natalie morales: that's all for this edition of dateline. i'm natalie morales. thank you for watching. good morning welcome to "street signs." i'm joumanna bercetche >> i'm julianna tatelbaum. these are your headlines >> hang seng closes 3% higher as hong kong eases covid rules for travelers. and shanghai ditching checks for entertainment and dining venues. european markets looking to start in the red the yield curve inversion hits

the widest in over 40 years. crude prices extending before sinking to the lowest level in years and xi jinping is looking to boost ties with a visit to saudi arabia. and ecb staff discusses strike action after the uk's rishi sunak aims at tough laws over decisions during the holiday season warm welcome to "street signs. let's kick off with the asian trade. a strong rally in the hong kong. the main index for the region up 3.4% this amid reports that the city

is relaxing its covid rules in a major way. we actually got some confirmation this morning around some of the action taking place. hong kong considering scrapping the outdoor mask mandate and shortening the quarantine for positive cases close contacts and positive cases are subject to five days isolation down from seven. this would be in line with measures in mainland china yesterday and two weeks after protests against beijing's handling the crisis swept across the country. in terms of the mainland, the city will ditch its requirement that visitors to restaurants and entertainment venues show a negative covid test result from entering let's look at the macao casino stocks huge movers around news to suggest a reopening is on the

horizon. wynn macao is up 20% and strong gains across the wider sector joumanna, the trade around the reopening story has been incredible to my mind, it demonstrates how few investors were expecting this reopening to come now >> i would say it is still at the point where it is baby steps. at the end of the day, we are nowhere near in a situation where they are living with the virus. if you have mild symptoms, you still have to quarantine for a period of time very onus requirements this is all about the messaging and the government are now making it very clear they are at a point of no return looking ahead, over the coming months, we will get further easing measures. this is something that again you and i have discussed the last couple weeks

it is all about the vaccination rates and efficacy you have to get three jabs to get immunity similar to the foreign and international vaccines it is really important they get the elderly vaccinated that should be the priority of the government once that is done, they can go down the route of full reopening. >> absolutely. that was the reason why some many experts were not expecting this to come until q1 next year. they needed to up the vaccination rate with the elderly. china faces very low icu capacity you have to remember not only is there low vaccination rate with the elderly, but low rates of natural immunity given the lockdowns in place the last few years. it is a tough road i wonder if the rules are relaxed and how much people will adjust behavior given the psychological point being locked

down >> there is a lot of road to make up for with the hong kong yesterday. rebound for the hang seng up 4%. overall, the theme of the last couple days has been risk off. we have seen it in the u.s. with the five consecutive negative sessions there out of the asian markets. you see a lot of red as well behind me on the heat map. pointing to a negative open. stoxx 600 is down .20% the news flow is beginning to die down somewhat. expectations are growing ahead of the all-important ecb meeting next week. we have meetings next week we have cpi on tuesday in the u.s. we have the fed on wednesday bank of england and ecb on the same day it is shaping up to be a major week for markets before everyone heads out for the holidays in terms of the breakdown. this is the picture for european indexes. everyone of them is tilting

toward the red for the week as a whole and all trading in the red. stoxx 600 down 1.6% for the week today is no excepcepexception. dax is down .50% ftse mib is down and ftse 100 is down .80%. a lot of focus on tindustrial action we will see in the next couple weeks that is likely to have an impact especially when you think about the holiday plans and disruption it could cause to transportation and airline industry something to watch there we will talk more about that on the show in terms of sectors, this is what we have basic resources. a jump there up .60% oil and gas is volatile this week yesterday, brent actually reached negative year to date levels through the low of early on in the year which is interesting given the geopolitical

developments today we are seeing a bounce at the bottom, telco down 1.2% and financial is down 1.2% as well we have been watching european yields closely and u.s. yields we saw a rally in the u.s. fixed income yesterday down 10 basis points i think worth pointing out that the 10-year treasury in the u.s. at the lowest level in three months similarly going on with european yields the bund behind me at 1.8% we rallied about 5 to 6 basis points the 10-year btp is at 3.6% we are through 200 basis points. we are trading at 1.82% for the german and italian spread. far cry from the level we got to

at the time of the election. let's look at the yield inversion. the 2-year/10-year continues to be inverted. if you take the difference with the two, we are looking at the f flattest level it has been in years. the 2-year note is elevated. the 10-year note is rallying as investors start to price in the possibility of a harder landing. julianna, that yield inversion with the 2/10, we spent the year talking about the next recession, and one of the indicators is how deeply inverted that curve is >> absolutely. it seems momentum around the idea we are in for a hard landing and ultimately see a recession on the horizon is a lot of momentum gaining around that in narrative.

it could real-world implications if we enter recession soon in the u.s. what does it mean for rates? what does it mean for house purchase and mortgage rates which are closely tied to obviously the fed rate curve clearly it looks like the economic outlook is becoming more concerning. >> both you and i tend to read jim reid's comments from deutsche bank. it is interesting what he says about the 2/10 it is at the lowest level in months the terminal rate is pretty much back to where it was three months ago if you think about it, you know, the markets are pricing in for the fed to reach a certain terminal rate. the 10-year is all the way back down again that tells you the markets are certainly pricing in for a more aggressive fed, but concerned about the ramifications on the economy.

i read loads of notes. we talk about the strength of the labor market which hasn't cracked yet. we see deceleration. there is jobs growth and unemployment rate is low in the u.s. we are still below 4%. many analysts say fed will not stop until the unemployment rate gets to 4% or 5% >> the other piece that jim reid brought up this morning is with the bank of canada it proved a little bit of a bellwether the bank of canada hiked 50 basis points here is the key and nuanced piece. bank of canada did not expect further rate hikes instead said they are considering further rate hikes perhaps a little bit of insight into the softening outlook they anticipate ahead let's look at u.s. futures

and see how wall street will open all three pointing to a modest positive start it was risk off yesterday in equities s&p seeing the eighth loss in the last nine days as you can see, we are in for a little bit of a reverse of yesterday's trend. the latest jobs claims data will be released today and the bureau of stats will release the cpi tomorrow brian deese says the u.s. economy is showing resilience despite a predictable slowdown >> we have an economy showing continued resilience in the labor market and consumer balance sheets as jamie just mentioned. beyond thesavings rates, we seeo credit card balances and low mortgages. >> u.s. consumer borrowing accelerated in october, but less

than expected. total credit increased by 27.1 billion compared to the previous month after rising 26 billion in september. reflecting an increase in credit card balances and steady growth in revolving lending. really happy to bring in edward credit officer from moody's. thank you for joining us julianna and i have been following the price action and fixed income yields closely. one would think there is one sector in particular that should be doing well and rising yield environment. that is the banking sector we haven't seen a lot of love for the banking sector why is that the case >> good morning. actually we do have a stable outlook on banks globealglobally one main reason is what you implied. higher interest rates means higher revenue and higher interest income. there are other positives that

we take into account strong balance sheets and income that is on the back drop of the gloomy economic back drop. many countries in gdp contraction next year. >> i find it surprising because from a capital ratio perspective, banks are looking good prof profitability is looking good. quality income hasn't deteriorated as people thought a couple of monthsing ago i'm kucurious how this will pan out? >> we expect for 2023 a deterioration of asset quality and increase in delinquencies. that is weak gdp growth or recession in countries or high interest rates which is positive for revenues or those limit for flexibility of borrowers

the delinquency will increase. to report a number, we expect from global corporate to be 4.5% it is much higher than today at 2% not far from the historical average of 4%. >> how do you expect the deterioration and asset quality and rise in dlelinquencies to rise across regions? >> macro economics is a big fundamental to those it is more weakening like germany where they are exposed to the industrial companies which is affected by the energy crisis less affected for the banking systems skewed to residential mortgages and prime mortgages. >> we were talking about china at the beginning of the show and reopening in china and hong kong what does it mean for the apac

banks? >> for china, we have a negative outlook. the reason for that is the macroeconomics forecast is weaker than historical terms there is a weakness specifically on the real estate market and property market. for the rest of the asia pacific region, it is similar to global banks. high interest rates will improve profitability. balance sheets are strong and delinquency will increase modestly >> it is interesting youhave a stable outlook on the banking sector from here where do you think the up side risk comes from? >> the up side could come from a continuation -- stabilization of macroeconomics conditions i would say at least also normalization of monetary policy with a softening of high

inflation. >> yesterday, we wering e coverg the eu market. this has been floating in europe for years. it still feels a long way off depending who you talk to. it is arguably been a headwind for the banks catching up to the u.s. in terms of what they can offer. how do you think europe stands versus the u.s. in the long-term bases basis from the banking sector? >> u.s. banks have high profitability. there are several factors for that the capital market business is stronger in the u.s. for those banks active in investments and capital, there is a revenue pool they can gather the european market is limited and the macroeconomics conditions and interest rates

are favorable for the u.s. banks. we expect the difference to remain in the future >> one, i guess, evergreen question we ask with european banks is if we see more consolidation in the space we talk about how many banks there are in europe and the continent is over-banked will we see more merger activity in the coming years? >> european banking sector is concentrated already despite the stable outlook pitch stated earlier, the outlook is still gloomy there are other priorities of the banks at the moment creating big m&a is something that will increase risk and conduct and management from day-to-day. >> fair enough

thank you for joining us let's push on. we have more coming up on the show including on the other side of the break with china making milestones at xi touches down in saudi arabia we will have the latest for you sthead welcome. you've got sales! i do? i do! you've got sales! you've got sales! you've got sales! you've got sales! when you've got the internet's most loved commerce platform. you've got sales! you've got sales! you've got sales! what was that? that's elwood. go to shopify.com to start your free trial today. goodbye!

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welcome back to the show xi jinping begun the three-day trip to saudi arabia in an epoch-making milestone for chinese relations. xi's visit comes with issues with washington. this after the national security council person suggests the u.s. and saudi arabia relationship needs reevaluating dan murphy filed the report. >> reporter: xi jinping was kicking off the three-day visit to bolster the bilateral trade with the countries geopolitically, we know the countries are navigating the

tensions with the united states. saudi relations with washington, for example, are at an all-time low. the chinese president sees to look into the american spirit in the region xi has received a significant win with the optics of the arrival at well. there was a saudi fighter jet escort and colorful smoke trails in the sky xi was met with a firm handshake on the ground from saudi leaders. the kingdom is willing to embrace. this follows the president biden visit to saudi arabia a short time ago which was remembered by the image of the awkward fist bump with the saudi crown prince how the united states responds will be closely watched. this three-day visit will have a saudi and chinese summit to deliver agreements up to $30

billion. xi will take part in a broader china arab summit and gulf cooperation summit and put issues like regional security and investment ties on the agenda back to you. >> super interesting to see those geopolitical alliances shift before us. > let's look at brent and we are hovering at $77a barrel. bouncing after brent crude hit 2022 lows yesterday. now essentially flat for the year on to an interesting story that is developing over the last 24 hours vanguard will resign from the net zero asset managers initiative one of the alliances fighting climate change it withdrew to show independence and provide shareholders with clarity about the climate risks. several asset managers including

blackrock is facing criticism over the esg policies. norwegian oil fund plans to vote against companies that fail to set a net zero emissions target the sovereign wealth fund. estimated 10% of companies have a clear net zero target in place. the fund is looking to pressure companies to align executive pay with shareholder interests >> you know what i find interesting about the stories is it tie into the stories we were talking about yesterday. i think investors and investment community don't know how to deal with the esg issue anymore because of so many different conflicting interests out there and also a lack of transparency and consistency of the data and lack of consistency with disclosures. you end with up where investors are getting term sheets and say can i believe the data that is on here and you have vanguard

saying we give up. it is too much to comply we will take things into our own hands and try to be as transparent as possible within our own separate portfolios. we will not adhere to an industry structure for where we need to get to in terms of emissions. to what we were discussing yesterday, there are pushes on both sides some people want more and want asset managers to do more on the esg front and others say they are wasting their time devoting too much time on the objectives. >> i guess the big question is where does the onus of responsibility lie is it a responsibility of the asset manager or is it a responsibility of the corporates where they invest funds or is it the responsibility of governments? you have the issue of how do you gauge and judge a company's esg friendliness there is not a universal framework. that piece work led to green

washing. that is one issue. the bigger issue arguably is whether it should be this whole initiative should be led by the corporate world or should it come from regulators and governments? you have a lot of people in the finance industry saying now the concept of esg friendliness from the corporate world is misplaced energy >> nice pun. >> didn't realize it >> think of the case with central banks? european central bank with legarde came in and she said we need to mitigate risks into the framework. think of the backlash she had gotten the last couple years everyone is saying what are you doing? why are you focusing on this at

a time when inflation is running double digits? are you losing sight over what is important the answer is no the answer is you have to focus on your main mandates, which, of course, is keeping inflation in check. also take into consideration risks that will come and have an impact on the real economy which is the ecb mandate it is the communication and ensuring it is consistent with what other central banks and institutions around the world are doing. it is not just an ecb thing. >> fascinating to think about how many players are involved. central banks, governments and corporates and consumers and where should the push come from. >> absolutely. we are going to take a break. when we come back, we will be talking about inflation in the uk as inflation rises and pay offers feel to keep pace, workers across the uk are threatening to strike and disrupt holiday travel for thousands. we will discuss the latest walk-out after this break.

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well come back to "street signs. i'm joumanna bercetche >> i'm julianna tatelbaum. these are your headlines mainland china is easing restrictions with shanghai ditching checks fo entert entertainment. and lingering recession fears send bond yields higher and the u.s. inversion hits the widest in over 40 years. crude prices extend gains after sinking to the lowest level this year while xi jinping starts the three-day visit to saudi arabia in the bid to boost ties with the region. ecb staff discuss strike action while the uk's rishi sunak pledges tough laws aimed at limiting destruction over the holiday season

we are now about an hour and a half into the european trading session. it is a fairly muted start to trade. you have a little bit of green on the board for the cac 40. dax at the fromlat line hovering around the flat line for the ftse 100 yesterday, s&p logged the eighth loss in the last nine days in terms of what to expect from here, no doubt investors in a holding pattern ahead of the bumper week with the u.s. cpi and fed decisions. let's turn to fx markets you have fairly flat trade for euro/dollar. we are back up at 121.65

if you look at it, we have marrema marched higher the last month. now into the bond markets with the interesting trades the last 24 hours big move in yields stateside jitters is what caused the widening in the u.s. yield curve and inversion with the 2/10. joumanna here is unusual ecb story. staff at the ecb are threatening to go on strike after refusing the pay rise offer of over 4%. that is less than half the rate of inflation in the eurozone officials met with ecb president where she is believed to make clear there would be no further

salary negotiations. and rishi sunak plans to limit the impact of strikes by enacting new laws. britain is looking at a number of disruption with the industrial action. staff will stage a walk-out at the busiest airports during the holiday season after rejecting a 2% pay rise. i'm nervous about my flight on december 23rd. >> it is i feel for you it is nerve wracking everybody is struggling at the moment and dealing with the cost of living crisis it is a struggle around the country. speaking of struggle, many young people feel excluded according to the report of the skills organization and guilds. we have the ceo of city and guilds joins us at the desk.

put that number into context 13%. us youth unemployment you talk about youth feeling excluded from the labor market why is that? >> one of the reasons we have done the report is youth unemployment remained stubbornly high and we are in a period where we see 1.3 million job vacancies. we have high youth unemployment and we have opportunities. why are young people not feeling they can take opportunities on i think there are a number of factors. there is a danger we put everything down to the pandemic. no question pandemic exaccelerae everything the fact we tend to revere formal academic education as opposed to technical work roots. on top of that, brexit a whole series of factors that

left young people say hold on. how do i understand what is out there for me the report are gets into we are not talking generically about one person as young people, they are in a d d d disadvantaged situation. a number of young people on free school meals for a period of time there is a relation with the young people and looking at their future and the situations that they find themselves in >> to what extent is that mismatch there are a ton of vacancies out there and struggle for workers in sectors and so much unemployment among the youth how much is that lack of relevant skills for the jobs or lack of understanding or accessibility? >> a lot of the young people said they don't feel as equipped as they like to feel coming out of the education system. that is down to employers and

how employers start to think about the skills that young people do with terms of attitude behavior the number of young people who might be a carrier think of the skills that can be caring for their family. we need employers to think differently. young people will not come to the workplace ready. they need help and support i think one of the things government and employers can do is work together to think about what is the support network that we need to wrap around young people so we can fulfill the hope and as you said in the previous bulletin is the winter of discontent. we need young people to feel hope for a brighter future >> what role does the government play in dealing with the high level of youth unemployment? you mentioned education being one factor should this the fall under the agreement under the education secretary if you had to pin it down to one part of the government who should look at this and what

should they do >> it is a great question. that is part of the problem. it is not just one part of the government the whole point is to bring a number of government departments to work together or cross party. i think we need to look at a five-year action plan within a ten-year longer term strategy where a cross government and cross party and look at things to make a difference no question we have boot camps to help people get to work unfortunately, you find the different initiatives and how we join those initiatives together and how the government works with the employers it is a hand in glove partnership with the need and demand and the supply to bring them together in a coordinated way. >> this is interesting where it is coming at a time where the demographics are changing. the work force and people are beginning to retire. that is putting a strain on

public health services and pensions how does that tie into the study? >> one area we found came out strongly with career opportunities was in health and the health code. we know it is creaking it tends to be gender specific it tends to be more young women thinking about careers it comes back to the central point earlier. what we do with a well structured careers and guidance. if people come out in the education system and go to work and don't understand the career opportunities that are out there for them and the progression path and people do tend to get stuck as opposed to knowing they have opportunity to move on and actually gain greater opportunities. >> at the start of the conversation, you mentioned brexit when i asked about the elevated youth unemployment level.

what withrole has brexit played you see it has a negative and position positive play >> it is one i talked about earlier with the job vacancy we talked about the past where people coming into the uk into the work force the point about the young people is the motivational impact which it had on young people they witnessed that. they lived through that period and going into the workplace we know lots of employers possibly not invested in training or in pay i think that's a byproduct maybe of brexit and overreliance i think the combination. >> a very quick one. we had a board up with the main bullet points of your report that's it. 16% of 18 to 24 year olds are not in education 19% are not in work or every

intend to start working. why are you including only pre-college years here as well why is the 18-year-old expected to be working? >> because people do take work >> part-time jobs? >> not just part-time jobs, but work based opportunities or earn and learn opportunity. there are a lot of 18-year-olds looking for good employment. why shouldn't they have the opportunity to have good employment at 18 and it could be a career pathway that is what we need to do we need to invest more >> so interesting. great to have you on the show with us. thank you for providing this very important structure issue in the uk. the ceo of city and guilds the 47 billion pound pension scheme for bt says it could call on more cash for the 4 billion

pound deficit. the pension fund saw the value of the asset drop by 11 billion pounds in september after crashing gilt and sterling with the minibudget impacting the ability to hit the collateral calls. disney plus is launching an ad supported action in the u.s. today. it will now cost $8. the cost of disney plus without advertising. it is looking to make the business profitable by 2024. it is looking at the wider trend of ad supported models netflix looked into the tier option last month price increases across the streaming sector are inevitable. >> this is a value proposition for consumers. no question price will go up and

competitors raised prices multiple times that makes sense we didn't enter the market first. we didn't want to go in at the high price point we will most certainly raise price. we will raise price on the premium product before the ad supported product. no world cup today, but netflix is launching the "mary & meghan" series it is looking at how the duke and duchess stepped down from royal duties and a look in the personal lives we had a guest on the show the heavy segment with hardship for youth and high levels of unemployment and energy crisis people are out striking because they can't pay their bills i feel the timing of this release could have come at a much better time this is not a time where people,

i think, have a lot of sympathy for the royal family >> in is the thing that in my view, you don't want to watch, but it is hard to look away. >> netflix knows that for sure >> they do i feel i'm their target audience here it will get a lot of views it is so hard to pull away from a story that is gripping high stakes sport which is a change from the world cup as you said if anything, a bit of escapism if we are dealing with real appr pressures. >> there was a lot of criticism directed at the commercial let's see if there are any inconsistencies that come from the documentary. >> i'm watching "the crown" right now and watching this alongside will be hard to maintain what is real and what is not hope we can chat about it on or

off camera >> i'm message you. coming up on the show. nearly two months after giorgia meloni took office, how will italy deal with the next plan? we'll discuss next ay beautiful foundation when i started in 2016 i would go to the post office and literally fill out each person's name on a label and now with shipstation we are shipping 500 beauty boxes a month it takes less than 5 minutes for me to get all of my labels and get beauty in the hands of women who are battling cancer so much quicker shipstation the #1 choice of online sellers go to shipstation.com/tv and get 2 months free ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for

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welcome back to "street signs. the travel ban on nearly 200 russian officials as the war in ukraine wages on the commission is looking to target more russian industries including banking and defense. brussels proposals still requires endorsement of the 27 member states. italy's foreign minister says the commission is willing to be flex i bible on the recovy plan rome would stick to the commitment that is in negot negotiation. interesting comments there let's bring in the expert.

good morning to you. it is interesting. it feels italy has been less in the news since the election. i was looking at the chart of italian and germany spread we have come in 70 basis points since. the perception is italy has turned a bit boring. what is your impression? >> i think you are right the impression out there that basically meloni during the election campaign, but since taking office in october, she has the line with brussels which is a key issue for investors and the budget was a non-event there is also especially by the media, the strong emphasis with the draghi administration and

meloni having said this, this is misleading and i think there are significant issues here and in the past, we said meloni is trying to kick the can down the road, but the problems are mounting >> on that cliff hanger, let's ask about the eu recovery funds. the foreign minister tejani thinks the commission will be flexible with the disbursement of the funds i've spoken to many european officials over the yearssylvia it doesn't feel there is a lot of flexibility with respect to the rules. the rules are rules. why do italy has the impression they can change the terms after the fact >> i think there are all sorts of issues. tajani is not in charge of the file he doesn't knowwhat he is talking about here meloni is talking about amending the recovery plans to take

advantage of the circumstances with the high energy prices and higher cost of material and so on for some time in reality, there has been a talk about no play whatsoever. then commission negotiations will start next year it is early days the record so far is very clear. italy not only is struggling to meet the targets for the end of the year to secure the next loan cash of 20 billion euro. there is still a measure to be passed between now and the 31st of december and the clock is ticking fast second, on all of the forms, justice and competition and tx reform, we have no government plan here. even with the justice reform which has been approved, nothing has been implemented on top of this, italy is not able to spend the money that it has been able so far to secure

from brussels. this year, the plan at the beginning of 2022, italy would spend 42 billion euro from the recovery fund. the best-case scenario is now 15 billion. there is a huge problem in terms of ability of spending the money which i think is significant it will be a bigger issue than italy trying to amend the plans. >> for those watching the program thinking of investing in italy or are invested in italy, what is the flashpoint to look out for? >> i think for me the test is in the spring meloni is still enjoying the honeymoon. she has been rising in the opinion polls since the election to 30% from the 26% she got on the 25th of september.

we will see how difficult it will be for the winter here. springtime is interesting. if we look at the budget for 2023 and basically the parliament is supposed to pass before the end of the year is the budget of the first quarter for the year the government will have 21 billion in the budget to contain the energy costs here for c consumers and business in the last month, we spent 75 billion. the first question is what meloni will do after the 31st of march when she will realize there is no money left in the budget to deal with the energy issue which is likely to be with us next year and potentially more complicated than 2022 there is that one. there is an issue of looking at the support for ukraine. meaning if italy faces a difficult winter with energy blackouts and obviously

inevitable economic question, the liga facing a problem in february, it could make more noise in terms of the support for ukraine and trying to raise further opposition there these are the first issues the other point here quickly is the budget sees a growth of 0.6% next year which is basically a joke >> let me pick up on something you said about liga here when the elections came out, the coalition on the right would form the next government, but the first question everyone had is what longevity would we see in the government? you say liga is going down the route of creating issues of foreign policy for the meloni government what is your assessment of meloni's ability to keep this

co cohesion together? >> it is more a meloni problem than liga problem. if liga doesn't do well, as you might recall, it is the motherland of liga, together with leadership, that could be at risk. so lots of noise happening now and not just about ukraine, but pension reform and the so-called flat tax to try to gain pop popu popularity they are struggling here can meloni keep this together? absolutely she can there may be a cost. compromises here and there meloni spending time to contain the noise created by both

silvana and berlusconi the pd has the congress who appoints a new leader. it is unclear who prevails on that front the five-star movement is also trying to find a new direction there. so the advantage is there and no one wants that in any way. >> thank you for your analysis let's look at futures and how wall street is shaping up. we have a pull back for the dow jones industrial average to extend yesterday's losses. s&p and nasdaq a touch in positive territory that is it for the show. i'm julianna tatelbaum. >> i'm on doing the paper flufe. i'm joumanna bercetche "worldwide exchange" is coming up next.

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it is 5:00 a.m. here at cnbc global h5eadquarters. here is your top "five@5." in china, stocks are soaring as they shift away from the zero covid policies and not out of the woods yet reports that the fed is taking a closer look at sam bankman-fried and his role in the collapse of two cryptocurrencies plus, tension in the cloud as looking to re-take the role of