for the summer solstice. ♪ welcome to "street signs" from london. the signs of the g7 summit. i'm silva amar oweo with steve. >> using the proceeds from frozen russian assets as it sends a powerful message to the kremlin. >> russia is -- there is -- in

international law. they have to pay. >> european equities in a holding pattern today and rounding off a choppy week after eu election results and france's shock snap election announcement. tesla shoulders approve the pay package for the second time. the largest company compensation in history. stocks rise and bank of japan keeping rates on hold but tightening is coming and the rate hike could be on the cards next month. good morning. happy friday. we start today's show looking at the g7 where leaders have agreed to a deal to provide around $50 billion in loans for ukraine backed by the profits from

frozen russian assets. fundizing expected to be delivered by the end of the year with all g7 states participating. u.s. president joe biden and the ukrainian president volodymyr zelenskyy has signed a bilateral security agreement. the u.s. support of the country ten years to submit future administrations supporting ukraine. >> our goal is to send the ukraines credible defense and xa capabilities for ukraine to defend itself now and -- in the future. united states will help ensure that ukraine can do both. not by ending american troops to fight in ukraine, but for providing weapons and ammunition, expanding intelligence sharing, continue to train brave ukrainian troops

in bases in europe and the united states and enhance -- investing in ukraine's industrial base so in time they can supply their own weapons and munitions. >> steve joins us now. yesterday, you were saying that the g7 leaders needed a win. is this a agreement on the $50 billion that win? >> reporter: yeah. i think it is. its a concrete achievement, isn't it, silva? you put in the mix of the other announcements last few days and certainly all points to a hardening of the attitude to the russians and, indeed, the russian government. af let us be brutally honest. it has slowed down when the russians have been making progress on the battlefield and certainly in the eastern regions

in kharkiv as well and much needed support for ukraine and reassurance for the ukrainians that the west is still in this for the longer term as well. it was quite a fascinating day yesterday as well. my conversations with -- and going to the press conference later on with zelenskyy and, indeed, president biden, it just showed me there is a big coordinated bus on a multilateral and bilateral way to shore up the west in support that may have been wavering the last few months and try to make that support learning term. we eluded the ten-year deal with japanese and security arrangement with the americans designed, in some part, outlast political cycles and dare i say in the united states. european leaders need a win at the moment as well. your superb coverage of the

parliament elections is highlighting tricky situations the like of macron is under and the chancellor is under but, obviously, not in the eu. they all needed some form of win. again, having coalescing around the idea they can use these 280 billion dollars of frozen russian assets and get an income stream from it and send a powerful message to the russians i think they all think that was a self set of outcomes given these long torture negotiations given what they can do to support the ukrainians in the medium term as well. there is a lot of complications still. i spoke to a person you know very well and you've interviewed many times and that the president of the eu council and i talked to him a little bit about the significance of getting that deal over the line. >> we sent a very signal to the kremlin we are not intimidated and we are determined to support

ukraine for as long as it is and -- $50 billion euros in addition for ukraine and it means more military treatment and more capacities and capabilities for ukraine to defend themselves and to defend our common european venues. >> reporter: moving beyond to the heads of state in the agreement, so many technicalities and issues under the hood as well. how are you going to surmount those obstacles in a very timely fashion? >> we are starting to work on the proposal a few weeks ago and we had to -- in preparation for this g7 meeting. immediately we went -- i'm confident we can finalize all of the details so that this can be available for ukraine as soon as possible in the months to come. >> reporter: this is money potentially relying on the income from the 300 billion euros worth of frozen assets.

what if the wear to end and we hope it and it's given back to the russians who will write these loans? >> simple. russia has to play. a they are the aggressor and the victim and ruse. they have to pay. that's why this money is blocked and frozen and confident that we can use this money to support ukraine because it is fair. >> i asked a little bit whether he would have a second term and he said he is not going on that one. who are getting the top spots within the eu commission as well. a lot of operations on the table as well. the leaders will welcome nations from around the world and that

is what i was trying to say yesterday. the importance of this g7 summit is about how relevant their world view appears and how close their world view is to a lot of key nations in the south. at the moment, they are not moving the needle on chinese opinion on a lot of issues as well and the chinese support for the russians but they may well have some progress on a lot of the other nations who had been invited to this meeting such as the all-important indian prime minister who just got a new mandate as well. such as melee from argentina and brazil also got new mandates so key powerful images around the globe will be here. it's a g7 plus or d27 minus. >> thanks for that coverage.

let's take you to the market action. we are one hour into the equity session here in europe. yesterday we saw the stock 600 ending the session down by 1.3%. today to my right is negative sentiment across the board. ftse 100, likely to see more volatility in this part of the european market as we approach the uk general election. a couple of new stories with the housing sector rejecting a bid from build way. and another one from the united kingdom we are monitoring. the french market, we keep a close eye in that snap election called by president macron. i would highlight this is down

3%. we have seen significant pressure really on french lenders in the wake of the announcement from the french president. what some investors are considering here is that the possibility that we are going to see the far right in the next french government is adding pressure on the fiscal position of the european second largest economy in europe. this is a surprising week we have seen political events having a clear ramifications on the performances in the markets. i was telling you about that announcement from france on the snap lex in early july. we heard the yurmian union announcing preliminary tariffs on chinese evs and that was also added pressure to some parts of the european markets. week-to-date, i just want to clarify that when it comes to that french market, we are on

track to seeing it down by basically almost 5%. as i was saying, it's about the chances that we are going to see the far right in government that is adding quite a lot of pressure on this part of the markets. when it comes to the week-to-date performances i want to refer to one key part of the market and that is the alto sector. in the wake of the announcement from the european commission a lot of people are expecting the announcement would put a lot of pressure on the chinese ev names, but what we have seen this week is actually the opposite, seeing those chinese ev names rallying but, on the other hand, a lot of pressure on the european names. it has also been a very important week for wall street. at this stage, we are, you know, we will take a look at the futures in a moment but week-to-date, we are seeing the dow basically struggling a little bit but when you think about the s&p and the nasdaq, we have been posting record highs throughout this week. nasdaq is on track to end the

week up by by 3% and that has a lot to do with the performance on the tech space. the sector, overall, is on track to ends the week by almost 6%. look at the u.s. futures to understand how we are looking in terms of that open on wall street. it seems like it will be a mixed picture today. in terms of data it's likely to be quite a calm day for the markets stateside and yesterday we did get second reading into the inflation with the latest ppi numbers and, also, the weekly jobless claims that posted a ten-month high and added some pressure in terms of what the fed might be doing next. i want to be taking a closer look at what is happening or likely to happen on wall street

and my next guest is david houser of livermore partner. good morning. i would like to get your thoughts in a commenter i saw yesterday. some people are suggesting the fed is just taking too long really. it's being too slow to address what is happening in the u.s. economy and that, ultimately, what we saw yesterday with ppi, with the jobless claims is that they are just too slow. what are your thoughts when it comes to the fed, given that the expectations for rate cuts have changed so much over the last six months? >> yes. that is a great question. i would say i don't think they are acting too slow. i think when you look at the economic academics, a 30-year high for inflation given the past five years where inflation has risen 30% in that time period.

you're starting to see inflation slow and normalize a bit the job is not done yet and they understand that. they also see that the economy is still holding in fairly well, so with that, you know, having being more restrictive for longer makes more sense because it will adjust the economy, it will slow it down, and, thus, they could eventually start to normalize rates again at some point in time. >> what does that mean for wall street for the rest of this year? what are the main risks for certain parts of the u.s. market? >> i think there are plenty of risk out there. i think that, you know, when you look at rate cuts, if you go back to even late last year when that fed pivot came into play by jerome powell, the idea there will be several rate cuts throughout 2024. the market rallied very strongly on that news. we went into the new year and we see more dynamics in terms of inflation this was still too hot. so, you know, every time we went to a meeting, we thought this

might be the turn. most of the time, he would be more hawkish and, other times, he would be, you know, looking at easing. the market has been taking that now. the back seat of that is profits have actually held in really well for the companies and a.i. revolution has kind of taken over. but all that being said, you know, the s&p is up strongly on the year. but there are other aspects of the market that aren't. if you start to look forward as you should, there are several different dynamics taking place that are fraught with risk from go politics and slowdown that could be more severe with things you described in tariffs and china and european elections so a number of things out there. >> not easytime to be in the market for sure. i would like to get your thoughts on what analysts are suggesting we could see a correction going into the ends of the summer? how likely do you think that is? >> for me, for livermore, i

think our hedge fund is of the view that we are going to see a slowdown in the second half of the year. you're already starting to see that manifest in certain areas of the economy and within companies. so the way i look at it is that there is really a tale of two cities where you have the sort of a.i. technology trade that is really gaining the market, itself. then you have the cyclical trade underneath a lot of times we invested in in terms of energy and other aspects. those are really bifurcated markets. value is not doing well and momentum and tech is doing really well. a lot of that has to do with even the slowdown the second half of year and cyclicals will underperform if economic is lower and if the view the fed is starting to ease, that helps technology so why you're seeing this bifurcation happen. >> how are you investing as a result of these two tales?

>> with livermore, our hedge fund is set up we are special situations so i don't necessarily try to go after momentum. we have not historically been a tech bull because i didn't understand a lot of the technology so we are more in resource space and areas. so far under that hasn't been a good area simply because, you know, energy has held in strong and there is, again, value buckets there. we do, you know, the underlying intrinsic value is large and we invest and want to make a real return over some time and things that we have been invested in, you know, gold, which we had a big call in we thought gold would do really well and it has done really well. energy, oil has held up really well and we are a big believers some of those conditions could generate substantial cash flow the next few years. that is the area i stick to. the other stuff to me is a bit of noise but you still have to understand it and how it might

relate to your businesses. >> with your risk in mind, you mentioned geo politics is at play here. when you think about the upcoming u.s. election, what parts of the market do you want to own? well, that's a great question. i think you tell me the results of the elections and i could tell you -- >> it seems like a close call. 50/50. >> the positive on the election from the u.s. is simple. both individuals have been in office before so you sort of know what you're going to get, right? so the markets in that regard, i think will be fine and complacent even which is what they are today. i think the unknowns are some of the things we think going forward is which is geo politics is becoming really, again, fraught with risk. you're seeing that in france. you're most likely going to still see that in the united states. and either party that gets in to office, more than likely, is going to continue with fiscal stimulus.

that is one of the biggest drivers of inflation over the last several years. we have been growing these twin deficits in the united states so that is kind of propelled, you know, money supply and, of course, propelled, of course, earnings growth as well. so either party gets in, that is going to be helpful. at the same time, that is going to most likely cause a top in the dollar and commodities tend to do really well. so gold, oil, things like that and companies linked to that intrinsically is where livermore wants to invest. >> some raised their concerns about the physical nature of the united states and markets put that totally aside and not thinking about that whatsoever. do you think that is going to change with this u.s. election? the markets are going to start to be concerned about the u.s. fiscal position? >> yeah, i think the short answer is yes. i think they will, simply because the trajectory, the debt in the united states is not sustainable. i think everyone knows that.

you're going to have to see some level of reform which would take place either cutting back on spending or also higher taxes. you know? or eventually you just need to grow your way out of this. and, you know, each of those buckets have different pluses and minuses. again, historically, you're looking at these deficits are not only getting larger where i see some people thinking it's not that big of a risk because of gdp. at the same time, they are getting larger but larger faster and the issue i see is unsustainable the speed at which you're seeing the debt and, again, i'm a big believer in some of the alternatives like gold and energy. >> we have a lot to talk about so stay with us. i want to share this programming note with you because on the back of this week's fed decision, our colleague stateside will be speaking to the cleveland fed investor low

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welcome back to "street signs." te te te te te tesla shareholders voted to approve musk's $56 billion pay become. david is still bus of livermore partners. i understand that you have a short position, small, short position on tesla. i was just wondering whether the latest developments from the shareholder meeting are making you even more negative on the stock? >> you know, it doesn't make me more negative. so, you know, our short position, on and off, we have had hedge or a trade in tesla. the viewpoint it's more fundamental in basis. it's not based on anything that you're seeing here with his pay

package. i think, if you would, the company looks to be in a really tough position. i think more, at this point in time, than probably in the past five, seven years for sure, because there has been substantial growth there. now i think the road ahead will be much more bumpier and much more uncertain. >> what i was particularly interested to see was they decided to reposition tesla as a.i. company. is this the right strategy? >> well, let me step back, first, you no know? >> yes. >> i think the best he has for him you are trying to position it into an a.i. technology company. with that, you know, you can accept 40, 50, 60, 70 times for a company that is half a trillion dollar market cap today, right? if you start to change the narrative it's a car company and

they make money by bending metal and their margins are getting hurt, their demand is shrinking and there is more cost competitive business globally, especially with china, then, all of a sudden, it's an auto company. if it's an auto company it trade at a much lower valuation and the shares would be repriced much lower. so you're betting on the fact that it's going to become this row robot/taxi autonomous future and if you don't, i think you better watch out. >> on the broad a.i. story, this has been a key element for markets this year. is this a turning page? are we going to see a turning page of the a.i. boom at any time soon? >> we may. i think the a.i. narrative looks real to me, at least in the short run. i mean, we have had a phenomenal run with a.i. companies, nvidia leading the charge and meta and

microsoft are, broad com are companies benefiting. semiconductors are doing phenomenally and they look like they are trading at very high multiples for good reason based on, you know, the run rate of revenues and profits. that being said, the question is where you are with a.i. and whether or not a.i. eventually, you know, the cap x turns into revenue, turns into profit ability. it would need to do that over a period of the next several years. if it doesn't, itmight, unfortunately, turn out to be a cyclical trade and we could be near the peak at this point. >> we are seeing other companies such as apple pivoting to a.i. to show more of their a.i. strategy. i'm afraid we have to leave it there but thank you for joining us in the studio. an interesting conversation. bank of japan is what we are

looking at and we will look at the currency space where the dollar is ticking highergast ain the yen after the bank of japan held course. details after the break.

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welcome back to "street signs." these are your headlines. i'm silva amaro. extensive powerful message to the kremlin with 50 billion loan for ukraine. >> they are the aggressor and ruse and they have to pay. >> rounding out turbulent week after president macron's shock snap election announcement. tesla shareholders remove elon musk's massive $56 billion pay ipackage. stocks rise as the bank of japan keep rates on hold and teasing that tightening is coming and

the rate hike could be on the cards next month. ♪ we are back on the show. looking at some of the details from the bank of england where you're getting some flashes just crossing the wires now. at this tage, bank of england survey is suggest be that public inflation expectations for the year are at 2.8% versus 3% in february. so this is quite an important development and an interesting number from the bank of england in the sense that we are moving in the right direction. inflation expectations are coming down. they are now at 2.8%. we are seeing 2.8%. we know that is still well above the target of 2% also for the bank of england. so we are also going to hear

from the bank, itself, next week. a lot of expectations going into the summer that we are going to see the bank of england potentially cutting rates later on. on top of that it's important to keep in mind a general election in the united kingdom in a couple of weeks time. we expect the vote in early july but, nonetheless we could be in a position to see the bank cutting rates later on this year. that was also one of the messages that we got from the bank of england last time we heard from them where they sounded a lot more confident in terms of the possibility to cut rates. on your screen, you can see sterling dollar trade and down 0.03 of a percent. we are seeing all of the

european forces in the red, after we saw the stock 600 down by 1.3% on thursday. this has been quite a tough week for some parts of the market a lot of political events have taken over and significant ram ixs on the markets. ftse down marginally lower at this stage. we are seeing sharper moves in france 1.4% and this is the force in europe where we have been keeping close attention into the wake of the snap preliminary election. over in germany, the market is down by about 0.6% of a percent. i want to show you how french stocks have traded. a tough week for the market. cac to end the week down 4% so

significant moves here to the downside. particular attention on the lending sector, credit agricole down 3%. we saw significant moves in the banking space in france and some shares down more than 8% exactly because no one was expecting this announcement from the french president. now investors are considering whether the possibility of having the far right forming the next government in france could have complications for the fiscal position of europe's second largest economy. i want to take you to the monetary developments we are seeing this morning. bank of japan have kept rates steady in its latest policy decision but a plan to fix income purchases over the next one to two years. with details set to be confirmed at its meeting in july.

nor details from the bank of japan in the coming weeks as the wank said july rate hike is a possibility. while warning uncertainty surrounding economic and financial developments at home remain high. on your screen, you can see some of the moves the currency space. dollar moving slightly higher, 0.04 against the yen at 157. this has been quite an eventful year for the bank of japan and the yen. authorities did intervene in the market at some point. we continue to monitor what the decisions from the bank of japan could mean for the currency and japanese stocks. j.p. is among us with more. i want to take a broader look really at what the message from the bank of japan means for the markets, because the expectation now is that we are not going to

see that heightening happen as soon as markets were expecting. that seems to be providing some relief to certain parts of the market. explain what is happening. >> reporter: i think one of the things that the market are looking at this rather favorably. the bank of japan is trying to communicate to the markets they want to get this decision right and move with careful consideration to the economic realities of japan. in that press conference, they said they may reduce that bond buy program considerably in july but they want to wait until then and want to do it in a predictable manner to ensure that the bond market its remains stable. he also said if they frequently taper the bond buying purchase program, it could lead to excess and unwanted speculation of volatility that they want to avoid. they will wait for more data and study it and get it right and

get the announce number they will announce next month that they are deliberate and conscientious of this move. they don't want to disrupt the market. a lot of questions with the rise in productivity. it shows that economic recovery in japan is, indeed perhaps just a little bit unstable for the moment. he did say that production could actually happen and will depend on the rate of productivity increase which is why he wants to be careful and be very careful with these coming moves. in fact, he remained tight-lipped in his press conference when asked for more details. he was asked about commentary on the weakness and -- he said he did not want to comment on that. when one reporter asked him what does he mean by a large tapering at least in terms of bond buying? he also refused to comment on that. it seems he doesn't want to say anything unnecessary to upset

the market for the most part and he wants to make sure that his words matter and are deliberate and similar to the famous portuguese football manager said if i speak too much, i might be in big trouble. back to you. ♪ a look at sports. france is getting ready for the olympics next month and final preparations are made with 50 million turlistsourists in the r the games. the company is expecting to serve more than 40,000 meals to athletes and spectators every day of the games. charlotte caught up with the co. of sodexo live. >> we asked three principal challenges.

first, human challenge because we are going to hire 6,000 people which is enormous. the second one is culinary concern because we are going to feed 15,000 athletes from 200 nationalities during five weeks. then we are going to feed the fans of 14 venue of competition in paris but then the hospitality. >> you mentioned the athletes, 15,000 to feed. how did you prepare to feed these athletes that need to be in top form? >> first of all, 45,000 meal a day for the athletes. inside the village, we are going to have biggest restaurants in the world. and we are working two years about the recipe of nutritionists and also working

with different teams, you know? nutritionists of the country teams and then we adapt to all of the food. gymnasts are not eating the same thing as others. we have to adapt and have 500 different recipes and doing it with chefs and some recipes with very famous chef in france because we want that -- the athletes feel like they are at home. also we want them to have a little of the french cuisine. >> europe 2024 football tournament is set to kick off in germany today. the competition is set to bring in 1.4 billion euros in broadcast rights revenue for organizers. 1.1 billion was recorded in

2021. sponsorship has been secured for 13 global partners and five companies focused on germany. the chinese maker byb has joined the ranks for global sponsors for the event after another company declined to renew their agreement. thank you for joining me to discuss this in morning detail, james. it's very exciting this week and this month for football fans, no doubt. first and foremost, what are the dynamics here? who are the companies? what are the companies choosing to basically, you know, have some of the advertising during the euros? >> lots of reasons why they want to get involved with the euros. i think you can hone on in two eyeballs and emotions. you think about eyeballs. the ability of sport, particularly football to bring everything together is unrivaled.

the last european final for english fans is a sore moment losing to italy. for fans seeing it and talking about at the time next day is branding. >> my question is whether this investment actually works? i did find some research showing there is only a minimal difference in terms of consumer recognition of brands after such big investments like this. ultimately, is this the right move for companies? >> no doubt it's a huge investment for any brand. look at the gdynamics. 13 global sponsors. in terms of the rights, they will make $16 million.

13 brands bid against each other. it's not just about consumer recognition. five of the brands as you touched upon earlier are from china. now, those chinese brands probably experience a decline in sales in their home market, certainly decline in some of their share prices. for any ambitious brand they need to go to different geographies. like one edging out volkswagen as a mobility partner is is not only can they leech consumers but a lot of geo politics that are involved here that actually you can open a door to doing business in different markets by talking to local politicians, local regulators and local suppliers in a very positive manner. >> it is very interesting how so many of the chinese companies are investing in euros at this stage standpoint elaborate why they are doing that. the possibility here for expansion. a lot of them want to have bigger expansion in europe. what else? what is driving this move from the chinese brands?

>> i think a push and pull factor. we mentioned that in terms of the chinese economy. they have to demonstrate to shareholders and local base that they have the ambition. what demonstrates ammunition more than advertising in a global market but going in and making a real statement of intent and implying a sense of scale and a local supply and commitment to the region. 500 million in the eu so in terms of a brand coming from china may given negative perception about chinese brands but spending that amount of money in that regional event like that has a global scale is a real underliner of the commitment to the region and they are there for the long term. >> any idea in terms of how much spending on advertising is actually increased in recent years or actually is this year, are they being a little bit careful in terms of how much they are spending on advertising? >> interestingly, they are spending it on advertising so some of the tv sections here in

the uk, for example an increase 40% to 50% increase. you would say that is coming from the sellers but an interesting fact that came out in the uk marketplace, after 187 brands are advertising within their time around the sport, 30 or 40 of them are actually new. so first time they have ever done that. so that is a recognition of the growth and the popularity of the sport, particularly coming from the u.s. in terms of the rights being sold there. but, also, the ability for a brand to do this in any other arena. sports, particularly for what is a great opportune moment to get a live audience. >> we are seeing this in other parts of the world. this is a european competition. the most important question i'm going to ask you today what is your prediction for the final? who do you think be the two teams making it to the final match? >> that is a tricky question.

my heart says england, of course. >> of course. >> we want england in there. my head tells me it's an england and france final and afraid france will win. >> we will see how it turns out. a lot of hearts are moving faster in the wake of that call. i can hear it in the newsroom already. ja james, thank you for joining us. a lot of action coming up throughout the month. coming up on the show, a mixed week for markets with tech driving gains in the u.s. but the stocks slipping in to the red. we will break it all down coming up. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't

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♪ welcome back. let's look at the political developments here in the uk where the opposition labour party but wealth at the center

of its manifesto launch on thursday and focusing on the change. the government will bring after 14 years of conservative rule and we saw that key word behind the labour leader and they are pledged not to raise income, vat, or the national insurance payroll tax and sticking to previous iterations from the party that focus more on a tax and spend approach to policy. instead, he told our sister channel sky news the party is, quote, going for growth to fund public services. >> if you take nothing else away from today, let it be this -- this change labour party has a plan for growth. we are purposeness and pro worker, the party of wealth creation. we will reform the planning rules, a choice ignored for 14 years and build the homes and infrastructure you need. we will level up your rights at

work. a choice ignored for 14 years. and raise your wages and your security. we will create a new industrial strategy. a choice ignored for 14 years. and we will back it with a national wealth fund, invest in clean steel, new ports, new factories and we will create 650,000 new jobs for communities like yours. relight the fires of renew al across all four of our great nation. >> reform uk has overtaken the conservative party in a national poll for the first time in this election. with a new survey that suggesting the party would win as much as 19% of the vote if it was held today. y yougov makes it clear this is firmly within the margin of error and uk first voting system makes it unlikely it would

translate to a high number of states in parliament but nonetheless an important development to keep monitoring. now market action in europe ahead of that word. we got a couple of flashes from ecv member betting markets on bet cuts and he is supporting the market bets, indeed fountain data continues to move in the right direction showing that this inflation is happening across the euro zone. a very surprising week, really, where we have seen political events taking over and having clear ramifications on the market. kazak is down 56%. we heard the french presidential earlier in the week calling for a snap election and they are concerned about france's fiscal

position. with that in mind, let me take you to the other french assets we are monitoring this week and looking the yield on the ten-year french paper. at the moment it is moving lower at 3.17%. it has been a wild ride really for this part of the french markets with initial reaction on the news from france. then that reaction seems to be dissipating slightly now but, of course, things could change as we approach that key vote. we have second round in early july. with that in mind, i want to take you to the french banks. this is an interesting part of the french market. we saw, for instance, shares of bmp and others throughout pressure through the week and week-to-date performance suggests the shares down more than 12% and socgen down 15% and

credit agricole down 11%. we will see how today's trading session is going to perhaps change the numbers here but, nonetheless an eventful week for the french banks. with that in mind, take you to this. another part of the market that has seen significant ramifications this week in the wake of some political developments. we saw the european commission announcing preliminary tariffs on chinese evs and that has actually put a lot of pressure on some of the european alto names. week-to-date, here is a look. we know the german government has actually put a little bit of pressure really on the executives in brussels to make sure that the tariffs were not going to be too significant, of course, because of the business links here, but let's see what

will happen in the coming months. at this stage we only have the preliminary tariffs. the u.s. market is also eventful one. we have the latest cpi. yesterday, the ppi figures also showed decline by 0.2 points last month. new filings of weekly jobless claims ten-month high and investors considering whether the fed is being too slow in terms of cutting rates. u.s. futures, it seems like a big session really on wall street. this is after we saw the s&p and the nasdaq posting fresh record highs. that is it for today's show. i'm silva amaro. "worldwide exchange" is coming up next.

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♪ it is 5:00 a.m. at cnbc global headquarters. i'm frank holland. testing records. stocks sitting at all-time highs and cooling inflation boost the odds of sooner than later fed rate cut. investors are appearing a bit split ahead of the open. adobe, shares are surging in the premarket and has its bets on artificial intelligence appear to be paying off. apple overtakes microsoft for the first time in nearly 100 days. we ask technical guru katie stockton if that rally has