to be able to get past this and move on. um, i-i look forward to speaking with rossie, um, today, actually, and my nieces. for ada pozo and katie phang, i'm mr. wonderful, saying good night. good morning welcome to "street signs." i'm julianna tatelbaum and these are your headlines hurricane ida wrecks havoc in the gulf of mexico as it is downgraded to the category one storm and driving storm surge and high winds and flooding knocking out power to over 1 million people. european markets move modestly higher and thin holiday trade as investors digest jay

powell's assurances that rate hikes are a long way off. and spd over conservatives and schultz winning the debate as the president tells cnbc the race is wide open. >> translator: after all these years, we need a reset button that we need to press now. and a u.s. drone strike kills two high profile isis members accused of the kabul bombings as the area comes under rocket attacks this morning ahead of the withdrawal deadline tomorrow >> our commitment to continue to help people leave afghanistan who want to leave and not out by september 1st, that endures. there is no deadline on that effort very good morning. welcome to "street signs."

hurricane ida forced energy companies to temporarily shutdown all oil and gas in the gulf of mexico shell and marathon have ev evacuated staff from 300 offshore facilities and moved ten drill vessels out of the storm's way. ida made landfall yesterday. all of new orleans lost power on sunday night with one person so far reported to have died. let's look at the price of oil this morning we are not seeing a huge amount of movement. last week we did see a move higher as companies in the area prepared to shutdown production. last week, wti and brent rallied 11%. the best week for the price of oil since june 2020. president biden urged people not to under estimate how dpang

yus the storm can be >> the storm is a life threatening storm. the governor described it as one of the strongest in laouisiana history since 1850 devastation is likely to be immense. the most important thing i can say right now is that everyone, everyone should listen to the instructions from local and state officials of just how dangerous this is and take it seriously. it is not just the coast not just new orleans it is north and well the rainfall is expected to be exceedingly high >> so the hurricane in louisiana is front and center for oil markets. let's talk about the markets stoxx 600 is edging higher not a huge amount of movement, of course. a slow start to the week a bank holiday in the uk here is a look for you of the

major regions trading. stoxx 600 not reflective dax is 0.1% higher cac 40 is .06% higher. spanish inflation in particular. cpi for the month of august is 3.% higher year on year. that is an acceleration from the 2.9% reported in july and higher than expected. higher inflation coming out of spain and, of course, that is the focus for investors. although more in the united states also travel is in focus. let's look at the breakdown from that perspective the travel and leisure down over here i say it is in focus cabecause h eu is recommending a halt to

n no non-essential u.s. travel. technology up 0.6% auto up half a percentage point. chemical and oil and gas round out the best performers. let's bring in the first guest this morning head of lipper great to have you on the program. the main event for investors was jay powell's speech at jackson hollow friday. i'm curious how bond market flows have evolved around that fed speech >> good morning. thanks for having me unfortunately in europe, the flows are reported on a monthly basis. this is different to other

markets around the world i can tell you investors were in a good mood with regard to bonds since they bought $23.2 billion in bond funds over the course of july anticipating that something is happening in august also, we see the year to date flows at $112 billion for the year >> looking at financial markets overall, you have insight into bond markets as well as equity markets and other asset classes. how would you describe overall investor sentiment at the moment >> well, you see, there are two extremes at the moment if you look on the overall flows here todate, investors are in the risk mode in the maturity of the investments with if you look at the short term,

they are risk cautious because they bought money market euro for $43.3 billion. on the other hand, they were selling off money market u.s. dollars and bond to corporates and bond emerging markets and bringing money somewhat back to europe money market gdp and bond flow short-term >> right now, interestingly from the pandemic perspective, europe is actually getting a lot of positive attention for the way the vaccination rollout is going and impact that has had on case numbers. certainly relative to the u.s. has that begun to show up in investor flows into the region >> i don't think so. as you see that european investors are looking for diversification in their

portfolios they are buying equity global and mixed asset global if they want to have closer e exposure, they are going to asset. there is some performance coming from technology stocks last year and also this year. >> i was reading some interesting research coming highlighted by the financial times talking about corporate debt and how it has been higher than ever in terms of absolute terms as well as relative to gdp. it sounds that is not deterring investors from getting involved in bond markets. is that fair to say? >> that's really fair to say if you look on the flows, actually the year to date flows and bond global corporates, what you saw over the past few years is a strong demand for corporate

bonds as they are paying higher interest rates than government bonds. you don't want to be in a bond that pays you ezero interest rate. >> certainly true. you don't. that is going to be a question for investors moving forward another angle i wanted to ask about. a lot of hedge fund returns turning out to be quite strong over the last year after a bumpy start to the pandemic and not only how funds performed well, but closing to new investment. any comment on that in terms of what you are seeing? >> yes, we see that there is a lot of investor interest in the use sector which is regulated hedge funds. we witnessed 2021 inflows which is oppoposite to the years befoe

this year, we are standing at $6 billion of inflows 3 billion of those in july investors are looking for diversity indication in the portfolios >> you think that will continue? that positive momentum into alternative investment funds >> i think it will as long as the product really deliver on the promises i.e., produce out performance instead of market returns. >> ton the flip side, what is th appetite for asset products? >> well, the appetite for passive products is bigger than ever in europe so at the moment, the flows into etfs $104.4 billion which is slightly be he low the all-time high whi

was reached in 2019. this is $107 billion if we he see a little bit of inflows over august, we have a year of record flows i would predict that we see strong year of etfs in 2021and we also will see strong demand for passive products over the course of the next year. >> do you have any sense of how retail investor participation has evolved in europe? of course, passive products very attractive to retail investors and retail investment in europe has lagged other advanced economies particularly the u.s. >> that's true especially germany is one of those economies that lags a bit here with the coronavirus pandemic,

people are buying more online than in the past they also started to look after investments online and the appearance of new brokers led to the fact that etfs reached the mainstream as they are the product of choice for those new brokers to offer to their customers. we e also see advisers are now moving more in the direction of etfs since investors are looking on the cost ratio. they are not willing to pay 200 basis points for an active managed fund when they get roughly the same return for 10 basis points with etf. >> cost is a huge driver for the retail investor. thanks for joining us this morning. detlef, thank you. jerome powell struck a tone

on friday saying the u.s. central bank would likely reduce asset purchases later this year, but rate hikes could be a long way off. >> the timing and pace of the reduction of asset purchase is not carrying a direct signal of interest rate liftoff for which we have articulated a different and stringent test we said we will continue to hold the target range for the federal funds rate at the current level until the economy reaches c conditions of maximum employment and exceed 2% for some time. we have much ground to cover to reach maximum employment and time will tell if we reached 2% inflation on a sustainable basis. >> our colleagues have been speaking to several key figures inside the federal reserve throughout the jackson hole symposium. take a listen to what they had

to to say >> we want to get the taper finished by the end of the first quarter next year and evaluate what the situation is and we will see at that point if inflation has moderated. >> it would continue to be my view that when we we get to the september meeting, we will announce a plan for adjusting purchases and execute that plan in october or shortly after. >> i'm hopeful that expectations will not change substantially and move away from the 2% level that it is in the long run if it does, we'll have to factor that into our policy prescription >> there are bottlenecks in the economy. with that said, there is good reason to believe as we go into 2022 and 2023, inflation will move that much closer to the 2% longer run goal. >> coming up on the show, as

olaf schultz democrats continue to push ahead in the polls, the president and post merkel ally tells cnbc voters want more substance and fewer personal attacks. >> a big problem is we're not talking about policy in the election campaign, but specific people and their missteps. we won't get anywhere with such campaigning and only lead to disappointment among the voters. do you have a life insurance policy you no longer need? now you can sell your policy, even a term policy, for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly realized that we needed a way to supplement our income. our friends sold their policy to help pay for their medical bills and that got me thinking. maybe selling our policy could help with our retirement. i'm skeptical, so i did some research and called coventry direct. they explained life insurance is a valuable asset that can be sold. we learned that we can sell all of our

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welcome back to "street signs. european union is set to remove the u.s. and five other countries from the safe travel list due to the rising covid infe infections countries must have a maximum infection rate of 75 cases per 1

1 let's look at travel the ftse closed this morning let's turn now to german politics support for the cdu block continues to slide as another poll shows the group falling behind departmocrats. olaf scholz spd is ahead of the conservatives. support for the greens is steady at 17% germany's chancellor candidates went head-to-head. olaf skrrkcholz said he is the l candidate into the post-merkel

era. >> i have a plan i have been able to prepare myself well for the offices i held in the past. >> and the green candidate hit out at the spd coalition accusing it of failing to push ahead on key issues slick climate change >> the last few years of the spd and cdu have not done this country any good we need a real departure for me, the central issue for any coalition is climate protection the next federal government must set the course for climate neutrality in our country. it has become very, very he cl this is not the cdu position >> let's get to anetta with the latest following the latest and speaking to you the last several weeks, the standout is the p popularity of olaf scholz.

what made his campaign so successful >> i think this time, it is the first time in many years that the social democratic party is standing united behind one candidate and he is not doing anything wrong whereas the others were not popular right from the beginning with the general voters and they had their communication mishaps and lies in the city her popularity was great in the beginning, but the problems eroded substantially if you asked germans now who they would vote for, more than 30% would vote for olaf scholz or 35% is the latest reading in the polls where her rate is

hovering at 10% to 12% approval rating scholz is benefitting from the year of income finance minister. he can say we are doing a lot and spending a lot we're here for social security i guess this is why he is so popular and in a way, the campaign is mimics whether the cdu has done with angela merkel has done successfully all these years. concentrating on one personality. i had the chance to catch up with the cdu politician. the prime minister of saxony last friday. i had to ask him because clearly the cdu is polling at historic lows if there is anything he thinks there is something to do to turn around their fortunes. take a listen. >> translator: the problem is we are not talking about policy in

the campaign, but specific people and missteps. we won't get anywhere with such campaigning and it will only lead to disappointment among the voters that is why we need to provide answers to questions such as how will we he we finance the 400 b euro to overcome the coronavirus. do we want more taxes? do we want more freedom and economic growth? the latter is what the cdu wants to choose. after all the years of the grand coalition, we need a reset button to press now if there is no social democratic coalition partner. >> reporter: the collection campaign looked like the next four years given that the situation is so difficult now? >> translator: we need to gather ourstrength for the challenges ahead and push for a

conservative government. germany has a big responsibility for the european union and cohesion as well it is right to find the personality to help the eu and help further diff deagradationdn everybody is getting picked on in this campaign that is normal to a certain extent it is crucial now we push the conversation toward things and policies and not just specific people what do we have to say about internal security and withhere we stand on energy we have a green party that keeps setting new goals, but does not talk how to achieve them we need to push the debate in the election campaign to not only talk about how we want to live, but also how we he can ar

all of it. i am convinced voters see the cdu as being the most competent party when it comes to answering the questions. >> currently the election be date is focusing on climate topics, but also the question of defense was one big topic yesterday in the debate. clearly after the surprise deterioration in afghanistan, the current government and new government will also need to discuss which role germany wants to play. the greens want to say we need to revisit any military action they want to withdrawal german

participation. the spd is saying under the helm of the finance minister, they have increased the spending for military expenses substantially. of course, the cdu wants to increase further because clearly our military is not as well equipped as others and it is clearly clear that without the united states we need the protection from the united states so there needs to be some european approach as well. that's a topic clearly as well, how are we managing to transition out economy toward a carbon neutral economy given the electricity and energy needs of the industry and there are so many unsolved problems especially with the grid here in germany these questions need to be addressed. back to you. >> anetta, thank you we will take a quick break still ahead, china continues the

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welcome back to "street signs. i'm julianna tatelbaum these are your headlines hurricane ida wrecks havoc in louisiana and the gulf of mexico as it is downgraded to the category one storm and drives inland with high winds and storm surge knocking out power to over 1 million people. european markets move higher in thin holiday trade as investors digest jay powell's assurances of the rate hike is a long way off and spd pulls ahead as saxony's president tells more. >> translator: we need to have a conservative reset button to press now.

and a u.s. drone strike kills two high profile isis members accused of plotting the deadly bombings in kabul as the airport is under rocket attack this morning and western forces continue the evacuations ahead of the deadline tomorrow. >> our commitment to help people leave, that iendures. there is no deadline on that effort we're about an hour and a half into the first trading session of the week. we're off to a slow start relatively quiet day with the uk off on holiday today we have the dax trading .20% cac 40 and mib in positive territory. the spanish is trading lower this morning we had a key data point from spain. the preliminary inflation numbers for august we saw that come in higher than expected

3.3% year on year versus 2.9% in july no change expected that was the highest annual cpi since october of 2012 for spain. otherwise, we are looking at a story developing in europe eu considering halting travel from the u.s halting non-essential travel as they review travel guidance. a non dbinding decision that is something to watch if you are invested in the travel sector and oil price is in focus with hurricane ida hitting louisiana. let's look at currencies and how they are moving in the wake of the anticipated speech from jay powell on friday it did not contain a lot of new information. let's look at the dollar down about 4 basis points. we saw the dollar index ret retreat .9% over the week. fairly steady across other currencies euro and dollar trading higher

this morning at $1.18. we have green across the board no major moves in terms of the ma i magnitude. we did see investors breathe a sigh of relief on friday with the s&p and nasdaq at all-time highs as the speech from powell did not hold a lot of new information. signaling bond tapering could happen this year, but in no rush to raise rates. bitcoin is lower in early european trade edging further away from the $50,000 mark it hit last week. other cryptocurrencies trading in red bitcoin down 1.6%. ethereum down 0.9% our next guest believes that cryptocurrency needs regulators. charlie cooper from r3 joints us charlie, great to have out the

program. your comments echo the new s.e.c. chair talking about the cryptocurrency as the wildwest when you talk about the need more more regulation, who are you looking to proptect and wha type of regulation is needed >> julianna, thank you for having me. the first bucket echos a lot of what gary gensler is talking about with the concern of retail customers. we are talking about a group of people that are more and more drawn to cryptocurrency and see the outsized returns they have no idea how the markets work they have no idea of the protections that exist for them which don't exist in cryptocurrency markets there is no one to go afterwards if someone is done to them or taken advantage of in the markets. it is the consumers with a very

hard time defending themselves that is why regulators need to do so. the second group actually is the regulators that oversee large financial institutions and large companies around the world more and more, you are seeing a move for crypto into the more generalized finance system as they do that, they are looking to find ways to get into mainstream finance without playing by the same rules that banks have to play and asset managers have to play. in some ways, it is giving them unfair shadvantage and allowing them to show up and destabilize the financial markets which operated and can have impacts with monetary interest rates and others. >> it is helpful to break it down into the two bukts ckets t. when you talk about the

regulation, is it as simple as copy and wastipaste the protect or is it a new regulations >> it is something of each if you talk about a digital share of stock, that is something that the current regulations around the world are perfectly suited to take care of the digitalization of one of the industries is a way of reflecting the reality of the industry market if they have a share of stock that is not digital, it has the same power i think gary gensler in the u.s. recognizes that. then you have the other extreme which is the crypto markets. you talked about that in the inw you talked about ethereum and

bitcoin and dogecoin they don't reflect any market funda fundamentals they exist in a world out there that is not backed by the global financial system and really regulators are having a hard time grappling with what to do with those the final is the stable coin which i know you talk about on cnbc these are instruments that are pegged to undermine the u.s. dollar and uk pound and meant to mimic the currency as well the issuers of them are people who don't play by the same rules. facebook put out libre they are looking to issue a stable coin tied to the u.s. dollar that doesn't have to play by the rules that made money

market funds in that instance, there are capabilities that regulators have, but other new ones that need to be developed >> charley, it is a unique part of the market, krcryptocurrency it is an intersection of so many disciplines which makes it hard to understand. it is a cross between computer science and traditional finance and human behavior all of these things. that surely makes it hard from the regulatory perspective when it comes to washington, do you think that, a, the right people are in place to be able to regulate this market in an educated way and, b, how much lobbying power does cryptocurrency have in washington >> this is a new world it brings together computer

science and finance that has an impact on the markets and how they function. you asked me he if the right people are in place. the right types of people could be in place and i think there is a new blood or new generation of people that need to be in place to help this the reality is anytime you see a development of the new business in the world, in this case, crypto we could talk about anything there are often times a reeducation or new education process that needs to go on in policy centers like washington and london and singapore and tokyo around the world if it is older people who have done things the old way or newer people who want to do things the new way, both of those people are working collaboratively to see what has worked in the past and not worked in the past and taking into account the new instruments and how they are regulated and how the ma markets

should function. i don't think it is defined by people who have done it forever. it is a combination of the two the second is the power of washington and brussels. the reality the crypto lobby could have a lot of power, but they are not using it effe effectively at all i'm in washington this week. i am struck by the disconnect with the type of influence that crypto people want in washington and unwillingness to do it or exercise it. if you look at the original white paper written by nakamoto, it was as much a political manifesto as a technology white paper. the people drawn to the type of activity are the people with a fundamental distrust of central bank and large corporations and

financial institutions that has bled into the disdain they feel for the government process and policy process just over the last couple weeks, as the u.s. was navigating a massive infrastructure bill for the senate and now the house, there were people in the cryptocurrency community going on twitter and other social media and insulting by name sitting u.s. senators who have not voted on particular language that is no way to conduct government relations if you take government policy seriously, and you must, because the government has the power to shape the industry you need to treat them professionally and take them along on the journey and spend the time educating them. if you don't, they will make a set of decisions where none of us benefit. >> charley, thank you for chatting with us charley cooper. i want to take you to fresh news out of china.

meituan has posted the third quarter loss as they continue to invest in the business revenue from the food delivery unit jumped from april to june meituan is under fire as the country cracks down on the tech sector beijing has extended that crackdown to remove social media accounts which published illegal information. the top platforms have pledged rectification of practice after authorities arrest a popular blogger in shenzeng. we look at what is next in the regulatory push. here is a sneer sneak preview >> related to education or

values you will instill in the next generation or entertainment. are you going to follow those the way those look and act and so on? just becoming engrossed in following the ideals that is something the part would not like to see. things of that nature. i think the other types of industry that will be very much at risk quote/unquote in the coming times would be those sectors that are more prone to be controlled by a small number of big players and that would be for example financial services although the situation might not be as serious as some of the others because of the fact there is still very much controlled by some of the state owned

companies. some sectors is coming to be more diversified with more private companies. also, property you see he actions or talks about action being taken on some of the large property dev developers i think very likely they will be another target some of the other very large companies that are, you know, probably in the sense, o overexpanding from property to electric vehicles that are probably in a way the central authority may consider that to be making a lot of risky investment at the expense of investors. i think these are the possible unfortunate candidates that might be future targets. >> for more on the crackdown of the tech sector, check out cnbc.com. still ahead, u.s. missile

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at least five rockets fired at kabul airport this morning and intercepted by u.s. defense systems. it is coming on high alert as western forces work to complete the military withdrawal before the end of the month the u.s. says it killed two members of the isis-k group on friday u.s. intelligence say the pair were responsible for the planned attacks in the city. dan joins us now with hours to go before the deadline set by president biden. give us a sense of where things stand. >> reporter: julianna, evacuations are in the final hours. the united states has conducted what will be the final flights from kabul airport before that u.s. deadline to withdrawal falls tomorrow.

as you pointed out, the security situation at the airport has been a major challenge with a serious terror threat on the ground we e learned this morning as may as five rockets were fired from a vehicle at kabul airport they were intercepted by a missile defense shield no casualties have been reported so far that also comes after more than 170 people were killed, including 13 american service members in an attack at kabul airport last week. in the past 24 hours, u.s. forces conducting a drone strike in kabulretaliation. we had a statement from the white house earlier today. the president saying operations at kabul airport continue unint uninterrupted. the president ordered commanders on the ground to redouble efforts to do whatever is necessary to protect forces on

the ground now so far we know about 114,000 people, 114,000 evacuated in total. according to the latest numbers from the white house the u.s. says it will continue working with the taliban to ensure safe passage for those people who wish to leave beyond the tuesday deadline the u.s. is committed to the safe passage reports from the uk say it is skeptical of the pledge. back to you. >> thank you, dan. we hope to speak to you again tomorrow i want to look now at the energy markets we are seeing some lines coming out around the opec plus meeting set to take place on wednesday according to three opec plus sources who have contacted reuters, opec plus is likely to roll out policies on wednesday with the planned 400,000 barrel per day hike from september. that is what was previously

agreed for the next several months when they meet on september 1st, it looks according to the sources, likely to keep that oil output policy unchanged. to put it in context, u.s. president biden urged allies to boost oil output front and center for president biden is the u.s. recovery and higher oil prices have an impact on that. according to reuters, sources likely to rollover on the policies when they meet on wednesday. unicef which operated in afghanistan will continue to stay in the country. it estimates 10 million children need assistance to survive we spoke with the charity head and tanya joins us now tanya, what a challenge for unicef what is the approach to afghanistan now? >> julianna, good morning.

they face huge challenges. the unfolding humanitarian crisis on the ground in afghanistan. they have been there in the region for 65 years and they are committed to staying i asked the executive director of unicef what are some of the biggest challenges they are facing right now >> one area we are particularly worried about are the unaccompanied children we have many of them many have been separated from their families some have been in the airport area either just outside the gate or inside the gate. one is the real protection crisis to try to get these children back with their families and have their families on planes and they have been left behind or been sent over the fence and families are still in kabul the second one is to make sure that people, humanity, has the basic things they he need

there are lots of insecurities help is an important area. we see the immunization rates drop 80% that means polio and measles vaccinations, all of the things we try to keep at bay that are preventible, we need to get them started. >> with the taliban in charge, hen r henrietta, has there been communication with your people to get them to safety? >> yes even before the crisis, tanya, we have been working with elements of the taliban in various parts of the country where they have controlled the towns orov villages. we have a working arrangement. it is not of one whole piece so it can be very different in one region or another.

>> how worried are you about the impact on women and children's rights and education in afghanistan going forward? >> this is our deepest concern in society, we need the women as teachers and health care workers and in children's hospitals as do doctors. we are yet unclear in some areas if that is going to be allowed. >> henrietta, theu.s. has gotten a lot of criticism from around the world about their withdrawal how do you feel about that do you feel that is fair to blame them >> oh, tanya, i will leave blame to others. we are just working so hard to try to reach the needs of the people i can tell you that people are just terrified they're worried about the future they don't know what lies ahead. they're not sure where they'll

get food is the shop open the banks are closed salaries are not moving. they're just trying to survive that's what we're focused on survival of these people >> as you hear from henrietta fore, the executive director of unicef, the challenging they face helping people on the ground who have been left behind as the evacuations take place. julianna >> tanya, thank you for bringing that important interview great to speak with you. let's look at u.s. futures and how we are poised to start the week green across the board fairly muted with the moves. dow jones industrial average set to open 16 points higher s&p 500 is 2 points higher to put these numbers in context on friday, investors seemed to breathe a sigh of relief after

jay powell's speech at the virtualmpsymposium. saying the fed could start to taper this year, but no rush to raise rates. on the back of that, we saw the s&p and nasdaq rally closing out the week at all-time highs for the week, dow about 1% higher s&p 500 1.5% higher. nasdaq 2.8% higher for the week. today, investors preparing for the week ahead and key data point on friday is non-farm payroll. that is it for the show. i'm julianna tatelbaum "worldwide exchange" is coming up next.

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breaking news. hurricane ida slamming into louisiana and what is described as the worst storm since katrina 16 years ago the entire city of new orleans without power as major oil and gas producers shut production. we have a live report ahead. a developing story from afghanistan. the clock is ticking to evacuate remaining u.s. personnel and allies from the country. this as the u.s. says it is eliminated an imminent threat facing kabul. and wall street investors still digestin