i wouldn't have wanted her to miss that. that's all for this edition of "dateline." i'm andrea canning. thanks for watching. ♪ good morning. welcome to "street signs." i'm joumanna bercetche. >> i'm julianna tatelbaum. these are your headlines. >> european stocks see another day of losses under pressure amid rising global yields with the 10-year treasury yield hitting a 16-year peak. jamie dimon is cautiously positioned for the come down

with another rate hike likely. >> he is prepared for higher oil and gas prices and rates. as a matter of being prepared, the geopolitical situation is most concerning. the shine comes from luxury stocks as disappointing sales growth in china leads to a series of downgrades for the sector. asmi shares drop after the chipmaker raises the top line target, but falls short of expectations from the street. good morning. let's get a check of the markets. you see the early hours of trading is a lot of red on the heat map. you coulcould say markets are grappling with the news from the central banks last week. namely most of them are done

with the rate hiking cycle the, but higher rates are here to stay with us. it has been a difficult couple days for the indices. we have china concerns and real estate sector down for another session. concerns of evergrande and concerns of the auto strikes in the u.s. and a new one. the potential u.s. shutdown as well. all of those things together is not making for a constructive back drop for equities. the stoxx 600 is down .60%. we have every single board trading in the red. ftse mib is down 1%. that is the underperformer as we get close to the italian government getting closer. people are concerned about the italy growth profile and the budget. keep an eye on that as we think

about the implications from that italian banking tax and impact it will have on the sector. dax is down .60%. we had ifo numbers come in yesterday which is not enough to turn sentiment around. it tells you maybe we are getting to a point where sentiment is flattening out. cac 40 is down .90%. the sector we are keeping a close eye on is the luxury space. we will talk more about that on the show. more downdpgrades in the last 2 hours. and the green on the board is the ftse 100. the last couple days is the upward move in yields. let's start with the bund in germany up 2.78%. this is the highest level they have been since 2011. we moved upwards about six points yesterday. so following what has been

happening with the u.s., then europe is seeing higher yields. sentiment is centered on the ecb keeping rates higher for longer and a question of inflation expectations. we continue to see it drift higher. 10-year gilt is moving higher. in light of the budget and forecast this week and the 10-year france is 10.33. we saw bigger moves for the u.s. we have the 10-year treasury trading at 4.54. we reached new cycle highs yesterday of 4.55. ten basis points higher on the day. that is the new 2007 high. a again, we are keeping a close eye on that. the 2-year treasury is at 2.513.

julianna, investors are taking note of that. >> we got djamie dimon to weigh in on that. speaking excluexclusively, jami dimon said another rate hike is more likely than not. dimon said he is cautious about the outlook for the u.s. economy. >> if you have higher for longer and good growth and inflation is kind of contained, that's good. you have more fighting per capital. the world needs it for remilitarization and i.r.a. and huge deaf -- deficit spending. that was a global phenomenon. it is a sugar high. that is the little bit that will

do go away. you hope for a soft landing. you have the oil, gas, the winter, disruption of trade flows. good leadership on india and china and europe and u.s. can make sure the negatives don't happen. i put myself in the questionable category. >> daniel morris is joining us from bnp. i came back from a week away this morning catching up on all i missed. my take is reading through the comments and speaking to investors, it feels like the biggest piece of news came from the fed. a hawkish fed led investors to re-price the outlook for rates. higher for longer is the name of the game. what do you make of the shift of market narrative? is that the right way to think about it? has the narrative shifted? >> i think so. the fed got what they wanted

insofar as pushing the path for rates. some will say it is not a great thing for the markets. we have seen the reaction in yields and u.s. equities. we go back to the inverted yield curve and if that means we will have recession. this is one way to get one if the fed keeps rates too high for too long, we will get one. it is interesting you are not hearing a soft landing from the fed. it will take a bigger slowdown to get inflation where they want it to be. >> what does it mean for europea european equities? it has been fairly insulated. >> it is u.s. tech and everything else versus europe. we know how u.s. tech has done even with the selloff. you are still up a bit year to date. if you look at the rest of the market compared to europe,

europe is out performed. europe is not doing that badly. there is the exceptionalism with u.s. tech. they benefit now as you pointed out you are seeing european equities on the back of the u.s., but not to the same degree. they are a bit insulated on the interest rate front. the concern is like the fed, the ecb is sounding hawkish. they want to seem to push on the brake. what will that do to properties? >> i want to good back to what you said at the beginning. the monetary tightening still hasn't fully bled through to the economy. if that is the case, shouldn't that scenario with 10-year treasury yields move lower with the probability of recession? i'm trying to move my head around yields moving higher because of the higher for longer sentiment. if that is the case, then maybe a soft landing becomes less likely. >> as always, it is the

sequencing of it. the first shocks that we had was with the publication of the dot plot from the fed which is 50-basis points higher than expected. the fed pointed to rates staying higher for longer. we will get the fed cutting back at some point. shorter term yields will come b down. you have to try to assess the correct rate of 10-year treasury yields in the futures given the outlook for growth and core inflation. it may be lower than 4.5%, but not 3%. >> what about asset allocations? what are they thinking? all of a sudden fixed income is a very attractive proposition. do you get the sense real money is the ammunition and moving away from asset class and stocks? >> that's what we are doing.

we are overweight duration versus equities. it depends how you want to measure valuation fs for the tw. bonds are more attractive. we are overweight. you will get a better return. >> within the equity markets, are there pockets in the market where valuation is a trackattra? >> europe is attractive market for some. at the other end, one of the more expensive markets, is japan. we know we had good japan equities. earnings have not gone up that much. in a strange environment for us to say that japanese equities are looking good. >> to what extent are you watching china? we comment with more bad news on

the economy. in china, there are signs that activity indicators are stabilizing at a low level. do you think we may see a surprise pick up in activity toward the latter half of the year or are you in the bearish camp? >> that would be nice. isn't more stimulus from the government, i don't think we will see that much. i think it will require more from the government with the issues in china. it is the if and when you have to have happen first. >> i guess against this back drop, you are bearish. where is the best opportunities for investors? does it sit in fixed income or is there another asset class? >> we are overweight in emerging markets. it is partly trying to be positioned for what we hope is a rebound in china, but also realize for the rest of the

markets, the situation is not that bad and inflation pressure is less, you have central banks cutting rates. we don't hear the fed or ecb doing that. >> all right. hopefully next time we can talk em if that remains the case. daniel, thank you. daniel morris from bnp. let's check on u.s. futures and see where wall street stands to open. red across the board. dow jones industrial average looking to pull back 100 appoipoints. nasdaq and s&p starting off in the red. moody's has warned a u.s. government shutdown could harm the credit as could lead to a downgrade. the last of the big three rating agencies to have a aaa on the u.s., said a shutdown would demonstrate a significant con

tran constraints on the u.s. government. this comes months after fitch downgraded the u.s. house speaker kevin mccarthy said he is optimistic of finding a deal and warned of consequences if efforts fail. >> you have to keep the government open. if you close the government, it makes us weaker. why would you want to stop paying the border agents or coast guard? i don't understand what point you are trying to make. we have a border that is wide open today. we say it getting worse each month under president biden. we have agents bloodied. why would you want to stop paying them? >> julianna, it people feels th bigger deal. the fact that moody's is warning

of the credit rating change. s&p downgraded in 2011. fitch was a big one this summer. moody's is still hanging out with the aaa rating. if they change the rating, you have all three major credit rating agencies not rating the u.s. aaa. that is interesting given it is the world's largest risk-free investment market to invest in. i think the economic impact of the shutdown is something that markets are factoring in as well. to give you numbers, goldman sachs put out a piece saying throughout a shutdown, the gdp can contract 0.2% each week. goldman expects the baseline of two-to-three weeks. that will shave 0.6% of growth from the quarter. >> when it comes to the

potential of the downgrade, it has echos of what we heard from fitch a while ago with concerns around policy making in washington and the disagreement in what fitch called erosion of d governance in d.c. as we head to 2024 with democrats and republicans both looking to, no doubt, make dgais in the lead-up to the presidential election, this would increase and make the standoff more likely. certainly not make the issues easier. >> it doesn't seem to be a path forward on that or more room for bipartisanship. in terms of the market reaction, i read a note put out by rbc analysts. she looked at all of the previous shutdowns in history. interestingly, what happens is into the shutdown, before the shutdown starts, you see a large

decline in s&p, but once the shutdown is over, you see a massive rebound. the largest decline in history was about 20% ahead of that long shutdown with december of 2018 and january of 2019. on average, the s&p tends to decline 10% into the government shutdown. we could be in for a bumpy ride based on that. >> not even taking into consideration whether is happ -- considering what is happening with rates. coming up on "street signs," the eu commissioner stands on the warning for trade tensions with china. we will have the latest after this break. make a splash with the ultimate pool party essential. blendjet gives you ice-crushing, big blender power on-the-go, so you can soak up the sun with a frosty beverage. enjoy 15+ blends before rapidly recharging via usb-c.

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welcome back to "street

signs. let's get a check of how markets are trading. oil and gasses leading the losses down 1% healthcare is the resilient basket of stocks up .30% one part of the market we are watching is luxury major names like burberry and hermes have been downgraded with the likes of citi and bank of america and deutsche bank. you have sizable losses this morning for hermes and this follows the pullback from yesterday. major moves in the sector. jou joumanna, i was talking about coming back from a week away what is going on in luxury when i left, there was more talk around potential boost for the luxury sector because you pointed out with dan iel earlie that the chinese economy is

showing signs of stabilizing which is positive for the luxury sector different from the analysts. bank of america downgrading these stocks. >> actually we have been monitoring the movement in luxury stocks, i have not realized how much they dropped from the highs in august down 17% that tells you that perhaps in this space, the analysts are playing catch up with the market moves. the market already had started to turn lukewarm on the prospects luxury stocks. it was the downgrades that have come through in the last week with the cutting down to neutral and some to sell what is interesting in the example of bank of america, they say the underlining thesis is still there. high barriers to entry and pricing power and attractive

pricing. we see the pullback on cyclicals. no surprise that the investors say it could take chips off the table. >> you talk about the pricing and this is the key driver over the last year that companies have been able to push through higher pricing the luxury consumer has been resilient. they are looking to change to protect margins. this is what bank of america has said and while this is probably okay for lvmh, but smaller names will struggle. i think bank of america's top two buys lvmh up 35% they like the leaders and idiosyncratic stories. >> it is interesting that despite them turning cautious, they see the upside in the stocks based on the secular stories that we mentioned.

again, coming back to how we started, this is to do with china and the dwindling presence of the aspirational u.s. customer then also less travel for chinese consumers. less incoming travel from chinese tourists and this is having an impact on the luxury space. evergrande crisis deepened after the unit of the company defaulted on the yuan bond payment. it is necessity dpgotiating wit holders. a former cfo was detained by authorities. global trade volumes fell in july the steepest drop since august of 2020 during the covid pandemic the latest world trade monitor report says falling volumes were reported across most of the

world, but the eurozone posted a 5.2% contraction in his conversation with cnbc, jamie dimon welcomed recent steps by u.s. officials to engage with china. >> i'm an american patriot governments will set foreign policy, not jpmorgan chase i think americans should stop thinking china is a 10-foot giant. we have all of the energy we need we have the unbelievable benefits o enterprise they will have their own issues, i'm not making fun of them demographics and climate, et ce cetera i like the americans are even dpa evngaging with them. there will would be changes.

it is not over yet >> eu leaders have growing concern about the block trade with china those comments were echoed by the trade commissioner who met with the vice premier in beijing on monday as part of the four-day trip to china he called on the europeans to trade with chinese companies >> nearly two-thirds of responders have said it is more difficult to do business the business environment is more political and less predictable we had our chinese partners engaging with us on the challenges we wish to see greater transparency and reciprocity >> he also warned that the russian invasion of ukraine is hitting investor confidence. >> the china position is

impacting the image with european consumers, but also with businesses. over one-third of the businesses saying china is a less attractive destination china's issues with resolving the war is important for us to engage. coming up on the show, asmi shares see-saw after the chipmaker hikes the 2025 sales target, but still disappoints the street

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welcome back to "street signs. i'm julianna tatelbaum >> i'm joumanna bercetche and these are your headlines >> european stocks under pressure with rising yields with the 10-year treasury hitting a fresh 16-year peak. jamie dimon is stating that the u.s. is experiencing a sugar

high with another rate hike likely >> we must prepare for higher rates and gas and oil as a matter of being prepared the dgeopolitical situation concerns me. the shine comes out of luxury stocks as disappointing sales growth in china leads to a series of downgrades to the secr sector. and asmi stock see-saws after the target hits expectations from the street let's check on the european equity markets we have one patch of green on the board p ftse 100 is up .15 the cac 40 is down .70%. more heavy selling in luxury following the selloff yesterday

after a number of brokers came through with the downgrades for the stocks in the sector concerns with china and the consumer in the u.s. and concerns with europe and demand holding up given reduced incoming traffic from china and weaker domestic consumer dax is down .40% a down start to the day in europe turning to fx markets. this morning, we have seen a bit of movement in yen/dollar. rising to the 11-month high. we are looking at a 148.78 level. euro is 109.94 sterling with further weakness down .20%. below 122. at the same time the federal reserve is hawkish, the bank of england is less hawkish.

putting pressure on cable. turning to u.s. futures, we have red across the board. we have dow jones industrial average now looking to drop 120 points at the open at this stage. nasdaq and s&p also looking to pull back. asm international is trading lower after changing the 2025 revenue targets ahead of the investor o'cday today. it announced 6.3 billion euro compared to 3.4 billion euro with the margin up to 50%. that is some european chipmaker news and i'm happy to say albert li joins us now as the firm announces $50 million of funding

bringing the total series b round to $97 million arjun has also joined us let's get to albert. thank you for staying up late. congratulations on the series b funding. let's ask where you intend to go with your company and the chips you produce? we have spent a lot of time in the last couple months talking about nvidia and the moat that company has built up because they are the default chipmaker with gpus. how will you compete >> we are working on the mbu, which is the next generation for gpu. mpu is produced at higher

solution with this technology, we can scale the personal assistant with your home and brands and auto it can be provide privacy. >> albert, it is arjun you work on nvidia's gpu and data centers and your own a.i. device many people look at this market and say this is still a few years down the line in terms of wide scale adoption and application and also commercialization. does that mean your market is still some way off >> based on morgan stanley's market report, they will be

based on 2023 to 2027 compared with gpu solutions up to 2027 with the market share of the a.i. chip with our solution which is 50% of the market share of the gpu solution. with the gpt application, that is too costly right now. for our case, we have a server using the npu which reduces 75%. we have a case and it is happening because it is too costly for gpu solution. now we forced people to switch

into the more low cost and easy to access. >> you focus on the auto with the latest funding round who is buying your chips at the moment >> we have a couple of leaders in different applications in servers. we have the largest company in taiwan and korea we have in auto, we sell to japanese auto suppliers with a german supplier. >> albert, sticking with the auto industry, there is so much hype with the autonomous driver. it still feels it is a way off how do you make that a more

mainstream reality >> i would say it needs to be sma smarter. it was supposed to happen two years ago. kneron was the first company on the market to provide transformer solution generated transformer. the transformer engine is the key. we can tell it is smarter than the engine before. using the transformer based a.i. solution to support the vision base and people say it is a percentage of the property it is the key to make the real driving car happen we are the one to provide the solution right now. >> albert, fascinating let me ask you a question. do you manufacture your trips in taiwan is it tsmc that fabricates them?

>> yes >> are you not concerned about the level of concentration around tsmc and the fact so many chipmakers have their chips f fabricated by tsmc which is the center of the geopolitical story played out there >> yeah. kneron has the advanced technology and tsmc is the only choice we have the global foundry in umc. for tsmc, they have a foundry in europe and japan and america i would say that we will have more distributing locations next year like u.s. and europe to reduce the risk. >> it sounds like you are taking

measures to diversify. taiwan is the dominant force in the chip space is it realistic for the u.s. or china to take a leading role over taiwan as the center of the chip making world? >> for the time being, everyone knows taiwan is critical for global semi industry it is not only tsmc, but asc and also the largest company the whole ecosystem in taiwan is strong for the next three to five years there is no other base that

anyone can build an industry as mature as taiwan. there is potential risk and you can see that not only in the u.s., but europe trying to build their ecosystem. and we closely watch and try to find other possibilities. >> albert, quick one fox foxconn is a major developer what do you expect to see from the partnership? >> i think we are closely working with foxconn and it is not only semiconductors, but the ecosystem in ev and also foxconn has auto platform and the largest servers. we have a strong partnership and not only focus on one

specifically. >> albert, we will leave it there. thank you for taking our questions today. goodgratulations on the series b funding. and there is no turning back now. that is what the ceo of nissan said on monday as they transition to evs by the end of the decade this comes days after rishi sunak caught flack from the industry from pushing back the internal combustion engine sales ban. arjun has more the story they are sticking to their guns? >> nissan is staying with the strategy it has fallen behind volkswagen. it is facing headwinds with the last two quarters with plunging sales in china that is the big part of the company strategy a lot of the revived sales revolve around the electric car

strategy i spoke with the ceo of nissan let's listen in. >> the similar thing which is happening everywhere in the world. in china, how can we get that to the chinese customer we are transforming the way we develop the car for whine. t -- for china. it would be very important for china for me to make sure it is designed for market for the customer in the cchina. >> that's what i would ask we see the chinese launching a new vehicle in the different segments of the market it is very, very quick and cut throat they are coming out with cost competitive cars as you look at nissan's business, will you launch cars

quicker? >> yes the answer is yes. we have 20 years of history in china. we have all of the units of the nissan car we have a great asset. we have a great engineering center in china which makes the local brand. we have our group network where we make software as well how we can combine this asset to redesign our vehicle for china and china and when it comes to u with the global asset to reach the customer as you highlighted the time to market, the speed is very important in china and what kind of design the customer will appreciate is what we are carefully studying we want to incorporate that and demonstrate that nissan can do a lot in china >> i mentioned the importance of technology, particularly in the chinese market

we saw this with volkswagen investing the several hundred million in china are you looking to follow a similar path are you exploring similar i investments to get a foothold in the market >> what i can say is we need to think for the future what could be the best to demonstrate to the customer there could be a scenario we have to think of in the future at this moment, it is right for the future for the market. >> two interesting points from him. he is saying they will design cars for china more of a local strategy something the japanese and european makers have not done so recently ramping up the domestic players. the latest technology which is

key for nissan catching up the next is can they compete on software something the chinese players have invested in heavily that is important for the automaker. >> so rare to get a chance to speak to him in london fan task -- fantastic. coming up on the show, we are following the latest in the spanish prime minister race. we will have the latest from madrid after this break. meet the portable blender we can barely keep in stock. blendjet 2 gives you ice-crushing, big blender power on-the-go. so you can blend up a mouthwatering smoothie, protein shake, or latte wherever you are! recharge quickly with any usb port. best of all, it even cleans itself!

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welcome back spanish lawmakers are preparing to debate the latest for the prime minister feijoo is expected to use the debate to attack his rival and sanchez over concessions to raise votes. sanchez is likely to face a

parliamentary vote on his candidacy in october we have charlotte joining us from madrid. charlotte, reading through the analysis of what is happening in spain right now, it feels feijoo is on an impossible quest, is what many have called it whether is he hoping to achieve given he is expected to fall short of majority here >> reporter: indeed, julianna, the opening of the important week in spain this week. mr. feijoo was on top of the election in july he had a chance to reach a majority in government and he will present his government at 12:00 today for the bid to become prime minister he doesn't have the votes of the majority it looks like he will not reach

that majority. that vote will be held tomorrow. if that fails, there will be another vote on friday here again, it looks unlikely we have the numbers if all fails, mr. feijoo, doesn't get that majority, mr. sanchez would rely on some of the separatist party to potentially reach majority the terms the party put on the table is amnesty for the members that have participated in the referendum from 2017 that triggered a controversy in spain. i have a guest to discuss this here with me professor in political science and public law from the

university of barcelona. thank you for joining us this morning and trying to untangle what is at stake this morning. mr. feijoo here looks to fail to be prime minister. he won huge victory in the local elections back in may. a tsunami in favor of his party. what happened since then that he may fail to become prime minister >> i would say that it was a tsunami. in fact, what mr. feijoo is facing was a short lived expectation to become winner of the elections. yes, he won the elections, but he falls short and he cannot make majority with the extreme right folks. now what we are facing today and on friday is the loneliness of

the party in order to join the different parties to make a majority so, what with is expected is that mr. feijoo uses this debate not to present a program for his government, but to attack the possible government or possible agreement of the socialist party together with the separatists. >> reporter: when i mentioned the tsunami, i was talking about the regionals. i want to ask about the question of amnesty that pedro sanchez would have to negotiate. you are in barcelona and i would like your insight. what is the sentiment around

catalonia? is this amnesty going to reignite the question of independence >> it is a very interesting question because in catalonia we have lived through the slowdown of the tension, the political tension from 2017. in fact, now the polls show that although more or less the independence sentiment is quite high, but it is not as big as it was. political tension is really going down is it possible that these negotiations about the amnesty will harm the tension in the public arena meaning the tension can be high in the media and political the

spheres, but i don't think catalonia will lead another boom of tension >> sir, just looking ahead with sanchez with the coalition and granting the wishes, what longevity is the government likely to have in order to get here, he thood g had to give concessions. >> that's a key point. that's a key point we know the prize because the independents have put the prize out there with self determination. that means a certain sort of legal referendum on the catalonia independence what we don't know is what

sanchez will win by agreeing in those terms. we don't know if the catalonia independent can allow him to govern for four years or if this is short and unstable government >> professor, thank you for joining us and sharing insights. associate professor in political science at the university of barcelona. charlotte, thank you from madrid. let's look at markets and how they are faring. things are turning around in the last 45 minutes. ftse 100 is the only bit of green on the board now ibex in spain is moving higher as well. m for the most part, we are trading under water on the concerns of china and the potential u.s. shutdown. we continue to march higher on

fixed incomes today. here you can see the 10-year bund is now flat on the day. we were about four basis points higher that march up in yields is dominant. >> with the exception of gilts after what we heard from the bank of england or lack of action and move in sterling. maybe the uk market is becoming somewhat of an outli aoutlier. we will leave you have with the look at u.s. futures i'm julianna tatelbaum. joumanna bercetche. "worldwide exchange. is next al. blendjet gives you ice-crushing, big blender power on-the-go, so you can soak up the sun with a frosty beverage. enjoy 15+

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it is 5:00 a.m. here at cnbc global headquarters. here is your "five@5." we begin with bracing for losses wall street with the first winning day in five. futures are lower. the d.c. shutdown showdown it is turning heads at moody's what it is telling investors ahead of the october 1st deadline. sticking with washington, the department of justice set to call a very important witness in the case against google's market dominance. what apple is set to say on the

stand. and