that's all for this edition of "dateline." i'm andrea canning. thanks for watching. i i jujuststl l ououtt second quarter operating profit comes in lower than expected. silvia is standing by. that interview is coming up shortly. plus, democratic presidential nominee kamala harris picks tim walz as her running mate to secure key votes

in rust belt states. >> i learned to compromise without compromising my values, now kamala harris and i are running to take those values to the white house. meanwhile the rally rolls on while asia continues to recoup its losses following monday's historic selloffs. they're pointing to a second session in the green on wall street. and softbank eeks out a small profit. earning billions at its flagship vision fund. great to have your company with us this morning. let's go straight to what let's moving in these markets with a live look at the stoxx. if you picked up a copy of the "financial times" this morning, you would have seen them calling

this a summer storm for global financial markets. well, if that is the case, you could probably say here, we might be starting to see some sun shine through the rain. wednesday's trade across the continent looking like this, and really some signs of relief for european stocks after that more positive lead from wall street. market stateside also snapping a volatile three-day losing streak as well. so more signs of stabilization after that significant selloff on monday. it is perhaps too soon, though, to say that the worst is over for these markets, but, of course, we are seeing signs of stabilization as i said. let's take a deeper dive into what let's moving in europe with a look at the european markets right here and right now as well. you can see firmly in the green, london's ftse up by 5.9%.

the the /* stil still some losses to recoup. in terms of other major markets, you can see gains as well for the paris contact, u up by almost 1% and germany's up by almost 7%. the ftse and ibex also climbing higher. we flagged for you in the top stories, it is a very busy day for the european earnings, which help bring fundamental trade back to the stocks and sectors. here's another live look how the european sector is looking up. the only one is health care. again, more signs of stabilization. at the moment, health care down by 4.3%. be you can see leading gains across the region by the big banks are up 1.66%. real estate catching here with 1.5% gain alongside construction and material stocks. given some of the commentary around the rates moving forward,

you can see it up 1.4% as well. i flagged this for you as well because it is a really busy earnings day across europe. right here, right now some of the big losers and big gainers, of course, siemens energy in focus. it raised its full year forecast out. it did report a net loss of 120 million euros in q3. you can ceecee mens down 1.8%. commons bank down. it's down after releasing second quarter results as well. and, of course, maersk as well down 1.08% after reporting a second quarter profit, which was a beat on analysts' expectations.

the stock is still down 0.18% here. across the continent is novo nor nordisk. the pharma giant cut its outlook for full year profit operating growth. let's get straight out to silvia who's live with her interview. she brings us this interview live. >> good morning then. indeed, a very important conversation. i'm joined by the ceo of novo nordisk. thanks for having us over. first, i'd like to get the word of your investors. at this stage, tracking about 5% lower in early trade. so some of of your investors are raising concerns about your message this morning. so just explain to them really, why shouldn't they be disappointed a that stage? >> the key message is we've

upgraded the outlook for the second half compared to what we did last year, so we're very comfortable in our ability to supply patients and grow in the second growth. in q2 there was discussion regarding rebates, et cetera. we believe there's attractive growth in front of us. >> let's discuss the guidance. you cut it by 2 percentage points in terms of operating profit growth is. that adjustment solely because of the impairment loss on the kidney disease drug or because you were a little bit concerned about the bottlenecks for the rest of the year? what drove that cut in profit growth outlook? >> it was fully linked to impairments, so that took it down to 6%. then we had an underlying growth of 2%. 2% on top, 4% on the bottom.

that's a sign of upgrade and our confidence in scale. i wouldn't worry about it going down. it's actually going up. >> we go on the sales of the quarter actually from q1, but some analysts this morning are suggesting to me they're concerned about the sales for wegovy below what they had expected. could you express those concerns, please? >> yes. i would look at the u.s. market. we have increased our supply to the market. when you look at the total scripts in the u.s., they've doubled up. it's a sign of the competitiveness of wegovy, and, again, what happens in one quarter is linked to rebate adjustments. that's what happened in q2. i would look at the guidance to find comfort in our ability to

compete in the u.s. markets. let's talk about the u.s. market then. a huge competitor is eli lilly. they have a 42% market share in this space. in the past they were concerned about competition. this brings up innovation and is for everyone. we're seeing more and more competition now, in particular with roche's trials as well. is it actually becoming a problem for you? >> no, i would say in the u.s. market, the development of scripts is a function of the supply of the two competitors who have products there, and you can say it doesn't make sense to compete in the market. it's about extending the market. and then expanding the market. i see they can try the extension

of the market and then drive growth for us for the coming years. and then, of course, a very attractive market attracts competition. i think there's a lot of volatility in the current market. of course, if you come with sommerly data, it attracts attention. but, again, a phase one trial will -- a few weeks' exposure, it's not something that's going to impact our business short term. later we'll come up with some both from our agents but also our assets that can have a leading potential. so we've built our bets and i think can maintain a stronger stand because of that. >> when you think about the presence in the united states, some doctors are actually suggesting that they are just prescribing what's available at the shelves at this stage.

on top of that, several different clinical trials have actually figured that zepbound is slightly more effective than wegovy. some people are preferring zepbound because of that. are you concerned about a reputational rusk in the united states and consumers are actually preferring your competitor? >> no. i think in our products, ozempic for diabetes, we go for obesity, we have very efficacious products, and i think all the data we have shows that what we produce, we can sell in the u.s. market. i think that's a very positive situation. then, again, if you believe in that, there's one product taking it all, which i don't think is right, look at our innovation coming because that will hopefully turn out to show, to have a very strong profile. i believe it's remarkable. there's room for more.

but you need to have a safe profile, and i believe we have that, so i think i'm very optimistic and very comforted in our ability to sustain growth based on what we have, and they're very excited about our product as well. >> let's talk about the supply outlook here because many of us want to understand whether you're able to increase supply. you have three acquisition plants. those are expected to help from 2026. any sort of similar deals in the near future in order to step up production? >> there's no similar deals, but there are similar activities because we're doing the same ourselves. we announced in june, 4.1 u.s. billion dollar expansion in north carolina. so building there. we have launched a similar

expansion in france. we none of these facilities kick in right now, so when we can double our scripts in the past six months, it's a sign that what we have already is ramping up significantly. so we have added lines inside and outside the company, and all of those are picking up in productivity and adding more and more patients and with new lines kicking in. so our guidance is really a testimonial of it. we believe we can sustain in the second half of the year. >> so investors shouldn't be concerned about increased supply. you can deliver on that. >> yes. that's what we have been doing for quite some time now, and we hope to sustain that. let's talk about the pipeline. what should the investors expect there because obviously this is an important metric to look at. can you do more with the knowledge that you have and are

requiring at this stage? >> yes. we look at the exiting molecules in our market. we have more and more claims. we have things in the works. we have really, really good data showing that it protects dia diabetes, also for kidney disease. we're testing it out with fatty liver data coming up later this year. so that's the exiting molecules. we're really building the body of evidence to justify using that potential product. we're ahead of competition there. also in terms of new mechanisms, we will have in the second half, two days on our products and we have the pivotal data. we have that, but also what is coming in terms of innovation of

new products. >> can you perhaps unveil any sort of color on how the studies related to alzheimer's are going? i believe this is expected to be released next year. can you provide any data on that? >> i don't have data on that because it's ongoing. we see some external sponsors doing studies, looking at it and showing some evidence that it can mitigate some of the developments. so it's too early for us to tell yet because we haven't studied yet, but obviously it's a very exciting, you know, opportunity because with aging populations, you know, a number of diseases, more and more people will develop this. >> tell us about the outlook of wee go i have sales in china. >> yeah. so we have wegovy approved in

china. we have not been guided on the launch, but obviously it's a huge market, a couple million people living with the obesiobe. it will be an out-of-pocket launch and then get on the national docket. china is an important market, and we see increasingly we get approvals in china at the same time as we do the rest of the world. >> just to conclude our conversation, if i were to be a long-term investor in novo nordisk, why should i buy the stock at this stage when i look at some of the other peers and they have a broader portfolio than novo knordisk. >> we have a high con sen station, but it's a very

attractive market. we're building adjacencies. >> thank you for your time this morning. and that was our conversation with the ceo of novo nordisk. i'll hand it back to you in the studio as we continue to track what's going on in the markets. up next on the show, dancing to the same toune, kamala harri taps tim walz in her election battle against donald trump. we'll have the latest on the other side.

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presidential nominee kamala harris has tapped minnesota governor tim walz as her running mate in her bid to become america's first female president. harris and walz made their first appearance as a joint ticket at her rally in philadelphia. >> since the day that i announced my candidacy, i set out to find a partner who can help build this brighter future.

a leader who will help unite our nation and move us forward, a fighter for the middle class, a patriot who believes as i do in the extraordinary promise of america, a promise of freedom, opportunity, and justice not just for some but for all. i'm here today because i found such a leader. governor tim walz of the great state of minnesota. >> walz was thrust into the political spotlight in july after he said republicans like donald trump who has suggested harris turned black for political gain are, quote, weird.

walz doubled down on that criticism at the rally. >> he's running backward for the country. jd vance literally, literally wrote the foreword for the 5rk9 text of the project 2025 agenda. like all regular people i grew up with in the heartland, jd studied at yale, had his career funded by silicon valley billionaires, and then wrote a best seller trashing that community. come on. that's not what middle america is, and i've got to tell you, i can't wait to debate the guy. >> let's bring you some reaction and analysis on this. he's a political author. thank you for your time today.

let's dive straight in. what do you make of it and what does the selection of a midwestern governor say about some of her demographic priorities in this selection? >> thanks for asking and thanks for having me. miss harris had many -- really many good choices that she could have made, but i think she's made an extraordinary one in governor walz. presidential candidates should be looking for someone who enlarges their appeal in order to help them win and then can be a governing partner, and if you look at tim walz, what you find is an extraordinary politician who has won six terms in the congress and then gone on to be a progressive governor of minnesota, but also has, because of his background, a very common man touch. he grew up poor, he was a school

teacher, a football coach, and he relates very well across the entire spectrum. if there's anyone that can help unite our divided country, tim walz is that vice presidential candidate. >> here's the problem though. up less you're from minnesota, you have no idea who this guy is. he has no national profile. is that a pro or con for harris at this point? >> i think what you would appreciate in uk, i think we're going to have an extraordinarily intense and exciting 100-day campaign, not at the long two-year slog that american presidential elections usually are. america will have 90 days or 100 days on this campaign, which is already proving to being electrifying, and they'll get to know tim walz quite well. we'll see him at the convention.

we'll see him debating jd, and he'll be all over the country. he said yesterday, you know, it's 100 days left. we can sleep when we're dead. so there will be plenty of energy and plenty of time to get to know him. >> clearly a lot of work ahead for both of these candidates now as they track into november. ira, you were talking about the rap sheet that tim walz has, a background as a former teacher, arnie national guard leader. how do you think that's going to influence harris's campaign strategy, and how is the trump republican side going to react and respond here? we're going to see that split screen when he eventually debates jd vance. how do you think they're going to ultimately stack up here? >> i think jd vance is going to have an extraordinarily difficult time debating tim walz. walz is a very experienced

speaker and legislator. he has an undeniably progressive record as governor of minnesota and in congress. but he's able to convey the progressive view in a way that comes across as common sense and reasonable. and if you look at his positions, whether it's on reproductive rights, on reasonable gun control, on climate change legislation, on early childhood education, if you go down the list, what you find is that the american people, 55%, 60% of them on every issue at least are on the democratic side, but you need a messenger who can convey that message, and i think tim walz, because of his background, has done it all his life and can do

it. >> i also wanted to ask you about the selection process here. you said earlier that there was no shortage of strong candidates, but at the same time, in picking a vice presidential ticket pick, harris also has to make a decision based on personality and also for political purposes as well. who is ultimately going to be able to help her win over those swing states and undecided voters? where does walz pro e provide the advantage, particularly when you look at the demographic map? where is he going to be able to give harris the ultimate gain here? >> i think he will play very strongly all over the country, but most particularly i would assume in the midwest, the upper midwest with key states like the blue walz states that are so important like pennsylvania,

minnesota, and wisconsin. i think he essentially presents a ticket that will be progressive but appealing to a broad range of americans. so there was an argument for picking my namesake, governor josh shapiro of pennsylvania because he could help deliver pennsylvania. the fact is tim walz will help deliver pennsylvania as well as michigan, wisconsin, and other states. so i think it's going to point -- i think it's the strongest possible ticket we could have had, and ultimately miss harris, i believe, was attracted to his governing experience. walz was a six-time congressman. josh shapiro was just elected governor in 2022, no real washington experience. so i think it's both a political

choice that will appeal and a governing choice. >> we'll see if it pays any dividends. all right, we'll leave it there. we'll see you then. ira shapiro. when we come back, softbank narrowly swinging to a near profit and unveiling a bum ber share buyback. we'll dig into the numbers after the break. we're back in two minutes. what is cirkul? cirkul is

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welcome back. this is "street signs." i'm dan murphy. your headlines today. first, novo nordisk falls after slower than expected second quarter sales. the company's ceo says he is not concerned. >> we had an underlying growth of 4%. we had 2% on the top, 4 on the bottom. i think that's a very strong upgrade, and, again, a sign of confidence in our ability to scaling so i wouldn't worry about the guide' going down. democratic presidential nominee kamala harris picks

minnesota's tim walz as her running mate to secure key votes in rust belt states. >> i learned the art of compromise without compromising my values. now vice president harris and i are running to take those very values to the white house. also today in the markets, the rally rolls on in europe on a packed day of corporate earnings while asia continues to recoup its losses following monday's historic selloff. u.s. opening futures pointing to a second session in the green on wall street. and soft bank eeks out a small net profit in the first quarter, boosted by investment gains of 1.9 million yen at its flagship vision fund. well, we flagged for you earlier we're seeing signs of a tepid rekochbry across the european market. london's ftse better than 6.2%.

we're seeing gains after what has been an absolutely roller-coaster week so far given monday's historic selloff. leading gains across europe are some of the majors here. smi up and better than 1.1% here and the paris cac up by 1% as well. the xetra dax up by 8 and the spanish ibex reporting a similar gain. it's a busy day across the market as well. we're seeing the market returned to the fundamentals rather than just by the technicals. german exports fell by 3.4% driven by weak demand in u.s. and europe. meanwhile europe's production increased thanks to strength in the automotive industry.

let's give you a look at siemens as well. siemens energy raising its full-year forecast outlook for the second time. it's coming in at 8.8 billion euros, the company posted a net loss in the third quarter but did say its auto backlog has hit a record. you can see the stock is down 0.3% commerzbank is down as well. net profit dipping slightly on the year to 538 million euros, but it did confirm its full year outlook. let's get straight out to our annette wie eisbock. >> programs there was a lot of

fantasy already in the stocks priced in. we had been up by 22% year to date. that compares to example the bank shares up by roughly 3.5%. a lot of optimism and also higher her firefighter her longer mantra for rates has been very positive, a tailwind for commerzbank share. that kind of thf thinking has changed as we know. clearly the shares have always been of the banks. profitability has always been dependent on higher rates because interest income is so important for the bank. they've cut m & a or baunking is severely down. their focus is on retail, and retail is not very profitable in germany. it's always a question to find balance between attracting

customers, but also on the profitable basis. on top of that comes the recessionary environment we're currently in in germany, and that, of course, is also a problem going forward. so we asked the cfo about her take on the economy and whether this is a concern to her also in relation to the bank. take a listen. >> it's the second year now that we don't see any growth. we have actually planned for that because we have been always very cautious also with respect to our assessment on the german economy this year. i think the best we have to offer for this year from our economy department was 0.3% gdp growth. now we're back to zero. the key question is it just pausing or a delaying recovery, or is it something which is more? that clearly has to do with the

fact that what is berlin doing, how much reforms will they now start, and how willing are they to put some changes into play? >> so the bank is also hoping to re-enter the dax, the benchmark index here in germany as soon as september, and that anticipation also has pushed shares higher. on top next to the earnings comes as well the fantasy around m & a, but analysts do think the shares are probably too pricey to make it attractive to have m & a action. the logical suitors would be unicredit or deutsche bank, and both don't seem to be interested. again, to sum it up, the bank has posted a very solid second quarter, but i guess the fantasy is for the story going forward

given that we're seeing rate cuts and hikes and perhaps more pronounced rate cuts than previously expected given what we're seeing in the economic picture in the united states, but also here in your area. >> annette, thanks so much for the update. always appreciate it, thank you. pushing forward and continental also in focus. adjusted earnings with recently implemented cost controls boosting numbers as well. cutting its annual outlook from weak america and north america, but this was in line with expectations. you can see the stock up 4.8. puma trading sharply lower amid lukewarm consumer sentiment and higher freight costs. the sports maker trimmed the top end of its ebita 2k3w50id answer after the metric came in shy of expectations for the second

quarter. maersk also in focus. it's recorded a profit of $798 million, the shipping giant confirming its full year outlook but also flagging level con taper demands could grow at a smaller pace in the coming quarters. the ceo said he is optimistic about the second half of the year despite what he called suspected challenges. >> things are looking up a lot stronger from both a demand perspective. we've had a very strong demand in the first part of the year, 7% year on year growth in the container traffic mostly because of low growth last year due to destocking and covid. they won't be there in the second year. the year on year growth will come down. but then it is pretty strong markets we're expecting. that is an important factor for

us. >> as we continue to track this recovery, here's a look at how u.s. futures are shaping up right now. the dow down by 233, the nasdaq up by 182 and s&p 500 up higher. remember the s&p started its week with its worst one-day selloff in almost two years. the recession fears are leading to suggestions that the fed has kept interest rates too high for too long. look, it might be soon, maybe too soon to say the worst is over for now, but look at this. we saw wall street managing to pull off the lows we saw this week. the dow up 0.8%, the s&p up and the nasdaq as well. let's get a look at the state right now. euro/dollar trading at 1.29.

just look at the moves we've seen in dollar/yen as that carry trade continues to unwind. yen now trading at levels that we haven't seen in quite a significant amount of time. and what a turnaround for that cur currency. meanwhile it's buying 65 cents as it stands. asian markets looking like this. shares in japan in focus, rallying here at the boj deputy governor came out and said the central bank will not raise interest rates if markets are unstable. it was basically a cold tow toll the face and a moment of relief for the eqequities. japanese markets have been on a roller coaster, seeing their worst selloff since the 1987 black market crash as well as the best day since october 2008. other major markets there in

positive territory. okay. let's move on. softbank has posted a net profit of 10.4 billion yen in its first quarter. that's well below its expectations. the japanese investment giant announcing plans for a share buyback plan as well worth as much as 500 billion yen. meanwhile sony posting a profit in its fiscal first quarter, up 10% on the year and narrowly ahead of estimates on strong sales of its image senses and games units. it sold units after cutting its outlook for the console in the prior period. i'm very pleased to say arjun joins us around the desk with more on these stories. walk us through what we're seeing on the japanese earnings front. the yen's been volatile. that impacts the companies and where the numbers trend, but what are you watching right now? >> yes, slightly bac

backward-looking. the weekend has been ultimately very, very positive. you think about sony. a lot of the sales are coming from yo it side of japan with the playstation and the u.s., its music usiness, its movie business. generally two different kinds of stories. softbank, of course, very much focused the tech investment, eeking out a small gain of about 1.9 billion yen. it saw gains in some of its chinese companies. others like auto, automation companies, companies booking gains from sales of shares of alibaba and t-mobile, which is something they've been doing.

for soft baifrpg the buyback has been a big story. there's been a long tale of pressure that has said how are you trading at such a discount to the total value of assets you hold from alibaba. they're trying to address that through the buyouts. sony, it was a story of beyonce and pay slaystation 5. it's secontinuing to sell softwe for gaming and the music industry. that was very much to beyonce's album and some of the other artists like sza and others. >> absolutely fascinating. i want to pick up on something about the vision fund. where is it centering now? i know there have been a lot of issues. what's the general feeling about

where vision fund is going and how it's going to be deploying capital into the future? >> yes. i think it's in a sort of transition at the moment, the vision fund. it went to sort of the end of 2021. she went into defense mode. they realized they made a lot of bad bets. they were cutting back on investment, trying to off-load some of the investments and get back on a stable footing. that flipped when the companies were going to go into offense mode and ai. he's spoken more about his vision of artificial intelligence and the way softbank could be a leader by investing in various concerns. they just acquired a company called graph core, a germany-based chipmaker. they see they can play this sort of ai trade at the moment. at the moment it remains very volatile. last quarter you saw a dip, a

loss in the investment fund. you've seen a gain. so it still remains quite volatile because markets are volatile. not just the public markets but the private markets as well. there are still a lot of questions over those at this point. so you're seeing that reflected in the volatility here in the vision fund, which the company's really trying to position here with the iowa focus. whether the market is released is another thing after the bad purchases. >> that's something that you wonder whether it will lean into it. arjun, i really appreciate the conversation. that's arjun at the desk with me here in london. up next, a new leader following the assassination. we're going to have more on the other side. stay with us.

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to geopolitics now and hamas has named its successor yahya sinwar to the haniyeh. for more on this i'm joined by our next guest. thank you so much for being here today. do you believe that iran and its proxies are preparing for a significant attack on israel? >> what we do know is this was first and foremost a huge intelligence failure specifically by the irgc for is mail haniyeh to be targeted in the heart of tehran. that shows the highest levels of infiltration. there will be a response. now they're going out of their way in terms of psychological warfare to cause angst in the region. whether it will be direct

str strokes from the iranian territory, we'll have to wait and see. let's not forget they operate the military operation, their proxies are all milimilitias, they're involved in asymmetric warfare. you'll see strikes, asymmetric warfare, terrorism, and more. >> quite a political change now that sinwar is the leader in hamas. what does that mean for talks and the release of hostages? is that a setback? >> sinwar himself has a very close relationship with iran. he has been on the ground. he is a hard line militant.

let's not forget he's not a moderate. this is a person who had a direct hand in planning the october 7th attacks and celebrated the october 7th attacks. will it change hamas' doctrine? hamas is a militl tear terroris organization. you can see sinwar moving closer into the orbit of tehran. is it going to make it harder for the release of the hostages? well, that's all in hamas's hands anyway. there will be no cease-fire until that happens. >> as we continue to monitor the impact and influence of the israeli proxy groups, i want to get your take on the western

things as well. there's a move that there's not bun enough of a pushback. where do western sanctions stand and are they effective and do they need to change? >> that's a very, very key point, dan. look, we're beyond sanctions now. sanctions need to be enforced. they're not being enforced. they're exploiting oil at the same levels as presanctions. but this is about military deterrence. it's gone out of its way to say void imposing military consequences on the military guard, which is behind mobilizing all of these groups from the houthis to hezbollah and us real and syria. of course hamas. the irgc believes it can get away with escalation without

facing direct consequences even when it killed three american soldiers. there were no consequences. even when it attacked israel. even in the u.s. said it was impossible. the reason it happened is because the israeli regime thinks it can get away with that. you have to change that. the u.s. has the means to change that. that must include and even now, the u.s. should be communicating, going out of its way to make it very clear if you strike israel, there will be direction military consequences, severe military consequences for irgc, including in iran. we're not currently seeing that. the failure to re-establish deterrence will only lead to more of these attacks, and my fear is when and if the regime in iran attacks israel, if there aren't any military consequences, expect this escalation to continue. >> why are we seeing this? is it because we're in a state

of political flux in the united states, the end of president biden's term, the unknowing candidate who's going to be leader of the u.s., whether that's trump or harris, whoo are we seeing a lack of influence in the last two months? >> two factors. let's not forget the biden administration came out with the political guff of ending the frufr wars, removing themselves out of the middle east and militarily and that created a vacuum. we saw that across afghanistan, in the middle east rj and right now in terms of the attacks against u.s. allies. but there's also another dimension here. the biden administration has gone out of its way it does not want to seek consequences on the ray gem in iran and that's shaping irgc's calculus, because they believe they've only got a few more months of this because if there is a change of the

administration in the white house like trump, they know the u.s. policy will change significantly. so the next few months are the best opportunity for them to escalate on all fronts. that's not just in relation to israel. expect nuclear escalation and a push toward weaponization. that's the real danger here because if they obtain a nuclear weapon, the escalation in the middle east will increase significantly. that's a situation that's simply not acceptable. that would be an ex-istential risk for those in israel and other people. >> thank you so much. we're back in two minutes. what is cirkul? cirkul is what you hope for when life tosses lemons your way. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the effortless energy that gets you in the zone. cirkul, available at

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global headquarters. i'm frank holland. here's your "five@5." the rebounds are trying to build gains in the first positive session as upbeat earnings take over recession fears. other in asia stocks are rising for a second straight day, adding to a market rebound from bear market lows. the key catalysts driving that this morning. we dig into the crypto market and why the recent volatility has