that's all for this edition of "dateline." i'm andrea canning. thank you for watching. [theme music] ♪ good morning welcome to "street signs." i'm joumanna bercetche and these are your headlines tesla and netflix earnings disappoint overnight with shares in both companies down sharply in pre-market trade as investors are left wanting on guidance for the year ahead tesla ceo elon musk writes off recession fears. >> in the long term, the economy will drive volume through the ceiling next level

the world's largest chipmaker, tsmc, posts a 23% fall in the second profit with a glut of slupplies and bringing down demand. and easy jet tickets soared in the third quarter as summer travel demand reaches new heights, but air traffic control strikes in europe could make for a bumpy ride and election campaigning heats up in spain with climate and energy policy in focus at the leaders debate last night. pedro sanchez says the opposition is ignoring climate cha change. >> translator: i say this to the right as well, this is an act of suicide and attack against our youth.

good morning we're going to kickoff the show with two bumper earnings reports out overnight from the u.s netflix and tesla. both reported growth in the second quarter as investors eye the impact of the firm strategy shifts, but both left wanting more let's start with tesla the automaker price cuts did not hurt the profit growth as some had feared with net income up 2% for the second quarter it managed to beat on the quarter with $25 billion of sales for the quarter. smaller margins hit the top line growth rate. on the earnings call, ceo elon musk, cautioned investors more price cuts may be on the ho horizon. >> when interest rates rise, we have to reduce the price of the car because the interest payments increase the price of

the car. at least up until recently, the sharpest interest rate rise in history. we had to do something about that if somebody has a crystal ball for the global when, i would appreciate it if i could borrow that crystal ball. >> he was hoping for a crystal ball like the rest of the us elon musk's comments send shares falling in the early trade arjun joins me with more we had the results yesterday with the preview we were talking about the price cuts and how it would eat into the gross margins. there has been an impact, but less of an impact than analysts fearing. >> it was a record delivery and -- sorry, record revenue and price cuts are bearing fruit in

terms of delivery and the margin which was under pressure and continues to be under pressure, is resilient investors are happy with the strategy tesla stock has had a run-up this year. with the difficult macro back drop, tesla is going for market share at the ex-sppense of marg. you saw the share price declines on tesla and netflix is a theme. there is a high bar for tech because of the run-up and the stocks we have seen this year show no room for error for tesla in particular, the issue was around the future product. thecyber truck it has been a long time since tesla brought new product into the market when it was unveiled in 2019. now we hear of issues in the production line of it. elon musk saying it is unlikely we get mass production until

next year. this was the kind of big product that the market was betting on in terms of the near term and ramping up deliveries as well and we hear issues over that >> i was curious to hear his comments on pricing. it really did set the tone for the automakers in last couple months tesla had been slashing prices aggressively his justification is we are in a higher interest rate environment. if you are leasing out a car, you pay higher interest rate payments to compensate to make the all-in costs lower you have to lower the price of the cars the justification, in his mind, was higher interest rates. >> tesla is interesting on price. sometimes and earlier this year in china and in the u.s., you saw almost weekly a price adjustment tesla is not afraid to figure out what the right price in certain markets are. the bigger picture for tesla and

why the market is happy with the strategy, this is about an iphone strategy. get as much out as you can investors in tesla believe in the long h-term thesis this is more of a recurring subscription model he will sell the self driving features to people in subscription form. you can always get money from tesla owners one thing that came up on the earnings call was elon musk was saying they are willing to license out the full self driving software that they developed in-house to other auto automakers that is a shift. we are now talking about the ain -- android of the operating system. >> this is the operating system. you were talking about licensin

the software and then the super power chargers and other companies are anngreeing to use the template for their charging platform. >> that could be big for the energy story tesla is setting the standard for that advantage with the charging stations for the cars elon musk managed to telegraph the future and what was going to happen it will be interesting to see how tesla fares in the environment that is becoming more competitive now we see other automakers with the evs and how they compete with tesla. clearly, in terms of positioning for tesla, elon musk is saying we're an automaker and a tech company. >> it is a bit of profit taking. >> 100%. there is a bit of profit taking. any slight negativity with cyber truck would have been enough to

set those shares lower. >> arjun, thank you very much. that takes me to the next company. netflix. the company's password sharing crackdown is bearing fruit it gained 6 million subscribers in the period with net income beating estimates. it missed on the top line sending shares sharply down after hours. greg peters struck a positive note on the crackdown of passwords. >> we have done a good job, but we have the user considerations with netflix getting paid when we delivered entertainment to someone. we could invest that to make the service better for everyone. we launched that experience in almost all countries we operate in and it is working we are positive in revenue and subscribers relative to pre-launch in all of our

regions. >> i'm happy to say richard carlton is joining me on the set. good morning, richard. >> good morning. >> i have to say similar to what i was discussing with arjun with tesla, i was surprised how adverse reaction netflix shares were after the results came out. it seems they did well on subscriber growth. strategy about cracking down on password sharing is paying off what do you think the reason the stock is down here >> i think the adverse reactions is due to high expectations going into the quarter there is a lot of discussion about some early metrics which would indicate strong positive subscriber growth. we saw that, but perhaps not as strong as investors were hoping. >> are we seeing the strong s subscriber growth because of

password crackdown >> we had in the market with password sharing counter measures and we saw an uptick immediately. >> i noticed they are adjusting their pricing tiers. the standard option in the uk no longer exists. you have an option of premium with no ads or the very basic option with the cheapest option with ads what does that tell you? >> one of the fundamentals of ad supported tiers with the large category is they are highly revenue generative the average customer despite the fact the price point is lower is generating more money per month for netflix. they are more generative in the u.s. >> speaking of that particular tier, netflix added 1.2 million

subscribers in the united states and canada in the quarter. that is the largest quarterly gain since 2021. i have been on the show a couple of years and we talked about slowing growth in the advanced economies. for netflix, they saw the biggest growth opportunities in india and other parts of asia as well it is surprising to see that the net subscriber growth in the united states and canada is returning back to decent levels again. >> there are two things related to that. the rollout of the account sharing plan raises the ceiling for netflix subscriber growth. there is a big pool of consumers were not taking it because they got access through a friend or family member. it is short lived. while the ceiling is raised, i would be hesitant of forecasting subscriber growth going forward. >> what is the biggest risk for netflix? >> there is the impact of the

writers guild and actors strikes. netflix is better insulated than peers. the production flow is halted and supply and pipeline will be interest rer interrupted. the downside is marginal than their peers. >> one other thing that caught my attention is the cash pile has inncreased because of the hollywood strikes. they haven't had to pay out. is that a good thing the -- good thing in the medium run? >> i think for netflix, the fact it has a very international content slate, 2/3 of the upcoming series produced outside the u.s., is not generating the cash pile when it would spend on new content. i would not see it as good or bad. it is a fact of where it is in the market >> how do yesterday's earnings set netflix up versus other

media companies? the likes of disney and warner bros. and paramount and others citing problems with the streaming service. they are cutting down and restructuring. where does netflix stand against competition? >> netflix is in a positive position relative to many peers. it is less exposed to the domestic risks with the strikes. because it has a large catalog, it is better insulated than the pushback in the next six months as viewers wonder where the favorite series have gone and looking for something to watch netflix has the second largest catalog in the u.s. and other international markets. >> i remember a year ago, netflix was talking about the rollout of video games they have gone a little quiet on that front is this an area you foresee them growing in or spending more capital in the coming years? >> i would say it is

experimental and dipping their toes in the water. it is not a huge area of engagement longer term, if growth is slowing in the future, which it will saturate in more markets, they will look for other avenues to expand and games is an obvious choice >> i feel netflix is the stock that brought on prominence at the time of the pandemic for obvious reasons. it wept through a -- it went through the post-pandemic finding its feet again and now these results show it is on track and insulated from other factors. one thing i think is interesting as well is given the cost of living crisis we have been talking about in europe, why has it not been the case that consumer have not pulled back from this discretionary spending >> i think they have a little. one of the things we have seen

is the average revenue per s subscriber is a good indication. this is a good value for money you have a lot of content compared to the other streaming services with smaller catalogs and some big hits. if you are looking for a family entertainment package, netflix is the place >> it is a bullish pick of richard, thank you for joining me executive director from am analysis. and coming up, easy jet stays on the tarmac despite the quarterly profit in the period we'll breakdown the numbers after the break.

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 we're saving a ton. go to shipstation.com /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.

welcome back to the show, everybody. u.s. equities put in a decent performance yesterday. the s&p and nasdaq hitting new fresh 15-month highs the focus has been on the bulk of the earnings season coming out the last couple days

strong results from the u.s. banks earlier in the week. yesterday, a lot of focus after hours on tesla and netflix as we spoke in the first segment of the show sharp movers to the downside the stoxx 600 seeing more green on the board we started with a dip in sentimental the open, but we turned things around stoxx 600 is up .25% there has been a lot in the earnings season coming through let me break it down by individual indivisces. ftse mib up .60% the leader of the ftse 100 with the general elections coming up this weekend dax is getting closer to the all-time high. here, we are focused on the chip

makers infineon is weak overnight cac 40 in france is up .30%. 25 points higher the tone for chip makers negative this morning. ftse 100 continuing along with the very positive momentum from yesterday. we saw the huge jump in home builders any interest rate sector has done well in the last 24 hours on the expectations that the bank of england will dial back the interest rate hiking path in the coming months. ftse 100, again, having a good session today. in terms of sectors, this is the breakdown. right at the top is basic resources. miners up 2% glencore with a good showing real estate is continuing on from the very solid moves yesterday. media is up 1% technology is seeing a dip down and some of that is the hand over from the u.s. yesterday

ibm is the stock with disappointing results after the close. over here, we are focused on the chipmakers travel and leisure is down. speaking of tsmc, second quarter profit fell 23% on the annual basis and 12% on the quarter to $5.85 billion. that is above the heexpectations and falling demand for chips revenue dropped 14% on the year. this is the knock-on effect it is having on the other chipmakers in europe today as well > abb has reported a second quarter profit of $1.4 billion a jump of 25% and beat the forecast this despite the steep decline in orders from china which were offset from the increase in

sales in the u.s. and india. it expects to see customer activity robust on the high levels from last year. positive reaction today in abb stock. let's switch to electrolux these are the leaders and the losers on the stoxx 600. down 15% today on course for the worst day in more than a decade after it swung to a loss in the second quarter. organic sales are down 8% on the back of weak demand. it issued a statement saying it is laying the foundation for a possible divestment of other brands in future years reception has not been positive by the market. switching to autos, volvo is down sharply cpaired to a year ago -- compared to a year ago.

the swedish automaker expects to see double digit growth for the year which is down 1.3%. volvo cars ceo says it plans to ramp up as supply chains improve. >> we manufactured over 50% more cars this quarter than the same quarter last year. last year, that wasconductors a longdowns. shanghai was locked down for 60 days we're seeing that bounce back quickly for us in the airline space, easy jet reported 203 million pounds in pre-tax profit for the quarter as the summer travel rebound pushed sales up 22% for the year the budget airline hopes to post a record profit for the period, but bracing for disruption arabile is joining us with more.

>> joumanna, you pointed out profit of 203 million pounds. it follows on from the q3 passenger revenue of 1.35 billion pounds on the back of the uptick in summer travel demand and in particular, so much so, the company is expecting to see record pre-tax profits in the fourth quarter on the back of the travel demand. passenger growth up 7% this is although prices for tickets are 22% year on year passengers continue to flight in as they look at post-pandemic travel the factor is hitting 90%. a lot more passengers able to get back into travel and as you can tell, that number is bound to get better. there is that worry that you pointed to with the disruption which could come into play the ceo is worried about limited

air space ability and air traffic control strikes which are in play right now. even the heatwave going across the part of south europe the ceo saying he is not as worried. in fact, it hasn't deterred travel plans as much as yet. that q4 pre-tax profit could surge on the back of the summer travel and they expect things to get better as they head to the winter 160,000 flights are expected to be operated in that time span. this is the share price. over 12 months, it is up 30% it has seen a rebound from the potential losses it felt during the pandemic and trying to get better from there. when o -- one compares to the stoxx 600, it has fallen off over the last two years and struggled to actually pick up the gain it lost nearly 17% or lost 30%,

i should say, over a two-year basis. up 17% is the stoxx 600 in travel and leisure when you look at the airlines and how it is faring, it is the weakest performer with l lufthansa. it does give you a clear indication of how things are at present in the session, it is down and really on the back of the fear that thosedisruption could hamper things even though travel demand is set to rise a little higher. joumanna >> that does set the tone for the low-cost carriers. arabile, one theme which has come up is people are returning to travel. revenge travel we saw last summer is still in action this summer people want to spend money and travel abroad as a consequences of the pandemic and an increase

in savings you see that across the board with the airlines. the question is if the summer disruption across airports will have an impact and whether that momentum can continue into the second part of the year once we get into the colder season as well thank you for that report. another airline i want to bring your attention to is the turkish airline pegasus which ordered new aircraft as that low-cost carrier looks to maintain turkey's youngest fleet. i headed to the tarmac to meet the airline ceo. >> at the airport outside london, we were seen the recently delivered aircraft. >> tell me about the aircraft we're on right now. >> the aircraft is the one of my favorites. the game changer brand new.

this aircraft is consuming around 17% or 18% less fuel. the cost profit is low because it has 53 seats more compared to a airbus 320. >> you ordered 36 more of the planes what is the strategy >> why for growth, you need to have aircraft and you need to have infrastructure this 36 more aircraft will even p d-- enable us to carry more passengers. >> we hear of the industrial actions and strikes and air situation flying over ukraine. how do you envision this impacts your operations this summer? >> post-covid, labor shortages with the european airports and delays with the limited air space with the ukrainian air

space closer we did a better job compared to our peers with the on-time performance. we had agreements with the agencies beforehand and dealing with the capacity growth and program and having substitutes to our handling agencies however, this summer, we still have operational difficulties and disruption on some european airports wi what we will be doing is strengthen operations at the european destinations and being in close contact with the handling agency, i hope last year we will overcome the operational difficulties of the sd da -- difficulties >> that was one of my more fun p i -- fun interviews

if you wonder the aircraft, it was the, a-321 neo the reason they are invest in the the airplane, it is 15% to 20% more efficient with fuel consumption. it is a big sustainability angle to the conversation. i, of course, will flag it on "street signs" when it is out. also coming up on today's show, we will hear from the ceo as the norwegian telco moves to the profit in the second quarter. don't miss that interview after this break

it's hard to run a business on your own. with shopify, you have everything you need to setup your online store, to connect with customers, and to bring your dream business to life. because when we work together, the future is bright. these days, your customers are not just down the hall. they're all over the world. so cute. it doesn't

have to be lonely at the top. join the millions to finding success on their own terms. start your journey with a free trial today. 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. welcome back to "street signs. i'm joumanna bercetche andheadl. tesla and netflix down sharply in pre-market tried as investors are left wanting on guidance for the year ahead elon musk writes off recession fears for the ev maker >> in the long-term economy, we feel it will drive volume next

level through the ceiling. the world's largest chipmaker, tsmc, posts a 23% fall in the second quarter profit with a glut of supplies and drop in demand bringing down the shares of the european peers. and easy jet soars in the second quarter with travel demand, but warnings the air traffic concerns in europe could make for a bumpy ride. and the election campaigns heat up in spain with the leaders debate pe pedro sanchez saying the opposition is ignoring the climate change >> i believe in this climate change i say this to the right. it is an exercise in ignorance and act of suicide and even say an attack against our youth.

more on the earnings front from telenor a profit of 821 norwegian krona. the telco posted beats on revenue and ebitda pleased to say that sigve brekke, the ceo, of telenor joins me on the show the company swung to net profit this quarter are you pleased with the results? >> yes, i am good morning we are pleased to see we are growing in the nordic to 5%. asia is coming back after pandemic 5% service revenue in asia as well and 5% in our business units with infrastructure. inaddition to that, we are als continuing with our cost programs such as the growth down to the ebitda line that is the reason we beat the consensus on the two lines we are continuing our structure

programs being the legacy business in norway and we are now taking out of operation and also the m mergers we have in asia. overall, i think it was a strong operational quarter. >> i see despite that, you maintained guidance for the year at low to mid single digit growth where do you see the biggest downside risk? >> i don't see a big downside risk on the revenue side i talked about that in my presentation early this morning. we will continue to grow revenue in the nordic and asia on the coast side, we will continue with the transformational programs. i'm optimistic for the rest of the year here. moving into next year, of course, we are doing our utmost to balance the inflation

pressure we have with our programs that's why i forecast a continuation of reducing the costs to 3%. i think we are well equipped now to handle the dynamics we see in the markets. >> in the context of broader market, we talk about services inflation. how has that translated to more pricing power for you? >> we have an adjusted our prices across the nordic, but also in asia we have done that in all markets and also in most customer segments we have been following what we call more for more concept we are not just raising the price, but giving more to the customers. that being security services and up-sell as an example. we will continue to look at the opportunities for price

adjustments in the more for more con concept. we are hit on the cost side by the inflation. however, we see now the scale which matters. we see the procurement company that we are able to use the size we have up against inflation pressure and we do see we continue to modernize and continue to bring down costs with the transformational agenda that is how we trying to balance the inflation pressure. >> one with issue that investors so cite with telenor is the high levels what do you do to bring down the numbers for the investment community? >> we have 1.8 to 2.3 ebitda we are slightly down in this quarter. if i took it today, the exchange

rate today, we would have been inside again we have said in the past that we may be outside, but we will bring it back again. this is related to the exposure with the weakness in krona the way we are handling this moving forward is trying to get rid of much cash flow in the business and we have been firm in the plan to do that we have the capital markets last year where we laid out the plan on how the profitable growth in nordic and the cost energies in the two companies in asia will bring on the necessary cash flow >> i wanted to bring it back to that and how the high levels of debt may hinder some of the expansion plans. does it hinder your ability to go down the m&a route given the focus is on bringing down the debt levels to more manageable levels >> well, the focus we have now

is then to take the growth opportunities that i talked about and the focus now is to realize sizable themes in asia we do have the exstrategic reviw in pakistan. in our adjacent business, the business here, we have an divest strategy we want to take positions on nordic security and iot. we may see over time that others can develop. >> sir, the ft back in march, reported that telenor is combining the businesses in denmark and sweden with those of the hong kong companies, the owner of telecom 3

can you give us more color. >> we are not commenting on rumors i cannot give you much flavor to that what i can say is we are looking at potentials for consolidations in multiple markets. that is why we are doing the mergers in thailand and malaysia and pakistan if we see opportunities, we will review them. i don't have more comments than that >> very clear, sir thank you very much for joining me on the show we appreciate you taking the time on your earnings day. sigve brekke, ceo of telenor a lot of earnings have come through in europe today. let me take you to how european markets are faring of the a positive session of lots of green on the board trading to the good. peripheries doing good spain with the general elections this weekend we are liking to see the changeover of government from the left to the right. that is something that charlotte will comment on shortly in the

show dax is up .40% we continue to move higher over there. we are about 60 points higher. some of the disappointing trade has been coming through on the tech side. chipmakers as well cac 40 is up .40%. we see underperformance in the luxury names the ftse 100 is very strong performing yesterday and today on the expected cpi numbers that has fueled the expectations that bank of england will not go as aggressive on the interest rates. the reaction has been positive in the last couple days or so. switching over to the fx the theme today is not a lot going on we have the pound slipping again. continuing to the move from yesterday.

129.30 dollar/yen is below 140. getting close to the levels early on toward the end of last year the euro trading sidewsideways i want to take your attention to the turkish lira we have been watching this closely. today, we are about 6.6% weaker versus the dollar. that is not a lot in the context the lira has moved in the last couple months. to give you more context on how far we have traveled with the lira 44% weaker over the last year. 14% weaker over the last month i'm flagging this because we have an important central bank meeting today. turkey central bank is expected to raise rates by 500 basis points to 20% today according to the reuters forecast policymakers promised further tightening to curb high

inflation. consumer prices rose 38% in june and with a weak lira, it is expected to occur more for the year this is the second meeting by the new central bank governor of turkey her predecessor was cutting interest rates in efforts to stimulate growth that came at the cost of higher inflation levels now reining in inflation which is why they are hiking. switching to u.s. futures. we spoke about all of the results that came through yesterday. disappointing price action out of netflix, tesla and the likes of ibm as well today, the three majors are mixed. we have the dow opening down 6 points dow up 64 points and nasdaq on back of the weaker -- weaker reaction to the results that came through and that is down 120 points in terms of what to watch out for today, the jobless claims that people have been watch

witwatching closely and the existing home sales for june. microsoft and activision have delayed the deadline to complete the merger three months giving them until october 18th to resolve the hurdles the markets authority will finish the deal by the end of august and administering judge will hear the ftc case against the deal microsoft and activision agreed to raise the termination fee to $4.5 billion and activision shareholders will receive a special 99 cents dividend. bobby koteck is positive they will rehe solve the concerns. >> they will continue to be a leader in the video game industry i think we will end up seeing reasonable resolution and hopefully it will be quickly. >> what is quickly

45 days? >> i don't see any reason why it shouldn't happen that quickly. it is hard to know it is government it's the summer. i think there's a good-faith effort to work through the issues and opportunities i think we will come to a quick resolution >> ftc chair lina khan believes in the review. >> we believe in the review. i won't comment on any specific matters. generally, if we get an adverse decision from the district court, we look closely at it to determine whether we think there were any errors of law or misapplication of law that we think warrant appeal those are the assessments we undertake. there are a number of instances where the ftc has not moved

forward with the appeal, but where it has successfully, it is because we believe there was a misapplication of the law or further clarification of the law that needs to be done. apple shares hit a record high yet again on wednesday gaining over 2% following the report that the tech giant is working on its own generative a.i. tools it has built its large model framework and built a bot called apple gpt. goldman sachs has named the chinese stocks that will benefit from a.i. development with two on the buy rated names you can find out which stocks they are tipping and the expectations on our subscription service cnbc pro of th

scan the qr code on your screen now. and citi says there is still type to join the hype despite the volatility in the near term. find out what a bubble would mean for investors on cnbc pro this may be my favorite segment of the show. a big week at the box office with "barbie" and "oppenheimer" expected to generate $200 million in the u.s. alone. "barbie" is the doll adjusting to life outside barbie land and "oppenheimer" focuses on the father of the atomic bomb. many are planning a double header watching "barbenheimer" films. mattel's ceo said the "barbie" film represents the big moment for the character. >> the biggest transformation in the thinking is realize people

who buy our product are not only consumers, but they are fans once you realize you have an audience, opportunities open up. the "barbie" movie is that it is a milestone moment format t -- for mattel bringing the most iconic brand to screen in history >> you have to enjoy that picture of jim cramer with "barbie" pink in the background. coming up on "street signs," spanish voters head to the polls this weekend we will have our team on the ground after the break 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

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 we're saving a ton. go to shipstation.com /tv and get 2 months free.

welcome back to "street signs. in our sports segment, the women with's fifa world cup kicked off in new zealand of the we'-- new

zealand. australia will face ireland in a couple hours the start of the tournament was marked by tragedy. two people died and four injured in the shooting in auckland hours before the opening ceremony southern european countries are experiencing an extreme heatwave this week italy with 20 cities on red alert and manufacturers are halting production to protect workers and wildfires are burning outside athens meteorologists warn temperatures could reach 43 degrees today span ickish voters will go the polls in the snap general election the pp party is leading the polls before the election

moratorium that puts pedro sanchez and his party at risk. charlotte is on the ground in the sweltering heat. charlotte, bring us to live the context of seville and why this is important going into the election >> reporter: seville is the fourth largest city in the country and capital of the region of spain. this is a stronghold for the socialist. they led here for 40 years last year, with the regional election here, it was an earthquake because the center-right party won the region that was a moment of a big earthquake with spanish politics is this the beginning of the end for pedro sanchez for 2023 fast forward one year and we are now just before the election it is a snap election. the socialists have come wounded

out of the regional election in the rest of the country in may that election is a big gamble to minimize losses for the party and coalition. this is the bellwether over what is happening in the rest of the country. the rise of the far right country as well which won the first seat in any regional government here. that was a big change of spanish politics far right came on the scene recently with the first win. climate here with the heatwave it was 47 degrees here the other day. it will be 38 degrees today. a huge impact on agriculture here orchards in europe is an issue the climate change has been a key subject in the conversation here in the campaign which is something they talked in the debate yesterday

interestingly in this debate, the center right candidate did not take part in the debate. that was controversial because the first debate last week with he and sanchez went well the and al analysis is it was a move with the centrist choice and far right candidate. we will see what it means for the election we are in the final stretch until the vote on sunday joumanna >> the polls, as you say, have the popular party way ahead and many saying it is his to lose. thank you, charlotte that is it for the show. i'm joumanna bercetche "worldwidexcng icong nt. ehae"s mi

my name is ashley cortez and i'm the founder of the stay beautiful foundation when i started in 2016 i would go to the post office and literally fill out each person's name on a label and now with shipstation we are shipping 500 beauty boxes a month it takes less than 5 minutes for me to get all of my labels and get beauty in the hands of women who are battling cancer so much quicker shipstation the #1 choice of online sellers go to shipstation.com/tv and get 2 months free

sleepovers just aren't what they used to be. shipstation the a house full of screens?ers basically no hiccups? you guys have no idea how good you've got it. how old are you? like, 80? back in my day, it was scary stories and flashlights.

we don't get scared. oh, really? mom can see your search history. that's what i thought. introducing the next generation 10g network. only from xfinity. is it possible to protect my business from cyber threats? it is, with comcast business. helping every connected device stay protected. yours. your employees'. even... susan? hers, too. safe. secure. and powered by the next generation 10g network. with comcast business, advanced security isn't just possible. it's happening. get started wih fast spees and advanced security for $49.99a month for 12 monts plus ask how to get up to a $750 prepaid card with qualifying internet.

it is 5:00 a.m. here at cnbc global headquarters. here is the "five@5. we begin with the market rally rolling on the dow notching the largest win streak in years. futures searching for direction this morning. there are pot holes to navigate the chipmaker cutting outlook and posting a profit plunge. plus, we have shares of netflix taking a hit on mixed results as it sees progress on the ad tier and password crackdown initiatives. shares of tesla under pressure this morning as the ev price wars