still parked outside. and that's all for this edition of dateline. i'm craig melvin. thank you for watching. [music playing] . good morning and welcome to "street signs." i'm julianna tatelbaum. joumanna bercetche is in zurich this morning and these are your headlines. the sentiment fails to spill over into europe as things simmer, coming in higher on the month and lifting bond yields. u.n. secretary ramimondo sas china is uninvestable, but china

bites back. >> the ceo of abb says he's pessimistic on china and the properties and construction sector, but in an exclusive interview he says he's hopeful for a turnaround. >> china continues to be pretty soft. it's a big market, though, so it's not dead. it's still living there, but not really developing as we had hoped. and hurricane idalia picks up strength as it approaches the coast of florida, threatening to become a category 4 storm while oil producers batten down the hatches and prices become higher. a very warm welcome to the program, everybody. let's kick off the show with

some fresh data out of germany. inflation in germany's industrial heartland rose, coming in slightly higher than in july. regional data is a keenly watched sector ahead of a national flash inflation print due later today. money markets have raised their intents, sending prices higher across the yield. a couple of important ones. the seat of hess, what is home to francs has has come up higher. up 0.2% very ssus 0.3% in the mh of july. then we've got the cpi coming in at 7% higher year on year. that marks an acceleration from

the 6.8% year on year in july. as our german producer very kindly told us, that's where mercedes is housed, just to give you a little bit of color where the inflation pressure is maybe coming from. and finally the state of bavaria, 5.9%. that's a slight deceleration of 6.1% in july. in the state of hess, we're seeing a slight deceleration versus where we were in july. we have the overall german inflation print due out later today. meanwhile in spain, it rose 2.6% on the year in august. that was in line with expectations but slightly higher than july's reading. core inflation rose 6.1% on an annualized basis. charlotte is with me to talk through thesenumbers a little more in detail.

these numbers are versus what we're seeing in germany. spain seems to really have had a handle on inflation in a much better way. >> certainly, yes. inflation has been one of the lowest. boosting up slightly over the past couple of months. in june, you had a gain of 2.1%. it has been going up. more than expected in july, 2.3%. that's the good news. it's going higher but lags from expectations. we expect to see it go up in the second half of this year. it was mentioned this morning a rise in fuel prices over the summer compared to actually those prices going down last year, so you have this effect as well. the spanish government helped to deal with the prices last year. you remember they put some

limits on that, on some food prices, public transport, rent price. it's having an impact. the tourism season being on an increase. there's a stronger demand and the labor market, 11.6% in spain. 15-year lower expense. you see this morning the underlying inflation at 6.1%. that was a little bit lower than last year. that's a bit of good news. but, again, 6.2% last month to 6.1% this month. a little bit of potential news. we know the food prices have remained high in spain. the heatwave has been having an impact. they're keeping an eye on inflation. overall inflation is 3.3% to 3.5% and 2.5% next month. fuel prices up or down could have a massive impact there

depending on what happens with china, et cetera, et cetera. we're seeing a political lag last month or it's playing in the background. but certainly for the spanish inflation number, rising a bit but lagging in expectations. >> later today we have the jaer man print and the cpi flash figure coming out tomorrow. we've seen yields moving higher across the board. investors now reconsider ecb may pause or if they're continue hiking. if it looks like the price pressures are not abating. the price stocks are up. not a huge move higher. yesterday they advanced about 1%. wall street also had a strong session. so we're dealing with a positive handover. that sentiment already on a

strong footing from the state side performance we had yesterday. breaking it down by individual region, we're down 14 basis points. we do have some outperformance in the ftse 100 and the ftse mid. the xetra dax hovering around the bond line. you have the regal inflations we had so far this morning. the spanish market is edging higher this morning as well. breaking it down by sector, here is the split. you've got banks out in front at 1%. bracing for ubs earnings tomorrow. finally these delayed results are coming through. we're going to have all the coverage for you tomorrow. insurance also performing well, catching a bit, up 0.7%. on the downside you've got utilities pulling down massively. we're down more than 2%. the clear underperformer this

morning. pulling back slightly by 2.4%. yesterday we had quite a strong session stautside. all three of the majors moved higher. the tech-heavy nasdaq rose higher. nvidia close at a new record high. investors excited about a new partnership with google. u.s. job openings fell the their lowest level in nearly 2 1/2 years in july as did the number of people quitting their roles. down nearly 340,000 on the month. the latest data points toward a cooling off in the american labor market something the fed has seen as necessary to tamp down inflation and ease wage pressures. the data has raised investors' hopes the fed will keep the rates at a hold with markets hoping it keeps the benchmark

unchanged. quite a different picture to what we're seeing in europe in terms of the economic picture. the european economic picture deteriorating and it looks like the inflation picture is not abating in many key parts of the economy in the u.s. there was a jolt. it seems to be suggesting the fed has the breathing room to pause in september. nonetheless we have yields high across the treasury curve. this follows yesterday when treasury yields did move lower, trading around 4.1% or so. now asian markets overnight have traded mixed. you've got the hong kong market closing flat after some big moves yesterday. we have a strong move higher there after the strong beat. shanghai composite ending a little. ending about 0.3% higher. geopolitics firmly in focus when it comes to china.

they defended itself saying it's uninvestment after u.n. secretary gina raimondo has heard complaints about american firms operating in the world's second largest economy. speaking to china's communist party of shanghai this morning, ramimondo reinforced the importance of commercial ties. >> a stable relationship can be a balance for our overall relationship, a stable economic relationship being good for america, good for china, and good for the world. >> raimondo's comments sparked a chorus of responses from chinese officials. a foreign ministry person called on the u.s. to take real action to stabilize ties while china's washington embassy said beijing is working to further ease market access for foreign businesses. in the last hour, the president of the eu chamber of commerce in china says uninvestable is not a

term the group would use and china is underinvested it has attracted from europe. we're going to take a quick break. our next guest tells us he's pessimistic about china but sees some green shoots. we'll bring you more with you m joumanna's exclusive interview coming up next. 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. the power goes out and we still have wifi to do our homework.

and that's a good thing? great in my book! who are you? no power? no problem. introducing storm-ready wifi. now you can stay reliably connected through power outages with unlimited cellular data and up to 4 hours of battery back-up to keep you online. only from xfinity. home of the xfinity 10g network. here's why you should switch fo to duckduckgo on all your devie duckduckgo comes with a built-n engine like google, but it's pi and doesn't spy on your searchs and duckduckgo lets you browse like chrome, but it blocks cooi and creepy ads that follow youa from google and other companie. and there's no catch. it's fre. we make money from ads, but they don't follow you aroud join the millions of people taking back their privacy by downloading duckduckgo on all your devices today.

there's so much going on in china. a huge focus for investors. abb's ceo told cnbc he's pessimistic on china but reiterated his belief it's not dead yet. very intriguing comments. joumanna just spoke to the ceo of abb. explain what he thinks is going on with china and speak to it more broadly about the company. >> reporter: yeah. i think it's worth it taking a step back. abb is one of the largest engineering companies in switzerland. they've got their hands involved in very different areas.

you can think of it as a more pro cyclical business, the ups and downs what's going on in the real estate industry and construction industry. as a function of that in times of an economic downturn when the sector is coming under a slump as we're wtsing right now in europe, that part of the business is going to be exposed. but when you think of ore parts, robotics, electrification, those are the areas of abb that are more structural ain what's happening cyclically in the economy. when we sat down for the interview, one of the things i asked him is how is the company actually doing given both of those things are coming together right now. we are witnessing a global manufacturing downturn, but at the same time these days there's so much hype about ai and

robotics. let's listen in. >> let's say we're happy that we continue to see demand in the market. there are, of course, some softening that we are seeing especially in the real estate construction part, which is significantly softer at the moment. we also see graphically that china is not really developing as we had hoped in the beginning of the year. on the other happened we see good strong projects sustainable. more of the industry is sustainable going into the fu future. that's brought about a 2% growth. >> tailwinds. >> i would say so. more related to the project than the ongoing part of the business. >> let me ask you more about china. i know it's your second largest

market. you just mentioned you've seen some demand soften. what's your outlook for the rest of the year? >> we're pretty pessimistic at the moment. we thought in the beginning of the year we should see some recovery from the covid period, but i think everybody has been pretty disappointed. so china continues to be pretty soft. it's a big market, though, so it's not dead. it's still living there. but not really developing as we hoped. i think it will be challenging. >> is it specifically the real estate market there or the ev rollout, because the ev situation is actually quite strong in china. >> yeah. i think one of the positive things is the ev cost which is getting a position also globally. as you're seeing in europe today, chinese cars. i think that's one of the sectors which has been good, which had some positive for some

robotic market. but i think actually the real estate construction part which is low and has been low for quite some time. >> reporter: it's quite interesting, julianna. he was talking about how challenging 2022 was. because china was closed, we saw a supply shortage, chip shortage in 2022. we thought the economy would be coming back in 2023. it has been disappointdisappoin. here you're hearing it from leaders. they're cautious on the outlooks going forward. you may have heard earlier on the interview, one of the reasons their earnings were robust, they posted 2% revenue

in july, is because of the longer term projects, the projects that deal with the core projects of electrification and sustainability. i asked him whether or not he thought the european continent was still very engaged in this energy transformation that started in response to the energy crisis witnessed last year. let's take a listen. >> most of the people at least are aligned in europe but also in the rest of the world that we need to make this transformation, and, of course, energy generation is, of course, one of the important sectors that need to go green. so that is important. but you also need to build up infrastructure, electrification infrastructure globally. that's what we're feeling today and what you're seeing and why we're still seeing a strong market in electrification. i think that's important. i think from europe, it's also a

little bit of a wakeup today when we did not have access to all the russian gas and had to look for other solutions. so i think that has trigger the transformation to go a little bit faster than it would have done otherwise. so -- but there are plenty of projects both in europe today and in north america, and i think that for abb that is very exciting. >> robotics, they've got artificial intelligence in the pipeline. one major part of the business we did not talk about is their changing station. the ceo told me the timing is not right right now but something to look forward to in the future. very exciting to hear from bjourn rosengren, ceo of abb.

you're looking at live shots there from shanghai. we're waiting for the u.s. secretary of commerce gina raimondo to take the stage after talks on her visit with china. here to talk about all things china, nick joins us. thanks for being with us. this trip from gina raimondo to china, where mate we see common ground struck between china and the u.s. when it comes to trade relations? >> well, i mean i think we've seen headlines how raimondo sees investments as uninvestable. we saw it fall 87% in growth terms. it reached its lowest level in that same period. there's common analyst in terms of the environmental, getting trade relations back on track.

but at the same time, the massive caveat is the two countries are at a very strained place right now. even if there are opportunities for common grounds, they're going to be kind of in the shadows of everything else that's looming larger over the relationship. >> what do american companies need to see to feel more department, putting money to work in china? >> i think there's a lot to see. fundamentally, there needs to be a greater degree of policy clarity, policy transparency. we've seen china over the past couple of years with this, you know, on/off economy with the lockdowns. we've now seen questions around investigations and due diligence firms, headwinds building in terms of the economic growth picture. a lot of this ties back to the fundamental issue of

uncertainty. how can you do business when you can't plan for the next step. i think businesses are willing to stay in china. and if the opportunities are right to expand their presence, look to the abb ceo. in order to do that, they need to feel confident about what the next steps might be. right now that confidence just isn't there. >> how didn't are you that xi jinping cares about foreign investment in china? how big a deal is it in terms of the massive outflows when you look at the stockmarkets. clearly it's on their minds bus they've put forward this levy of heavy trading. they are trying. how is it ranked with everything else that's on xi's sheet right now? >> it's on the agenda. xi has been very perceptive to the fact that china is uninvestable and the stockmarket has seen gyrations under his

administration. but i would say at the same time attracting foreign investment is at the top of his priority list. that's a lot more there in terms of competition with the u.s. and the west more broadly. in china's terms, extending the party's control over the country. i would say his party's much more on the political sphere. the economy is there but it's more around him rather than the president himself. we can see why some of the policy uncertainty is there and why some of the pessimism on the market is still lingering even after china's reopening. >> every conversation i've had, there's a debate whether there's a big stimulus in the pipeline. xi jinping and the party have not wanted to stimulate the economy in a big blanket way. based on your signals and what

you've gathered in terms of information, do you think there's something more robust in the pipeline or do you see the peace efforts continuing invigorate the economy? >> our baseline view is it's going to remain piecemeal investments, which include revitalizing parts of the economy. i think china is shying away from big stimulus. number one, they're very wary of the inflationary tie that's grips the west in the past couple of years. two, maybe more importantly, they don't have the fiscal forces. covid has drained the government of any type of stimulus measures that might kind of bring back vitality to the economy. that's a very big question where the government finances are particularly as debt levels are rising. so even if there is a push toward stimulating the economy, the question is do the

authorities actually have the tools to do so. right now we're a little bit pessimistic if they can manifest those tools, but as always, china could surprise us on the upside. but that's not our corriveau for now. >> it's interesting you talk about china's toolbox. right now there's been a lot of focus on the yuan. we've seen the particular off more than 5% this year. how many more tools does china have in its toolbox to address the weakness and the currency? and i guess part two from a trade perspective, what impact are you seeing on the trade? >> china's toolbox is quite deep. there is quite a lot more that the people of the bang of china could do to kind of stabilize and slow the depreciation. we have to remember the reserves the chinese central bank has are incr incredibly, incredibly vast. even if we're seeing the

reference point slide lower and lower these days, i don't think we're necessarily in a currency crisis yet. at the same time, i think policy makers are worried about where the currency is going, and when we look at -- when we take a step back and look at the broader trade picture, really it's something outside of china's control. one of the reasons the trade picture has been weak over the past couple of quarters is because there's been kind of a correction in demand particularly in the western markets. really the demand for state at home-goods that boomed the chinese export machine over 2020 and much through 2022, that's really faded, and we're not expecting a rebound of that trade picture to improve until the end of this year. those are factors china can't really crow. the logic has been if you allow the currency to prappreciate, demand is cheaper.

we have to wait for levels to fall and the consumer demand to come back online for china and that's a story we're not going to see until 2024. >> super interesting. it's a lose/lose when it comes to the weakened state. if you could sum up how you characterize your outlook for china. we just had the ceo of abb say he's pessimistic on china, obviously a huge industrial conglomerate in europe. how would you characterize it? >> we have a similar degree of pessimism. i have to say when china was reopening in 2022, we were a few in the market cautioning against the rebound. we were always a little more cautious of where we think growth is going to come back. even then, the growth expectations or what we've seen over the past two quarters has been below our own projections. we think china is going to hit

its 5% target this year, but what does that matter with companies struggling with narrow profit margins, drying up in the consumer demand and tensions over supply chains and shortening. i think the long-term plan for china is one of moderation. we're not going to to see the kind of boom of china as we saw in the late 2000s and 2010s, the last couple of years with the consumer market. a lot is tied to geopolitics, but a lot is attached to clarity that we're seeing from the central government. our outlook is companies are still going to want to stay in china in terms of the talent pools and labor market. but the opportunities that we're seeing in asean are a bit more.

>> nick marro, thank you. the press conference with gina raimondo is going to take place any moment. we're going to take a quick break. uubs discusses its earnings after e rethcat it swees takeover. we'll discuss more after the break. 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.

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.

welcome back to "street signs." i'm julianna tatelbaum here in london. joumanna bercetche is in zurich, and these are your headlines. the buoyant market sentiment on wall street fails to spill over into europe with bond yields rising as german state inflation comes in mixed and spanish prices simmer. beijing bites back at u.s. suggestions that china is becoming uninvestable for american firms, saying it's up to the u.s. to normalize ties. >> reporter: abb ceo bjorn rosengren said he's pessimistic on china infrastructure, but in an interview with cnbc he's

hoping for a turnaround. >> china continues to be pretty soft. it's a big market. it's not dead. it's still living there, but not really developing as we had hoped. hurricane idalia pick up strength as it approaches the coast of florida, threatening to become a category 4 storm while oil producers in the fwm batten down the hatches, sending food prices higher. let's get you a check on european markets. you have the xetra dax now down a quarter of a percent. we were in moderate positive territory. the cac in france pulling down slightly. pulling down 16 basis points. the smi had been performing all

morning, now down. the ftse 100 and ftse mib are holding on but a sluggish start. u.s. futures. here's a picture before wall street opens. the nasdaq after a very strong session yesterday gained about 1.7%, is looking to start the day in slightly negative territory. the dow and s&p looking to open essentially flat after a jolt showed a further large softening in the u.s. labor market. we also got a weaker confident print which together have told the investors that chances of a fed pause may be more likely. a very different picture to what we learned this morning in europe from an inflation perspective. running hotter in germany and raising expectations we could see an ecb rate hike in september. now in terms of corporate news, ubs is set to report its first earnings since its takeover. it will be investors' first

chance on how the deal has played out. so a big event in the banking space. it's set to include a separate disclosure showing the extent of credit suisse losses. it could post up to $4 billion for the second quarter alone. well, joumanna is here as, of course, you saw, to give us a breakdown of why investors will also be keenly watching out for any update on a potential bond asset and why it proved so controversial during the collapse of credit suisse. >> reporter: that's right, julianna. the reason that these results are coming out tomorrow, which is obviously delayed versus the usual timeline is because ubs said they needed a little more time to go through all of the paperwork and all of the items before they come out with this comprehensive set of results.

people are keenly awaiting what ubs are going to be saying. the ceo is going to have the opportunity to spell out what his plans are ultimately for the future of this combined entity, questions about head count reduction, the future of the investment bank, what is it going to look like in terms of size and the future of a the all-important investment bank. i will be sitting down with him tomorrow. let me go back to what you said about at1s. it became very apparent around the time of that takeover deal back in march, and the reason was this was an instrument that got written down even though the equity holders of credit swaes stocks got a payout. at the time a lot of people were saying what sort of precedent does this set for the swiss financial system, what precedent does it set for investors into the at1 asset class, coming at a time when they haven't respected

the capital waterfall structure. here we are a couple of months on, and i thought it would be interesting just to tell viewers if you had actually bought at1 bonds after the announcement, you would have made 50%. that is quite interesting to note. and you've got the likes of unit credit and barclay which has sent a strong signal only recently. a few weeks ago there was an issue issueance of bonds. and then finally there was a report the other day ubs themselves were considering issuing at1 bonds. so lots of things going on here tomorrow into tomorrow's earnings reports. but i want to bring in my next

guest to the show who knows a lot about the banking sector, not just in switzerland but in his new role as chair of building bridges. i'm happy to say patrick joins me down the line. building bridges, of course, is about incorporating sustainability into financial investments, and i know that you will be looking to hold a conference about building bridges in october of this year. before we talk about other macroeconomic data and the investment climate, tell us about building bridges and what you're hoping to build there. >> it ooh is a platform community. it's everything that brings all the stakeholders who have an ability to present themselves, present solutions, and get to know each other better.

we will have a dialogue in preparation for the cup '28. it's going to be a gathering of more than 70 events but also one that would be held by the european commission that is going to talk in his new capacity as asset owner. maintain climate but certainly the social aspects of the transition. that social aspect is very important to the building bridges 2023. we will try to also benefit from the recent report, the quality report of the world business council for sustainable development. that starts to present avenues

where the corporate sector can be active. >> so interesting. obviously a key event. let me broaden out what's been happening within the financial institution world this year. barpgs have come under the spotlight. we've had the ubs takeover of credit suisse, lots of concerns about rising interest rates, the um path that's going to have on credit -- overall credit quality. they're curbed about the downturn of the economy. do you get the sense that financial institutions have lost their focus a little bit on sustainability because right now they're just focused on the bottom line and profitability. >> actually i don't think so. i think there have been special cases as you just mentioned. but in general the role of the financial sectors has become even more essential and i think

most have integrated the responsibility but also have integrated sustainability into their investments and credit as a core factor of risk on one hand and also a core opportunity on the other hand and i think it should be under for the financial sector as something that has first and foremost to do with the economics of their activity and not the responsibility globally speaking that it should have in general. >> patrick, good morning. julianna in london. now that we're several months on in the initial announcement of the credit suisse takeover, i'm curious the impact on the global reputation of switzerland as a hub for the global financial sector. >> well, you see, i think no financial sector would like to have a case such as the one we

just had. it's really a case of trust, and the swiss financial sector is a sector of trust. we knead to try to avoid this type of situation in the future. i think, again, it's an isolated case, so it seems the figures show that the trust is still extremely strong in switzerland for the financial sector. as a matter of fact, the whole financial sector in switzerland has been considerably strengthened across the last two times and the swiss have to learn about this lesson, but we'll not suffer long term for what's been an isolated event. >> what about your business in terms of client flows in the last essentially months or so. how would you describe client activity? >> it's first and foremost making sure assets are protected

and granted in the right conditions. i think in general we've seen strong support from international clients and especially in germany. but we look at the volatility in the markets and the uncertainty and the factor you've been mentioning. the jae owe political situation and perhaps that aspect as well. i think in general clients, investors are looking for both being able to shelter their assets against those risks. i think they're well positioned to continue to offer that service. it's a growth market. the sector benefits. that sir, we just came out of the jackson hole conference and there were a lot of interesting line items that came out not

just out of fed chair jerome powell but christine lagarde as well. i think one of the takeaways is higher interest rates seem to be with us for a while longer, are going to be with us for a little while longer. many bangs have noted they're in restrictive territory, but they'll have to stair there until the fight against inflation has been victorious. so how does that change the investing landscape knowing the backdrop for interest rates is probably for at least the time being structurally going to be a bit higher? >> i think first of all it will lead to a change of asset allocation. i think the returns you can expect from the bond markets are going to be, again, gaining act activity. i think the sectorial rotation will also happen on the markets, meaning those sectors that can pass along their costs to the customer would probably do better.

i think in general we should be very careful not to neglect the fact that growth is going to be the name in some of the economies we're traditionally looking at in the u.s., et cetera. in general there's a new situation that comes back to normal. i think it's also fair to say the negative to very low interest rate has led to long-term risks that are also important. i hope they're now more or less going to be mitigating by the new norm. >> and looking ahead, how would you describe the macroeconomic environmental particularly in europe given the data that's come in recently once again to the downside. are we getting back to recession territory, do you think? >> we can't exclude, of course, depending on the economic situation. we can't exclude, of course, the negative evolution. but i think in general there is support for growth again.

everywhere demand is rising. and i think the profitability in general in the control sector is strong enough to perhaps look at some of the recession risks. i think we have to be reasonably cautious, be well diversified and quality driven. but i think in general it seems to be a bit more calm and a bit more negative than it is in reality. >> that's often the way the narrative gets in the way of facts. sir, thank you so much for joining us. that was patrick odier who is the chairman of the board of lombardo odier. the theme being sustainability. >> i hope zurich is treating you well. coming up on "street signs," u.s. commerce secretary gina raimondo is in china, and she's been speaking to cnbc

exclusively. she says china needs to work to rebuild confidence with u.s. businesses. we'll bring you more after the break.

ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or 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. wow, you get to watch all your favorite stuff. it's to die for. and it's all right here. streaming was never this easy, you know. this is the way. you really went all out didn't you? um, it's called commitment. could you turn down the volume? here, you can try.

get way more into what your into when you stream on the xfinity 10g network. every business that's why comcast business de is launching theal. mobile made free event. with our business internet, new and existing customers can get one year of unlimited mobile for free. it's our best internet. powered by the next generation 10g network and with 99.9% reliability. plus one line of free mobile for an entire year. it's the mobile made free event-happening now. get started for just $49.99 a month. plus, ask how to get one free line of unlimited mobile. comcast business, powering possibilities.

welcome back to "street signs." u.s. commerce secretary gina raimondo has spoken exclusively to cnbc's eunice yoon. she warned chinese measures against u.s. companies will hit investors' confidence in the country and call on the government to level the regulatory playing field. raimondo said china needs to work with confidence. >> there's an appetite certainly for u.s. business to continue to do business in china, but what they tell me is that when the regulatory environment is unpredictable, when they're not sure why their companies are being raided or when they're not sure why there's such a strong preference for chinese companies or local content requirements,

all of those regulations make -- it's an unlevel playing field for the u.s. business, it's unpredictable, and so my message was there's a desire to do business, but we need predictability, due process, and a level playing field. >> raimondo also said there is no guarantee the u.s. will take more action against china. >> the president's been very clear that we have to protect our national security. we can't compromise or negotiate when it comes to national security. so it's not so much about doing more. it's about being smart and sophisticated. and we just cannot allow sophisticated emerging technology from america to advance china's military. and so i'll do whatever it takes to, you know, meet that mission. >> now, shifting gears to florida, the state is bracing for the impact of hurricane

idalia, which is expected to make landfall later today, with the u.s. national hurricane center warning it could strengthen to a category 4 storm with winds of more than 50 miles per hour. some low-lying areas have been evacuated as well as some oil platforms in the gulf of mexico. jay gray has the latest from fwansville, florida. he's on the ground. jay, tell us what it's like in florida. >> reporter: yeah, julianna. right now in gainesville we're seeing a bit of a lull. we're seeing the outer bounds of this storm. they've come through with heavy rain and picked up winds at times. obviously that's going to change dramatic will i in the next cups of hours as this storm makes landfall. we're going to see hurricane-force winds and no breaks for several hours. that could mean catastrophic problems not only for this era but across much of the state.

we've got the water. you talked about the low-lying areas and coastal areas that have opinion evacuated that's going to push in. at landfall, this storm forecast to have a 12- to 16-foot storm surge moving in places it's not supposed to be. 655 guard troops have been deployed to move in. you've got the power crews not only from this state but other states. this is a state heavily populated with trees. we expect to see a lot of trees pulled down, power lines pulled down as well. here in gainesville, we're on the dirty side of this storm, so we should see some of the worst that this storm has to offer as it pushes through. again, julianna, we expect landfall in the next couple of hours and conditions really taking a turn for the worst as we move through the day. >> jay, to what extent are oil

and gas supplies at risk once this makes landfall? >> reporter: yeah. i think once this thing moves because it's moving at a pretty good clip, and those teams can get back out to and onto those rigs. right now it's kind of crippled things. they've cleared the platforms and made sure everyone is safe. if it continues at this pace -- and that's a big if -- it looks like it a is go ipg to push on through pretty quickly. >> jay, thank you so much. stay safe out there. wonderful to have you with us on street signs of this morning. let's get you a check on european markets right now. we're seeing the losses accelerate in germany and france. the gaines being paired back. foot see 100 up 12 basis points. the swiss market down 0.3%.

ftse holding onto the gains, but we've seen a pullback. u.s. futures not doing a huge amount this morning after the strong session we had yesterday. nasdaq, the s&p, and the dow all ended higher. nasdaq gained 1.7% in yesterday's trade. the nasdaq is looking to give back a little bit of profit-taking but nothing compared to the gains we saw yesterday. keep an eye on nvidia shares after they closed at a new record-high. investors like what they heard about a new partnership that nvidia developed with google. we'll have housing data due out later today as well. that's it fo"seer trt signs." i'm joumanna bercetche. "worldwide exchange" is up next. you're making the most of every hour of your life. except the hours that you're sleeping. so why do we leave so much untapped potential on the table?

this is a next level bed, for a next level you. my circadian rhythm is kicking your circadian rhythms butt! it's not a competition. i know, but i'm still winning! so, it is a competition. save 50% on the sleep number limited edition smart bed. plus, free home delivery when you add a base. shop now only at sleep number. 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.

global headquarters and here's your "five@5." we begin with a late summer stock pop. a relief rally is underway as investors make big bets the historic cycle is complete. and crypto bulls. they get a historic win. shares of the biggest bitcoin fund, they're surging on a landmark court ruling. we're also bracing for idalia. hurricane expected to make landfall in florida this morning as a category 4 storm. residents are being urged to evacuate. we have a live report from fl