craig melvin: that's all for this edition of dateline. i'm craig melvin. thank you for watching. [music playing] ♪ i pledge to be with you, if not with you, as long as it takes for troops here and reassure you need all you need >> welcome to "street signs. i'm arabile gumede in london steve sedgwick is joining us at the nato summit. these are the headlines. president biden arrives at the nato summit and clears the

way for sweden to join the alliance this week's summit made history before it started. >> this summit is historic before it started because we have now in place swedish membership sweden will be a full member of the alliance it is good for turkey and nato >> the final goal must be full integration of kyiv. >> as a temporary solution on the path of full integration into nato and it might be considered and it is quite beneficial form of cooperation, but this is not the replacement for full membership. european equity markets track wall street and asia higher with the optimism that

the federal reserve is approaching end game of the hiking cycle as investors brace for the start of the u.s. earnings season. uk chancellor jeremy hunt calls for strength in the fight against inflation as the central bank's governor says salary increases are contributing to the issue. >> target of headline inflation and tightness in the economy has made underlining developments more sticky than previously expected both price wages are not within target we have been following the nato summit all morning. we have been following through from yesterday today is the crunch day. perhaps getting to one resolution, perhaps before the summit begins.

jens stoltenberg is speaking to the media in a short while from now. steve, this is bound to be more reassurance that more is on the way and set to be concluded before the end of the summit >> reporter: without doubt there is no way that president volodymyr zelenskyy would have come to the summit in advance. there is no point in coming if we are not getting some form of route to membership. there is middle ground and that route could well include a vast amount of more security guar guarantees getting rid of the traditional route which is the membership action plan and more support for ukraine in the short-to-medium term in the security guarantees, they are a bit of a moot point. an area where there's been problems over the years. let's go back into history and back into 1994 and the budapest

memo which is the security are guarantee for the state of ukraine for its territory integrity. it was signed by the uk, u.s. and russians and ukraine togiv up the nuclear weapons. we saw how much that meant to the russians in 2014 and vladimir putin ignored that with taking over and finally annexing crimea he annexed five territories in total. i can tell you now, the secretary-general of nato is on his way here just in advance of secretary-general stoltenberg coming to the camera, which he is coming to now, to say what he said already is that if vladimir putin were to win in ukraine, that would put risk around the world. we now have jens stoltenberg

coming up to the microphone. let's listen in to the initial comments >> good morning. this summit is an historic summit because twe all made agreement to ensure sweden will become full fledged member of the alliance this is good for sweden and good for turkey and good for the nato alliance and not the least, the baltic region of lithuania and other nations in the region. at the summit, we will make important decisions sending a clear message to ukraine that we stand by ukraine for as long as it takes and i expect allies to agree to provide military support to ukraine to help them liberate more land on the membership issue, i expect allies will send a clear

and positive message on the path forward toward membership for ukraine. i have proposed a package of three elements with more practical support with a multi-year program to assure probability with the nato forces and ukrainian forces this will move ukraine closer to nato and to strengthen political ties with the establishment of the nato-ukraine council with the meeting tomorrow with president zelenskyy and remove requirement for the membership action plan. this will turn the membership process for ukraine from the two-step process into a one-step process. all of this will send a possitiv and strong message then allies will make important decisions to further strengthen defense with new defense plans

and the more forces on the high readiness. we also agree and expect allies would agree ambitious investment pledge with 2% of gdp for defense is a minimum lastly, i look forward to welcoming our indo-pacific partners at the summit this will demonstrate that security is not regional security is global therefore, i welcome partners from australia, new zealand, south korea and japan. with that, i'm ready to take questions. >> steve sedgwick. cnbc security guarantees did not stop vladimir putin in 2014 the budapest memo was worthless piece of paper to him. the second point on the issue, ukraine has fears that security guarantees will change over time

with different leaderships what guarantees are there that security guarantees will outlast any changes of president in the united states? thank you, sir >> we all agree the most imminent task now that ukraine prevails the most important thing is to continue to provide weapons and ammunition and military support to ukraine unless ukraine prevails as a nation and democratic nation in europe, there is no issue to be discussed about security guarantees or membership in nato at all then on the membership issue, we will send a clear messages and positive message on the path forward. the text in the communication will be made public within hours later on today when all wallies agree on the text. i expect allies will agree with the message which is clear on

the need to move ukraine closer to nato with making sure the forces are openrable. this is all about moving ukraine close tr to nato membership whih is important for ukraine and also demonstrates the unity and the strength of the message that nato allies are sending to ukraine. >> looking for the security in the region and that is worsening. we have the russian forces occupying the nuclear power plant and the announcement by vladimir putin with nuclear war heads in belarus what is the issue if the nuclear accident happens

what is the response of nato countries? >> first of all, the nuclear reactor is dangerous and russia knows a nuclear war must never been fought. nations know he what rurssia is doing. we condemn the tactical weapons to belarus so far, we have not seen changes in the russian nuclear deployment posture that requires changes from our side. we remain vigilant and we will ensure we are ready to defend allies especially any potential threat on the situation with the nuclear power plant, our situation is russia has to withdrawal forces because the way they now behave in area with

the biggest nuclear power plant. >> secretary-general stoltenberg, on the member language, a few days ago, mr. zelenskyy said there was no point in coming here if there was no concrete discussion if there was nothing nato could cover. w -- offer? >> president zelenskyy will come i'm glad to welcome him at the dinner tonight and the meeting at the nato ukraine council meeting tomorrow nato allies will send a strong message on the path forward for ukraine, but i will not go into the exact language now because that will be made public when

the communique text is agreed which will happen later on today. rest assured, the message will be positive and strong and the message will be united from nato allies this is both about the path forward for membership, but also about the most imminent task that is military support because unless we ensure that ukraine wins this war and ensure ukraine stays an independent nation, there is no membership issue to be discussed we have to understand the timeline and tasks and first and most imminent task is ukraine prevails and president putin does not win this war. >> thank you mr. secretary-general, can you say something about the issues in the last moments of the negotiations with turkey and sweden how important were the f-16s probably arriving from the united states? how relieved are you personally

of this result >> well, the agreement is public you can see the statement. that statement addresses the same issues that we agreed in ma madrid the agreement yesterday builds on and is implementing the agreement we reached last year in madrid. this is about stepping up to fight terrorism which is extremely important for turkey, but also for all nato allies it is about litfting restrictios on arms support and it is ensuring this is a long-term continued cooperation between sweden and turkey. so no other agreements, the agreement is public as the agreement was in madrid and the good news is that we have paved the way for sweden to become a

full member. i will thank the prime minister for the approach to enable the decision yesterday to allow soon to become a full member and turkey to ratify the protocols for sweden >> regarding at agreement reached by turkey and sweden yesterday, i would like to ask will it act as a guarantee especially for promises made to be fulfilled not only before the ratification is won? >> i'm confident that both sweden and turkey will adhere to the agreement and also this will continue after and what we established last year in madrid to assure the continued cooperation on the fighting of

terrorism. just the fact we have met many times since madrid to step up our cooperation in the fight against terrorism demonstrates this is a lasting agreement and commitment that will also be there after sweden joins the alliance >> question on the bilateral or multilateral security guarantees which are not part of nato, which i understand can you elaborate which countries will participate and what time they will be with the cease-fire when the war is over? will it be concluded here at the summit thank you. >> at the nato summit, we agree a package for ukraine with practical support and strong political ties and decisions to of move ukraine close tore nato membership exact language will be available

later on today then, somehow, having bilateral or multilateral dialogue with ukraine on the framework to have in place to ensure continued support for ukraine, i think it would be wrong if i go into the exact language of that and also how that will be made public of course, this will complement and supplement the decisions made >> secretary-general, the question about the wagner mercenaries in belarus are there traces of presence seen by nato >> the answer is no. so far, we haven't seen any deployment or movement of wagner forces in belarus.

of course, again, we follow closely what is happening and for lithuania and neighbors, it matters. nato is here we are ready to defend against any potential threat we have not seen any wagner forces in belarus so far. >> thank you reporting from finland how do you feel finland and sweden ratification process is too slow and what membership message sends to russia? >> this sends a clear message to russia and vladimir putin that nato's door remains open and it is for nato allies to decide on large that moscow and putin doesn't have a veto. this is demonstrated that finland is a full pledged member and yesterday, agreed to make

sweden a full member that turkey will ratify the protocols for sweden p -- sweden this sends a clear message and demonstrates putin's war of aggression against ukraine was a mistake. he underestimated ukraine and the allies and underestimated the political consequences in sweden and finland he went to war because he wanted less nato. he is getting more nato. more nato presence in the eastern area and two new members, finland and sweden. that just highlights the big strategic mistake vladimir putin made when he invaded ukraine let me add, this has been the

fastest succession process in history. that is for finland and also for sweden this has actually going fast you have to remember that sweden and finland applied for membership in may of last year in june, all allies invited finland and sweden to become members. as finland was ratified a few months later and sweden obtained the invitee status, after madrid, and succession will be ratified this has been fast and demonstrates unity and resolve and the commitment on nato allies on demonstrate nato's door remains open. >> mr. stoltenberg, president putin says he will ask for a

meeting with you you will meet and when why allow for special units in the north despite serbians and can you do fianything with that >> i'm in regular contact with him and i'm ready to meet. we are concerned about the increased tensions in kosovo we call on all parties to deescalate and refrain from any action that further increase tensions in the region nato is present in kosovo. we have the forces there that are there to ensure security and stability for kosovo and people living in kosovo we execute our june mandate in a partial way and nato has increased its presence ins kosovo with 100 extra troops

because of the instability and violence and tensions we have seen over the last weeks thank you so much. thank you. >> reporter: right that was jens stoltenberg answering mine and the press corps questionquestions. inn crek bl -- incredibly pleasf acceptance of sweden and finland. it looks like president erdogan that sweden will be the 32nd member in what jens stoltenberg talked about the fastest succession processes in nato history for finiland and sweden.

he talked about the nato response and jens stoltenberg just said putin wanted less nato he has more nato more members up to 32 with that swedish succession as well talking about ukraine. you notice my question was about security guarantees comparing old with the new format which we will believe we will see in the communique in the next 36 hours. he was talking about the extra issues including upgrading of the relationship with ukraine and nato to some form of council where they have a regular council where they talk abou all of the issues with operations and procurement and training and intel and ammunition in a timely fashion to the frontline for ukraine as well in terms of the medium-to-longer term, he would not go into detail and answer a question about the word invite. that means a lot to the

ukrainians and mr. schlevolodym zelenskyy. are we invited or in a waiting roo room in the meantime, it does appear there is a huge upgrading of the relationship going on with nato and ukraine which we expect to see more detail on as in the next couple days very interesting that the will from allies is strong over a longer period of time. he slightly side stepped the question of the ability of the security guarantees depending who the president is in the white house. i think the idea would be to put in strong connections that were a future president to feel differently about the geopolitical situation, it would be difficult for them to reverse a lot of the guarantees which should be backed by the united states, by far the biggest military power in nato, but the biggest spender globally u.s. sends more money on the

military every year than the next ten nations, including china, put together. that's the power of the united states there is the home of the french, british, germans will pick up the heavy lifting of military support for ukraine going forward. arabile. >> steve. > -- >> steve, we will continue this conve conversation we will continue to cross back to you and that is one to look at with the successes. one down and a couple more resolutions to go. we will continue to follow that for you here on cnbc over to the far east where singapore investor says the global investments are a reversal in gains amid the challenging global macro environment to april that is with the firm's net portfolio value coming in at over 380 billion singapore dollars for the period chief investment officer struck

a cautious note going through the results with cnbc. >> we have a pre-come -- predominately equity portfolio it hasn't backed up the portfolio. going forward, look, it depends on how the market does we hope to be more resilient than the market. if you have recovery in the market, we will do well. if not, we are still building a portfolio not from a one-year, but five-year to ten-year perspective. >> there is a lot of uncertainty. how would you characterize the outlook for the global economy >> it is fragfragile. you have geopolitics front and center that is not getting easier you've got developed markets with tight monetary policy because inflation is high and

not getting back to where people are comfortable with you have tightening conditions which leads to slowing growth. all of these things, you know, increase the risk of recession in developed markets as i mentioned earlier, something that everyone has been talking about for a year the recession. you do think you probably need a recession to get inflation down to levels that are acceptable there. >> that is a conversation which is one we have been looking out for. let's look at the stoxx 600. it managed to pick up gains. .20% so far. it was slightly lower following yesterday's cpi numbers. as you can tell, just a pick up there for now in european trading picture. particularly when one zoneses in -- zones s -- zons in on the european markets. we are still looking forward to some corporate news heading into

next week. not much on the data front for europe this week only the cac 40 and dax managing to gain. a slightly negative stance for the remainder of the european indices so far let's chat with yalexandra who s joining us now thank you for the time i really appreciate it when one takes a look at the wealth management report you put out, by 2027, which is the crux year, you note 16% of existing assets and wealth management organizations all have been swallowed up or followed by the wayside. that's twice the historical rate of turnover. what do we attribute this to >> thank you so much lovely to be here this morning, arabile. i think there is a number of factors that will see the acceleration in the consolidation of the industry

and managers falling away. the first is the pressure on the top line for asset management companies. it has been well covered how investors put a lot of pressure from the fee perspective from the asset managers additional factor that we are now seeing is a lot of competition within the industry. we always had some degree of competition. we are really seeing the big managers use their muscle in terms of gaining market share and getting into new markets and opening up into retail where there hasn't been before retail of etf in europe. the fee competition is really unprec unprecedented. that is putting pressure on the midsized managers as opposed to the big ones then the cost pressure which is unique to the industry and all around talent which is the

biggest cost line item for an asset manager is the talent pool and ive in a time like this? what is the best method to f fixing this? one would think diversification is the plan, but it is large scale. you look at the energy sector which is falling off you had gains in the tech sector which are starting to moderate where do you look? how do you navigate up until 2027 which may see that change come back to some normality? >> we had a run-up in the equity

markets which you covered well on cnbc in the first six months of the year. there is a huge amount of money going into money market funds and we see very big growth in the passive index space for investors. huge many capabilities there where we are seeing the private equity houses, for example, look at the banks pulling back from funding. look at the green incentives from theion reduction act in the u.s. is putting focus on infrastructure investment then, it is how you play the equity markets and where bonds are about to go with the read on interest rates and where they will flat line and start to ultimately come down and what you do from the bond allocation perspective as well. >> you speak about the recovery for 2027 that assumes a lower interest rate and lower inflation environment. is there particularly a set of

forecasts to that time you are anticipating or things go back to the 2% level when it comes to inflation in particular? in so doing, how do you allocate capital in the meantime in preparation for in that? >> we are seeing a lot of money going into where inflation linked investments to try to protect some of that erosionary effect from inflation. we are in line with market consensus. we see the fed increasing twice more and hopeful of topping out by mid 2024 and gradual reduction down the equity markets have priced that in already. that is where we hope to see it. we think europe may lag behind that because inflation is stronger and in the uk can the highest inflationary rates across the three areas i mentioned. in the mean p tmeantime, there t of pressure where loans are

going to come up for renewal that might open up opportunities for a private funding perspective and better yields and better rates, but higher risk with the ultimate recovery of your money. then obviously very large allocations to bonds at the moment with the interest rates rising, it is lucrative to sit in bonds and collect your money altho although, it is eroded from the inflation perspective. >> we still have to talk about a.i. and data and blockchain and finding the right investment category here. the search for yield is a big one and the rate of return could help businesses as well stay competitive. that is all the time we do have for this conversation. i really hope we can chat again soon owlyn alexander, pwc global

asset manager. coming up on the show, the guest book is filling up as world leaders arrive at the nat summit steve sedgwick will join us live in lithuania next. 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 ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com.

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warm welcome to "street signs" here on cnbc with arabile gumede in london and i'm steve sedgwick in lithuania. nato clears the way for sweden as jens stoltenberg says the alliance is steadfast in the commitment to ukraine. >> we can continue to provide weapons and support ukraine. unless ukraine prevails, as a nation and democratic nation in europe, there is no issue to be discussed about security guarantees or membership in nato at all >> it is all about the ukraine membership that is the key focus of the

first day of the 33rd nato summit in vilnus the final goal is to get full integration of kyiv into nato. >> as a temporary solution on the path toward full integration into nato, it might be considered and it is beneficial. this is not the replacement for full pledged membership. european equities mixed amid optimism the federal reserve is approaching the end game of the hiking cycle as investors brace for the start of the u.s. earning season. and uk chancellor jeremy hunt pledges to help the bank of england in the fight of inflation and says salary increases are contributes to the

problem. >> the demand pressure in the economy has made underlining developments in goods and services more sticky than previously expected. both price and wage increases are not consistent with the inflation target nato secretary-general jens stoltenberg has reaffirmed the bloc commitment to ukraine telling cnbc that military support is critical for europe security stoltenberg praised the decision for sweden to join the alliance and nato should work to speed up the process of allowing ukraine to join nato steve sedgw steve sedgwick is here with us in vilnus. now this is pretty much on to the next one after the first one was done

>> reporter: absolutely. there are key issues for the world's largest defensive alliance this is a grouping which is full membership of sweden and ukraine. eventually ukraine, potentially. a combined military budget of $1.2 trillion. united states with over $800 billion of military spending worth taking a note, that is more than the next ten members combined the issue u.s. has had is about europe pulling its weight geopolitically and militarily. that is a conversation which is europe is keen to address. it has to put meat on the bones of that. as you mentioned sweden with momentum coming into the meeting. the big sticking point was turkey erdogan was a holdout. supported by hungary now the hungarian disapproval

will disappear if there is a rubber stamping in the turkish parliament which is what we understand is agreement for erdogan to agree to the swedish membership of nato we caught a few words with jens stoltenberg earlier on and i managed to get a question about the importance of security g gargarn guaranteesopposed to membership i went into details why this is important. listen to the question. >> the task now is to ensure ukraine prevails as an independent nation in europe the most important thing is to continue to provide weapons and ammunition and military support to ukraine unless ukraine prevails as a democratic nation, there is no discussion about membership in

nato at all. under membership issue, we will send a clear message and positive message on the path forward. the text in the communique will be made public within hours, later on today, when all allies agree on the text, but i expect allies will agree on a message which is clear on the need to move ukraine closer to nato with making sure that the forces are operable and removing the requirements for the action plan this is all about moving ukraine closer to nato membership which will be extremely important for ukraine and also demonstrates the unity and the strength of the message that nato allies are sending to ukraine >> reporter: a lot to unpack there. inter operable

this is key for any nation wanting to join the alliance my hardware has to work with your hardware. my ammunitions have to work with your ammunitions it is not judgment a semantic point. if the militaries can work side by side, that is a lot of criteria that would happen anyway under membership action plan that is why mr. stoltenberg was talking about that if we thought about that already, we don't need the elongated action plan or m.a.p., membership action plan giving ukraine criteria and what it wants without the name of actual member, it is interesting that stoltenberg was talk about that we can give you the security guarantees and decisions which will be united about reaffirming not only will we give you long

term guarantees. the word invite was asked. will it be part of the final communique is it more than totalism ton don't forget, volodymyr zelenskyy said he will not come to vilnus unless he gets the guarantee. we have more arrivals in vilnus, including, i believe, we have the norwegian head of government with us now. this is jonas talking now. listen in. >> historic nato summit. i would first say that few countries in nato will be more touched by the fact that sweden is now becoming a member for the first time in modern history, the entire nordic region will be inside nato that has profound implications for the way we plan our security

and defense and how we will contribute positively to nato. nato is a threat to none this is an organization of collective security which will be enhanced by swedish membership it is historic because we improve updated regional structure and command structure and we will secure the funding of nato operations this is a result of hard work in the alliance finally, we will reconfirm our support to ukraine norway has committed a five-year program of support to ukraine militarily and in the civilian and economic sphere. we hope to see the issue with a clear prospect to ukraine that the future lies in nato and we enhance our cooperation and the first meeting of the ukraine nato council will underline that political dimension. this is, indeed, historic meeting. we will make every effort to

contribute as norway has since 1949 i think this will be consistent with the statements made in 2008 ukraine has the prospect of becoming a part of the nato family while war is waging in ukraine, we have to support every effort to end that war and ukraine to defend as a democratic free nation i think an invitation should be phrased in a way when the time is right and allies agree ukraine can be allowed in. >> mr. prime minister, finland and sweden into nato and we have the baltic nato lake do you feel we have retribution or enhanced military activity from the russians in response to the fact as you mentioned scandinavia is complete and

baltic with you nato lake? >> think about it this way, we are all members of nato. we don't change as nations again, we are a threat to none we want peace and stability in our region the threat has come from russia's aggression in ukraine that led finland and sweden to join nato. it took more than a year when it was finalized. we will be finland, sweden, iceland and norway from the denmark perspective. we will contribute to peace and cooperation. there will be solid defense and deterrence that is a result of the russian aggr aggression that is the fact i think things have happened since 2008 it will have to take that into account. we are now supporting ukraine. we will enhance cooperation between ukraine and nato

i think the perspective of ukraine having a future in nato will be underlined there are discussions among the g7 sector of security guarantees assurances that this is outside nato i expect that to be discussed here at the summit thank you. >> reporter: okay. that was the norway prime minister speaking there. now we have the lithuania president who we had an interview yesterday. let's listen in to what he has to say now.

what we have now is the lithuanian president just speaking about the situation and about what happens next for ukraine. he just mentioned the words if the war is over. i think it is important to point out that actually what nato can do with ukraine as a partner during war time which is different from medium-to-longer term with ukraine once the war is over. it is worth raising this point at this time is under the convention, rule book, pretty much for nato, you cannot invite a member with a territory dispute within borders to join nato actually from many people's point of view within nato or those treading carefully, having ukraine in a live war situation with the invasion of russia on the el sadoppl borders of nato,a the rules regarding the

membership what the lithuanian president is saying with the war time with ukraine and what it looks like post-war time. i want to state article v of the nato charter says attack on one is an attack on all. if you took it to the natural conclusion, of course, if, indeed, we saw nato allowing ukraine to join while at war, in fact, that would mean that nato was in conflict directly with the russians as well i can hear the lithuanian president talking about the geographical situation on the borders. this is being held on the border of belarus which shares a border with lithuania it is 30 kilometers here from vilnus it looks like a couple of wagner

fighters have found safe haven within the belarusian borders. now do we feel safer now no the security situation has potentially deteriorated let's listen to a couple questions. >> how close communication is ukraine getting today? >> i hope the invitation to proceed not just opens the doors to nato right now because we have the discussion about the activation of article v. it is a clear signal and not repe repeating. i think the number of action plans are next and we will look at the institutional framework

for nato meaning the meeting of ukraine and nato all of this shows we do enough in order to signal to our brothers and sisters and ukrainians and we hope this increases the spirit for them and we hope it will be persistent and supportive of ukraine. >> reporter: is enough being done to support the eastern flank and support lithuania and poland and bucharest countries from the bigger powers which are slower to militarize >> the support is clear. of course, we wish this support comes faster

the decision making should be quicker especially p -- especially in reacting in proximity of belarus i mentioned to president biden that belarus really becomes the issue. this is not like belarus in 2020 now we should not have any illusions. this country is not independent any more this is one more russian military forces are available for russian military to plan the operations against ukraine. the recent announcement of tactical nuclear weapons will be deployed on belarusian soil is in the stage of implementation we know that

this is only the matter of time when they will finalize it then, instrumentalize migration. this is not like it was two years ago. it's still there all this as a complex shows that security situation in our region is not stable and is not improving. it is deteriorating. i hope we will bring this understanding to our alliance and partners and this will be one of the potential topics of discussion today and tomorrow. sorry. the line is waiting. >> reporter: just to say quickly that was the lithuanian president. just answering my question of the security situation it is fascinating that the lithuanian president feels the

security situation is deteriorating. belarus is not independent belarus is a site of tactical nuclear weapons of russia palesrussians wit the wagner fighters. let's listen in to what he has to say at the microphone >> happy to be here at the nato summit very important symbo symbolically to be here. what we have shown over the past 17 months is unexpected. the support that we have given, i think, is showing what you will be able to continue we are here for the long run support and continue supporting. second topic is in our unity is the fact that sweden is joining

us again, it shows that nato is the best guarantee for countries on the north atlantic side of the world to have security guarantees and we are happy to have finiland and sweden. >> reporter: is the eu army not alternative to nato? the french have talked about it. do we need an eu army? >> if from our perspective, nato is the cornerstone of security on the north atlantic side and european continent we see a lot of european countries cooperating one with the other. we are doing that with the netherlands for marine activities and with france we see the integration is happening. maybe more important is the industrial cooperation that is happening. that, i think, is something we don't talk often enough about.

we are creating a european defense industry that is able to scale up in situations like this >> reporter: the prime minister answering my question about whether europe needs an eu army. talked about it by the french president. he said we see a u.s. and european safety in nato. interesting. what we can do is scale up industrially that is important. europe can do more arabile, back to you here from vilnus >> steve, thank you. we will continue the conversation "worldwide exchange" is next with our u.s. colleagues do stay tuned. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for

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it is 5:00 a.m. here at cnbc global headquarters. here is the "five@5. after two days of gains after the stock snap not everybody in the buyer's seat one group of investors is turning bearish on u.s. stocks. two hours down and 46 to go. amazon prime day kickoff today the spending test for consumers stressed to the limit. citi lays out the playbook in the names set to win bi