that's all for this edition of "dateline." i'm craig melvin. thank you for watching. ♪ good morning welcome to "street signs." i'm joumanna bercetche in london and chkaren tso joins me from paris. these are your headlines rates are on hold, but signals two further hikes by the end of the year with chairman powell making a decision. >> it didn't come up in the meeting. the focus was what to do today

one, decision hasn't been made about july, but i expect it will be a live meeting. china's yuan hits a six-month low after a key policy rate and scoring the economic challenges facing beijing. and natural soda scraps plans to list in london and pulling the 6 billion pound ipo to the exchange amid extreme investor caution and french president emmanuel macron pulls for greater support for the a.i. sector telling cnbc in paris at the summit that countries must come together to draft new technology rules >> i think we need a regulation and all of the players do agree with that. i think we need a global regulation

good morning welcome to "street signs." it has been a busy week as far as central bank decisions are concerned. with the fed, the event yesterday, and ecb today and bank of japan tomorrow let me recap what the fed did yesterday. they finally paused the rate hiking cycle with fmoc members voting to keep the target range between 5% and 5.25% however, the more is interpreted as a hawkish pause after the dot plot implied two more hikes expected by the end of the year. that was not expected going into the meeting. the central bank raised the forecast for the next two years projecting a fed fund rate of 4.6% by 2024 and 4.6% by 2025. it would assess the impact of the tightening cycle so far.

>> conditions we need to see in place to get inflation down are coming into place. that would be growth meaningful below trend and labor market loosening and goods pipelines getting healthier and healthier. the things are in place we need to see the process of that actually working on inflation is going to take time. >> the fed chair jay powell also said the committee left options open for next month's meeting. >> we didn't make any decision about going forward including what would happen at the next meeting including we did not decide or discuss every other meeting approach or any other approach about july, a decision hasn't been made and i do expect it will be a live meeting >> analysts were quick to call it a hawkish pause, but indicated there would be rate

hikes to come in the future with the dot plot indicating another two. markets did not know how to review this. the dow did slip and s&p finished flat and the nasdaq is strength with the tech stocks leading up .40% by the end of the day. the hand over from asian markets was mixed. we had impact from the pboc cutting medium term interest rates which was taken well by the market over here in europe, you see for the most part, the heat map is trading below the line we are dipping in sentiment. the focus for european investors is the ecb rate decision later today. the expectations that the ecb will go for a 25 basis point hike, but the focus is on the language and if they indicate more is to come and if we are close to the end of the hiking

cycle as well as growth and inflation forecast we have annette in frankfurt which we will get to later and this is the defensive index which are all trading under pa water. dax is down .30% and cac 40 is down as well as .30%. we are seeing a bit of a bounce in basic resources and oil and gas. that is part of the decisions and data that has been coming out of china in the last couple days very weak data at the same time, it is clear authorities are trying to stimulate. it is having a knock-on effect in terms of the sectors, leadership from retail today up 1%. we had results from h&m. disappo disappointing, but not as some

had feared on the flip side, basic resources down 1% and the insurance factor is down .60%. ceo jeffery dunlack said the fed was hawkish in rhetoric, but not action. >> i think jay powell has a difficult job right now because as steve pointed out, he realizes that we're at a turning point on the inflation situation and on the economy yet, there are people dedicated to the lagging indicators like employment and labor market and looking at core cpi, it lags it just does i don't really understand why the fed is making the same, i think, mistake that they made a year and a half ago, but in reverse. they are not looking at the high frequent data. >> to pan out the conversation

further, i'm happy to say managing cio is here with me in person let's recap what the fed said yesterday. many are calling it a hawkish pause. what do you think the intention of the fed was over here is it they want to signal they are not done yet with the rate hiking cycle >> i agree that the indication is hawkish pause i think what the fed is trying to get to is a soft landing. i think we have seen the peak rate i believe the pause will be longer than the market expects if you look at the 1970s, the fed never hiked after the pause. >> could you argue that it is a different situation now because there are many other central banks which paused and restarted hikes. bank of canada and the rba

>> what the fed was getting is the ism services number. that number is at 50.3 on the version of co. >> translator: -- contraction. everything is pointing out inflation is not a problem the bigger problem is will this lead to recession? that is what the fed is trying to avoid >> yodo you think it will lead o recession? >> if the fed keeps the rates high, it will push u.s. into rece recession. one data which is good is the spending and manufacturing sector on the back of the chips act. if you print and spend money, you can push it down by six months the rates high at 5.25 is not an easy thing. >> you know what i find really interesting is if you dial back

to march of last year, the fed interest rates and u.s. interest rates were sitting around zero who would have thought they would be able to hike more than 500 basis points >> that tells you that we should not focus on short-term and an take medium term if you point out to anyone 12 months ago, what do you do they would say sell equities and stay in cash that would not be the right decision the good thing now is if we believe we are at peak rate or close to peak rate, you know inflation is under control we should buy equities if you look at peak rate and fed rate, it has been 12 months down the line i see risk >> it is interesting you say that that squares up with the market view if the fed are done with hiking cycle, that could be

bullish for equities this is a very reluctant rally a lot of people say the leadership has been so concentrated in a handful of stocks if you strip away the tech stocks, it is a lot less impressive is it your view that for the s&p to continue to out perform, you would need that leadership in tech to continue >> i think that is happening because of reasons of spending on a.i. and companies becoming bigger and they will continue to do well. the fact that the s&p hasn't rallied and it tells me rates are too high and it is hurting the economy and businesses if you talk to any real estate developer and i saw some, they will fall off the cliff next year i think there are a group of people who believe it has pushed

to high and you have to see what happened i strongly believe we will see a longer pause i'm not saying they will cut rates this year. i hope they do because i personal think it will help. i don't think they will cut. i think the pause will happen longer. >> how are you positioned? along the index or different sectors? >> we do both. i would have both to create a basket of stocks on large cap stocks those are still going to be on look at china. c china is easing. >> very quickly. what do you make of the fact the vix is sitting at an all-time low? why is volatility still low? >> it is shocking and surprising you are right. if the vix was higher, you would have the selling it is the supply and demand.

how many people are on one side of the trade it will take many on the long side it is a decent trade to do >> perhaps an opportunity to buy? catch a falling sword. manish, thank you for joining me manish singh china's central bank cut a key policy rate for the first time in ten months as beijing looks to support the economy and decl declining post-covid recovery. they reviewed the rate to 2.65%. the chinese factory and retail data missed expectations in may. industrial output rose which was a slowdown from april after the increase of 12.7%. coming up on "street signs,"

a.i. dominates the conversation at the tech conference in paris. karen and arjun are there. >> we talk about how disruptive a.i. will be for all sectors. >> and it is in all hardware from consumer headsets to this flying a.i. machine behind us. stay with us ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term

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welcome back to "street signs. vivate vivatech has started the second day in paris karen managed to catch up with french president emmanuel macron who told cnbc he is in favor of regulating the technology. europe's ability to compete in a.i. is a concern. karen asked about the trillion dollar players >> number one, i think we are

number one in terms of the race. this is why we want to invest more the good thing we have a lot of good technicians and scientists. a lot of talent adapting the a.i. environment we would invest like crazy on training >> that is 1.5 billion euro you spent so far versus nvidia worth $1 trillion. the numbers are tiny >> it is a mix of public and private. you have to have french, european money and private money. what we want to do is accelerate with the three biggest framing global players we want to expand and we created a lot of startups and we want to accelerate like crazy.

believe me, this is clear the u.s. is number one for good reason because of the huge amount of the domestic market. i want us to bridge the gap and invest more and accelerate much more >> mr. president, can i ask about regulations? what is your stand on regulations? we spoke about the disruption of industry what is the a.i. approach from your point of view >> i will say we need a regulation and all of the players, u.s. players agree with that i think we need a global regulation for me, it is a good framework we discussed it at the g7. this is good platform. we need global regulation. what we want to do is be sure it

is safe for all material that is the language model we have which is unbiased that should be in our society. we need some rules we need the basic regulation and more regulation by design. i think to make it with the big players. i agree with prime minister sunak. i urge you to work closely with the big players. second, regulation by design and frame what they prefer third, fixing specific issues. when you are exposed to a photo created by a.i., you need to know that. you want to be sure there is no bias in terms of gender or r

racism this is a specific point >> karen and arjun join us live from vivatech. impressive that president macron is well versed in the jargon talking about lmm and facial recognition. not bad for a policymaker. >> it is a big step as we look where a.i. is going on the ground here in france and in the lead up to the olympics next year we talk about the software momentum there is a lot of hardware in the mix. let me bring in peggy johnson. nice to see you, peggy it has been such a busy couple of weeks on the tech front the a.i. momentum has been huge. apple logged fresh innovation and it was the mixed reality

headset pro. i saw one argument from a gentleman saying this is a misfire on apple's front why is it coming out with this device has it lost the inn kinnovation you are at the forefront of the technology did apple get it wrong >> absolutely not. we are thrilled they entered the market i think it validates what it has been doing for almost a decade now in the space the technology is ready today. it provides value today to enterprises which is where our focus is we are changing how surgeons operate in the surgical theater. we are empowering factory workworker s on the floor who have a pc on their eyes they are able to navigate it with digital cues over the

machines and helps them find fault with the machines earlier. we are thrilled it hasn't aften. >> you had an mri scan on your liver. very brave example of putting this out on the stage. these are industrial cases and profession use cases as we talk about certain industries where is the mixed reality headset going for consumers? >> i thinklarities in the beginning, mobile phones were larger. you used them from a car or places where there weren't phone po po booths over time, as they got smaller

and the technology advanced, you put a phone in everyone's hands and pockets. that the technology and where it is going it is useful for a number of cases. >> peggy, magic leap has been around for a while you have the pivot from consumer to enterprise. now apple is in the space and you discuss the technology becoming glass form, is magic leap starting to get into the consumer business? >> i think again having apple in the space and focused on consumer will help everybody in the space. it grows the developers and understands the medium and applications in 3d we chose to enter initially going back several years and focused on the consumer. that was probably a bit early.

the device needed to be smaller and lighter and a few more turns before it could really enter into a consumer market we heard that feedback from users from the initial device of the t-- device. that is when we decided to be 100% focused on enterprise we feel it needs another turn or two before it is focused on the consumer market. we took weight out of it we brought the size down we kept the device separate from the headset. if we built that into the headset, it would be too heaven hot and you could not wear it for long periods of time like surgeons in the operating room it will be a moment or two before it hits the consumer market >> these headset s are coming o

leaps and bounds they are clunky. this could potentially replace the smartphone in the future there is still a lot of technology that needs to come on board. i was looking at brainwave technology eye movement and gestures. as you envision the head set of the future, how is it? >> i think it is glasses format. you can wear it for long periods of time, but think of it as a tool for doing your job better you can be trained more easily you are more efficient in whatever job you are doing it augments your ability to do your job faster with better outcomes going forward, there is an acceptance that consumers will have about the devices i think they need it and want it to be in more of a glasses format. >> i have to ask quickly how

a.i. converges with hardware how does a.i. impact your universe >> it is already in the devices. there is something called computer vision where the device recognizes your eyes you have generative a.i. and you imagine surgeons looking at ct scans and because of the a.i. system it is connected to, helping thesurgeon find a tumo more easily rather than just relying on their eyes, you have an a.i. engine that is helping them locate what they are looking for sdp >> an early diagnosis and not just for major hospitals and cities, this will be more widely used. >> somewhat of a democratazation where these are only available

to teaching hospitals in big cities, but this technology can take place of that and do what the big machines do with a digital twin laid out on top of the patient to help the surgeon with incision lines. you can imagine all hospitals with that access. >> thank you very much, peggy johnson. this is the first time i like the use of democratization >> it makes the process easier >> on that note, we will toss it back to you in the studio, joumanna. >> thank you for bringing that interview. interesting to see the intersection of hardware and the software and a.i all of the very insightful conversations. we just got breaking news in the last 15 minutes out of the

uk boris johnson is the first uk prime minister to misled parliament with the privileges committee releasing the report of lying about breaking covid rules last summer. the report says johnson did not just mislead and seek to undermine parliament, but complicit in the campaign of abuse against the committee when he resigned as an mp last friday the report says if johnson were still an mp, it would have recommended suspension for 90 days and said he should not be allowed a former mp security pass at the estate johnson called the report deranged and finding a lie big story over here in uk politics. another story we are watching within the financial sector is odey asset management told investors it is in discussions to move funds and staff to other asset managers. this after the company imposed exit restrictions on funds after

chris odey was accused of sexual harassment and assault by several women. several of the bank's firms cut ties in the wake of the allegations which odey strongly denies. coming up on "street signs," more central bank action today we head out to frankfurt with more on the decision we'll be right back. ready to take your business to

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welcome back to "street signs. i'm joumanna bercetche in london and karen tso is live in paris from vivatech. these are the headlines. a hawkish pause by the fed, but signals two hikes by the end of the year with chairman powell trying to balance expectations. >> we did not make a decision about july it came up in the meeting from time to time the focus was on what to do today. i would say about july two things the decision hasn't been made and i do expect it will be a live meeting china's yuan hits a six huf

mo -- six-month low and the fresh data disappoints with the challenges facing beijing. the ecb is expected to hike rates yet again today with inflation north of 6% and investors keep a close eye out for updates on the growth and inflation outlook. stay tuned for ecb decision with arabile today at 14:00 cet. and emmanuel macron pulls for support for the a.i. sector telling people at vivatech that the world needs to come together to draft new rules. >> even all players agree with them i think we need a global regulation welcome back to the show let's get a check of european

markets and how they are faring. for the most part, we are dipping to negative territory. not a good day for european stocks this after that hawkish pause from the fed yesterday u.s. markets are pretty much split. we had the s&p ending the day nearly flat. the dow ending .70 weaker. the nasdaq ending in positive territory. mixed bag from wall street this mebt ant european markets e searching for the positive a 25 point hike is sfexpected fr the ecb and they are looking to a guide for the end of the hiking cycle and if that is appro approaching. all of these indices are leaning to the red you can see the boards here and we are trading sideways on the

euro 1 1 108.30 the point is slightly fifrmer a 12 126.70 we had hot wage growth all of that has meant the higher interest rate expect tations ha been factored into the pound and overnight, you see the yuan is trading weaker against the dollar in this case, it is trading at 0.2% firmer against the dollar a lot of attention, of course, on the fact that pboc decided to cut interest rates by 10 basis points on the one-year lending operations with european fixed income, this is the picture over here we have all of these trading under water. in italy, we are .70% hire

a -- higher and the 10-year bund, this is the european bond markets digesting what the fed said overnight with the hawkish pause and the reaction across fixed income is bearish. we are focusing on the european central bank and they decided to raise the rates by 25 basis points this is the expectation it is near the end of the hiking cycle and stating all future decisions will be data dependent let's get out to annette live in fran frankfurt. break it down for us the market is expecting a 25 basis point hike what more should we look for in the statement? >> reporter: i think you should

look out for more language when it comes to potential hints toward the end of the rate hiking cycle, of course. some commentators are suggesting after the fed is pausing that the ecb might also at least think they are coming close to the end of the hiking cycle. there could be hawks saying it is not yet clear if we are already there because clearly the inflation rate is far too high and inflation dynamics are not really abating with wage dynamics on the rise across the euro i guess the governing council is divided about the fact of how many rate hikes are still needed also the key question is how much of the rate hikes are actually already having an effect on dampening the inflation rate the monetary policy is not easy to fine tune the economy

the risks are paramount. the risk is it could dampen the growth perspective if they o overdo the rate hiking cycle it is widely expected they have to raise their inflation projections given the higher than anticipated inflation dynamics, especially for core inflation. they could also revise gdp growth perspective projections clearly the euro area has technically reached recession territory. another topic most likely whether they do something about the huge repayment approaching

500 billion euro at the end of june this is a cliff hanger for the banks. it could be a topic. it might be a topic for italian banks. they are notoriously the weakest link in the system and they are sitting on a huge chunk of sovereign debt as well these two areas are interesting and, of course, what comes to mind as well is shrinking the balance sheet. most likely we will get more than last time around when they announced they will stop the reinvestment of debt under the app. i don't think they are going as far as touching the p.e.p. program which some want as well. especially the hawks they want the increase in the shrinking of the balance sheet i don't think they will touch that aspect because the doves are very much against that because they are concerned this

could mean a hike in years today is more a technical meeting, i would say it is not about big decisions. 25 basis point hike is more or less baked in. >> that is the headline take away market participants will watch for language and as you say, lots of people have been talking about the sizable repayment. annette, thank you for that overview let's bring in sylvia, the chief economist from barclays. sylvia, yesterday out of the fed, we got a hawkish pause. will we get the same from the ecb this morning >> good morning. we don't think so. we expect the hike of 25 basis points they have signalled they are close to peak, but not there yet. we don't think they will change the data depaentd approach

from the forecast, you might have dovish shift. we think the ecb will revise lower in the near term we have about 30 basis points downward revision in growth for 2023 and 2024 versus what they were expecting in march. on the other hand, we think the ecb will be revised up in 2023 and inflation profile and particularly core around 5%. it will change in 2025 inflation forecast and timing where inflation will get back to target basically signaling not much has changed on the medium term outlook and from that, the signal is we are not at peak yet. >> silvia, i think you are not alone in the ecb raising the inflation forecast how much of an upgrade to the inflation for would constitute a hawkish surprise

>> we think the near-term inflation forecast is more market-to-market trends we have seen with the ecb. on the other 23 changes, core inflation will go up which is a big revision i think 2024 and 2025 profile is where we don't expect change to the profile. this is because we expect growth to be revised lower. if they were to revise, core inflation for 2024 and 2025, then that would be hawkish surprise. >> silvia, we have seen the eurozone and particularly germany. german gdp was revised downwards. to what extent is the threat of a recession becoming more

apparent as we head into the second half of the year? >> technically you could see the euro area has been in recession if you consider that sequence of the two negative growth quarters of quarters q4 and q1. i think this is negative, but going forward and the chance of recession remains elevated because growth is lasting. we maintain a baseline forecast of zero growth our projection is below the current one. we have held this for a long time we see the results of two shocks on the one hand, private house consumption should get some oxygen from the decline in

energy prices and increase in nominal wages which pushed up income and the sharp decline. on the other hand, we see the monetary policy is transmitted to the economy with the higher lending rates and lower borrowing volumes and high and tighter lending conditions we expect investment to slowdown while it has been executed in q 1. overall, i see growth for us in the coming quarters. >> let me pick up on what you said on funding conditions my colleague in frankfurt was talking about the sizable payment due at the end of the month. it constitutes almost 50% outstanding. it is significant. i wonder what this will mean for the european banks funding moving forward if they have to

place that much liquidity back to the ecb >> we still throink there is remain in the system i think the funding costs are going up because monetary policy has been tightening for now. we don't expect this repayment to create any additional surprising effect. for now, we don't expect any further announcement on the ecb. we believe p whewhen they will announce, it could include longer-term operations >> silvia, thank you for breaking that down for us. moving on to one of my favorite stories from the overnight news beyonce could be to blame for higher than expected inflation

in sweden last month according to the analysis from the bank economists of the the bank states the pop icon's sold out concerts contributed 0.2% of the annual inflation figure of 8.2% driven by higher bills in restaurants and hotels and culture venues i hope it will not break anyone's soul. coming up on the show, what a week a difference makes. we will have more on the ipo market after this break. when we started our business we were paying an arm and a leg for postage. i remember setting up shipstation. one or two clicks and everything was up and running. i was printing out labels and saving money. shipstation saves us so much time. it makes it really easy and seamless.

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welcome back to "street signs. h & m missed expectations on the local currency basis the retailer says unfavorable weather added to the lower

period they have gotten off to a strong start in june. and ash producer we soda scrapped the plans for the ipo in london and another blow to the city's exchange. the company blamed extreme investor caution in london for the division halting plans for what would have been the city's biggest ipo in years speaking to "street signs" last week, they spoke about the ipo in london. >> it is something we planned for a long time. now we're in a market with a total strike now the whole world. >> now in your old job, not old, old job. there is no such thing as a buyer's strike if the price is right, you buy anything >> last year, we engaged with 50 or 60 investors. out of the 50, four or five really were interested >> they were waiting to get

expensive. >> they were scared of what could happen now we have institutions all over the world wanting to engage >> that was one week ago that was the ceo of we soda speaking to our "squawk box europe" about how confident. now we find out the i po is not going. let talk to sussanah i think steve was quite on if the price is right and product is right, the demand should follow. what happened? was the price wrong or conditions unfavorable >> a combination of both i think what has happened is we had renewed uncertainty facing the uk with sky high inflation and bond yields spiking. i think you are getting a lot

more investor caution. quite simply, the price is not right for the environment because apparently we seoda talking to investors around the world and there was intense interest, but they were not willing to get close to the bottom of the range expected that is why it appears this listing is no longer going ahead. as you say, as to the ceo speaking a week ago and showing he was confident, but it seems the mood has changed just in a week certainly, i think what you are seeing is the nervousness on the financial market with an implication on those investors willing to take a plunge as far as the product is concerned, there is high demand because it is used ashin panel and as we accelerate toward a

much more greener energy use around the world, we are going to need products like this quite simply the price right now wasn't enough to satisfy investors. >> and this was a blow to the london stock exchange. this is not the first high profile ipo postponed. iran decided not to list in the uk it feels the london stock exchange has a steep hill to climate this point >> it does appear that way right now. i think what will be concerning is this isn't a tech firm putting off its listing and deciding not to choose london right now. it is an industrial manufacturer and we also have crh building materials manufacturer choosing new york over london as well which was considered to be a

blow it is not that the pipeline has completely dried up. we still have payments which owns a subsidiary crown agent bank that is still listing right now. when you have a.r.m. using new york and other companies i mentioned, it is a blow for london city has been trying the fca is trying to make london an anttractive destination, but it is not working with the volatility on the markets. >> how much of a concern is the valuation? it is no secret london has traded at a discount to other stock markets, specifically in the u.s. if you were a company looking to ipo, would you not get more value if you actually listed in

the u.s. >> yes, potentially, you would it is not always the case. a lot of volatility often comes after an ipo we have seen the valuations of companies knocked off to the initial listing which is good for the company involved, but not good for investors who have taken that risk. certainly that will come into it, i think, in the fact that when the company went around gauging interest, although there appears to be lots of it, it was in the in the range they thought the company deserved that's why they canceled the ipo. >> thank you for your thoughts today. susannah streeter. let's get a quick check of the european markets we have the big ecb monetary policy decision coming up later.

markets are leaning toward a 25 basis point hike that is priced in. what is not counted in is the language from christine lagarde and the statement. most of the indices are dipping toward negative territory. cac 40 is leading down .50%. the euro currency has been not doing much on the day. it is flat at 108.30 we have been range bound for the euro do not miss our special coverage of the ecb rate decision tune in with arabile from 14:00 cet. for myself, that is it i'm joumanna bercetche "worldwide exchange" is coming up next. 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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is 5:00 a.m. at cnbc global headquarters here is the "five@5. the fed pausing the hiking cycle for now. it is the outlook which is catching many investors by surprise. one investor is jeffery gundlach the market is exhibiting signs of mania and the fed is doing the same as it was years ago and more tightening ahead and china is going the other way after disappointing data