nvsation. he was a good friend of mine for half my life. i would just love to know what his endgame was with this and does he feel any remorse. is there any remorse at all for this? -- captions by vitac -- ♪ it's a brand new week. welcome to "street signs." my namee arabile gumede in london we have annette weisbach in germany. these are the headlines. won the first regional election since the second world war. here in saxony, it is a close call between them and the cdu.

european equity markets begin the new month on the back foot retreating from friday's record highs as investors brace for a data heavy week culminating with the friday's u.s. jobs print. shares in right move soar to the stoxx 600 as the newscorp confirms the takeover bid. and official data out of china shows the steepest decline in factory growth in six months dragging chinese equity markets into the red and weighing on european mining stocks. as normally the case at the top of the brand new month, we pretty much get manufacturing

data out of regions as well. to take a look at the eurozone, final manufacturing pmi number coming in at 45.8. the flash figure for that was 45.6 then. a small marginal increase on that one when it comes to eurozone final manufacturing pmi. very marginal uptick. still in contractiona dlsary territory. do you not want to cut interest rates? just a question that will be asked in the market. at the same time, italian gdp numbers coming out this morning with the figure of 0.2% quarter on quarter. a confirmation of that figure there with q2 gdp confirmed at on 0.9% year on year. again, slight and marginal uptick but showing there is

growth in the markets then, particularly off the back of what we have seen of late. big question markets around germany and whether that economy would see a double dip. italy managing to find some gains, however. let's turn to the equity market and find the gains here because you see the record territory, particularly the dax managing to move to its record high. you saw marginal increases for the ftse 100 and then you saw gains as well out of the french market. significantly, the stoxx 600 had been finding some positive movement then, but today, eased back. .4% weaker on the back what have we saw last week. resource numbers or the resource stocks had been some of the losers across last week. technology stocks were a bit of a concern following on from nvidia y nvidia's numbers. those were the things that pushed things along the market. here's the bourses for you as

well. this is what the market pretty much looks likes across today. it will be a key question mark as to how much more positivity will actually be available for this market picture or do we then have the peak having been seen last week and perhaps a bit of a drawdown this week. for now though it looks across the board we are down one-third of a percent or so. flat for the ftse 100 in negative territory though. on to some of the sectors and what's moving along this morning. telecom and real estate. real estate story. the big question if the ecb will continue to cut interest rates off the back of the economic data. you have seen germany's double-dip pmi indicating a recession coming back in play. not confirming, but something to look out for with that economy one to look out for. we also have election story and we will touch on that in just a bit.

on the back end, we are looking at the market with the autos down 1%. let's get to that political story in germany with the far-right alternative party, afd, has won the first ever regional election ever. they swept to victory in the eastern state which is taking nearly one-third of the vote in thuringia. they are unlikely to be forming a party with all other parties pledging not to go in coalition with the group. despite that, the afd will have enough seats to have a policy making. meanwhile, saxony claimed first place in the state narrowly beating the afd. the head of state expects the cdu to remain in power but

admitted coalition building will be tough after his current partners, the social democrats and greens suffered a drubibing. we have annette weisbach with us. you have to go back to world war ii to see the likes of that. how pivotal and impactful is this election said to be as we head to the federal elections? >> reporter: of course, it's a bruising fact on the ruling coalition in berlin. if you look at the three party coalition results here in saxony and thuringhia, they have a third of the votes that they got in the national elections, especially the greens, but the social democrats and liberals

are literally non existent here. of course, the debate has started in berlin and what the parties need to change to be attractive for voters in the upcoming national election on september 28th of next year, but i think there will not be much chang because they can't agree on anything. the question key is what has happened here and why do voters actually flock to the populous parties in such a huge amount be it the right, the far right or afd, which came infirst in thuringia or the party founded by the formerly head of the left. she is more or less a left populous party -- this is more or less a less populous party mainly pledging not to send weapons anymore to the ukraine.

both parties are rather extreme, but the majority of people in saxony and thurnigia are actually voting for them. the key question is why. of course, what it means for the attractiveness of the states and international investors. when i caught with the elite candidates, the afd and vsw in the parliament, i asked that question. what do you stand for when it comes to economic and business policies in those two federal states? take a listen. >> translator: we have important statements from the head of the bourses. the economy of germany has problems. the highest taxes. we have bureaucracy overwhelming us. that is the reason why companies in germany are turning away from us. for everyone who feels afraid,

don't be. you are included in our program. we are a business friendly party. we know a good, stable economy is a good foundation for everything else. >> translator: we will, of course, support the economy. this is winding back bureaucracy. to this point, nothing has progressed. the skilled labor shortage. how could we bring that back? we want to go the federal council with the negotiations with ukraine and russia. that above all, we halt the weapons. we cannot be the case with more people dying. we cannot support this with arms deliveries. >> reporter: essentially, these are national topics who influenced the legelections in

federal states. it is about migration policies and, of course, it needs to have answers with the education and health systems. at least, the majority of people here do think the ruling coalition parties didn't find a solution for many problems in these areas and that's why we have those results here. of course, another grueling exercise will now be a coalition building here in saxony ands in thu thuringia. no one wants to form a coalition with the head of the afd there. he is a sentenced right-wing policymaker. he was sentenced for using nazi slogans during election campaigns. no one wants to form a coalition there. the question is how the cdu can form a coalition in that country. the same holds true here. it is a tricky exercise and it

will have ramifications also for the national level for berlin. >> annette, thousaank you so mu for that. we will touch on that again and will join you after the break to unpack this just a little bit. interesting, we touched on this as well. the flash on the euro inflation fell to 2.2% in august from 2.6% in july. that figure came out on friday. the data does support what would be widespread review that the ecb would cut rates this month with the market pricing in a quarter point move. let's get to the chief economist at jssm and joining us now. carson, thousaank you for the t. i appreciate it. your overall thoughts on the state. is it enough to point to a cut with the friday data and seeing some of the pmi numbers coming out of germany and the likes, but seeing a slight uptick in

manufacturing out of the likes of italy and france? >> this -- >> it deposoes seem like we hav broken the line with carson. hope to get back to him after this. really interesting to really look at that data because key question marks will certainly be asked then of madame lagarde, the president of the ecb, with how much influence of wage inflation will happen because that is still double that inflation rate that we just noted of 2.2%. the key question marks around how much more the negotiations with some of the unions will matter and how that will change things as well across the board here in everything. we will look at that and the inflation expectations and of course, germany being a proponent of the wider eurozone

area as well. overall, markets are looking bleak this morning, but a fair and negative start. will that continue? we'll have an update across today's show. stay with us.

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welcome back. now before break, we got cut off by technical issues with the chief economiment at jssm. he joins us now. carson, get your dhthoughts. we have seen uptick in manufacturing data. is that enough to warrant a cut? >> so, i think economics is a mess and politics is a mess in europe. we just heard this on the show. not only do we need a rate cut in september, i believe we need one in october and december as well. one thing is clear, the economic recovery is not going to be sustainable by having higher real wages and therefore somewhat higher consumption. we need investment spending to

pick up. that is definitely not the case right now and hope the ecb will cut sufficiently that we are getting there. >> i was about to ask that for that runway. three cuts ultimately for this year is what you are speaking about, but the ecb spoken about as you have spoken the wage pressures being important to this. that is almost double the inflation rate as it stands. how much pressure does that put on them to still remain the course and remain tight? >> that is an extremely difficult thing for them. unfortunately, they ever never really said we need to lower wages. they always said we need lower profit margins from companies and this would be enough to bring back inflation to 2%. still, they are looking at the wage data and finding out wages are increasing touch and the wage negotiations and particularly in germany, they are too high. this would lengthen the process of getting to 2%.

that's clearly a difficult situation. it's kind of deflationary story which is unfortunate for central banks. >> what's the toughest part, karsen? inflation could reemerge as you continue to drawdown the -- the -- the price interest rates then if three cuts do certainly come from here? could inflation spark up again or is the biggest worry if they don't do all of these cuts, the european economy is about to suffer and the recession territory could be reached? >> i knowledge in the wage demands in germany are not confident with 2% inflation target. still, i believe that we are getting down to 2%, but it just might take a bit longer than the ecb would have wished for. so, the risk on my side are clearly the economy is not picking up. this might lead also to actually

more political problems than we already have. i would clearly vote and favor that we are getting the economy going again and this might actually then also solve some of the other problems. again, i absolutely believe that we are reaching 2%. it just might take a bit longer. >> if it takes longer, you might have to be restrictive enough to keep it there. ultimately, the terminal rate or the end rate for all of this, what does that then look like for you? >> it could be 2.5%. i believe we are really far away from that. we are around 4% interest rates right now. that is extremely restrictive. we are seeing higher bankruptcies. we are seeing the economy, the german economy, definitely in a recession again. other countries are flirting with it.

overall, we don't get it going because no one is investing anymore. that is definitely not a good situation even if the labor market doesn't show itself up. >> it's going to be an interesting one to navigate as we head towards a weaker more from the ecb decision. i appreciate the time this morning. the chief economist at jssm unpacking that economic situation across europe then for us. let's move on over now to some more news out of germany that we've just spoken about. voters in the eastern german state of thuringia and saxony voiced frustration with the three ruling parties suffering a drubbing in sunday's state elections. j germany's far-right or afd, won the first ever reegional ever i thuringia. saxony won first place edging out the afd.

annette is joining us from dress d dresden. you are joined by a guest? >> reporter: yes, indeed. the outcome was not so much a surprise, but still, the message which is clearly for berlin is things have to change. i guess the biggest question for under national audience is what does it mean for berlin and national policy making? on that note, we are joined by the president of the diy, german institute of economic research. good morning, sir. >> good morning. >> reporter: hi. that was my key question. what do you think these elections -- will will be the effect on berlin and policy making on the national level? >> first of all, this outcome means that the national

government will have a very hard time for the remaining one year. there will be national elections in september of 2025. that will be very hard for the national governments to implement any major reforms to push ahead. so, we have seen in-fighting within the coalition government at the federal level and the budget for next year. the latest example. the consequence is that there's a very high degree of uncertainty. frustration is high and uncertainty means consumers are consuming less and investors are investing less. it has a real economic impact on the economy in germany. we see a stagnation of the german economy for this year. the second quarter was very poor. so, in short, it will be very hard to push ahead for reforms

for the next 12 months. >> reporter: it seems that the only, at least, like the only topic which moves, at least, in the headlines is that the topic on migration and asylum policies. do you think germany is going to get tougher here? >> yes and the federal government already started and sadly enough, the afd, the right-wing extremist party, declared all major parties now have adopted our policies on migration. that's partly true. the federal government is now relocating migrants and refugees to afghanistan which they previously ruled out. the atmosphere toward migrants and immigrants, particularly refugees, has become a lot more hostile. there's a strong atmosphere of conflict and frustration and that makes it very difficult,

first of all, to form a government. also the future federal government could see how hard to could come together. this means there is a political stalemate. that is a big concern for a economy that needs reform and deregulation and massive push on inve investment, that needs to engage more in europe. the atmosphere and attitude toward european immigration and partnership with france is suffering as well. so, there is a turn inwards of economic policy and that's detrimental for an economy like the german one that is very open and highly dependent on exports. >> reporter: let me bring you back to saxony and thuringia. these are both federal states that one could argue that people have a much better living

quality or life quality than satisfy some years ago. despite that, the populous parties are so attractive. what, in a way, went wrong there? >> first of all, you are absolutely right. it is important to underline that reunification was a success. we have seen a convergence from east to west and capital income is lower than the north and south of england or north and south of italy. the single most important explanation for this move to what's a political extreme is democracy. germany has a huge demographic problem. it has a shrinking population if it wasn't for immigration. this affects the east of germany

and states of saxony and thuringia. those states where we find young, educated people move away to the west of germany, they have a much higher share of the afd vote and also protest vote for the other very new party the bsw. the big concern now is with this political polarization we see in those states, that even more young people will move away and companies will say we don't want to relocate in a region where we can't get good, qualified, highly motivated young people, but rather go also where in germany or europe. the big risk is that this success of reunification of the economic convergence now will be undone and regional inequalities become bigger. >> the story is going to be

fractious and one we are seeing in france. thank you for the time. we appreciate it this morning. marcel, the president of the german institute of economic research. the diw. my colleague, annette joining us for the interview as well. coming up on the show, tens of thousands are taking to the streets across israel in a new wave of protests against the government. we'll explain what's fueled the latest show of discontent next. 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

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welcome to "street signs." i'm arabile gumede and these are your headlines. germany's far right afd wins its first ever regional election in the eastern state of thuringia and comes within a whisker of taking saxony, too, as ruling parties a take a drubbing. retreating from friday's record highs as investors brace for a data heavy week culminating with the friday's

crucial u.s. jobs print. shares of right move soar to the top of the stoxx 600 as the newscorp confirms its mulling a takeover bid. and official data out of china shows the steepest decline in factory data in six months dragging chinese equity markets into the red and weighing on the european mining stocks. still continuing to look at factory data as well to have come out then today. uk factories report seeing the strongest month since 2022. that is the final manufacturing pmi number coming out at 52.5. a confirmation of the flash figure which was at 52.5 number. you are seeing the strongest report then on the uk factoriie

number since 2022 then. more than two years. demand offsetting the fall in exports there. just to give you a little bit more commentary on this is rob dobson who put out this figure then saying that the upturn is broad based across manufacturing which offers some key insight actually. broad based across manufacturing with the investment goods sector the standout performer when it comes to the data. supply constraints and high shipping costs were also driving up input prices which rosese an eight month in a row. that is the late stainge for th bank of england which the bank of england has not declared victory on the inflation fight as they hit the 2% figure for

two months in a row. what does that mean for the market picture so far? we are seeing margining losses for the ftse 100. the dax following on with weakness. general weakness across the markets so far with the record territory moves for a lot of these bourses. australian property listing site rea is considering a bid for the rightmove. the company said it has not approached rightmove, but it would be a transformational opportunity. interesting story with the amount of growth anticipated out of the uk property market. we will see how that story fares out. rightmove up 21% so far this morning. and sanofi's multiple

sclerosis drug missed its primary goal in two late stage trials. the drug was found to be no better than current ms drug in reducing relapse rates. however, the pharma giant did say it showed positive signs in the treatment of progressive ms which currently cannot be treated. a very quick look at the asian market picture so far this morning. this has been a mixed trade for the asian markets. nikkei up .10%. for the most part, things had declined with the chinese business activity. the pmi number falling to a six-month low at 61.9. on the other hand, non-manufacturing pmi hit 51.3. expansion territory on that one. again, only just. very interesting as well to keep in touch with the property

space. property developer new world developer was the biggest loser in the hang seng. shares plunged as much as 14% after forecasting a loss of 19 to 20 billion hong kong dollars. values of new home sales fell 19% in july following the relending program from the central bank to support that same real estate sector i've spoken about. crane shares gave her outlook on the sector. >> very unrealistic states in china. now you start to see a stabilization in terms of price. i know you need to monitor china on the price. to continue on the falling trends, but it is starting to stabilize. i believe the majority of consolidation is behind us. it is stabilizing, one on price,

and second, a second in from the states to takeover some of the potential and third, you will see the building up and take off from the outside of the city on the rural area. you will see a bit of a recovering sign in the real estate market, but not the peopling you have experienced in the last 10 to 20 years. now massive protests swept across israel on sunday after the bodies of six hostages were recovered from the idf. benjamin netanyahu, the prime minister, is facing increasing pressure to broker a hostage deal. r israel's biggest labor union is set to strike today saying a deal is imperative. dan is joining us for more from dubai on this one.

dan, one thing is for sure. this story has certainly changed over the last couple months and now this. does this create more pressure on benjamin netanyahu? >> reporter: it certainly does and, arabile, we've just spoken to the union behind today's major strike action in israel. of course, this started at 6:00 local time this morning across public and private sector in israel with schools and businesses and israel's airport impacted in part today as we see these union bosses and business leaders coming together after the killing of these six young hostages. this strike, which is led by israel's biggest labor union, will have significant economic consequences, but the chairman of the union has also said today's strike was needed to shake things up and to push the israeli leadership to reach a cease-fire deal with hamas.

i asked the director of human relations what they hope to achieve and what message this sends to the international investment community. >> israel is a strong society and strong economy with the best and brightest from around the world that come here together to do research and development and create good business, but we can only do good bus iness if we ca count on the government. i would say the other thing that came out last night after we declared the strike was the clear message from the businesses in israel and the business community that joined our strike. you see businesses that never would agree to organize, but joining us in solidarity for the hostages because we have the common interests in if mind. the economy can grow with security and stability. we have to put the people first. yes, absolutely, there is good

investment to be made in israel. >> reporter: this, of course, comes after we saw hundreds of thousands of people gathering in the streets of tel aviv and elsewhere around israel on sunday night in what was an extraordinary display of heartbreak and anger. every day israelis making their voices heard and rallying against the government here after the bodies of these six young hostages were recovered from gaza after being murdered by hamas. of course, among the dead is the israeli american hershel gol goldberg. his parents were outspoken at the democratic national convention. this raises the stakes for president biden and vice president kamala harris. they are set to meet today with the national security team to try to determine a pathway forward and how to move to a deal. it is something that president biden has really been pushing for before the end of his term. it is also reported that biden

may well be considering a final proposal for a hostage release and cease-fire deal this week, but, of course, that remains to be seen. arabile. >> dan, thank you so much for that then as well. we will continue to, of course, check in on that story. french president emmanuel macron will hold talks with former presidents sarkozy and hollande to discuss potential nominations for the country's prime minister. france remains in political deadlock after two months from the snap election and being split with the left, center left and far right parties. charlotte is joining us for more on this one. it feels like the president may have made this a little bit more complicated now than it was unusuallily. what's the latest on the story? >> he called that snap election in early july to clarify the landscape and if anything, it is

complicated. here we are 50 days after the snap election and we still don't have a prime minister and governor. the pressure on the president. the truce with the olympics and august is august in france. certainly now, there is a lot of pressure on the president to pick his prime minister. here to remind you the results of the snap election with the fragmented groups. with just 187 mps. that is far from the majority of 189. that isjected the prime minister pick. he doesn't want one to be ousted stl straightaway. he wants to find a name that can stay in power for a while. with the fragmented government, it is a challenge. the left wing is criticizing

macron. it is our job to find alliances, not the president's job. the president is trying to find the balance in parliament. now he is holding more meetings today at the palace and currently meeting with one name that keeps coming back as a prime minister. a former socialist. he made alliance with the far left brgroup. that could be playing in his favor. he has been prime minister and has been budget minister and someone who has a strong reputation and expertise. he is 61 years old and he knows the power. he is very critical of emmanuel macron particularly with the pension reform. it is interesting if he is named prime minister. there are questions outthere. that seems to be the name that could be the least problematic one and least likely to face a vote of no confidence. the big next date of october of

2025 which is put in parliament by the beginning of october. we know france is under pressure by the european commission. they certainly need to pick a prime minister and put a government in place and put a budget in place. it will be a tough year whoever gets it. >> charlotte, did you say cazeneuve could be thought of as the next prime minister? does he not just appease one side of the conversation and that being more right than the left and the left could look back and say actually we're the ones with a brighter majority of the electoral victory here? may not be a majority, but it is still more than anybody else. you are not appeasing this one side. while he may be the better candidate to some, it still doesn't bode well for democracy democracy, if that makes sense.

>> it leaves everybody unhappy with that result. that is one candidate and it goes down to the socialists because they are in the left-wing coalition. some socialists are calling for compromise. we cannot leave the government in limbo. he has the socialist party background. maybe this is the name we can get behind. they are splitting themselves. he was interior minister. the center right likes him. he was a tough interior minister. compromise is not in the french coalition. >> the hope is to get something clear on this one. it feels like -- well -- >> it has been that way for a while now. >> we have been speaking about it for so, so long. we will see how it goes. we are now in the paralympics. this was supposed to pause for the olympics. now the paralympics going on and still no leader.

charlotte, thank you for the time. we will certainly be getting into the weeds of this story because it has no end as of yet. coming up on the show, we will discuss a volatile week for the crypto space. we will speak to the founder and managing director at token bay capital. do stay tuned. 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. 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.

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welcome back. u.s. inflation edged higher in july according to a mess an you are measure this is a figure from the central bank with the reduction in four years. the personal consumption price index rose 0.2% on the month and 2.5% from the same period a year ago. a lot of that was in line with estimates. former fed officials told cnbc what the latest pce report could mean for fed policy this month. >> we've got a resilient consumer. several pieces of data suggest that the consumer remains resilient. real incomes have gone up. wages have risen faster than

prices. most american households have more money to spend. that should sustain the economy and it's really good to see inflation come back down to more normal levels. >> they have to deliver on their normal course which has been very good at particularly since they led the horse out of the barn. i think a quarter point cut would be a good start. we will have to see what the data shows us from there. >> this will put the fed squarely on the rate cut in september. i think it's going to be 25 basis points. i think the debate will shift out to the november-december meeting and i think the baseline there is 25 basis points at each of those meetings as well. >> it has been a busy week on the data front or it's going to be a busy week, i should say,

especially stateside despite the labor day holiday with the string of labor market indicators with the ism manufacturing index due tuesday as you see ahead of the jobs report, of course, on wednesday as well as the fed's beige book for july. thursday will bring weekly jobless claims before we head to the all-important non-farm payroll data that is set for friday. we do also have new york fed president john williams and fed governor christopher wahler with the key speeches on friday. that is the one that roiled the markets a month ago as well. as we head toward that, there may be nervousness in the market. brazil's supreme court will vote today on whether to uphold a ruling on friday to suspend access to x in the country. the social media platform was shutdown in the early morning hours on saturday after it missed a court deadline to name a representative in the country as mandated by law.

it comes after the months of attempts to remove anti-democratic far right voices. cryptocurrency executives want vice president kamala harris to take a softer regulatory stance if she wins the white house. they are planning a fundraising campaign for her in washington, d.c. it is the latest sign that some in the industry are rallying behind harris' candidacy rather than her rival donald trump who previously courted crypto donors. just last week, it was a volatile one with cryptocurrency with bitcoin seeing the worst week since august down 7.5%. ether had its worst month in two years. the founder and managing director at token bay capital joins us now to unbacpack it.

lucy, we will touch on the politics in a moment. the excitement we saw earlier this year was based off what i'm calling etf mania. has that worn off completely? what's driving markets now? >> i think where we are in the crypto cycle is actually the moves we're seeing is pretty much in keeping. there's a period of consolidation going on pretty much since the start of the year. we had the spike in q1. i agree that was etf mania. crypto became a national election issue. that tapered off slightly. natural to see some pullback in the bull market and a period of consolidation that we should be coming out of in the next month or two. we've got a lot of really bullish catalysts on the horizon. it is interesting to see if we continue to track lower. september's typically a pretty tough month for risk-on assets,

but crypto particularly. we could see the crypto market rally in a way. >> lucy, if you did, crypto executives, courting on either side of the aisle in terms of politics here whether it be former president trump or vice president kamala harris for the next president of the u.s., how much impact could have that on not just pricing, but future regulation as well and what are we seeing in terms of differential here? is there a particular split vote that we are seeing with regards to that? >> i think it will have a meaningful impact because whoever comes in to power really is going to set the scene for whether we will have a sensible crypto framework. we need that. we already have seen it rolled out in europe and that will have regulations across 27 eu member states. the u. is lagging behind on this regulatory clarity. so, it is important whoever is

elected in a couple of months time is supportive of the industry because it needs supportive regulation. we've seen to date in the biden administration a crackdown on crypto. it's been regulation through enforcement and working against the industry. we need to see that reversed and more supportive regulation because a lot of innovation when it comes to crypto markets does take place in the u.s. it is a powerful nation for this technology to take hold. so, any pro-crypto risk from the future president is important for the industry. >> one could also say the industry hasn't done itself any favors when you see the likes of sam bankman-fried and ftx and other players in the market and that has been negatively. the rumors around whether north

korea using it or russia. is that impacting? >> i think there is no denying that bad actors harness the tech technology. that is because the technology is really powerful. it is setting the new internet of our lives to move value an around from person to person quickly. it will be used by good actors and bad actors. you will have moments of euphoria. it doesn't mean the technology itself is inherently bad. the other thing i would say about individuals like sam bankman-fried, is they are attention grabbing headlines. the no one talks about that because it is not news worthy. >> lucy, just really quickly, i have one out of f run out of ti. do you have a year-end call?

>> i think bitcoin will be higher by the end of the year than it is currently. we night see a pullback. it should track quite significantly higher by the end of the year. >> not tying yourself to my masts here. hopefully we can chat again. lucy, please join us on the show again. the managing director at token bay capital unpacking the crypto space. checking in on the market picture. it is still negative so far. we are around two hours away from when the market opens here in europe. significantly again, to give you a key sense, we did see record territory moves last week, of course. that was important for this market. there's your downturn for today. that's it for today. my name's arabile gumede. do stay with cnbc.

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