mankiewicz: and who better to do that than a police officer? than a police officer. that's all for this edition of "dateline." i'm natalie morales. thanks for watching. [music playing] welcome to "street signs." i'm karen tso with julianna tatelbaum. the u.s. prepares for what could be the largest up roar in 30 years. >> the ant group files for the listing in what could be the world's largest ipo. >> china/u.s. trade tensions

subside but mexico's nominee for the world trade organization leader tells cnbc a key kpo component has been lost. >> the basis of cooperation and trust. this trust has been lost completely >> the second night of the republican convention defies tradition with secretary of state mike pompeo from overseas. >> delivering on this. this president has led bold initiatives in nearly every corner of the world. >> a warm welcome to "street signs," everybody. let's get in to the latest weather developments in the united states. the national hurricane center has upgraded laura to a category 2 with maximum sustained winds of 155 miles an hour and is

likely to produce a storm surge and should be a category 3 before landing on shore tonight. producers prepare for the biggest threat to the energy industry in 15 years let's look at how oil is trading. no massive moves we have seen a jump higher in oil price. wti and brent have been trailing higher let's turn to jay gray who filed this report from lake charles, louisiana. >> reporter: sand bags, boards and building tensions along the gulf coast >> kind of nervous for texas and the westside of louisiana. >> reporter: that's where forecasters say hurricane laura

will strike. brittany thomas and their family locking down the house before land fall. they'll ride it out. we've got water and supplies where we are at is equivalent to a bomb shelter i'm okay with that >> it is time to go. >> moving to higher ground by the bus load but as families rush to shelters, the storm is not the only concern >> here we are in the middle of a possible hurricane and trying to actually think about cove too. >> reporter: many areas are using more and larger areas making room for social distancing as the storm continues to churn. >> we expect the land fall to be just after midnight wednesday night to thursday. the high tide is the same time that will add additional water on top of that storm surge, a very dangerous situation developing >> with laura, gaining strength

and barrelling toward the coast. >> jay gray, nbc news, lake charles. >> laura wreaked havoc in haiti leaving a trail of destruction behind at least 2, 100 people were killed we'll get out to more on the hurricane preparations stay tuned >> this market this morning flipping around from where we started. we were weaker but now positive. still cautious trade the green on the boards just over .2% looking at core markets, we can see improvement we are witnessing on the core markets of germany and france. we claiming the 5,000 handle on the french market. the dax an outperformer.

the ftse having a weaker session yesterday. it was a strong performance at the start of the session that was swept aside by later to the point selling some of the big oil companies and selling the stock at losses of 1.1%. adding that loss to the tune of another third a percent to the 6,000 handle that is separate from what we are seeing italian stocks bouncing from the core markets just a fraction but at least tilted to the positive side. let's get to what we are seeing on the pharma side the giants are lobbying the eu from potential of lawsuits should viruss arise from the vaccines keep in mind, many companies are trying to access around clinical trials and the talks of government also putting the

accelerator around populations let's get to one of the themes of the market could be ait, average inflation targeting just tell us what you expect tomorrow to hear and the ramification for investors. >> indeed, front and center will be the opening speech, we expect the fed chair to comment or discuss some of the results of the ongoing strategy review. we believe that we would be

targeting and seem to suggest the views the fed is going to take the big difference is really in the level of detail a strong, lovish message and heavy detailed discussion and the level of the mean inflation and target the way the fed wants to get there. whether they want to tolerate or stimulate and maybe even the yield curve control wherefore us, some what less regardment that fed chair would be adopting the average inflation target but would not provide the level of detail many are hoping for >> some early an al tis suggest

if we do get some moves toward the targeting, it could stephen the yield curve in the united states and could increase the market action. the very early stages when we talk about the pricing what do you think about the ramifications for the decline. the main channels and the dollar are lower to the u.s. which implies the treasury curve however, one undesired consequence could be actually higher to the long end of the treasury yield they are steepening to the yield curve especially if the fed remains undecided about the

framework in terms of the policies they want to implement if they misbehave. if the curve there stephens. if there is a risk if they do preannounce the pivot of the fed but really for us has not discussed any potential framework policy step to keep the curve flat to contain any rally. that is supported for the dollar by the virtue of the higher inflation and higher long end of the treasury yield >> how does election risk play into the dollar here if it looks increasingly likely that joe biden secures the presidency, what kind of reaction would you see. and if president trump is poised to get reelected, what does that

mean for the green back? >> that's a good question. it would suggest that president biden is seen by most as a more negativout come for the dollar the investors are focusing on the less business friendly policy the democratic candidate has been highlighting. additionally, when it comes to a second term by president trump, that could be most likely positive for the dollar given the mix of policies. fairly aggressive fiscal support and also fairly aggressive protection abroad. if anything the current polls

which are putting joe biden firmly in the lead and the dollar underperforming in recent months all of that said, our analysis suggesting that some negatives ahead of the vote are already in the price of the dollar. discussions seem to suggest that most of those investors ahead of the election may want to wait and sit back for a bit leaving the dollar in a holding pattern before the election. if anything, what we are also hearing is that most investors are really a contested vote, the polls are not extending. it is a close poll that is drawn out. maybe the best strategy on the outer come could have a

different out come in the market >> looking at the flip side and the pound. recently the options market suggests there are no real flash points ahead what do you think would be the main driver of that trade moving forward. >> there are a couple of things on both of those that will have a detriment yamal impact that could lead to a slow down.

uncertainty could continue to weigh on business estimates. what looks like the rebound and the last couple of months, they saw and going to reverse for the fourth quarter from that point of view in terms of pressure points clearly and they all come in october, with brexit in october and in october, we have the government-funded furlough scheme, which we believe is going to lead to sharply increase in unemployment so in this back drop, we favor the down side against the euro >> thank you for that. the head of gid x research shares of alibaba has risen

to the highest level the deal could eclipse saudi aramco's listing to become the biggest ever planter technology has filed to go public. the data analytics firm reported a net loss of more than $580 million. known for work with the cio and other organizations has seen a rise in 2020 revenues in high demand from the government sector palantir is expected to debut on the new york stock exchange. >> rebuilding trust. mexico's candidate for the wto says the level of trust should be more. that is coming up next flur

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. the kenosha county sheriff confirms one person was killed in the protests. the unarmed black man was shot seven times and now is paralyzed from the waist down. the national guard has been deployed amid demonstrations >> republicans backed the handling of president trump's economy. the gop was criticized for using government buildings the first lady chose the rose gardens as the back drop for her comments larry kudlow revealed further tax cuts and a warning for potential presidency >> stocks are in record territory. a v-shaped recovery are pointing to a better growth in the second half of this year. looking ahead, more tax cuts

will be in store payroll tax cuts for higher wages, income tax cuts for the middle class, capital gains tax cuts in investment, productivity and jobs more regulatory relief for small businesses in economic turns, folks, this is no time for a $4 trillion tax hike >> second of state mike pompeo delivered a speech from jerusalem. the first to speak to the delegation in years. >> this president has led bold initiatives in every corner of the world. in china, he's pulled back the curtain on the chinese party he's held china accountable for covering up the china virus and causing death around the world he will not rest until justice

is done. he has ensured the chinese spies posing as diplomats in america are jailed or sint back to china and undone the ridiculously unfair trade agreement with china and bringing jobs back home >> telling cnbc, china has a formidable role to way with the wto but that china still has issues to overcome when p it comes to trade asking him how relations will come to china and other relations shaping the wto. >> there is a sentiment among many countries in the west and east of china in asia to resolve

those issues there are concerns about the working of the price mechanism but at the same time, china has been harding rebecca, nice to see you again just walk us through how transformational it has been to the supply chains and trade figures you are witnessing >> what you are seeing is a shift in the way world trade is being done you are seeing a lot of trade moving digital and into services you are seeing huge nationalization in the trade so a lot more being done locally. this is likely according to world trade to cause a drop of world trade of up to 32% no one

is completely sure but there is a seismic shift that is really important when we are beginning to see is the localization of supply chains that is critical. nobody wants to see what happened at the beginning of this crisis. people saw things fall and they were dependent on one supplier they couldn't get access on things in order to get world trade going. >> 95 countries imposing key restrictions you pointed out only germany has pointed out measures do you think this is a key that will stay? >> what we've seen is world trade shift fundamentally and going back to the point about

supply chains because countries don't want to be dependent on one supplier anymore, they have started to distribute to the supply chains around the world businesses will be looking from all of their supplies in different places this is here to stay we'll return and i don't think this is the case we'll return to global growth and return to multi-lateral trade. there is pressure under that and in the world trade organization. >> just run for a list of candidates about who could be the next lead for the organization how significant is the appointment this time around i was debating whether it would be in the interest of the united states to have a weaker candidate so there isn't as much push back, especially if it's

another trump administration >> it has been a little bit like the league of nations. a little powerless over the last few months to do anything. in fact the last 18 months in terms of the u.s./china trade war. i don't think we'll see a difference between biden or trump being elected. that is being talked about everywhere around the world. i think the important point here is that everybody agrees that the organization needs to change it is not something people are disagreeing with it has come into disputes and what the mexican candidate is saying africa is pushing to have an after can representative and create greater trade in emerging

economies in the general mood. it has been driven and done entirely on u.s. terms sub plying walmart and amazon out there. you've noted some changes is now picking up supply business >> that's right. when you look at the numbers, you see the asean region is doing really well. particularly vietnam you are seeing trade between the united states and vietnam

increasing a lot of these are sectors by the u.s./china vietnam is one of these countries that has benefitted. it is coming from quite a small base and you are seeing a lot of growth vietnam is a regime that still aligns with china but is more u.s. centric in the way that it does business. >> a few more countries, just to note how the crisis has been uneven russia impacted on import. switzerland, the least impacted on import. why is it so uneven and why are some countries doing better than others >> if you look at commodity

prices and look at russia and the amount it brings in from exports. at the beginning of march, a lot of countries have been significantly affected are very effected on export revenue from oil. that is plies to the middle east as well. for a country like switzerland, because gold has been a health and is a major export of switzerland, it creates a better recovery outlook for switzerland. >> we are counting down to jackson hole and the issue of inflation if it will go above the 2% what is the impact of supply

chains and inflation are there signs it will pushup inflation over significant period of time >> if you look where supply chains are, you see factory prices everything is in recovery mode it is not likely to be pushing on inflation too much. you see things grow and come through trade in terms of currencies as well these value against the dollar that will be something really central to the discussions at jackson hole because everybody will be looking to see if we've got uneven inflation, that will be stabilizing as well >> interesting comments.

thank you very much. coming up, vaccine makers lobby over reprizal over fast tract to vaccines.

welcome to "street signs" fur just joining us. >> i'm julianna tatelbaum. here are your headlines. crude prices hit a five-month high as the gulf coast braces for hurricane laura. preparing for what could be the lar largest storm in over 15 years >> ant group files for a duel listing in what could be the world's largest ipo. >> saying europe's economy is in better shape as setting aside another 10 million in relief

measures >> and mike pompeo delivers a message from overseas. >> this president has lead bold initiatives in nearly every corner of the world. markets here in europe have perked up from the start of the session. we've had a soggy beginning as markets are moving south but we've now moved into positive territory for a lot of the markets. we've wrapped up shop and saw a flat finish for the core markets, the ftse did lose ground for oil majors. we can see an extension of the losses only mildly down on trade. this may give you a sense of what is taken place.

sterling is one of the more supportive ones. 1.3156 euro is roughly 1.18 investors eyeing jackson hole and if it has ramifications on the dollar u.s. futures in the mix which would suggest on the themes in the market countries across europe are seeing rises in cases of covid-19 cases. france says masks are now compulsoriy. the uk added france to the quarantine list.

the prime minister has contacted the army to carry out contact tracing as spain is suffering one of the worst out breaks in europe the rise in infections requires a strong but se reen response. >> in some places, we must remain alert serenity there should be no fear that par lies us and keeps us from acting the situation requires a strong response to the threat >> germany finance minister speaks out saying the goal is to stabilize activity saying fresh relief measures are put in place and likely cost

another $10 billion euros. >> on the health care front, cambridge is joining the race for the vaccine after receiving $1.9 million pounds from the government to start clinical trials in the autumn hoping it will help to reduce side affects pharma companies are lobbying for protection from lawsuits should issues arise from the vaccines the global pandemic has boosted efforts across fields from vaccine research to local farming initiatives. the bill gates foundation has committed over $300 million already. our next guest believes charity funds should have a larger role

to play. great to have you with us. i know you've done a lot of work around the research of existing drugs to see if they can be used around the fight of covid. we've seen a lot of suck says already with dexamethasone how optimistic are you that there are other existing drugs out there that could be used to fight covid-19 >> good morning, karen thank you for having me. first of all, the covid-19 is extremely still there and very prominent in many countries. our research is a global research our treatment is an ancient medicine which is used for gout

but also known as an anti-inflammatory drug it is a research coming from canada, the cardiology research institute. if i may, this is a drug we are proving with a lot of optimism but yet, we don't have our full did thea when given at home, actually because we are doing a randomized double blinded at home trial we see a great storm minimizing. very, very much the pulmonary storm, which is one of the many

reasons people who are sick have to go to the hospital, be under ventilators and unfortunately die. and there has been too many of that and i think we are going to see more of that happening that's why i feel it is so important for governments around the world to be aware of treatments like ours we don't have time to wait for many treatments being r lives be it has been taken away since march. a lot of people are getting extremely nervous and scared about a second wave. i'm sure there will be one i really think people should be more aware of what we are offering in our research because we need more people to come into

it because obviously we are going to get proper data, which gives us the opportunity to go forward with our treatment >> as you've just outlined, there is so much responsibility on governments in terms of which vaccines and treatments they choose to promote and that shapes the different treatments and could in turn shape the trajectory of funding for these different drugs being trialed. what do you think the process of the developed world to decide which treatments or vaccines to draw attention to and focus on and get the public to pay attention to >> great question. i hope i have a good answer as well i do think, karen, that with the

trial like ours with colchicine is going forward but not fast enough we are trying to get 6,000 patients the problem is that we can't stop until our study is finished once it is finished, we'll have amazing data and most likely the possibility of saying we have a treatment that is effective. but that it is being done at home when you are at home getting treated, if you don't have the pulmonary storm, you don't have to be on a ventilator.

you don't have to die. that will be reef so many hospitals. we have global awareness now because of money and because our study is free. we are not looking to make any money and looking to take care of people now. we want the treatment to be used now. that's a problem we have with the government and all the vaccines and treatments out there today, which is wonderful. we are all looking for vaccines and treatments we are in the same line up, the difference is that we are ready now. the others are not ready >> that's been the confusing

part we've heard all along there might be a magic vaccine down the track. experts are saying covid is here to stay and it may not be eradicated like other diseases we've had recent news of a reinfection of a covid patient how difficult is it to plan with so many scenarios? >> the difficulty and it is quite frustrating -- being in the research and knowing we have a treatment and most likely -- i'm not saying it is working but it is very optimistic because we've had good results with

this but really, the lack of awareness of our research now. it is a real pity. we are working so hard we are in brazil and we were in spain in march when the wave came back down, everything stabled they called us back and asked us to open up seven more sites. we are back in spain, south africa, everywhere in the u.s., canada and starting in brazil. we started in brazil a couple of days ago what is so fascinating about this whole pandemic is that it is still there and nobody knows

what will happen there will be a second wave. there will be confinement. i think if we want our lives back, we have to treat now we have to have people like you, karen, being able to talk colcorona it is the essence of what we need to do we can't forget also, we are all in the same boat >> we'll have to leave it there. thank you for joining us to talk about covid-19

let's push on, u.s. refineries are evacuated as hurricane laura rel mes the biggest natura that to the oil production in the gulf in over 15 years. more after the break hike!

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s. welcome back to "street signs. the national hurricane center has upgraded laura to a category 2. let's get out to jay gray who joins us now from lake charles with the latest. >> reporter: louisiana, specificy lake charles is in the crosshairs very calm but that is going to change radicily. turning in the warm waters of the gulf of moechl gaining momentum and strength. this could intensify before it makes land fall early tomorrow morning. with all of that said, we expect

once the storm makes land fall, that will deliver a storm surge of 9 to 13 feet and cause major problems inland as well. why such a huge storm surge? that is expected to hit about the same time as high tide that is on top of significant storm surge. for those in the strike zone, the time to prepare and evacuate is quickly running out >> a quick look at the oil majors and how they are reacting bp is in negative territory. let's get to the global oil strategist and head over european oil and gas let me ask you what is playing

out. do you think it is worth pushing up much of this trade? >> the hurricane laura is a major deal this is the biggest outage in the gulf of mexico we've lost 1.5 million barrels a day. that is a major outage it has major impact on production and refineries. we could see well over 3 million barrels of outages demands for crude could be shut down in crude, it is a matter of supply and demands in the products, it is simply the products being shut down

you are already seeing an impact we are seeing 82% of the gulf impacted so far. versus 9 # 0% from katrina we saw 15 years ago >> the reality is that during march, april and may, we built up huge inventories. but our account, crude oil, oil products, we can see something about on the level of 17.6 million barrels about 17 million barrels higher. we have inventories that are very high. the oil industry is in a better

motion to absorb these temporary supply outages because the demand is down year over year and in terms of the capacity globally, we also still have quite a lot when refineries shut down like in the gulf of mexico area, you can see regional impacts we have enough crude and refining capacity so that the global impact of all of this will be much diminished. >> i want to broaden out and ask you about investor interest in european companies who have seen big moves in adjusting strategy. a lot of investors have been shunning these

esg in particular, are you seeing a change in interest and in the base of some of these companies? >> i would say risk and share holder i would say to my pleasant surprise, the change currently going on is so profound, there is huge influx people are trying to figure out what all of this means if you look at the plans announced. you mentioned a few of them, they are a sharp deviation from the past this is not really a surprise. we've seen the energy transmission coming but coronavirus is accelerated trends already in place and many

have recognized significant impairment in doing so, they are saying, look, the past is no longer a guide to the future. the question is what does the future look like and bp has tried to answer this question pretty quickly. the energy transmission that lies ahead creates the prices trying to figure out in what ways people can benefit because the amount of change going on is truly profound >> anyone active in the market this week is watching jackson hole on the dovish policy. i know you've been looking at the growth in the united states

being higher what are the likely trigors to witness from jackson hole and what can it do to the oil market that asset class more broadly they are finding themselves in the sweet spot governments around the world are put in place tremendous stimulus measures a dollar borrowed is a dollar created we are seeing the supply with the dollar. >> thank you for joining us. thank you for watching today hike!

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it is 5:00 here is your foo"five@5. investors putting things on hold and nasdaq tries for more gains. night two of the republican national convention pushes deeper to uncharted political territory as one trump supporter faces criticism for his comments texas and louisiana bracing for laura as i