that's all for this edition of "dateline." i'm craig melvin. thank you for watching. [music playing] ♪ welcome to the program. this is "street signs." i'm dan murphy with the headlines. first, european majors are tracking rhigher. plus, the international energy agency maintains down beat forecast on the oil demand on the contraction in china with

global demand set to rise by 1 million barrels per day this year and next and supply ticks higher. donald trump talks tough on immigration and attacks the biden administration handling of the economy in the free-wheeling conversation with elon musk on x, but it is marred with difficulties. and pandora hikes the guidance this year with the standing weakness in the wider luxury sector. the ceo is telling cnbc he is optimistic on the future. >> there is a lot of good momentum underlining in the brand which is driving brand desire and the brand metrics going in the positive direction and that is generating traffic. then we can post good numbers. great to have your company this hour. let's kickoff with breaking news in the oil patch with the latest

oil forecast from the iea. of course, this is very closely watched. basically the outlook for global energy demand is unchanged from last month. growth is now projected at slightly less than 1 million barrels per day in 2024 and 2025 with chinese oil demand a primary concern. this is something we've been talking about in the oil and energy sector for the last couple months now. the iea saying and i quote, oil markets have presented olympic levels of volatility in the recent weeks after prices tumbled sharply lower in july and early august. what is driving this? the iea is pointing to several factors, first the health of the growth economy and the chinese rates and the yen carry trade and the reverse of trade. it said the geopolitical tensions in the middle east have

helped to backstop. what's also interesting here is we saw opec revising down the 2024 and 2025 global oil forecast which is really a reflection of the cooler economic outlook. of course, the gap between these two forecasters is wide with opec maintaining growth rates above the iea. brent crude is down by .50%. wti at 79.63. down .54. we are watching the middle east to he see what happens next in the market. that's the latest on the iea and opec. we will unpack that later in the program. le let's get you a check of the

program. holding above the 500 level. we have seen stabilization within the equities as markets continue to recover from the significant losses of last week. let's also give you a breakdown of the major bourses are trading as well. when it comes to the overall direction of market here, it is the spanish ibex leading w wiwi with .50% increase here. we are seeing broad gains. london's ftse holding above the flat line. fresh data on the unemployment rate which fell from 4.2% from april to june. that under shot the forecast of 4.5%, but still down from the two and a half year high of 4.4%. the numbers moving in the right direction. we will unpack what it will mean for the boe. the paris cac is .2%. let's break it down by sector

for you and with regards to what is moving here, look at this. you can see travel and leisure is leading the momentum to the down side here pulling market off by 1%. basic resources, media and autos also weaker. autos below the flat line. equities moving higher. not too much to write home about. financial services, of course, in focus as we monitor the rate outlook. you see up by .7%. the lead from asia was positive and the focus on japan. the nikkei 225 up 3.45%. a significant move to the upside. that market also continuing to show signs of stabilization and above the 35,000 level as well. with regards to what we saw in asia, of course, the momentum on the nikkei driven largely by technology and financial stocks

rakuten leaping 9.2% and 6.3% respectively. hang seng alongside the shanghai and the kospi with the 0.12% rise. keeping a close eye on what is happening in iasia. chinese government bond yields are driven by weaker gains. on monday, we saw the ten-year treasury futures marking their worst day in 17 months. states banks selling off longer bonds at the start of the week and on friday, the pboc will increase the buying and selling of government bonds in its open market operation. that is a really interesting story to watch. meanwhile, closer to home, let's look at european yields and treasuries have been faring here and with regards to the outlook, you see when it comes to the

european equity picture here, the ten-year bund yielding 2.22%. we are seeing yield compression across the other major economies. over in the united states, as well, the ten-year at 3.90%. the short end at 4.01%. the focus is on the upcoming data, particularly cpi and ppi on wednesday and tuesday for clues on what the fed will do with the direction of travel within the fixed income space. last week's market volatility saw the ten-year yield fluctuate significantly. initially falling below 3.7% as investors saw a flight to safety at the beginning of the week. you can see that really being reflected in some of the moves we saw here. of course, yields above 4% on thursday before paring back and

the bond market looking to stabilize for a fed soft landing, but stay on high alert for potential risks. we are going to unpack this through the course of the program. it is really a coin toss if the fed will cut by 25 or 50 basis points at the next meeting. our next guest says the market is pricing in too much from the fed in rate cut expectations and says the base case is 25 basis point cut next month. we have kumar here at the desk at jeffries. welcome to the program. >> thank you. >> let's unpack what you are trying to explain here. the base case is a 25-basis cut point in september and 50 basis points for the year. why? >> first of all, we were talking about the moves we saw last week. to me, it was above positions and technicals. it was not fundamentals. let's look at fundamentals.

we had a weak unemployment rate. if ied had that on a 20-year ct or a 50-year chart, that is not in line with a recession. we have recession of 6% or 7%, but not in the 4% handle. when the fed meets in september to decide to do 25 or 50, i do think they will cut, but from powell's perspective, yes, we have unemployment creeping up slightly, not consistent with recession, but inflation is sticky. if powell six months down the line cuts 50 basis points and inflation starts going up next year and unemployment rate is below 5%, it will be seen as a policy error. in my mind, i'm not in the coin toss camp. i'm in the camp it is 25 basis points that there is no need to deliver a 50 at the september

meeting. >> i think the conversation of the 50-basis point move came at the height of the market volatility last week which is why we saw market pricing shifting so much. it is unexpected to see such a significant move and 25 does appear to be the base case now as you look where markets are moving and you have been suggesting. walk me through how you see yields moving from here? i flagged earlier we are not too far away from that now. what is the real value in your view? >> to me, ten-year yield between 4% and 4.25%. the market was pricing in at the height of the 120 basis points for the year. now we are pricing in 100 basis cuts for the year. still too much. my consensus is 50. let's say the fed cuts in

september and december. 5:00 50. to me, the biggest is the front end of the curve. >> should you continue to rally in rates? >> absolutely. i think the front end and the december pricing of the fed funds. >> fascinating. traders are looking for recession signals here. what is going to happen with the cpi due wednesday? are we in for a surprise? >> what market really wants is something close to consensus. liquidity is very thin. we should not forget. it is august. a lot of people are on holiday. people want consensus number and we can go back to normal. i think a surprise in either direction is bad for markets. if you get a higher cpi number, rates will st. loelloff.

what we want is bright consensus. >> and jackson hole also follows the cpi print. what is the messaging you expect to hear from powell? it depends on the data we get from cpi and ppi. >> to me, jackson hole is the important issue for the next few weeks. he will indicate that they are getting more confident that they are ready to cut. they are closer to a cut, but no need to panic. that is exactly the message that powell would like to deliver. >> are there any other data points you are watching? we mention the inflation outlook. >> to me, employment is more important than inflation. if you look at the end of july, we had ism and payrolls which were the big movers. initial jobless claims has become very important. even last week, we saw initial jobless claims move a lot. the initial jobless claims data

and the payroll report that will come early september is the most important data point to watch. >> watching that closely. before i let you go, european yields are in focus. uk labor market data on watch. we have seen that move in the unemployment rate. your thoughts on some of the key euro yields to watch and what's on your radar? >> on the front end of the curve, our view is ecb cuts in september very much like the fed at 25 points and another cut in december at 25 points. if i think of the bank of england and the data that came out this morning, it is consistent with the next cut coming in november. the next base days is the cut is coming, but shallow rate cutting cycle. bund yields around 220 to 240 level. >> fascinating. i wish we had more time. thank you for coming on today. we appreciate it. >> thank you. >> that is kumar, the chief

economist for europe over at jeffries. stay with us on the program. on the other side, iea and opec is divided on the forecast as the middle east tensions ratchet up as we look cdetoru. stay with us.

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ukraine's air force says the entire country is under fresh air raid alerts after kyiv says forces control 1,000 square kilometers of the kursk region. the governor says the ukrainian army has advanced 12 clkilomete into the area. nbc news has not been able to confirm the scale controlled by ukrainian forces. meanwhile, russian president vladimir putin saying the move was intended to strengthen kyiv's position in future peace talks with the help of western masters. he also accused ukraine of attracting civilians.

>> translator: it appears the enemy is aiming to approve the negotiating position in the future. what negotiating can we talk about with strikes on civilians and civilian infrastructure and threats to nuclear facilities. >> silvia amaro is joining me around the desk. silvia, you have been following this story the last 24 hours. significant move from ukraine designed to build leverage here. >> 100%. it is the new chapter in the invasion of ukraine since 2022. this is, of course, very important because it is putting pressure on the russian side because what we see from ukraine is building pressure to force russia to the negotiating table. let's see what will happen. let me give you the updates of what we are seeing on the ground in terms of ukraine making further gains into russian

territory. according to officials, they have captured 1,000 square kilometers of russia's kursk region. we are keeping an eye there, but nbc news has not managed to confirm the developments on the ground. this is what we are hearing from ukrainian officials. at the same time, russia is going ahead with a tough response. worth noting overnight, new attacks on ukrainian oil with russian attack drones and missiles in the kyiv region as well. what we're seeing is a new escalation into the war and yesterday, we got to hear from the ukrainian president volodymyr zelenskyy addressing the latest moves from the ukrainian troops into russian soil. >> translator: it is only fair to destroy russian terror where they are and where they launch the strikes from.

russian air fields and logistics. russia must be forced into peace if putin wants to continue waging war so badly. >> i also like to share this comment with you from the u.s. official that was in kyiv yesterday. the republican senator lindsey graham said what do i think about kursk? bold, beautiful, brilliant. keep it up. we are hearing support from the u.s. lawmakers in this context. we know the u.s. support is critical for the life of ukraine. let's see what will continue to happen. know that a very important new chapter in this war. >> absolutely fascinating. also, the ukrainians using with the backing of the west, u.s. and other european-made weapons on the ground in russia. silvia, thank you. silvia amaro. moving on. u.s. crude topping $80 a barrel after the pentagon dispatched

more forcescipation of the attan israel. the wall street journal reported that israel has put its military on high alert. it comes as u.s., france and germany issued a statement calling for deescalation in the region. oil is paring back gains after opec cut the demand forecast amid weakness in china. they expect global oil demand to rise by 2.11 million barrels a day this year down from 2.55 million. contraction in china capped gains according to the iea. the agency now predicts demand will rise by less than 1 million barrels a day this year and in 2025. reaction and analysis to the

reports and i'm pleased to say marttin ratz is joining me from morgan stanley. >> it is note worthy the range of demand estimates that exist for 2024 is light. you mentioned the range of estimates and the iea is the lowest in the forecast of 1 million barrels a day of demand growth. the opec secretary with 2.1 million barrels a day. that is spread of 1 million barrel is wider than it has ever been. most have been in the middle. i find both estimates unlikely. the spread is very wide. having said all of that, it is true that the demand growth is decelerating. the recovery with a strong post-covid recovery.

the demand of the summer is not living up like a couple months ago which suggested this could be a really strong summer. that is also not quite happening. i would suggest that the iea is more on the right track than opec with the numbers on the whole and demand estimates have been coming down. >> there is a lot that divides iea and opec, but the one thing that divides them is china. both with the deteriorating economic outlook. do you share those concerns? what should we expect to see in the growth story in the next 6 to 12 months? >> when it comes to oil, there are a few things happening in ch china that all of a sudden come together that created this significant change in the ex trajectory for oil demand. the back drop of slower growth at the moment and future in the past.

it is one of several things. we are also seeing a significant uptick of electric vehicles. that means gasoline demand still has some growth left in it. we are approaching the peak with the gasoline demand with the electrification of cars. it also plays a role is substituting diesel for instructing by natural gas. given lng prices recently have been quite competitive, it's become more economic in china to buy lng fuel trucks rather than diesel fuel trucks. lng substituting for diesel. that is a headwind of 150,000 barrels a day in this year's demand growth. then, china seeing strong years of expansion in the petrol chemical industry. that is significant amounts of oil. petrol chemical markets are

weak. that expansion is slowing down significantly. when you add all that up, the broad economic growth picture, of course, but electric vehicles and lng into trucking and petrol chemicals, you end up with the slowdown in oil demand that we are now seeing. >> one thing we've also been unpacking with experts and analysts the last couple weeks is the geopolitical risk premium. how do you see the middle east tensions moving prices forward and what is the risk premium in your view? >> yeah, much more at the moment than in the past. i think many of us who have been watching the oil market for a good while are surprised how little geopolitical risk has actually moved the price. i would say there are two important reasons that explain the lackluster of geopolitical risk and oil prices at the moment. first of all, opec has quite significant amounts of spare capacity. estimates very little bit.

by and large, saudi arabia, emirates combined with smaller levels of spare capacity in other countries, opec has 5 to 6 million barrels a day of spare capacity. that doesn't mean 5 to 6 million barrels is available. the oil market does get nervous below 2 million barrels. there is spare capacity on the sideline in case there is a disruption. the second thing that also plays a role is these days, we have radical transparency in the oil market. we can see the flow of oil all day, every day, through satellite observations with tankers and storage depots. we see there is no disruption to the flow of oil as of yet. this is very different from in the past if you roll the clock back 10 or 15 years ago, often, we were a bit in the dark on

what these political events meant for the flow of oil. these days, we can see there is no disruption. if there is no disruption so far and there is significant spare capacity on the sidelines, then geopolitical risk can impact the price of oil only so much. there is probably a few dollars in the price for heightened risk, but at the moment, it is probably not much more than that for these reasons. >> just very quickly, your update on what this all means for prices. i see your latest price call forecast here is $80 usd. $75 in 2025. why? that's basically where we're at? >> the price is many indicators. that supports prices in the 80s type level. hence the forecast for the third

quarter at $85 a barrel as we have it. however, it depends on the set of factors that are likely somewhat transitory. we are benefitting from peak demand. refineries are running hard and the opec policy is still in place and it will add oil back in the markets. as we roll the clock forward into 2025, we see opec growing supply and normal opec growing supply and demand is growing, but slower than in previous years. we suspect that next year oil inventories will build at a rate of 500,000 to 1 million barrels a day. the market will be in sur pplus. we don't see prices lower than the 70s. >> okay. fascinating look. we will keep watching it. martin, thank you for the conversation. we appreciate it. martin ratz at morgan stanley with the latest on opec and the

iea. stay with us on the other side of the break, republican presidential nominee donald trump sitting down for a wide ranging nvcoersation with elon musk hampered by glitches and technical errors. we'll bring you that in two minute. 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 walmart and drinkcirkul.com.

. welcome back to the program. dan murphy with you in london. here are the stories. risk-on sentiment driving the market forward after nikkei breaks above the 30,000 mark. u.s. futures in focus breaking the holding pattern ahead of key inflation data. the international energy agency maintains the downbeat forecast on the oil demand on the contraction in china with the global demand set to rise less than 1 million barrels a day this year and next while supply partticks higher. donald trump attack the biden administration on the economy in the free-wheeling conversation with elon musk on

x, but the event is marred by technical difficulties. and pandora hikes the guidance this year with the weakness in the luxury sectior. the ceo talks about the future. >> there is a lot of good under lining in the brand which is driving brand desire. we can see all the brand metrics going in the positive direction. that is generating more traffic. we are good at converting wherever you land in our platforms and we can post good numbers. great to have your company this hour. let's kick it off with the look at what's moving across europe. markets here moving broadly to the upside. when you look at the outlook, you can see in terms of the overall sentiment and direction, the dax holding gains along the spanish ibex and smi. we have seen the cac 40 and ftse mib slipping into negative

territory. the ftse 100 down 0.1%. the cac 40 and ftse mib recording similar declines. perhaps, just a slight shift in sentiment in the last 30 minutes. here is how forex markets are trading as well. we are looking at dollar-yen in focus the last couple trading sessions. moving lower at $147.01. the sterling at 0.17. u.s. equity futures also looking mixed ahead of what is going to be a critical day. not just the ppi, but the cpi to give us clues of what the fed will do. a hot print could, of course, keep the rates higher which would not be so good for the markets after the week of volatility. we are looking out to see what the numbers reveal about the state of inflation stateside.

the 500 and dow and nasdaq called higher here. the nasdaq better by 110. staying in the united states and in a wide ranging off-the-cuff interview with elon musk, donald trump decided to crackdown on little immigration and crack down on the biden administration over the state of the economy. the two touched on the assassination attempt on the gop candidate. musk, the billionaire owner of x, seemed to pitch himself for a role in the trump white house to oversee government spending. he said voters were pent-up with anger with democrats for having let inflation spiral. >> the thing that is making them angry is what kamala and biden did to the economy. it is disaster with inflation. >> meanwhile, musk attacked the

biden administration blaming them for the deficit hitting at record levels and offering trump advice. >> we need to reduce government spending and reexamine -- we need a government efficiency commission. >> the trump-musk interview started an hour late after glitches and technical errors. musk said the site had been targeted by a cyber attack. nbc news has not confirmed that claim. we have brie jackson with more. brie, what can you tell us? >> reporter: good morning, dan. so, many users said they did have trouble accessing the interview despite the technical issues, the event on x did draw more than 1 million viewers according to the platform tally. during the hours long conversation, former president

trump spoke about the economy and education. among other things when talk with the tech billionaire, musk, the former president trump talked about the assassination attempt. he said if he was elected to a second term, the u.s. would have the largest deportation in history. trump laid out his agenda which included closing the department of education and moving that responsibility to the states. the former president also blasted the harris campaign as well as president biden during that interview. >> brie, i thought it was absolutely fascinating as well. we have seen reaction from the harris campaign, too. what are they saying about the tie-up with trump and musk? >> reporter: so, dan, the harris campaign released a statement calling the interview last night unhinged and stating that

trump's extremism and 2025 agenda is a feature, not a glitch of his campaign. this week, we do expect vice president harris to unveil her polic policies. if she does launch the white house in november, she energied parts of the democratic coalition. she is actually leading in some polls. the harris-walz campaign is looking to take that energy into the convention next week. >> that's brie jackson of nbc news. thank you. the presidential race is an even contest after harris saw polling gains in recent days. analysts at the wall street lender say the democratic sweep would likely lead to fiscal policy changes and raising taxes on households and companies. the scenario of the harris win

with the divided congress would result in much less change apart an of expiration of tax cuts in house holds. we have amy, a republican strategist, and former nevada republican chairman, joins me for insight and analysis. amy, thank you for being here. let's pick it up where brie left off. the conversation with musk and trump. a vanity project of musk and a two-hour free advertising project. >> i actually didn't learn anything new. it seems to feel pretty similar to one of his rallies. he was definitely in his element. you could tell he was enjoying him himself. he was haobviously in a safe environment since musk endorsed him and doubling down on his

endorsement last night. i think you mentioned he got two free hours of advertising which could, depending on which part of the nation, upwards of thousands if not millions of dollars worth of campaign contributions. i think for team trump, they probably viewed that as a win. unfort unfortunately, if you are somebody who tuned in and were on the fence or if you were just somebody that was just curious to hear what he had to say, but you already made up your mind, i don't think it really changed too many minds. >> not changing too many minds here. let's get down to what the numbers are actually saying here because we have reported that polls now show harris leading trump in key battleground states. also, very close attention being paid to this financial times university of michigan law school of business poll which found 42% of voters believe harris would handle the economy

better compared to 41% for trump. it is important that trump leads in some surveys, but this is problematic for the republican campaign, is it? >> it is because it is not just the economy, but broken down to demog demographics. she is leading with women voters and younger voters. those are two areas that trump has struggled with even in his first campaign. he seems to not have bounced back. i think with the pick of his vice presidential nominee, jd vance, and his unfortunate comments that have come to the forefront, attacking women whether it be on reproductive rights or whether it be on, you know, statements of that women should stay in unhealthy marriages even if they are violent for the children, these are not helpful at all for the trump ticket. he has an uphill battle.

whether if you agree with harris' policies and stances or not, you are dealing with voters who are going to rely heavily on single issues like abortion or you will have voters who are more concerned about how do you make me feel and it will be an emotional vote. do you make me feel good about where i'm at or where we're going? do you make me feel happy if she is using coin phrases like freedom and joy. these are things that donald trump is not exuding. he is still coming across as somebody who is angry and focused on his degrieve anances >> i think harris has the momentum at this point. what is the republican strategy to try to turn this around before it's too late?

>> well, i think it was actually really smart when he was going into the national republican convention. he was actually -- he had the wind at his back and he was at the top. he was doing so well when he still had president biden as the possible democratic nominee where strategists were telling him wisely to remain mum and let biden just unfold on his own. so, he was doing so and he was coming across as a statesman. when we had the unfortunate assassination attempt, he came out on top of that as well as he was able to exude strength and power. but then as soon as the top of the ticket changed and it went to harris, he went right back to his old ways and unleash the verbal attacks and talk about things that don't matter to my

pocketbook or my family safety. he really needs to get back on message. >> amy, you have been doing this for a while now. give me your take where we go from here. what is the biggest wild card that could flip this election on its head? is there a looming election that could change the course for either of these candidates? >> sure. the top three are going to be the economy with inflation and illegal immigration and you will have the social issue of abortion. so, if team kamala continues to have these massive rallies and keep her on message using a teleprompter, she will do extremely well in a short amount of time. she hasn't had to campaign as long as trump has. donald trump will have to hone in on his messaging and stop with the verbal attacks.

that we he can get the soft democrats over into his corner >> we continue to follow the election trail. amy, thank you so much for joining me. i appreciate it. that is amy tarkanian. up next on the show, pandora shining bright. the danish jeweler raising outlook for the second time this year. we'll bring you the latest on the other side. stay with us. shopify's point of sale system helps you sell at every stage of your business. need a fast and secure way to take payments? we've got you covered. how about card readers that you can rely on? yep, that too. want one place to manage every sale from every channel? that's kind of our thing. whatever you sell, businesses that grow grow with shopify. to duckduckgo on all your devie

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welcome back to the program. that sinking feeling playing out across the european equity landscape right now. i flagged 45 minutes ago all the majors were in positive territory. not now. the ftse and the dax and ibex and smi holding on to modest gains. ibex with a .3% increase. not too much to write home about with local equity trade.

here is the fx markets as well. when it comes to the dollar-yen, this is the focus across asia. we saw markets in the region up today after the choppy session overnight in the united states. on the nikkei, we saw a rally for markets and dollar-yen here pulling back 147.82. euro-dollar at 107.09. that comes after we saw the number of people employed in the uk up by 97,000 in the three months to june coming in hotter than expected on the increase of 3,000. average weekly earnings were in line with expectations at 5.4% growth on the year. the danish jeweler posted a second quarter profit in line with expect taations and raisin guidance for the second time. it sees growth of 9% to 12% as

it expands the product range. silvia is back here at the desk. silv, sparkle and shine, i guess we say? >> we could. analysts are looking at the second quarter results and describing them as decent. the key take away from the results from pan dodora is the business is resilient. let me share the numbers with you. indeed, we heard pandora raising the full-year outlook. they are doing it again off the back of the results. when it comes to the operating profit, it rose to 1.34 billion danish krona. the ceo has been transparent about the strategy here. he did say they have invested heavily in marketing in store openings as well as broadening their range of jewelry. as a result, they have seen a decent second quarter performance. when we spoke with him earlier this morning, he did outline,

however, that going forward they are still looking at a second half of the year with optimism. >> we keep investing in marketing and we keep investing in stores and our staff. we keep investing in new assortment. you mentioned the lab-grown diamonds. that's one. we released pandora essence. there is a lot of good momentum underlining in the brand which is eventually driving brand desire. we see the brand metrics going in a possible sifitive directio. that is generating traffic wherever you land on the platforms. >> when it comes to the performance across the different markets, they are seeing strong results out of france, however, when you think about the performance in germany and china, analysts suggesting they disappointed a little bit there. they are seeing strong momentum in the united states. even though the business has

been more resilient than what analysts had expected, one analyst at rbc still has an under perform rating on the stock suggesting macro pressures could come in the way and adding further pressure to the business. again, if you listen to what the ceo said this morning, they are looking at the second half with optimism. let's see what's going to happen for pan dodora. not a bad time. >> not a bad time to be taylor swift. pandora is preparing for the eras tour in the uk. what can you tell me about what they're buying in. >> there are two rings that swifties are relating to the song in the "midnight" album. this provides a boost to the company because as we have seen with other collaborations that pandora had with disney, it goes to targeting a very specific audience.

we know swifties have a very important economic impact. one here for pandora to profit from. >> silvia, thank you for joining us. silvia amaro, a swiftie herself, on moving pandora. and brenntag has cut the full-year outlook in the competitive market. the german company beat second quarter profit. building a top and bottom line beat, revenue came in 1.3 billion euro for the period as the order book increased on the organic basis to 1.5 billion euro. the ceo says the company is benefitting from the customer efficiencies. >> we are in a new era because our company is looking to expand in north america or the middle east or get cost efficient like in europe. they are looking for focusing on

their core competence and core business. everything else they like to outsource. that is where we can support them. renk notched a record order intake for the second quarter beating the 4.7 billion euro. hello fresh posted better than expected expectations in the second quarter. quarterly adjusted profit fell 23% on the year, but came in higher than analysts expected. novartis lost the bid to block the generic version of the heart drug. the chance of winning the lawsuit was too low to continue, but told msn to stop selling the drug whul nowhile novartis

appeals. moving back to the u.s. we will get another look under the hood of the u.s. economy later today with ppi inflation data due at 14:30 cet. a 0.2% year on year jump in july which is the same as june. > that is not all. cpi numbers due tomorrow and retail sales and jobless claims. we will get the outlook on the u.s. economy with ceo jonathan gray from blackstone. do not miss that interview at 13:40 cet. we see european markets drifting slightly lower through the course of the session today and wall street seeing a choppy session overnight as well.

you see the markets are expected to continue to move higher when trading gets back under way stateside as investors are counting down to the cpi report. the dow and s&p 500 up this morning. as we look at the european markets, i flagged for you earlier the volatility over the last 15 minutes. the ftse 100 is on the flat line. the cac 40 with a modest gain. it is the ibex leading regional gains. thanks for your company today. i'm dan murphy in london. stay with cnbc. "worldwide exchange" is up next.

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it is 5:00 a.m. here at cnbc global headquarters. welcome to the "worldwide exchange." here is your "five@5." investors await two key inflation reports this week. rally on. stocks in japan surging as traders push the nikkei back to break even erasing what was the largest single day drop for that in index since black tuesday in 1987. and technical difficulties. the live stream conversation is off to a