that's all for this edition of "dateline." i'm craig melvin. thank you for watching. [theme music] sn rain/sno good morning welcome to "street signs." i'm joumanna bercetche. >> i'm julianna tatelbaum. these are your headlines. >> equities at stronger than expected earnings. quarterly profit falls below demand but the german demand

forecast it with a bullish note. >> a recovery from the covid situation. europe, very healthy, very happy with what i see on the other side. wall street eyes muted opening gains with april cpi staying sticky at 4%. the ceiling standup continues, holding talks with the president at the white house as biden makes a promise to international creditors. >> the united states is not going to default never has, and it never will america is not a deadbeat nation we pay our bills welcome to the show, everybody. a bit of central banking news for you. thenew york bank president joh

williams says bank rates need to be hiked further if rates do not come down. it could take two years to return to the 2% goal and he added that tightened credit conditions and rising unemployment would be key factors to watch williams sat down with cnbc sara eisen after his speech and said more action could be required. >> we haven't said we're done raising rates. we made a decision in our main meeting to raise the federal funds target range as i said, and we didn't make a decision of what we were going to do in our future meetings, or what's -- how the economy is going to evolve will affect our decisions. i do think we made incredible progress over the past year or so bringing the interest rates close to zero to 5%. i think that brings real inflation rates to a stance that should help bring inflation down. >> all right well, we're about an hour into a

fresh trading session. the stoxx 600 is trading on a downbeat note. we're down about a third of a percent, similar to the pullback we saw yesterday the benchmark ended 0.3% lower overnight we had some weak trade in asia led by losses in shanghai this, of course, comes as investors across both sides of the atlantic and across the globe brace for the report due out this the afternoon breaking it down by borsa, seeing what the regions are doing this morning, we have a little extra focus on italy. ftse mid down 2%, with italy intending to pull out. it's a topic we discussed earlier this week. in terms of trade with germany, we're down 0.4%, leading the swiss market which is down 0.4% aswell frchl a sector

perspective, in the financial space is agri corp on the downside retail goods under selling pressure we're seeing some luxury naples selling off. s siemens one of the worst. in terms of the u.s. open, here's a picture for wall street all three of the majors are looking at a modest pullback at this stage nothing major. it looks as though investors perhaps are in a wait and sigh-mode ahead of the key inflation report. >> let's bring in our guest. it's great to have you back with us on the show again lots going on. it's been quite a busy couple of weeks. let's start with the fed because i think one of the takeaways from the fed meeting last week is they are moving toward a data dependency mode.

a lot of people came away from that meeting thinking they're done, they're not going to hike anymore. where do you stand on that spectrum >> the fed is in two different places, the banking sector and inflation. i think what we've seen over the past couple of months is the banking sector is actually relatively okay. what we've seen is we had the issues in march, and it's been two months you haven't had that spillover, that risk of contagion people are fearful of since then. i think as you continue to move away from that period, people look at that and think the banking system as a whole is resilient. that's what powell said last weekend as well, that the bank sector is resilient. they're going to shift back toward the inflation picture inflation is not going down. it's very, very sticky today we're going to see core cpi is still looking at 5.5%.

they need to get to a more restring active territory in order to bring that down sooner. while they are definitely verde ta dependent, i think that's a lot of work they need do. >> that's interesting especially when given what's actually priced in the market there are race cuts priced in. some people are even anticipating potential rate cuts at the end of the july meeting which seems also a little premature. what is your advice to clients who are looking at that yield curve. are you saying, well, this is actually the opportunity to take on the other side? >> yeah, i think so. when we look at the market pricing, it needs to look at the overall picture, and so there is some risk of a lot of cuts, and that is really what the market is pricing not that they might cut by 25 basis points we saw during covid as well. the first cut the fed did was 50 and they went to zero very, very

quickly. i think that's the price the market is doing. if there's more uncertainty that comes out, then the fed is going to have to cut very, very quickly. on the flip side you have data dependency they might hike once, twice more when you balance that, you say, well, even if there's a 10% chance of them having to cut by 150 basis points, that's a significant amount that you have priced into the july meeting. >> when it comes to the stress in the u.s. banking sector, yes, powell has made sure he wants to reinsure investors it's resilient, but when it comes to rate markets, to what extent is the u.s. banking following the turmoil there? >> there's definitely a lot of concern over the global banking system because of the u.s. the u.s. as we saw in 2008, the problem started in the u.s. and emanated toward the rest of the world, and so there is a lot that people look at and say replay of 2008, is this another

financial crisis i think the big difference that we see between 2008 and 2023 is back in 2008 the big financial institutions were under pressure it was a question of whether they were solvent. i don't think anyone's looking at the top five banks saying, oh, are you guys solvent people are not even looking at the top 50 banks but the small regional banks to go, oh, this might be a problem, yeah, absolutely there might be more problems in the banking sector, but that's not going to spill over into the major financial institutions. >> coming back to the fed and what it might take to see them cut rates, it's interesting that you point out if they cut, it's not going to be by 25 basis points but something much, much larger what would be considered an unimaginable situation that would cause the fed to change course like that >> i think they would need to see the stress of the banking

system spill over into the rest of the economy to the point where they're not sure that they would be able to control that fallout. and so if -- you know, that's part of the reason why powell is very, very focused on the lending surveys. the same thing for the ecb looking at the lending service and saying if credit is suddenly not flowing and there's a big credit crunch, then they need to cut rates to counterimpact that. >> you're certainly beginning to see a tightening of credit sta standards, but not to the extend it would cut rates that dramatically. stick around with us we're going to talk about what's happening in europe and the bank of england is happening tomorrow we'll talk about that in the next block. u.s. president joe biden and republican house speaker kevin mccarthy failed to reach any consensus on the debt ceiling. they met to discuss increasing the borrowing limit, which the

republicans say they won't approve without spending cuts. the u.s. risks defaulting on june 1st without any break through. talks continue daily >> reporter: a high-stakes high-risk showdown today at the white house as political heavyweights square off over the debt ceiling. >> i didn't see any new movement. >> reporter: the top four congressional leaders emerging from an hour-long meeting with president biden, failing to break a stalemate, but promising to meet again on friday. >> in the meantime our staff will meet daily between today and then to avoid a risk of default. >> reporter: the top republican in the senate definitive. >> the united states of america is not going to default. >> reporter: democrats anxious to move forward. >> we specifically asked speaker mccarthy would he take default off the table.

he refused. >> i've done everything in my power to not default. >> reporter: house republicans have done everything they could. biden says any negotiations must be separate because failure to raise the debt ceiling it means as early as june 1st the nation would run out of money to pay its bills including social security and veterans benefits. >> it's really an economic catastrophe. >> reporter: it would send shock waves through the stock department and even unemployment there would be consequences to both president biden and speaker mccarthy the president needs a strong economy to power his re-election bid while the speaker is at risk of losing his gavel if he can't deliver on the spending cuts conservatives want in washington, alice b.a.r.k.

nbc news. >> we're getting to that ceiling crunchtime. also coming up on street signs today, will italy u-turn we'll discuss next

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welcome back to "street signs. lots of central banking talks going on in the last 24 hours, but let me bring you some commentary from the head of the bank the head of the german central bank says he does not share fears and believes they are in a, quote, fundamentally solid position i caught up with nagel on the sidelines and i asked him whether the monetary policy was doing enough to help with inflation. >> core inflation is sticky. inflation all-encompassing is

very stubborn. we have to be even more stubborn to fight against inflation, we have to do more on the inflation front. i believe it will take time till the core is coming down. it will take time for the core side to come down, and i see the core coming down maybe for the summer, but for the next few months it will stay on the high levels this is the reason why we have to stay alert when it comes to the inflation story. >> sticking with central banks, the bank of england is expected to hike rates. they remain consistently above target the boe expected price pressures

to fall rapidly from the middle of the year. we're back with the head of the short-term interest rate trading at citi. you were pretty hawkish when it comes to the federal reserve are you hawkish when it comes to the bank of england? >> yes, i think the bank of england also has a lot of work to do. i think it hasn't appeared so far and inflation is also far above their bank of england forecast i think they're going to need to upgrade those forecasts and at the same time we'll see what comes out from their inflation projection -- their interest rate projections because that is really going to be, you knknow, how they can manage that with upgrading the forecast and still trying to be dovish. >> you know, one thing -- you

raise a couple of points the first is on the growth side of things. it is interesting back in february they were forecasting growth this year minus 0.25% points tomorrow they will raise that up and say we're no longer in recession territory that's going to be a major headline for those watching. on the inflation forecast with the exception of this year, if you look at 2024, 2025, their inflation forecast is still sitting around 1.5% percentage points can argue traditional monetary policy would dictate if anything they're too restrictive. >> they see they've needed to revise their forecast so significantly, it's very difficult for the market to really believe the inflation is going to come from 10% right now to 1.5% next year, and so i

think what we'll end up seeing is they need to increase their forecast for inflation next year, which would then also push their inflation and their interest rates into less restrictive territory. again, you just kind of look at it and say if they were this far out already, how much more does the market really trust them and how much can they still deliver that dovish message without appearing that they're actually ignoring the data and not being data dependent >> it's interesting when you look at interest rate pricing that investors are quick to go to the end of the hiking cycle to the end of rate cuts. what if rates stay very high for a longer period of time? why is that not being priced in? >> i think there's some risk of that and the market does understand that can be the outcome, but i think it kind of goes back to that risk of something breaking and so when something breaks, you need to have that kind of

downward trajectory and interest rates. the other part we need to look at is once interest rates rew restrictive enough, as the interest rates start coming down, the fed, the ecb should start cutting rates at a more gradual pace to start keeping up with that because as inflation falls, they need to bring their interest rates lower what we can see starting next year, we'll see a little more -- if inflation does kind of drop off, if you do kind of remove that tickiness, then you could see the smaller cuts from the central banks. >> looking at all the three big central banks, ecb, the fed, and the central bank, who's poised to be cutting first? >> i think given the state of the relative economies, i would say it still remains the bank of england because the bank of england still seems to have the lower growth forecast, the lower kind of -- the geopolitical

situation. all of it kind of looks a little bit worse for the bank of england. the other part is the pass threw of the interest rate is quicker in the uk, especially in the u.s. >> i wanted to ask you about the ecb before you go. the commentary is interesting. they went toward the hike and then they said we're not done yet, there's more work to do, we're not pausing. i think it's sitting at one or two more basis hikes as you say, inflation is still proving to be pretty sticky. 've though core inflation is coming down, we're still sitting at above 5 percentage points here. >> i think the risk for the ecb is hiking more so hiking 25 basis points maybe three times rather than just once or twice. i don't expect the ecb or any of the other central banks to start going for 50 again i think that's definitely out of

the question at this point however, i could see the situation where inflation remains sticky and the ecb continues like a series of 25 basis hikes following the series of 50. >> just lastly looking at the currency space, we've seen sterling now rise above 126. it's had a pretty strong performance year to date, and at the same time there's a lot of questions around the dollar and whether there's appetite to move away from using the dollar in many parts of the world. how do you think about trading currencies here, just fit that into the outlook >> yeah, i think there's definitely been a lot more kind of, you know, uncertainty over the role of the dollar going forward and i think some of that started with the way that the u.s. government used a dollar last year in the crisis, and i think that continues with the interest rate differential and what's being priced in and as we continue to have more

cuts priced into the u.s., i think people look at that rate differential and saying actually, you know, maybe i can move my investments into different parts of the world where i'm getting similar levels of return and potentially have a little more stability in terms of that. >> thank you so much a very comprehensive chat. now we have everything we need to know about all of the central banks. now, carl messina told cnbc the business models are safe despite what's in the sector he highlighted the differences in the regulatory environments. >> the level is really fragmented until the very low dimension banks. there are banks ten below euros.

so the unbelievable situation of usa is you have banks in italy that can be considered systemic that are absolutely not under control of the supervisor. in the european sector, you have supervision that is really ufrpd the control for the various small banks, so that's a fak of the of solidity and stability in europe. >> italy has signaled it intends to pull out of china's massive belt and road initiative, reassuring speaker kevin mccarthy that while a final decision has not been taken, her government is in favor of an exit before the end of the year. maloney haskicked off her plan

including a presidential election with the head of state. i think if maloney does go ahead and pull out of this belt and road initiative, it's going to be a big blow. >> in 2019 i was there it's the in our national archives the question we posed in the video is italy open for business or is it up for sale there was so much backlash this is the predecessor to the content. we had a coalition of sorts of five-star movement and that leadership is the one who decided to include deals with china because they thought it might be good for them looking ahead strategically, whatever the motivation was the then deputy prime minister there ended those deets, but it

was met with a lot of controversy. it's not surprising many years later that meloni who has more of a national vibe, is a staunch adviser of nato is wavers in her support has also said, no, we're going to pull out of this initiative because it doesn't suit us economically or strategically. >> it's interesting you mention her allegiance to the u.s. she has chblt received an invitation to the u.s. it will be interesting if she does pull out. the other thing to think about from a market perspective if italy goes ahead and pulls out, will they retaliate and is it worth taking a look at something like the italian luxury names for example? >> yes, definitely a good case in point i would think that's a two-way street because the italian luxury names and key exports going into china are always going to be well received by consumers, but selling to the

chinese authorities was going to be a big top sticking point with the u.n. and wrestles. we'll take a quick break, but when we come back we'll talk disney and bog igor's return to the house of mouse we'll break down what to expect on the other side of this break. it's hard to run a business on your own. make it easier on

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welcome back to "street signs. i'm julianna tatelbaum. >> i'm joumanna bercetche. these are your headlines. wall street is now also eyeing opening loses ahead of key inflation data the debt ceiling standoff continues despite congressional leaders holding talks with the president at the white house as biden makes a promise to international creditors. >> the united statesst not going to default, never has, never will america is not a deadbeat nation we pay our bills. >> senate and house chiefs pledge to meet again on friday as speaker kevin mccarthy

accuses the biden administration of waiting too long to sit with the gop. >> everybody in this meeting reiterated the positions they were at. i didn't see any new movement. the president said the staff should get back together i was very clear with the president. we have now just two weeks to go >> siemens sinks near the bottom of the stoxx 600 as quarterly profit falls 30% on low demand for covid tests, but the german firm still backs its forecast with the ceo sound a bullish note. >> china recovering from the covid situation, europe very healthy. i'm very happy with what i see on the other side. well, global markets are still trading on a somewhat cautious note. yesterday we had sort of a he volume level all eyes are going to be on this

u.s. cpi print later today we'll see somewhat of a cooling of the headline number, though, there will be somewhat persistently strong numbers coming out of the core inflation trend. that's something to keep an eye on we had a guest earlier saying this could be a pivotal move for the fed say there could be a pausing. if we get an upside, that could change things. the markets are pretty knell active all of them are trading under water. we have de-tra dax in germany down a quarter of a percent. siemens down the cac 40 down. the ftse also down 0.2%. tomorrow we have the bank of england meeting. the market is leaning toward a 25 basis-point hike, but as

ever, the communication is going to be key as well as their updated forecast for growth and inflation. switching over to effects, this is the picture. you can see that the euro is losing a bit of ground versus the u.s. dollar, only mar marginally, 5 basis points the dollar is gaining. the pound continues to go from strength to strength, something, of course, the bank of england is going to factor in. then dollar/yen you can see marginal movement sideways also worth bearing in mind the u.s. dollar may become a release point as we get closer and closer to crunch time on the debt ceiling talk. we could see it come under a little bit of pressure should we get close to the weiers. u.s. futures, this is the picture today, building on from yesterday's losses the s&p, dow, and nasdaq all

opening in red territory disney reports second quarter earnings after the close today. the entertainment giant is expected to post an eps of 93 cent on revenue of 289er $8.1 billion. strong revenue from its theme parks division was offset by its streaming business last quarter which saw 2.4 million leave the platform as prices rose. shares are down double digits since the last report. ian liberty joins us at the desk to prepare for these results thank you for joining us. >> not at all. thank you. >> what can we expect for the subscriber numbers give us a sense of what's coming >> disney has already said it that it should be similar.

you look at the subscriber numbers. they're slightly blue. really the loss is in india that drag those numbers down. we look at the numbers we've had from the other streaming companies so far essentially it's been a sluggish in the first quarter, there's no doubt about that i think also with the results what you're likely to see, a focus on some of the other things as well so obviously people will be looking at the streaming subscriber numbers, the streaming losses disney was looking at a $9 million loss but there's comments regarding discovery, paramount, comcast, et cetera. the tv market at the moment is quite sluggish theme parks are doing quite well, cinemas as well. historically what's happened is people are focused the streaming

side there's definitely going to be a continuing focus there but they'll look at other divisions as well to see what they're going to >> i you talk about the operating loss in streaming. this is a huge problem for all of the streamers, which brings into focus revenue per subscriber what can we expect in terms of prices from disney >> i think it's an interesting sort of conundrum here you've got two things to grow revenue you've got striving numbers. look at what happened last quarter. it was the impact there with people taking the offerings. that impacted the level there. as with all the streaming companies, they put u up the prices, they hope it will come through and won't have too much impact in terms of churn i think there's a major situation for all is exactly how much they can push the price point because we're talking about the consumer at the moment it's mixed in terms of how consumers are and so on, and, again, you have multiple services as well.

so my feeling is what you'll probably see is slight upticks coming through look out for the affects effect. but i think for all of these subscriber services moving forward, subscriber growth moving forward is not bad. you've really got two things you can work on. churn, which is important. you need to grow your operation. >> that's basically what it goes down to. let's go back to the losses. i think you said it was like $900 million that's an improvement. what sort of tolerance does the investment community have with it continuing to lose money? at some point they're going to want to see profit. >> right

i think we've gotten over the bulk of the satisfaction the companies have responded to that by saying, look, we're pushing through. profit, we're trying to get to profitability. they have responded with plans they've all said 12, 18 months down the line we should have profitn't within the streaming business so i think for the moment the market is prepared to give them the benefit of the doubt that they will get there. what they're not willing to do is have the companies turn around and say, actually we realize we need to spend more on this product there's an acceptance that you're doing what you can, there's a bigger game and there's a question whether they should have done that in the first place. that's sort of where we are. but from where they stand now, investors want to see them deliver in terms of what they promised. >> one other perhaps unusual and specific feature to disney is the ongoing legal battle they're having in florida with the governor there, ron desantis how much of a future do you

think is going to be in today's earnings call, and is it a matter of consideration for investors at this point? >> you may get a couple of questions about it i think this is one of the things that's sort of in the background sort of i don't think what people are thinking is this is sort of a situation where it has a significant impact in terms of sales of the product theme parks are doing extremely well it's not having an impact on the particular business, yet it's a distraction more than anything else at the end of the day, as long as it doesn't escalate. >> i think the theme parks have p posted positive results would be a positive ian, thank you so much for joining us today it's nice to have you here in person for a change. ian whitaker, the managing director of liberty sky advisers. let's talk about some of the

key earnings in focus. siemens reported a loss. net income plunged 81% the ceo told cnbc the impact from covid is nearly over. >> this quarter has been the most extreme quarter when it comes to compared with the previous year because of the integer which was in the -- 4 to 600 million euros. i think the impact is behind us. i want to pick up what you just said i'm super happy with how the underlying business is gone. we saw taking the covid tests

out of the equation, 11% growth. a super number and a great job of the team. >> they beat expectations of a strong performance in the u.s. q1 operating income was in line with expectations while the dutch supermarket group confirmed its full year guidance sales development is strong. >> we see in the u.s. there's more tension and that could mean customers make smart courthouses in our stores. that's one of the reasons private sales are up you see that customers make

smart choices based on their budgets. the good news is with our private label and brand offering for every wallet there's a solution in our stores >> software ag says it's not considering improved rocket software bid the german group says it is not superior to the rival 32-year-old share offer which it supported, valling the firm at 2.7 euros. now in the airline space, tui has reported 3.51 billion uros up from a year ago. they forecast stronger revenue and higher profit for 2023 with summer boongts up 13% on the year approaching precovid levels

but the shares are taking a pretty big hit this morning, down 4.5%. >> ryanair has closed a multibillion-dollar deal the carrier ordered the largest versions of the 737 max with a list pretty of $40 billion they've sparred for over 18 months over prices phil lebeau filed this report. >> a massive order before europe's leading airliner, ryanair, ordering up to 150 737 max ten airplanes with options for 150 more those are the largest that boeing has yet to have certified by regulators. total list price, over $40 billion, though, nobody pays the list price for michael o'leary, the deal comes after several years of being extremely critical of

boeing's management following the grounding of the max in 2018 and 2019 but he now believes boeing's leadership has been steadily improving its performance. >> i routinely shoot my mouth off, not always accurately it's been like a marriage. we squabble occasionally, kiss, make up, and i buy brilliant aircraft that's going to save me money over the next several years. >> it will increase its production from 1 a month to 38 and ultimately 50 a month in 2025 to 20 26. >> everything we've done with our customers, everything we've done have been built around the supply constraints that we know, that we see, and that we manage forward. so we're as confident as we can be we're not gambling that the supply chain's going to fix

itself in some miracle fashion. >> reporter: an ambitious roadmap that will eventually include the stretch version ordered by ryanair it will likely be 2027 before ryanair gets the first of the 737 max-10 planes. they will be critical as they transfer their fleet into a lower emissions fleet that will help with inflation in europe. phil lebeau, cnbc news, arlington, virginia. also coming up on "street si signs", there's a new name on the disrupter 50 list and a key theme running throughout the big reveal just ahead.

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well, thank you for sticking with us. the big reveal is coming up. the 11th annual cnbc disrupter 50 list is here featuring at least 35 unicorns and a dozen firms valued at over $10 billion. cnbc's julia boorstin breaks down this year's list. >> the big trend on this year's disrupter 50 list is ai and on

the top, openai. the startup reached 100 million users just after the launch. back in december it was on pace to jen read $200 million in revenue this year from premium subscriptions and corporate licensing fees openai drew a partner investment from microsoft. >> they've done a lot to help us in addition to investing, helping to design and co-create the super computers, help to work on the product, help with a lot of people. you know, when we kind of jumped into this, i wasn't sure how it was going to go. it's difficult at best to do a big partnership with a big company, but they have been on the whole a wonderful partner to us and we're super grateful. >> openai represents a massive technological shift of 50 companies on the list. 21 told us ai is critically

important to half of their revenue and five of the top ten companies featured key use of ai this reflects a surge in funding. generative ai focused startups raised $1.7 billion in the first quarter of this year up from $8 billion in the first quarter of last year. and there was another nearly 11 billion dollars worth of ai deals announced in the quarter but not yet completed. this all according to pitchbook. it's worth noting three other companies also leveraged ai in key ways number two is fintech company breks. can ba, number three struck a deal to bring chatgpt tools to its consumers and relatively ai brings ai to its rockets. >> there you go. openai was the number one

disrupter. obviously it with us going to be openai another one data brics, they're number 31, and the firm's ceo told cnbc it will have a profound impact on a number of industries. >> right now there's a lot on the language models but actually ai itself is a broad field and there's lots of lots of great things you can do with it. you can use it for real time situ situation. all the rhett is being used for real time, financial analysis, for risk and so on right now there's a little bit of extra hype on the language model but i think as a whole this is waking the world up and everyone realizes how impactful ai is going to bchlt it's going to have impact in every industry in every organization on the planet and it's now.

i don't think it's going to take five or ten years. it's happening faster than we have ever seen. >> that was really interesting that 21 out of the 50 companies in the top 50 disrupters say ai is critically important, generative ai, so language models have seen funds per julia boorstin's report, $1.7 billion is going into that yes, there's a lot of hype, but a lot of hope into what it's going to achieve. >> absolutely. is it going to bring returns i think this was super interesting. he said, you know, you want to buy the companies that sell the picks, shovels, levis, jeans, all the tools people need in coming to the gold rush. i likened it to the internet boom decades ago when people

were trying to figure out what companies to buy nobody was talking about the facebooks of the world then. and if you -- so it's not always clear how to put that practice -- put that into practice. >> the other example i would draw -- that's your best-case scenario your alt ter nate was crypto they said you don't haven't to just bet in crypto but the eco, the blockchains, et cetera, et cetera, and people lost a lot of doing that especially if they went in right at the peak of it. the difference obviously is that in this case there perhaps is a lot -- is a more obvious use case to different sectors than we ever got out of crypto and certainly, you know, that's a different story altogether, but in this case there is a lot of potential application for ai in things like education and health care and improving productivity of workers within a working template and so the technology isn't going away

we're going to find a better way to incorporate it. >> speaking of health care, databricks used the example. how do you use the technique of finding the companies to invest in which part of the ecosystem is going to be the most valuable? and he said data that's going to be the winner. in the health care example forecast you're a company that has 2 billion medical records on board, that's proprietary information that's going to be useful for ai, and that's the kind of thing you want to look for if you're an investor. >> and to find out more about the 50 firms and openai grabbing the top spot after not being on the list last year, that's quite something especially given the world of tech and for tech stocks throughout the course of this year. so many companies are getting involved. >> it is incredible how quickly this storm has gathered that we just started talking about it back in november that was really the first time

chatgpt entered the global stage, the mainstream, and look how far it's come in that short time. >> markets are not only going to be focused what's happening in the tech space we're coming toward the end of the earnings season over here in europe we have a few adverse reactions in stock today siemens healthineers others are underporping. in terms of foreign exchange, this is what the currency pairs look like as we head out a lot of sideways movement we're not seeing a lot of movement in many of these different currencies and markets today because there's so much speculation. it really could be a game changer for the fed. >> all eyes on that inflation print. let's take a look at yields and where things stand now you've got european yields

trading higher across the board right now. now as for u.s. futures, here's the picture for wall street as we brace for that all important cpi print. we'll get you a picture of futures in just a second but in terms of contact, the dow, the nasdaq, and s&p pulled back all three majors are looking at continued losses but it's contained. just one stock to throw out there to keep an eye on at the open, airbnb, the stock slid 11% after hours after weaker than expected guidance. so that's one to watch. >> keep an eye on the ceiling discussions. the post makers are set to meet again this friday. we'll soo what comes out of it stho that does it for us i'm julianna tatelbaum. >> i'm joumanna bercetche. nt.ldwide exchange" is coming upex

it is 5:00 a.m. here at cnbc global headquarters. here's your "five@5. investors bracing for the latest read on inflation. what it could mean for the fed's historic hiking cycle. and in washington, high-stakes meeting with very little progress as speaker mccarthy and (remain very far apart on key issues around the debt ceiling and on wall street a new warning from a familiar face on the state of the u.s. economy and why we may already be in a hard landing >> plus spending cuts paying