>> narrator: a patient ends up dead. >> we found him dead in his kitchen, laying on the floor with dr. barnes' prescription in his hand. >> narrator: was it the illness, or was it the doctor? good morning welcome to "street signs." i'm julianna tatelbaum >> i'm rosanna lockwood. these are the headlines. vladimir putin discusses ukraine and says it is the only right decision on victory day with the parade in moscow. and the yield looking to call the shots u.s. futures accelerate losses after a roller coaster week on wall street. mining stocks lead european

losses as chinese export slows to the lowest level in almost two years. beijing zero covid strategy weighs on output. and the chip maker ceo tells cnbc sales will stay strong. >> we see demand in most of our target applications. there is a weakness in consumer related stuff, but that doesn't matter so much for convenience we have the latest pictures from moscow where victory day continues in red square. of course, this is an annual day held in russia to c commemorate the win over the nazis in world

war ii president vladimir putin gave his speech and both noting he did not actually mention ukraine, julianna, once, during the speech he referenced it and spoke about troops in donbas that is the take away. he is under scrutiny and criticism from the nations outside russia and then within the country to get approval for the invasion interesting, i thought he spoke about russian soldiers deaths. the glory brought to the so soldiers who fought in the war and talking about fighting nazis and that is what happened in world war ii and it has been used by him as justification throughout for the invasion of ukraine. not mentions uking ukraine by n. vladimir putin speaking in red

square condemning what he called external threats meant to weaken the country. in the speech on the 75th day of the invasion of ukraine, putin gave no indication of how long it might continue, julianna. i was watching to the decorated veterans in red square, many who fought through not only recent wars, but the last few surviving veterans of the soviet union victory over nazi forces in world war ii watching reactions stoned face. a complicated time in terms of the military hardware paraded in russia at the moment normally you would have 190 pieces of hardware through red square this year, it was 130. lower because all of the hardware is in ukraine it is important what was rolled

in 2017. julianna >> rosanna, you talk about the complex day for russia there is focus on the domestic community and what putin is trying to communicate to them and there is a lot of speculation around how the kremlin will use today will it be used to adjust the messages to try to get public support for the war in ukraine will president putin launch a new attack on ukraine to mark today? clearly there is a lot of tension around this day and a lot of focus on what it may mean for ukraine as you pointed out, rosanna, ukraine has been absent from the president's remarks something we will continue to watch and continue to bring you scenes from moscow the u.s. has meanwhile unveiled sanctions against russia as it ratchets

restrictions over the invasion of ukraine the latest sanctions bar u.s. companies from providing services within the country. halt of sale of advertising to broadcasters and will block visa access to 2,600 individuals. including gazprombank. and the g7 leaders announced a ban on russian oil exports sylvia joins us with the latest. talk about what the european leaders are thinking here. we got that announcement of banning oil imports. gas is a question. >> reporter: exactly the move from the united states and the new commitment from the g7 and the eu is struggling to approve the sixth round of

sanctions against russia because of that question of the oil embargo. essentially, still opposing the proposal that the commission put forward. they want a longer phase out period to stop buying russian oil. that impasse is preventing the block from approving this broader package of sanctions i have to say one eu official told me this morning and described this moment without progress on approving the package of sanctions that official said hungary's indecision is sad. and we need to understand if they will move ahead in the coming days with this ban on russian oil. this also poses a question about how hard would it be for the eu to actually approve sanctions on

natural gas? officially this is the sixth round of sanctions against russia the packages they approved before were approved smoothly. now we are seeing this impasse because the eu is more dependent on russian natural gas than oil, would the block manage to approve tougher sanctions down the line i put that question forward to the austrian foreign affairs minister over the weekend and this is what he had to say >> we adopted five packages. far reaching sanctions ever adopted on any third country we have done so. i think we should continue in this way we should have the debate which took place in the council and discuss it publicly to show that we are divided and less divided than the public eye might have impression we have to have with the russians observing us. let's have the debate on the

council. the approach we had in the past and have in the future is adopt sanctions which are hitting russia and which are weakening russia and the russian economy, but we shouldn't weaken ourselves. it is a bitter reality that we have not decreased enough of the course of the last couple years our dependency of petrol or oil or gas the goal is clear. decrease dependency and eliminate it it would take time it will take time. we cannot do it in a couple of weeks. at the end, it might be economically very dangerous for european countries to do so. we need an industrial base we need for the time being for the next couple of years to take time to get out of the russian gas. >> in the meantime, ukraine is

fighting russia on the ground and eu is sending money to russia. >> russia is paying the transit fees to get the gas to europe. the picture is not black and white. we are decreasing it to build new lng terminals takes time everybody is staring at austria and germany. there are many member states more dependant on russian gas. we have a problem in europe because the pipelines are not interconnected sufficiently. we didn't expect that to happen. this was the dividend and market economies did not deem it necessary to invest. now we have shock therapy. i can assure you that europe will move out from russian oil europe will move out from russian gas. the only thing is it cannot be done overnight >> you heard the austrian minister for foreign affair

there is rosanna, it is not as divided as it seems when it comes to the signisixth roun of sanctions, it will take time. it let's not forget the eu, in order to approve sanctions against russia, it is all 27-member states to approve the package. >> sounding defensive there. sylvia, thank you. germany chancellor olof scholz has continued it send heavy arms to ukraine in a televised address to mark the victory in world war ii, he said he understands this couldes

escalate >> translator: many statements i hear is concern that the war would spread it would be wrong to dismiss this concerns must be able to be voiced and at the same time, fear must not paralyze us. still to come on "street signs. can the u.s. markets move on from the roller coaster week we will look at the market action next.

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let's give you a look at what is happening in china now because the shanghai composite is trading flat. we are showing you that. it beat expectations despite lockdown decisions imports remain unchanged giving you a bit of autos as well and how that is happening in the space we will show you bmw which is down .60 mercedes-benz down .70 this is all with supply chain

issues this is a big concern for many sectors. chipmakers never forget this is a huge part of the supply chain. taiwan included in the lockdowns. we are keeping a close eye on the chipmakers earnings out as well for infineon a 22% rise in the second quarter. the revenue saying demand for products continues to exceed the group forecast will reach $3.4 billion that is ahead of previous estimates. we see the company down. trading under 2.5% the ceo telling cnbc the company is increasing prices based on higher demand. >> we are adjusting our markets and product prices to the markets and there is also market for our raw materials which is rising again, the net is really on the positive side for us

yes. >> let's talk about the ukraine war. there were reports that it is needed for semiconductor production are you depending on it or is this a problem that this is coming out of ukraine? >> as a matter of fact, that noble gas has a role in the semi kconduct er industry. we are waiting for the i mpact which is limited for supply. >> where do you get it as an alternative? >> we get it from the global gas suppliers and they have multiple sources across the globe >> would you be impacted from the embargo on oil or is that a concern? what would that mean

>> oil and coal for us is more of a price topic whereas gas, natural gas, is a supply issue we depend on gas for our factories to stabilize the climate in the clean room and the abatement systems which we use to neutralize toxic gasses in production. we, of course, are looking intensively to look at reducing or replacing the natural gas it will only be limited. there will be limits a gas embargo or supply stop from russia would affect us as many other industries in europe. >> interesting to hear all those companies affected here in europe. let's get a look at the heat

map for the morning. stoxx 600 down 1%. we had a terrible week of losses fifth week of losses state side. ftse falling to lows as well we had the weak opening in europe let's look at the markets. it looks like the ftse on the back foot. down .75%. the dax and cac slightly worse the ftse mib is a lag. i want to bring up the minors. i'm showing you the ftse which is exposed and struggling with the china situation. you have concerns about demand in the second largest economy with iron ore shipments. interesting to note travel and leisure are down we had reopening and flight confidence we will keep looking into that

you can't say it, but utility under the flat line. let's look at u.s. futures could it be a better start absolutely not 345 points off the dow jones industrial average nasdaq off 76. 50 points off the s&p 500. you could see the scary numbers continuing at the start of the trading week now the ecb could hike rates by as many as three times this year to tackle inflation. that's according to the austrian central bank we are keeping a close eye on all banks given the rate hiking environment. not so much in europe, but deutsche bank down 1.2%. barclays down 1.4% we had the move by the bank of england and bearish move starting to pare back by 2023.

let's look at something we are monitoring with the central bank the pound is not having a good time at the moment you have had the u.s. dollar aty retreating with the powell statement and it crept back up the greenback strong against yen as well. the global yields. fixed income space you have the ten-year for the german bund. the ten-year is 89.17. really interesting moves in the fixed income space yields creeping higher look at the 10-year for the gilt let's bring in jeremy stretch. it seems at the moment there are

not many negative indicators for the u.s. dollar. will anything pull it back are you seeing a waning of momentum in the second half of the year >> you are right it is a period of dollar dominance which is existing in the environment. we have a federal reserve in the hiking bias. we have the two 50-basis point hikes that is likely to come the question is how far and fast will the fed move? i think we might be anticipating a more cautious fed hike after the july hike. so i think that might just arrest the dollar dominance. it is interesting in the terms of the reference points to eurozone rates moving higher when the eurozone rates move negative, we see a dowgrading of the central bank in euro i'm not suggesting the rush back

toward the single currency, but it will add to the diversification play and that might imply the dollar dominance may be less aggressive than the first. >> that will be interesting to watch especially the euro which is not having a good struggle against the dollar getting a little bit of a hint of a hiking strategy why isn't that boosting the euro at the moment? >> you are right we have seen a substantial degree of the hawkish move i guess the question is you can flip it around and say without that bias of pricing in hikes, it would be below that ow. that is possibly the case. i think we are seeing support

from the concept of higher rates. i think it is just still being overshadowed by the real economy pressure we see in the eurozone which was evidenced by the factory auto data as well as the dollar liquidity and all of the higher long-end yields are attractive for many external investors. >> jeremy, in terms of the euro, i'm seeing increasingly more and more traders calling for the euro/dollar to reach parity. that is because the euro is the best way to play recession risk to short the euro. to clarify for us and if you will, i'm sorry if you are repeating yourself, i'm curious if that is a realistic possibility to see the u.s. dollar reach parity? >> of course, where we are with

the cycle, it will trade at the 105. it doesn't take a lot of the significant market move to get to that parity threshold. you are right. we are seeing the eurozone impacted by the legacy of events in ukraine and that flow ns into the european market. the u.s. appears to be better insulated against that broader slowdown we are starting to see signs that real money investors moved short of euro over the course of the last few sessions. i think we have seen that in the leverage community already we have a lot of negative positioning into the price of the euro and we have a lot of optimism and flow through into the euro/dollar. ithink i will be cautious in terms of calling for that parity

test to come in the near future, those should hold if we see that in the next few weeks, it will be a slightly more constructive back drop for the euro going into the second half of the year >> super clear, jeremy thank you. moving on to sterling. it has been a brutal handful of sessions for the british pound in the wake of the bank of england decision last week where is fair value for sterling >> that's a very good question in the context of the macro dynamics the headwinds have been building in terms of the macro story in the uk because of the reliance on the consumer expense and the impact of the rising energy prices playing through to the consumer complex i think we probably would be viewing 125 as a key level to watch. now we have taken that out, i

think we are heading back toward that low of 120 area i'm not sure there is enough momentum to take us through there yet. there is a lot of optimism priced into the dollar maybe the case you want to look at euro continuing to grind higher there is not a great deal to see with the sterling story. we will see reaction with the bank of england and it has been priced in by the market. that is discounted sterling will remain pressured, but looking across the board, it may be a better way to play them we will see it breaking down to 120. >> jeremy, in the united kingdom for a moment interesting moments from northern ireland does this have any material impact on the pound this year? >> of course it does add uncertainty to the relationship with the mainland of the uk and

european union under the northern ireland protocols the political uncertainty has become amplified in the election results. although, we had been discounting this for some time i guess the question is what will be the uk government reaction to the ongoing negotiations with northern ireland and is there a move to adjust that? then this adds another layer of political negativity to add to the sterling woes. that adds to the fact that euro will continue to price higher. >> jeremy, can we round out the conversation and looking at the japanese yen which has been on the awful slide. are there positive aspects of letting the currency go? if yes, do they offset the negative impact of the currency depreciating like this >> well, if you listen to the

governor from the bank of japan, he is happy to tolerate the cheaper yen. that provides the inflation pressure and japan is still trying to get out of the disinflation cycle it has been stuck in the last couple decades and provide impact for theexpor. the bank of japan is happy to tolerate we know they doubled down in terms of the yield curve in the recent meeting that implies if we see that remaining supported, that doesn't remain in the uptrend with the dollar/yen. from the ministry of finance perspective, they would like to avoid disorderly markets as long as that gradual d depr depreciation is just that, they are happy to tolerate the sliding yen. that leaves open the recent

cycle higher for north of 135 as the target threshold >> oddly depreciation and managed chaos. jeremy stretch, thank you very much for your views. still to come on the show, the west unveiling a number of sanctions against russia as the kremlin marks victory day. we'll have more next

happy monday welcome back to "street signs. i'm rosanna lockwood. >> i'm julianna tatelbaum. putin marks victory day with a massive parade in moscow. yields look set to keep calling the shots of the german ten-year the u.s. accelerates losses after the roller coaster week on wall street. and chinese export growth slows to the lowest level in two

years as the zero covid weighs on factory output. and earnings forecast and raises the full-year revenue output as the ceo tells cnbc sales will stay strong. >> we see unabated demand in most of the target applications. there is a bit of weakness in consumer related stuff, but that doesn't matter so much for infineon. u.s. first lady jill biden met with her counterpart during an unannounced visit to ukraine. the two first ladies met in the west of the country housing 160 displaced ukrainians, including 47 children. this came as the visit to europe where biden spend time with refugee families in romania and

slovakia biden became the latest high profile american to enter ukraine and share support for the ukraine people >> it is important to show the ukrainian people that this war has to stop and this war has been brutal and that people of the united states stand with the people of ukraine. >> we all feel your support. we all feel this, but we like to know that the support for us because people feel your love and support during such an important time in the meantime, vladimir putin addressed russia speaking in spfront of service members i red square the short speech came on the

75th day of the invasion of ukraine. he gave no indication how long the invasion may last. we have matt bradley in ukraine with the latest. good morning, matt plenty of people were worried about this speech. worried it might mark a shift in the strategy in ukraine. interesting, ukraine wasn't mentioned specifically by putin. >> reporter: really interesting. he did not mention it at all he did mention the donbas region and he talked about ukraine without mentioning it once by name that was deliberate. he doesn't consider ukraine to be a separate country. to mention ukraine is to acknowledge its existence and right to nationhood. he made a falsehood of fighting the ukrainian government and fighting the nazis in world war ii he spent precious little time talking about world war ii and the veterans from world war ii

surrounding him on the stage there. it was an interesting speech for what it wasn't it did not call for mass mobilization or world war iii in which moscow was facing off against the west and liberal world. it did not follow or proceed a huge bombardment or assault in ukraine. i have to tell you, the last time i heard vladimir putin speaking like this, was when he was announcing the war what he called the limited limit engagement i was in kharkiv when that speech ended and you could hear the bombs dropping around kharkiv. that is what i expected here i thought he would make a bombastic speech and aggressive one announcing a fresh assault and renewed attack where he would abandon the limited engagement and talk about a huge war and i would actually see bombs land around me in eastern

ukraine. that did not happen. the speech was remarkable for what it wasn't it was not a massive declaration of war or did not call for mobilization of ukraine. we did not see the general who is the main chief of staff who is actually running the war. in this speech it is hard to say because vladimir putin could have gone in any direction he could have said this speech could have been used to declare a ramp-up. he could have said anything he wanted vladimir putin controls most of the messaging within russia. instead, he just used it to reheat some of the justifications he has already served up to the russian people and to the west saying it was nato and nato allies who refuse to compromise. they were planning the assault on crimea. the peninsula that russia

annexed in 2014. it really was underwhelming and that makes it remarkable guys. >> matt, one other thing that stood out when i was listening he did actually mention soldiers killed in the current activity some was saying it was a concession the official russian estimate of soldiers killed differ wildly from those of nato victory day in russia is often about relatives holding up pictures of their relatives killed in world war ii he mentioned those soldiers killed which is interesting. >> reporter: it really was you know, it is not entirely new. the russian government reluctantly mentioned there have been soldiers killed we have heard from kremlin spokes people acknowledging people have died they have not put a number on it

as you mentioned, their estimates are so much lower and what we are hearing from the u.s. and uk. the last number i heard was 15,000 russian dead in this more than two month war 15,000 that is more than twice the number of u.s. soldiers who were killed in iraq and afghanistan over two decades of fighting combined this was more than two months of fighting over two decades of fighting for the united states we are talking about a huge amount of death of russian troops the russian people are rightfully confused and probably becoming skeptical despite the fact that vladimir putin controls the messaging this was an interesting speech in what as you said he did not mention. he did give a hint to the casualties guys. >> to be defined by what was not included matt bradley from nbc speaking to us. thank you.

french president emmanuel macron has been sworn in for his second term. macron won 55.8% against marine le pen last month. the next hurdle is the parliamentary vote when he hopes to gain a majority against the alliance that includes le pen's national rally macron called for new methods to invigorate france amid trying times in europe. >> translator: the time that is beginning will be the time of resolute action for france and europe first actually avoid the escalation of the russian invasion of ukraine. build a new european peace and autonomy for the continent make our country a stronger economy and agricultural power

in other european election news, sinn fein has taken the victory in northern ireland. this is set to be the first catholic first minister. there was a drop in support over the handling of brexit they are avoiding a boycott of the executive until trading agreements are scrapped. voting across the philippines in the presidential elections. the son of the former dictator is facing off against the current vice president officials say early indications of turnout have been encouraging with one poll showing 56% support over the 23% for the current vice president. john lee is the next chief executive of hong kong a former police officer was the only candidate and won over 99% of the vote in the city's elite

election committee emily filed this report from hong kong. >> reporter: john lee has been elected as the next chief executive. he managed 99.4% of votes from the committee. he hit the ground running with seven weeks before he takes office on july 1st transitioning from the lam government, he held a meeting with carrie lam. she will render all necessary assistance and support to ensure he will have success in forming his government john lee, 64 years old a career police officer. former national security chief and also the former chief secretary for administration hong kong will celebrate the 25th anniversary of the hand over on july 1st that is the day he will be sworn into office as the next chief executive. reporting from hong kong, i'm

emily tan. if you thought the week would bring respite, that's not the case so far. european technology stocks are getting hit hard this morning. the tech index has lost about 2.3% we were down 2.6% just moments ago. now down nearly 30% this year. it looks, rosanna, we are in for another bumpy trading week >> more ahead. still to come, u.s. futures are pointing lower ahead of the weak inflation data. we will have the latest after the break.

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welcome back to "street signs. european equity markets on the back foot. more losses coming through by more, building on last week's 4.5% drop in the stoxx 600 really heavy selloff in europe that negative momentum is continuing we have red across the board

ftse 100 down. the dax down 1% it looks like a broad based selloff as inn vvestors take ri off the table. and we saw sterling which has plummeted below 123. more selling pressure. we have sterling down another .50% as for the dollar index overall, it is up .4% more strength in the greenback in a range of currencies we have seen action in cryptocurrency let's get a check of bitcoin down 15% in the last five trading sessions bitcoin hitting the lowest level since january. interesting to see when investors shed risk assets, they seem to put bitcoin in the category a ton of debate of how we think of bitcoin as an asset class

i think the fact is bitcoin has been facing serious heavy selling. turning to u.s. futures. wall street is looking red at the moment the dow jones industrial average is looking at a steep selloff. 380 points lower the tech heavy nasdaq is dropping 200 at the open the s&p 500 is resilient and still implied to open lower as well u.s. economy has added 428,000 jobs in april. topping the estimate l leisure and hospitality sector gaining. the unemployment rate at 3.6% despite the expectation would fall hourlily earnings rose 0 .3% in terms of the week ahead, inflation data is taking note. releasing the april cpi reading on wednesday

moody's is expecting prices to remain high, but moderate from the 8.5% increase in march the second inflation report is producer prices increase is on thursday the investors will watch out for comments on inflation from the fed presidents they are all due to speak this week we will have more on the economy later today when we speak to fed president neel kashkari. let's welcome josh to the program. josh, always a pleasure to speak with you what is your take on what drove the massive selloff from last week and the volatility we saw intraweek? >> thanks for having me on the show the volatility was a result of the disappointing reaction to the fed. when the fed first met on wednesday, the reaction was bullish. we believe that was actually appropriate as jay powell said

75 basis points of hikes were likely off the table and the runoff was not about to start immediately, but in june that sparked the bullish reaction especially due to the negative positioning that was present at the time in the market with what we saw on thursday and friday was fascinating the market was saying they don't believe powell given his history on being behind the curve, this could be more of him pleasing the markets and not telling the truth and saying 75 basis poibnts is on th table and he thinks the markets are too shaky to say it at the time a certain systemic issue is existing right now with the u.s. hedge fund where you have big storied tech media hedge funds down 35% or 50% on the year. any down legs causes a further taking off risk exposure to

limit losses you have a lot of fear in the market and systemic risks of funds shutting down. that is why it is important this week to look at the inflation report because something less than inflation beat would go a long way in convincing the markets that what powell was saying is the truth. >> josh, i want to dive into what you said about some hedge funds especially in the tmt space under huge pressure. i wonder what that means for and a half dnavigating the market. if you are holding positions and a massive fund has to liquidate and the stocks you hold take a hit, that has to have a massive impact on markets and explain the moves. >> we think it is. it is also compounded by two other factors.

crowding and concentration among the biggest hedge funds. it is not only the funds are doing are poorly, but the funds overlap and own a lot of the same equities. within the funds, they are concentrated if you look at the shareholder base of stocks and add up four or five similarly minded tmt funds, you see 30% or 40% of the shares outstanding you can definitely imagine it causes volatility and ripple effects. with eveach leg down, they cann risk that exposexposure we heard rumors that toward the back end of last week that was going on >> josh, it is a little bit off script in terms of the u.s. economy and what we got you on to talk about. i can't help but notice are you

in miami bitcoin moving lower what is going there? >> we think there was a point in time that bitcoin was an anti-inflationary asset. as the markets evolved with the risk off sentiment, it was more of a general risk. as you look at cryptocurrency in general, as it is falling now. it is showing you it is an anti-inflationary asset, but crowded asset. that asset class is more than risk we can look at the cryptocurrency markets as a related or leading indication to the way the stocks are going and we don't really see cryptocurrency rebound until the general risk sentiment in the stock market >> thank you so much just to get back to the u.s. economy side of things, especially in the labor market and the data showed wage growth

stagnated. that is interesting with the unfilled vacancies in the u.s. market do you think employees are not doling out higher wages? >> we think cost pressures employees are not doling out higher wages this is positive from the job measure. something that was contributing to the inflationary environment. we read the jobs number and payroll ahead of the expectations you can look at it as a peak number you do forward here and think about the tech companies amazon, netflix. laying off people. overall, the economy contracted in the first quarter we don't see the environment where the growth will continue at a fast clip from the covid rec recovery we are seeing wage prishsessurem down which is healthy. i think in the ordinary sense,

that is something that given the back drop would have been positive by the market with regard to the fed interest rate expectations however, fridays are brutal in the market so far in 2022. friday news wasn't good enough to lift the market we think the overall risk-off exacerbated the move on friday we were encouraged with the jobs report with regard to inflation going forward. >> josh, always a pleasure to hear from you. thank you for sharing your thoughts i hope you caught the f1 in miami as well. let's take a look at markets and how we are trading we're just about two hours into the european trading session there is the stoxx 600 which is down 1.2%. the selling pressure continues and as rosanna talked about the opening of the show, there is a lot of focus on russia today and

extra jitters around the war in ukraine as president putin celebrates victory day in russia u.s. foutures 340 points lower for the dow jones industrial average nasdaq looking at 190 point drop s&p 500 is looking to be more resilient, but still red there this comes after the worst streak of weekly losses for u.s. stocks in more than a decade incredible roller coaster last week the selling pressure will continue that is it for today's show. thanks for watching. i'm julianna tatelbaum. >> i'm rosanna lockwood. stay with us on cnbc "worldwide exchange" is up next. when we started our business we were paying an arm and a leg for postage. i remember setting up shipstation. one or two clicks and everything was up and running. i was printing out labels and saving money. shipstation saves us so much time. it makes it really easy and seamless.

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it is 5:00 a.m. at cnbc. here is your top five at 5:00. another rough ride stocks look to open lower again. mortgage rates jumping to the highest level in 13 years. we'll tell you what it could mean for buyers and sellers and broader economy. money losing uber cutting more costs the ceo is saying hiring is treated as a privilege bringing the metaverse to reality. facebook opening the first physical store this week where you can test out what the fake world is like.