it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." investors wait for the second look at inflation after the better than expected cpi. new this morning, janet yellen sounding the alarm again over the debt limit deadlock calling the notion unthinkable. and speaking of default. what former president trump told attendees at the town hall last night that is worrying some on wall street. shares of disney under pressure despite the second quarter beat

what is dragging on the stock. and later, making waves in ev freight space we speak with number 15 on the disruptor list it is thursday, may 11th, 2023 you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange." i'm hollafrank holland. let's kickoff the futures following the better than expected cpi read. the futures with green across the board. all three indices up right now we say it is super early dow would open up 50 points higher we are checking the bond market. that is where we see movement. the benchmark 10-year treasury at 3.44. that is down 10 basis points from where it closed on tuesday before the cpi report.

the big mover is the 2-year treasury the yield is down 1% from where we were before the cpi print big movement on the short bond picture. something we continue to watch we are looking at energy energy is interesting. wti is back above $70 a barrel popping on reports of stronger fuel demand. especially in the u.s. with jet fuel wti up 1%. brent crude up 1%. natural gas down not a lot of news there. it is above $2 stronger sign for natural gas after a down year. we are looking at cryptocurrency guess what we are not seeing positive signs. a lot of people thought crypto would get a bump with the banking crisis and inflation bitcoin still below $30,000. ethereum is down as well down 1.5% this morning

speaking of rising rates, we are looking at the uk after the third straight rate hike in over a year, the bank of england is out with a decision in two hours from now we have wall-to-wall coverage with joumanna bercetche outside the bank of england and julianna tatelbaum standing by in the london newsroom with more on the market reaction an first, let's start off with joumanna >> the bank of england is expected to hike interest rates by 25 basis points taking the base rate to 4.5%. the highest level since 2008 as ever, it will be watched closely. seven members of the committee are expected to vote for the rate hike. two are expected to vote for no hike at all. possibly a rate cut. the back drop here is very important. inflation in the uk is still running hot. the march headline inflation print at 10.1%

core inflation still at 6.2% that is higher than where eurozone and u.s. core inflation prints are sitting. private sector wage growth is hot. one other thing is the updated growth forecast. remember back in february, the bank of england released the economic projections for this year showing the economy contracting by 0.5%. they expected to upgrade the growth forecasts to zero with the headline being they no longer see uk entering recession for the full calendar year the forecast is looking better, but inflation pressure so strong, the pressure is still on them to continue hiking and whether or not they guide to further interest rate hikes is a question for that press conference >> that was joumanna bercetche outside the bank of england. let's check on the global markets shaping up ahead of the

decision and send to julianna tatelbaum in the london ne newsroom >> frank, thank you. every major region is trading in the green. ftse 100 is up .20%. we are trading off the highs of the day. still holding on to the gains. the dax up 14 basis points cac 40 in france is having a stronger start to trade up .60%. one thing that is weighing on trade on the down side is the softer than expected inflation data from china overnight. we are seeing under performance in the basic resources names that is a heavyweight in the ftse 100 that is the reason we see a lag in the ftse 100 equity market. turning to forex trading down on the pound against the dollar it seems it is as much about

dollar strength as sterling weakness dollar trading down p at 109.33. let's see how gilts are trading. yields moving lower across the front end of the curve yields at the longer end and 30-year is trading at h4.2% frank. >> thank you, julianna tatelbaum. time for a check of the corporate stories and disney getting hit ahead of the open. pippa stay stevens with us >> thank you, frank. investors are paying attention to disney plus losses down 2% or 4 million accounts in the last quarter. speak speaking ahead of the g7 meeting

today, janet yellen saying the u.s. defaulting on the debt is unthinkable adding it would undermine the economy. this comes after former president trump suggested that lawmakers should consider default as a viable option china says consumer prices rose slowest pace in two years the consumer price index rose 0.1% year on year. weaker than 0.7% economists were expecting. frank. >> we will have more on the cpi report pippa, thank you see you later on. now turning attention to the broader markets despite signs that cpi was easing with the headline inflation falling to the lowest level in two years. one top official is not convinced yet. richmond fed president tom

barkin says inflation is high and not making progress to the target of the 2% it has been stuck in the range for months and the fed would like to see it moving down many believe it will pause rate hikes, but barkin said the meeting was explicitly not a pause. let's bring in bill stone of the glenview trust company >> good morning. >> what do you make of the barkin comments? many price in a pause. a lot of people interpret what powell said as a pause barkin pushing back. >> yes clearly the market has it priced in as a pause. it doesn't look for any change until maybe september when you start to see cuts. that is the market side of things the fed clearly has to keep

talking about the fakct they wil fight inflation. there is a reason to be worried. i watch the atlanta fed sticky inflation. it is still up at 6.5% year over year it has improved. it is still up there that's the number now. when you look through things, there are reasons to believe the market may be right. you are starting to see softness creep into the labor market. you have to look at the four-week average of initial jobless claims they moved up off the bottom a lot of this is related to wages and labor. that is why you see emphasis on payroll and et cetera. you can't say it's soft. it is softer in that area and eventually if the trend continues, that will help inflation. >> bill, i know you brought this to our attention it is hard to think there will be a pause the stickiness in the inflation

is way up. we have a housing shortage in the u.s. it is hard to imagine that number going down. were there other numbers you saw being sticky >> rents are one which is a lag number you can watch zillow and other places and have a good bet that will start helping it is really all pinned on the wages. it is the service side of the economy and those are tied to the wage side. that is the place to watch >> that is interesting think we will see deflation. i want to switch gears banking crisis and debt ceiling is something you are watching. with the threats coming up to the markets, how do you advise clients to protect portfolios?

any moves you are making ahead of the possible default? >> i try to say the debt ceiling is really a political issue. you have to keep that in mind. both sides have reasons to ramp up every side has reason to ramp up rhetoric you are in negotiations. you wonder why does it always happen at the last minute where they solve this? because it is a negotiation. i don't expect default if there was some sort of an issue, we have the money or could easily have the money to pay. it is different than i would say or less worrisome than some paint it to be not that it couldn't cause market volatility. i think what you look for is the opportunity which is look around the one-month t-bill which is

where they are running out of money and those have an elevated yield. why not get paid more? those things get interesting >> bill, you are a master in the un understatement we have to leave the conversation there great to he isee you. a lot more coming up on "worldwide exchange," and the one word investors have to know today and why sonos shareholders don't like what they are hearing. and freight meets all electric we are live from sweden with number 13 on the disruptor list. and just ahead, more from disney the next guest recommends you stick with the sckto a very busy hour still ahead when "worldwide exchange" returns.

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shares down 26% this morning unity software is moving in the opposite direction unity expects revenue to range

between $510 million and $520 million. the gaming company expects it to grow faster this year and believes to benefit from a.i. tools. shares up 10%. shares of robinhood popping after the first quarter expectations the company noticedng the fed tightening helped the trading. it launched 24-hour trading five days a week. monthly active users decreased in the quarter shares of robinhood up 7%. ceo vlad tenev will have more at 8:45 a.m. and just head, why the partnership with pepsi could just be the beginning for the

v freight disruptor. "worldwide exchange" is back in a minute (vo) at viking, we are proud to have been named the world's number one for both rivers and oceans by travel and leisure, as well as condé nast traveler. but it is now time for us to work even harder, searching for meaningful experiences and new adventures for you to embark upon. they say when you reach the top, there's only one way to go. we say, that way is onwards. viking. exploring the world in comfort.

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falck. ceo of einride >> good morning. >> let's talk about why you are a disruptor. the semi truck space where how most of the freight in the world is dominated by diesel p-powered tr trucks what does it mean for the freight transportation space >> i think what we are doing at einride is not about the truck, but the system we try to disrupt the industry in what wearing doing with clients which is giving them the opportunity to provide in a cost efficient way. we are offering a service. that service can be cost competitive and sustainable. with that tool, we disrupt between 40% and 50% of the market today >> you are talking about transport as a service similar to software as a

service. >> absolutely correct. we have two offers with two business models. one is software as a service and the other is capacity as a service. we see what the transport needs are and how to digitalize and how to provide the goods they need in electric and sustainable way. >> you are no stranger to the "worldwide exchange" audience. we had you on two weeks ago with pepsi. we have meaersk and others how do you play a part in these companies? >> we are discussing a $4

trillion freight space if you look at numbers in the platforms, we assess the potential of 40% of 50% shipping being electric that means $2 trillion opportunity already today. that is what our clients see as well they want to get the benefits going sustainable, but the not willing to do that without being cost competitive that is what we bring. instead of depending on the legacy system of diesel, we offer a digital, electric and eventually autonomous that is competitive as you see from a number of customers that choose to work with us at einride. >> you have a lot of competitors. automakers are jumping into the tractor-trailer space. you have a lot of startups similar to yours when it comes to autonomy, give us a sense when will we see that?

>> there are a lot of competitors. if you don't have competitors, it is not something that works for us, it is about focusing on the customer and their needs when it comes to autonomous, we see that as a gradual transition if you look at goods today, it is all electric warehouses we are taking the same approach. we take care of the freight and capacity needs of the clients. we start with manual electric and introduce more autonomous. we see autonomous will take gradual. we are doing autonomous transport for clients. not everywhere through public roads at low speeds to allow benefits of

autonomous here and now and gradually grow into it this is not just about making a truck autonomous, but changing the transport system the $4 trillion market and in 25 years, we will be predominately electric and autonomous. >> thank you, robert falck time for a check on the other headlines with nbc's phillip mena >> thank you, frank. title 42 expires at midnight humanitarian aids and shelters are at capacity. homeland security secretary says

this is a minor number and former president trump was asked about the january 6th capitol attack >> the question to you is will you pardon the january 6th rioters who were convicted of federal offenses >> i'm inclined to pardon many of them. i can say inclined to all. what they have done to these people, they are persecuted these people my answer is i am most likely if i get in and i will say it will be a large portion of them the renaissance has begun. beyonce's world tour kicked off in sweden. it was an hour-long performance with outfit exchchanges. gold and also a bee inspired set. if you want to catch beyonce, it

will be july 12th in philadelphia >> that is my hometown i may have to check it out phillip, are you in the bey-hive >> i went to a jay-z concert and it was not a jay-z concert it was a beyonce love fest she stole the show that night although they showed up for jay-z. >> we may have to meet up in philly tickets on you more to come on "worldwide exchange," and the biggest upgrades downgrades and bullish view on rolbox more on "worldwide exchange" after this >> announcer: cnbc disruptor 50 is sponsored by the new york stock exchange a competitive advantage. ♪ it's raising capital to help companies change the world.

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it is 5:30 a.m. here in new york city. we are just getting started on "worldwide exchange. we start with janet yellen once again sounding the alarm on the dire need to get the debt ceiling deal done. she meets with finance ministers. we are live in japan with her comments. disney losing as we speak with a top analyst in a moment. and fresh light on the

consumer and willingness to spend on travel. you get the data here this thursday, may 11th here on "worldwide exchange. welcome back i'm frank holland. li let's pick up with the check on the stock futures. green across the board dow would open up 40 points higher right now very early slipping a bit from where it was a half hour ago. let's turn attention to the developing story in japan and janet yellen offering a warning over the need for the white house and congress to reach a deal to wrraise the debt ceiling yellen making comments with the investors in japan and we have martin soong with the latest martin, good morning >> reporter: good morning,

frank. you know, when the g7 process started with the japan presidency this year, it was supposed to lead to the conclusion of the summit in hiroshima with de-risking russia ironically, the conversation has changed and now people are talking about how to de-risk the u.s. we are talking about the debt ceiling crisis secretary yellen is here and she spoke earlier today. here is what she had to say on that front >> the notion of defaulting on our debt is something that would so badly undermine the u.s. and global economy that i think should be regarded by everyone as unthinkable >> reporter: so secretary yellen speaking here in niigata at the

bankers meeting. part of the g7 this is the second to last meeting before the summit in hiroshima next friday. yellen did a press conference and took questions she said america should never default. it would be catastrophic, her words, and this should be regarded as unthinkable. she made mention of the 14th amendment that people have been talking about as an option to justify issuing just enough debt to pay america's bills she said the president himself thinks this is not just a realistic long-term solution personally, she thought it would probably be a better idea for the president to unilaterally to decide the raise the debt ceiling. congress may push back and the

president could veto frank. >> martin soong, thank you. and weighing in on the debt limit debate is pippas stevens >> former president trump is urging lawmakers to default on the debt his comments camie coming at th town hall last night he adds he doesn't think the u.s. will actually default and saying democrats will absolutely cave blackstone is in talks about forming a lending partnership. speaking with the financial times, blackstone president says they are in talks with lenders with $100 billion and $250 billion of assets. under the plan, the banks would originate loans that blackstone could funnel to the insurance customers to offload risk.

and proxy adviser is reversing course on recommending support for pay plan for jamie dimon and top executives according to the financial times, shareholder services said it was switching the recommendation after using incorrect data when comparing the pay against the peers. i asked if this led to a rejection last year and advising investors last year to reject at the annual shareholder meeting frank. >> a lot to watch there. pippa, thank you very much time now for the big money movers we're talking about disney shares sinking on the back of the earnings results revenue and profit coming in line with the wall street projections. the street focusing on disney's streaming units with direct-to-consumer operating losses falling from a year ago

down 26% subscribers dropped 22%. bob iger says the strategy includes hulu and espn the company plans to combine content. iger addressing the ongoing battle with the florida governor joining me with the latest is john hodulik. >> thank you, frank. >> shares are down despite the wall street expectation. what did you see in the report and what did you hear on the call did it change your price target for the company? >> still a buy rating. no change there. the results were largely as expected they beat on earnings. i would say the three segments were as expected some guidance they gave to next quarter was weaker they expected to lose subs on the d-to-c side.

they talked about inflation creeping in on the parks as you said, the main story is combining disney plus and hulu in one app which is a precursor to them taking 100% control of hulu after negotiations with comcast. >> your price target is 122. disney trading at 101 right now. one other part of the report which is interesting and maybe under reported bob iger changed the cost cutting. it was $5.5 billion and now at least $5.5 billion is that a big deal for the company and stock? >> we think it is. a lot of the costs come out of the d-to-c business where they are running three separate apps. disney plus, hulu and espn plus.

hulu gets negotiated next year you just don't need that much content on one app yo beyond that, there is savings and overlap. we believe there is over $2 billion in incremental cost savings to come. >> i want to correct myself. disney trading at $95. your price target is correct at 122. i want to pull on the streaming string a bit it sounds like bob iger wants to buy hulu is that a 180 from what he said before >> it may be he made comments about spending too much on entertainment content and sticking with the real disney tent poles he doesn't have a choice disney will do that. it happens on january 1

effectively. the company will refocus on all of the cost cutting and a tighter and smaller and profitable d-to-c strategy >> one question. ron desantis question. is this political tension in florida? is this a big deal >> i don't think it is a big deal i think bob had a message he wanted to get out on the call. if anything, he is trying to lower tension in florida there from the financial standpoint, it is a side show. we think it will be worked out at the end of the day, moving from the framework they have to a more traditional framework is not a big cost for the company it shouldn't change much for the model. >> the price target at 122 john, thank you for being here.

>> thank you, frank. coming up on "worldwide exchange," insight into the consumer and just how much they are willing to open their wallets. the new data from mastercard in the first on cnbc interview when "worldwide exchange" rur etns at cdw we get your teams work in different places, in different ways and across countless different networks. so how do you get everyone on the same page? microsoft surface devices, orchestrated by cdw. they adapt to each user and deliver multi-layered security, so your workforce gets seamless experiences wherever they roam. for devices that fit your unique workforce, trust microsoft surface and it orchestration by cdw. people who get it.

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that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ welcome back to "worldwide exchange." time for the morning call sheet where we check on the upgrades and downgrades

let's start with roth mkm raising roblox price target. the company is at an infliction point now management is starting to get cost under control. twilio lower price target from $90 to $53 citing revenue headwinds and an model which is 70% of sales. jp upgrading axon. citing the 15% pull back in shares. turning to the travel secto and the impact on the economy. the concerns weighing on main st street airbnb with a weak outlook despite beating expectations and

consumers are price sensitive c when it comes to travel. hotel pricing momentum is starting to slowdown and likely to turn negative in the near term however, a new report from has af -- from mastercard. we have a first on cnbc interview with bricklin dwyer. where does travel in 2023 compare to last year how does return to office and business travel impact all this? >> there are three things i impacting travel the first time the global economy is truly reopen for travel number two, china is open for business this is 18.5% of the global population which is now able to travel that is a big impact that can potentially have a big impact on travel the third thing is return to

travel preferences have shifted people continue to spend money on experiences and travel. >> china is almost 19% of the global travel market >> global population. >> okay. it crosses over to travel. i want to focus on the chinese travelers for a second a lot of retail brands and spirits brands depend on chinese travelers. what is the chinese travel outlook right now? we have seen the reopening with fits and starts. >> china has been a fascinating story to watch for a number of reasons. one is we expected the big wave to happen when china reopened. that is not what has been happening. what has been happening is a gradual recovery in travel from chinese travelers. second, when they are traveling, as you mentioned, the luxury sector, they are not buying luxury like the past what is happening is that

experience excitement is catching fire. what we have seen in the u.s. is people spending money on experiences in had europe and now traveling to china where they travel abroad, they are spending money on experiences and less things. >> let's talk about airbnb this quarter may be soft, but a strong summer travel season. what is your data showing about the current quarter and what we are seeing in the second half of the year >> without a doubt, consumers are becoming surprise sensitive. they have to balance out between income and savings and credit availability where will they spend their money? when making that calculus and decision, they are looking at that appetite and preference to travel and how far their money can go top destinations for american travelers are seeing the eiffel tower and rome and the b

brandenburg gate in berlin. >> experiences are up 75%. is that the new normal people want to go out and have a good time as opposed to buying online 12 >> what we have seen is people stuff closets with things this is not new. before the pandemic, we were all about experiences. that experience economy is taking off now we have seen that have its legs people have driven demand for experiences and it has been long lasting. i'm not sure it is a fad i think we are seeing that really quite sticky. >> you are the global economist for mastercard i want to ask a macro question a debt ceiling situation going on a banking situation going on to disrupt the economy. how would that impact the travel outlook for the year >> i think, you know, when we talk about the debt ceiling, clearly it is a terrible position to play with the financial security of the united

states when we think about the other factors affecting the outlook, for people on the ground, they care about the check and if they receive income and what is happening with the bank account and accessibility to credit. they are looking at the portfolio of how they are able to spend spending is decided by what they need and what they want to buy and prices as you mentioned. that is determining that outlook for spending >> we have a look at spending coming up. your spending pulse is coming up in a few days. bricklin dwyer, thank you. >> thanks, frank coming up here on "worldwide exchange," the one word that every investor needs to know today plus morgan stanley's private wealth management katerina simonetti's with her

picks. and cnbc is celebrating asian american pacific islander heritage month in may. we are celebrating our business lea leaders. >> we're proud to be celebrating our 46th anniversary as an asian and founded led independent business one reason we had so much staying power is because we celebrated our asian roots it permeates everything we do from the east meets west supply and supply chain and one factor is a family owned factory in the the fashion business has never been easy. we hope our message continues to resonate with our customers. - double check that. eh, pretty good! (whistles) yeek. not cryin', are ya? let's tighten that. (fabric ripping)

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welcome back time for the "wex wrap-up. new comments from janet yellen in japan she said the notion the u.s. would default is unthinkable whchina's cpi raising at a faster pace since april. the epa has a plan to slash a plan for greenhouse gasses it can have solutions to shift natural gas or clean hydrogen. bankers buying up stock at u.s. bancorp and key and stellar with insider buys over the last

week. and honda with the quarterly profit falling by half it see sees properties rprofits rising this year and softbank posts a $76 billion annual loss cutting stake in alibaba. gearing up for the trading day ahead at 8:30 a.m., weekly jobless claims and inflation with the ppi then results from krispy kreme and u.s. foods at 7:90 a.m7:00 a.m., the rate n from the bank of england with all that, let's dive in the trading day ahead and bring in katerina simonetti of morgan

stanley. >> thank you. >> we ask the one word they believe describes the trading day ahead. what is your "wex" word of the day? >> my word is opportunity. this is a challenging time for investors that are told that every day market is challenging and they should expect recession and declining earnings and sticky inflation and federal reserve which is not done raising rates. this is a really scary environment. many investors are paralyzed and not sure what to do. we encourage them to look for buying opportunities in this market to take it to the full advantage to build up quality holdings both on the equity side and fixed forecast side from a couple of months out to a few years out. we are at the very tail end of the bear market and it presents incredible opportunities. >> you are optimistic.

your outfit matching the futures, both in the green you have to protect for the down side we have a debt ceiling issue and what are you doing to advise to protect the portfolios with the possible headwinds >> frank, this is the difference from a year ago and right now. for the last ten years, we were in a zero rate environment investors were looking to safety and fixed income and cash and giving up returns and staying with low yields. right now, the environment is different. they go to fixed income and build p porortfolios with the short-term bonds and money market which pays higher yields. by no means i'm not encouraging

to shift asset allocation. dollar cost average. invest gradually be select about the names you pick through doing that, that allows a significant level of proper tux. volatility may -- protection volatility may still be ahead. we need to protect the portfolios for the long term with the yields and quality and div dividends. >> interesting we are showing a graphic with one of the areas you are suggesting to go to during these teams. it's healthcare. were are you-- why are you bullh >> technology was the leading sector in the past bull market we were looking ahead and healthcare will be the next space where we are just coming out of the global pandemic and

health is still unknown. that is coupled with the competitive positioning. we go to drug manufacturers which is a great number of names out there. there are distributors and laboratories and home healthcare we have aging population over the next 10 or 15 years where the opportunities are incredible in addition, of course, there are record keepers and health tech that adds the efficiency and broader margin to the sector it is hard for investors to look for individual names in each of the categories this is where sometimes it makes sense to take position using the index. in our view, healthcare is one of the most promising market sectors. >> we have to leave the conversation there thank you for being with us on "worldwide exchange.

before we let you go, one last look at the futures they are in the green across the board. the s&p and nasdaq up .30% dow up fractionally. off the highs from early this morning. let's it for us here on "worldwide exchange. "squawk bo ix"s coming up next thank you for watching what i dio tell you how they could be more efficient? i'm listening. well, with ibm, you can use software to help you connect and analyze data— from hvacs to elevators to lights. what if we use ai-driven insights to pinpoint inefficiency? yep. and act on it. saving energy, money... ... and emissions. yup. that's a big one. now you've built something better for everyone. that's the sustainability solution ibm and a global real estate company created. what will you create? ibm. let's create.

good morning despite an easing of inflation, one top fed official says he's not convinced the central bank has done enough. that story is strayight ahead disney shares lower as they pivot from chasing streaming customers to try to make the

business profitable. and treasury secretary janet yellen speaking overnight calling the debt default unthinkable. the different way of saying it is unthinkable this is hours after former president trump urged to default if they don't agree to spending cuts it is thursday, may 11th, 2023 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in sometimes square i'm becky quick along with joe kernen andrew is off today. you see green arrows dow futures are up 36 points s&p up 13. nasdaq up