good morning welcome to "street signs." i'm joumanna bercetche and these are your headlines eur european indices lead to a bounce, but there is no deal. >> it is a big issue and not something to solve easily. we want to make sure we work to get it done. spain countsdown to key

regional elections this weekend with the socialist party candidate hailing her party's handling of valencia >> the capacity of monitoring in social terms with the tax reform u.s. commerce secretary raimondo holds talks with the chinese counterpart after the string of incidents strikes washington and beijing. and the sovereign wealth fund and major investor will vote against ceos of chevron and exxon continuing as chairs of the boards good morning

welcome to "street signs." let's get up to speed on what is happening with the white house and debt ceiling discussions top white house officials and republican lawmakers are moving closer to an agreement to raise the limit and cap spending for two years. negotiators are $70 billion apart according to multiple reports. under the terms, defense spending would be permitted to rise 3% next year in line with the budget request from the president with other spending, housing and hammered out in the months ahead. the house has already left for the memorial day weekend recess. u.s. house speaker mccarthy remains committed to finding agreement suitable for both sides. >> there's no agreement. it is not easy this is a big issue and not

something to solve easy. we will continue to work until we get it done we are continuing to work hard we will get this done. >> it has been the week for stock markets. investors gripped by what is happening with washington as we inch closer to the june 1st soft deadline with the positive news from the administration yesterday, we did see a turn around in the stock market and sentiment improved. it has been a week of losses for the major indices. we had better data coming from the u.s. with the revised reading for q1 gdp is better than expected jobless claims that is adding to the positive picture for the week the stoxx 600 is inching into the green up .20%. you can see clearly here that it has been a week of losses. stoxx 600 actually coming off an eight-week low today

let's switch over and start with the uk index ftse 100 is up 16 points today .20% higher. it has been quite the week for the british economy. today, we had better retail sales numbers. this is coming off that extremely hot inflation print early in the week. massive re-pricing of interest rate expectations which is having a knock-on effect home tbuilders are sensitive to that miners are giving relief to the sector cac 40 is trading at the flat line dax is down 10 points. we had that surprising downward revision to gdp. are german economy in technical recession. the numbers are not looking positive the ftse mib is down .50%. the main under performer this week the quick look at ibex

down .20%. we have charlotte in spain covering the elections and what it means for the national elections in december. we will have more later on in terms of sectors, basic resources doing well up 2.6%. technology is continuing from strength to strength it started with nvidia results with the knock-on effects with the chip makers and tech industry boosted by what happened with nvidia and price action over there. that is a positive bit on the board. at the bottom is utilities down .60% and telco down .50%. retail sales have risen in april beating the expectations for a smaller rise however, sales still fell 3% on the year with concerns around consumer demand.

money markets are pricing in a 5.5% terminal rate for the bank of england after inflation fell by less than expected in april with that print sending gilt yields to the highest since the liz truss mini-budget disaster in august. we asked chancellor jeremy hunt if he is comfortable in risking recession to bring down inflation? >> yes, because in the end inflation is a source of instability. if we want to grow the economy and reduce the risk of recession, we have to support the bank of england in a difficult decisions and it has to do something else which is decisions i take as chancellor to balance the books to the market and world sees britain is

a country that pays its way. that means monetary policy and fiscal policy are aligned. >> let's bring in our first guest. the head of fixed income solution wonderful to have you. it has been quite the week for fixed income are you surprised by the moves in gilt yields 2-year gilt back to levels not seen since the mini budget 10-year gilt close to those levels as well >> i think the mood has been surprising partly it is the continuous upside surprise against the consensus forecasts. what the bank of england is saying is important. that is what is hinting to markets. >> let's take it back to what i asked is about the gilt yield

levels which is close back to the mini budget. it was easy to blame the uk government and decision making for getting us to that point now, the uk government is fully supportive of the bank of england and the decision making this time around is it the bank of england's fault that gilts are back where they are >> partly. i think there is a lot of i idiosyncratic factors here it is pricing in lower than what it was as you mentioned 5.5% which is really tight monetary policy however, monetary policy seems less effective than previously a lot of people are on fixed rate mortgages and lot of peopl own houses outright. monetary policies seemed to be delayed and less bigger impact

than previously thought. >> what is the solution? you are saying monetary policy is less of transmission effect in the past. what can be done if not relying on the central bank to bring down high levels of core inflation? >> i think we are going to continue to see the central bank tightening the next few rate hikes are key. i think what else could help is on the supply side on the labor markets, there are continuous labor market shortages. that is the underlining story. we will see headline inflation come down. we have seen the price cap, energy price cap come down, which will feed into cpi figures. the key concern for the bank of england market participants is the widespread increase in the number of segments in core cpi

which is what is disappointing. >> you have to wonder on the labor supply if the net migration numbers will pass through as well. let's get back to pricing. 10-year gilts are trading at 3.5% compare to treasuries at 3.8 bund close to 2.5% does that gap in spread narrow at any point >> i think over the medium term, definitely in the near term, until we see inflation come down, i don't think the spread difference will narrow down. i think we are -- there are a lot of global factors with the debt ceiling negotiations has caused noise in the u.s. treasury markets until cpi figures come down, we will see the curve moving in fashion in the near term >> it has been a couple of

meetings now almost every bank of england that i've attended and the market perception was they are close to the end of the hiking cycle if not one more to go. the inflation data changed the market perception of where the bank of england will go from here in your view, how many more times should the bank of england hike and how many more times will they hike >> i think it is really difficult to forecast. there are lots of variable parts. i think the 5.5% forecast may be too ambitious. i think as a number of mortgages roll off in the two-year or three-year or five-year mortgage, they will be rolling off. i think there is a delayed impact it is the lagging effect i would be surprised if it went up that high it is at the point where we are

looking at cpi month on month. >> back to data watching which is what the central banking community has told us they are doing as well. their guess is as good as ours thank you very much for joining us head of fixed income solutions from investec. i want to take you to total energy there has been a bit of a controversy because french police were firing tear gas at climate activists seeking to block access to the shareholder meeting. a bit of a kerfuffle with the police and climate activists the meeting has now begun. we have put up images for you. the crucial issue here is shareholders voting on green resolutions urging total energies to accelerate fossil

fuel cuts. that is why the climate activists showed up to support the green resolutions. the french police did have to fire tear gas at them. this is an issue that seems to be happening we see more and more violent clashes with the police and climate activists. that is something to keep an ey on norway's sovereign wealth fund will vote against the ceos of chevron and exxon the fund says it does not believe the roles of chair and ceo should be held by the same individual it will vote against several proposals. the fund held a 1.13% stake in exxon and 0.6% in chevron at the end of last year. coming up on "street signs,"

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welcome back to "street signs. we have spent the week discussing the debt ceiling negotiations in the u.s. with more positive signs coming from the u.s. administration overnight. it is having an impact on the u.s. markets let me take you to the u.s. markets. week to date, dow in the red down 2 points. investors were gripped by the ramifications of the potential default should that happen as we inch closer to the june 1st deadline s&p is down 1% for the week nasdaq with a positive week. up .30%. bucking the trend and the question you are asking is why let's explain with the next set of hot boards. you can see here that a big part of that was on the back of nvidia we have been talking about how

well the chipmaker has done since announcing earnings two days ago nvidia up 21% week to date on back of those really strong results. updated revenue guidance has given a boost to a.i. space. microsoft up 2.4%. they were instrumental in announcing the involvement with chatgpt. even meta up 2.9%. tesla up 2.4% as well. active and looking to get more active in a.i. let's take you to how some of the chip makers are looking in pre-market taiwan or tsmc, the fabricate manufacturing of the chips is up as well.

marvell is up as well. this is another company which expect to see a.i. revenue to double this year it is a string of a.i. chip mimik -- chipmakers to see revenue double that is why we see positive momentum in that market. investors in cathie wood has lost out on the rally after the fund closed out the position in january. back in february, when nvidia was trading at 50 times forward earnings, wood said valuation was very high. she still holds nvidia across several smaller funds. arjun, there is a lot to unpack here let's start with ark innovation funds. the fact she sold out of nvidia is surprising because this was a lady that was betting on high growth sectors

clearly as you look at where we are today with nvidia and a.i. and chipmakers are the space to be involved in. >> it is wonderful with hindsight. it was in january when she closed out her position. when you think of chatgpt hit the market at the end of last year, it took off the back end of last year you see this is a cool thing we can use it to do things how do we monetize this? what does this mean for the tech giants and bid for a.i you look at that and think microsoft and google and amazon. under that was nvidia. nvidia to that point had a pretty good bump so far on the back of the chatgpt craze. it was easy to see it has run

too far. maybe it was out of control when we were looking at what the fed was doing and the impact it might have on growth stocks going forward. it was unclear how far the fed might go and aggressive they may go there was uncertainty about the extent about the nasdaq may rally. it has done pretty well so far this year. perhaps that was feeding in to the reason she closed the position in nvidia obviously, we are looking at the stellar guidance since january and what has happened is google has come out with its bard a.i. and chatgpt is continuing to grow and develop at a blistering pace every company in the world wants an a.i. strategy what will power that nvidia chips >> you know there will be more competition in that space. the chips will power that we spoke about all of the

chips that help manufacture these chips which is doing well. asml and asmi stand out. you look at the nvidia stock and it is a viertical move in the price action it tells you there is a buying frenzy typically, this type of phenomenon doesn't have legs where does the challenge come from >> in terms of the stock itself, you have a number of people betting this is the player for a.i. you have that frenzy that comes in we have seen that with so many stocks the last two or three years in the meme stock craze, et cetera. that is the concern of how far it hasrun and how quickly. the challenge is the big tech companies that rely on nvidia chips begin to design their own chips to power their processes and eventually wean off. that is not a short-term player.

that will take a long time and investment no guarantee of what google comes up with is better than nvidia. >> arjun, we cannot talk about this without talking about regulation one headline that caught my attention yesterday was buried in the craziness and frenzy about nvidia earnings. sam altman said that open a.i. may leave the eu if regulation continues to bite. it feels the the whole world is putting their weight behind a.i. and eu is saying hang on there could be ramifications >> i feel there is a lot of possib posturing going. i'll give you an example over the past three or four months in the cryptocurrency industry, executives said we will leave the u.s. because the s.e.c. enforcement and actions are too much a lot of them have dialed back

the rrhetoric. that will not happen with open a.i., europe is a huge market the difference is europe takes a far different approach to the u.s. with regulation you see europe regulate quickly before this technology has fully developed. they are known for regulation. they he were the first out withh former gdpr. they bought out a.i. work. they are working on crypto regulation eu regulates that's what they do. it has taken a lot for that. there is the issue of how you balance regulation the eu is skewing a bit more to regulate first many people have criticized that approach particularly the tech industry. let's move on. uk prime minister rishi sunak and the executive director of

science meet with the heads of google the and other heads of a.i. firms over the opportunities. how do you encourage innovation and at the same time introduce regulation so the technology is safe for use >> absolutely. when you look at governments at this moment in time and countries and nations, they are looking at tech strategy two of the biggest is what is a.i. strategy and what is our semiconductor strategy both thingswe were talking about. the semiconductors to power a.i. as well. when you look at the uk, the uk is interesting in a.i., it is good at research. top universities and top talent. it has not spun out multibillion dollar companies like google or microsoft. deep mine was the most successful company acquired by

google tyears ago and out to american ownership semiconductor is interesting the uk hasn't not a tsmc or intel or a key supplier in that chip supply chain. it is looking at other areas at the moment as well chip design. it hasn't designed $1 billion pound package which pales in comparison with the u.s. i had a chance to catch up with the secretary of state for science innovation and technology to discuss a bit about the uk semiconductor strategy let's listen in. >> it is a different strand of technology that is the tone supporting what is strong in the economy and the taxpayer money to go further what i would point out is the

prime minister came back from the g7 with a close partnership with japan which we twill go further faster that is the attention that needs to be on semiconductors, but shows britain is a part of that and playing a leading role with that with good partners like japan. >> you say you focus on the uk strength with semiconductors many argue the uk a few years ago gave up the lead and allowing it could be sold. is that a mistake? >> you could take the spin on any story. >> that was a critical company not just listing, but technology owned by a japanese firm >> what you saw last week was the range of firms across the range of parts of the supply chain supporting our strategy as

the right thing for britain. you had businesses thrilled by it and delighted by it and businesses who thought it this was a sensible approach to b building on strengths and help their section of industry to thrive i think that is a really important achievement for the strategy and i do see from software and elsewhere around the uk, how it helps people. >> nice attempt, arjun great chat to you. i'm shure we will talk more abou a.i. arjun with the latest on nvidia and chipmakers on the price action let bring you headlines from the chief economist phillip lane a lot coming out here. real wage correction has to be a gradual process. most intense wage correction will happen this year. there is still some upside risk to wage growth

wage deals are in the ballpark of the expectation he is saying energy price fall will feed into core, but timeframe is uncertain my initial take is they are leaning toward a hawkish territory. this is consistent with the language from the ecb the last couple weeks that more work needs to be done they are not pausing that backs up with the chief economist comments. coming up on "street signs," u.s. and china hold high level talks for the first time in months, but some things don't change as the two largest economies clash. and spain gets ready to head to the polls we are live from the key battleground of valencia after this break

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welcome back to "street signs. i'm joumanna bercetche and these are your headlines

european indices are leading a bounce as talks about the debt ceiling continue >> this is not easy. this is a big issue and not something to be solved easily. they want to continue working until we get it done. spain counts down to key regional elections this weekend with the socialist party candidate hailing her party's handling of the region of have a l -- valencia >> in social terms, some of the attacks of reform. u.s. commerce secretary raimondo holds substantial talks with her counterpart after a string of incidents hike tensions with washington and beijing. and norway's sovereign

wealth fund and shareholders saying they will vote against exxon and chevron ceos as chairs of the boards. welcome back to the show as you can see behind me, we do have more green p oon the board stoxx 600 is on a higher run after all of the hype with a.i. and nvidia all of that is transpiring in the european indices with the dax trading at the flat line d still reviewing the news of the weak numbers yesterday the cac 40 is four points

higher it has been a week for the luxury space some names have come out heavily this week. that dragged down the cac 40 ftse 100 up 11 points. .10% higher today. this is because we are seeing a bit of rea bound in mining stocks commodities are seeing a rebound from the debt ceiling discussions. in terms of foreign exchange, this is what we are seeing today. you can see the euro is slightly higher against the u.s. dollar less than .10% the pound is about a quarter of a percent higher 123.50 we have been speaking about the action in the uk this week around expectations. the market is pricing in two further interest rate hikes from the bank of england in the summer months. something to watch out for broadly speaking, you see the picture is mostly one of dollar

weakness against euro and sterling one of strength versus some of the safe haven currencies. sp speaking of currency the lira hit the record low against the dollar recep tayyip erdogan won 49 po49.3% of the vote. on a programming note, dan murphy will be live monday from 7:00 a.m. cet. regional and local elections are taking place across spain this weekend with over 35 million people expected to head to the polls 12 regions are contested with the conservative party looking to make gains in a key test of public support ahead of the

general election this year ha valencia is a key area. the regional transformation is a testament to the party's credentials. >> our main guarantee to continue in the government is the management which has been done in the past eight years in the region of valencia, we have an example. we came from a period of 20 years of government of the political popular party, the right-wing party, and it was a time of corruption and cuts in public services. now, we have more than a 400,000 new jobs all the social and economic indicators are better than 2015. >> let's get to charlotte who is

in the battleground area of valencia charlotte, of course, the national elections are held in december this year it feels it is the socialist party and leading party's election to lose at this point >> reporter: yes, absolutely that is going to seem the way. why do we care about a regional election this time around, it does feel this is going to help take the political temperature of the country. 12 regions are holding elections this weekend today is the last day of campaigning. municipal elections. nine held by the socialist party of sanchez if they were to lose several of them, that gives us an indication it would be tough for him to reelected no area is better than valencia.

the region has been held by the coalition partners since 2015. looking at the polls and things could be tight here and give potentially the center right opposition some political moment to start campaigning for the general election this year this is seen as a crown jewel of the election they have been heavily campaigning here this is the one to watch to give you indication of where things are going. i'm joined by a guest to help us breakdown all of this. the professor of political science at university of valencia thank you for joining us we are saying normally regional elections are discussed and debated on local issues because spanish regions have lots of power with transports. this time around, it feels different. it feels like a referendum on sanchez. >> this winter, there will be elections in spain

this year is full year of elections in spain this is the first test for the spanish government in particular, for these left coalition government that means it is a test for the socialist party. the polls say the people will win the election this is a very important test. >> that's the key here you mentioned the partners in the coalition. the prime minister is a minority prime minister he has to put the coalition in power. the first time ever. some allies are struggling it is the same in the region is that the biggest risk for him? more than the opposition from the right? is it weakness of the partners that could be difficult? >> exactly there is another poll we must take into account. what happens in valencia is produced later in the spanish

levels havalencia is a laboratory we will see what happens later with the spanish election. in 2015, the first government that is the first left government in valencia later, that was produced in the spanish level. this election has a change in ha valencia and this could indicate a change at the spanish level. the left block >> what is interesting with sanchez is the policies put in place by him is popular. social policies and handouts on the economy to deal with the cost of living crisis during the pandemic and the war in ukraine

with the higher minimum wage this is popular. he is not. the polls show the center right is ahead of him in the vote potentially for the end of the year is he the problem? is he is unpopular political figure >> i think sanchez is a problem as a political leader. he is unpopular, yes, but at the same time, we must take into account what happened during the last year or so. the pandemic and the war and the inflation. now in spain, it is difficult for most of the middle class and low class with inflation they have an impact on mortgage with interest rates. normal people from middle class and low class have a lot of problems >> the cost of living chrrisis? >> exactly this is a bad year

the economy is okay. the gdp growth is a slow win at the same time, valencia is also a different scenario from an economic perspective. we are a tourist power. >> of course >> summer is here and the tourist industry is doing well. >> and the extra boost for the economy this year. >> kpexactly. >> high interest rates are squeezing people the far right is a huge expectation and one element has been the far right emergence which was light compared to other european countries it is the case in this region and nationally do you think it is something to

stay here on the spanish political scene and likely to gain more traction like in france with marine le pen. >> like the far right, the radical right is not going to disappear immediately because they are able to attract the people, middle class and low class, with discontent the discontent at the gainibeginning, the vote were more from high and middle class. right now, i think these elections, the general elections, in particular this winter and sunday has no doubt about that the low and middle class will

vote because this particular economic context >> one of the very interesting elements we will watch during the election as we watch the professor of the universities of h valencia this is the last day of campaigning. >> reporter: you will help give us the temperature in the country before the national election at the end of this year we will live from madrid on monday to breakdown some of the results. they are important they will give us an indication of what could be the future of prime minister >> interesting with your last question, charlotte, of the rise of the far right something to watch out for if there is a coalition in the future charlotte in valencia. live on monday from madrid. now the u.s. and china traded barbs as commerce ministers talked in washington

they raised concerns on trade and export policies. with ties and the u.s. and china are calling, but some say the eu could be set to benefit. find out why on cnbc.com. and also ahead on the show, oil producers confuse the market with comments from two of the biggest players. which ones we'll tell you after the break. plus, can they find a compromise u.s. negotiators inch closer to a debt deal as time ticks down to avoid catastrophic default. we are live in washington with the latest also coming up next.

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double cheese?!? yes and yes! man, you crazy. try the refreshed favorites at subway today. french police clashed with climate activists seeking to block access to total energy shareholder meeting. officers used tear gas and pepper spray against the protesters in the energy giant un urged shareholders to vote remotely while those outside were escorted by police. you see one of the shareholders trying to get into the building

and confronting angry climate activists as you can see this is just a series of events which happened in the climate space with other companies oil prices have come under pressure today amid conflicting messages from two major pr producers ahead of the next opec plus meeting in june russia's alexander novak played down the cuts while vladimir putin said the numbers were approaching the economic levels. those comments came on the heels of the crown prince warning sellers to watch out which some could consider deeper cuts coming top white house officials and republican lawmakers are moving close tor to raise the d limit with negotiators just $70 billion apart on spending.

moody's expect the u.s. to meet obligations, but would lower stable to negative the warning comes after fitch placed the u.s. on negative watch as lawmakers continue wrangle over the debt ceiling. brie jackson is joining us from washington, d.c. it feels there has been positive developments overnight tell us more >> reporter: that's right. good morning, joumanna it seems like deja vu in some ways that we continue to talk about the slow progress that's being made members of congress are already headed home for the memorial day weekend as debt ceiling negotiators are trying to reach some type of a deal. one of the biggest hang ups is

the republican demand for tighter work or tougher work requirements for people who receive food stamps and other government assistance. some democrats are arguing the gop is holding the economy hostage. they have concerns about the possible concessions that president biden may have to make this follows the concerns of the harm of failing to avoid a default by the june 1st deadline one of the top credit rating agencies warned of potential downgrade to the u.s. a aa rating only time will tell if the threat of the downgrade could galvanize negotiations members of congress have left washington, d.c. already, but we are told they may have to return this weekend if agreement is made joumanna. >> brie, do we have indication

for how long the agreement is going to last? the debt ceiling discussions come up on average once a year when is the next time we will talk about this? >> reporter: well, that's a good question this is something that we have done in the past and heard about in the past. that's part of, you know, the discussions between the white house and capitol hill negotiators is how long will this deal be and what is part of the deal that's something that both sides continue pto try to figure out the clock is ticking they have to come up with agreement with the june 1st deadline that treasury secretary janet yellen warned about. how long the deal will last and the final details is something the two sides are trying to iron out. >> absolutely. hopefully we get more details over the weekend

thank you very much for that report, brie. investors are keeping an eye out for the fed preferred pce inflation gauge with april numbers at 7:30 p.m. cet the year on year figure declined since the 7% high in january keep an eye out for the piece of data our u.s. colleagues will speak to the cleveland fed president loretta mester today that is at 17:00 cet let's look at the final trading day of the week. you see it is still a mixed bag and continuation of the theme of the week which is the nasdaq has been the outperformer today and looking to open ten points higher s&p is opening up mildly in negative territory nasdaq down 20 points. in terms of week to date, this is a good snapshot the dow for the week is down 2%.

about 660 points lower s&p down 1%. the nasdaq is up 3% -- 0 .3%. that is on the back of nvidia numbers. let's switch the u.s. tech stocks nvidia up 21% on the week. you see other names like microsoft also with a good week up 2.4%. netflix, the under performer now up 1.76% it has been a positive week for the tech stocks. it is having ramifications across all chipmakers. not just in the u.s. in europe and in japanese markets overnight as well given the position of the chipmakers in that market in europe, the picture is mixed. we have a couple of indices in the green and red. the stoxx 600 is trying to get

some gains after reaching an ei eight-week low yesterday a lot of focus on the economic data uk data with an upward surprise and cpi print and german data with the gdp data with the surprise to the down side. all of the boards end the week in negative. you see the ftse 100 down 2.3. the dax is down as well. and for cus on luxury stocks it caught our attention in the middle the of the week as peopl reassre s rea reassessed the economic picture. that is it for our show. i'm joumanna bercetche "worldwide exchange" is coming up next.

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it is 5:00 a.m. at cnbc global headquarters. here is the "five@5. closing in on a deal the reports from the white house and speaker mccarthy are nearing the end. and nvidia's rise to new records across the tech space and one high profile etf apparently left on the sidelines. and putting a bow in retail results. a look at the stocks with the most staying power in retail. plus, re