erybody that i'm fine, i'll never be the same after this. good morning welcome to "street signs." i'm joumanna bercetche >> and i'm julianna tatelbaum and these are your headlines. and the ubs secures losses of up to 5 billion francs and authorities pledge to cover up to $9 billion in the deal with credit suisse.

and u.s. futures slip into the red. s&p 500 advances 20% off the october low. a federal grand jury indicts donald trump over the mishandling of classified documents. this is the second time he has been indicted since leaving office >> never been anything like what's happened. i'm an indepenocent man i'm an innocent person good morning welcome to "street signs." just in the last ten minutes, we are getting breaking news from switzerland. one guess for what we are talking about. let's bring you the highlights of what we have learned. that is ubs have now signed a loss agreement with the swiss government which puts the bank on the hook for 5 billion swiss

francs if the credit suisse ends in a loss and the state covering $9 billion of losses the focus is on minimizing potential losses and risks so the guarantee doesn't have to be evoked the agreement will come into effect on completion of the merger as early as monday. a lot of developments in the last week, julianna, ubs said they expected the deal to close as soon as june 12th this is one of the last pieces of the pie when the deal got hashed out over the weekend in march, there was some talk about the swiss government taking up to a $9 billion inndemnity on losses. it is a crucial piece of the puzzle in order for the deal to go ahead it looks like it has the green light to go ahead on monday.

>> this was seen as the final hurdle ubs needed to get across the line thinking back to march, this was one p of tof the comforts that s took on. >> also, a lot of this was on the back of requests that ubs would have made to the swiss government just looking at the official announcement coming from the finance ministry. one line is in taking over credit suisse, ubs is taking over assets that are non-core to ubs and do not fit the business and risk profile in order for them, the authorities, that weekend to have been able to convince ubs to go forward with the deal, they must have offered a lot of assurances ubs said if they exceed a threshold, we want the government to step in and indemnify us this is what the agreement is

about. >> one line from the swiss finance ministry this morning that part of the agreement is ubs maintains headquarters to be eligible losses are minimized and proceeds are maximized some detail around the terms of the agreement. in terms of share price, not a lot of movement. joumanna, this was well telegraphed this week as well as march. >> remember when we were talking about the issue in march, there was concern of the swiss public and the state taking on too much expose ure to the banks in forms of the credit line. the snb offered a credit line. there is a statement at the bottom of the finance ministry comment today.

at the end of may, credit suisse paid full outstanding amounts in full to the swiss national bank. this is key and confederation has not incurred any losses in the guarantee. there are no losses at all for any members. >> all right we will leave that there certainly the final piece here and we have to wait until the deal closes. it seems all of the ducks are in a row for ubs to take over credit suisse. in terms of data, we got fresh numbers from china overnight. factory prices fell by 4.6% in may. that was the fastest annual decline in seven years and eighth straight month of defl deflation. consumer prices rose 2%, but fell by the same amount on a monthly basis. this comes in stark contrast to the world which is struggling with price pressure.

for more on factory deflation, check out cnbc.com u.s. secretary of state blinken is reportedly planning to visit beijing as early next week a politico report says the state is confirming details of the trip which could p hhappen on t back end of the trip to asia joumanna. let's get a check of markets are faring there is a lot of red on the board behind me. yesterday in the u.s., we saw a bounce for wall street the indices ending positive on the day. we see a bounceback in the tech stocks the day before we had seen a pull back in the tech names. one other phenomenon occurring is the vix with the s&p is dropping to new lows we are talking about a lot of things going on, the volatility,

vix index, continues to drop that is also significant because it tells you that these moves have not been major and investors are not really concerned or putting on a lot of positions into the key macro data points. one being the fed meeting next week in terms of overnight action, we had a positive hand over from asia the nikkei back to the three-decade high agagain. here in europe, most indices trading under water. the ftse mib is down .3% ftse mib has had a good week the rest is not a good week. dax is down .10% cac 40 is down .50%. we see the chemical company

croda is down as it warns about the outlook for the year it is dragging down the chemical sector as a whole. let's showcase the leadership coming from. chemicals at the bottom. food and beverage is down .50%. we have basic resources coming through. a lot of volatility in oil this week on back of the opec plus decision we are seeing some of the minors make a comeback today up .80%. utilities up .40%. julianna >> . let's look at data from yesterday. jobless claims with 261,000 americans filing for unemployment benefits. that was ahead of 235,000. this comes ahead of the policy meeting next week.

the central bank will estimate to pause the u.s. hiking cycle u.s. colleagues will speak to ray dalio on monday. later on monday, we will hear from bank of america ceo brian moynahan don't miss that at 19:00 cet >> the first guest of the show is neil shaw from edison wonderful to have you with us. i looked at the price action we had and stock market this week one thing which is interesting is despite the headline risks we talk about with geopolitical and economic and central banks with monetary policy, the vix continues to make new lows there is not a lot of underlining volatility with the s&p. why is that the case >> i think a lot of it is technical. some of it is the macro is

directionless. i characterize it as being in the eye of the storm low volatility is not a window of what is to come i think when i talk to investors, there is a high degree of caution. they are doing their work. they are looking for interesting companies. their sense is as we move into the second half this year and second and october, th -- septe and october, there will be an adjustment >> i read a stat this week saying if you remove the biggest significant tech mega cap stocks out of the s&p for the year, the index would be in negative territory. that is a highlight that the performance in the market has been in a very narrow breadth. it is a handful of names needing gains. do you think this broadens out or do you winners start losing

some of the momentum because of the other dynamics at play >> my view is a lot of that has been driven by the flowis comin from passive under pinning that is the employment number. pension money and savings is coming coming if you see a turn around in employment, you will see that rolling over the jobless numbers are interesting to look at here. you know, those are talked about at conference a couple of weeks ago. stock picking in the smaller cap space is very hard work. you know, he is looking to get his classic return profile >> looking at europe specifically, the investment

community has been bearish and defensive year to date we have seen investors hiding out in luxury names. that trade has unwound in the last few weeks where is consensus right now in how are investors positioned within europe? >> i think if you are looking at the broader indices and the faang, the u.s. market is under performing europe. why is that? the expectation at the start of the year is europe would be hit hard by energy prices. it was a lot better and the hard landing envisioned hadn't come through. europe out performed the u.s. market that is attractive people back into the european market if i was looking at specific names, that is unusual places you see capital attractive

for a long time, the greek market, pradid not feature. the greek market is doing well the economy is very bbuoyant we were looking at a business which is 4.5 market cap in the last five years. a robust outlook for that company. >> broadening out beyond the specific stories in the greek market, last year, it felt investors were chasing companies with strong pricing power. that was the key to what investors wanted to put money in what would you say is the draw now given the fact that you said we are in the eye of the storm and about to enter an uncertain period not to be p ersuaded by the low vol period now >> i would characterize it

three-fold you are always looking for high quality companies to ride through the cycle. they have to have a self help element. we like names like gregg's in the uk secondly, you look at companies exposed to high gross secular trends we had discovery i.e. report yesterday. single digit beat and double digit increase in the share price. that is exposing you to the ev sector and energy efficiency sector i think people are looking at value. one hedge is you look for low valuation if you buy at five times earnings you are still making a 40% return. >> to follow-up for disclosure do you have a stake in any company you listed >> no stake. my company doesn't have a stake. my company does have client relationships with these companies. >> final question to round up the discussion

the ftse 100 is not having a great year coming off a much better 2022. what do you think is going on there? do you still believe it can make a comeback in the second half of the year >> i think the challenge with the ftse 100 is if you talk to a manager, it is discount relative to any other market. it has been that way since the brexit vote. i think the issue in theuk is that the persistent inflation that we're seeing which is supply chain issues and things take time to unwind and resolve. i think that is causing concerns around the uk's near term economic outlook compared to other markets. we have a labor market issue which europe doesn't that is one of the reasons it is hard to track people into the

uk from a market perspective, people understand it great companies. it continues to see outflows. >> all right neil, thank you so much for sharing your views neil shah from edison group. coming up on "street signs," signaling a policy shift after recep tayyip erdogan's next term well we'll have more after this break. and get 2 months free how can you sleep on such a firm setting? gab, mine is almost athe same as yours.ee almost... just another word for not as good as mine. the queen sleep number c2 smart bed is now only $899 save $200. plus, 48-month financing on all beds. shop now only at sleep number. when we started selling my health products online

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welcome back to the program. former president trump has been indicted by a federal grand jury on seven charges related to the handling of classified documents and obstruction. nbc news confirmed they include thees espionage act the move makes trump the first former president in u.s. history to face federal charges as well as an alleged hush money scheme.

alice barr has the report. >> reporter: former president trump has been indicted. details are limited as the indictment is under seal, but two sources briefed on the matter tell nbc news the grand jury is recommending false charges and conspiracy to obstruction. former president made the announcement himself on truth social calling the case politically motivated. >> i'm an innocent man and i will fight this. >> reporter: the former president is expected to s surrender on tuesday to a federal courthouse in miami where activity has ramped up in recent days. the independent special counsel jack smith convened a grand jury in washington, d.c., but appears to have shifted to florida where more than 100 classified

documents were discovered at mr. trump's mar-a-lago estate last year also, under scrutiny whether he obstructed to get the materials back it is one of several cases vouvo surrounding the former president who has been indicted on fa falsifying business records in new york this comes as the republicans primary is ramping up. raising the stakes on the explosive prosecution. in washington, alice barr, nbc news >> our colleague from nbc, said potentially explosive prosecution. i think this is significant. it is also the second indictment levelled at former president trump. we don't have a lot of detail about what the indictment includes it hasn't been made available to the public yet

it is a major political event. >> it is and, yesterday, legal experts say, it shouldn't interfere with trump running in the 2024 presidential race also, if you look back at the first indictment and how trump has fared, he has been gaining support in the polls in terms of the political implications for this, it is not clear this will be negative for the former president if it falls the same trend with the first indictment, it may drum up support with his base. >> if he is proven to be innocent and these are questions we don't know. the implication, obviously, is there could be a jail term if he is found guilty. it is something that we all should be watching closely because this is the frontrunner for the republican nomination going into the next election and an an indictment could have serious consequences >> it could.

his base is resilient and above s -- and bolstered by these things. elsewhere, president biden and rishi sunak hailed the agreement to strengthen the relationship between the countries on the final days of sunak's d.c. visit his conservative party pledged in the last election, but this could see uk electric car firms access u.s. tax credits. sunak said the agreement focuses on the challenges facing the two countries. >> that's what we announced today. a partnership that would deepen our cooperation to strengthen the economic security. that is good for our residents at home and those intensified in the last couple years. it seeks to build prosperity and jobs in our countries. we announced billions of be pounds of investment in uk and that supports jobs

over 1 million of citizens in each others' countries work in each other companies we are the largest investors in each other's countries the relationship is strong it is booming. oil prices are trading lower after the u.s. and iran denied reports they were close to a nuclear deal the white house national security council denied that it offered tehran the suggestions false and misleading. the turkey president erdogan appointed a former u.s. finance executive as the next governor of the country's central bank.rc bank and goldman sachs. this is a picture of how the turkish lira is moving today it continuies to be weak.

we had a substantial move yesterday to the tune of five points we keep moving weaker. not in the right direction julianna, i think there are a couple of appointments that imply a more orthodox economic po policy you had secretaries reappointed back he is well respected by the market and he was considered to be somebody delivering more market friendly policies. with the appointment to run the central bank, that is significant because of her market background. she was a trader at goldman sachs. she was ceo of first republic which did not end well there is a feeling they would go back to raising interest rates again. that could be supportive for the currency >> if they go down that path

it is fascinating to me that he has chosen or the appointment is somebody is from the private sector she has a ph.d. i believe, from princeton university, in financial engineering. it is all in the private sector with her experience. not the first time we had a central bank chief without an economics background powell and lagarde are neither trained economists interesting to see how it will play out. >> yeah. good point they need to make a decision on whether they want to tackle growth or tackle inflation that will be the decision for the incoming central bank of turkey governor. a story we are watching closely. also coming up on the show, we will discuss how financial executives are embracing the advances in a.i. with broadridge president whose firm launched

its own corporate chatbot.

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signs. i'm julianna tatelbaum >> and i'm joumanna bercetche and these are your headlines >> the swiss government and ubs sign a loss agreement on the takeover of credit suisse with ubs bearing losses up to 5 billion francs and the authorities covering up to $9 billion. the recovery picture waivers as the factory prices plunge p as and apparent the new bull run on wall street after the s&p advances 20% off the october low. a federal grand jury indicts trump on several charges over mishandling of classified documents marking the second time he has been indicted since leaving office >> never been anything like what's happened. i'm an innocent man. i'm an innocent person

let's check on european equity markets we're an hour and a half into the final trading session of the week a mixed picture and contained at the index level. putting it all together, not a lot of movement across the boards ftse 100 and cac 40 and dax are around the flat line similar for italy. swiss is down 15 basis points. one sector is underperforming. that is chemicals. let's look at the pull back in chemicals. that is the uk company down more than 13% of the this morning, croda came out with a profit warning. the guidance that croda provided 10% below estimate consumer care is down double digit. the crop protection business

started off well, but now rapid customer de-stocking that croda report is dragging down others. the flavor companies are taking a sizeable hit we're also seeing the chemical heavyweights trade lower basf down 2.2% the chemicals sector is not a good one if you were long this morning. moving on to forex markets yesterday, the dollar index pulled back. this morning, the euro is losing that ground against the dollar down 18 points sterling is trading weaker against the dollar we crossed back above the 125 level. let's check on wall street all three of the u.s. majors are indicating a weaker start to trade today after a solid session on wall street

yesterday, all three rallied it was the tech heavy nasdaq gaining 1% binance u.s. exchange suspended dollar deposits and will stop withdrawals tuesday. blaming aggressive and intimidating tactics from the s.e.c. the exchange is taking the measure to protect customers and it has 1 to 1 reserves for all deposits of the gary gensler ramped up the industry saying it is rife with hucksters moody's cut the outlook on coinbase from negative to stable after the lawsuit was filed against the firm this week accusing it of being an

unlicensed security exchange our u.s. colleagues will speak with cathie wood her first appearance since buying coinbase after the lawsuit. that is coming up at 1:30 cet. >> that will be interesting. i'll mark it sticking with tech 70% of surveyed say a.i. has already significantly changed how they work. more than half say digital transformation is the single the most important strategic priority that is according to broadridge. the reports is coinciding with broad gpt which says it will assist clients with liquidity and price discovery in the u.s. corporate bond market. the president of broadridge is joining us to talk about the results and help us understand the gpt. the financial executives and

firms see digital transformation as the most extra -- strategic priority >> we he do this -- we do thvey every year it was interesting to see the digital transformation become number one the last few years is cyber and info security. it is exciting for the industry to start to move past those things and deliver more value. that was present in the survey results. >> when i think of the european financial institutions, these are large which are complicated and pieced together from lots of banks which have been put together over the years. they are behind in some ways digitally speaking how are those institutions going to compete with newer technology

if they are trying to catch up and modernize the systems and operations. >> there is a big wake-up call you have disruptors coming in and they're nimble and capitalization the large institutions are waking up which is why 57% which is the highest it has been believe modernization is critical the way it is working today is the modernized technology. a.i. really jumped out and particularly in europe there is a commitment to blockchain as the technology of the future a bit more so than in u.s. blockchain is a technology that will enable and a.i. is a transformation which is why we launched this bond gpt program. >> let me start off by asking the focus on digital

transformation that will coincide with more spending on the types of technologies, how soon or long will it take to extract financial value from the investment >> it is the tricky part the biggest obstacle is budget the second is staff believing in what it is about to hopefully happen i really believe institutions partnering with the right organization like broadridge can get dividends quickly. it is changing experience and growth and reducing costs. cost reduction can be reinvested you have to commit to it and start somewhere. >> often times it is not just about incorporating new technology, but bringing in the tasks around it. one is going to be compliance. how big of anissue is it going to be to make sure that all of the technologies that are on board are operating in a way

that is compliant with the regulators >> when i started, compliance was an after thought now it is a forethought. investing in solving for co compliance while transforming. >> joumanna is coming from the bond world how does this fit into the way traders interact and how easy is it to build based on chatgpt >> joumanna, you would have liked the ability to have a natural language to ask about bonds inverting or debt rating or inversion has taken place that is the nature we have the ability to have a natural question to look for liquidity and we have a scoring of bonds based on liquidity. you can now use the natural language generative communication where you can ask

the data bases how easy the basic question is easy it is the data cleanliness and bring multiple data sets together and lastly, tit is fast to respond. >> a couple of things spring to mind putting on my bond hat. the for liquidity, it becomes easier with the transparency in market it will be challenging, as you say, to ensure the data is clean because you have so many different sources where the bond prices are coming from >> ltx was built for the bonds a lot of bonds don't trade there is a lot of bond liquidity that the portfolio manager wants to access. >> interesting

my second point is back in my trading days, we have traders who provide me that information. we had actual people who would sit down with excel sheets and mine the data. i say how is this bond looking and they come back two hours later with a sheet what will happen to those jobs >> well, my message to everyone is up your game. what we can now do is we can ask with a.i. to get the things we might have had a junior analyst do or analyst do now we can do it instantly we need to be smart about what we do with the information those people in those roles will find a path to do that we have to help them there and not be scared of the technology. some people are scared of a.i. if we don't embrace it fully, it will be in the hands of people who will use it against us >> what about on the buyn impor

bridge with the buy side and sell side. we want to enable access to liquidity for the buy side the buy side can understand can they affect the strategy and they can go to the sell side for liquidity. a.i. is present. it is not just hype. although it is not as far along in the use case as people would like to think it is, but it will exaccelerate quickly >> it makes me think about the future of trading. you had the macro superstars the hedge fund investors and that was based on the gut feel that was the dollar/yen would move higher. i wonder with the super smart machines and machine learning and a.i. and if those veterans

of the industry will find it is time for them to move on because the machines are there >> i hope not of i believe your gut instinct complementing data is way more powerful it will make people smarter using it the right way >> we could continue talking about this forever chris, thank you for joining us today. chris perry. president of broadridge. one stock surged 200% on the a.i. wave. you can find out what stock it is in the service on cnbc pro. a tease for you there. in the auto space, gm agreed a deal with tesla to adopt the charging standard. giving the drivers access to the tesla super charger network. this is a huge deal. this move means tesla and ford and gm share the technology saying this could save gm $400

million. what a significant development for tesla as well. not just the cars, but the infrastructure surrounding them becomes more central to its business model tesla shares up 5% pre-market. gm is up 3.5%. ford is trading higher as well there is a look at charge point shares they are trading lower by 4% and ev go is trading down by 5.3%. coming up on "street signs," the countdown is on in istanbul after a ramp up of football investment in saudi arabia we'll have the details next. when we started selling my health products online our shipping process was painfully slow. then we found shipstation. now we're shipping out orders 5 times faster and we're saving a ton. go to shipstation.com /tv and get 2 months free.

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time for our sports seeing t -- segment. man city will take on inter milan on saturday evening with the hopes of taking on the first ever title

arabile joins us now with more the game comes in the same week that saudi arabia investment fund ramped up in the sport and qatar is looking for a takeover deal for man yunited arabile. >> we thought we would continue the sports theme you are right. qatar and uae and saudi arabia all have been involved in sports and influence in football which has grown a lot over the last couple years we have seen the qatar world cup. we have seen the influence in some of the football clubs out here in england as well. interesting, of course, man united and inter milan champion tomorrow it is owned by the prince which owns city football group that has been an influential investment since 2008. meaning that the bigger stage of club competition will have

middle east influence. if you go on the saudi public invest the fund, they managed to buy for newcastle football club in the uk and they have been influi influencing messi for tourism. he was in a spat in which he had to go to saudi arabia and not attend training. the public investment fund putting money into that and the bid to host the 2030 world cup which they hope to do alongside egypt and greece saudi had ronaldo join them a year ago and now the next big name to join the league has been benzema. he left real madrid. they are targeting ten major

players as well as a coach in the likes of some who they hope is lured to saudi arabia and play a huge role in growing football as well as sports very finally, we made note of the takeover of man united is still in play. something that has been going on for around seven months now. hoping to get some clarity on this radcliff is a favorite, but, so so is the sheik who made the f fifth and final offer. saying it is d-day and take it or leave it if they want man united to be bought. the uae and middle east and saudi arabia and all influence in sport certainly growing and shown in all of the major deals. guys. >> absolutely. arabile, thank you for that breakdown. sounds like it will be a significant day for man united and the fate of the football

team from here on. let's bring in the professor of sport and geopolitical economy business school. great to have you withes, professor. let's start with the champion league final in istanbul that could be historic for man city they he couldcould -- they coulo on to win. we know sheik bought it. if they do end up winning the title the, how much of the victory will it be for the gulf investors? >> of course, it will be a big victory and we're talking about the football season where that has been a massive victory which cast off a successful world cup. it is worth remembering the final is actually an arab final. the chinese conglomerate with

links to the chinese communist party. this is a different champions league final we see. as far as victories are concerned, it is not just victory on the field or symbolic victory for abu dhabi. the new york university and grand prix has a presence in the country. that is to form the abu dhabi brand. this is not just vanity or economic, but terms of soft power, image and nation branding is significant >> the cynical interpretation is what these countries are trying to do is simply buy status buy the money to get status on the international scale. i wonder at what point financial return is important to the

investment because they can't just keep throwing money at different endeavors and teams and sports without getting the financial return to back it up as well. >> i think there is a hard bottom line in all this. as i said, this is not about vanity and soft power alone or geopolitics. there is money and business and economics involved if we look at the staging of the world cup at qatar it spent $240 billion prepare for the world cup. what we have seen since the world cup finish is a more stringent approach to managing the assets the qataris own in sport. what we will see in abu dhabi is the glory and glam and geopolitics continue we see abu dhabi sweat its

sport. what we have seen from qatar is you have to think about the bottom line. >> professor, if i switch to golf the shock announcement with the partnership with pif and pga put u.s. and saudi relations in the spotlight again and to joumanna's earlier point, to what extent do you think this was driven by the push from saudi and a drive to gain soft power and more clout onand international stage? and follow-up, will this do that >> i guess there are two elements to this what we know is prominent members of the global community, be in sport or otherwise, typically tend to have a high profile in elite professional sport. that is reality.

think about the nba in the united states. premier league and great britain. economic benefits associated with having such prominence in sports that is what saudi arabia has done it realizes that at the same time, saudi arabia, in essence, wants to be dubai or miami. the country is going through transformation one thing it is trying to do is develop tourism sector if we take a development such as the red sea project -- the red sea project is a high-end leisure destination. hotels and beaches and nice restaurants. what do people do? they play golf this is not just about ex-hartinex-herting power and control. it is not just about winning in the relationship with the united states there are hard economics behind this this is especially important for

not just saudi arabia, but golf in general part of the world that is hugely dependent on oil revenue as we know, in a world that is kicking back against carbon fuel consumption, the clock is ticking and they need to diversify. we have already seen over the last 20 years, but the next 20 years is the continuing investment in sport by the nations because it will help them to diffiversidiversify. there are other benefits associated with it, too. >> professor, we have 30 seconds left what sport might the gulf investors go after next? >> we are hearing all kinds of things nba, nfl, cricket, indian premier league system. i think nothing is off the table right now. the saudi arabia are not just in business of buying clubs or teams, but entire sports. >> i'm glad we squeezed that last one in. great to get that forward view

>> we rehearsed it. >> we with enjoyed the c conversation professor of sport and geopolitical economy >> cricket tell us about your weekend plans. somebody proclaimed you didn't know anything about cricket. you will spend a full saturday >> i don't know anything about cricket. i'm spending all day tomorrow. we'll see. we can follow-up on monday how much i know about cricket. that is it for "street signs." i'm julianna tatelbaum thank you for watching the show. >> i'm joumanna bercetche. "worldwide exchange" is coming up next. ♪ (upbeat music) ♪ ( ♪♪ ) woah. ( ♪♪ ) ( ♪♪ ) ( ♪♪ )

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it is 5:00 a.m. here at cnbc global headquarters and here is the "five@5. stocks reversing course after the s&p did something for the first time in nearly 250 trading days. and still in the red of the producer prices plunge and has a long way to go for post-covid recovery. a double whammy for a sector and why tesla is the ev charging standard and mark zuckerberg looks to