enough to lead another revolution. >> i think he'll get right back on his horse and put something together. i think we'll be talking about marc harris in the next 10 years. hello. welcome to "street signs." i'm rosanna lockwood uk yields to the high as they co confirm prime minister boris johnson is facing a vote of no conf confidence >> seeking a vote in the prime minister has been passed a vote of confidence will take place within the rules of the

1922 committee >> european stocks start the week in the green after the solid set of payroll data. state side trading higher and inflation figures due this week. crude prices gain after the price tag of the product signals strong expectation as opec producers accelerate output increases. and elon musk backtracks on claims that the automaker needs to cut 10% of the work force after he felt super bad about the economy. uk prime minister boris johnson will face a no c confidence after the lawmakers handed in the decisions. this comes after the ex-tended

weekend of the platinum jubilee celebrations with a recess speaking to reporters this morning, the chair of the 1922 committee saying it is better to allow the vote to happen as quickly as possible. >> i'm notsurprised by the speed. our rules say it should be done as soon as reasonable in circumstance so i suppose it is in line with recent precedent it is good for everybody to get these things out of the way as quickly and efficiently as possible >> a look at uk ggilds now. the much longer dated 30-year at 2.54 the 2-year at 2.12 geoff is in the studio with me

talk about the hangover from the platinum jubilee people waking up to pouring rain and now no confidence vote in the uk prime minister. it is something they hung on to after the jubilee. dp >> it is like a typical british summer you have miserable weather to get to work because of the r & t on strike. if anybody said inflation made it feel like the '70s, we are getting that let's step back, rosanna, and explain what is going on to the audience outside of the uk this back bench committee has ultimately triggered a leadership competition graham brady has received 54 letters saying we have no confidence in the prime minister then you get a leadership con contest. if you are the leader of the

party, you are the prime minister those jobs go hand-in-hand if boris johnson were to lose this leadership contest, he would then ultimately have to step down as prime minister. the point here is he needs 180 votes in the leadership contest to survive there are 359 tori mps he needs180 of the in the closed door that will take place why is this happening right now? we had this party-gate story running for weeks here in the uk ultimately an investigation by the police handed out to 83 individuals and 126 fixed penalty notices because they were quote, partying when the rest of the country was ultimately having to obey the

lockdown rules around covid that were set by downing street itself so a lot of frustration and anger in the country that people were not able to visit relatives, their parents or maybe vulnerable people in the community and yet it would appear at the same time, they were holding parties and drinking alcohol and celebrating the prime minister's birthday at number 10 downing street something else that is probably worth bearing in mind here is we always have a couple of elections coming up. one in wakefield in the north of england here a seat that the conservatives won in 2019 and now looks vulnerable in the election and then two others. you could ask if we have the triggering of the leadership because of party-gate and the people are concerned and no longer trusts boris johnson or

is it triggered because conservative mps worried about their job going in the next general election and starting to think boris johnson could be a liability because the polling around these two elections suggests that the conservatives are not going to do particularly well there is, of course, underlying all of this, the question of the economy and the headline level with employment still good in the uk and economy is not doing any worse or better than many of the european counterparts. the reality is inflation means many people are seeing household income fall because earnings are not keeping up with the higher level of prices here we have a fascinating leadership contest now that will take place. downing street, of course, as you pointed out, has said this is an opportunity to clear the

air, but this is not a competition that the prime minister would wanted to see at this time. >> absolutely not, geoff you mentioned the economy. the counsellor was one of the lead contenders was to take over if the leadership vote took over we have the scandal regarding his wife he was implicated in the covid party at downing street. he is out of the race. some say dominik raab out as well liz trust is giving her backing. this is fascinating to watch in the next 12 hours. we had withering letters they don't need to reveal their hand when they write to the 1922 committee. some have. they publicly tweeted letters. one absolutely eviscerating the lying culture and partying culture at number 10 as you mentioned. many no confidence v and the

recent one being teresa may. there was a lack of backing for her. >> there is always the opportunity for the prime minister to resign there was speculation ahead of the leadership race triggered that he might choose to do that. i think the messages we had so far from downing street suggests he is up for the fight and he believes he has a chance to win. at this stage, you have to take some of the public communications with the pinch of salt as you've pointed out in previous competitions that have been triggere ed we have seen a lot of cabinet ministers rally to the prime minister and then ultimately we've questioned where their support really lies. in this case, the fact we do have one or two cabinet members who very early on said no, no,

no i pledge my full support behind boris johnson. i don't think we should read too much into that as we were discussing on "squawk box" not that long ago, there is the football manager defense oh, no, we fully back the football manager and then they are gone by the morning. it is interesting to hear how different members of the cabinet are positioning going into this election -- sorry, this leadership contest we will have to, i think, wait for the next few days to get a clear sense of whether there is a natural successor that begins to emerge. >> absolutely. you wonder if the glum luck at boris johnson's face was what we should see he what was to come you are seeing strong performance in prudence up 4%. you have glaxosmithkline up

broadly. following that positivity in london the ftse 100 up 1.2% we will keep a close eye on that throughout the morning let's give a look at the broader european markets are looking. swiss markets off. the ftse at 1.25%. cac is up 1% a strong showing for the monday trade. we did have quite a strong lead overnight. confidence regarding the china reopening story. that is despite the weakened to stateside. we will have more on that later in the show. u.s. futures as we head to the wall street open tipping toward a positive open up 250 for the dow jones

industrial average keeping a close eye on the u.s. economy and adding 390,000 jobs in may of beating the forecast the non-farms payroll report showing growth in hourly earnings at .3%. the unemployment rate was unchanged for the third straight month. despite the improving employment picture, cleveland fed president saying the central bank is cautious on the rate hikes speaking to cnbc, multiple smaller rate increases may be needed until inflation cools >> i'll come into the september meeting and if i don't see compelling evidence, i could easily be at 50 basis point in that meeting as well no reason we have to make that decision today my starting point is do we need to do another 50 or not? have i seen evidence maybe we can go to 25.

i'm not in the camp of we stop in september >> janet yellen denies reports that she urged president biden to scaleback the stimulus package over inflation fears the claims made in the upcoming biography on the treasury secretary that she wanted a smaller rescue plan. yellen said she believed the package was crucial in driving economic growth after the pandemic investors will watch for u.s. inflation data for the month of may when it is released. consumer growth is forecast at a slight tick down from april. let's bring in the first guest for the show today daniel morris. great to have you with us this morning. let's talk a little bit about fed moves coming up. we are getting a lot of narratives coming out about whether we see a pause in the rate hiking cycle in kseptember.

what do you think? >> it comes down to the inflation. what the fed does is dependent on the trajectory of inflation we need to focus on core inflation and not headlines. you mentioned cpi at 8%. that will get headlines, but it is not what the fed is worried about. it is important with headline inflation in the u.s. or uk or eurozone the figures are similar. what is driving monetary policy is core inflation. you see different numbers. in the u.s., it is over 6% over 5% in the uk. in the eurozone, it is 3 you have a different trajectory for the expected level of policy rates and what we see realized depends on the core inflation figure. >> let's think about the average american at the moment a lot of focus on the gas prices at the pump and how that is affecting people we are seeing not strong wage

growth market when we think about the data we have with the nfp reports. what do you think life is like for the average american how much pressure is it putting on the fed >> what the fed needs to think about is getting wage growth down that seems a bit callus in the context of 8% headline inflation. if you have 6% year on year wage growth which is the figure recently from different wage trackers, that is not compatible with the 2% inflation target that the fed has it needs headline inflation to come down absolutely so the real wages are in a better position ultimately it needs that core cpi to fall and it needs wage growth to come back in line with the inflation target that will drive their decision about the up ccoming policy path >> daniel, bearing all this in

mind, where are the pockets of opportunity with the u.s. equities >> u.s. equity is more challenging than others. it is oriented toward those countries and regions with a relatively calm monetary policy and the u.s. on the other end of the spectrum within the u.s., nonetheless, you would be bias toward value oriented or commodity stocks or other areas that hold better you worry about consumer demand given what is happening with inflation. the challenge for any at the central banks is when you have inflation, that slows down demand the central banks think how much do we need to add to the slow down by raising interest rates and it makes you anticipate challenges on the consumer demand front we know that was very strong in the first quarter and that was part of what led to the gdp

decline. it hopefully won't keep up at the same pace. >> and from the beige book, it highlights it is okay for the companies to pass on price rises to the consumer. how long will that last? >> we have been looking for this margin squeeze forseveral quarters the surprise last year it did not happen you imagine it is getting harder and harder it depends on the mix of goods and the news in retail sales with retailers not anticipating how that shift is taking place we know there should be a shift from goods to services i think there will be more sensitivity on a goods area. if you need to get another laptop, you will not be willing to pay for it now. if you want to go on holiday, you will pay more for the airline ticket that is what the fed needs to assess one interest rate set or a swath of prices rising at different

rates. >> inflation really still surging here in the uk and europe, of course, ecb meeting later this week on thursday. the ecb is repeating the fed and acting too late and aggressively tighten. would you agree with that? >> i think that is a bit overdone with the core inflation rate comparison. you just didn't have the fiscal stimulus when you mentioned janet yellen you didn't have 2 trillion going into the economy supporting when you didn't need it we hope we don't face those pressures. a lot of these things should prove transitory that allows them to hike at a moderate pace and afford to be cautious you risk or worry they go too far and end up in recession. >> the signals in the market come through fixed income.

we are seeing gilds rising off the no confidence vote news. what would be the strategy in the fixed income >> we are speaking underweight dur duration the balance is higher. we moved a lot on the one hand if we think about the inflation part of the yield, the question is the interest rate hikes where you have priced in will be enough to get core inflation down from 6% to 2%? that is a long way to go on the real yield side, a big move in absolute terms relatively low. if you need more hikes, that is higher real yield. you still see higher nominal interest rates >> there is concern about inflation. that is the word we have talked about in the last five minutes is recession a bigger concern?

>> certainly it's a risk we all know the record of central banks managing soft landings is not good the reason the risk is relatively small is a bit of luck we came into this year with the recovery from the lockdowns and pandemic it was all about trade. in the u.s. and europe 4% growth was enormous for the eurozone there is a lot of room for growth to slow without ending up in recession that is what will get us through this without seeing recession. >> daniel morris, great to have you on thanks global markets are at the shift after over a decade of low rates. according to morgan stanley co-president ted pick. for more coming up, go to

cnbc.com the european central bank is ending net asset purchases at the meeting this week. looking for the first rate hike after a decade in july this is after it saw a record of 8.1% in may. we will cover all of that when it happens on thursday still to come, crude prices are spiking. aramco is looking at key prices. we'll have more after this brk. ea

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ukraine's foreign minister has hit out at emmanuel macron after he said it is important not to humiliate ukraine he said it is france's role to mediate in the conflict. macron's comments can only humiliate france kyiv has come under attack for the first time in more than a

month. that is after the u.s. will supply ukraine with millions of rocket launcher systems. president putin responded saying the move to supply the missiles could prompt russia to strike new targets. >> all this fuss around the delivery of weapons, in my opinion, has only one goal to drag out the armed conflicts as much as possible. >> these missile systems can use long-range rockets potentially >> rockets yes. if they are supplied, we will draw appropriate conclusions and use our means of destruction which we will have plenty of in order to strike at those objects we have not yet struck. saudi arabia raised july prices for asian buyers buying more than expected after opec agreed to boost output dan murphy is joining us with more dan, unsurprisingly oil is

heading higher off the news. what can you tell us about what was agreed >> it is interesting to also see oil moving higher in the aftermath of the opec immemeeti, rosanna. markets have been given a boost after the trading day. the price for crude was between $1.80 and $2.75 a barrel that is significant. analysts expected a $1.50 increase this was larger than forecast. when you read between the lines. traders are seeing this as another signal that demand is going to remain robust despite soaring prices china has been easing covid restrictions and that is driving new demand activity. the worries of spare capacity have been factoring into market pricing right now.

all of this came after opec moved to pump more oil in july and in august by 50% more than current levels we know opec is struggling to compensate for lost russian barrels and fulfill higher quotas there is skepticism that opec can make a dent in the soaring cost of crude. we see that playing out with citi and barclays raising prices in 2022 and 2023 saying tighter supplies and delay in the return of russian oil is going to be another bullish catalyst moving forward. it does seem like for now higher prices are here to stay. you see brent and wti knocking on $120 a barrel u.s. dollars. >> dynamics and making it tough. dan, while we have you and talking about saudi arabia a lot of attention on president biden's scheduled trip coming up

in june. now the visit may be delayed do you know more about that? >> that's right. nbc news reached out to the saudi embassy and israeli embassy in washington, d.c. seeking comment sand clarification over why the trip had been postponed the white house never confirmed the dates for the trip the president is expected to travel to the region some time soon the exact reason why this trip in june was canceled or postponed remains to be seen at the focus of this visit was, of course, his trip into saudi arabia where he is attempting to reset the administration's relationship with the country having previously called it a pariah after the murder of jamal khashoggi. he is trying to tame the inflation in the united states

and soaring cost of energy it was thought we might see the president on the ground in saudi arabia achieving some kind of deal with the saudis to pump more oil he would have been able to take that home and claim it as a win politically and at the same time the saudis would pump more oil into the market and helping to maintain its relationship with russia also fill the supply is gap that has been left behind in the aftermath of those eu sanctions. it doesn't seem like that will happen any privtime soon. the president is expected to visit the region and saudi arabia and israel and possibly the uae. when we don't know. >> he has been outspoken about saudi arabia dan murphy joining us. thank you so much. still to come, tesla ceo elon musk walks back comments

over job cuts after his super bad feeling over the economy we'll have the latest after this break.

welcome back to "street signs. i'm rosanna lockwood these are the headlines. uk yields surged to multiyear highs as the committee confirms prime minister boris johnson will face a vote of no confidence in his leadership later today. the stocks end the week in the green after the payroll data stateside. attention turns to inflation figures due this week. crude prices gain after saudi arabia raises the price tag of the strong demand he expectation. and a u-turn for elon musk he backtracks on the comment cutting 10% of the work force after saying he feels super bad about the u.s. economy europe markets as we open trade today. positive here. ftse 100 despite the news from downing street this morning

heading up 1.25% dax up and ftse mib is 1.5% higher we had a stronger lead in asia we have more reopening confidence from china which is feeding through as well. we will have more focus on asia. it could be a strong showing for europe int f let's give you a look at how currencies are doing. the pound is stronger against the greenback. that is interesting given the news of the no confidence vote of boris johnson scheduled later today. the greenback is weak against the japanese yen 130.68 we are keeping an eye on the russian ruble as the conflict in

ukraine continues. now a look at the ten-year yield for the europe market. the longer dated german bund at 88.3955. italy is trading higher at the moment the ten-year gilt has spiked that is the big news from downing street you are looking at the ten-year yield at 1118.134. and let's look at the markets. it was pretty weak to end the week last week in the u.s. 278 points to dow jones industrial average nasdaq is 186 points higher. s&p is 45 points higher. if we were to open now, it would be a strong open back to asia

shares surging after chinese regulators are concluding the investigation into the ride hailing giant didi it will allow didi back on app stores we have been talking about it elon musk said the head count will wise over the next 12 months and salaried staff will remain flat. marking a u-turn from the earlier comments musk said the firm needed to slash jobs by 10% because he had a quote super bad feeling about the u.s. economy that news actually sent tesla shares down 9% in extended trading. arjun kapul has joined us now. interesting to see the u-turn from musk. >> rosanna, we saw the price reaction on friday was because the market was surprised

this is a company that managed to weather the supply chain disruption and continue to boost deliveries and fare resilient to the peers. it is a surprise if musk said we need to cut the work force why is that? is there something that musk knows that we don't? is it softer demand for the cars over the years that is the question that investors are asking the clarification is head count will increase. salaried employees will stay flat perhaps increasing the number of staff in factories and production and battery production as well which is critical the market wants to see tesla boost production and meet demand in order to meet the goal of 50% deliver y growth this year the only way to do that is ramp up the demand. the one thing of the story is this is a typical play from the

elon musk playbook when it comes to ketesla. we saw in 2018 and 2017 with the company cutting jobs it was admin and sales roles particularly that really is that start-up mentality that elon musk continues to bring to tesla. he knows investors want to see ramping up of production and profitability as well. perhaps he feels these moves are necessary right now to keep costs under control. also perhaps to keep employees on their toes. rosanna, this is an important one. investors are looking to say why is tesla looking to cut employees? i think the bigger issue for investors is the china story we have seen shanghai lockdowns going on for weeks we know tesla's factory is there as well. there is an issue on supply and supply chain disruption, but on

demand as well one of the things we have seen in previous lockdowns in china is demand takes time to recover as well. it is not something that is immediate. there is no immediate bounceback when it comes to demand. the demand outlook could be muddied over china china is a huge percentage of sales for tesla. for investors, this is a work force issue slowdown with the economy in the u.s. which is a big deal, but certainly what is happening in china and if investors can get a read on demand and supply chain issues for the rest of the year >> it leads to a lot of questions. that is helpful context. please do stick around our next guest is going to talk about this richard windsor. great to have you with us, richard. there are two angles one as musk as the people manager and the other as musk as ceo of the major company let's start with the people manager. what impact is this going to

have on the workers at tesla >> it is an interesting one, isn't it i think he left everyone confused as ever he now said the 10% job cuts and walked the comments back two days later it is part of the reputation as a result of that, firstly, i think people who work inside tesla are used to his mercurio nature what happened is he made the off the cuff decision and someone has actually said do we really need to cut 10%? we're not connected to the economy and the demand is looking good i suspect that is what the source of this has been. >> it does beg, you know, whether the idea of increasing the hourly head count was the late in the day rescue mission how does that work at tesla? arjun was talking to us there. the salary workers and hourly

head count how much of a difference does that make to the company's makeup >> obviously given that tesla produces all of its own vehicles, a large part of the head count is people who actually build these things. they are shooting for a 50% increase of production they actually need to increase head count, not decrease it. also, at the same time, he seems to have gone to war on work from home perhaps the 10% cut of the kind of segment of work force which has been working from home is kind of also a further warning shot that he wants people to come back to the office. >> absolutely. he keeps praise on his shanghai workers. many sleep in factories while the lockdowns are ongoing. let's talk about musk as the ceo. the reports of the original email and the u-turnover the

weekend. how much is musk guided by the share price? >> i think a little bit. i think, to be honest with you, you look at the volatility of tesla. it regularly moves more than 5% in each direction. it would not be a huge impact on his decision to walk it back it is more around the fundamentals he has the super bad feeling about the economy. whatever that means. i take that as i'm worried about inflation and i'm worried about demand for vehicle because people have less money to spend. that was the source of it. i think it fundamentals and not the share price. >> to some extent, tesla is a bellwether for other ev stocks at debate about the future for ev, especially in the near term with the energy price crisis going on given that, how invested would

you say, richard, tesla is given musk's erratic management style? >> tesla is going to be volatile i would argue that mr. musk is probably at the same time his greatest asset and greatest liability. if you want to be an investor in tesla, you are in stock with him. he has single handedly created the ev revolution. he jump started the industry you have to pay credit to him. you are going to have volatility the other part is due relative to the valuation if you compare valuation to the other carmakers, it doesn't make fundamental sense. if you look at the assumptions of the tesla share price, it doesn't make sense when you got that, it is more about the narrative that drives the stock which is part of the

volatility. >> how much bullishness do you have on the outlook for tesla given the amount of the market ford announcing $3.7 billion for evs and including a truck. >> i think in this one, one has to separate bullishness on the company and bullishness on the stock. bullishness on the company, from the production standpoint, one of the biggest problems as a carmaker is making in volume tesla solved those things. when i look at the valuation of the company, it is another ballpark the stock is incredibly expensive in terms of investment i think there is other places one can invest in the ev trend to make more sense >> this might seem a painfully basic question, richard. how much has the twitter acquisition distraction taken

elon musk's eye off the ball >> that's a good question. i'm not sure an enormous amount. one thing is he abandoned his margin loan he used to acquire twitter because of the volatility of tesla share price. overall, this is unknown at this point in time how much of the distraction it is proving to be. i would thought at the moment seeing he hasn't managed to buy twitter yet, i thought the moment is relatively low it remains to be seen when he is in charge of both companies at the same time and how much of a distraction and how practical it is to manage both. >> did he learn his lesson with the tweeting with the s.e.c. years ago and sanctioning him for that given what we have seen over the weekend, will he run into similar hot water again with the tweets or does he tow that line?

>> that is a good question he is so mercurio in his nature. some of the things he tweeted recently have been right on the edge of what the s.e.c. might consider adjusting expectations without the appropriate filings. however, you know, they haven't sanctioned him he has continued to tweet in his normal style there is an argument to say a balance has been achieved between his mercurio nature and towing the line to make sure he doesn't run afoul of the s.e.c. >> musk gives us plenty to talk about. thank you, richard for the story that musk sent the employees last week, go to cnbc.com all details in the story and cryptocurrency is holding up despite the crypto

winter coinbase is extending the hiring freeze bitcoin billionaires are announcing job cuts for gemini over the conditions which will persist for some time. and the global push to reorganize the infrastructure of the internet basing the web on blockchain technology will limit the power of big tech. ryan brownfiled this report. >> it is a revolution of the internet where the internet would be less centralized. not a single organization will have the full control of data. that will provide you more freedom because you don't need to trust a single organization >> reporter: in web 2, data and content managed by central platforms.

web 3 aims to flip this model on its head ownership of avatars to songs will be placed in the hands of users through nfts commerce will be driven by native tokens. >> it is all about ownership >> reporter: this is the co- founder of the blockchain social media almapp >> you know you are relying on platforms and standards to derive income extrstreams. >> reporter: web 3 platforms could be held by disorganized organizations. >> i think web 3 has to do with ownership and community empowerment and transparency >> well, for more from the web 3 big names, including jack dorsey and elon musk, check out that

article and report from ryan on cnbc.com. apple could enter the augmented reality sector today with the company expected to announce the first head set. steve kovach has more. >> reporter: apple will hold the first in-person event on monday. it will be held in kcupertino an a limited number of developers have been invited. it will be a smaller audience. as always, wwdc will feature updates to software for all of apple platforms like ipad and imac and apple watch we are getting hints that apple is on the cusp of the launch and the trademark filing the first major product in over seven years and kickoff a platform war with meta and

google apple has add ar on the iphone for years, but we want to see what they are building for the hardware expectations are all over the map before we actually see it. the developers will be the ones who make the apps used apple will hold off until the fall for the big reveal and start sales early next year. there could be hardware which apple teases is coming and the final mac to ditch intel. th finally, privacy this is what the folks at meta and snap will be watching. privacy features to limit the ability to target ads. we have seen the impact that the privacy has had on meta's bu

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the white house may remove some trump era tariffs on china in a bid to ease inflation pressure according to the commerce secretary however, the tariffs on chinese steel and aluminum will remain in place covid lockdowns weighed on the economy in china the pmi came in at 4.1 in may from 36 in april and indoor dining is set to resume in all districts. state media reported that traffic bans will be lifted and normal work will are resume aftr the two-month lockdown we filed this report

>> some covid curbs were eased, but the economy still contracted suggesting people are holding back given the uncertainty of covid zero the survey out today looks at the private and smaller firms. fuelling expectations the economy could be in for a slow recovery new business fell for a fourth month after continued sluggish demand that meant companies hired fewer workers. the employment gauge contracted further. rate of the jobs shedding was the fastest in 15 months that is a wi worrying sign for e economy. inflation pressure persisted, but in a good sign costs eased to the nine-month low. companies passed on some costs to customers beijing relaxed more restrictions today which should bode well for the services sector moving forward. residents were allowed to dine

in again in most areas after weeks of take away they were also allowed to go back to work and get on public transport. places like cinemas and gyms and libraries can operate at 75% capacity resi residents must show a negative test every 72 hours to go out in public spaces. beijing reported six cases in the capital. back to you. uk prime minister boris johnson will face a confidence vote between 6:00 p.m. to 8:00 p.m. british summertime tonight. this is after the lawmakers handed in letters of no c confidencebrady. this came after the platinum jubilee celebrations brady said it was better to allow the vote to happen as quickly as possible. >> i'm not surprised by the

speed. the rules say it should be done as soon as reasonable in the circumstance when we held a vote on theresa may's position in december of 2018, we spoke the evening before and held the vote the next day i suppose it is in line with recent precedent i think it is good for everybody to get these things out of the way as quickly and efficiently as possible. a notice on fixed income the yield on the british gilt. the shorter two-year at 2.60 that is all from today's show. i'm lurosanna lockwood stay with us on cnbc "worldwide exchange" is next

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it is 5:00 a.m. at cnbc global heads he headquarters. here is the top five at 5:00 trying to claw back losses shares of tesla edging higher after a nearly 10% haircut on friday we have the latest ahead. and it is not just stocks. oil is also, get this, edging higher retail gas prices hit another record high and possibly a consumer breaking point. >>