024, he took his own. that's all for this edition of "dateline." i'm craig melvin. thank you for watching. ♪ good morning. welcome to "street signs." i'm dan murphy. let's get to the headlines. the positive momentum from wall street and asia with the latest pmi data showing france getting an olympics boost in august, but no medals for germany as it contracts for the second month. swiss re trades to the top of the stoxx 600 and net profit surges 44% on the year. the cfo says further price

increases should be expected. >> as we go forward, we expect people to continue to see the need for the increase and loading for costs. inflation has lessened, but not gone away. u.s. equity futures point higher ahead of jackson hole as dovish fmoc minutes and dramatic revision lower in payroll data means the fed will cut rates next month. tim walz accepts the democratic nomination for the vice president rallying the dnc in chicago. >> we're on offense and we've got the ball and we're driving down the field and boy cowe hav the right team. kamala harris has experience and kamala harris is ready.

welcome to the program. we begin with some breaking news for you. we are, of course, tracking what we are seeing with the eurozone august flash pmi numbers hitting the markets. services number at 53.3 versus 51.9 in july. taking a look at some of the other numbers as well, what we see is the composite pmi at 51.2. that is up from 50.2 in july. so, we are seeing services and the composite remaining in expansion territory. also looking out for some of the other numbers here as well. manufacturing here crossing at 45.6. that is on expectations of 45.8. so, we have seen markets moving off the back of this. you can see euro-dollar at 1.11 as it stands. we will be falling the full

implications of the numbers for you. clearly, also having an impact on equities and currency as we speak on what has been a really busy day so far on the data front. of course, we saw french flash services pmi hitting a 27-month high in august as olympics demand set a slowdown in manufacturing pmi. meanwhile, german business contracted for the second straight month with the pmi falling to 42.1. let's get a look of the markets trading in the thursday session. we are seeing european equities actually inching higher this morning as investors not just assess and absorb this data, but look ahead to jackson hole. a dovish set of minutes and a major jobs growth revision telegraphing chair powell for a revision when he meets peers in

wyoming this week. interesting with the commentary the last few hours, steven england saying that 50 basis points is still on the table in september if not soon after. let me take you to a closer look at europe right now as well and those flash pmis provided a mixed picture as we have just been been explaining. the composite in france coming in ahead had of expectations. as a result, the cac 40 is better by .2%. the german market holding up with a 2% gain. the london's ftse better by 3%. the spanish ibex up by .50%. markets are still in positive territory. looking at the sectors here and interesting to watch is retail. you can see up by almost 1% as it stands. it is our top performer today.

what we have seen is retail getting a boost by plus 5% gain in jd sports which announced a sales improvement. basic resources is down .7%. it is the loss leader right now. in terms of what else we are seeing, energy stocks weighing on the market here. you can see oil and gas down .50% as we see oil prices contracting for a fifth straight session. moving on, deutsche bank reached settlements with more than half of the plaintiffs in lawsuits accusing the firm of under paying them following the takeover the post bank. swiss re posted $996 million profit which narrowly was ahead of analysts expectations. and the british sports fashion retail company jd sports posted a boost in sales. suddenly helping the sector move

higher. and a net loss of 65 million euros for the first half of the year. let's give you a look at the u.s. equity futures shaping up here. markets are higher when trading gets back under way stateside. nasdaq up 33. of course, we did see wednesday trading marking the resumption of the recent rebound rally in the regular session as well with markets continuing to climb higher. of course, the federal reserve is on track for the september rate cut according to the july meeting which pointed to a quote of such a move likely. the move goes that the members would have backed a july cut, but decided to pass until summer. the u.s. revised down the 12-month payroll figure by

800,000. it is the largest downward we vision since 2009. the latest revisions by the labor department found job growth was 30% lower than first reported. the updated print fopoints to a weaker job market giving the fed the impetus to cut rates. for investors, it is not if the fed cuts next month, but how much. markets are pricing in a 2/3 chance of the 25-basis point cut in september and 1 in 3 chance the fed goes for a. all of this ahead for the jackson hole which kicks off today. steve liesman will be on the ground speaking to officials like jeff schmid and barker. a andrew bailey is set to speak after the inflation print came

in softer than expected. markets see a 30% chance of another boe rate cut in september with 50 basis points of easing this year according to lseg. philip lane is set to speak. it's under pressure to cut again as data points to souring sentiment. we are live with the senior economist at allianz here to unpack the recent moves. eurozone pmi, the drop last month suggesting a further weakening of economic activity at the start of the third quarter. you had a few moments to look over the latest data. what does it tell us about the state of play? >> it really seems in the eurozone, we see the divergence. in france, we had the uptick in services with the olympic effect. on the manufacturing side and also for the german print, for

example, we see it is worsening. we see a slowdown, again, in economic recovery. unfortunately, like the divergence with the big four in the eu, but the other countries signal basically that the economy is not recovering as we would have hoped for. >> just given the situation in germany and france, we are also counting down to the uk numbers today as well. do you expect the ecb to revise down near-term growth forecast in september as a result of what we are seeing as of today right now? >> yeah, basically, france overperformed in the q2 numbers while germany is the laggard. growth is very low. it is also low in italy. for france, it is a lot of the growth is actually brought in by that basically. is so, we see a positive movement on the one hand, but we also have this, i would say rather bad inflation print in

july and for the ecb, this basically means because we have this bad inflation print, we have the slowing inflation numbers. it's really a tradeoff for them at the moment. we really have to see for the august inflation print and see if the july print was rather structural. they will decide what to do in september. it is also, for example, in germany, the wage growth is still very high. this presses down on the services inflation. there is really two contradictory prints at the moment. inflation is too high, still, but the economy is slowing very much. this puts the ecb very much under pressure what to do because the slowing economy would actually call them into action and cut more in september. >> indeed. your current call is one more cut for the year. does that stand or will that also have to change? >> no, we actually count in one more cut. the question is really whether they go for the september cut

depending very much on the inflation print in august now. they will go for at least one more cut to try and stabilize the economy overall in the eurozone. >> i wanted to ask about the other risks out there. we are following the headlines because of the trade war between europe and china. do you see rising growth risks from international trade as well? >> yeah, so there is a risk, especially for europe and especially also for germany because we are very much intertwined with china. we have a lot of supply chain connection still with china. europe much for, for example, than the u.s. this tariffs on the evs actually put pressure on the -- on the trades marks. europe is very much dependent, especially germany, dependent on exports and also imports from china as an immediate product in the supply chain. this puts much more pressure on

the potential economic recovery than hoped for. >> one of the other things i've been following is the fact crude oil as of today is trading at the lows of the year. brent also just flipped negative ytd. i want your take on what this means for the energy related effects on energy. could we see further movement there on the inflation print as what we see in energy right now, is it fair to make that link? >> it is definitely fair to make the link to energy, but also the goods inflation part. what we see in general in europe is that energy inflation is already very low, so it came down massively from what we saw last year and the year before. obviously, the low prices in oil help there. so, maybe we can see that energy inflation will again go negative. it also has a huge impact on the goods inflation which already came down a lot as well because it obviously helps to make the

input prices for the goods a little cheaper. with that also should bring down the goods inflation even more. i think the worrying part is on the services inflation part which is very sticky and which might remain a bit sticky because of the still expected wage growth we will see this year. >> okay. jasmin, before i let you go, we are counting down to the uk flash pmi. any thoughts on what to expect? >> yeah, so, at the moment we expect for the uk probably we'll see a similar movement than in the eu, but i think the new government already established some measures and that will push through and lift the uk economy also out of the challenges it currently faces. currently, we expect more or less similar moves in the eu. moving forward, uncertainty has

fallen a little bit for the uk. so this hopefully will push the uk out for the moment. >> terrific. we'll leave it there. thank you for your analysis today. senior economist for europe from allianz helping us to unpack the data deluge today. and coming up, stepping up the defense spending, but what does it mean for the wider industry? we'll look at this on the other side of the break. good morning. what is cirkul? cirkul is the fuel you need to take flight. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul is your gateway back home. so what is cirkul? it's your

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welcome back to the program. in corporate news, deutsche bank said it reached settlements with half of the plaintiffs in the lawsuits accusing the firm of under paying them following the takeover of post bank. deutsche bank will pay out 45% of the 1.3 billion euro it set as aside. it will boost the quarterly pre-tax profit by 430 million euro. swiss re reporting second

quarter net profit of $996 million. the swiss re insurer backed the full-year guidance and said the first half performance was boosted by low natural an castro i castrophe levels. the cfo spoke out. >> we expect people to continue to see the need for the increase in the loading for costs. inflation has lessened, but not gone away. our model exchange, especially around the nat cat side where we see increasing damage from the co convexion storms, means we have to price a higher expected loss for the same sorts of geog geographies we priced in 2020, 2021 and 2022. as we do that, the price increases are needed as we continue to go forward.

>> the aegon insurer tops the first half operating costs at 450 million euro. speaking to the ceo, he looked ahead to the u.s. presidential race in november. >> we've held very constructive relationships from governments from either side of the aisle. obviously, what we would be looking for is increasing excess to retirement planning which has been, i think, increasing over the last number of years in the united states because of the secure act one and secure act two. we find it very, very important that more and more people have easy access to retirement planning. uk recruiter hays has full year profit on line with

expectations. they are set to deliver 30 million pounds of annual savings by 2027. the british sports fashion company jd sports posted a second quarter like for like sales. the company warned of the volatile macro environment adding it is auis cautious on outlook for the year. and silvia has been exp exploring the reasons and whether this demand is here to stay. she joins me around the desk. silv, what have you found? >> as a result, european governments have stepped up their investments in defense. that has also boosted companies and outlook for companies such as saab based in sweden which means this increase in military

spending means for companies. sweden is the poster child for one of the biggest foreign policy turns in modern history. earlier this year, the nation ditched its 200-year old policy of neutrality and joined nato. it's also increasing its military spending. this has sent the share prices from saab suddenly higher and made the defense sector one of the best performers in sweden this year. the ceo told cnbc impact on business. >> now we have to step up. so the demand is tremendous. i think it is quite long term. probably ten years or something. we will see. >> the demand looks set to stay with the european governments investing heavily in new defense systems. investors have not been ignoring this either and they are also

benefitting from access to benefits and funds and stocks and etfs. >> we're at a deflection point. defense is a social necessity. it's an area that spending is going to go up and it needs to be financed. >> ba systems, another big player in european defense, has seen demand increase due to regional escalations. the cfo said the complex geopolitical landscape will continue to drive growth longer. >> there has been a change in attitude. we see the role the defense companies play in protecting a free society. that has been a real profound change in how a lot of these investment and investors look at the sector. >> that shift in sentiment looks set to continue with a number of funds now including the defense stocks as part of their portfolios. however, some investors are wondering whether these companies have become too

expensive warning that defense stocks could be on the defensive again. defense companies in europe have seen exponential growth with the invasion of ukraine by russia. and according to the c conver conversations, this is likely to continue with the defense stocks as well as potentially belonging to portfolios. on top of that, there is also more product offering investors the possibility to put money into defense names as well. there are a combination of factors and the cfo expects the strong demand continue to for another decade. >> it is fascinating and unfortunate we live in a world where he said defense is a social necessity because of the political back drop being volatile right now. with the response, are we really

seeing demand for defense stocks within portfolios today? what are the considerations that portfolio managers are making here when deciding whether or not to invest? >> it is huge. if you look at the performance of etfs in the last six months, that indeed, included the defense names, there is growing interest in the products. what i noticed among esg investors, now they look at the companies saying this is to protect us. we are doing so because out of social necessity. this is no longer seen as investing in war, per se. they are thinking about it from another perspective. on top of that, when you think about esg as well, they are putting the line where they do not want to cross into nuclear weapons. if a company develops that product, esg is not looking at the products. they will not cross that line. there are many companies like saab or bae and these are

looking toattractive. >> silvia, thank you for that report. that is silvia amaro here at the desk. do stay with us. plenty ahead. we get the latest pulse on the uk economy and the latest august pmi print in a few minutes time. stay with us.

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live from london, this is "street signs" on cnbc. i'm dan murphy. first up, wall street follows pmi higher as germany remains in contraction territory for the second straight month. swiss re trading to the top of the stoxx 600 as profit surges 44% for the year. >> as we go forward, we expect people to continue to see the

need for the increase in the loading for costs. inflation has lessened, but it's not gone away. also today, u.s. equity futures point higher ahead of jackson hole as dovish fmoc. cnbc's coverage from the fed summit starts today. and tim walz accepts the democratic party nomination for vice president rallying the supporters at the dnc in chicago. >> we've got the ball and we're driving down the field and boy do we have the right team. kamala harris is tough. kamala harris is experienced and kamala harris is ready. welcome back to the program. it is a data deluge thursday.

we have been following the eurozone pmi and the august flash pmi number. we will bring that so you as soon as it breaks. in the meantime, here is a live look at pound-sterling at 1.31. analysts say sterling is showing top side exhaustion. we saw it rise on wednesday. the july 2023 high is 1.3144. what we're seeing now is sterling moving higher here as we countdown to the data. it shouldn't be too much longer until it hits the wires here. taking a look. we are seeing the flash com composite pmi at 53.4. the services pmi coming in at 53.3. that is on 52.5 in july. the manufacturing pmi coming in at 52.5. that is on 52.1 in july.

so the uk firmly in expansion territory here with the composite and services pmi both above 53. we have also seen manufacturing coming in above 52. that, of course, signals expansion rather than contraction. in terms of the reaction you can see, pound-sterling at 1.31. maybe we can take a look at the markets. london's ftse staying better by .33%. we'll give you a live look at uk gilts off the back of the data. the swing in the business data. the 4.46 on the long end. the two-year gilt at 2.678. here is how the uk is trading.

a lot of data to unpack with the european data with a mixed picture here. business activity in germany remaining in contraction for a second month. the composite pmi in france was well ahead of forecast and as a result, we have seen the paris cac 40 up .3%. the numbers out of germany, though, were a little more worrying. the flash pmi in contraction. services pmi, in particular, caught my attention. it fell, but still in expansion territory at 5 1.4. the data spending stock and the german ten-year sliding. we have seen the dax up .3%. i flagged for you what we saw with sterling, but we are seeing yen down today at 145.48. euro-dollar at 1.11. the swiss franc at 1.4 against the greenback.

here is the deeper dive into the treasuries. moving off the back of the data. the german ten-year is in focus here and what we have seen is the bund at 2.22 now. the ten-year gilt at 3.92. italy and france yielding on screen. a live look at u.s. equity futures for you as well. of course, we are seeing markets called higher here. this, of course, comes as we see a dovish set of fed minutes and major jobs growth revision essentially paving the way for chair powell to signal a cut coming in september when he meets friends and colleagues at jackson hole, wyoming this week. staying stateside, james gom gorman is the chair of the planning economy.

he has extended his retirement date five times. it comes after disney won the proxy war with nelson peltz and blasted the succession plans and business performance. microsoft has restructured how it reports results for the business units amid a push for clarity on the a.i. contributions to the earnings. the revenue from the a.i. and speech text services will now come under the productivity business home to the office suite of apps. it is now expected to post up to $28 billion in revenue this year up from the top end of $20.6 billion previously. the head of lvmh bernard arnaud is making five artificial intelligence inn vefvestments th the family office.

robert frank has more. >> the family office has invested in five a.i. startups this year. more than any other investment category. according to exclusive data from fintrix, the arnault's family is part of the $220 million funding through holistic a.i. it is working on general a.i. arnault invested in lamini and proxima. his other investments include borderless a.i. and photoroom. the amounts of his investments, on a dollar basis, aren't disclosed because they are not required to, but arnault has a net worth of $200 billion and the third richest person in the world and has a long history of

benefitting on tech. not all of his tech bets have paid off. he invested in 75 internet death penalty companies in the dot-com boom. a.i. is the private investment for family offices. 70% plan to invest in a.i. in the next two years. for more on how family offices and the wealthy are investing, you can sign up for "inside wealth" newsletter at cnbc.com/insidewell. robert frank, cnbc business news. >> we'll stay with the a.i. talk with our guest at the desk and how his company is responding and moving in the space. rohit, thank you for the conversation. >> thanks, dan. thank you for having me here. >> i know the company is based out of the united states and trade in the united states.

tell me what your focus is here in europe and who you are meeting with and the problems your company is trying to solve. >> i'm here to celebrate 25 years of being in business and we're here to celebrate with our clients. the biggest issue is trying to solve is how to embed a.i. into the work flow. as they continue into the modernization of work flows, we want to be a strategic partner of the world banks and financial institutions and insurance companies and utility companies and help them make this change. i think we are well positioned for doing this because we understand our clients' business really well and we understand data really well and we have expertise around a.i. >> the company has been on quite a significant growth extrajecto.

certainly a beneficiary around a.i. how are you finding new clients in this part of the world? >> a.i. is exciting right now and there is a huge amount of growth taking place. if you just think about it, this computing is here to stay. a.i. embedded into the work flow requires a lot of work to be done to enable it. on a.i., we are now moving away from proof of concept to upline a.i. across the enterprise and doing it at scale. that requires a different skill set. our ability to be able to help our clients use a.i. at scale is what's the exciting part of being able to grow here. we are finding a lot of attraction in the uk and european markets because the clients are very ready to adopt this change that's taking place and move forward with this very

quickly. >> what are the solutions that are most in demand at this point? the average person thinks of a.i. through a lens. what do you provide? >> there are a number of solutions we provide to clients. w we have bespoke solutions. we launched our proprietary insurance data. we use that data to train our own llms. therefore, we have a proprietary insurance llm which fights medical loss and medical injury. that is proving better than others and a number of other llms out in the marketplace. >> fascinating. you also signed the strategic collaboration are nvidia, the big one.

tell me what that entails with the business environment and how you provide solutions here. what exactly is that partnership with nvidia and is it purely based on technology sharing agreement or financial? how does it work? >> so, we have a really special collaboration agreement with nvidia and i think, you know, the partnership works really well both ways. nvidia's got a great chip and it's got great frameworks and software to be able to use that chip and deploy it. exl is using that framework and, in fact, our insurance llm has been trained on the nvidia stack and it's been built on the nvidia stack. we have been taking the nvidia technology to our clients and that is a very mutually rewarding partnership that's been built up. we're really exciting about taking this forward and extending it to other industrial

verticals in utilities and banking and retail. that is something we will rollout over the next few months. >> you are already working with big-name clients. help me understand the pipeline from here and the growth strategy is going to be. right now, you are the solutions provider competing with the big house and big name brands. how exactly will you continue to grow from this point? is it more of the same or can we expect new types of innovation or solutions providing happening over on your side? what should we expect and how are you going to get there? >> first off, dan, our growth rate has been very, very good. it's been double digits. >> that's why i asked. >> we have grown 12% this year. 53% of our revenue comes from data a.i. and analytics. that's the part of our business that's growing very rapidly. we will keep investing in this capability and what we believe

is the trifecta of domain knowledge and deep understanding of data and applying a.i. is what creates value for your clients. so, we are going to keep investing in terms of training our people in terms of new technologies and new ways of doing things. we will work in terms of orchestrating this for our clients and applying for the enterprise. >> fascinating conversation. rohit, thank you for coming in. that is the ceo of exl service. stay with us on the program. on the other side, we are focusing on politics. tim walz is accepting the nomination for the vice president aposition. we will have the latest from the dnc in chicago. stay with us on the other side.

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we clcome back. to one of the stories, the fed kicks off at jackson hole today. steve liesman will speak to a an number of officials including to

philadelphia fed president patrick harker ahead of the keynote speech of powell on friday. let's unpack more with the senior u.s. economist. george, welcome to the conversation. thank you for joining me today. >> thank you. >> let's kick it off with the united states. the extraordinary jobs revision and dovish fed minutes basically enabling chair powell to lay the ground work and signal the fact we will see a rate cut in september. the question is how much and when, i guess. how much is the operative there. >> i think the question of whether or not they will cut or not is being answered by the september minutes. now it is up to powell to confirm or give any guidance on what he thinks is the policy. i don't think he will pre-commit to a specific easing path. instead, he will frame it as being data dependent.

i think a lot of his speech will focus on the risks of being, perhaps, too aggressive with the rate cuts versus too late to cut rates. his comments will focus in on trying to find the middle ground which helps to maintain or safeguard the economic expansion and ensure inn fflation is maintained. >> does that mean 50 basis points should be on the table? >> that was certainly what was communicated in the minutes. that is what the officials thought in the risk and balance of risks. i, personally, don't think 50 basis appoipoints is going to b right call. we think that will send the right message to markets with the pace of easing. there is so much unscertainty where this rises for monetary policy. we don't think 50 basis points

is on the table. >> steady as she goes with 25 if september is the house call? >> that's the house call. we'll see what powell says tomorrow. i don't think the speech is about september. the september question, the 25 or 50-basis point question is answered by how the data evolves with the inflation print. we will get further information on how the economy is performing. we've also got ample opportunities for the fed speakers to come out and give further guidance there. tomorrow is very much going to be about the longer-term view for the fed. >> i'm actually quite surprised how things are holding up. it was the nfp in july that spooked the markets which is why we saw the monday selldown. we saw the numbers coming hours after the u.s. labor department with the shocking growth leading to the trajectory of the labor market. what does that do for powell now

we have the huge triple digit number in front of him to digest? >> i think it serves as a reminder. i don't think it will be an overriding concern for the fed because ultimately, the data relates to the 12 months to march. we don't know where those revisions have come from. they could have been from the start of the 12-month period, if you recall back to last year with the mini banking crisis. perhaps the softness with that period or spread across. either way, if you account for the revisions, might be revised in february, if the bls gives the revision to the benchmark. ultimately, that is suggesting a payrolls print which is probably above the neutral base. i don't think it changes the dynamic. if you are on the federal reserve, fmoc, you smud lhould

ahead. i think the payrolls still in the august print or july print as you pointed out, were depressed, but the hurricane had an element of that. they should unwind in august. >> that's going to be interesting to watch. also, one of the other things the fed is, perhaps, looking ahead here is the u.s. presidential election. how much of a factor is that for powell? >> i think externally, they will try to communicate it's not really a big determining and stress to the fed it is apolitical. at the november meeting, it is two days after the presidential elect election. if we look back four years ago, it was unclear about the outcome of the election. if you look at the polls today, it looks like a tight race and same situation. in terms of the calls we're seeing among wall street economists for consecutive 25-basis point cuts, i'm not entirely sure that is the right

call call. if we have the under certainty of the outcome of the meeting, do you want a risk with a trump presidency? it is a reflationary environment. >> george, i wish we had more time. i appreciate the conversation. that is george brown, senior economist at schroders. staying with politics, tim walz would has accepted the nomination for the vice president. the minnesota governor addressed the crowd on the third day of the democratic national convention in chicago which also saw speeches from former president bill clinton and transport secretary pete buttigieg. walz hit out at trump and jd vance as he described as a weird and dangerous agenda and set out his party's economic pitch. >> if you're a middle class family or trying to get to the middle class, kamala harris will cut your taxes. if you're getting squeezed by

prescription drug prices, kamala is taking on big pharma. if you are looking for a home, vice president kamala harris is going to make it affordable. no matter who you are, kamala harris will fight for your freedom to live the life you want to lead because that's what we want for ourselves and it's what we want for our neighbors. >> what you have just seen there, of course, the democratic vice presidential nominee, essentially i hntroducing himse to america and the largest audience yet. this is fascinating with day three of the dnc continuing in the united states and also the walz-harris campaign touting this idea of freedom. it has been central to their agenda and something that appears to be resonating as well with democrats on the ground there and providing harris with some additional momentum through

the course of this campaign. interestingly, walz also saying and i quote here, "when republicans use the word freedom, they mean the government should be free continue to invade your doctor's office and banks free to take advantage of customers." he's really doubling down on the gop attack here. of course, how the gop campaign and president trump respond will be critical. let's look at the markets. we had a conversation with george brown who said when the meeting takes place in september, that takes place before the u.s. election. that could be a fookactor of influence. let's get more on what's happening and state of play in u.s. politics right here and

right now. alice barr joins us from chicago with nbc news. alice, thank you for joining us. give us a wrap of the dnc in the last couple hours. huge headline names speak on the ground there all behind the walz-harris campaign. >> reporter: dan, good morning. you are right. i heard you laying out what minnesota governor tim walz said about his vision for freedom. that was a thrust of his message last night. this was the chance to introduce himself to the nation that people have not heard about him until he was rocketed to the ticket as running mate to vice president kamala harris. republicans try to cast t themselves as the party of freedom. we have our own definition. he talked about reproductive

rights and having people mind their own business. that's how he defines freedom and leaning to the small-town roots where people took care of each other and left each other mind their own business. that was really the focus from governor walz. then from everyone else, he noted a whole cast of some of the superstars and standard bearers. we heard from former president bill clinton and he talked about going on the attack of former president trump. he said the former president is focused on me, me, me, me, me. making a joke about the opera singer warming up on stage. he said kamala harris will be focused on you, you, you, you, you. that is the message at the conv convention. outside of that, the rising stars of the campaign like josh

shapiro and pete buttigieg and governor wes moore of maryland and the superstars like oprah winfrey throwing weight behind harris. >> alice barr, thank you. kamala harris will formally accept the democratic nomination tonight. we will bring you that speech live on cnbc. thank you for your company. i'm dan murphy in london. stay with us on cnbc. "worldwide exchange" starts right now. 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

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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." it is all about the fed focus. they increase expectations for a rate cut next month. on top of that, investors are looking for the conference in jackson hole, especially remarks from jay powell. the fine print inside vice president harris' proposals is the most important tax on investors and you will probably not like it. and developing this morning, tw