secrets and old bones scattered about, unchanging. ♪ good morning. welcome to "street signs." i'm joumanna bercetche. >> and i'm julianna tatelbaum and these are your headlines. >> european markets gaining modest upward momentum as they close out a disappointing first full trading week of the month. the nasdaq is down more than 2% for the week. apple shares tumble for the second day amid reports that china could extend an iphone ban across all state owned

organizations facing fears of the crackdown of the largest international market. goldman sachs' david solomon defends his time at the bank telling cnbc in the interview he doesn't recognize the ch characature painted about him. >> i do feel better about the capital markets and if you ask me to look ahead the next few months, especially if a.r.m. and other ipos go well, you will see a meaningful increase in activity. and global leaders are descending on new delhi, but the talking point is xi jinping. >> quite a bit of policy space to address the challenges. we're monitoring the situation. i don't see it as having very

significant and direct impact on the united states. >> we'll hear from wto director ngoziokonjo-iweala exclusively at 10:30 cet. good morning again. welcome to "street signs." let's look at markets and how they have been faring. the global malaise continues. a mixed close for wall treat. street. a lot of focus on apple yesterday as we were talking yesterday in the show. there were concerns about curbs with iphone usage in china at the official level. that saw negative price on the knock-on reaction in the trading

yesterday. overnight, we got a mixed hand over from asia. japanese equities also falling for a second day after the gdp numbers came in weaker than expected. in europe, we are seeing a bit of green on the heat map. this is the breakdown with the exception of the swiss index, all are trading positively for the week. for the week as a whole, we are leaning to a week of losses. ftse mib is up .20%. italy has been an under performance this week. steve started off the week reporting live from cernobbio. there has been elevated concern about the direction of the travel for italy's budget deficit. keep an eye on that for the latter part of the year. just park that thought for you. dax in germany, despite the weak data with the industrial orders

and manufacturing side of things, we are seeing we are doing better today. the dax is up .20% stronger. cac 40 is up .20%. we have seen a pullback in luxury within the cac 40 this week. in the ftse mib, also up about five points. remember, a lot of focus on bank of england governor bailey's comments yesterday over potentially getting to the end of the hiking cycle. we are reporting the survey with the inflation expectations have started to moderate which is another indication that they will have the leeway to pause at the next meeting. in terms of sectors, this is what we have for leadership. travel and leisure up 1%. tech is breaking away from the price action from yesterday's session in the u.s. up .50%. some suppliers to apple which were under selling pressure

yesterday are bouncing back. we are keeping a close eye on gas prices today. let's take your attention to dutch the wholesale which is up 13.5%. this is on a report that we may be looking at a strike for industrial action at chevron. some employees at the australia site will begin partial strikes potentially today after the talks with management failed to reach agreement. this is why we see shock reaction. up 13%. keep an eye on that as we head for the winter months for europe. the storage is sitting high and there will be knock-on effects if the spot price moves higher. as for foreign exchange, this is the currency picture today. let me flag to you. today, the dollar is trading weaker against the currencies. for the week as a whole, the dollar index is up .10% which is

on pace for the eighth positive week in a row for the first time since the 12-week streak ending in 20146. this is interesting how the dollar has done the last couple months p. we are trading weaker against the euro. the euro is up 107.10. the pound is stronger. paring back the losses from yesterday. the dollar/yen here as we are getting closer to the 150 mark. i remember when we were close to 140. and finally, a lot offocus continues to weaken at the weakest levels now for the yuan. lots going on in the currency space. let's bring in the strategist from bnp paribas.

it wasn't that long ago that the strength of the dollar will end and you look back and you see how the u.s. dollar has bounced. a lot of people were caught wrong footed with this trade? >> yes, this has been supported by the macroeconomics outlook. the u.s. has been outperforming relative to europe where it has been stagnant. it had the downside surprises and also china where it has been a disappointing outlook and they had the drip feed of stimulus measures. we do think, though, at this point in time that u.s. exceptional theme is well priced. we look at the prices with bnp, it suggests that fx investors have pared back and are holding strong long dollar exposure at

this point. given the theme is well priced, we think there is greater scope for a move to the downside in the dollar than the upside. there are a number of reasons we think that over the medium term, the bigger move is the down side. >> what is the risk-off environment is the flight to quality bid for the greenback? what if the sentiment continues to the end of the year? >> it is quite possible the dollar could remain supportive in the near term if that is the case. an gain, it is the case where the dollar is selective. we have to consider we're actually in a high carrier environment. that will be offering support to the dollar at high yields. also, there are many currencies within the emerging market

space. until we get to a u.s. recession and fed rate cuts, we think that carry stretch can continue to perform. >> you talk about the longer term structure drivers of the weaker dollar. can you talk us through what you think will put pressure on the greenback? >> i think firstly, the dollar is still at rich levels compared to the long-term fair value model. that suggests the longer term, given that we are in a globalized normalized policy state of the world, the move will be to the downside. in terms of catalyst, one is going forward we expect rate spreads will narrow with the u.s. and rest of the world as the fed will deliver rate cuts in 2024. the second is structural in nature and that is portfolio flows. we think over the years of qe and negative interest rates, growth investors have become overweight of the u.s. assets.

particularly u.s. fixed income. and now qe has come to an end and it is possible the global investors could look to diverse phi the long dollar risk and it could mean the hedge ratios. in either scenario, that would see a dollar selling flow and perhaps a euro buying flow. even at some point, a yen buying flow as well. >> let's talk about the cable trade. sterling now has fallen below 125. it is trading above 124 against the dollar. we got comments from andrew bailey which were received as dovish by the market. was that your interpretation? >> one is, he confirmed to us the blank of england's guidance.

they are focusing on duration rather peak in the cycle. that does suggest that maybe we are getting close to the top and reached that terminal rate. that being said, we have to consider the level of inflation and level of real wage growth is still quite high. so, in response to that, we think the bank of england will need to deliver one more rate hike, but will stop. september, we will see another 25 basis points and then remain on hold until the middle of next year. in terms of whetat that means f sterling, coming back to the theme before, sterling is the high currency across the markets. that is not taking into consideration the 25-basis point hike in the september meeting. and given china is a drag on sentiment at the moment, given

sterling is less china sensitive in kormcomparison to some in th space, that could help benefit the pound. there are lots of negative factors we still need to consider. we do think in the near term sterling could remain stable with the carry factors and interest rate hike that we are expecting in september and the china story. the medium term picture is downbeat. we are looking for recession in the first half of next year. the uk has a deficit. that means it is vulnerable with a global slowdown if portfolios slow. >> we are going to leave it there. thank you for joining us today on the show. really fascinating. fx strategist from bnp paribas. we are looking at the yuan today. approaching the weakest levels of all time. >> we have to take that conversation up with her the

next time she is on. speaking of china, the foreign ministry responded to the report of the ban of iphone. devices from any manufacturer are welcome. shares of apple tumbled for the second straight day yesterday and shed $200 billion in market cap in just two days. this as reports of the prospective public sector ban sparks fears of the crackdown of the iphone maker's biggest market making up one-fifth of the total revenue. it comes before the unveiling of the iphone 15. qualcomm has been sinking 7% in the trade. u.s. chip makers are facing a double threat with the mate 60 pro by hua wwei.

qualcomm provides 4g technology, but none of the tech is included in the new phone. looking at the apple share price over the last two days, joumanna, it feel there is are two drivers here. we have the reported ban on the iphones for state officials in china and the story you flagged this week. huawei's phone sold out within hours and getting attention on social media. it is confounded industry experts. how could they develop such an advanced phone with advanced chip technology without these key u.s. parts that have been included in the sanctions? >> i think the other thing about this is we spent a lot of time talking about the economic slowdown we are experiencing in china and trying to analyze the property sector and democgraphi

issues. that is one part of the picture. the other is the geopolitical tension. the fact the chinese have come back and i guess from what we understand, introducing some form of ban. whether it is on specific officials or specific parts of the state is unclear. that will have a knock-on effect in key companies with exposure to china. apple being the one there with the largest market. as from the supplier perspective, that's where they put the iphone together as well with. we talked about india compensating for the loss in china. it is still early days and it could actually be significant impact to the earnings profile going forward if china cracks down further. >> to put numbers on it.

apple ships 230 million iphoiphones gl globally. our colleague talked about the last 6 to 12 months and trying to fill the void with china in terms of global relations with the u.s. now we have the g20 taking place in india. we will get out to tambir shortly. xi jinping is not there. modi is phosting. you have to see if this is an opportunity for modi to take the spotlight away from china from the manufacturing perspective and apple is at the heart of it. >> again, a lot of the american companies are going to get tied in to the political war which is a story we're talking about. it is not just apple in this case, but all apple suppliers

and chip makers. a big mover for markets. speaking of china, let's talk about a.r.m. julianna and i have been covering this this week. the ceo addressed the investors in new york ahead of the blockbuster debut which is expected next week. this amid concerns around the stagnating mobile phone market with the firm hold in 99% market share. a.r.m.'s s.e.c. filing revealed a lower valuation than implied in previous filings. that debut is set to be the biggest in america in years. cnbc spoke to goldman sachs' ceo david solomon who said the upcoming space of ipos could spark the sector. >> if you ask me to look ahead over the course of the next few months, especially if a.r.m. and

other ipos go well, you will see a meaningful increase in activity. that is anemic. nothing happens. really, investment pbanking activity if you go back to the second quarter, that was at a ten-year low. it is not hard to improve off that. i think we can quickly get back to a more normalized level of activity. that could be good for goldman sachs. >> that was a great interview. i suggest you go to the web site and look at it. he did obviously talk about the criticism he was facing and about the future of david solomon and he brushed it off now and pointing to the strong quarter to come from an ipo perspective. coming up on "street signs," ryan air boss faces a different

type of meal after a run-in with protesters in brussels. and saudi arabia state investment has a summer transfer window. arabile will dig into the numbers and give us details next. s. almost is just another word for not as good as mine. save 50% on the sleep number limited edition smart bed. plus, free home delivery when you add an adjustable base. shop now only at sleep number. when we started selling my health products online

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welcome back to "street signs." we're keeping an eye on natural gas prices. chevron staff at two plants in australia are striking over pay and work conditions. action was delayed 24 hours, but last-minute talks failed. chevron accounts for 5% of global lng capacity. the stoppages could last through september 14th and extended to a two-week total strike if talks fail. and ryan air ceo gets hit with a cake in the face in brussels. he was in brussels to stage a protest of flights not crossing french air space.

he equipped that passengers were happy with the route, they were celebrating with cake. i would say i watched the video and posted on twitter and he handled it well. it could have been an embarrassing situation. he is a great marketer and speaker. the point is he was in brussels to protest the air traffic control strikes that are currently in place over french airways. he got a lot of marketing for a lot of different reasons. i'm not sure he will be too sad about the marketing he got. >> it has to be infuriating for the protesters that he turned it into the amazing marketing opportunity. the tweet is from the ryan air account. when i saw this, i assumed that it was protests about being a passenger on ryan air and frustrations that come with it andgetting assigned a middle

seat if you don't pay or separated from your family. >> they are europe's largest airline by passenger numbers. >> it is a great point p. part of the reason they were the target of the protester. it wasn't because of policies, but it was because of the environmental impact of ryan air flights and ryan air carries the most passengers and emitted the most co2 in 2022 according to the think tank. >> i want to pick up something steve was saying. there is a fine line of protests and violence. smashing a cake in a face is the wrong side of the spectrum. it did get a lot of publicity, but thankfully nothing worse happened. big spending from state back clubs in saudi arabia has shaken up football.

as the transfer window slams shut, arabile has more on the spending spree and what it means for the sport in europe. the big question, arabile, is the saudi league out spending european leagues to the extent they will not compete? >> it is a case of show me the money, joumanna. actually it did overspend and spend more than the other european leagues. it was the number two out of all of them. we will get to the numbers in a moment. it is backed up by the saudi public investment fund which has bought four clubs out in saudi arabia and decided to keenly focus and zone in on sports being a key player in the market to diversify income and try to get more jobs in different sectors. they have gone into golf and boxing and now into football. we have seen this happen across the middle east in many ways. saudi arabia is certainly playing their part. they made big purchases of the

names who made moves into the saudi arabia league. moving from europe into saudi arabia. the big spenders with the leagues and the english premier league by the high margin. you look at the saudi pro league and it did not make the cut with all of these. this time around is the second biggest spender in the transfer period for the summer and leading in france and syria and italy. that is interesting to take a look at because that means they he are making a keen fight to show football is seen as competitive enough. we have seen other leagues try to, of course, take on the number one spot or at least make inroads into global football. china has done it before with the chinese super league. we have seen major league soccer grow with messi recently headed in that direction. here are the clubs which have spent the most in this transfer

period. we are talking about a three-month time period. almost 5$500 million. you still have others as well. some of the big clubs still, of course, making a big part of this do come from europe still. speaking of the european clubs, manchester united shares suffered the worst ever one-day drop which happened this week on tuesday after the report from the uk's glaser family which believes it will secure 10 billion pounds by delaying any sale until 2025. the chief people bidding for man united are offering 6 billion pounds. the newspaper said the club's owners believes it will receive

a boost from the tv ratings. for now, that share price is taking a dip of 18% on the day. it is down 14% on the week. guys? >> arabile, thank you for the report. fascinating to see saudi shaking things up in the football world. we talked about saudi sinking their teeth into so many sports around the world. >> the favorite sports is the messi impact on apple plus. this is fascinating. the wall street journal reporting that apple subscription service has seen a jump in popularity. they launched mls season pass before messi moved to inter miami. by august 21st, it had 110,000. 80 times boost. that is the messi effect on apple plus. imagine one person with that much power sdp. >> we have been talking for years in the u.s., and i have

not lived there for a long time, and the conversation has picked up since i moved here over when football will pick up all over the world except the united states. messi is the single person that will catapult football to the top spot. >> that is the reason the saudi football teams are investing in individuals with the likes of ronaldo and henderson and mane. julianna, we were talking about the big story for markets yesterday which was apple and the attention it received about the potential banning of the use of the smartphones. we are just getting flashes from nikkei. that is the japanese news wire. the chinese plan on expanding the iphone ban to local governments and state-owned firms. this is not just individuals. it is per the nikkei, as we have

not got evten cnbc confirmation but they are expanding. >> think of the impact. i think of the employment situation in china. the wider economy is facing so many challenges and the labor market is a challenge. apple is a major employer in china. you have to think if these actions to ban iphones from the wider range of entities will have an imprint on the labor market. >> and think about the timing as well. g20. guess what also happened? huawei is launching their own phone. perhaps this is one way to incentivize the firms to move away from reliance of american

technology. a huge story for markets. we saw a huge reaction with the stock from apple yesterday. still ahead on "street signs," the stage is set for the g20 summit in new delhi. we are live with the wto director. stick around. w nus t signs" will be back in a femitep.

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welcome back to "street signs." i'm julianna tatelbaum. >> and i'm joumanna bercetche and these are your headlines. >> european equities pull back from opening gains as they close out the last trading week before the ecb policy decision while u.s. reports a slow week. and china fears take shine p off apple as the firm loses $200 billion of market cap in two days. goldman sachs' david solomon defends his time at the bank sel telling cnbc he doesn't recognize the character painted

of him. >> if you ask me to look out over the next few months with a.r.m. and the other ipos do well with well, you will see an increase going forward. the absence of xi jinping at the g20 is a talking point and janet yellen puts space between the u.s. and china. >> we have challenges to address the issues. we are monitoring the situation. i don't see it as having a direct impact on the united states. we will hear from the wto director ngozi okonjo-iweala in

a few minutes. the stage is set for the g20 leader summit in new delhi with a few issues on the agenda. notably absent from the meeting is jixi jinping. he decided to send his premier instead. speaking at a news conference, janet yellen commented on that and the challenges china is facing. >> slowing growth over time which says china has a bit of policy space to address the challenges. we're monitoring the situation. i don't see it as having significant impact on the united states. several countries in east asia

are more likely to be affected by the slowdown. >> tambir joins us live from new delhi. a lot at stage at the g20. many talking about the absence of xi jinping. it seems the tension with the u.s. and china is the story dominating. you have a guest who can give us more insight on how that is impacting global trade. >> reporter: the central part of the conversation around politics is the disruption to the international trade, joumanna and julianna. the perfect guest to talk about the disruption we are seeing in the global trading system is ngozi okonjo-iweala. the director general here talking about what withlies ahe for the reforms. madame, thank you for your time.

it is great to have you on the show. i want to talk about the reforms and the push that many member countries are seeking at this point fgiven the filing of disputes from the world trade organization. >> thank you very much, tambir, for this. i think there are two or three aspects to the wto reform and the trading route. the first point i want to make is in spite of what is seen as disruptions in the world trade system during the pandemic and war in ukraine, the multilateral trading system is anchored by the wto has been resilient. let's take the issue of food security. one in five is traded. when the grain initiative faltered, countries could, because of trade, look for alternative sources to meet

their supplies. countries like ethiopia looking for wheat. turkey and looking for alternative sources of energy. the multilateral trading system is needed today to solve the problems of the globe that we see. food security or energy security or climate change. the wto is at the center of that. we he are strongly saying the wto is performing. we had quite a lot of success thanks to members at the seminar in june last year. we should push with the reforms necessary to make it perform better. including the dispute settlement system. >> when do we see the reforms come to from fruition?

the united states used the veto power to not assign new members to the body. do you think the u.s. is playing fair on this front? >> let me step back. i think we need to update people on where we are. first of all, the dispute s settlement system is working. there are 17 disputes before it. the problem is when a judgment is given because it is a second level, it can be appealed into the void. that is what we need to reform. i have some good news. the u.s. has recently been cooperating in terms of trying to see what are the issues with this system and how do we reform it. so have other members. it is not just the u.s. who has issues. it smis moving. it is moving along. the reform. i do agree with that. we are aiming to see where we

get adminisministerial in abu d in 2024. >> do you see this process of china not playing fair by the trading rules and citing security risks? how does that balance with the focus on national security and having free and fair trade practices? >> that's what makes my job at one time difficult and the other time exciting. we have to work with our members. i can tell you the wto is trying to find a way forward. part of what we are going to look at is what does the national security issue mean p as we reform the dispute settlement system. i think there is a willingness on the part of the u.s. and other members to look at this. we are coming. it is a very difficult process. i don't want to stop progress.

i do see progress. >> you do see light at the end of the tunnel? how would you address those concerns? >> i would say that is no longer a question. we should not question the effectiveness of the i think it is time we get over that. part of the reason of the food prices today is the function of the wto. 75% of the world trade is because of the wto. people are taking it for granted. that has to stop. >> addressing chaos. how do you react to expansion to the brics group with six more countries? coming up with the emergiing groups parallel to the wto.

is it challenging syou? >> no. >> if countries are solving problems themselves, why do they need the wto? >> no matter what wgroup you have, small or regional groups or bilaterals, there is no getting away from global trade. multilateral trade. you can't do without the wto. 75% of world trade is taking place on wto terms and commitments. i want to repeat that. of all of the arrangements -- >> know that number. >> you see regional groupings and maybe they come 22% of world trade. we are still in a very strong position. i don't think any member or leader will deny that important fact. >> i was here at the g20 a few weeks ago. the trade minister were

mentioning the help in resolving the i.r.a. and the chips act in the united states and the green subsidy bill. how are you looking at the onshoring drive the u.s. is pushing? at the end of the day, being more the balanced and neutral organization and do you think the u.s. needs to be checked on this? >> let's say the first point is wto rules are not against members trying to green their economies and get to net zero. the issue is how you do it and whether that affects other members. some members have complained of the inflation reduction act has provisions which are concerning to them. we have urged and we are trying to see how do we get members to talk to each other and settle things together through dialogue before it the comes to the wto. we have overuse of the system is

not what we want to encourage. we have pushed the settlement system. it does have provisions of the we want to push those and i believe the dialogue with japan and u.s. on this matter. >> madame, the disputes are piling on of the. >> -- piling on. >> they are not. we have 17. >> i believe japan will approach you, too with the fukushima ban. the u.s. is backing it on the subject. you know, how do you address those issues? >> we are trying to be preemptive and tried to work to the two sides before it comes to the dispute system. i just received a delegation of ten senior japanese materials. that was yesterday. this was the topic of discussion. what we urged is that dialogue.

japan has transparently notified what it is doing to the committee. china has transparently registered the complaints. we said before you make it a legal case, i think there is room for dialogue. i think japan is willing to accept that. japan is willing to talk to the other countries. not just china which has concerns. i think what we explained is people in the countries, ordinary people, get scared. while the government may be telling them it is okay, ordinary people are scared. they need to reach out. >> madame, i have 30 seconds. the african inclusion in the g20. your word? >> excited. >> there you have it. >> reporter: joumanna and julianna, talking about 75% of global trade still happens as

per wto rules. >> tambir, brilliant interview. thank you. i really enjoy your coverage from new delhi. coming up on "street signs," we have the latest in nela richardson from adp to talk about the latest in thecom e ony.

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welcome back to the program. u.s. initial weekly jobless claims fell to the lowest level since february in the week to september 2nd coming in at 216,000. that is lower than forecast and down 13,000 on the week. claims fell to 1.68 million for weekending august 26th. we are fortunate to have nela richardson waking up with us. i love to hear your broad take on the u.s. labor market. what is your impression of the state of play right now? >> good afternoon. the labor market is very strong in the united states. it is also quite fragmented.

we have seen pockets of strength of hiring all year and the sectors hit hard by leisure and hospitality or healthcare. we have seen weakness in manufacturing which are interest rate sensitive. we know interest rates have gone up a bit. the big picture with the jobless claims for economists is an indicator of if companies are laying people off, the fact they are so low, lower this week with this data than before the pandemic, is it is indication that companies are trying to keep a hold of their workers of the. >> one metric that a lot of economists are focusing on this time around is the quits rate. what is your take on where things stand and what we can learn from the quits rate with the future wage growth? >> the quits rate, and the rate people voluntarily leave their

jobs, was elevated during the pandemic. we called it the great resignation because so many people were leaving one job and going to another one. we see that rate actually level back closer to pre-pandemic times. the number of job openings went from two with job openings to every person looking to something more reasonable after the pandemic. we see the demand for workers start to slow and people are not switching jobs as much. what we have seen in terms of hiring is more stable. it is not a short-term hire, but more of a stable relationship which is good for the labor market. >> nela, i would say the surprising thing about the state of the u.s. labor market is the fed hiked 500 basis points and the labor market remained strong. the bigger conundrum is the

labor market is so tight and we have not seen sustained pressure on wage growth. very different situation over here in the uk, for example. what do you point that out to? >> labor force participation. so many people have come back to the labor market with the last report. last year, it was similar to the uk experience where wages were elevated. wage growth was high and it wasn't coming down. it was moving sideways month to month. this year, we have seen a deceleration, a significant one, in wage growth. it is still too high for the 2% target for the fed, but it is moving in the right direction. if you care or concerned that wages might tip inflation higher sdp . >> that is the case over here. interesting to compare the situation. let me ask a broader

macroeconomics question. for a long time now, a year, we have been talking about the likely recession in the u.s. which hasn't transpired. many analysts are lowering the proba probability. do you see it happening? if it does, where does it stem from consumption falling or is it an investment story? >> saying it is a recession is saying it is going to rain up. it doesn't help. this is the most talked about recession in my experience, but the reality is recessions happen every four years, generally. eventually, an economy will slowdown. if it is slowing down for the united states now, it doesn't look like it is doing it in traditional ways through the labor market. with the unemployment rate at 3.8% which is not too much above historical lows.

>> to round things up. adp put out a report which was interesting about promotions and retention. what were some of the main take aways with the quiet quitting and great resignation? >> this surprising finding was 29% of people promoted left in the first month after that promotion. i think that is really due to a couple of things. one is the pandemic period from 2019 to 2022. that was a signal that you were high value and you could get a bigger pay bump from switching. it is also low-wage workers here. that is what the economy created in terms of jobs and jobs that required few barriers to enter. you saw a lot of churn in the segment of the work force. the question going forward is

will we see this result when the labor market normalizes? we will watch that data closely. >> thank you so much for joining us today on the show and waking up early. nela richardson from adp. a quick look at european markets. today, things are leaning toward the green. actually not any more. we turned a lot in the last half an hour. >> quite a turn around. >> no long neer in the green. we are tracking the week of significant losses now. sentiment has turned. >> let's look at u.s. futures and see what is in store for wall street open. red across the board there as well. thanks for watching all week. i'm julianna tatelbaum. >> i'm joumanna bercetche. "worldwide exchange" is coming up next.

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it is 5:00 a.m. here at cnbc global headquarters. here is the "five@5." we begin with the markets putting a positive finish on the tough week of trading with the nasdaq coming off a four-day losing streak. could a wave of highly anticipated tech ipos set up a rebound for the markets? the outlook from the ceo of goldman sachs. and investors also digging through fresh comments from two fed chiefs. also, shares of apple looking to regai