and that's all for this edition of "dateline." i'm craig melvin. thank you for watching. ♪ good morning welcome to "street signs." we are live from the london studio and the bank of england i'm julianna tatelbaum and these are your headlines european equities swing aggressively to the down side with banks leaving heavy losses across all sectors pressure piled on the bank of england and andrew bailey after the shock inflation print sends two-year gilts to a 15-year high a minimum of 25 basis points is

priced in. the swiss national bank hikes rates to the highest level in 21 years and signaling further tightening ahead we will hear from the chair later daftoday. and jay powell posays the central bank is ready to hike rates after last month's pause >> we are ready to get to the 2% goal this is essential to set the stage for achievement of maximum employment and stable prices over the longer run. very good morning and warm welcome to "street signs." we want to kickoff with the look at markets european equities are on the down side. in opening moments, stoxx 600 drops more than 1%

clearly sentiment is downbeat. just one minute ago, we got a fresh decision from the norwegian central bank, norges bank, which hiked a 50% basis point hike the decision was widely contested. the forecast was split on a 25 basis point or a half-point move what we are seeing from central banks in the last couple weeks, thing are turning hawkish. concerns of inflation pressures mounting again it looks like investors are becoming increasingly concerned about higher for longer rate outlook. not in one jurisdiction, but those in the western world let's see what is happening across the regions this morning. uk in focus. we will get to that after we get through markets. ftse 100 is down 1.15% heavy selling in the italian

market ftse mib down 1% and germany is down 1% no market is immune to the selling we're seeing this morning. from a sector perspective, interestingly, the heaviest selling in the banks banking sector in europe down 2.2% heavy losses in the banks. despite the fact we are looking at higher for longer in terms of rates around the world which is usually a boom for the banking sector there are concerns auto he sesector taking a hit dn 2% travel and leisure and food and beverage down as well. all of this following wall street yesterday we are expected to see further selling. fairly modest with the numbers what is indicated this morning

and the s&p and dow and nasdaq all moving lower i mentioned norges bank with the decision the hike itself, 50 basis points, 3.75, is the new policy rate in terms of the comments, we are looking at the norwegian central bank raising rates at 3.765 and the august hike likely the decision is a bid to curb inflation. it was expected by a number of economists there was a split expectation among the economics community if they would go for 25 or 50 they have gone for the bigger rate hike here the outlook and balance of risk implies the rate will further rise in august the krona is down to 10.53 they could hike again in august. we are going get more on this decision when we speak to the

governor ida wolden bache at 13:15 which is a first on cnbc. what a day for central banks. a right hike is all but baked in with governor andrew bailey with pressure on all sides with the surprise to the upside and core inflation rose to the highest level in more than three decades. traders increased bets of the 50 basis point hike with a 6% base rate almost a certainty by the end of the year. up from today's 4.5% meanwhile, uk government debt hit more than 100% of gdp for the first time since 1961 before the beatles released their first single as you would expect, joumanna is covering it for us outside the bank of england. joumanna, the comments from analysts around the surprising inflation print is surprising.

deutsche bank's jim reid says it is hard to press how this release was yesterday. what does it mean for the bank of england >> investors took note, julianna prior to yesterday, most believed one more 25 basis point hike and possibly two. the inflation number changed everything just as a reminder, it came in at 8.7% for the headline no improvement from the prior month. similar to april the fourth time in a row that uk inflation prsurprises to the upside notably, the core cpi number without energy and food, which is tracking at a high level of 18% annually and if you remove those two, core cpi is 7.1%. that tells you the domestic pressure that the bank of england talked about at prior

meetings is present and persistent the onus is on them to do something about it at this point. markets were quick to react yesterday. going into today, we have 37 basis point rates hiked in that means there a 50% chance of them going .50 basis points higher markets are pricing in a terminal rate of 6% in february of 2024. another 140 basis points from where we are now investors do not really believe that the bank of england's work is done here certainly it is difficult for them to believe it when you have these core cpi prints of 7.1% and wage growth of 7% against the price stability of 2%. julianna, there will be tradeoffs. remember as these rates move higher, it impacts anyone who has borrowing or debt.

there are 1.6 million household who needs to refinance mortgages. the estimate will be 200,000 pounds for all of the households it will dip into the other expense than and pull back on other areas of the economy the upshot is the longer it takes for the bank of england to bring inflation back to target, the more difficult and more unpalatable it will be for the economy. this is why they are resolute to deal with the inflation pressure in the uk economy. >> joumanna, i want to ask about the action in the pound yesterday. right now, it is holding steady. no change against the dollar this morning yesterday, we saw the pound move higher after that surprise inflation report then it dipped and it actually moved sharply lower on the day

and recovered into the close what was going on there? can you explain what with was driving that trade >> so luckily yesterday we had an fx expert on the show from deutsche bank. he put it well he said the market has moved from moving in conjunction with interest rate expectations to now being concerned about the credibility premium with the bank of england. the bank of england have come under criticism in the last 12 months if you think about it, they were the first central bank to start hiking back in december of 2021. they started before the rest yet, they were reluctant to go to a higher clip look where we are today. other central banks around the world are implying they are nearing the end of the hike ing

cycle or one or two left core cpi is down to 2% you need see a deep recession or uptick in the unemployment rate. there is a lack of belief that the bank of england can actually do their job and that is witness in a poll from the public showing the trust of the public is at an all-time low for the bank of england. i would add they lost credibility to the forecasting the forecast has been optimistic versus inflation the growth forecast was too pessimistic versus growth. the final point is that the communication style has also been erratic we had numerous gasps from senior members which did not

help all of that is putting the governor andrew bailey in a parti particularly tricky position today. if the next month's inflation numbers do go into the right direction, some of the pressure will come off. for now, the pressure is not letting up. >> joumanna, excellent breakdown. i know you have a busy day ahead. tune in for decision time at 12:00 bst. back to the swiss national bank it raised by 25 basis points the central bank said could not rule out additional rises in the key policy rate. we are getting lines from the chairman thomas jordan the press conference is going on you see the dollar/swiss franc is flat right now after the decision the chairman said the market decline in inflation is welcome. the monetary policy is restrictive than one year ago.

monetary tightening has strengthened the swiss franc which damped inflation still, underlining inflation pressure has risen further this is a concern and central bankers around the western world are watching closely we cannot rule out further tightening on monetary policy. there is a danger the inflation is above 2%. this is not a reason for refraining from rate hikes in the future we are going to hear from thomas jordan later today stay tuned for that interview. now over to the u.s. a long way to go these the message from fed chair jay powell the central bank chief says he sees more hikes ahead with inflation well above where it should be. speaking a week after the committee officials decided for the first time to not push rates higher for the first time in a year, he decided a respite

rather than the end of the hiking cycle testifying before the house services committee, he said services are not normal with conditions >> we are overachieving with the maximum employment goal, but far from achieving the inflation goal when that is the case, you loo at how far you are to the goal that would tell you today that we should for us heavily on inflation, but as it becomes closer and has the two things become more aligned, then they go back into perfect equality under the law. >> markets are now pricing in a 72% chance of the 25 basis point hike from the fed at its july meeting. that is down from 77% the day before powell speak. the fed funds futures are swinging wildly when markets were pricing in a 19% chance of a quarter-point hike let's check on u.s. markets.

we saw interesting action yesterday. tech winners were the worst in the market yesterday pulled back 1.2% dow and s&p moved lower on the back of those hawkish comments from the fed chair in terms of futures, we are looking at extended losses fairly modest compared to the losses that we are seeing on the ground in europe today which is a notable feature of the trade in terms of treasury markets, here is where things stand we have seen acceleration in the inversion of the u.s. treasury yield curve which is a recession warning typically. the 2/10 is fast approaching a 42-year record high. not seen since the regional banking crisis in march. you have yields higher across the board. 2-year treasury at 2.7%. head of global markets joins us now. thank you for being with us.

let me ask you in terms of the market action we have seen in the last 24 hours. global equities have taken a turn for the worse, especially here in europe what is to blame in your view? >> again, this is not the surprise for us because the statement made by jay powell yesterday warning that the rates could go higher because we are not achieving the target in terms of inflation is clearly the signal that the fed will not top hiking rates this is clearly the signal that the market was waiting to adjust prices and valuation as well there is global growth which is resilient and inflation is still there. we have discussed it before in the uk and all over the places all of the central banks are aligned to tighten monetary s ne

economists and strategists, but the market is not expecting such a move coming from the fed he is clearly insisting they can reach the final target that was explained by the fmoc last week with the dot plot with two additional rate hikes before the year end this is clearly not a good signal for the equity market and this validated the fact that we are still very far from the target of the inflation. >> there seems to be a disconnect somewhat with bond markets and equity maktsrkets wh the yield bond the 2/10 hitting a record back

in march we have seen term turn down in the last three sectssions, but u.s. equities have been strong is that complacency in the community or is something else at play? >> this is the question w you can look at the implied volatility in the u.s. and particularly in the equity market you look at the modern index and vix, there is a disconnection between the two. having said that, i do believe that the bond market is pricing the recession at some point in 2024 recession will not be something that would happen this year in the u.s. and all other places, but this is a story for next year clearly the bond market is trying to think about this scenario of recession which is not the case for the equity

market for one simple reason, inflation. inflation is the best ally of the equity market. as we have inflation, we have some companies that are able to maintain and preserve margin and have some pricing forward to deliver benefits i would not be surprised to see the earnings season turning positive after the second quarter after the positive first quarter of this year clearly, there is some complaccome pla s send -- complacency from the equity market. there is no need for equity investors to be in the bad mood. prices are adjusting because we have the monetary policy statement which may be more

brutal and providing inflation at some point, when you look at the equity market, they are still positive no need to rule out at some point to see the volatility moving to the bond market volatility which is high >> interesting point there about how inflation effects equities differently to how it effects the bond market and broader economy. let me ask about banks they heare leading the losses i europe that is a positive for banks for net interest income and margins. why are the banks getting hit so hard >> when you look at the yield curve, the yield curve is inverting quite significantly in europe and u.s the pattern in europe is maybe more frightening for the

european banks simply because we are not done yet with the increase with the interest rate hikes in europe. we all know the ecb is ready to go beyond what the fed is going to do. ecb will hike rates and maybe in september and maybe again before the end of the year. that means at the end of the day, the yield curve will be more inverted than currently this is not good news for the banking sector and we have also in some countries, especially northern countries, for ekexamp in sweden and norway, we start to see difficulties on the housing sector some are analyzing and core countries in europe are declining. the housing sector starts to be under pressure which will at the

end of the day affect the banking sector if you add the decline in growth and housing sector and the inversion yield curve, it is the issue of many factors that will start to effect the banking sector in europe >> let me ask about the uk with the bank of england decision coming out the uk is turning into an outlier with inflation it has the highest inflation in the g7 by a wide margin. what does that mean for the uk investment perspective >> this is an excellent question because clearly -- the uk generates more inflation than the other european countries what we can say so far is maybe that when the uk has decided to leave the eurozone, maybe the uk

has lost a shield that protects them the uk economy is more exposed and more exposed to volatility and shock. this is why i think this core inflation that comes from the tighter market would not be only resolved by hiking rates, but the boe has to do more to curb the business cycle more significantly and the desire on the inflation. what i want to say to answer your question, the uk economy has been impacted by the shocks with brexit and energy shock and war and pandemic all of these shocks and combined has impacted the effectiveness of the is something absolutely

necessary to control to give more stability to investors. >> let's wrap up with the european central bank. obviously just had their policy decision and i wonder if we see renewed appetite from the ecb like we seem to be seeing from central banks in the western world. >> ecb is simpler. we are lagging in the u.s. business cycle we had disappointing numbers in the first quarter, especially in germany. we expect a slight rebound of the growth rate in the second quarter and in the third quarter

which makes the life of the ecb simpler compared to the boe. however, when we look at some core prices which are still elevated and we see no significant decline in core prices in the short-term they are providing asector that will imply for the ecb to tighten the monetary policy. again, we have to be careful when we look at the bank of england because there is something that is reimbursed by the banking sector from the ecb and it combines to the interest rate hikes that the ecb will implement and brings less accommodative monetary policy which could impact the long-term

interest rates and the conditions in europe the ecb is going to do the job and deliver in terms of the monetary policy just to make sure the inflation will go back to the desired target. it will take time because the european core countries are experiencing the same difficulties as in the u.s. and as in the uk clearly, tight labor market and wage increase which is the main f fear this could at some point be the new paradigm of the countries. this is something the central banks want to avoid in order to make sure the prices will be under control. >> thank you so much for sharing your analysis. head of global market strategy

at natixis solutions you can follow us on twitter our show tag i is @streetsignscnbc. you can go to @cnbcjulianna. commeing up, world leaders gather in paris as they argue the challenges of today. w we'll tell you more after this break. 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

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welcome back to "street signs. let's check on the market action we have bounced off the lows, that is worth noting, given negative start to trade at the start of the day stoxx 600 opening 1% lower following the wall street lower yesterday. ahead of the bank of england today and the fed chair yesterday reiterated the comments more hikes should be expected we have bounced off the lows cac 40 now down 1.2% ftse mib had been down 1.5 it is now down 1.3%.

ftse 100, we are keeping a close eye on that today with the bank of england be signifdecision to down 1%. ocado surges on bid of interest speculation this amid speculation that amazon could be among the interested parties in the auto space, volkswagen raised revenue growth target up to 7% in the next four years which is part the pledge to increase cost discipline in the face of increased competition. particularly from chinese rivals volkswagen ceo oliver blume announced specific targets for each of its brands we are seeing a wider selloff in the space. the basket of cyclical stocks are down 1.3%.

and a $3.3 billion valuation for the spinoff of the hydrogen unit for thyssenkrupp. investors are set to conclude this weekend which is keen to list the company for green technology let's get a check of u.s. futures which are pointing to continued losses at the wall street open after the downbeat session yesterday. we'll be right back. stay with "street signs. 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. pick an order, print everything you need, slap the label onto the box, and it's ready to go. our costs for shipping were cut in half. just like that. shipstation. the #1 choice of online sellers.

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and grow. constant contact. helping the small stand tall. welcome back to "street signs. i'm julianna tatelbaum these are your headlines european equities swing aggressively to the downside banks leading heavy losses across all sectors. the swiss national bank hikes rates by .25% and signaling further tightening ahead. we hear from thomas jordan ahead. and the swedish krona hikes

rates and indicates more is to come we hear from ida wolden bache at 13:00 cet. and fed chair jay powell says the fed is ready to continue hiking rates after this month's pause. >> we are looking to restore price stability over the longer run. let's get a check of european equities. i think this is a morning where we keep a close eye on trade ahead of the bank of england decision later today after the shocking inflation report yesterday. as i mentioned earlier in the show, deutsche bank's jim reid said it is difficult to stress

just how bad that uk release was yesterday. now traders are firmly putting a .50 basis point hike rate on the table. ftse 100 is trading 0.8% lower in the lead up to the decision it is not alone in trading down. the cac 40 down 1.2% it bounced off the lows of 1.5%. ftse mib is down 1.2%. there is a question right now as to whether the market narrative is shifting. investors circling around the idea that more tightening could lie ahead than previously expected inflation is going to prove stickier even after the upside surprises we had over the last few months now from the sector perspective is the trade on banks. heavy selling on the banks down closer to 2.5%.

we havehave bounced off the ls n now down 1.7%. the banks are selling off in the risk associated with higher rates which is clearly offseth the -- offsetting the benefits. parts of europe is in focus for the risk area of markets cyclicals are selling off sharply. we have more resilience in insurance and food and beverage and chemicals. turning to forex markets cleerlg clearly, investors are in the wait-and-see mode ahead of the bank of england decision as joumanna outlined was initially on the back of the stronger than expected inflation report, we saw sterling move higher as you would expect with

higher inflation suggesting for more rate hikes and higher rates for longer which is positive on sterling we saw sterling come down pretty significantly intraday yesterday as the bank of england credibility and ability to fight inflation comes into question. governor andrew bailey has a tall task today as joumanna outlined at the beginning of the program. the task being to reassure markets and they are able to get inflation under control. the question is circulating around his ability to do so given the inflation print yesterday. now euro/dollar holding steady at 109.91. dollar/yen is flat i think for the swiss franc, the question is if we see a continued deterioration in the macro outlook and what it means for the swiss franc.

will the safe haven status bring more invesinvestment in terms of yields, the 10-year gilt is 4.4% 10-year btp in italy is below that level the german bund is 4.2%. fr global leaders are gatherg in paris with france calling for the new financial pact more than 300 delegates will an attend the two-day summit hosted by president macron. we have arabile joining us from paris with a very special guest. >> reporter: good morning, joumanna the pact is aimed at bringing in a few global leaders to get the conversation moving in the right step we are trying to find the right way to develop a trajectory when

it comes to debt for lower-income countries and emerging markets and pto set the right tone for europe which is needed to come together to put a lot of the alliances in place as well we thought, of course, we would gather in as many people at the summit that emmanuel macron has put together we would get the thoughts of all of the leaders we could get in we are lucky enough to be joined by the deputy prime minister in spain. thank you for the time i appreciate it. let's talk briefly about about the summit as well and your hopes to be achieved here if you would share. >> i think the main message that comes out of the summit so far is the strong call for as. we have no time to -- strong call for action. we have no time to lose. we are looking to fight on the

compatible goals >> some emerge beining markets l they don't contribute as much to the climate change conversation or changes in that perhaps they should not be held to the same standards. >> i think one of the advantages of the summit is that the developing countries do have a strong voice and they are listened to and they are at the frontline of climate change impact they need to be listened to and part of the conversation and solution the second message is a number of ideas and suggestions have been put on the table. debt climate swaps and debt relief reinforcing the fire power of the financial institutions all of these ideas we need to work on and find solutions

there are a number of milestones in the year. the g20, than imf and world bank all of these meetings should really lead to actions and commitments and changes. >> can you see those changes being made with the kind of ideas that have now been put forward? the $100 billion that president macron suggested two years ago for low-income economies as well needing $1 trillion u.s. dollars for the climate change discussion for the economies are those plans going to be enough to achieve the kind of goals we're looking for here >> there are many ideas going around and many commitments have been made. we need to step up our action. the road map is clear. there are many options on the

table to provide arelief we need to ensure climate action effectiveness throughout the world or else we will not reach our goals. we need to ensure these public goods are provided for in a global manner and shared manner by the different jurisdictions i think bringing countries together is a good idea and exchanging ideas i hope there is a productive outcome. >> relations is important considering where we sit in the world when it comes to the war in ukraine with russia playing a huge role in that. this helps ensure the right conversations happening as well with, doesn't it >> i would rather not have this situation, of course i hope the war in ukraine ends as soon as possible. as chair of the imfc, i'm focused on delivering to ifind

concrete solutions and deeper cooperation and respond to the different challenges that are sh shared around the world. >> let's talk about the spain economy. where do you see that going? if one was to look at the inflation outlook, things are not necessarily great. europe, overall, is in recession, too the growth is stagnant how do you develop and continue to bode that economy right now >> european economies rltively weak right now that makes it outstanding. growth exaccelerated in the firt part of 2023 has been able to bring inflation down it is already around 3%. it will go down also in june so, the outlook is relatively positive when it comes to spain. companies are gaining market

share and strong competitive gains because of low energy prices we are driving forward a deep restructuring agenda with the investments and reforms which are shifting and changing the shape of the spanish economy precisely to face climate change and lead the new deal and green economies. the outlook is positive. it is striking contrast with some other large european p eco -- european economies. >> you need the buy-in from the citizens and that is bringing in the elections which is topical right now. would you get the sense you get the support you need to move the needle when it comes to the elections? >> i hope the vast majority of the population supports us the economy is doing well and that may explain the debate in spain is not economic matters, but other issues which are most

political, if i may say. human rights and women's rights and lgbtq+ rights. the different identity of the regions of spain the debate right now is very quite intense. it is very far from the rationale debate on the spanish economy. i suppose it is because we're doing quite well >> yeah. there is a sense of fracture there are sometimes parts that pull in separate directions with the euro area. is there going to be a clear sense of finding one way to move forward or is it about taking in the parts and perhaps developing the right road map using that? >> it is a good question spain will take over the leadership of the european union council of ministers in the second part of the year. we are running out and taking

over those discussions there are a number of files we need to bring over the line by the end of the year which is important to shape the future of europe it has to do with fiscal rules and european budget and funding for ukraine and banking union. many everof these files will sh the deepening of the european integration in the years to come that is on the economic front. since i'm minister, let me say that another very important file is a.i. regulation how to define the european p framework to support innovation in a manner compatible with our rights and values. >> that means you tackle the i.r.a. from the united states. would you support a pact where together as europe, you move that conversation forward

together that will be critical that they are able to do that. yes, it is more difficult with europe, but very necessary. >> absolutely. being the european union is a complex organization bringing everybody together. what i think is there is no win-win outcome in a war or subsidy war. it has never been a solution inside europe. it has never been a solution at the world level. it is really lose-lose of i hope the dialogue with the u.s. and china and throughout the world actually helps us find win-wine win-win solutions to the economies and societies. today's summit is bringing together the different jurisdictions around the world which is a good forum to find the win-win solutions that we need. >> madame, thank you for the time i appreciate it. >> thank you. >> a conversation that is really

telling, i suppose, for the most part it needs collaboration a lot of collaboration will be needed nadia, the deputy prime minister and minister for digital transformation in spain. julianna >> arabile, thank you so much. thank you, prime minister, for the interview. the u.s. president joe biden welcomed narendra modi to the white house. modi win join biden for a press conference fascinating stuff. modi will address the joint session of congress before a white house state dinner with multiple ceos including tim cook and microsoft as satya nadella.

modi started his visit with a yoga session ahead of the u.n. meeting. we'll show you these pictures as we head to break

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welcome back the world economic forum will now take 131 years to close the gender gap after the pandemic slowed the pace of progress on gender equity. that is up from the 100 years last reported number managing director told joumanna that many factors set women back in the recent years. >> we looked at business leadership and despite most of the world, universities for having women ast majority of women enrolled, when it comes to leadership positions, it is 45%.

c-suite positions, we get to 25%. that dropped to the top is worse with s.t.e.m. professions. when you get to the c-suite, that is 12% women. >> what is the issue for the policy making? should they think about policy inclusion? >> absolutely. governments have to invest in the care infrastructure. number two, both governments and businesses have to focus on s.t.e.m. for careers for women and number three, you have to look at equality in hiring those are the three things of getting to parity. >> at cnbc, we talk about a.i. and even within that, women comprise of 29% of the total

work force what does that mean for women's future earnings power? >> i think when we look at a macro level, everybody across the labor force is going to need an upgrade of technology skills. there will need to be a focus on a.i. and big data and machine learning now within that, when you look at who is actually taking some of that up-skilling, there is a large gender gap where women are taking fewer courses online. that needs to shift and require a concerted effort both from individual workers and women in the work force, but it will take a concerted effort from governments and employers. >> you can find more from the interview on cnbc.com. before we hand you over to the u.s. colleagues, let's look at the european equity trade which started in the red we are now holding near recent

l lows ftse mib down 1.3% ftse 100 is holding steady down.90% ahead of the bank of england decision coming out in a couple hours u.s. futures as you see are pointing to a modestly weaker start. extending recent losses. this after hawkish remarks from jay powell after he reiterated to keep hiking rates when he testified yesterday. more tightening clearly on the table for central banks around the western world and it is causing jitters. that it is for "street signs." t.cision time coming up at 11:30 ce i'm julianna tatelbaum "worldwide exchange" is next when wd selling my health products online our shipping process was painfully slow. then we found shipstation. now we're shipping out orders 5 times faster

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it is 5:00 a.m. here at cnbc global headquarters. here is the "five@5. we begin the worst day of the month with the tech looking to snap its worst losing win streak since 2023 and fed chairman jay powell not doing a thing to reassure investo investors. getting saet for a second day of testimony on capitol hill. we are sticking with d.c tim cook and satya nadel