the mystery surrounding his killing still abides. [music playing] ♪ good morning welcome to "street signs." i'm julianna tatelbaum >> and i'm mandy drury these are your headlines >> equities move stronger echoing the gains on wall street with the stocks hitting high averages for the month of june. ecb hikes to a 25-year high as it continues to fight inflation. christine lagarde poured cold water on any halt of a pause in

the cycle. >> we have hiked interest rates unless there was a material change to the baseline, we will continue to hike at the next meeting. we are not thinking about pausing as you can tell. the bank of japan sticks to the loose policy keeping rates in negative territory as inflation ticks higher governor ueda says they need more time to bring inflation down to the target. and elon musk meets giorgia meloni in rome before heading to paris for the tech conference. good morning warm welcome to the special edition of "street signs iemt

m -- signs. mandy and i kicking things off joining the rally that we saw on wall street yesterday is the stoxx 600. all three of the majors stateside logged gains s&p 500 with the sixth session winning streak since november of 2021 a really strong session stateside. some of the market sentiment is spilling over into europe as european investors continue to review the central bank decision ecb raising rates by a further 25 an basis p 25 basis points. let's look at the board. ftse 100 up .60% cac 40 is up the same. a lag for the german equity market

dax is up .30%. green across the board from the sector perspective, the trade looks defensively. utilities holding up household goods is trading up. healthcare and media is a defensive basket of stocks you see a pull back of trade in the technology sector. nasdaq, the tech heavy market, gained 1.1%. in forex markets, you see the euro over the last 24 hours moving above 109 level we are retreating against the greenback. after a major move higher yesterday. the euro is the notable of the bunch. japanese yen is in focus with the bank of japan meeting concluding today first, let's detail what happened in the european central bank yesterday

>> you can understand, julianna, why we saw the big move in the euro to the upside the ecb hiked rates for the eighth straight meeting bringing borrowing costs to the highest level in 22 years. the central bank raised inflation forecast as well to 5.4% this year with inflation above the ecb target into 2025 traders boosted a bit on two more hikes following that decision and odds of the third fed tightening fall. christine lagarde said a hike is likely at the next month's meeting. >> are we done have we finished the journey no we are not at the destination. do we still have ground to cover? yes, we have ground to cover i can go further than that i can tell you that bearing a material change to our baseline,

it is likely the case we will continue to increase rates in july which probably doesn't come as a big surprise to you that's what i'm telling you. and this is so because we are determined to reach our target in a timely manner and to continue to apply theprinciple we applied today moving meeting by meeting. >> we saw a reaction in bund yields with the 2-year hitting a three-month high at 3.2% let's bring in konstantin. thank you for joining us today to use the words of christine lagarde, they have more ground to cover how much more ground do you think? >> good morning to you it is hard to tell what core

inflation will develop over the next couple quarters 3.75% on the deposit rate is at the low end of the landing zone. also, before the banking episode, the bank is calling in 4.25%. if you look at the core inflation in the euro area, it implies there is a little bit more to go for the ecb >> is it fair to say if they didn't hike more from here and you have the level of benchmark rate hitting at the 22-year high and keeping at the cruising level is a form of inflation for any business trying to apply for a new loan or rolling off an old loan at a higher level >> suddenly transition in financial conditions which is rapid and the ecb is now looking for the second leg of the

transmission to the real economy. you have seen the forecast yesterday and growth has only been revised down while inflation revised up particularly core in 2023 and 2024 we are not seeing the second part of the transmission yet there is room for the ecb to do a little bit more from here. also, i think, given where we were in the tightening cycle, we have covered a lot of ground 400 basis points in a year that means the discussion will shift to how long to stay at term against terminal is >> speaking about the next leg of the path, the ecb path, we have seen the federal reserve pause its rate hiking cycle. is there a chance we see the ecb deploy the similar wait-and-see approach in the months ahead >> for them to pause, they have

to be convinced core inflation has peaked in the euro area. there wasn't a downtick in may, but the ecb is not convinced we have seen the peak in core inflation in the euro area yet if you look at the projections, they see compensation for employee at 3.9% which is high. so, there is a lot of uncertainty of how that translates into wage agreements and core inflation. >> even in 2025, the core inflation forecast is 2.3% suggesting headline and core inflation will be running above target in two years time is that not a failure given they have the 2% target >> well, they are projecting not

to get there over the projection horizon indeed that is why they are doing what they are doing there was not only the indication there was more ground to cover on policy rates, but confirmed they are ending the reinvestment on the epp. why they confirmed it, they will keep reinvesting the p.e.p. maturities i feel there is a discussion early next year with the guidance continuing until the end of 2024. >> we were looking a moment ago at the euro and it is well into the 109 as the u.s. dollar fell back a bunch of data on the u.s. side showing downward pressure and supply chains easing how much higher do you expect the euro to climb and how will

that keep the lid on the eurozone area? >> i don't have a strong view on the euro versus the dollar certainly if this is perception the central bank is hawkish compared to the fed, this will help the near term you are right. it helps on inflation. in the grand scheme of things, the level of currency is not what we would make for the ecb it is around core inflation and labor market does and the wage agreements will play out and also what the fiscal situation will look like because the ecb is not convinced fiscal is doing its part on the inflation side they would like to see governments be more supportive on the inflation target. >> konstantin, we have seen central banks acting in a

coordinating way now you have the fed pausing and hawkish ecb and pboc cutting rates and bank of japan holding steady with a different inflation picture. that has to create interesting trading opportunities to have such different approaches under way. >> i think it makes sense we start to see the diffmoves. we are now given the different stages with the nuanced decisions to be made it will create on the value side opportunities for investors. >> konstantin veit at pimco, thank you for joining us. bank of japan governor ueda

says more time is needed traders expected a move despite the strong forecast inflation. it stuck to the policy of allowing the 10-year bond policy at the target rate no change to that control. >> what they are allowing with the yen, it is well above 141.29 i think we can highlight one of the comments that was the negative impact from u.s. rate hikes could come out later as it will hurt exports. maybe they are concerned about the export side of the economy which is why they are willing to tolerate a weak yen. it is always about not so much the level, but the pace. i wonder if it is a sharp fall on the japanese yen is the trigger to tweak the yield curve control.

>> we have seen so much investors get burned we have seen positioning ramp up last year with the expectation with the new governor coming in that we would see a change in policy it didn't happen you know better than anyone that investors have been burned so many times thinking we would see a major change in policy it hasn't happened >> 25 years. 25 years of what they call unconventional monetary policy i think we can say it is conventional policy as far as japan is concerned the other thing is inflation they say that core consumer inflation is starting to fall back in october. we have been above 2% target for not just one month or two months, but over a year now. 3.4% as of april for over a year, it has been above target and still no change to monetary policy you think what are they waiting on >> i suppose when you look at inflation and other parts of the western world, it is manageable.

it is above target that is the mandate. we discussed yesterday the japanese equity market and boom we have seen looking at the stats this morning, the nikkei with a fresh three-decade high with the weekly gain. it is amazing the renewed interest from the equity community. you know, based on what you are seeing in the region, how much of the excitement around changes in corporate governments is founded? how much should you put on risks on the changes >> if anything has had a p parabolic move like the nikkei, it has gone woosh. that is thanks to the positive comments from warren buffett who is backing a number of japanese companies. that being said, changes to

corporate governments that were long delayed and desired and there is a lot of agitation on the investor side which is coming along great all things considered, the data is good. there are a number of long-term fundamental things going for japan now. whether or not you wanted to pile in at this level is not for me to say. i think when anything goes parabolic, you have to be cautious in the near term. >> i wonder how much is investors shying away from china in the last period the recovery has not been strong as hoped if you were avn investor in the reem region, you were looking outside china. >> let's talk about that i want to say the other reason why is the weakness of the yen which helps exporting names. china could issue a 1 trillion

yuan worth of treasury bonds in the bid to shore up the economy according to reuters it reports that the government is soliciting proposals to rejuvenate the second largest economy. this is after the pboc cuts the rates for the first time in ten months earlier run in the week, giul julianna, we got the cut for more on why the chinese economy is stalling out, check out cnbc.com speaking about geopolitics, the u.s. state department has confirmed secretary of state blinken will travel to china this weekend after the foreign minister shared the position on taiwan and told the u.s. to stop interfering in its affairs his trip comes after china has been allegedly spying on the u.s. from cuba for years. coming up on "street signs,"

chinese automakers are driving full speed ahead we dig into that with phil lebeau after this break. my name is ashley cortez and i'm the founder of the stay beautiful foundation when i started in 2016 i would go to the post office and literally fill out each person's name on a label and now with shipstation we are shipping 500 beauty boxes a month it takes less than 5 minutes for me to get all of my labels and get beauty in the hands of women who are battling cancer so much quicker

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welcome back to "street signs. elon musk has been on a short european tour meeting with giorgia meloni discussing a.i. and innovation this is the attempt to woo the tesla box to build in their country. you see the photo of them getting cozy musk will speak at the conference in paris and charlotte caught up with some at the summit this week to talk about p -- about the france factory. >> there is a lot of energy to make sure this is possible and this can happen. again, we also invested in a sector of batteries. we will try to convince that

france is the best place in europe to establish the next that's factory europe has become one of the most competitive markets in the world for electric vehicles. the chinese automakers are key players. phil lebeau is joining us with more phil, great to see you great to have you in london. we were having a chat about the fact that in the '80s, the japanese automakers burst on the stage. t in the '90s, it was the koreans and now maybe it is the chinese. what do you think? >> reporter: very much so. i think a lot of europeans may not realize that the chinese made automobile is here in the uk and as a brand that goes back decades. mg is owned by a chinese company. polestar, owned by volvo and byd

which is starting to sell here the percentage of chinese vehicles sold, electric vehicles sold, is ramping up quickly. 78% up year over year. look at the region orders. europe is number one in the electric vehicles sold then you have america and then the chinese. they have 8% of the ev market here in europe in terms of cost and quality, those who have worked with the chinese and have analyzed them say they are almost at parity with the rest of the market. >> i've been test driving the chinese evs this year and i'm stunned at just how good they've gotten the quality is there the fit and finish the ride, comfort is there the infotainment systems are

there. >> reporter: it is a great come by anything. if y-- combination if you can come out with a good, quality afford aable ev, that ia good mix they have their own everything on -- their own offerings. they are looking around the world and europe is a natural destination to come in here and quickly take market share. this is a market where much like the united states is a different equation for the chinese in this market, there are consumers who want electric vehicl vehicles they they want a lower option guys. >> this is interesting with those numbers. thank you for the report

great to have you in london. ma mandy, what is the presence of the automakers you can slowly see them creeping into the masses here >> you know what the chinese are clever about the strategy and i can only speak for australia is they under cut the prices. they have the ability to under cut the prices i bought my chinese suv which is not an ev. an apologies to the green centric out there. it was cheaper, by far, from the nearest competitor the nearest competitor was a kia. in this world over the past three years where supply chains have been disruptive, cars have been expensive used cars have been going up in

value. for the first time ever, used car values are going up. the car i bought two years ago is now worth more than when i bought it two years ago. >> it is incredible and how distorted the market i think your point about over the decades we have seen different countries take pole position in the auto space it feels like the leaders in the auto space are the companies with the software edge. >> that is a good point. cars are computers on wheels >> exactly >> we have phil covering it for us staying in the tech space, karen spoke to l'oreal's vice president on the tech conference and asked how this is disrupting beauty tech.

>> thanks to a.i a.i. allows us to review the data of l'oreal. we are a 114-year-old company. we have a gold mine of data of ingredients and consumers and we review that data and deliver it to a.i. and it brings forward our experiences. a.i. is borrowing this diagnosis. it is looking to pairing everything related to new devices of augmented beauty. it will come to the core precision of beauty for each a.i. is powering beauty tech >> how are you thinking about

a.i. disruption? >> i think the putbeauty of tomorrow is augmented with technology we can bring services to consumers. one of our products which is a product that you can just automatically shape your brow with technology so you can augment your hands to achieve results you could never do before a.i. is a piece of technology to augment the beauty experience. >> when it comes to the scanning technology around skin and hair care, that is where a.i. is deployed how useful is this for the consumer >> the consumer, it is extraordinary. before it was the moment of universal. we had one solution or service for everybody. as of today, thanks to a.i., we can personalize very precise

leap the biology of your skin and hair and the exposure you have been in terms of pollution and uv rates and way of living it is possible for us to integrate and combine that data to have a dialogue with you as a unique person. >> even for a mass market brand like l'oreal, this is something bespoke? >> absolutely. that is the tech of today. today takes those services with the premium ultra rich people on earth. tech is democratic tech empowers each and everyone. for kexample, this is a dialogu

with each and everyone and you can bring in the information from the sourcing of the ingredient to services and diagnose to put your beauty in a precise manner >> this diagnosis will allow you to have a long-term relationship powered by data with consumers when i go to buy a product, i check any skin tone and i get one with i come back and i don't have the previous data or previous information. we are trying to do by building the best algorithms in the world is allow everybody a journey with the data and diagnose sto continue to become smarter throughout life. coming up on the show, tesco says the uk could be past peak inflation as the retailer looks at the outlook for the full year we will discuss more after the break.

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>> and i'm julianna tatelbaum. these are your headlines >> european equities moving higher echoing strong overnight gains in asia and on wall street with the high averages for the month of june. the bank of japan sticks to the ultra loose policy keeping the rate in negative territory as inflation is ticking higher and sitting above the 2% target. the governor ueda says they need more time to bring the inflation down to the target rheimetal shares are issued after the order from the government. the uk retailer reiterates the outlook for the full year profit growth.

hello. let's look at the european markets. lots of green on the screen. nice to see. it has been a positive week overall for the european markets. maybe because of spring in the air and it is nice outside this is following on from positive close on wall street as well we are seeing those markets scaling new heights and part of the reason is the bond yields dropping down in the united states a number of economic data. the things people were latching on to is the easing up of the pricing pressure maybe they are thinking the fed is talking hawkish we are not feeling hawkish maybe the fed won't follow through on the two more hikes that they originally suggested the day before nice gains there across the

board for the european markets so far let's look at the forex picture. we saw after the ecb yesterday delivered on that hike, but suggest we have more work to do, folks. euro got a big kick and sitting up at 109.50 on the board and slightly higher against the gree greenback. the greenback dropped overnight with the yields because of the feeling that the fed won't have to move forward with so many hikes. dollar/yen at 141. this is a really interesting one to watch in fact, the yen is sitting at a seven-month low. the dollar is gaining .60% after the boj sat on its hands again it has been sitting on its hands for a long time. we didn't expect change to interest rates there was some thought maybe they might want to review the

yield curve control. they didn't. they want more time to see what's going on with inflation they are suggesting that core consumer inflation is going to come down in the month of october. it has now been as of april above the 2% target. 3.4% is the last number for core inflation in japan it has been at that target for a year now boj. no comment on the japanese yen if it did start taking a dive, that may trigger a move to the control. the boj did not comment on the yen. british pound at 127.87 the pound has had a lift we have strong wage data and drop in the jobless rate the pound is doing well. u.s. dollar is sitting flat right now against the swiss.

as for the u.s. futures, let's look at how they are opening up for trade later today. julianna, when you look at the sentiment going on and there is always a recent bias people should become bullish when the market is terrible. as warren buffett says, be greedy when others are fearful investor bulls are highest since 2021 the cnbc survey is in the greed category it will be a stronger start to the trading day. >> i don't envy the investors who decide to chase the rally or fade it. we have a big grocer in focus today. that is tesco. reaffirming guidance after the 9% jump in sale notics in the ft

quarter. it posted $2.5 billion profit last year. shares are down .80% emily montgomery at fidelity is joining us now emily, thank you for being with us if you can give us your view on the tesco earnings this morning, that would be fan itasticfantas. uk could be past peak inflation. mandy and i discussed that would be music to the bank of england's ears and consumers' ears how much should we read into that >> it would be music to everyone's ears. it has been persistent when you look at the headline rate of inflation which we talk about coming down, that doesn't take into impact of the actual inflation you are paying on food which is running at 19% still. although the headline read

inflation will come down, we still have the stubborn issue with food. this is something tesco and other retailers have to wrangle with great news from tesco. core data is suggesting that is really working consumers are flocking to tesco and higher end people who are normally shopping are now looking at tesco that is helping maintain position as the uk number one retailer before, they have been chasing offer the discounters like aldi. it is interesting they are plagued with the new breed of customers coming in wanting good value. all signs are good for tesco at the moment. >> what sign are we seeing down trading with the shoppers moving to tesco from better value

down trading more broadly. to what extent are we seeing this across uk >> i think you are getting a lot of that. it is very interesting that, it -- that, tesco is talking abou this they looked at it from others which we know are the most expensive supermarket chains in the uk i think this is symptomatic of the fact that the cost of living is biting and people are having to make decisions about where they spend their money of course, we had talk about food price cap and the prime minister backtracked on that and said it will not happen after the supermarket said it wasn't sustainable. that is proof everybody is feeling the opiniopinch. this is going to be the continuing issue for retailers

especially food retailers. they have to look at how they balance out the inflation with the cost of supplying and making products with giving customers products they can afford. >> it is interesting how it is a political issue. tesco has economies of scale the discount competitors like aldi is nimble they can move fast going forward the next 6 to 12 months while food inflation is front and center is at issue which do you think is the winning retailer and which of the retailers will be lagging behind in the race >> that's a really good question that is hard to guess. i would say the fact that scale and size is on tesco's side. the fact it managed to maintain that prime number one spot for groceries speaks volumes about the fact it has the ability to

do deals with the manufacturers and suppliers and get good prices for the customers the customers are flocking to tesco as they are doing speaks well for their future. of course, aldi and other retail chains will be fighting to get their share of the market as well the battle isn't over. tesco, the size of it and ability and scale it has, will work in its favor. it is one to watch going forward. >> where do you think we are headed in the second half? >> we would hope if we get inflation down and if the market seems to suggest that is the way it is going, that would be positive we had a good start to the year on the stock market in the ukf. we don't get anym more curve balls, we can keep politics and

economic stability down, fingers crossed for everybody it will be a good second half for the uk investor >> emma-lou montgomery, thank you so much for joining us let's flush out that rheinmetall story. the ceo expects a large order from the german government this after the german defense minister said it will provide 64 more patriot missiles for ukraine. speaking earlier this morning, german finance minister said supporting ukraine is a separate issue from the ongoing debate of budgets. >> i think there is a need for a change in some plans the commission has to prioritize, but at the moment, we have very difficult negotiations in member states. including germany.

this is not the time to ask member states for more funding we have found a different approach, as you know, and i would like to differ support for ukraine and the other financial needs of the european union. >> ukraine's military commander claimed the country has regained control of more than 100 square kilometers of territory as part of the kyiv counter offensive against russia president volodymyr zelenskyy spoke to nbc about the country's strategy take a listen. >> ukraine is in a full-scale fight to take back russian occupied land. >> good to see you >> reporter: a pivotal moment with our interview with volodymyr zelenskyy at the compound in kyiv. >> a critical time >> critical and busy >> reporter: for over a year, ukraine has been fighting

successfully to defend itself. now going on the offensive to br breakthrough the russian frontlines is challenging. >> we are in the early days of the long anticipated counter offensive. how is it going? >> translator: i cannot give you all details. the offensive actions is where things look not bad. it is generally positive, but it is difficult our heroic people and troops who are now at the front of the frontline are facing very tough resistance we understand why because for russia, to lose this campaign to ukraine, i would say actually means losing the war >> reporter: president volodymyr zelenskyy had a dire warning he blamed russia for blowing up a dam which russia denies

flooding dozens of villages and tells us the next russian target is the nuclear power plant >> translator: they are not interested in ukraine security they always need instability here and want the world to pressure ukraine to stop the conflict >> reporter: he says russia is getting desperate as more western military aid is coming today, the u.s. and other the allies agree to train ukrainian pilots to operate f-16s. it is still unclear when they will arrive and how many >> reporter: you have been talking about planes since day one. >> i remember seeing you early days of the war in the basement of the building. now they are somewhere in the pipeline what has been the effect of

having weapons rolled out like this slice by slice over time? >> translator: it's prolonged the war. if we are supplied with the machinery that is currently held by our partners, we will win faster >> reporter: we asked about comments from former president trump and governor desantis questioning support for ukraine. volodymyr zelenskyy invited both to come here and said unless vladimir putin is stopped in thiscountry, there will be a wider war with nato. coming up on the show, shares of the mediterranean restaurant group cava hitting the roof in the new york debut finishing up nearly 100% more. we're feeling hungry now we'll have more after the break. w . then we found shipstation.

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it's the weekend in australia. adobe shares are higher in pre-market trade after the company reported record revenue in the second quarter. it boosted the outlook for the year shares of adobe has risen sharply with the buzz of a.i. stocks the company is well positioned to lead the era of generative a.i. the ceo told cnbc that he is confident about the opportunities the new technology will bring >> a lot of the conversation everybody has with this -- is this replacing humans or augment? i think it will make people more productive it will bring so many more marketing folks or smaller or medium businesses in the fold in terms of saying we have the creative idea and use the tools

more easily to create it >> if you are anything like me, this next story is going to make you hungry a disclaimer shares of immemediterranean sty restaurant cava stock closed at $43.78 up from $22. cava closing price gives it a market value of $5 billion making it the top performing ipo this year. the ceo spoke to our u.s. colleagues about how they priced it >> it is our journey and investor partners and board as a private company thinking long term we want to build it for the next ten years, not the next ten months we are trying to build this for the long term. >> before we come on with the pricing of the ipo, which is

extraordinary, it is certainly capturing the attention of consumers and investors which is the case when a company comes to market that people know. 250 locations in the u.s i don't know if you had a chance to say it, brian sullivan did some recon he got a sandwich yesterday. it made me jealous we don't have cava here. $15 for a sandwich it is like chipotle, but mediterranean style. choose your own bowl menu. a trend which is big in the u.s. that is a concern of the ipo there are so many restaurants like this. why is cava succeeding >> it is because everybody is talking about the immemediterra diet you have to eat olive oil and hummus i know they are latching on the healthy option

i don't think that hummus is that much healthy over mayo. that aside, you are right when you say it is a case of fund managers say buy what you know and buy what you understand. people, if they love cava, in the short-term, that has to help the sentiment to the ipo if you love it and you believe in it, it is an easier sell at the end of the day. >> certainly in the u.s. with a retail contingency compared to what you have in the uk or europe a company like this is market friendly when you look at the ipo from the company's perspective, the ceo has the stock shoot up 100% on the first day and you wonder if they got the pricing right. they left that money on the table trading around $45 per share and ipo at $22222 24 hour

ago. >> it speaks to the overall ipo market sentiment and i'm correct in saying this i think the company is still losing money they have demonstrated a clear path to profit people are banking on hope here as well. >> they are. they want to use the ipo proceeds to open more locations. also for general corporate purposes with the idea to expand coming back to the conversation yesterday around we soda the ipo that was supposed to come to market the chemicals company. hope that would reopen the uk ipo market hopes this could regenerator reignite the u.s. ipo market they are looking at the comments from bankers and we shouldn't read too far into this as a boom for ipo. >> you used to cover chemicals

you un you understand soda ash and understand that as well. the vast majority of people don't understand soda ash. a lot of analysts when the ipo was pulled that this is part of the problem. it is not understood. >> certainly could be part of the reason we will continue to watch cava today to see how it trades on day two. a quick look at european markets. here is the picture. green across the board all of the major regions in europe are trading higher. it is broad based. .80% higher for the indices. that is it for "street signs." thank you for joining us i'm julianna tatelbaum. >> i'm mandy drury "worldwide exchange" is coming up next. have a great weekend hi. i'm wolfgang puck when i started my online store wolfgang puck home i knew there would be a lot of orders to fill and i wanted them to ship out fast that's why i chose shipstation shipstation helps manage orders

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it is 5:00 a.m. here at cnbc global headquarters. here is the "five@5. we begin with stocks sitting at the highest level in 14 months the investors see the end of the tightening tunnel. shares of microsoft rocketing to the $2.6 trillion market cap from investor enthusiasm over a.i. future. and betting big outside of china as one of the world's biggest chip makers looks at a multibillion dollar deal in india. the charm offensive continues as bill gates meets