it just is. that's all for now. i'm lester holt. for all of us at nbc news, thanks for watching. a friday morning, welcome to street signs, i am dan murphy in london, let's get straight your headlines this hour. edge higher after the dow notches an record low this year. acb board member, isabel, sounding caution. >> the current level of headline inflation understates the challenges monitoring policy is still facing. in particular, domestic inflation remains high, at 4.4%.

european chipmakers underperform as the fallout from nvidia's latest results, which the nearly $200 billion wiped off the chip giant's market cap you plus, inflation has come in stateside, with the latest pce inflation gauge, after encouraging fears. and u.s. vice president, kamala harris, since down for her first interview, since securing the democratic nomination, saying, americans are ready to turn the page on donald trump. >> we have had, in the former president, someone who has really been pushing an agenda and an environment that is about diminishing the character and the strength of who we are, as americans. good friday morning, again,

welcome into the program as we close out the week across europe. and you can see here, markets are higher today. the stock, 600 up at almost 400% at 526. we did see european shares hit that all-time high yesterday in the session. the benchmark also set to gain for the fourth straight week as well which would be its longest and more than five months. let's break it down by market for you, and you can see here, most major indices are in the green. ftse 100 up by 400%, germany etc. back underperforming in the region but still eking out again 0.1%. of course, we are looking at a fresh round of regional inflation data to assess the outlook for the acb and whether or not we will see a cut again in september, so a lot to unpack over the next hour for you. and of course we are also looking at these markets month to date as well, looking at the volatility that we saw at the

start of the month. when we assess how markets have performed, you can see up around 1.9%. germany also recording a 2.3% gain here. but the out performer for the month has been the spanish ibex, which continues to push higher up 3.2% in august. let's break it down by sector for you as well, and when it comes to what is actually driving the performance of the market today, look at this. it is real estate, up by 1.64%, so we are seeing gains in that space. technology pulling lower though, to the declines we are seeing, the shares down 0.45% of the back of the latest nvidia result, the underperformance that we have seen in the stock. german import prices fell .4% in july, representing an increase in just under 1%. economists had expected the figure to remain flat. meanwhile, inflation in germany fell to the lowest level in three years in august, the

harmonized figure coming in at exactly 2%, better than expected and well below july's reading of 2.6. declining inflation was largely helped by a more than 5% drop in energy costs, according to the government's stats volume. and over in france, inflation 2% in august, which was slightly ahead of forecast but slightly down on july's 2.7% rate. the drop was almost entirely due to declining energy prices. and we will get preliminary inflation data for the area this morning. forecasters are looking for a 2.2% bridge, such a reading could go towards increasing the ecb to increase rates for the second time at its september meeting. executive board member, isabel, welcomed inflation trends in the area, let's take a listen. >> the largest inflation in decades, this inflation in the area has proceeded rapidly.

headline inflation fell, from a peak of 10.6% in october, 2022, 22.6% in july of this year. data released yesterday and today suggest that in august, inflation has declined further, in parts of the euro area. and we are all awaiting the flash estimate for the euro area later today. which is likely to point in the same direction. these are welcome developments. they largely reflect an unwinding of the forces and over the past three years, have led to strong increases in the prices of energy, food, and goods. as well as the impact of our restrictive monetary policy. >> for insight and reaction we are joined live, now in london,

the senior uk economist at a such dp chris, thanks for joining me. >> thanks. >> can i just get your reaction to what you just heard. european policymakers are sending more and more optimistic about this inflation trajectory and perhaps another acb cut, what is your reaction? >> i think this inflation is happening in europe but at a very gradual pace. so that means it is right come i think for them to be skeptical of rate cuts. our take, so far, on the data so far from august is that, inflation -wise, things are looking relatively well behaved. we see core inflation is going to take down ever so slight in those data, we do think that opens the door toward a september rate cut, but thereafter we see things are going to be pretty gradual, consistent with that disinflation only happening at quite a slow pace. >> and what i am also looking at today is easing price pressures, in both germany and spain.

and i want your reaction to this, because we have just seen inflation in germany coming out around 2% in august, the lowest level, since march, 2021. what did does that ultimately lien for the acb moving forward, and what does that mean for the numbers coming out of germany, the largest economy? >> of course, inflation is good news in germany, now, some of that is energy related and the core rate of inflation is a little higher than that. also, it is worth differentiating a little bit between european and economies, because in germany activity is pretty week. so, we might think that, for the first time in sometime, germany could be one of those more disinflation area stories, where there may be pockets of higher air, but we think across the board in europe, inflation has just become a little bit softer with policies currently in restrictive territory, we think, that is opened the door to most of those gradual rate cuts. >> what we are also hearing is good progress being made on the energy side of the inflation equation.

we know oil has cut back significantly, some of those major price upside catalysts and also subside. the primary concern appears to be in these services, inflation component. is that the biggest risk to the outlook? because that number hasn't budged in about three months. >> yes, that is that insistence, we have got services inflation about 4%. well, a lot of the indicates are pointing to around 5% and typically, when you think about service deflation of 3%, which would be consistent with broader two-pointer sent inflation or wage growth of 3%- 4%. so, there still that disinflation to be done, consistent with the view that there is a tightening in the labor market still and i think some of those underlying pressures still need to work their way through the system and again, there is that reason to be still a little bit cautious about perspective disinflation to come. >> any other data points we should be watching to assess the applicant, here in europe? >> i think over time we will be

looking pretty closely at the growth story. one of the stories within that, i think is revealed, by the german gdp data for the second quarter. now, they sure a flow, even though income has been going for a while now and if we overtime see that european consumers are still going to be cautious about the outlook, then maybe that is starting to turn us. it will be fairly soft going forward. that is a downside to growth, and also, potentially a downside risk to inflation too. >> let's talk bout what is happening in the uk as well, with regards to what we have heard from the european policymakers. nagel urging the ecb to be careful and not rush to cut rates too quickly. philip lane, also saying the return to target is not yet secure at jackson hole this month. so, look, what does all of that mean for the boe, which is also expected to, perhaps halt rates next month. how is the picture different here than to the rest? >> andrew bailey, governor, was also talking and jackson hole.

he sounded pretty cautious and balanced, although we did have rate cuts we will be in a finely balanced decision in august. if anything i would argue the inflation challenges in the uk are purse slightly more pronounced. we are looking at services inflation, though, it is often speak a little bit about 5%. we are looking at wage growth above 5% too and that is a little bit stronger than we are seeing. so, that is one of those reasons why we are thinking that the path for policy rate should be even more cautious. hence, by our forecast we see a hold in september, we don't think the next rate cut will come through till november. >> so, looking out for november. and how much of that will ultimately be determined by what the fed does next month as well? this appears to be the primary focus for rex risk assets, what does it mean for regional banks? >> we don't necessarily think there needs to be too close a relationship between the major central banks, per se, because each have their own unique

domestic inflation charges. in the u.s., for example, we are looking at wage great under 4%. so, all else equal, you might think the bank of england might need to be even more cautious than the federal reserve. that said, maybe the u.s. story is telling us that over time, disinflation can happen, and overtime, maybe that story will come through a little bit more strongly in the uk. so, as it happens in terms of our rate cut trajectory, we think they can be fairly similar in the u.s. and the uk, but not necessarily because the bank of england has to religiously follow the fed, just because domestic inflation pressures we see would also softening the uk, be it gradually. >> very interesting to watch. chris, we are all out of time here, thanks for joining this morning, i appreciate it. >> that is a senior uk and european economist at hsbc with the latest markets. let's bring it back over to the markets. here is out asia has been shipping up, you can see about 7.4% today.

we also saw most of the indices, including hong kong's but you can see it has been one key under performer down one point 16%. stocks in china 3.3% weaker that in australia flat in august. hong kong is underperforming better by 3.2% this is where the volatility started this month. we have seen optimism on rate cuts to come, helping asian markets cut some of their early august losses, but as you can see, most regional markets are still tracking a loss for the month. chinese markets saw solid month in buying, but we are still by far the worst performers in a for the month and as i mentioned, hong kong looking pretty healthy for the month of august. let's bring it over to japan, the japanese markets did recover most of its losses in early august. theand targets still losing 1%

each though. and you can see the market exactly was done 1.16%. critical to watch through the month. and the spike really illustrates at all. this is everything about the volatility that we saw through the course of the month. of course, at the very start of the month, that big spike in volatility as we saw markets settle down, but volatility has subsided through the month as well, albeit with some smaller spikes here fascinating to watch , the volatility at 16 .83%. gold is the other interesting one truck. prices pulling back ever so slightly today, but still on track for a second straight month of gains on rising bets on the fed cut next month, and that has been all through that august volatility around 30% so far this year end up 3% for the month of august. now trading at 2522 u.s..

my favorite, oil prices benchmark, brent, due to lingering demand and what we have seen this month is tensions in the middle east really failing to offset worries about china's recovery as well, which has kept crude costing. so, you can see here, brent for the month and 1.4%, but again, as those headlines in the middle east continue to develop we saw lots of volatility for the futures contract price here, with brent moving pretty widely through the course of the month. you can see, actually holding onto that 80 usd handle right there, 80.34, but of course, wet oil prices go in the month of september will really be determined by the chinese economic outlook of the headlines from the middle east as well. okay, let's bring it over to the united states and the market of the rest of the world. of course looking for confirmation that the economic indicators, stateside support the notion that stark cutting of interest rates in september and when it comes to the

closeout typical month you can see the dow up 1.2, the s&p 500 up 1.26, the nasdaq failing to make a gain through the month, at least so far, down by half of 1%. let's give you a live look at u.s. equity futures, and here's how markets are set to open the trading day ahead. the nasdaq up by 124 points. the dow and s&p 500 also expected to start the trading day higher. you can see the snp up almost by 25 points, as it stands. on the u.s. economic front, gdp growth was revised higher, 23%. as advanced consumer spending kept the economy growing faster than anticipated. in the market, jobless claims fell by 2000 last week, coming in lower than expected, at 231,000. meanwhile, thursday's strong data adds to expectations that the fed has room to begin paring back interest rates from next month, but continued resilience of the economy

likely wouldn't see a swing for a 50 base cut from the offset. investors are pricing in just a one in three chance that the fed goes for 50, thus a two thirds chance instead opts for a more standard 25 point cut. allies today will be on the july index data, a shot of what consumers are paying for goods and services and also serves as the fed's inflation gauge. the data is expected to show little change in recent trends. the headline prince coming in at 0.2% and two nd half percent on the year. the core prince, which exclude food and energy, are expected to come in at 0.2%, month on month, and 2.7%, year on year. stick with us on the program, on the other side of this break, the telegram founder under scrutiny. he is facing charges in france, and we will bring you the latest for what it means for the tech sector. that is next.

hey, can you speak french?

who, me? i know a few words. if you're struggling to speak a new language, you should try babbel, a learning platform designed by over 200 language experts. it's like having your own personal language coach. babbel offers live classes with expert teachers for real world conversation practice. it's totally flexible so you can learn at your own pace and with the right practice and coaching, start speaking a new language in as little as three weeks. go to babble.com to claim your limited time offer today.

welcome back. the telegram ceo, pavel is facing charges over allowing

criminal activity, allegedly, on the messaging app, and social media platform, following his recent arrest the move could serve as an president in the industry, where social media companies and their bosses are facing personal accountability. telegram is the second fastest growing social platform, globally, and has recently been seeing particularly strong growth in greece, the uk, and canada, according to the research group, dwi. i am joined by the group's tech analyst, crisp year, with me, chris, welcome to the program. >> my pleasure. >> tell me a little bit more about what the recent surveys you have been doing and the work you have been doing on this particular telegram story is showing about how consumers are feeling about what is going on, and where exactly this app is showing the most amount of gross. >> so, yeah, with the gross it has been interesting to observe, the second fastest worldwide. in the uk it is one of the

biggest consumer trends we've seen full stop in the past few years. even the fact that the platform hasn't done too much paid advertising. in terms of the attitudes, how people feel about the case, the context is very interesting to this one. we have done quite extensive research into topics, surrounding social media, these issues ups free speech and content moderation. and what is so interesting is that you tend to see, it is kind of a unique situation with consumers is that, ideally they would like, yes, platforms on freedom of expression, 62% worldwide think that free speech should extend to online places, like telegram, but then you see that half of them think the government should have oversight of content that is produced by an tech platform, like telegram. and of course, in europe those are an even more refined balance. in the u.s. it tends to be more pro-free speech. so, it is an interesting tension, the they are obviously particular about this, but there is a long-standing challenge with social media in general. >> let's dig into the details here, pavel is accused of using

a platform that is using child sexual abuse material, by organized crime gangs, drug trafficking, fraudsters, and as you say, this arrest really does represent a battle between freedom of speech and regulatory compliance in the tech sector. so, how do you think this will impact the legal responsibilities of tech ceos, globally? >> well, it is a strong signal of intent, from fresh prosecuting authorities that certainly seems to be the case. and we will have to see. you have to see this in the context of various things, you have the telegram i think it was temporarily suspended earlier this year in spain, for example, and it has had various requests to take down certain channels in germany and markets, for example. so, you can see it in the context of that wider story and i think we will have to see how this develops again, whether it is more of a symbolic move or something that goes to a certain kind of conclusion. >> so, you know the latform

well so, how credible are some of these allegations? >> well, telegram, i think, shares the challenge with many of the social platforms. i think that the nature of it is that what, in one context, may allow people to protest against an authoritarian regime for example, will give freedom to speak to contact, people they know, businesses with that freedom sense of security, and also what might allow activities that are legal or perhaps, ethical, to take place on the platform and it is very difficult to only have one and not the other. so, we have seen certain things come to light, with charges against him, i think you have mentioned a few of those, that these types of things, i would say they are not specific to telegram, they are something that can be faced by other social media apps and especially messaging apps, where it is much harder to moderate this exchange between people. >> of course, we have the digital services act. we are likely to see a regulatory response to crackdown on some of this behavior? >> i think that remains to be seen. for now, that is difficult to know how far the authorities

want to take this and effectively, if they want to go beyond what they have done, what, you know, things might be exchanged through back channels and that type of thing. we have to reflect on what i think is happening in europe again, a product that it is compared to the u.s., where most social media apps, of course, not telegram, have been founded there is the principle of free speech when you see that sentiment in europe, there's a bit more tension between people who, yes, wants to have their freedom of speech protected, but also fear that feel there should be some sort of oversight and moderation to protect them from harmful content. >> certainly not new in this space and certainly not going away anytime soon. while i have you, chris, if you other points here. how do you think the arrest has impacted the telegram's operations. we have talked before about how this platform has around 1 billion users, so, what is the impact we are seeing in places like russia, for example? where it has a high concentration of users, and across europe too? are we seeing any political or geopolitical ramifications as a result? >> well, the political ones we

need to see how that pans out, but we need to see how demand is changing in relation to this. i think for a lot of people they simply have come aware of telegram and they might not have been before. you have seen over the past seven days it is sneaking its way up the app charts, people are maybe downloading it out of curiosity. so, there is a sense that people, all things being equal, they become more aware of the platform, more likely to downloaded, more likely to use it, simply because they know what it is now. and, as for everything else again, that remains to be seen. how much has grown in the last few years, and that has been taken place in the context of all of these things. as a platform it is clearly valued, the connection, the features and usability. and that is likely to remain strong sorts of interest. >> i also wanted to ask you, as an extension of that, what implications should this have for russia's war in ukraine? telegram is a primary messaging service in russia and in ukraine. so, do you see any implications as a result? >> so, it is something that we have been monitoring, and there are some suggestions that, you

know, information is changing, whether this is analyst, commentators, people on the front line, who might be feeling, again, the sense of, okay, is this a platform that wants to keep doing this. but we have to remember the negative effects of social media are powerful, apps that you are likely to use ours once people are on, because you can communicate to. of course, the growth that the telegram has come around 1 billion users now, there is the audience of the greater ability to connect, and something that is benefiting from other challenging platforms might not have. and of course, there will be the features that you mentioned, providing people with that quality of life, essentially. we can't forget about it in relation to these products. so, again, those factors are going to remain strong, even out of context. >> really, really interesting. chris, we are out of time, but thank you so much for coming out today to help set the standard a little more. that is crisp year, consumer and tech analyst at pce. vice president, kamala harris sitting down for her

first interview after becoming the top of the democratic ticket. on the other side, stay with us. 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 water, your way. cirkul, available at walmart and drinkcirkul.com.

ben murphy with you, this is street signs. let's recap today's top stories. first up, european equities edge higher on the dow after a 25th record close this year. as investigators wait the investigation data, isabel schnabel sending a note of caution. >> the current level of headline inflation understates the challenges monetary policy is still facing. in particular, domestic inflation remains high, at 4.4%. >> plus, european chipmakers underperform, as the fallout continues from nvidia's latest result, which so nearly $200 billion wiped off the chip giant's market cap. also today, intel shares jumped a premarket, as a source tells cnbc, that they are working with advisors on a series of strategic options that could include splitting

off its businesses. and u.s. vice president, kamala harris, sits down for her first interview since securing the democratic nomination, saying americans are ready to turn the page on donald trump. >> we have had, in the former president, someone who is really pushing an agenda, and an environment, that is about diminishing the character, and the strength of who we are, as americans. it is a friday, here on cnbc, welcome back to the program and let's begin by give you an update on what is moving in these markets. across europe, you can see bradley green onscreen to start the week, and worse, the month of august as well. the ftse 100 , the paris cup but the out performers today are in italy and in spain, with the ibex up 6.4, and the ftse

up 6.3. here's how fx markets had been moving, and usd weakness has been the name of the game this weekend as a result we have seen currencies moving pretty firmly, and you can see here, $1.10 yet on the move today, with that weekend dollar helping to push the end to 1.49 five now. also tracking recent highs at 1.31 and the dollar at 8.4, against the swiss franc right now. a quick check on european yields and treasuries as well. of course, we have seen money moving here to the 10 year guilt, at just under 4% in the uk. we are looking at 6.34 in italy, and germany's 10 year debt at 6.2% as well. a live look at u.s. equity futures as we track into the resumption of wall street trade and markets are expected to open higher here, by 127

points, the dow and s&p also expected to be stronger as well. vice president, kamala harris, has out done with her first interview since securing the democratic party nomination. speaking to cnn alongside running mate, tim walz. harris responded to criticism that she has changed her views on some key issues since her democratic party campaign four years ago. listen. >> the most important and most significant aspect of my policy perspective and decisions is my values have not changed. you mentioned the green new deal. i have always believed, and i have worked on it, that the climate crisis is real, that it is an urgent matter, to which we should apply metrics that include holding ourselves to deadlines around time. >> the latest polls show a neck and neck race for the white house. a national poll of likely voters by suffolk university, for usa today gives heresy five- point lead, within the margin

of error. fox news poll of sunbelt states puts harris and trump within the margin of error in four crucial swing states, where trump held the lead of over biden before the sitting president exited the race. and the two candidates are also effectively tied in a new poll for voters, where registered voters were asked who had a better approach for the economy and jobs with trump three points ahead. former president trump health campaign events in michigan and in wisconsin yesterday. as his campaign looks to ramp up its efforts to reach voters. speaking in michigan, trump said his message for the economy. >> my messages for a middle- class that is once again the nba of the entire world. it is going to happen fast. thank you. workers like you and communities like this should be able to afford a nice house, a new car and a growing family on a single income all, while enjoying the highest standard

of living on earth, right? >> republican vice presidential candidate, jd vance, has publicly called on tech billionaire, peter teal to quote, get off the sidelines, and back the gop's bid for the white house. in an interview vance said thiel had been exhausted by politics, but that he would be really exhausted if harris enters the white house. thiel back trump's 2016 campaign and his senate run, but has not supported any candidate in the cycle. we are life now, with reaction and insight with nbc news's alice barr, life in washington, d.c. alice, welcome back to the program, so good to have you. so, what has the reaction, the fallout be in, from harris's big moment on cnn? >> dan, welcome i think we have been discussing this week, her task going and was to stick out her policy positions and was also to show, how she performs in uncontrolled, unscripted

environments. the consensus seems to be that she didn't step in it anyway. she didn't have any big missteps, and she did get into some more detail on what would be, as she put it, her day one priorities for trying to have an economy of opportunity. she touched on addressing price gouging on groceries, is $6000 child tax credit for new babies, and a $25,000 tax credit , for first-time homebuyers. she was sitting alongside her running mate, minnesota governor, tim walz, but the focus was really on the vice president. she was also asked to defend her shifting policy position, since her 2019 run for the white house. at that time, she was running against several more progressive candidates, and it was really a race to the left. at that time, she called to decriminalize migration, for instance, and now says there should be consequences for crossing the border, illegally. she says there are laws that have to be followed and noted that she spent two terms as attorney general of california, prosecuting transnational

criminal organizations. she also talked about still believing in climate change actions, she expressed support on the green new deal, and fracking, she said she would not ban fracking, but she argued that her values have not changed, even if some of these positions have. former president trump seized on that answer, saying her values are too far to do to the left. he, himself, has been shifting focus on reproductive rights, and at a wisconsin town hall he proposed a new proposal for ivf, to have the government pay for it or mandate insurance companies pay for it, that was another big headline that came out of both of their campaign appearances yesterday. >> really fascinating, alice, we appreciate your reporting, thank you for bringing us the latest, that is nbc's alice barr, live in dc. we turn to steve, the ceo of aipac advisors steve, great to have you on the program as well. welcome to the conversation. how would you score the performance on the messaging of harris's big moment on the cnn

and what did this achieve for the campaign? >> look, most voters aren't really paying attention yet. of course, people like you and i are paying attention all the time, but you and i are coming to the end of the summer in the u.s., we are about to have labor day. we now going to the period, where persuaded voters enter, and this is her building on her speech at the democratic national convention. she did a good job in trying to make the case that in what is going to be a change election, meeting voters want a change from what we have now, that she is the change candidate not donald trump, and that is what she focused on and we will see if she will continue to position herself as the change candidate, vis-@-vis, the former president. >> steve, just on the optics of this committed walz sitting alongside, complement or distract the message that harris was trying to send? >> i think it complemented it. i mean, this is a 27 minute interview, and, you know,

governor walz didn't speak for the first eight minutes. i mean, the focus was on the vice president. it should have been on the vice president, she can now get behind this, when are you going to talk to reporters? what are you afraid of? how come you are not doing any interviews? she did her first interview. it is totally common in the united states to have joint interviews with the running mates for office. governor walz clearly was second to her, and that should not be an issue, in terms of, did she speak? did he have to step in and protect her, clearly that wasn't the case for anyone who watched. >> i also want to ask you about some policy points that were raised here, and other alice barr just said, we have seen harris, for want of a better word, moderating, maybe flip- flopping would be unfair, but certainly moderating her views on some key issues, like immigration and fracking, for example. what does that mean for progressives in the party, and

is she likely to lose support, based on what she is now saying? >> well, i don't think flip- flopping, dan, is inaccurate if you want to talk about fracking, in particular. it is something that she has to justify to the voters, the way she has tried to do it is that, she is saying, her values haven't changed, she still believes in the climate crisis, what you do as a leader is that you build consensus in one way that she has built consensus is , you keep fracking, while you pass things, like the inflation reduction act. now, the question is whether voters will see her as being true to her values or whether or not she is a flip-flop or, that attack can stick and she is trying to get in front of it, and this is the way she has done it. and i think the concern for her is not the democratic base. they are going to come out regardless, because no one unifies the democratic base, like donald trump. no one is going to say, oh, she is too moderate on this issue, therefore i'm going to be happier with donald trump, that is not a concern, the concern

for her is, can she get those persuadable voters in the middle. there are very few of them, but boy are they going to decide the election in those seven key swing states, and that is who are messages aimed at. and she has the democratic party right now. >> you know, if you are trump, you would be thinking that your campaign would at least attempt to jump on that flip-flopping, as you have described it. so, let's watch that space and see how effective his campaign will be, in picking up in some of the policy nuances there. but steve, to another point, what we also saw was harris, saying that she could potentially put a republican in her cabinet. you see that as an outreach to bipartisanship here? or are there other factors at play? what is the stated goal and intention by bringing a rival into the camp? >> look. this used to be common in the united states. you used to have republicans in a democratic administration and vice a versa. and that is why she is making herself a change candidate. she said, explicitly, that she

wants to turn the page, let's go and move forward. let's build up that bipartisanship that we used to have. i mean, president clinton had a republican, president bush had a democrat. president obama had a republican, and, frankly if you were to pick somebody, like liz cheney, not only would that show that she wants to have a bipartisan consensus, but it would drive donald trump nuts, so maybe she would have a double win if she were to go down that route. >> steve, i also want your reaction to another major story this weekend it was chinese president, xi jinping, holding a surprise meeting with the national security advisor, jake sullivan, the two sides discussing a number of politics including the war in ukraine, south china sea and safety of ai. according to training state media, president, xi jinping said he hopes sullivan will see china pesky development in a positive light. the two side also agreed to

plan a phone call between xi jinping, and his u.s. counterpart, president joe biden, in the coming weeks. sullivan also says he hopes the report between u.s. and china will continue. >> our aim in every engagement with china is to deliver for the american people. under president biden's leadership, the united states has, and will continue to advance its interests and values, lookout for its friends. and as we do, we believe the competition with china does not have to lead to conflict or confrontation. >> the key is responsible management through diplomacy. >> steve, can i get your reaction to the optics of this meeting, just in regards to the art of statecraft here? is it surprising that we are seeing jake sullivan, the u.s. national security advisor, meet with such a critically important head of state in president, xi jinping, in china? what does it say about the state of the biden administration? >> i think what it says is that the biden administration, and, you know, president xi jinping are getting back to where they

were a couple of years ago, which is trying to put a floor underneath the u.s.-china relationship. i mean, it has been on a downward trajectory. both countries wanted this relationship, they were working towards that, certainly the meeting in san francisco between the two presidents was a way to get there, and then the balloon incident, where the spy balloon from china came over to the united states set everything way back. we are now getting back to where we were, both countries see that we definitely have to have communication, because the tensions are very high and, not just, you know, not just frustrations between taiwan and china, but also in the south china sea, and the risk for an unintended accident has never been higher, and having the military communications, leader to leader communications is going to help prevent anything from happening that neither side intends to happen. so, this is a very positive sign that we are back to where we were a couple of years ago. and so, things are hopefully we have this floor under the

relationship now, and that is a very good sign that, not only jake sullivan meeting with the president, but also meeting with the military, that was maybe even more significant. >> still a lot of questions there about the optics as well. but steve, to play devils advocate here, the biden administration has had four years to try to repair the relationship with china, you now say we are back to square one. again, jake sullivan has also spent the last 18 months developing a back channel with the chinese, and the best that was achieved here, steve is an agreement to have what has realistically been achieved here, it is not much. >> i mean, we are in a very new time, i mean, the biden administration has said, you know, we are going to have that heat category, and at the same time, we want to cooperate with china. on issues, like fentanyl, like on north korea, like on the most important, climate crisis,

and china is in, wait a second, if you are going to compete with us, why do we want to cooperate with you? so, we are entering this new dynamic that is taking time to work out. the other really critical thing that is happening is this merger of national security, on one hand and economics and trade, when everything is now seen as national security, when i say everything i mean specifically about technology. not only semiconductors, but ai, quantum computing, and the chinese are saying, we need to find a line, between national security and economics and trade, and united. so, it is not unexpected that they-- and having these types of meetings, having this type of diplomacy is better, because we weren't having it in just even, you know, six months, a year ago. >> really fascinating, steve, we are out of time, thank you so much for joining me today, i appreciate that back and forth, live for us out of singapore. change of pace now, the upcoming u.s. election is a hot topic at the awards in venice.

cnbc's tonya caught up with diane and henri, oprah winfrey, and began by asking why they think kamala harris should become the next u.s. president. >> she should be president of united dates for this moment in time. where decency, honor, and respect, particularly for other women and other women's bodies and their right is on the line. and that for that particular moment that we are all are sharing in our historical journey for women's rights and women's reproductive rights, kamala harris is the answer, and i think that she is going to make a fantastic president, and i think that when she does there will be weeping and joyful cheering all over the world for what it means that the daughter

of a jamaican in immigrant and an immigration immigrant could become president of the united dates. it is essentially the story of what the american dream tending. and so, when kamala harris becomes president of the united states, it means anything is possible in the world. >> you think she has a chance to win? >> absolutely. i think she, you know, it was unexpected for all of us, and everyone was so depressed and then all of the sudden this happened. and life force and intelligence, and caring and compassion and intelligence and laughing. and the way she presented herself. so, i really, really, really wanted to happen, and it shows that, yes, anything can happen, because it is the light at the end always pushes the darkness away. that is why she should be president.

>> what you feel, oprah? the biggest challenges, facing women and girls today? what are you most concerned about? >> i am most concerned about the ability to continue to make choices for yourself and your life. you know? i have spoken my whole career about people being able to live their best lives, and it shows about it, created a magazine around it. there is no best life if you don't have choice over your own reproductive self. so, i think that is major, for right now, and if we can just get that fixed we will be doing a lot for women in the world. >> are you surprised that women are even facing that kind? >> totally. >> i am more of a baby boomer. i mean we thought we had invented freedom and part of the liberation. it is shocking, it is absolutely shocking. and unacceptable. >> and that is why it is so good to bring women together for an event, such as dbf

awards, because it allows women, collectively, to understand the power that we hold, individually, and i think wherever women gather there is a sense of wow, we really are more powerful than we imagine,

morewhat is cirkul? cirkul is, what you hope for when life tosses lemons you 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. why do couples choose a sleep number smart bed? i sleep great now that my side is as firm as my heart desires. my heart desires soft. sleep number does that. your ideal firmness and effortless comfort, all night. during our biggest sale of the year,

save 50% on the sleep number® limited edition smart bed and free delivery when you add any base.

down the week around 2% as it stands. s&p 500 also down 0.76 as a stands. dow up by just 0.4. also across how markets of set to work in the trading day ahead. you can see futures picture here pointing higher. nasdaq up 126 points. dow up 64. s&p up 23. what we saw was the dow actually notching a fresh record close for the industrial index. 25th of the year. russell 2000 and small caps

outparming overnight. i mentioned another fall in nvidia stock was a drag on broader market sentiment. investors looking ahead to the pce index. fed's preferred inflation rate. confirmation inflation is moving on a trajectory supporting the fed to cut rates as soon as next month. thanks so much for your company today and this month. i'm dan murphy from london an thank you for the team for your hospitality over the next few weeks. looking forward to seeing you very, very soon. see you in dubai on mopped. "worldwide exchange" is up next.

shopify's point of sale system helps you sell at every stage of your business. with fast and secure payment. card readers you can rely on. and one place to manage it all. whatever the stage, businesses that grow grow with shopify. why do couples choose a sleep number smart bed? i need help with her snoring. sleep number does that. thank you. during our biggest sale of the year, save 50% on the sleep number® limited edition smart bed and free delivery when you add any base. is it possible to count on my internet like my customers count on me? it is with comcast business. keeping you up and running with our 99.9% network reliability. and security that helps outsmart threats to your data. moaire dida twoo? -your data, too.

there's even round-the- clock customer support. so you can be there for your customers. with comcast business, reliability isn't just possible. it's happening. switch to reliable comcast business internet with security and get started for $49.99 a month. plus ask how to get up to a $500 prepaid card. call today!

it is 5:00 a.m.eer at cnbc global headquarters. welcome to "worldwide exchange." all-time highs, strong open and end to an up and down month of trading. dow sitting at new record. nvidia trying to bounce back from a $200 billion wipeout as the rest of big tech mostly spared. preparing for the latest look at inflation. investors today, that july pce report. one of the final reads on consumer prices before next month's fed policy decision. plus, a.i. service sales helped drive bottom line for dell. stock higher this morning and vice president harris give