting talk coming from the chinese state yoed, which is interesting because this is the first time we hear that type of language that may be published in the chinese local papers. do you think it's come from a position of they know that this time around they've got some stimulus in place already, and, crucially, the currency has started dough appreciating >> i think fundamentally, the us is in the better position economically, but that could be beside the point.

it's still going to be clearly negative for them. there's a calculation they need to make is and what are the offsets to whatever political benefit they get from standing up to trump and his measures and tactics. >> we'll come back to this conversation you and -- coming up on the show, wake up and smell the -- spoking of which, chinese coffee well go live to beijing ahead of a listing for china's chief starbucks rival. we'll be taking a closer look at luck and coffee after this break. there's brushing...and there's oral-b power brushing. oral-b just cleans better. even my hygienist said going electric could lead to way cleaner teeth. and unlike sonicare, oral-b is the first electric toothbrush brand

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call, visit or click today. welcome back to street signs. growth slowed more than expected between january and april as the trade tensions with the united states continued other key data points also fell short of expectations in retail sales in particular. they dropped to a 16-year low.

this would value it around $4 billion. eunice yoon joins us where she's at a store this time of year the weather is a bit warmer here in london. i like to try and get an iced coffee in before the show to wake me up, and it's a nice -- what was my favorite order you tell me. skinny ice latte i wonder would that be on the menu there >> an iced latte would be. if you wanted it skinny, no can do i ask you this would you get it if you didn't have to pay the about $5 or so that you would have to pay if you were to go to starbucks and instead you could get it for 60 cents? that is what luckin is hoping to do to get more chinese into their stores it's part of their overall strategy they offer heavy discounts

a lot of different coupons the company is also betting that it understands the young chinese consumer a whole lot more than anyone else. it's i coffee counter as opposed to a caffey. the company believes more and more the young chinese are going to want to pick up their coffee and go or get their coffee via delivery, which the company can also do within 30 minutes as posed to chilling out and spending time in the coffee shops. the other way had which luckin says that it's different is that it's very heavily focused on technology, so if went to one of these stores, you -- actually, i don't know if you can see behind me, but there is no cashier. you cannot use cash in any of these stores instead, you have to use this. your moenl phone you scan a qr code, and you download the app and place all of your orders there

the company says this is a trend that you are seeing in china where young chinese don't use cash, so this is something that is a way in which they can tap the young chinese consumer finally, in addition to some of the heavy discounts that the company has, they also believe that they understand the chinese tastes a whole lot better, so you can get an americano with orange soda, because they said that it's refresh and that chinese tastes are still evolving, and you can also get a fruit tea with cream cheese, and i know in the u.k., you guys like to have your tea. i don't know whether or not you like cream cheese in it, but that is a big trend in china these days they say that they're capitalizing on these types of trends, which make it much better than starbucks. >> with your 60 cents skinny latte -- not skinny. iced latte you can get ten of those for the price of one imagine how many coffees you can have in one day. >> as long as there's not orange soda in it, i'm happy. >> or cream cheese

zhoo thank you for joining us. really appreciate that >> 60 cents. yeah >> very good deal. >> pretty good value >> all right as markets continue to focus on trade tensions between washington and beijing, earnings from two chinese tech majors are set to provide a benchmark view of the health of the chiends economy. 10 cents is due to release in hong kong at some point soon while alibaba reports before u.s. markets open in a few hours time lots to watch out for in terms of earnings. let's go back to our guest we have daniel morris, the chief market strategist and the chief china economist at standard bank i just want to start with you. listening to what our colleague eunice was talking about luckin, i can't help but think this is the actual representation of everything china is trying to achieve. consumption focused.

is in the type of company that could be enthusiastic about envesting? >> well, certainly from the point of view of the domestic focus. i mean, you are going to think regardless of how things evolve with the trade tensions. i don't think even under the best of circumstances weesh expecting a big rebound in gloenl trade in general, within china we are focused on domestic service oriented consumer demand oriented sectors anyway. no merit what you'll have the level of exports certainly into the u.s. the way you have before, and speaking about tech earnings, that could be as much around tariffs as it is around concerns in the u.s. over national security. >> we the retail sales numbers overnight. they came in weaker than expected.

>> china's economy, the real economy, is still very soft and stabilized properly, and because of the uncertainty, building up with the u.s., it probably won't stabilize because it's similar when we talk about consumption driven economy, the shape of how people are spending it changing. we are concentrating on middle income and we've seen it here. it's about concentrating on specific sectors of the economy. you are looking at the stock market and sectors in chooip it is ones to focus on health, wealth, and happiness. this is very much on understood in dhooin by a lot of the companies. if you concentrate on those three themes, you're likely to do well in china

on top of that, there are great urbanization proposals the greater bay area, for example, the delta region, lots of policy driven similars to really tryand encourage furthe organizations. >> what investors do to hedge against the volatility that we can expect over the next four or five years until mr. president trump and mr. xi sit down in japan? >> the one thing is not alleges most obvious, and that's how to question the more relevant now the challenge for a european investors -- they say it's a hedge and the negative yield that's the most attractive we have to realize, though, especially if you think about where growth expectations are,

and inflation expectations are bund yields can go quite a bit lower. still leave it at that level, and it's still a regionable hedge if you do have a scenario where the trade tensions do a split. what do those look like, those measures >> we've seen very microadjustments particularly targeted at the small, medium enterprises, and particularly the private sector. the biggest inning i think policymakers could do is to make it easier for consumers to consume more as we have seen, but also for smaller banks to lend also, encouraging incentives to maerks that employment stays very tight.

>> i was reading a note if we go down the route of an all-out trade war, plus auto tariffs, in that situation you could see the chinese economy gdp contract by 2% well, not move into recession, but it with take of on 2 periods from overall growth. is that something that you have modelled in your own expectations as well 2% for an competent that's greg even at 6ers is dwight substantial. the target this year is likely to be reached. something above 6% is likely to be reached as we all know it's a kplitly

sensitive year this year i believe it's in china's interest and policymakers interest to make sure that at least growth is stabilized let's be also noting the fact that it's quality of growth rather than quantity of growth >> leave it there. thank you very much to both of you. daniel morris, chief market strategi strategist >> the hunt for commerzbank continues. shares move higher after a report about a potential new buyer or boyars. stay with us

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cascade platinum does the work for you, prewashing and removing stuck-on foods, the first time. wow, that's clean! cascade platinum. welcome back to "street signs. these are your headlines >> a short-lived rebound european equity markets give up early gains despite a recovery in the u.s. and asia after president trump moves to diffuse trade tensions with china. >> we are having a little squabble with china because we've been treated unfairly for

many, many decades >> germany returns to growth in the first quarter thanks to stronger household spend and the construction boom, but berlin warns a loonling trade war means the economy is not yet out of the woods. >> bell weather earnings two of the biggest tech names are set to report in the next few hours providing crucial ip sight on the world's second largest economy. we had a better session for u.s. equities yesterday stronger session for asian equities overnight, but not so pretty when you look at the european indexes right behind me most of them are trading in the

red. though we have rebounded somewhat in the last half hour the only index trading slightly in the green this morning is the u.k. index 72.350 is where we're at we're about .1% firmer all eyes on brexit developments. it looks like we will be -- we are set set for a fourth meaningful vote the first week of june. that is the political developments there. the italian index having a great session. down .6% as well today let's switch over and look at

foreign exchange some of the currency fairs there. again, not a lot of movement here euro is trading slightly firmer versus the greenback just above 112 here. we've been at this level 1 12 for quite a long time. it seems to be a real critical point of gravity for the your yoer dollar-yen, we are seeing movement in the yen. to the tune of .1% not that dramatic. firmer on the day, but still we broke it through 130, 129.13 at that level there speak egg to u.s. futures. i did mention that yesterday was a better session for u.s. equities across the board. we have nasdaq closed off more than 1% higher on the session. today looks as though the three marriage indexes are also pointed to open in the green as well

foot neeks index road today. it had been on a losing streak falling for seven straight trading days the first in more than three years, and today the nikkei started lower as investors fretted over weak company earnings and the escalating u.s.-china trade war things started to turn around as markets across asia headed higher on the back of remarks from washington and beijing. the nikkei index finished 0.6% higher, and among the top movers were soft bank which finished up over 3%. it regained lost ground following thuz that the firm's 100 billion vision fund will pump $800 million into u.s. financing company pushing into the european financial technology seccor. sony was another gainer. rising by almost 4%. its shares have been on the rise after the firm announce reasonable doubt boking a record profit for a second straight year meanwhile, nissan fell 6.5% after announcing that its

operating profit sank 45% for the year ending in march, dropping below that of renault for the first time in a decade that's all from the nikkei brsh back to you. >> thank you so much live from the nikkei in tokyo. well, the u.s. does china back to our top story they've made efforts to doe down play trade tensions. a spokes fern for the chinese foreign ministry has said that beijing hopes the two sides can reach awe mutually beneficial agreement. washington does not want to do business, and other nations will fill the gap that comes after president trump tried to -- the.

>> if you want a strong industry in your company, i don't think you should protect it. sfaeshl not long-term. we benefit from commission customers benefit from commission the best thipg is trade, zero tariffs. china, u.s., europe. that's really what we advocate >> we're joined now on the phone from tuscany by roderick albert, the former deputy director general at the world trailed organization he is a senior advisor to european center for the political economy. thank you four being with us one of the extentivereasons fo the trump administration to initiate that condition frontation with china was the deficit when it came to trade between the u.s. and china a, how reasonable a pretext do you think that was, and, be, have these tariffs, have these measures had any noticeable impact on that deficit

>> would i say it's quite clear to the rest of the fragd community that china unilaterally is illegal because it's contrary to u.s. commitments made in the wto at various times. first of all, when they joined ask then subsequently in various -- they've committed themselves to take charge. it is not about a certain level. we're not worried about that that's the first question. has it had any effect? well, i don't think at the moment one can be sure about

this, but what has happened is that chinese growth generally, economic growth, has been declining, so it their exports may have fallen a bit because of that rather than because of the taurives, because i think the tariffs are going to be between the exporter and the importer. it's probably affected the u.s. ek ports to china as well. >> you said that the unilateral position of tariffs is illegal now, when the u.s. initially started these tariff discussions, they did it under national security pretense last month the wto rule that the national security claims would have to be objectively true reeld to weapons, war, or an emergency in international relations, which clearly in this circumstance it doesn't.

when youty about that, are we likely to see any retaliatory measures within the wto or from the wto versus the united states for going down this avenue to quote what you said, unilateral imposition of tariffs is illegal snoo that was section 232 measure, but the chinese tear ofs, which were progressively applied through last year, were not all under that heading some of them were under another section much u.s. statute, and that is why i said that those were illegal brsh that's what i would say on that point. you would have an argument about it, but from my point of view the person in the trade

community and the trade world, what the americans are doing to the chinese is illegal and it's unilateral. i am just wondering does that mechanism face an imminent death essentially because of the skirting of the wto by the u.s.? >> well, some people certainly think imminent death collapse, et cetera is what might happen

you risk putting the whole system in disarray the only dispute that settles that those that aren't -- it's not that many, and then if that isn't going to work, then the whole of the wto institution is under -- is in darngs and at risk i understand why people say that i think that the strategy of attacking the wto as an institution and through this mechanism of the appointment of judges to the body is a very curious thing for the americans to do. i'm puzzled what their strategy really is because the complaints they've made and i know this goes back some years, but the complaints that they've made are not in my view really of major,

major pronz problems of the body i think what they're more concerned about really is things like intellectual property violations, things like transfer of technologies. these are both chinese things, and they are concerned about the chinese state-funded regime of subsidies. now, those are all things that you can tackle and they should be tackled through the system in wto. snoo thank you for joining us. i'm robert abbott. he is a senior advisor on trade policy at the european center for international political economy. >> let's switch to the banking sector credit agricole.

they said a pair of one-off events offset strong performance in the retail corporate and investment arms. the lender is said to nounts fresh financial goals in june after it beat targets is it set for 2019 well ahead of schedule. commerzbank remains in this crosshairs of rivals amid reports both ing and unicredit have possible bids for the german lender be unicredit has listed bankers including lazard regional m&a has the deputy fnls minister to advise on a possible takeover uni-credit says no measure has been signed.

>> reuters report suggests that unicredit is -- the only thing i would say is did is and reading some analyst notes on this, is at the end of the day if it were to work out for unicredit or for ing, they would have to take advantage of the fact that they would be moving to a dom siel of a lower funding benefit. particularly say if you are an italian bank, one of the big issues you have in your balance sheet is the cost of funding >> that becomes a political choice that becomes a political decision there's a big question as to whether or not -- the strategy that's unveiled by unicredit, that they be willing to change that and disrupt it in the interest of bringing down their

funding costs lower whether on the other side the commerzbank will accept that >> it seems like one thing that they would really push for in any merger would be that redom sieling, and that might be something that a dutch bank that, say, is more willing to do tlan an italian bank >> it's a good thing based on the performance of that debt it's to see whether -- >> it's how much can they rev on cost cutting and then for all these baipgs on the same thing where do those cuts come from. no wonder they've really been punishing back hard. >> including a dramatic overhaul

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welcome back to street signs. theresa may has said that they intent e intend to bring her brexit deal back to parliament the beginning of the week of the 3rd of june. it would represent the british prime minister's fourth attempt to push her agreement through the house of commons in westminster after lawmakers have repeatedly declined to pass legislation since the start of this year. downing street says the date was brought forward it's set to take place -- it's a bad week to go on vacation. >> or a good one well, new zealand prime minister justice india will meet with the

french president along with other leaders from government and tech today that's to discuss violent and extreme content on-line. that, of course, follows the christ church terror attack back in march our colleague is live in paris she'll be covering that ethfor cnbc what should we expect to hear from the various participants. there are global guidelines, and one of the big motivating factors was that terror attack in christ church when 350 people were killed in two shootings at mosques. the nationalist from australia, who is behind the attack, published a manifesto on the internet and also live-streamed

the events on facebook for about 30 minutes before it was flagged up to the social media company there is a huge push to try and alter the events, and this type of activity does not happen on on-line platforms. take a eleven to some of the concerns that are out there. the new zealand prime minister has had to try and douse some of the issues around freedom of speech on the internet take a listen to what she had to say. >> unfortunately, we've seen it be used as a tool for hate as well the challenge for us will be how do we maintain people's secure x and trying to prevent in the the

harm we've seen. we have both in mind >> they will be joined by a longist will of guests including e.u.'s jean claude juncker justin trudeau also on the list. anna soleberg and ek it nolg executives joining us too. jack dorsey, the ceo of twitter. brad smith, the president of microsoft, and for facebook, nick kleg, the head of communications, the former u.k. politician who now works for the social media company.

>> deep pockets will work in this case, and we'll protect many of those social media companies from competitions. that said, short-term, it could be costly exercise for investors. already social media companies employ conat any time moderators facebook just yesterday increased a minimum wage for those conat the particular time curators and moderators where are there could be a cost to play here. artificial intelligence, technology platforms do not have the expertise just to simply automatically take down content that they wish to remove in a very swift fashion we saw that in the christ church attack, it took almost 30 minutes for facebook to be notified by social media users that there was a problem that this evident auto was being livestreamed when that happens, the company must try and find their video content and remove it. in this case facebook had a problem removing the content you can see that there are challenges with the technology so there could be a cost for

many investors in these technology companies let me toss it back to you in the studio >> thanks. we'll be speaking with the e in a first on interview in just a few minutes time at 1 1:15 central european team. >> posted higher than expected first quarter profits in sales and saw a strong performance in europe the company also credits higher efficiency at its plants and an early start to the construction season the agm this morning, the ceo said the company expects to make up to ten small ang quiz igss by the end of this year >> one quick final corporate

update underlying earnings could fall up to 26% this year if boeing's 737 max aircraft remains grounded beyond the summer boeing has taken the plane out of operation of course, following two fatal crashes. the 737 max accounts for 1/10th of the fleet there are eight more aircraft on order. that announcement came today. >> that is it for our show today. get it. get it. get it! get it! crowd chanting: get it! get it! get it!

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zpleenchts it is 5:00 a.m. here on cnbc, and here's your top five at 5:00 breaking news. e.u. numbers are crossing right now. can europe finally start to grow again, or will brexit hold it back is the trade war working we've got new signs of a slowdown out of china overnight. we're going to take you live to beijing. that guy, former goldman sachs ceo lloyd blankfine. what he said about tariffs that is getting attention this morning. president trump expected to sign an executive order that would totally ban huawei products from china all across the united states and maybe this is a sign