finding, "oh, my god. here i am." that's what i was always looking for, and here it is. hello. welcome to "street signs." here live from edinburgh and buckingham palace as the uk continues to mourn queen elizabeth ii here are the headlines the coffin lies in rest with her funeral set to take place on monday, september 19th king charles iii formally

proclaimed the somevereign with the first stop in scotland a service will be held in memory of her majesty the queen. u.s. futures rise ahead of a key inflation report before tuesday. u.s. officials issue a public health alert over hello fresh meal kits linked to e.coli tied to the ground beef products and the coffin made the journey to holyrood where it will rest overnight ahead of the state funeral on monday. king charles iii and the queen consort camilla will visit parliament today where lawmakers

will express condolences the king and queen consort will inspect the guard of honor at holyrood and meet with the first minister and attend the parliament to hear motion of condolence a service of prayer for the late queen will be held at st. g gigi giles' cathedral joumanna, tell us what lies ahead today. >> karen, yesterday was historic day. for the first time the public managed to get a glimpse of the queen's couffin as it traversed through the towns and cities as people paid respects some applauding and some crying. at 4:00 p.m., the queen's coffin

made the journey to the palace of holyrood where it has been sitting in the room of the thrones. today at 2:30, there will be a procession from holyrood to st. giles' kathcathedral. a service of memory and thanks for the service her queen has shown throughout her reign the king himself is expected to fly to edinburgh in a couple of hours time there will be a ceremony of the keys at edinburgh castle he is expected to escort the coffin from holyrood to st. gi giles' there are hundreds of people around me claiming their spots waiting to catch a glimpse of the coffin and potentially the new monarch. we were here a couple of hours and dozens of people set up at 6:00 in the morning. as we get closer and closer to

the 2:30 p.m. time, more and more people are flooding in. i was chatting to some ladies and they said today was a inst truly extraordinary day for them and to pay respects to the new monarch and perhaps look forward to a new chapter in terms of what happens from here, the crown of scotland will be placed on the coffin and lying at rest period commences a 24-hour period where the public can come in and pay respects to the queen. it is after that lying in rest period is over that the body is transported to the airport and begins the way back to london after which we will see property seeding proceedings in london. a new tradition is we are expected to get a vigil of the princes at 7:00 p.m. all of the queen's children,

including the king, will have a private 15-minute opportunity to stand vigil by her coffin and pay respects this has been done twice before. once in 1936 for king ge gegeorge v >> joumanna, i appreciate your work in edinburgh. thank you for that king charles was declared sovereign on saturday in a ceremony broadcast live for the first time tanya joins us for the first time a busy weekend outside buckingham palace. flowers and all those who want to share some words as well about the late queen

>> reporter: absolutely, arabile. the crowds have not stop coming to buckingham palace which has been home to the british monarchy since 1837. over the weekend, thousands came to pay respects. they all came for emotional support. grieving the late queen and give overwhelming support to king charles iii. he came out on the walk-about over the weekend and the crowd actually, some of them were giving him kisses and hugs he was quite relaxed and extremely moved. now all those flowers and tributes have had to be moved away from buckingham palace and put in the adjacent green park and there's been a request that please more more toys or

paddington marmalade sandwiches. that was part of the jubilee in june as i said, overwhelming support for king charles iii who has been very, very moved and this morning, he will start his day here in london by going to westminster hall at the palace of westminster where the house of common and house of lords will express condolences to king charles iii and he will be making a speech. at 1425 british summertime, he will go to edinburgh where he will join the queen's coffin there. tomorrow, she will be expected back here. she will be landing at rf north foot at 7:00 and brought to buckingham palace where king charles iii and queen consort

camilla will welcome her coffin. she will be in the state room and wednesday taken to westminster hall where the public can go and pay respects over the next four days until the funeral on monday, september 19th president biden has already confirmed he will be attending >> tanya, it was quite a weekend. i went to green park to pay my respects and the tribute, floral tribute was stunning i did see a paddington bear. it struck me there was no time for personal mourning for the family so much pomp and ceremony. the unofficial walk-abouts we saw the fab four back in action a lot of tension between them, but for many in the public, it was a moment to be drawn into the occasion >> reporter: absolutely, karen that came completely out of the

blue a surprise william and indicate. now prince and princess of wales and duke and duchess of sussex would go down the walk for 40 minutes to greet the public and receive flowers. sources are saying that actually it was william that texted his brother, harry, to say please will you and meghan join kate and i and look at the flowers and after negotiation, they did come together. it was william that led the four of them and there were awkward moments, but they were there showing unity and respect, of course, for the late queen elizabeth. it was interesting to see the fab four as they are called back together when they had finished interacting with the crowd and taking all the flowers and having a lot of hugs meghan had a big hug from a

young girl in the crowd. they went to a car a waiting car and william drove and they all got in together and went off. >> tanya, thank you very much for bringing us the coverage i must say, arabile, it was unusual with television broadcast. everybody was trying to listen for sound bites. >> yeah. just get any sense of what is going on between them. a sense of how they are feeling and what they are thinking and interaction as well in a time when mourning is exactly how they are feeling >> you can feel it across generations. i was standing among people to pay respects at the palace you couldn't move. you hear everyone's private conversations. some of the older people wanted to pay respects to the queen some of the younger people wanted to be part of history to mark the occasion. and thank the queen for so many

years and all of her contributions to society and mark the passing and celebrate king charles iii it was really different emotions for a lot of people. >> all weekend long, one of the big things that i could think of was we had an interview last week with steve and we were speaking how the queen had the soft power and it really is just that i think won the world over and everybody felt that soft power that she continuously had. in her passing, that soft power continues to well people up with wanting to pay respects as they have right now. >> huge issue to pass on to king charles iii. he has been extraordinary so far and very strong on how he performed in recent days given a difficult period of mourning and stepping up to the incredible role we will talk more about the ramifications and all eyes on

the uk it has been a stunning period of time it does continue let me peel away from coverage in the uk and talk about market numbers in the back drop for economies in europe challenging times. the industry output numbers for italy for july is plus .4 month over month exceeding expectations the june revised numbers also minus 2% versus worse number of 2.1% we are getting better numbers. year on year, we are minus 1.4% after revision that number not going in the right direction. still it does suggest that we do have underlying problems in the economies even if there has been respite on the numbers over to britain's economy which expanded at slower rate in july growing 0.2% from june

missing forecast for a 0.4% rise the office for national stats noted signs and changing consumer behavior and lower demand as potential reasons for the cooling. bank of england forecast that britain would slip into recession due to the standards from the energy price surge. and fed is backing another interest rate hike how much fed governor chris ttopher wall is discussing a 75 point hike. we'll discuss more after the break.

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symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist strong start for european markets for monday's session we are moving into positive territory across the board more than 1% the handover from the u.s. markets on friday is strong for european sentiment we are picking up on risk-on moves. you took a look at the dow and s&p and nasdaq 2% on the nasdaq leadership from the stocks from

apple and microsoft and caterpillar. the european stock markets with conf confidence 1.3% to the upside on the ibex it is a solid start to the t trading week let's look at the moves here autos are big moving more than 2% in the green. retail names also rocketing ahead with basic resources percentage jumps banking stocks 2% in the green we are seeing a little bit of soggy action in health care and telecom. i want to take you to the foreign exchange markets step up from risk sentiment in euro we managed to gain more than 1.3% some watchers feel it is an unexplained move and there could be down side from here we have had some pause or hawkish comments from the ecb

for yields and direction of the currency still that is against what we are seeing from the united states markets and how hawkish the federal reserve has been that may be telling only part of the story. euro has reclaimed territory we have strength in sterling not demonstrated in the japanese yen against the dollar the yen on the back foot the dollar declines. yields we have climbed to the highest level since mid je-june on the italian mib. i'm going straight to this one this is what the market is closely watching countdown to the italian elections. above the 4% level the other big one is safe haven on bunds of course, we stepped up in recent trades by 20 basis points we remain around the elevated

level. ecb is suggesting 2% required for rates to try and tackle inflation. don't forget as we talk about where the neutral rate was, we are seeing 1% to 2%. now moving rates toward 2% would be fairly high end level for the markets. arabile. thank you, karen deutsche bank and bank of america ready to announce further rate hikes back down to the 2% target. cnbc spoke with the central bank of malta and played down a move for the future. >> we believe the supply side for the inflation will abate perhaps because of things

happening in the u.s. and gl globally prices and energy would subside. we still have to see that. the point is that were to happen and obviously we will continue to look for demand and would require a similar hike as we've had just a week ago. >> fed governor christopher waller indicated support for the third consecutive 75 point rate hike this meeting. his comments come after similar remarks from jay powell and vice chair lael brainard. the u.s. federal reserve is likely to raise interest rates by another 75 basis points

according to the cme group the probability increased 990%. those are just extraordinary numbers to think most of the market is around 75 basis point move a course of participants and low chance of 50 the other thing is data incoming this week. the markets will digest cpi numbers. what difference it will make to the markets and expectations if we get a higher number than anticipated or weaker number >> it feels the 75 is baked in it is set in stone that really will happen. if that is the case and inflation comes out softer than anticipated. does that change trajectory? does that change things or create the wait and see moment

that the fed wants to get into as you see the yields are looking toward very interesting what happens with that inflation read later this week. we'll get a sense of where to go from here. >> let's get to william sales at hsbc reinforcing the theory of peak inflation. what is the ramifications of the market that is prime for 75? >> you know, the headline inflation will fall. a consequence of the strong labor market keeps inflation high although i think the market is pricing in more or less the right number of inflation hikes, you know, we are going to continue to have, you know,

sideways moving with the volatility you will have an unclear inflation and policy picture for quite a while. we are looking for consolidation in bond and equity markets with volatility >> can i get into that direction with the stock market? it is a sharp decline off the market when the markets go down, you see a recovery trade is that what it is a shorting covering and moving off some of the lows it is not a genuine rally? >> that's correct. that's why we are calling for the outlook with the title we had a bear market in the first half and rebound in hopes of the fed would become more stand off. we hope to see a pivot you see that from jackson hole and ecb as well. you know, we didn't chase that

rally. we think actually on the bottom end for the equity market, a lot is priced in that's why we're stuck in the trading range and markets will do what they are particularly bad at which is patient for inflation and economic cycle to advance. >> for rates to increase effectively 2.25%, in three meetings, that is massive. to get to that, you have that massive jolt up. if inflation does begin to come down as they would want, they are trying to bring it down under control as quickly as possible it draws down quickly and what is the chance you get that effect where you have to unwind all of these hikes that you've done and you need to do that just as quickly? >> that's what we disagree with, right? the market is pricing in interest rate cuts in 2023 you know, it has taken the

inflation which was low and the genie out of the bottle. if the fed manages to cap inflation, they will not cut quickly. i think central banks in europe and in the eurozone and uk will do what's necessary, but hopefully not too much and then if they do the minimum to try to find or crush inflation and still not be overly negative for the economic outlook, then they won't have the scope to cut and want to keep that inflation anchored on the labor market, we are nowhere near finding that balance. >> how long does this influence growth or impact growth on the negative side? >> so, you know, i think we do get to equal from 2% to 3%

we may under shoot it for a while. clear equal on inflation is higher than where it was that is not necessarily a negative from the economic growth, we need more investment spending in structure projects usuch as sustainability and energy independence i do think when you get less recessionary fear, you will get from the business side and from the government side the decent amount of investment spending which supports economic growth >> willem sels, thank you for joining us couple corporate stories to

say. ecb is threatening to sue philips which says it accuses them of causing 16 billion in losses after giving investors the wrong information. philips did not provide further details. british gas centica announced booming profits as household bills surged chris o'shea says he is the first to sign new contracts on electricity generation swiss re is talking about rising inflation which is causing concerns and it is looking to bring forward the

natural disaster portfolio. a public health alert in the u.s. for ground beef in hello fresh meal kits over e.coli. a recall has not been requested. health officials are concerned that some contaminated kits could be in freezers >> interesting we talk about stories like this which played out in supermarkets and fast food restaurants. new era as we talk about meal kit delivery and how food is consumed >> and the cost of living crisis and this is the last thing you need it is not the one thing that they will need >> and worth checking if you have those at home. coming up on the show, ukraine reclaim thousands of square kilometers of territory in a sweeping weekend counter

offensive. that's coming up next.

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welcome to "street signs." i'm karen cho. >> these are your headlines. queen elizabeth's coffin lies in rest in edinburgh where king charles iii is accompanying the coffin leading up to the funeral next month. and u.s. futures rise ahead of the key inflation report on tuesday. u.s. officials issue a public health alert over hello fresh meal kits tied to the ground beef products. and food prices slip on warnings that chinese fuel demand could contract as beijing continues to impose a zero covid policy

on to the market picture starting the week off with positivity although we ended with nervousnervousness. we have positivity with the ftse mib. generally markets looking out for inflation data the u.s. inflation numbers will be of interest we follow through from .75 higher for the interest rate numbers coming out the ecb hiked by 75 basis points sense census where to go as they look to head in the direction of another 75 basis point hike influencing markets with the positivity last week you are getting the interest

rates getting a bit of momentum in the markets p basic resources going up 2%. banks up 2% to the good there. health care is the only one sitting in the negative. .30% down and retail higher across the board brent crude oil. market is higher today brent crude oil followed a sense of opec is looking to do they announced that cut of 100,000 barrels per day last week, that did not move the market as much key questions of interest rate hikes in europe or the united states will be the influencing factor wti as well going up .10% out on that front similarly, you are seeing brent crude oil with a little higher as well. karen. let's talk about the energy market janet yellen warned oil prices could spike in the united states

this winter as the eu cuts back on russian imports rising oil prices were a risk, but proposed cap on russia prices could help contain costs. the finance minister says houses will have to absorb a small part of the prices and they will protect bill payers. details of the france caps next year are due in the coming days. european energy ministers have backed away from plans to cap russian gas prices and instead seeking broader gas caps despite concerns of the viability of the proposal. the ministers are asking the block to cap revenues of non-gas energy producers martin ratz from morgan stanley is here to get a sense of the energy market and the eu meeting we had over the weekend regarding the same issue

those broader price caps, martin, how much of that would certainly influence the market on a longer term bases we get the sense of how urgent this might be, but we need a longer term solution is that possible >> well, when you say energy, that covers a lot. it is worth being precise about what we're talking about here. in this case, energy really means electricity. there are two issues in europe well, several issues in europe two that are in focus. electricity and natural gas. natural gas strikes me that there is not a lot the eu can do about the wholesale price, but electricity, there is more to be done electricity is almost always everywhere a local market. gas is by now pretty much global in europe, we need large

quantities of lng and erode demand we need a price signal that incentivizes that if there were a price cap on the wholesale of natural gas, we would compete with other countries for the energy cargos available. in electricity, there is more to be done. the kilowatt hour is expensive that sets the price. that means improved profitability for gas electricity producers and the eu can do something about evening out where the profitability lies on average, lower electricity prices. >> how much of a vicious circle could we find, martin, because de demand coming off lows and if the world is looking for alternatives, demand would go down and prices would stay up.

how quickly are we getting into the vicious circle >> it is worth putting the primary energy in context. about one-third from oil and half from natural gas and one-third to coal. 60% from fossil fuels. the scaleable of wind and solar is 4%. if i interpret your question correctly, we have the high prices and we will destroy demand for particularly for natural gas. we will also build out a lot of renewables which further drives down the price for natural gas we are in a structure trend lower for gas consumption. natural gas is 25% of our energy mix. overw

overwhelmingly, 85% of gas is used for heating where renewables compete is 15% of gas use the genuinely scaleable of renewables only compete with gas of 15% of gas uses with electricity generation this is where the markets are nervous about the issues which simply building out renewables is not something that is feasible on the time scale we need to address the problems for this winter and next winter. look, the gas problem is not open-ended from 2025 and into 2026 a large amount of lng will enter the world market a lot of that lng can come to europe and revolve the problem it should be solved. >> martin, i want to pick up on that because there are events

that happened. the russian price cap story that seems to have triggered a response already from president putin. over the weekend, as we talk about the military, we have seen reports that suggest ukraine has managed to reclaim territory that the counter offensive has been successful. what are the links here? we know the worst-case scenario is total shutdown of russian gas. is this something we need to be concerned about with the screws tightening on putin at this stage? >> look, total shutdown of russian gas to europe, frankly 80% to 90% has already happened. volumes are already down by that amount every incremental bit that is cut off becomes more difficult to offset and compensate not to be, you know, not to minimize the importance of the remaining flow there is. 80% to 90% is behind us. i think what is important to

realize is that we tend to discuss these issues one by one. it is the totality of the european energy issues that make it a complicated problem in oil, the eu import embargo comes in europe consumes 11 million barrels a day. 3 million from russia. at the turn of the year, europe needs other supplies in gas, we have the issues well documented 80% to 90% is down coal that embargo came in already it used to get imports from russia at the moment, eu has to look for new suppliers for that and coal prices are high in nuclear in europe, because of shutdowns, nuclear power generation is down 20% or so lower this year than normal

levels in hydro, because of drought, hydro is down 30% this year. oil, gas, coal, nuclear and hydro provide about 85% of the primary energy mix 85% of the primary energy has issues discussing this highlights problems it is the totality which is difficult to deal with >> martin, head of european oil and gas. thank you for the time from morgan stanley ukrainian president volodymyr zelenskyy has hailed his army counter offensive in the northeast territory as potential breakthrough in the war. ukraine reclaimed 3,000 kilometers of territory, including one key russian logistics hub in the stcity of.

and other attacks accusing russia of targeting water and power facilities in the kharkiv region meghan fitzgerald has this report >> reporter: the counter offensive gaining momentum and showing know sign no signs of s. >> this counter offensive shows we can win >> reporter: on the 200th day of war, ukraine announced reclaiming 1100 square miles from russians and liberating more settlementes and forcing the russians to retreat. burned out tanks and fresh artillery left behind. >> would you describe this as a turning point? >> absolutely a turning point and sign of demise of russia in ukraine. >> reporter: there is a deepening crisis at europe's

largest nuclear plant. the sixth and last working reactor shutdown by officials after crews managed to restore an external line the only source of power. >> are you concerned about a nuclear disaster >> yes all of this is too close for comfort for any of the nuclear security people who are working in the field it is literally playing with fire >> reporter: a precarious situation made worse because the shelling seen for weeks keeps coming experts say if the power line is struck again by artillery, the plant will be forced to run on back-up generators there is only a ten-day supply of fuel. >> that was meghan fitzgerald with the report from kyiv. xi jinping is expected to leave china for the first time in two years for the state visit

to kazakhstan and meet putin at y uzbekhstan the biden administration is set to hit china with more restrictions on u.s. exports of semiconductors according to reuters which say the commerce department will publish new rules to some u.s. firms to assist from supplying chip makers that manufacture semiconductors with sub 14 proc processors this comes as the autumn festival struck a muted tone for another year as millions are under strict lockdown. residents are reportedly growing discontent with the restrictions with the reports of food and medicine shortages in some places and a significant hit to the economy at large

i think it is fair to say, we will see little change on the zero covid policy coming up to the communist party meeting next month. the idea of keeping people under restrictions and zero covid is dominant for the party control the party messaging won't change what happens next is key don't forget we have the vaccines that china has signed up for ones you can inhale. it does suggest that they are trying to move forward to the next phase at some point >> in doing so, i suppose, it will be a big compromise they have to get to at some point you can't go on at these levels. they probably are one of the only regions in the world that is battling covid that much. everyone else has gone through a lot of it. manufacturing hurt here. we are talking the auto sales which reached 2.38 million units in august. nowhere near pre-covid-19

levels giving you a sense that economy is still not going to get to 6% growth or further along. they were the darlings of the double digit growth at some stage. >> we are seeing in the numbers. we are also getting reports on just what it is doing to the chinese emotionally. there was a terrific story in the "new york times. that the earthquake that struck c chengdu and people asking for permission to leave homes or check on neighbors because they were fearful of covid restrictions the run for your life safety and a story unfolding with the earthquake that is stunning we think of all of the emotions that change in the covid lockdowns we had here. the revenge spending and need to go out and see loved ones. the deeper level of emotions and behavior change given the length of restrictions. >> and how they deal with that heading off into things like singles day.

you would get so many more celebrations headed off to the close of the year. that could begin to fade, too. if you have the muted response to the autumn festival now, imagine what happens for the year they have been effectively under lockdown for two years we struggle doing it for three months or a year >> exactly sdp. >> a little bit more more than two years. let's park that conversation there. we have developments playing out now as we continue to track live coverage with the passing of the queen. prince harry has paid tribute to queen elizabeth ii in a statement released a short time ago, harry, who stepped down from royal duties in 2020, said he would be forever grateful for how the queen had honored him and his family the statement when he talks about celebrating the life of her majesty the queen and

mourning her loss and commitment to duty. and talking about how many people respected her very interesting as we look to the pictures over the weekend. surprise coverage that emerged as the four royals, warring couples, that we all covered in the newspapers they came together you could feel the tension it was an extraordinary moment. >> a big, big moment as you know, harry coming out with that statement and noting the final parting brings us great sadness. i'm forever grateful for our meetings from my childhood memories with meeting you for the first time as my commander and chief to the first moments when you met my darling wife and your beloved great grandchildren. >> the royal who still has a love for his country and came

together for the weekend and shared the emotion and support of each other and think about the future. coming up on the show, we will talk abouti something else. crypto space ethereum merge is days away. we will look at what it is and what it means for the crypto space. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance.

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now before we head off to the crypto discussion, quickly some news coming out on the federal and state investigation of the e.coli outbreak with the hello fresh meal kits. they are working with the usda and with the supplier concerned as part of the investigation this is purely a precaution of the kits which are no longer for sale this effects a small portion of consnsumers in the u.s. who received ground beef.

the cryptocurrency ethereum is expected to upgrade to the merge. the value has surged in recent weeks and in anticipation of the merge. this sounds like a hollywood event. it gets super charged at this point. >> that is the expectation it is worth talking about ethereum and bitcoin ethereum is billed as the block chain operating system in which developers can build apps. bitcoin is set up as a payment network. it is important to recognize how these work it is the idea of proof of work versus proof of state. ethereum and bitcoin worksystems miners validate with computers to solve math puzzles. they are rewarded in crypto. the other point is proof the

state. this is where ethereum will move after the merge. this is validaters staking their crypto or locking up to get the right to validate on the network. they are rewarded in crypto for the efforts. if they put up collateral, this could stop misbehavior on the network. those who do miss behave, they could see their collateral fall. in terms of the merge, what is happening? there is a proof of stake block chain at the moment known as the beacon chain that will merge with the ethereum block chain changing the network into the more efficient proof of stake method it is worth looking at how bitcoin has done versus ethereum since the june lows.

up 19% on ethereum and 20% for bitcoin. so much excitement there around ethereum there are risks with the macro environment and what if this demand doesn't materialize with ether applications a lot of excitement so far this year, ghuys, for the merge. >> i hope you tell us more thank you very much. we are counting down to the start of the u.s. session after the strong trading pattern on friday more than 200 points on the dow. it indicates it will be another bumper start today thank you for watching for myself and arabile, thank you for joining us "worldwide exchange" is up next.

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it is 5:00 a.m. at cnbc. here is your top "five@5." stocks pointing to a higher open as they look to the inflation report china extending lockdowns and restrictions again as covid cases spread across sevregions. activist dan lowe changes his tune with the fight with disney. and the clock is ticking on the nationwide rai