yeah. and that's all for this edition of "dateline." i'm craig melvin. thank you for watching. [music playing] ♪ you are live on cnbc. welcome to "street signs." i'm dan murphy. these are your headlines. first, losses accelerating in europe with banks 1% lower and dragging wall street into the red and as investors struggle to find their feet. and cnbc exclusive. jamie dimon still in risk of a recession this year.

>> and a normal credit picture does not indicate we're in a recession right now? >> not at all. right now it's just normal. >> right now, we're not in a recession. and siemens shares are down in the third quarter beat as the ceo strikes a cautious note on tapering demand. >> overall, we are quite happy about the quarter. we do confirm our full-year outlook, but we say that we will reach it at the end due to the difficult market environment. meanwhile, shares in warner bros. discovery slump in the trade echoing the write down despite the group's businesses turning a profit for the first time. welcome to the program. we are seeing deep red across

the european trading day today. i flagged for you in the headlines and the stoxx 600 is below the 500 level. markets are struggling to find the level after the turbulent week for stocks. remember, the stoxx 600 saw the biggest one-day gain since november driven by the banks. it is still below the 500-point mark after the monday sell down. market sentiment and direction for the european bourses looking like this now. when it comes to the overall markets, you see they are firmly in the red. the ftse 100 is down 1%. the cac 40 is down 1%. we are seeing the smi and ibx reporting 1% losses. dax is down 1.66% as well.

weak data from asia as investors continue to monitor the earnings flow across the continent. telecom is in focus today which we will unpack for you later on in the program. to sectors now. we did see banks leading sector gains yesterday up almost 3%. recording the best single-day gain in amount a year. that sector is down double digits in the last five days. you can see the sector is down 1.53% right now. indeed, not the worst perp former across the region, but one of them. technology down 1.81%. travel and leisure and telcos holding on to gains as it stands. let's get a look at the wall street session and another slide in u.s. stocks sending equities back to the lows we saw on monday. markets have certainly pared

back buets of the emergency fed cut. the dow and the nasdaq and the s&p seeing the fourth negative session in five. of course, traders are not quite confident enough to buy that dip and the focus is turning to weekly jobless claims out today which will be closely watched. you can see in the regular session, stocks firmly in the red. look at u.s. equities. we flagged this for you earlier in the day. only in the last couple minutes, quite a significant loss here with futures pulling lower. the dow down 100 points right now. moving on and jpmorgan chase's jamie dimon ceo says he does not see a recession. they now see a 35% chance compared to 1 in 4 previously.

cnbc's leslie picker spoke to jamie dimon and started asking whether or not he thought the fed can execute a soft landing. >> i'm fully optimistic we have a mild recession or a harder one would be okay. i'm very sympathetic for people who lose their jobs. you don't want a hard landing. does inflation get back to 2%? i'm kskeptical on that, too. the things that are inflationary are in the future. they haven't happened yet, but they will happen. >> dimon gave his thoughts on the size of the potential rate cut from the fed. >> the rate itself it not that critical. there would be a lot of chatter out. what is he thinking? maybe that psychological

effecting the economy. every day, 25 million americans go to work and jobs and take care of their families and kids and build up their house or change their jobs. it could be affected by 50-basis points? i don't think so. if they do it, i'm sure they have good reasons to do it and i'll reply on their instincts. i believe they will do it soon. they have more negative debt than they expected. all the expectations have been wrong, too. always keep that in the back of your mind. >> if they were to cut, does that risk more of a stagflation environment which is what you were worried about? >> no, no. stagflation is inflation with a recession. that may or may not affect that. it reduces the chance or the depth of recession. i don't know if it effects what would happen down the road in terms of stagflation. >> jpmorgan says 75% has been

unwound. returns on em, g-10 and global baskets have slumped one tenth over the last three months and cutting into profits since the end of 2022. i wanted to pull up two charts for you. the first is what we've seen on the nikkei 225 over the course of the last seven days because this is a week where we have seen the worst one-day drop on the nikkei since black monday and the week where we have seen the best single-day gain for the history. i think the chart tells the story. nikkei 225 closing down 7.4% below the 45,000 level and below 11% the last seven days. here is the similar picture in the united states. we have seen volatility coming back into these markets. the chart illustrates a

significant drop there. the dow and s&p 500 now down 5%. the nasdaq down by 8%. dimon also weighing in on the recent market turmoil. here is how he devised it. >> sometimes it is for good reason and sometimes it is for no reason. you saw this one that came way down and went back up. people are projecting and when they project forward, it affects the markets. we don't know if it is a hard landing or soft landing or all things in between. >> we havethe director of market and fund sectors at investment association. miranda, great to have you on on the show. >> thank you. >> you heard jamie dimon saying investors are overreacting to the volatile week for markets. how would you characterize the market sentiment? >> i think there is a lot of volatility as you alluded to.

one thing we can focus on is retail investors. if you are a buy and hold investor with long-term investors, you need to stay invested through volatility. there are a lot of economic indicators that people are looking at and i think uncertainty is difficult for investors. i would have to say that i think dimon has a point which is we shouldn't get carried away with the markets and think about the long term. markets do rebound. >> i want your take on how this recent market volatility is going to impact investor confidence and in particular, fund inflows the next couple of months. have we disrupted what has been a great year for stocks? is the party over? >> i don't think so. i think what we have been seeing is investor confidence improving and inflation come down. crucially, what we are looking at is the potential for central banks to cut rates. you have seen the rate cut in the uk. you have seen one with the

european central bank. in june, when we saw the market conditions in europe improving and the rate cut coming through, we saw a record inflow into european funds in the 868 million. i think we might see some risk-off for investors. we might see flowis coming back to fixed income. i think they believe banks will cut rates to try to kind of kick start that growth again. i think we'll still see a bit more confidence from investors. >> it is fascinating because a lot of the criticism levelled toward the fed this week is that it has not moved fast enough. the suggestion is that the fed is now behind the curve. what is your take on that and if we see the cut in september, what does it mean for global funds? >> i think it is an interesting one because what central bank do

is difficult. they have to look at different indicators. some of it is signaling what it is going to do. i think at the beginning of the year, the markets priced in rate cuts from central banks which did not happen. that didn't necessarily mean we started to see outflows from funds. i think we're pretty certain that we're going to see money stabilize. you are also looking at the uk situation where we have a government committed to economic growth and a government committed to fiscal responsibility. investors can see quite attractive company valuations. from the uk equity perspective, we have seen outflows. it may start to see funds looking more attractive as well. >> have we seen evidence of that with the boe cut? >> not yet. what we will be watching closely is the next quarter to see how investors behavior. >> okay. fascinating. the recent selloff driven by

partly concerns of the health of the u.s. economy and the weak jobs report, what does dealmaking activity look like in the united states as well? i know you are looking at this from a global perspective, what about this in the u.s. specifically? >> i think, again, there's been a lot of attention around the magnificent seven stocks. people seeing a lot of the performance on the u.s. market maybe driven by that. i don't really know what the outlook is for deal making, but what i do know is what we have seen in our data is people started to not put as much money in north american funds in the second quarter because the market was getting to certain highs. what we have seen is global equities really taking in the majority of flows and that diversification piece and investors looking for the risk. fixed income is much better seller in 2023 compared with equities.

>> and speaking realistically, what are the funds, i guess, that would expect to deliver in the new market environment we're operating in? >> i would be a very rich woman if i could put my finger on that. >> sure. >> i think it is not about trying to pick the right funds to deliver returns. it is looking at the investment goals and thinking do i want to take the risk and cope with the volatility? how can i balance my portfolio in the right way? we have seen people putting known money market funds. they are looking to me if we are seeing tax cuts later in the year and i'm talking about select funds and how do we deploy those? there will be tactical opportunities through the rest of the year, but what those are, you know, i couldn't say. >> it remains to be seen at this point. before we let you go, miranda, any thoughts on the biggest

risks that investors are facing right now? is there something on your radar that is worth mentioning in 12k3w4. >> for me, the biggest is investors putting in cash. they will not deliver the kind of returns they could getting invested over the long term. that's my worry is investors think i'm going to move my money into cash and i don't think that's the right call. i think stay invested and ride out the volatility and deliver those long-term returns. >> fascinating. miranda, thank you for joining me. miranda, the director of fund sectors at the investment association. stay with us on the program. up next, siemens sees a nearly 50% rise in quarterly profit. annette has been speaking to the ceo roland bush. stay with us for that interview.

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welcome back to the program. siemens has confirmed guidance for the full year after net

income of 2.1 billion euros. total third quarter came in below estimates in the same period last year. annette weisbach joins us. what do you have to say about the company and the outlook? >> reporter: it's an interesting one because we have to talk about macro, but we also have to talk about the underlining industry trends which are electrification and digitalization and automation of industry processes. these are the main three mega trends if you want a.i. as well for siemens. two of them are working very well which is electrification and digitalization. they offer products or smart infrastructure to companies and

also governments across the world. the only weakness or weak spot is automation. that is mainly on china. perhaps if you look at the outlook for the business, that's also the only part where the infrastructure where they think it is the lower end of the guidance range they gave before. it is a mixed bag, but the tennesseet tendency on the positive side. let's listen into the ceo mr. bush for the outlook for the year. >> we have a difficult macro and market environments. we grew revenue by 5%. profits grew 11% to $3 billion. we are very happy about it. net income grew by 48% to over $2 billion. this is a very, very strong performance in the quarter.

it was mainly driven by a smart infrastructure business, but also really a couple of very large software license deals which we could close. all in all, we are quite happy about the quarter. we do confirm our full-year outlook, but we say we will reach it at the bottom end due to the difficult market environment. all in all, we feel that we have the right portfolio. we can super charge it with a.i. to really help our customers to make their sustainability tr transformation and digitalization. overall, we are looking forward to what comes. >> reporter: and in a nutshell, it is with other companies that part of the business is facing a very challenging market environment because clients have loads of stocks and they de-stock before ordering new product or new business

solutions. that is what happens in smart infrastructure partially, but also in the business of digital industries where the automation parts sits. perhaps we listen in again to what mr. busch said about the outlook, especially when it comes to the chinese market because that has ripple-on f effects to other regions of the world. >> if we compare to the topix which we have is weak ness on te market and industrial market which system pwhich is impactin our side. we have the de-stocking problem. we had three years of outstanding high revenue. we grew quarter by quarter by some of 60%. there is a lot of stocking build up which has to go out before we come back with higher growth rates there. this takes time, particularly if the market is weak.

this is not only china, but china has knock-on effects in germany and italy. that takes a while. this is particularly in industries where we are strong which is discreet industries and less process. this will go over. it's a temporary effect and we believe in the sustainable growth of this market. it's not a structural one. it's a temporary one. >> reporter: so, it's really if one may say, siemens is a bellwether for the real economy, but not only in germany because they are active everywhere. it is a bellwether across the global. if you look at the share price, that is an interesting story. they are down 7% year to date roughly and that, of course, reflects the fears of the hard landing recession. that is what the market has been speculating about with the huge

selloff reearlier this week on friday. siemens, as i said, are having the operations everywhere and they see what real clients do. we see that pronounced weakness in the chinese markets. that is what mr. busch was saying with the ripple-off effects with other markets, but we have the united states which is very strong, especially in the smart infrastructure business. in another partd o of the interview, he was quite outspoken that inflation has come back and central banks will start to cut aggressively because that will help clients and business across the globe provide economic activity. that is a proof point for the economy that it is high time for the central banks to start cutting. >> fascinating, annette. siemens is a great bellwether of economic activity. we appreciate that.

that is weissannette weisbach t. you can see ali lianz posti q2 net profits of 7.5% which beats expectations. the cfo telling cnbc the company is still battling inflationary pressures. >> we need to look at it by markets and line of business. indeed, the inflation we see in our business is still high and still disconnected partially from the inflation we see and particularly coming from parts of the hourly hours. we have repair. a lot of concrete details. we have to act. we are very cautious in acting the right way. i think our claims people do an outstanding job in trying to minimize the inflation for our

customers by taking a lot of actions to reduce the impact of inflation so we will minimize the impact of inflation in our pricing growth. meanwhile, zurich insurance shares post a profit beat in the first half and profits rising to $4 billion thanks to the strong business in the property business. the ceo says he is seeing changing dynamics in the key segments of the market. >> the property market has deconnected itself from the casualty markets and properties heavily dependent on whether developments and natural catastrophes. this will remain for many years. the property will continue to show price increases following

the weather manifestations. casualty is kind of a different story. it is less influenced by weather and more influenced by social events and social changes. so, the cycle in casualty is having a different speed and is shorter than the one of property. all together, the economies are moving and especially the transformation of the economies towards greener and more sustainable economies will require investments and will require reconstruction of the supply chain. this is boosting, also, our business. and deutsche telekom hikes the the full-year free cash flow boosted by strong growth in its key markets. the ceo of infineon looks to

malaysia to power transition net results. jp ong spoke to him. >> reporter: infineon is the up the largest facility to produce the high-end chips. these chips are more energy efficient making them ideal for data centers and electric vehicles. infineon is looking to look at the efforts to move up the semiconductor supply chain. how will this help the fortunes after a few bruising quarters with the slowdown of ev chips? the ceo thinks the growth may pick up soon. >> none of these trends like mobility or others will work out

along a lineal curve as many people always assume. there will be always ups and downs, but there will be growth. i foresee and other parts of the world. >> reporter: a key factor is how quickly malaysia can elevate the talent pool to drive infineon. malaysian prime minister thins his country is up to the challenge. >> our professionals and students with this capacity and the plan is with the ingenuity and now is the time for them to act. our role in the government is to f fa sill at tcilitate that proce them funds to elevate. this is not an easy task to fit

the requirements of the industry and particularly a.i. and digitalization which, therefore, would require again our capacity to be more innovative. >> reporter: exciting time for infineon and malaysia to move up the industry. only time will tell if the country can capitalize on this. for cnbc, i'm jp ong. coming up on the show, buyouts in europe hitting the highest level in two years. we'll discuss more with lucinda guthrie, head of mergermarket, on the other side of the break. stay with us.

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welcome back. you are watching "street signs." i'm dan murphy. first, losses accelerate and stocks tracking asia and wall street into the red as investors struggle to find their feet in a weak of volatility. and jpmorgan's jamie dimon

says the recession fears are raised this year to a 1 in 3. >> a normalized credit picture does not indicate a recession? >> not at all. it could get worse. >> right now, we are not in a recession. >> right. a live look at siemens shares down here despite the third quarter beat. ceo roland busch striking a cautious demand >> we do confirm our full-year outlook, but we say we will reach it at the bottom end due to the difficult market environment. and stateside, shares of warner bros. discovery slump with a $9 billion writeoff despite the businesses turning a profit for the first time. >> the value we are putting in the streaming service with "inside out 2" coming and the

shows coming, we feel we're earning pricing and we can take that pricing. welcome back. if you are just catching up, we are tracking further declines for the european benchmark indices right now. you can see that weak lead from wall street is impacting sentiment with the major markets recording a 1% loss here with the exception of the xtra dax down 1.8%. markets are struggling after a turbulent week for stocks. i know you don't need me to tell you that, no doubt, you felt it yourself. ne in terms of wall street, direction for the major bourses is felt by the negativity stateside and weak information from asia. let's get a check on what is happening across the currency trade. the yen has been in focus.

145.91 is the level right now. what a week of volatilityin japan. not just for equities, but also for this currency. euro-dollar at 1.09 and sterling at 1.27. here is a look at the european yields for you, too, and volatility in the space when we have been looking at what is happening here. in terms of the gilts and the bunds, you can see also on the move here with the ten-year bund at 2.23% right now. the ten-year gilt at 3.14%. overnight, what we saw was a bear steepening curve. we saw the ten-year now at 3.91%. at the shorte end of the curve, the two-year at 3.12%.

here is a check of the markets. losses are expected to continue when they get back on trading in the united states. the dow down 95 and s&p down by 10 points here. we are expecting wall street to continue to pull back when trading gets back under way in the united states. i wanted to flag gas prices as well rising to the highest point this year amid clashes with ukrainian and russian forces on the border town. confirming that gazprem reporting those attacks. meanwhile, uniper increased the provisions to 3.4 billion euro as it aims to repay more state aid. the german firm which was bailed

out by berlin in 2022. oil prices in focus and marginally lower today snapping a two-session win streak as tensions in the mid east continue. brent crude is sub $80. wti at $70.09. both contracts down .3% as we speak. uk home builder persimmon is confident it can meet the top end of the guidance after beating estimates on pre-tax profit in the first half. the company said it is encouraged by the early announcements by the labour

government and cited uk as a further tailwind as well. the uk competition watch dog raised concerns about the home builder's acquisition of redrow after phase one of the investigation into the deal. the competition and market short has given the companies until the 15th of august to address five key concerns. the ceo of barratt said they are confident the deal will be approved. and european buyouts have reached the highest half year volume since 2022 rising 168% on the deal. i'm pleased to say lucinda guthrie is here with me. thank you for being here. >> thanks for having me, dan. >> first, what is most interesting here, we haven't seen just an increase of volume of dealmaking, but value as well. what is driving this trend?

>> what we had at the beginning of the year was an expectation of a number of rate cuts. that boosted confidence in the market. as we went into the second quarter, that shifted over to the private equity space and we saw debt markets easing and there's also pressure on private equity to put capital to work. we started to see much larger transactions in the buyout space. that's really what is driving those volume figures you have there. >> fascinating. take me inside some of the deals. what are the sectors seeing the buyout activity through the course of the year? >> technology is obviously booming. if you look at darktrace, that really -- that transaction summarizes what we are seeing here. there is huge interest in cybersecurity. it is a multibillion pound buyout.

it is also ale listed company. seeing that public-to-private transactions, that is a sign of confidence i mentioned and the sign of the buy activity coming back. >> what do you think the market act activity we have seen this week for the deal flow moving forward? i sense we see a huge sense of sentiment. i feel that will impact the private space as well. the question i asked earlier is the party over now? >> you know, every day we're seeing these huge shifts. one of the things i was talking to with my colleagues yesterday about is is there really anything behind the market shifts? you had the bank of japan last week and the u.s. jobs numbers. there are a few more key events that could come up. we've got key earnings from walmart and nvidia, because, obviously, that will give us a sense of what is happening with

the a.i. bubble. but so far there's no spmoking gun. my question is are we in silly season or when we come back in september, when everyone comes back from holiday, will this persist? if it persists, it will impact funding and it will impact transactions. it will really impact deal flow. my hope is that this is an august blip and we will all go back to dealmaking in europe. before last week, we had a great pipeline. >> what do you feel would support the deal making for the year? intere interest rates in the united states or beyond despite the concerns this week for the

global output? >> obviously, we had rate cut expectations normalize through the year. the thing for me is the volatility in the market is obviously crucial. we have to find out whether this is going to be uss established or not. if we do see further rate cuts, that will absolutely generate more deal flow. one of the interesting things in this report is we did see more of the large cap deal flow. when you look at the deal count in a number of areas, it is not such a huge uptick. the driver of the numbers was the large cal cap transactions. we will helpfully see more rate volatility in the market. >> you spoke about the volume and value of the deal flow and the roej egions it is coming fr. what do you know? >> you raised an interesting point. at the moment, although debt

markets have eased, it is still expensive to get financing. we are seeing more creative structures. it is not unusual now to see the direct lending within the structure. on the equity side, what i've noticed is now you will see private equity with a sovereign fund on the ticket. that is because they have to put larger equity check into the transaction and fundraising is difficult and having that partner hi partner helps you on that side, too. you are seeing both in europe and in the u.s. on the larger deals, you notice that you actually haves that sovereign wealth funds named on the ticket. >> i think we call that spreading the risk. anything else we should be watching? >> i think in terms of future deal flow, depending on what

happens in the markets, i think i'm really optimistic -- well, hopeful we go back into the pipeline and we see more activity in the uk listed public-to-private space because we did have a lot of interest in the british listed only from private equity. my hope is that we'll get back to a place where we can actually see those deals come to market. >> a bull among the bears. thank you for being here today. >> thank you. >> that is lucinda latest. stay with us. disney confirming a profit for the first time while the streaming comes under pressure. we'll bring you all the details coming up next.

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get the fastest connection to paris with xfinity. welcome back. warner bros. discovery shares slumping almost 11% in extended trade after the media giant booked a $9.1 billion impairment

charge on the tv networks. missing expectations for the second quarter. >> warner bros. discovery missing on the top and bottom line as the company takes a $9.1 billion writedown of the lineal tv networks. the ceo acknowledging what he called tough conditions saying the write down better aligns the company with the future outlook and they always thought this would be a multiyear transition to respond to an ongoing generational disruption to the media industry. the company is adding a better than expected 3.6 million subscribers, but the losses were larger and revenue declined 6%. for the focus on digital, the media giant an dragged down by the linear assets.

david sazlav said he wasn't going to speak to any specific piece of ip or content. julia boorstin, cnbc business news, los angeles. disney beat the third quarter estimates as they combined the streaming businesses turned a profit for the first time. hulu and disney reported $47 million with the more than $500 million loss in the same quarter last year. shares in the eowe entertainmen giant warned of a decline in the theme park business. the theme parks are filling the pressure from the softer consumer demand. >> the consumers are more stressed. they're dialing back and watching dollars more. at the same time, rs are travel.

we feel they womenill come back. one of the things about the business has terrific ip. it tends to get hit late and less and it recovers early relative to the other theme parks out there. >> for reaction and analysis, let's bring in kyle at finema. kyle, great to have you here. first, what wient on with disne? why did investors sell the stock? was this just a case of, you know, otherwise okay earnings on the bad day for the market? >> good morning, dan. thanks for having me. you're right about disney. the headline numbers were ahead of expectations. as you said, the company is now looking for 30% eps greowth for

the year up from 25%. with the stock down and under performing the u.s. stock market as a whole, i think it speaks to what we are seeing throughout the earnings season which is the earnings has mattered less than previous earnings season, this week in particular, other drivers of the market moreover. what you see is companies that are beat are rewarded less. if you look at earnings season overall, companies have issued forward guidance and reducing the eps rather than increasing which is a little bit of a negative earnings season than we're used to. >> with disney, the issue with the theme parks is clear and evident as well as the linear tv side. streaming is s growth is an iss.

what is next for the business in your view broadly? >> i think it certainly is a challenge on the subscription side. warner bros. discovery, with the trouble there, growing subscribers on the streaming business. what i find interesting about the opportunity for disney and across the consumer piece in general is, i think we're being probably a bit too pessimistic about the consumer. yes, you know, we are seeing data over the last few months showing they run down the pandemic savings finally and increasingly relying on credit. obviously, inflation has, although moderating, continues to bite with the prices higher. with the job market recently, disposable income has come under pressure. we have been here before. this time last year, we were having a similar conversation

about the capitulation of the u.s. consumer. you know, that didn't happen and i don't think this will happen here. i think the u.s. will surprise to the upside across disney's businesses and that's partly because, you know, rate cuts are all but certainly nailed on for the rest of this year in the u.s. and that will ease financing conditions and the credit. not have a knock-off effect and we have seen that in terms of mortgage rates and housing market. the overall wealth effect from the stock market means consumers will feel a bit better and continue to spend. >> we will watch that space. carl, i want your take on what is happening with regards to market sentiment and direction now particularly as we track into the resumption of the wall street trade here. why do you think investors are not confident enough to buy off monday's lows? we have seen volatility in the market this year.

obviously, asia and europe pulling back today. u.s. equities firmly in the red now. what's going on? >> a lot of moving parts and that's been the case the entire week. jpmorgan said they think three quarters of the yen carry trade has unwound. people are waiting for the shoe to drop there. retail investors and what we have seen in the conversations we have been having is thinking long term. some are thinking about buying the dip. they haven't been as quick to do that this week as they have in the past. i think they started to think a little bit long term. the dollar cost average they make regular purchasing into the markets. they have not been as reactionary as in the past. perhaps that is one small element. there's a lot going on with the institutional side and people still need to work through and,

you know, find the level at which they are willing to buy. >> fair to say. do you believe the highs are in for the year? at least on wall street? >> yeah, look, i think it's tough to get excited about dra ma matic upside from here. through the first half of the year, everybody has been rising their s&p 500 targets and probably turning a corner and starting to moderate or at least see very little upside from here. it is hard to disagree with that. i think on a multiyear view, if i take big tech and a.i. and mag seven, this is super attractive. whether or not there is dramatic upside from here through december is still the question. from the retail investor point of view, where you have the 31st as your do or die moment in

terms of performance, you can look over multiple years and on that basis, i think markets, stock markets are still attractive. >> we will continue to shift through the news flow. we appreciate your analysis. carl at finimize. before we go, let's look at european markets. it is a firmly down day across the continent. major markets still in the red. the smi down 1.37 leading region equity losses. u.s. looking mixed. nasdaq higher by 23. the 500 and dow in the red. enjoy your trading day ahead. i'm dan murphy. stay with us. "worldwi ehae"s nt.dexcng iupex

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it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." failure to launch. the wall street bounce back is fizzling a bit as tech is hit again. stock futures are under pressure. jpmorgan is the latest to throw cold water on the soft landing. jamie dimon is seeing uncertainty. japan risk take two. the worries that the carry trade is back, at least for now. plus, a big write down has warner bros. discovery