i'm excited that we worked this out. who doesn't like money? i'm getting extra $5,000, so, hey, that was great. for ada pozo and katie phang, i'm mr. wonderful saying good night. live from glasgow and london these are your headlines countries agreeing to phase down the use of coal in a last-minute compromise at the cop26. the president defends the deal >> i also understand that the deep disappointment. but i think as you have noted, it's also vital that we protect

this package. a three week partial lockdown sparks violent protests in the netherlands as covid spikes across europe while the eu commissioner warns about coming off support too early. >> don't repeat mistakes made in previous crisis, declaring too fast and declaring victory too soon is a mistake. chinese consumer demands remains strong in october while industrial output also beat expectations. and air bus confirms the first major order since the start of the pandemic. the ceo tells cnbc it's a positive signal but a long way to go. >> we're sitting at the beginning of the recovery, it's going to be a bumpy road we see economy around the world

having impact on the traffic a very warm welcome to "street signs. let's kick off with a look at what came out of glasgow over the weekend. negotiators at the cop26 have compromised on a climate deal. it's the first climate agreement seeking to curb the use of fossil fuels but fails to keep rising temperatures capped at 1.5 degrees celsius. a commitment to phase out coal was watered down to, quote, phase down its use following pressure from india and china. officials did however strike agreements on climate finance and new carbon market rules. let's get out to steve who joins us live from glasgow steve, really fascinating press

conferences over the weekend the most intriguing of all, i guess, would be that from the president, the head of the cop26 summit clearly conflict of interesting emotions here, pleased they got an agreement of some point but hard to miss the disappointment around the watered down language of coal usage. how is the summit going to be remembered >> it's not the success that some politicians might say it was, but it's not the blah blah blah that some activists would say it was i think some say it's in between. and out of ten, somewhere slightly over middle marks would be the mark you give it. there's a lot of foundation for future progress, not less from the private sex or the if we rely on the public sector look back on the last ten years

and we're underwhelmed going forward. one of the big failures barring 2009 and 2015, the funding promised isn't coming forward, it's coming forward at fourth-fifths at best. so the fact the private sector showed up in some meaningful way and the finance sector saying if we get the rules and regulations in place, and we understand what more around the basis for carbon trading could be, we might have billions and trillions of dollars to go forward. so the fact the business sector was here is a big win. we have the start of the foundation for trading carbon emissions, that too seen as a win. let's listen in to the president, who clearly after six hours in 72 hours of negotiation -- six hours of sleep, clearly was emotional but he does say that success, of course, hinges on

implementation >> this is a fragile win and we have kept 1.5 alive that was our overarching objective when we set off on this journey two years ago taking on the role as the cop presidency designee. but i would say the pulse of 1.5 is weak. that's why, while we have reached i do believe a historic agreement, what this will be judged on is not just the fact that countries have signed up, but it will be judged on whether they meet and deliver on the commitments. >> alok sharma there the huge debate on fazing down how many of us have used the phrase phase down in our lifetime, not much the fact of the matter is china came up with a set of

commitments, including to work more closely with the united states going forward india also updated their contributions saying they were going to get to 20% renewables by 2030 and work hard at a 2070 deadline for getting to net zero as well. but if the west doesn't come up with goods on the financing, it's hard to imagine a scenario where the emerging markets are going to come up with it as well let's listen in. >> we have to make sure that we create futures for them. we have a just transition, we make sure there are enough investments in new and other industries that's a huge task, especially if you're also a developing country. so have full understanding for that so i think it's historic that also these countries would now commit to -- well, we call it phase down coal but it means in

the end you won't have niany col anymore. that's what we need. >> it was the first time coal was mentioned in any u.n. cop document as well so progress in itself in that. back in paris and, of course, at this meeting here at cop26 in glasgow, the indians have been saying pretty much, one can say understandably as well, you the west were allowed your development, your industrial revolution, you put 80% of the gases in the atmosphere, surely we should have our chance as well so you have to have sympathy for india when he says the following. >> developing countries have the right to a fair share of the right of the global carbon budget and are entitled to the

responsible use of fossil fuels. how can anyone expect developing countries can make promises about fazing out coal. developing countries still have to deal with their development >> you and i have covered a lot of the achievements or not as the case may be in some cases copping out of the cop26 one i think is most interesting is the fact this ratchet mechanism which was every five years for updated ndcs, it was going to be every five years to get to the 2030 targets as well. now cop 27 is in play, as we heard just before the break, from one of the hosts. so updated ndcs by the end of next year. it'll be interesting to see

whether the likes of china, india, the united states, can come up with more goods in the next 12 months. >> thank you for wrapping it all up and breaking it down. great to see you in glasgow. we also heard from opec's secretary around the views of what's come out of glasgow hp he said the cop26 summit was a wake up call for the industry they praised the progress made by the leaders so far. >> i wouldn't call it a failure. i think the uk presidency did an extremely good job in bringing back paris on track in glasgow it's not a main achievement to rebuild the consensus of paris in glasgow, if you follow the

fractures we saw after the withdrawal of the united states and now the return of the u.s. not only as part of the conversation but at the head of the table, i think john kerry and his team, together with sharma, the president of cop26, did a wonderful job rebuilding the consensus. >> we caught up with the vp of bp and asked for his take on cop26. >> the takeaway really is more ambition, more focus on methane. work on the global carbon markets. i think these are all very good things clearly there's more that needs to be done and i think i'm really excited that actually the ue is going to host cop 28 here in abu dhabi.

because what we need is a credible, prague mattic transition plan. and there's no greater chance of that happening than the eu, an oil based economy, transitioning and it has started in the last decade so i hope that cop 28 here in the ue will bring the pragmatism that's needed. >> speaking of prague ma-- prag pragmatism you have become the new look for energy companies higher oil and gas prices are good for bp and bad for consumers. it's good for you guys, bad for consumers and your former ceo said all the plans filed by oil and gas companies are falling short of what needs to get done. >> i don't think anyone would

look at bp objectively and say that we are not leaning in to the transition over 12 months ago, we had less than 10 gig watts in renewables. today we have a pipeline of 23 gigawatts. today we're in the world's largest and fastest growing markets in the uk in solar and wind we had very little in hydrogen, today we have a great partnership that will develop hydrogen blue and green over time so we are committed. we are all in on that. and in terms of price, we obviously don't set the price of the product. in fact, we are very focused on running the business in a very resilient way such that the prices are lower, the company will still do well but we don't get to set the price. we're more focused on what's the lower end of the spectrum versus

necessarily what it is. >> shell has announced it plans to simplify its shares structure which will relocate the tax residency to the uk. it will boost competitive and accelerate the transition to necessary zero emissions it will drop the royal part of its name to just shell plc and in geopolitical news, foreign ministers will meet today to discuss sanctions on belarus. as the polish prime minister called for concrete steps from allies now the kremlin has also pushed back against accusations it it is aiding belarus to destabilize the eu vladimir putin addressed some of the threats to the block >> translator: theoretically, lukashenko as the president of a transit country could probably give the order to cut off

shipments of oil to europe on the other hand, sanctions are constantly being enacted against him and threats of new sanctions but this would bring significant damage to europe's energy sector and not help our relations with belarus as a transit country. checking the markets we're just into the session, the stocks are headed up about 13 basis points so we've seen stocks build throughout the course of the morning. to put today's move into context last week we saw european markets more resilient to the u.s. peers the stoxx 06 6000 closed a solid session on friday while u.s. markets struggled last week. this morning green across the board. every region is trading higher, led by the 40 in france. the stoxx 600, dax and 40 all

posted new time highs to finish the week last week european investors reacting to a fairly robust data out of china overnight, industrial output and retail sales accelerating. perhaps the china data providing a boost to sentiment in this morning but caution on the covid front with cases rising across a number of countries in continental europe so a little for the bears, a little for the bulls this morning. in europe, at the top we have travel and leisure up 1% oil and gas, real estate and insurance. on the down side selling in basic resources, financial services and media p i want to look at global coal stocks obviously lots of focus on coal over the weekend as steve outlined the commitments out of glasgow. there was a provision for fazing

down coal usage in that final agreement, a watered down version of what could have been. but still detrimental in terms of the trajectory of coal use moving forward this is a look at the coal stocks we are seeing a fairly steep selloff across the board energy markets let's look at wti, brent and natural gas natural gas trading higher this is the u.s. listed futures, they are currently about .4% higher we have wti and brent trading about 1% lower this morning. our first guest, director of c cantron consulting, sean tiller. thanks for being with us this morning. so much to talk about but let me kick off with the overall inflation picture. the narrative in recent months has focused on the caphallengesn

the supply side of things but there are signs consumers are changing behavior and holding back on buying because prices are rising i wonder if you are concerned, we are headed toward a stag-flationary environment? >> i'm not entirely sure about hesi hesitancy. i think the key thing with inflation as people have discussed for 100, 120 years now, is exactly this idea. but the main stream has lost track of the fact, if you have money in the pocket and you don't trust the value of the money you try to get rid of it by doing so you buy things and you drive the price up further so you increase your own distrust that's the phase when inflation runs away from its we haven't got there yet, yes, i think there's a stage of we're in the awkward spot, the transitory spot when i go to the shops things are more expensive

than yesterday so i wait to see if there's a bargain, substitution, special offer. if we move from that to the first phase i spoke about, we don't believe it so we better get it now before it's more expensive. that's where we get into trouble and that's what we must avoid and that would be catastrophic given the huge monetary overhang from the covid measures in nearly every country in the world. >> rising inflation in the '70s drove the forward buying we know what happened then what has become clear over the last couple of weeks is that the inflation picture is starting to impact president biden and the administration and we gave some commentary on the back of the inflation report last week pointing to the rise in energy prices as a key concern and something they need to focus on. what can biden do at this stage to tame the inflation picture and control the narrative? >> the narrative is what he's

desperately trying to attack but we have the federal reserve, which is still putting tens of billions of dollars into the economy every day. the banking system, is healthy, which is a good thing on one side but that means it's fully poised to continue monetary conditions we've had almost $2 trillion in extra deposits in the banks in the last 12 months, something never seen before. the government is in the throes of an extra infrastructure bill, biden is cutting down on the oil and gas industry, the picture goes everywhere. so word and deed don't match, of course, in washington. >> sean, good morning to you, my friend i'm joining you from the tail end of the cop26 i think i'm the last one here, actually i remember a great conversation

you, i and geoff had about medieval warming i wonder where you are on this because i think you took a lot of convincing? >> well, i still think this is an idealogically driven movement not scientific but like all these things it's generated a tone the science a largely funded by people who want the right answers to the questions that they pose. and like everyone else, scientists are not angels, they're human beings they know that their bread and butter is just as important as the elusive search for the holy truth. the point is we got to this stage where we can see it's becoming damaging and already this last several weeks has shown a, that the ordinary man in the streets doesn't appreciate people turning up in super yachts telling them that granny has to turn the thermostat down. and b we're suffering a tremendous spike in energy

prices and the fear of running out of various important mi minerals and through fertilizers and animal slaughter and diesel additives and things this is where we see the conflict. ordinary people have woken up over the cop conference, the question is can they express the decent they're possibly feeling or are they going to get railroaded much as they have, we can say in parallel, through the whole covid issue. >> i think there's a huge debate in there once again for all of us talking about this one. in terms of what our viewers who are -- i think they're pretty ordinary people but they're ordinary people who want to know how to invest, what should they be doing on the back of cop26? >> the message is clear, with all this -- particularly the financial and regulatory pressure, which is something that's been a super national --

your pension money will now be invested in green not black energy the banks will lend to green not black energy production. and yet the world is short, clearly, if economic growth does, heaven help us, regain its form of vigor we are going to be short of energy. i think moody's, for instance, thinks we're 200, $250 billion a year short in oil and gas investment yet that arrived taking the cash flow they have, paying back debt, buying back shares or transferring to green projects which at the moment are a pie in the sky. we could suffer not just a cold winter this year but we could suffer a very cold decade the way things are going at the moment so if you are still allowed to invest in energy companies, find the ones that can fund themselves and can't be squeezed

by the banks because they're going to be making returns by producing something the world is going to be short of. >> we'll leave the conversation there. thank you for joining us steve nice to see you in glasgow today. it looks colder out there than inside the summit center, which is hard to believe given how cold it was there. i hope you have a good rest of the day. we'll take a break but coming up on "street signs" we look at the chinese economy amid a slew of fresh data we'll be right back.

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the longer you've been with us... the more rewards you can get. join for free on the xfinity app. our thanks. your rewards. welcome back to the program. japan's economy shrank more than expected versus expectation of .08. this as the covid crisis batters the economy. a spokesperson told report ers signs of stagflation are beginning to show. this as the pace of retail sales

and industrial output growth increased, though the property sector remains a headwind. sam filed this report. >> reporter: economic activity in china were higher than expectations thanks to manufacturing and consumption holding up better than expected. despite a flare up in covid cases which led to restrictions. spending was said to gain in sales ahead of singles day and also the golden week national holiday, good for things like catering and holiday weakness in the property sector was still said to have weighed on production. new home prices saw their biggest month on month drop since 2015 as the government continues to try to cool the red hot property market including cracking down on financing to shake the speculators out of the tree fixed asset investment slowed in 10 months. the jobless rate remained

unchanged at 4.9%. but youth unemployment stayed in double digits at 14.2% economists still expect to see the economy continue to slow for the rest of the year on concerns around the property sector and as china maintains this zero covid approach there's been some suggestion the central bank will tread cautiously amid concerns around stagflation. back to you. inflation will peek at 2.4% this year before declining in 2022, 2023, according to a new forecast in the european commission eu economy's commissioner admitted inflation will now be longer lasting than previously expected >> inflation, supply chain bottlenecks are quite understandable in a moment where very rapidly you have a surge in growth or will they have a

permanent impact well, the main stream consensus is that most of this are temporary. and not permanent but, of course, we have to look at them very closely because well, inflation will continue to grow in the last two or three months. it is supposed to go down in the second part of next year but, of course, the vigilance is needed. >> you were hinting there at the fact that you're expecting the consumer price increases to be temporary. the ecv also shared that opinion. but do you think that european consumers, when they face higher energy bills in some european countries will agree that inflation is also temporary? >> well, i think they're not immediately concerned by inflation. they are more concerned about the consequences of energy

prices in the electricity prices i know that several governments are reacting to these with mitigation measures. especially addressed to vulnerable households. and then in the long run, if what we now think the temporary nature of inflation will not realize. you will have a longer lasting high, high inflation of course, a lot of risks of second round impact of inflation on wages, on consumer expectation. but i repeat, until now, our view is that reaching 2.6 this year in the eu inflation will decrease to 2.5 next year. >> meanwhile, the italian trade

commissioner to the uae told hadley gamble at the forum today that the italian recovery depended on progress on beating the virus. >> we are very, very cautious, of course, and we need to be very prudent but i think there is an awareness now that without vaccination, we cannot be safe we cannot recovery economically and socially, too. italy is a country of mobility, the beauty of italy. so we must do a continue this way in order to get ready to receive again more and more tourism, more and more investment exports. >> we have some fresh headlines coming out of -- around the belarus situation. we have the geopolitical tensions brewing around the migrant crisis at the border, and fresh lines out of the kremlin, the kremlin says the u.s. secretary of state's assessment of the migrant stand

off and russia's actions is wrong. russia is ready to mediate in the standoff and is already doing so to a degree kremlin says russia would not use nord stream 2. the kremlin coming out with strong lines this morning, confirming that russia is already doing so -- is already taking a mediating role, according to the kremlin, in the migrant standoff between belarus and the eu so this is quickly escalating into a situation that is much bigger than what's happening at the border with the kremlin now acknowledging that it has already gotten involved in a, quote, mediating role. these lines are fresh out of the kremlin now. so we'll keep an eye on anything new as it comes through. but for now we are going to take a break. coming up we'll take a look at the ihs market business outlook.

rachel barton joins the conversation next.

welcome back to "street signs" i'm julianna tatelbaum and these are your headlines countries agree to phase down the use of coal in a last minute compromise at cop26 underwhelming expectations but the cop26 president defends the deal. >> i also understand the deep disappointment but i think as you have noted, it's also vital that we protect this package. a three-week partial lockdown sparks violent protests in the netherlands as covid cases spike across europe. while the eu commissioner warns against coming off pandemic support too early. >> don't repeat mistakes made in previous crisis, tightening too fast and declaring victory on the economy too soon is a mistake. chinese consumer demand

remains strong in october as retail sales jump more than expected while industrial output also beats expectations. and air bus soars to the top of the stoxx 600 as it confirms its first major order since the start of the pandemic. the ceo tells cnbc it's a positive signal but a long ways to go still. >> we are still at the beginning of the recovery, it's going to be a bumpy road. we see evolution of the pandemic around the world having impact on the traffic we've got some fresh lines out of the uk's vaccine panel. the jcvi, and this is news around the uk's booster strategy jcvi says all adults aged 40 to 49 years should now be offered an mrna booster vaccine. until this news we were only, in the uk, seeing people over the age of 50 and those clinically

vulnerable and front line health workers eligible for boosters, now the uk vaccine panel has advised extending the booster campaign to a broader group of 40 to 49-year-olds the uk's mhra, the regulator, welcomes the announcement to this age group the jcvi said all 16 and 17-year-olds should be offered a second shot of the pfizer vaccine. and the effectiveness of the shots, real world analyst shows booster increases protection against symptomatic covid to over 90% no evidence that protection against severe covid is declining in the under 40. so leaving the question open as to whether we'll see a further extension to younger cohorts down the line. but for now the news is those 40 to 49 will be offered an mrna booster here in the uk sticking with the covid

situation, violent protests erupted in the netherlands as new covid restrictions were imposed to fight rising infections people are encouraged to work from home, professional sport will take place without fans and bars and restaurants will close by 8:00 p.m. in austria a lockdown has been imposed on unvaccinated residents today. they can now only leave home for work, to go to school, exercise and to buy essential supplies. anyone breaching the rules could be fined over 1400 euros the plan will be reviewed in ten days british and european business confidence remained high in october albeit a little down on june's record levels according to the outlook report released today it says while the route out of the pandemic is clear, headwinds still exist in the form of the supply crunch and price pressures. rachel barton joins us now

thanks for being with us give us a sort of high level take away from this latest report you put out and in particular, where were the major surprises. we're all aware of the supply chain issues, what new information did we glean from this report? >> thank you very much for having me this morning as well as you said, firstly we need to remember the record levels of confidence were reported in june across europe. while confidence has come down to the lowest levels in the last 12 months so far we are still in positive territory and above pre-covid levels however we are seeing mounting concerns over supply chain constraints as firms anticipate challenges with recruiting staff and a shortage of raw materials, as well as rising energy cost. so i think these factors are creating inflationary pressures

i think the new news we're seeing is that while there was anticipation around these inflation pressures, particularly from raw materials and supply chain, it's really the shortage we're seeing affec the economy right now. and while organizations are looking at hiring as they rotate, reskilling and making sure we have the right skills in the economy to fuel growth is going to be critical >> a little bit deeper into the staffing picture in europe i read in the report that the european private sector companies signalled ongoing plans to raise their staffing levels over the next 12 months but they have scaled back their expectation relative to the june levels what should we read into that from a staffing perspective? >> so employment expectations have dropped, but those hiring intentions as you say are still

above peak in 2015 so we are still in positive territory. those concerns around skill shortages and challenges within recruit. are particularly for skilled staff rather than entry level. with the added challenge of wage rising because we are seeing a shift to suppliers market. lockdown has made training harder under tighter visa rules impacting eu workers, so it's important to reskill particularly areas such as supply chain, sales and marketing, digital cloud data and analytics we are seeing a pinch point given the role technology is playing in the recovery, too. so leaning in to those areas is going to be crucial. >> uk firms signalled the greatest expectations for a rise in staff costs in this latest report what does that say about wage pressure in the uk versus europe, and do we have insight as to why the staffing situation

is more acute here in the uk than it is on the continent? >> yeah. well, i think we are -- we are seeing, as i said, some challenge around tighter visa rules and eu workers and that's playing out within the uk. i think as well we've seen, because of the confidence levels, a fairly rapid rotation actually within uk business. we are fresh from cop and i just heard your segment there that that has shown a much broader cop than we've seen in previous years a greater partnership between business, society and the government and we are seeing a stimulation of jobs, particularly in infrastructure and the green structure which also organizations have to lean into. so the thinking about skills, wage inflation, the kind of growth areas that british business is going to have to focus on to fuel that recovery,

there are many dynamics playing out over the next year or so >> corporate profits have held up particularly well and proven a lot more resilient than even optimistic analysts and investors have expected. now the question is, as inflation pressures mount and stick around longer than anticipated, how well will companies be able to preserve that high profitability, what can you tell us on that front? >> we have to take inflation very seriously because while we are seeing 60% of organizations claim that they will pass on price increases to their customer, and that's a normal part of a commercial strategy, it should not be seen as the only lever to maintaining profit and we have to really optimize and manage costs at the bottom line as well as the top line revenue so for business that means continuing to prioritize automation and technology investments such as cloud and

green infrastructure also for those who can operate in a virtual or hybrid environment, that is an opportunity to maintain real estate costs and also travel costs. reskill workforces rather than just look at recruitment in order to attract the right skills and also to seize the opportunity created by increase in demand. we have to remember that demand is still very high in the economy. and actually, pivoting again towards green infrastructure thinking about innovation, in order to capture this wave of growth is going to be crucial. so grow the top line, optimize the bottom line, manage costs incredibly well so that we can maintain profit in the middle. >> rachel we'll leave the conversation there thanks for joining us this morning, rachel barton we have some live comments coming out of downing street right now on the covid front a press conference taking place. we have england's deputy chief

medical officer giving some commentary and the news out just in the last ten minutes or so is around the uk's booster campaign and the uk's vaccine panel says that all adults now, 40 to 49 years old should be offered an mrna booster jab all 16 and 17-year-olds should be offered a second dose of the pfizer vaccine and the under 40s, at the momentjcvi says no evidence that protection is declining in the under 40s a timing issue when it comes to that information given they were vaccinated more recently no doubt they are waiting for more data to collect as time passes from when the under 40s were given their vaccinations. the big news, the booster campaign will be extended to the 40 to 49 category here in the uk you can see there the deputy

chief medical officer in england speaking i don't know if we have some sound from him so i will just keep an eye on anything he says that is of pressing importance, but just wanted to give you a look at what's happening at downing street in terms of corporate news, air bus has received an order for 255 new aircraft from private equity firm indigo partners in what is the biggest deal since the beginning of the pandemic the total deal value for the a321 jets has not been revealed. indigo made the purchase amid signals pointing to a rebound in the travel sector. speaking to cnbc at the dubai air show, air bus' ceo said it takes air bus into the second half of the decade, while outlining the company's priorities going forward. >> we have two challenges one is to put covid-19 behind us. that is the case we are still in the beginning of the recovery and it's going to

be a bumpy road. we continue to see evolution of the pandemic around the world having impact on the traffic and the second one is obviously how to grow our industry in a way that is compatible with the decarbonization agenda that's a big challenge, we take it serious and our growth plans are factoring in as a transition from fossil fuels to full decarbonization. so we have two main challenges, many but these are the big ones. >> shares in phillips are selling off sharply this morning after the medical equipment company said it's in talks with the u.s. food and drug administration over potential further tests into foam it used in ventilators phillips announced it was re recalling some 4 million ventilators over concerns the foam could degrade and turn hazardous. the fda is urging them to now conduct tests on other devices

and demonstrate those should not be recalled as well. still ahead on "street signs," a blockbuster day for the white house as president biden prepares to sign his infrastructure bill and then meet with chinese president xi the latest live from washington after the break.

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u.s. treasury secretary janet yellen warned inflation levels may not reduce until the country deals with the pandemic. in an interview with cbs, yellen said the rising prices of goods such as used cars and petrol should start to ease next year if covid is brought under control this as the white house looks at ways to mitigate bottlenecks and port delays. but biden's spending bill has been criticized as a potential fuel to inflation. bryce deese echoed yellen's

sentiments >> there's no doubt inflation is high right now, affecting american's pocketbooks, outlooks, it's a problem we have to deal with but it's important we put this in context when the president took office we were facing an all-out economic crisis. 18 million people were collecting unemployment benefits 3,000 people a day were dying from ovid. we have to finish the job on covid return to normalcy by getting more work places covid free, more kids vaccinated so parents feel comfortable going back to work. >> president biden will hold a virtual meeting with his chinese counter president xi today officials have quashed it is a summit and have sought to dial back expectations. president biden will also today sign into law what he is calling the most significant bill in generations, he's

touting the infrastructure bill. chris palone joins us live from washington d.c president biden would say that given the person sure he is under from an inflation perspective and the most recent polls, wouldn't he >> reporter: right the president stopping to take a victory lap of sorts today more than a week after this bill passed now that congress is back in town for ceremony at the white house it's unclear whether any republicans will show up a lot have been under increasing pressure from former president donald trump to reject the whole concept of this infrastructure bill but ultimately it will send out about $1.2 trillion to help modernize and repair the nation's roads, bridges, ports,

airports, rails and also provide high speed internet to places that can't yet get it and improve infrastructures such as led pipes and cities where they have bad drinking water. the president, taking this after weeks and months of negotiations, he's taking this to sign the bill and take a victory lap here, but, you know, his optimism he said earlier that government can still get something big done that optimism is going to be tested this week because the house of representatives returning to capitol hill here this week will start to take up his bigger nearly $2 trillion spending bill and it's going to have a lot harder time getting through both houses of congress and to his desk. >> a busy day, week indeed for the president and all of that is outside the meeting with president xi coming up later today. chris, thank you for breaking it all down for us. let's look at european markets and how we're trading

this morning, starting out the week, teetering around the flat line here in europe. last week we saw european equities out perform the u.s. peers, advancing .7% while u.s. markets retreated. u.s. futures, this is the picture for wall street. last week stronger than expected inflation report and tightening monetary policy brought the recent win streak to an end. but this morning it looks as though we'll get a bounce back in all three major indices state side if the levels hold. that's it for today. thank you so much for watching "street signs. i'm julianna tatelbaum "worldwide exchange" is coming right up stay with cnbc and we'll see you tomorrow

it is 5:00 a.m. in washington, 6:00 at night in beijing, china here's your top five at 5:00 a virtual face-to-face, president biden and china's president xi bgearing up for their first one on one since biden took office. we'll lay out what is expected to be discussed. also in d.c., the president expected to sign the roads and bridges finfrastructure bill today. which stocks you may still want to own. a watered down deal in