lawrence in the 250 class. opened the door for a first-time winner in america for tom vialle, and jett lawrence keeps on rolling in 450. thanks to will christien, jason thomas, doing the heavy lifting on the track ricky car michael, ♪ welcome to "street signs." i'm arabile gumede in london we have steve sedgwick u.s. treasury secretary janet yellen wraps up ten hours of meetings with beijing officials with restrictions overshadows the easing of the tensions

>> we are taking targeted issues it would be impossible to undertake. u.s. president joe biden says ukraine is not ready for nato membership as he stops off in uk as he visits the summit. this comes as kyiv marks 500 days since the russian invasion. european equities open the week on the flat note. investors digesting the jobs data and looking ahead to this week's u.s. inflation print. bayern shares with the report it could spin off the crop unit. ecb council member pushes

back against the central bank raise on the 2% target and he tells cnbc there is more to do still. >> if i look at where we are with inflation now against last year, the situation is improving. however, i do not believe that our journey is yet complete. it's a warm welcome to you let's kickoff with china and u.s. treasury secretary janet yellen struck a pragmatic tone with officials yellen held ten hours of talks that she described as direct, substantive and productive and a step forward to reset relations with the world's two largest economies. yellen is the second member of the biden administration to

visit beijing in recent weeks at a time when washington is considering curbs on u.s. investment in china. speaking at the end of her trip, yellen addressed the recent trade spat over semiconductor materials and promised action to safeguard u.s. interest would be targeted and clearly communicated >> the united states will continue to take targeted actions that are necessary to protect our national security interests and those of our allies as we do so, we adhere to a set of important principles like making sure our national security actions are transparent and narrowly scoped and targeted to clear objectives. importantly, these actions are motivated by straight forward national security considerations they are not used by us to gain

economic advantage >> still on economic data, the latest sign of the stalled recovery in the world's second largest economy. marking the steepest decline in 7.5 years. yellen said addressing national security concerns shouldn't come at the cost of decoupling. >> there is an important distention between decoupling on one hand and the other hand diversifying critical supply chain s were taking national security actions we know the two largest economies decoupling would be disastrous and destabilizing for the world. it would be impossible to undertake. we want a dynamic and healthy

global economy that is open, free and fair, not one fragmented or forces countries to take sides. >> so the managing partner joins us now how close did the treasury secretary come to mending the two economies? even if it was moving the needle a bit? >> thank you for having me on. >> sure. >> i think i don't speak for the u.s. government. the people that watch these things carefully understand that secretary yellen's visit was similar to blinken's last month and the throughl line is the ope sides of communication >> we saw biden not so long ago last year and blinken in communications and now janet yellen how close are we getting to some solution here where each group

sort of needs or desires and pr priorties are laid out this is not a furious fate within the two >> i don't think we will get there. i don't think they will work in perfect harmony. there may be friction. if you have channels of communication, official channels or back channels that are unofficial, you have the ability to take a temperature and pressure release out of any situation. a misunderstanding won't spiral into something more of a crisis or open confrontation. >> does this help the u.s. understand the effects of the post-pandemic economic stances in china as well that has not been what many have expected does this give a clearer picture? >> it might. they will use language that is

coded. i think the world generally recognizes that china is coming off the back foot out of covid you mentioned numbers that were lower than were expected i think for china, that means they are facing economic headwinds as the u.s the capacity for both sides to succeed is a collaboration at some level even if it is a basic level. >> do you think any of them look at this now and say especially on the chinese side, look at this and go we are more vulnerable at this stage because of our economic stance post-covid-19, and we need to lean a little bit on the counterparts before they continue to make a march on as before or is this a case of them saying we already said we don't want the ties to be recsevered. we want healthy competition. both sides want that >> i think it is somewhere between the two.

i think both sides have divergent goals. you hear the comments from secretary yellen saying the world is big enough for both of us to succeed. he you won't hear china say we will go along the u.s. does the same they will continue to spar i think the subtext is each side is looking for a way to get a baseline of collaboration to help both economies. >> secretary yellen speaking with the decoupling would be dangerous. the words de-risking did not come out of that conversation. do you think they are trying to find a fine balance into the middle it is, as she said, finding the different options of diversifying >> exactly for the u.s. side which i'm more an expert, the balance is in the regulation they want to control the things that put u.s. national security at risk.

they want high walls around a small garden they want to allow the movement of goods and technology that create a more vibrant economy in both countries >> you see the visibility and communication. this was the point it was meant to open all of that up even corporations. do you think the tepnsioned eased? not sure -- tensions eased not sure if it will help >> a lot of the tension is played -- semiconductors you heard progress at the top of the show that is what they want nothing is supposed to be an a revelation it is a ground work to work together. >> does this put the u.s. in solid standing and saying we can

always figure out a way and look at us putting out the olive branches in many regards, the u.s. has gone to china and said we want to put up the bridge between us. we had issues, but we are not so bad. >> i think that is right i think my friends in the diplomatic corps would say absolutely the u.s. is negotiating from the position of strength in this case and it is using that position of strength to offer an olive branch at the same time, the u.s. would prefer that china stay in a certain lane china will resist that that lane is legacy and older technology at a cost and scale that no other country can compete with and drives economic production. >> this comes in the week where nato heis meeting they have many priorities to go back to nato and say we are fostering relationships here as

well this bodes well for the u.s. in that conversation. >> that's right. anywhere that the tension that nato is facing right now, especially with being where it is with the idea that you saw in the headlines and ukraine is the backdrop for all of that anywhere else diplomatic efforts can turn down the tension will focus more attention on the nato meetings >> if i can press on, do you think there is a hard stance the u.s. has to press the line to say outside of leadership, what do we need to do from here on should they put out that invitation to ukraine? joe biden seems to think they are not ready yet. >> that's right. inviting ukraine into nato is a big step the measured pace of what w the are doing of opening nato up to new countries is a measured tread that we are looking for in

u.s. diffipldiplomacy. >> reid, the managing partner, unpacking that china and u.s. story. nato happening as well this week for more on janet yellen's efforts to put the u.s. and china relationship on sure footing, head to cnbc.com. sticking with the u.s., president joe biden says it is unsure to call on the invitation to nato. allies need to layout a clear path to join the comments come ahead of the summit this week where some member states, including the u.s. and germany, come under pressure for the membership ambitions. meanwhile, president volodymyr zelenskyy visited turkey to bring home five prisoners of war captured by russian forces

moscow says it violates the prisoner exchange deal he has taken in turkey. volodymyr zelenskyy marked the occasion where he reminded people of the other milestone in the war against russia >> translator: today marks 500 days of full-scale war 500 days of struggle for freedom and independence of ukraine and dignity and right to live for all of our people. ukraine will be grateful for everyone who fights for it our soldiers and heroes. today, on the 500th day of the war, we return heroes to ukraine and commanders of the defense of mariapol >> and steve is joining us now to discuss this a little bit more steve. it is not just about the leadership of nato, but comes at

a time when so many relations, including of china, as we have been speaking, may infiltrate the conversation, but it will be about ukraine. >> reporter: absolutely. i thought it was a fascinating conversation with the previous guest. let's get something on the table. ukraine cannot join nato while it is fighting a war within its territories. it convenes the basic rules. you have to settle peacefully territory issues before you become a member of nato. plus, the fact you have a mutual security guarantee and ask the nato convention and if ukraine were to join nato now, it would de facto mean there would be military action from nato members against russia it is not going to happen while the war is ongoing this is the medium-to-longer term future. i would state the sentiment made in the previous conversation

talking about the guarantees being offered to ukraine because, of course, ukraine would say you have already promised us some form or said we could potentially become a member 15 years ago with the bucharest statement. the same statement with georgia as well. that hasn't stopped the russian aggression neither has the budapest memo with the weapons from the u.s. and uk and later by the french and others as well they are saying conventions have not worked to secure the territory integrity with the budapest or other nato statements they want a path to membership map is a word, but acronym membership action plan you don't want us to be a member

now, give us a route map the same for the eu. they are moving side by side what the americans and germans are doing is formalizing a plan. instead, thinking of other ways forward to give guarantees and intelligence sharing and support and continuation of the enormous military support that the u.s. has already given. perhaps create a model along the lines of what israel has with the big security guarantees with the united states. there are members who think that will be a fight. it will blur the lines and not stop further russian aggression not only with ukraine, but also countries which fear russian aggression going forward the likes of moldova as well finding a path through that which satiates the desire from the ukrainians and giving a

security guarantee that is meaningful is the elegant task at the meeting and moving from a commission to a council between nato and ukraine where this is formalizing the relationship which is seen as some form of medium-term happy medium i want to move away from that issue because there are many is issues, including the issue of the war going and is ukraine getting the weaponry and support it needs and munitions to beat the russians back from the border there will be focus from the military experts i spoke to a gentleman in charge of the east flank here for nato. i talked about what needs to be done to defend nato's borders to act as a deterrent which is a key to the baltics as ex-soviet states are concerned of the

russian presence close to borders and for the pols as well the pols is a nation which talked about the risk of russia for a long time and doing something meaningful about it. the budget constraints that members have talked about which is 2%, will come to the floor. the pols are saying they are not waiting for the 2% commitment from others. they are going ahead with 3% to 4% spending. enormous amount going on from the pols saying that is the level of spending needed to deter the russians from further aggr aggression the spending levels and the war is actually going and ukraine and the role within the path of nato and the issues with sweden. sweden and finland in july of last year, said they would become nato members and they were fast tracked.

i was speaking to the swedish prime minister in stockholm at the time of the announcement the fins got the membership in april. the swedes haven't president erdogan says we are not cracking down on terrorism we see this as a terrorism we see the burning of the koran as afront. we see that as another row the prime minister will have to negotiate. nato would like progress in getting sweden over the line 29 states have ratified membership as well if they do, that will be a strong message to the russians people will be talking -- hang o on, if you have baltics and sweden, you have a nato link

surrounding the russians in that part of the world and would send a strong message leadership questions of who is the medium-term leader we can talk about that more in coming days. also, u.s. and european commitment to financing here in europe when there are other global aspirations and attention needed with concerns with china and others as well a host of issues no doubt about it, at the epicenter is the issue of the relationship with ukraine and nato going to look like. back to you. >> steve, a comprehensive report thank you for your time. they will continue to unpack this with joe biden starting off in the uk and headed off to the nato summit. steve sedgwick taking that story on for us. coming up on the show, could a spinoff be the boost that bayer needs?

we'll discuss that next. start your day with the headlines in your inbox. cnbc newsletter "the daily open." subscribe at cnbc.com/dailyopen or sn e ce yr cathqrodonou screens now. when we started selling my health products online our shipping process was painfully slow. then we found shipstation. now we're shipping out orders 5 times faster and thanks to shipstation's discounted rates we're saving a ton. honestly, we couldn't do it without shipstation join over 100,000 online sellers who get ship done with shipstation go to shipstation.com /tv and get 2 months free.

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well saw negativity in the market last week, but that was as we headed to the jobs numbers from the united states high anticipation was for 225,000 jobs created in the month of june. wasn't to be 209,000 was the number european markets were lower to start off the day on the back of the chinese cpi print. for now, we managed to inch higher .10% so far. investors will look out for key u.s. data. numbers are set to come out this week it is also q2 earnings week in the united states. the major banks are the ones to focus on then as we anticipate

numbers there. basic rest sources shedding 1% there. oil and gas stocks taking a dip. they are seeing the ceo step down in 12 months time and possible takeover by dt which is speculated nothing confirmed with that piece of news. we have heard the dutch prime minister rutte will not stand again as prime minister having just resigned this weekend a lot over the asylum questions and those discussions happening in the netherlands the government collapsing there over the weekend rutte saying he will not stand in we will continue to follow that story for you and give you the latest when it comes to that let's zone in on the european markets this is actually how we are looking. green across the board

.20% higher when it comes to the ftse 100 and on the back of the bt news. bt saying they are considering all avenues and finding the way to move ahead. no major corporate or economic news anticipated from europe this week. it really is investor market dependent and central bank news with the ecb members speaking as well across the week a gain for the cac 40 in comparison to the others .40% smi as well. on to the sectors. i spoke about oil and gas as well as the basic resources which have taken a dip now .the 80% weaker. oil and gas on the other side of that scale .75% to the good. food and beverage is up .40% we will look at that and see how

the report from the uk is really fared with the prices and how inflation has taken a backseat there. banks. remember in the uk in particular, there have been questions if the banks are profiting with the higher interest rates will zone in on that what has been one to look at is the factory prices it has fallen for the ninth month in the stalled recovery in the world's second largest economy. that hasn't helped 5.4% for the ppi number out of china. this is what it means for the minor minors rio tinto is .30% weaker fresno up 1.3% in the trading picture. 1% down for anglo american

the chipmakers in discussion with the gainers of the first half of the year particularly those in the a.i. quest as well. asmi is up .25%. pretty much flat stance for ams. asml is down .20%. i in china, passenger vehicles declined 2.9%. still following on from the negative recovery from covid-19. 2.9% is the number from earlier with the passenger car association. 1.91 million units and sales were up 2.5% to 9.65 million let's take a look at the evs with byd which is the one to look at and consider to where things are going now they are managing to dip down

2.3% that's a look at those on the other side, european auto stocks are taking a look at bmw .90% stronger and continental gaining more than 1% rather, lose 1.1%. as i did note, bt was the one to look out for with the news from the telco. confirming the ceo will leave his role within the next 12 months saying the board has launched a formal succession process for the executive. the company braces for a takeover bid from deutsche telecom. that is according to the report from "the telegraph" which bt has been working with goldman sachs on its defense the ceo has described the

company as the deal as the biggest mistake saying the firm was looking at options for deals to sell or even increase its stage. either knockoff or double down bt declining to comment on the speculation and now pointing to the ceo departure. for them, that is the big news piece today. bayer sharing are higher in speculation of the chemicals giant could prepare to spinoff the crop science unit. this share is up 1.8%. last week, german news services reported that the company's ceo was considering a potential spinoff of the agriculture chemical branch to boost the company share price. the report cited no specific sources. bayer told cnbc no comment when it was approached about the speculation.

let's look at the united states futures. investors will be, of course, taking in a little bit of what happened with the jobs numbers it did see them dip for the third day in a row particularly for the likes of the dow jones industrial average and nasdaq falling 1% and more. all three major indices posting losses on that front investors bracing for second quarter results as well as inflation numbers. coming up on the show, central bankers say they are more than ever determined to fight inflation and will do whatever they can to ensure the economies of their countries do manage to pick up. shipstation saves us so much time it makes it really easy and seamless pick an order print everything you need slap the label on ito the box and it's ready to go our cost for shipping, were cut in half just like that go to shipstation/tv and get 2 months free

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welcome to the second half of "street signs." i'm arabile gumede these are the headlines. direct and productive. janet yellen wraps up ten hours of meetings with beijing officials, but overshadowing

easing of tensions >> we are taking targeted actions. we know decounsepling of the world's two largest economies would be disastrous for the world. it would be virtually impossible to undertake u.s. president joe biden says ukraine is not ready for nato membership as he stops off in the uk ahead of the defense summit this as kyiv marks 500 days since russia's invasion. european equities open the week on a flat note with investors digesting the friday jobs data and looking ahead to this week's u.s. inflation print. bayer shares jump on the unconfirmed record it could spin off the agriculture science

unit and pushing back on the central banks raising the 2% target and there is still more work to do >> if i look with inflation now against last year, the situation is improving however, i do not believe that our journey is yet complete. welcome now. total energy ceo has woarned th u.s. presidential election could risk the energy shock if they stop oil exports political leaders could take the step if they believe energy exports are driving up prices in the domestic market. they warn storage capacity may not be enough to meet demand if there is a cold winter in

europe finance minister bruno lemarie spoke about it. >> we were concerned about the gas storage and situation in france and europe. we have to be vigilant, of course we need to get access to lng if we want to face next winter without any difficulty we are assessing the situation and providing the right responses to the challenge and i don't have any specific concerns today about next winter. it is a challenge, but i think that we proved during the last winter in 2022 and 2023 that we were able to take the right decisions rapidly to face the challenge and provide as much gas as necessary >> staying with france, the

central bank governor and bank of england governor andrew bailey pushed back that central banks could raise the target by 2% raising the target would be a quote false good idea and demanding higher interest rates. bailey said the target level is a good balance and changing it would unpick expectations. the central bankers were among those gathering in france for the economic summit. we have charlotte joining us with more. charlotte, this conversation is happening now where leaders have been gathering sentiment coming from the summit itself >> reporter: yes, a lot of fascinating conversations here

with very high level policymakers the central bank governors you mentioned. another guest we talked to was heather busche the adviser from joe biden toughdiplomacy we talked about inflation and bidenomics the speech that joe biden gave in chicago was laying the ground for the 2024 election and his positive record from the economy. look iting at the polls, americ are not happy with the handling of the economy that is the question put to her and how to con be vvince u.s.

>> we continue to see the number of jobs continue to grow and low unemployment that is benefitting american families we are seeing people have high job satisfaction in america. record highs compared to years past second, with we we have seen t inflation rate come down for 11 months we have seen it come down by over half. here's the thing the united states has seen stronger growth than other g7 countries and not higher inflation. we have seen better growth overall. the pace of inflation, while too high, and the president is working on that, we outpaced our competitors. the president says that is bidenomics in action we are challenging the times with the war in ukraine and energy prices and supply chain challenges that the united states has done what it could do

to benefit workers to create jobs and keep prices down and we continue to work on that third, we are making investments. so far, since the president has taken office, we is seen over $500 billion of announced investments in clean energy and semiconductors and batteries across the united states people are seeing this in the communities all over the country in every state in the nation new investments. in fact, the investments in new construction and manufacturing has been sky rocketing relative to historical trends this is good news for the american people. the president understands the prices are too high and he has been taking the steps he needs to do and he can do to address that we also are focusing on building that economy from the bottom up and middle out and making the investments in middle america to thrive and make the transition to clean energy which is critical to economic security. >> one issue to bidenomics is

the stimulus has fueled inflation. what are you doing >> here is the thing let's be clear a number of pieces to this what the president did when he came into the office, the american rescue plan we were in the middle of the pandemic he gave us a policy to deal with the challenges that came our way. had we done that and the inflation spiked, you could make the case it was about the policy the reality is that is not what happened yes, the united states had inflation, but so did other countries without the same policies the cause was the global p pandemic that is why we are making the investments and encouraging our friends to work with us to foster the supply chains and move away from fossil fuels

toward clean energy where we can have more stable prices over time to get away from the disruption under the global economy which causes for domestic prices. >> reporter: we also discussed the inflation reduction act. remember, some policymakers when it was announced by the biden team that it was a threat to the industries i asked what she heard from leaders while here in europe countries need to do what they need to do for their national security the dialogue continues with the countries. >> europe has for a long time policies for domestic pro procurement and we all need to make sure we are producing what each country needs to do for the economic and national security we need to make sure we are making room for that and making sure we are working together

the united states is doing both. as we started our conversation, secretary yellen is in china to make sure to forge the bonds to work through the challenges so both countries can benefit and we can benefit the global trading system same for europe. the colleagues have been working hard to forge agreements across the atlantic on having conversations with critical minerals or clean steel or aluminum or other issues that are certainly important to those trading relationships. >> reporter: that was heather boushey. the economic adviser council from president biden despite the hot temperatures here in the south of france, it is a fascinating conversation. >> those hot temperatures we hope to continue, charlotte. it is a busy time. tour de france is happening now

and then the lead-up to the olympics next year then the rugby world cup as well >> reporter: absolutely. the world cup is about to start in france in september they expect 600,000 foreign visitors to come to the country. i will have a chance to catch up with the president of the rugby world cup 2023 i asked him about what he hoped the legacy would be to the world cup and the preparations ahead of the paris 2024 olympics >> it will would be a huge impact in terms of the economy we are preparing for the event we are looking at 2 billion euro for the event. we create 17,000 jobs so that will be a huge impacts as we mentioned, we will welcome

more than 600,000 visitors who will stay two weeks and celebrate their teams and spend roughly per day, 300 euro, in the restaurants and hotels and visiting museums that will be a huge impact about the french economy, of course. >> this world cup is a trial run ahead of the paris 2024 olympics what other key challenges and lessons learned in the build up for the olympics >> it is a huge opportunity for france to have in one year the two major sporting events in the world after futbol and world cup. one or two major global sports it is a huge opportunity of course, we have a lot of synergy with our colleagues with

the olympic games. we are working closely with the government and what we will do for the preparation of the world cup will help for the olympic games, of course we are working close with my colle colleagues with human resources and we are working with the organization of the olympic games. >> reporter: the president of the 2023 rugby world cup which starts in september in france. big sporting events ahead of the paris 2024 olympics. they hope this will be a boost for france they expect this summer to be a huge tourism season. 10% of the funds come from tourism. arabile. >> we are holding up for the countries to win the world cup you think south africa will have a chance we will see how things go,

charlotte. we will have this one out. thank you so much for that report from our colleague charlotte. sad news to move on to nick hungerford passed away at aged 43. in addition to being on the cnbc family, nick was a revered fintech entrepreneur founding nutmeg. a digital platform acquired by jpmorgan chase in 2021 for 700 million pounds he suffered from a rare form of bone cancer. last year, he and nancy set up the elizabeth smile charity to help the millions of children who will lose a parent to terminal illness inspired about their own daughter elizabeth

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welcome back to "street

signs. let's check on the markets we see a green tinge to the market searching for a new chief executive after the current said he would step down from the board in the next 12 months for bt the board is consideringall appropriate candidates and expects to share an update over the summer markets are a little higher thus far. the ftse 100 is managing .20% gain on that front we will take a look at the rest of those numbers then as well. u.s. futures this week is anticipating to come up with q2 earnings that is set for today. the banks are set to report the biggest jump in loan losses since covid-19 the six largest are forecast to collect $5 billion tied to defaulted loans. that is expected to come through

this week. we will follow on for those numbers. u.s. futures for now looking a little bit worse for wear. this is what we anticipate this week a busy one on the economic calendar with final inflation print from germany as well as spain and the united states as well as france on wednesday, we get a health check on the u.s. economy with the fed's latest beige book released before getting trade data anticipated out on friday china will release its latest imports and exports numbers on thursday we will get a read on the strength of the uk economy with gdp figures. that is set to come out on the same day u.s. president joe biden is touching down in uk ahead of the nato summit. he is expected to talk with rishi sunak today with the two

likely to discuss ukraine and the partnership within the alliance this comes after the widely banned cluster munitions delivered to ukraine now 500 days into the war. we have alice barr joining us now. alice, the nato meeting ahead of the summit is going to be critical >> reporter: there is no question you talked about the cluster munitions. that will come up for sure at the nato alliance. this is something the members have banned. 2/3 of nato members say they don't think cluster munitions should be used this is because of their sad history of causing very serious injuries to civilians. projectiles to explode and rain down bombs in a smaller area

sometimes they can go off after the battle has passed and that is the serious risk to civilians. a number of democrats in the u.s. opposing this from the president's party. expect that may come up. another main issue that you will see is discussion around supporting ukraine president biden says these cluster muse annitions are nece. he is calling this a war of munitions and he said russia is already using these things he was assured these weapons will not be used in civilian areas and have a lower rate of misfire. that is on that issue. then the long-held quest by ukraine to be admitted into the nato the flat nalt nato alliance he said ukraine is not ready for that step yet, but wants to loo

to support the country a big reason not to have ukraine enter the nato alliance is that would put the nato alliance at war with russia. expect a lot of discussion on that front >> alice barr from nbc news. thank you. we will check in on how that conversation, of course, is going. that visit by president joe biden. here sayis a look at the futures. we will cross over to the u.s. colleagues in a bit. down is the expectation as we head into the week where we follow on from the cpi numbers from china and into the numbers into the united states a negative trading day in the u.s. positive in europe that is it for the show. i'm arabile gumede "worldwide ehae"s xtxcng ine d sn a l 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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it is 5:00 a.m. at cnbc global headquarters. here is the "five@5. stocks set to slide after the worst week since march futures are in the red. investors turning attention from the disappointing jobs report to the two key indications out this week. roger ferguson is here to weigh in. the largest pension terms is turning sour on stocks we are asking our experts. and one of the writedown