e one of the cars if i keep this up, but... (man) reggie, can you count to 10 for me, sir? (reggie) yes, 10, nine, two-- uh, four. -perfect. -if he can't get it, i can fill in. (laughing) good morning welcome to "street signs." we are live from the studio at windsor and in westminster abbey. world leaders arrive for the state funeral of queen elizabeth ii the wall street looks to follow suit as we eye a bummer week for central banks

valuation up to 75 billion euro for porsche and what it is said to be one of europe's largest ever operations. eu is planning to withhold funding from hungary in the rule of law dispute which puts budget procedures at risk >> it is a risk for the budget at this stage remains and we cannot conclude the new budget is sufficiently protected. state funeral for queen elizabeth ii will get under way in two hours time. the service will be attended by 2,000 guests dignitaries have begun to arrive at westminster abbey many world leaders will be

attending including president biden and other dignitaridignit. let's get to steve sedgwick now. steve, tell us what is happening at westminster abbey and what we can expect in the hours ahead. >> reporter: let's start off the beginning today. after four full days of laying in state at westminster hall, a short distance away from where i'm standing, her majesty's lying in state came to end at 6:30 this morning with the final members of the public filing past her coffin. the doors shut to the public and preparations for moving the queen's coffin that distance from westminster hall at the houses of parliament to here at westminster abbey. those preparations began we have been seeing the grace

and good host of dignitaries, up to 2,000 people attending, for the queen's funeral have been coming in. a coach coming in now full of dignitaries. the great westgate or west door of the ancient abbey they have been filing in all morning in the last couple hours ahead of the funeral service which starts at 11:00 local time 1:44 bst, the queen's coffin will be transferred to the state gun carriage which was first used over 120 years ago for the funeral of her majesty queen victoria the ckcarriage has been used for her father state funerals are rare.

most notable funerals and the carriage used for sir winston churchill. there will be a short procession to the great westgate with the royals following which will be towed by 140 navy personnel of course, we will start having a short service in many ways the queen did not want a long funeral. this is a first part of three services today the other two at windsor later on i know tania has been covering

that this service will be conducted by dr. david hoyel the sermon carried out by the archbishop of canterbury the reading from the diplomat from scotland and the new prime minister liz truss will do a reading. at 11:55, we will have the last post sounded by household buglers and a two minutes of silence and the national anthem. then events move from westminster abbey and the procession of the day with thousands of military personnel around the royals following the coffin it will move to white hall and horse guards and up the proc processional route here which is the mile up to buckingham palace then it will skirt to the right

of buckingham palace to the north side of buckingham palace and go up constitution hill to the hyde park corner that is the site of the duke of wel wellington's coffin. then the long journey to windsor. that journey will take a couple hours before another procession up the great walk of windsor and two services there tania has all of the details of that it is extraordinary day here a lot of dignitaries have arrived. i have seen senior politicians one thing i will say is most of the dignitaries will arrive by some form of shuttle they are meeting at the chelsea building the one notable exception is the

u.s. president allowed due to the security implications. he will be allowed to drive here in his limousine otherwise known as the beast back to you, arabile. >> thank you u , steve. it will be a momentous day things will certainly be pressed for time if you want to call it that as well let's move to queen elizabeth laid to rest alongside prince philip and mother and father after a private family burial service. tania has more on the events in windsor. tania, the police called this the biggest operation they had to take. more police deployed here than the olympics or the queen's jubilee weekend earlier this year i guess you can tell by the scores of people that are in and

around windsor >> reporter: absolutely, arabile. a huge operation there is a ring of steel around windsor. there are thousands of policemen and security officers to make sure everything is safe when her majesty the queen's coffin arrives here at 3:06 at 3:06, when the hearse arrives, it will start the procession up the long walk which is approximately 2.64 miles long there will be 102 military horses involved as well. the procession will make its way to st. georges' chapel members of the royal family will join the procession here at windsor castle and go into st. georges' chapel.

at 4:00, there will be 800 people in the congregation made up of the households past and present and commonwealth generals and the prime ministers. the dean of windsor will be heading the service. the archbishop of canterbury will do blessings and the choir of st. georges'. the service will be 45 minutes long a moment the crown jeweler will remove the crown and orb and the sceptre from the coffin. this is a symbol of the end of her reign. of course, on june 2nd, 1953 is when the crown was put on her majesty queen elizabeth ii now it marks the end of her

70-year reign. after the service, her coffin will be lowered into the royal vault. at her own personal request, there will be the piper playing a lament after which, king charles iii and the close members of the royal family when the service finishes will go into windsor castle it has been home to british monarchs for over 500 years and has happy memories for queen elizabeth ii here. during the pandemic, this is where she spent all her time of course, in april of 2021 last year, this is where the funeral of her beloved husband prince philip was at 7:30, there will be a private burial in king george v's chapel is an

alcove ofand this is where her father and mother and the ashes of her late sister, princess margaret lay of she will be joined by her beloved husband. that will be a deeply personal burial and personal moment for the close members of the royal family to say a final farewell to queen elizabeth it is there that she will lay in eternity with closest members of the family. >> tania, it feels the queen's passing has been a unifying moment for the world with the arrival of world leaders and dignitaries and judging by the mood of the community and commonwealth and world for the royal family, it hasn't always been a unified family it feels her passing has brought

the family together. >> reporter: absolutely, julianna the queen has in her final moments unified her family of course, everyone remembers last saturday when prince william and his brother prince harry, who rumored to be estranged came together with their wives as they walked down here the long walk at windsor showing a unified front. of course, she will be remembered for her humility and dignity and for her grace and unifying not only the whole world in its respect for her and over her 70-year reign and her family as well this is why windsor is so important. it is such a poignant moment she will be buried here at 7:30 british summertime with the

close members of the royal family as king charles iii said he has been deeply touched by the support from the public not just in the united kingdom, but from around the world >> tania, thank you for that reporting. it is going to be a long one as well in and around that. we will continue to get coverage from you thank you for that coming up on the show, target a $75 billion valuation for the listing. we'll discuss more on porsche after the break.

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or add a line to your plan today at xfinitymobile.com welcome back bundesbank president says the ecb needs to keep raising rates in control he did not expect to see a hard recession in the euro area, but warned more needed to be done to return to a neutral rate the ecb is expected to raise interest rates at the october meeting after historic 75 point

hike this month. ecb's lane says they could keep raising rates into next year he said we will not pretend this will be pain free. lane added demand was a source of inflation pressure. the eurozone economy would flat line over the winter it is a busy week for the central bank kicking off the policy decisions on tuesday and speculation is running high that the federal reserve could go more jumbo with the rate hike on wednesday thursday marks meetings for the bank of england and bank of japan and swiss national bank. european markets are trading in the red this morning. uk markets are closed to honor her majesty the queen and funeral proceedings.

outside of the uk, dax is trading down .30%. equities finding a floor this morning. more resilience in the spanish and swiss markets. it is red across the board as investors brace for the central bank meetings. on to wall street. u.s. futures also looking at a weaker start to trade. all three majors indicating a down start to trade. this follows on the selling on friday all three majors slipped in friday's session dow jones transports with the worst day since may. the s&p and nasdaq with the worst week since june. nasdaq dropping 5% overall we are in for a weak start today which is in continuation from last week.

and finland could see $8 billion in compensation if germany national lists unuper. berlin could take acontrolling share of the company germany bailed the utility out in july after gazprom's decision to halt gas flows to the country. the french government is expected to file the offer to nationalize edf or possibly sooner the energy group issued the fifth profit warning of the year last week saying lower production will impact earnings. meanwhile, a number of edf shareholders are demanding a higher offer price. and targeting a valuation of 75 billion euro for porsche this

month. very interesting conversation. having expected now 70 to 75 they dropped it from the 85 billion euro they thought she wo they would get, julianna is this the right time to do an ipo? you still have the market in upheaval and turmoil here. rising interest rates and inflation at near double digit levels is this the time for them to put the ipo out? i guess one way to find out is to get your hands hot and into the market, i guess. >> i guess we'll find out soon if this is the right choice. you are right. it is a brave time to come to the market given the uncertainty out there. vw has made the choice this is the correct time that is what the bankers are advising the company a couple of reasons why this

matters for markets. the size of the deal the third largest ipo on record. germany's second largest in history. you know, for the auto sector in particular, a huge backlog with the supply chain issues with the pandemic from the demand side to your point, interest rates rising and a lot of questions where we are in the auto cycle. certainly a brave time to come to market. i think the other big question here aside from market timing is specific to vw and porsche that is around corporate governance there were questions around the complexity of the company and bankers suggests that porsche deserves a corporate governance dis discount that is why they went, perhaps, with the lower valuation >> and the government concerns it means the family who holds

53% of vw shares with separately holding of porsche and now get a greater say. they had a fight with vw as they got into the share holding a decade ago this perhaps sits as positive sentiment. on the other side of this, proceeds from a lot of the deal will help vw in financing its electric vehicle transition. are they forced into putting this ipo out to market because they need to fund their ability to get into the ev space and they feel they are lagging behind so much invnmvestment going thrh on autos and they feel they are lagging behind investment in the space is crucial. >> a great point we know vw is keen to ramp up ev offering herbert, who was at the helm for

years, made it a priority to emphasize to the community how committed they were to growing the ev offering. from the governance perspective, you mentioned the family and complexity with the stake in the companies. you have the direct management you have now oliver blume heading both companies this is a company, porsche, where there were already questions before this appointment came through now oliver blume will maintain both roles and the reason for porsche to split is to be a standalone company and anonymity and freedom. how much freedom will they have if they are led by the same person heading vw? we will get more details on october 19 we will broaden it to the wider market and implications. if the ipo goes well, could this open the other companies to come

to market this year? >> you have seen intel a bit of delay in he lowering their expectations as well for the ipo there. does it help the market in that sense? possibly you see a lot. like you said a lot of the companies have been shying away from getting into the ipo space. a lot to do with the energy crisis and inflation numbers across europe and interest rates rising heavily they might want to see whether this will be that test in the water to give them a sense and litmus test for the remainder of the season >> litmus test for sure. let's move on. the european commission sus suspending funding for hungary over corruption. the move slashes 65% of the funding to the country sylvia mauro filed the report.

>> reporter: it is an interesting move proposing the suspension of european funds to hungary. we're talking about 7.5 billion euro now the reason behind this move from the european commission is that it is concerned about the way that budapest has been using european funds just to give you one example, the commission said that 50% of all procurement contracts in hungary have only seen one bidder european commission actually raised concerns back in april and then hungary said they had prepared 17 measures to address the concerns during the summer the commission is now saying that there is not enough detail. that hungary needs to develop those legal tactics. let's see how that evolves i the coming days. it is important to know this is a proposal from the european

commission and it has to be approved by the majority by the membership before it gets implemented. all in all, this is just one more episode in a very complicated relationship between the european institutions and hungary. i'm sylvia mauro in singapore. back to you. back here in the uk, we got word from city hall in london that all of the queen's funeral procession viewing areas in london are full. 9:26 a.m the time to watch is 10:44 that is the time when we will see things kickoff in a significant way. 10:44. we will see the procession leave houses of parliament from westminster abbey. all public viewing areas for the procession now full in central

london. coming up on the show, our italian election coverage begins with the soaring energy costs looking to affect the contest after mario draghi sends out a ulhabillion aid package in wt cod be his last move as prime minister 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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welcome to "street signs." i'm arabile. >> i'm julianna tatelbaum. these are the headlines. >> dignitaries arrive at westminster abbey for the state funeral for queen elizabeth ii london city hall is saying all public viewing areas are now full. the stoxx 600 looking to hit the lowest level since july. and volkswagen with valuation of $75 billion in the largest ever offering for porsche. and the eu plans to withhold

funds from hungary with the dispute and now puts the budget procedures at risk >> the assessment is the risk for the budget at this stage remains. therefore, we cannot conclude the subject budget is sufficieny protected. italy has approved 14 billion euro in aid amid the gas crisis with the total up to 66 billion euro the package is part funded by the energy bills and extends tax breaks for businesses and provides state guarantees and sets out a 150 euro payment for workers and pensioners who earn less than 20,000 euro per year let's look at how italian equities are faring in the run-up to sunday's election.

.60 lower in trading over the last few months. interesting conversation on "squawk box" early this morning with patrick armstrong who made the comment. if you are an investor in italy, you cannot be spooked by the election the answer in response to the question i asked about the resilience of italian assets with the uncertainty vanderbivandsurroundin the election we have the 10-year trading higher yield trading higher at over 4% mark a key psychological level. we are holding steady around 2.6% with less than a week to go before it aly heads to the polls, joumanna is at the gas pipeline which replaced russia as the gas supplier. you can see her there.

joining us with hard hat ready to go. joumanna, talk about the up coming election and this issue >> reporter: you raised a number of issues there in the read out, giul julianna specifically to gas and energy prices on the other hand and this is something that viewers are familiar with. italian assets are well supported in the september 25th election let's start with the focus on what is happening with the economy. energy has been front and center of all of the debates into the september 25th election. before the russian war started, 40% of italian gas import came from russia. ever since it broke out, it has been a move on the part of the italian government to find alternative sources of energy.

they have a deal with algeria and azerbaijan i'm standing at the gas plant and this is the main entry point for the pipeline from algeria. the outgoing prime minister mario draghi signed a deal with the president of algeria a few days before he resigned in july to bring in further gas supplies to the tune of 9 billion cubic meters as a whole. this is 1/3 of the russian gas that would be coming into the country. they are looking for alternate routes they are looking for storage facilities and demand destruction in europe. you see the likes of air conditioning set at lower temperatures all of those things together and the fact that italy has managed

to get to 85% of the total storage capacity means the country has been able to turn itself around a little bit and be better placed for the medium turn the short-term is still a question for the economy higher energy prices are hitting industries at the likes of the manufacturing sector and paper sector and machinery all of these are important to the economy which is crippled by higher energy prices that is why the country has come out to support the households and businesses of the latest with liquidity assistance and tax credits after the september 25th elections, we know there is a change in government the new government has also focused on the economic prospects for the italian economy and because gas prices are still high, there will be pressure to do more to support businesses and households and perhaps that could take away some of the forecast us on some of the bigger picture ideas that

the center right coalition talked about including tax and pension reform and tax amnesty. the pressing priority for the economy is how to deal with the higher energy prices >> joumanna, thank you for that report out in italy. we will continue to get a sense of how things are looking out there. let's move on to the goldman sachs german conference in munich the leaders of the biggest blue chips are gathering to discuss the opportunities and challenging with the biggest economy. the ceo of goldman sachs germany and austria is with us wolfgang, thank you for the time one could start by noting that gas is front and center with regards to conversations of are you finding solutions are

put forward by the companies and how to deal with it and how other alternatives are out there? >> yeah, good morning. thank you forego having me we are here at the german conference we have a turn out of 180 companies and over 600 investors gathering here lots of discussion and debate on the subject. to your question, there is first obviously a short-term question of how to deal with the impending energy crisis. clearly there is a different discussion among corporates and various sectors and public consumer on the other hand that's clearly front and center. longer term, there is a question of thousand how to change the ex the country and structure. there is a need to see how this

can be financed and the industry in the country can be put on a solid footing with future energy supplier which is important for the industries present and employ a lot of people in the geog geography. >> are you getting a sense that there is some money put forward whether it is by goldman sachs or other corporates within germany? putting forward that statement to say we're going to firmly put our foot forward and invest in the longer term you spoke about? >> i think this is exactly the right question at the moment, the focus is on short-term measures. here, the government has put out, as you know packages for the consumer there is an issue how it can be

paid the request for government support is the issue longer term is critical that private money is being put together in order to finance the transition to do this, you need to create a framework in terms of regulation and in terms of loss and in terms of set up that the international investor is comfortable with we can see a lot of interest from our clients on this subject. clearly things need to come together to find an environment where it is an open clear framework for people to invest that is a work in progress we need to make more progress to really tackle the long-term challenge. >> wolfgang, good morning. goldman sachs is the coordinator for the porsche ipo. a lot of people are focused on this coming to market. the biggest ipo in europe this

are year or poised to be a target valuation range of 75 billion euro can you give us insight why you chose that range >> in general, i would say this is a landmark transaction. it would be the first ipo in germany this year. as you say, it would be a landmark for europe as well. now in the run-up to this, we have seen very strong and constructive engagement with investors and i would say it is a testimony to the company and the brand that in particular in challenging times in the markets that we're experiencing this potential ipo. we are a global coordinator as you said and we will be committed to make this a success in away it would be a great

testimony that companies with very strong propositions come to market in challenging times like the ones we are just experiencing >> what is the pipeline look like should the ipo go ahead and go smoothly there is a lot of hope within the banking community that we see more companies choose to come to market what does the pipeline look like from the ipo perspective and on the other side, what does the ipo look like from the m&a perspective? >> you alluded to the markets being in a state to adapt to the new reality. same for corporates. we are facing the high inflation and rising interest rate environment that everybody gets adjusted to. as we see with porsche which is a strong brand and proposition with a pricing power and

competitiveness which is something that resonates with investors. similar companies or companies in specific sectors for example the oil sector in general, one has to look carefully at the proposition and whether it works the m&a markets have held upper than the ipo markets we have seen this with the restructuring and resilience and diversification resonate we still see a healthy m&a pipeline and discussions on the ipo front it is more selective we will look at the proposition going forward in the volatile market >> wolfgang, talk to us in the thinking in the ipo out in a time when you have so many issues coming to the floor is this a hope to come into the

positive with the ipo front or the hope to get the best positive deal out of the ipo in a fragile time and you think there is great value in doing this right now >> i would say it's a lot of factors. some of which you mentioned. clearly it is a very unique proposition that we are offering to the market at this point. if you think about the history of the brand and company and iconic value it under scores my point that topics like leadership and the ability to price in an inflation the inflationary market and business model and margins and the competitiveness in the new environment is key if we have similar propositions, we are positive that things can be done. obviously, this market is

selective. you have to pick the company you want to bring to market in this more choppy waters which this is one. we will see the same of others, no doubt >> wolfgang, before joining cnbc, i was with the chemical sector it is a very energy intensive sector given the energy situation, what is the outlook for the german companies and the backbone of the german industry? germany is looking to import more lng and capacity. it is not necessarily a perfect substitute for the pipeline. >> this sector faces a huge challenge in particular with respect to energy. i would say that despite all the

concerns around the sector, you see a lot of novel approaches and solutions and looked at and imple implemented. this refers to the stocks the company can resort to. there is a talk about green energy mix that is being contemplated you are right. the price of that feed stock will play and energy input will play a critical role we hope with some of the solutions that we will not see what some of the more negative comments imply which is a shift in production away from this region to other reegions. it is down to the abilities ever the industry and longer term plan to make sure the activities

stay in the region >> wolfgang, thank you for taking time to speak with us ceo of goldman sachs germany and austria. coming up, the uk prepares to bid farewell to the country's longest reigning monarch queen elizabeth ii we will have more from our team on the ground live after the break. 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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welcome back let's get a check on markets equities on the back foot after the stoxx 600 pull back 9% for week a down week, but out performance versus wall street will that continue when the fed takes center stage the cac 40 is down 1.1%. currencies with the fourth positive week in the last five for the dollar people continue to favor the

safe haven dollar up a further 25 basis points to $1.10. sterling below the $1.14 mark. wall street is in the red. wall street looking to pull back 190 points if these levels hold. adding to the losses last week s&p and nasdaq in for pull back today. those two saw the worst week since june with the nasdaq under performing the market last week dropping 5.t8%. president biden has issued a warning to russia not to use chemical or nuclear weapons in the war with ukraine biden warned china to avoid violating sanctions for helping russia it would be quote a gigantic mistake. this comes after the indian

prime minister modi told putin now is not the era of war. leading him to talk about the concerns over the war for the first time ukraine president volodymyr zelenskyy accused russia of committing war crimes as investigators work to uncover what they say are mass graves in the city of izium. they made rapid gains this month recapturing land in the northeastern region, but volodymyr zelenskyy warns it is too early to say if the tide of war is turning all three reactors at the power plant in southern ukraine are working after russian troops struck the plant the state confirmed the attack damaged buildings, but not the reactors the blast hit a nearby hydro electric power plant and transmission lines.

back to the coverage of the queen's funeral. dignitaries are arriving in london for the funeral set at 11:00 a.m. steve joins us now live and he is covering it for us. we got confirmation that the funeral viewing areas in central london are full. it goes to show you the scale of the event today. what a feat from a logistics and security perspective >> reporter: it is the biggest security operation ever in the united kingdom bigger than the london 2012 olympics and the second world war in 1945. julianna, i moved from the position outside of westminster abbey down to the south bank overlooking parliament and westminster square behind me as you see. i walked through parliament squaring where theres were tens

of thousands of people queueing up with excited hush a low murmur of conversation quite extraordinary walking through the square which was empty awaiting the procession that will take it from westminster hall to westminster abbey and the coffin on the state gun carriage it was extraordinary looking at the crowds watching and waiting. let me tell you about the next few moments. in the next hour, we will see the dignitaries will have arrived at westminster abbey, including president biden and president macron and the japanese emperor they will be some of the last people to arrive at 10:44, before that, we will see the state gun carriage with the coffin put upon it by the guards and then it will take a

small procession from westminster hall parliament to westminster abeabbey. i have been looking at the pipes and drums marching to westminster hall they are part of the honor guard. i have seen navy attachments making their way to the hall and the royal marine band and raf. we have representatives from all of the armed forces in the united kingdom king charles and members of the royal family will arrive at westminster hall and follow the state gun carriage in a short procession a few hundred yards to the gate of westminster abbey for a relatively short service the order of service includes a sermon from the archbishop of

canterbury the service from the dean of westminster. readings from the prime minister liz truss and barroness of scotland at 11:55, there will be a two minutes of silence and a last post played and the national anthem which now has the words god save the king in it played a longer procession with huge numbers of armed forces making its way from westminster abbey to white hall and up the route which is the mall toward buckingham palace. not stopping at buckingham palace moving to the north side of buckingham palace. moving up to constitution hill to the wellington arch which is named because it is the house which is the former home of the duke of wellington one of few people, non royal, to have his funeral as a state funeral.

and most notable is sir isaac newton and winston churchill julianna, the pomp, pageant ry and mourning of the queen's life takes on today there will be two more services today. back to you. >> thank you, steve, for everything this morning. we leave you with a look at u.s. futures before we hand you over to the states. the coverage of the funeral will continue on cnbc stay with us that is itor f "street signs." "worldwide exchange" is up next.

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good morning it is 5:00 a.m. at cnbc. here is your top "five@5." stocks under pressure after every major average finished the week in the red. invest or attention to jay powell. and president biden doubling down on the support for tietaiwn especially with the military invasion by asia. and the country says their