that's all for this edition of "dateline." i'm andrea canning. thank you for watching. ♪ welcome to "street signs." i'm arabile gumede and these are your headlines. a change in the c-suite as it replaces the ceo from october. we'll be hearing from the group's chairman, joe kaeser, at 10:15 cet. stay tuned for that interview. german union warns of

strikes at volkswagen plants from october 29 as its row over potential plant closures in germany rumbles on. equities tread water on both sides of the atlantic with the u.s. set to open in a holding pattern ahead of friday's non-farm payroll print as german industrial orders smash expectations. and qualcomm launches a new pc processor to challenge up intel. the ceo tells cnbc that the company's leading the way. >> i think excellence is still now the undisputed performance leader. it has breakthrough battery life and we're just at the beginning. that is the first wave of product for qualcomm. now daimler will replace ceo martin daum with the head of the

mercedes-benz truck unit in what the group is calling a generational transition. now radstrom will take over on october 1st and assume a new role as chairman of the board of management of daimler trucks. daum has been with the group since 1987 and oversaw the listing in frankfurt in december of 2021. we will chhear from the group chair joe kaeser at 10:15 cet. before that, let's head to the economic data stateside. u.s. job openings falling to a 3.5 year low in july at under 7.7 million versus expectations of 8.1 million. that is 37 down from the june readvised figure and puts the

ratio below 1.1. the data, that is, does come as the fed's beige book survey found a growing number of locations where economic activity was flat or declining in the period running up to august the 26th. atlanta fed president bostic and san francisco fed chief mary daly have joined the chorus of fed voices calling for a rate cut with the danger of employment levels with policy is held at current restrictive levels, but both sounded a note of caution on the speed of loosening with bostic saying he is not quite prepared to call victory and daly said confidence has not yet been restored. > the count ydown is on for the friday payroll report. it isn't the only data point we

get before the week is out. initial weekly jobless claims are expected to show a downtick to 237,000 and august adp payroll data coming in at 140,000. abby watt, u.s. economist with u.s. bank, has slipped into the chair next to me. abby, thank you for joining us. the data is all everybody is focusing on. the fed said they need to be data dependent. the beige book was out. we have the jobs report coming through. even just the adp numbers could be ones that shock the market. how exactly do we read this data right now? is it all over the place still or is it now showing clear signs of that weakness? i like to call it normalization as opposed to weakness. >> i think your comments around normalization over waeknes nwea

an interesting way to frame this. what we are seeing in the data is the slowing in the economy. our expectations, you know, are we see the normalization in the labor market continues and that's off the back of the slowing that we've seen in growth. you've gone from a rate of growth over 3% last year to a pace of growth just over 2% in the first half of this year. i think, you know, obviously last week, we saw perhaps more positive momentum in the data toward the end of the week. we saw the opportunities with the gdp and the personal consumption for july kicked off the third quarter relatively robustly at 0.4% in the month. i do think there's positive elements in that. as you say, the labor market data is in focus for investors. you know, we saw, obviously, weaker than expected manufacturing ism this week. there was a strong reaction to that data point as well. >> weaker than expected, sure, but still moving higher.

that was the pone thing that baffled me. interestingly enough, in the ism data, the employment aspect did move a little bit higher. is the market, is it perhaps one they're reading incorrectly or a lot of panic because we are looking into a volatile time and we are not sure if the fed will have 25 or 50 basis points and how quickly the run up to the cuts is going to be? >> i think we got the clearest data yet from chair powell in september being the point of which the policy restrictiveness is going to begin to be dialed back by the fed. i think the debate now is how much do they cut at the september meeting. is it 25 basis points or is it 50 basis points? i think the payroll tomorrow is the issue with the 25 cuts or

the 50 cuts. we will hear from a couple of fed speakers after that employment report tomorrow as well. i think it will be really interesting to kind of listen to how their interpreting the jobs numbers tomorrow because that's our last chance to hear from the committee ahead of them going into the blackout period before the september meeting. we'll be listening closely from governor waller tomorrow. >> it is interesting. it feels like the data is now pointing in a slightly different direction. it is getting tougher to predict. >> now, i mean, i know obviously gdp is a number which is a slower mover. perhaps backward looking. you know, you are continuing to see consumption looking relatively healthy in the u.s. as i said, you know, that pce number for july is fairly strong still. obviously, we saw softer auto sales yesterday.

>> sure. >> you saw a weak june and july and august. it is hard to read the trend there. i think what we're seeing is a slow in the u.s. economy. we aren't expecting the u.s. economy to enter recession. certainly, obviously, there are risks with the elevated interest rates. there are risks with lower-income consumers and the balance sheet ability to continue to weather the high-interest interest rate environment. >> the comments fromm the fed officials wanting to cut and they want to get there. what is the one thing that tips them over saying they are going to give this cut. on the basis they don't want this jobs market to necessarily fall apart. they want to show weakness. is it just a case of getting sustained drops in that jobless data or is it about it's still remaining absolutely strong so it showcases in they were to

draw things down, the effect of the hikes they did last year is going to start to show a little bit later on? >> i think for them, they want to see, you know, the continued disinflation. they want to see inflation returning sustainba ably back t 2%. how do you see the progress you have seen and downward momentum in inflation alongside underpinning the strength in the economy that you can continue to see. i think some of the normalization we've seen in the labor market, you know, you are still seeing, if you look at the three-month average gains in employment in the u.s., it's more of a normal level. we're coming from very strong job gains after huge job losses through the pandemic. i think what we're seeing is a normalization and, you know, that slowing in the labor market, as i said, is consistent with the slowing we're seeing in the broader economy. i think for the fmoc, the key thing going forward is, you

know, being able to put, you know, underpin that expansion and keep that expansion in played. i think that's the key thing going for now as you heard from fmoc members, the balance of risks has shifted. they are focusing on both sides of the mandate and not on the inflation side. i think the labor market data will be important. >> it's not just the threading of one needle, but multiple needles. have you tried that to get from one needle to another? you might hurt yourself doing it. abi watt, thank you. our u.s. colleagues women cheek to adp chief economist nela richardson coming up at 2:15 cet. a quick look at the market. we are seeing some of the market try to find some positivity. the key question mark here is

what exactly drives this market? it seems there is a sincere case of searching for leadership, as it were then, as the market is looking for what direction it can head into and what exactly drives that surge higher. technology stocks had been the ones to drive things a lot stateside. this side of the atlantic, though, had been a little bit of a push in the direction with the healthcare stocks and the granolas one to look at. the key data is the one presthe market will say to it self. the adp jobless figures and the nfp number for tomorrow. the quick look at the sectors. these are the ones shifting the stoxx 600 across the board. utilities managing to move higher at 1.13%. cheering on the sentiment we're talking about stateside which has seen a lot more of the defensive stuff lead the market of late, whereas, the technology stocks are on the decline.

europe is down .50%. the semiconductor are a key component to the downturn. we will unpack semiconductors later on in the show. as i said with the equities. it looks like for now, we are called a little bit higher. what's coming up on the show? d daimler truck announcing they are replacing the ceo. we will hear from joe kaeser. that's coming up next.

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now whchina has reportedly detained five former and current employees from astrazeneca for illegal activities according to bloomberg. they are marketing cancer drugs in the oncology division.

the spokesperson confirmed that the firm is aware of a small number of employees in china who are under investigation. fr volkswagen expects to put forward a decent proposal, but ones that will not rule out strikes in its dispute with the carmaker. this as the cfo warned that the automaker has one year or two years to turn things around. volkswagen is considering closing plants in its country for the first time as it is facing a shortfall in the demand of 500,000 cars. stay with autos and daimler truck has announced it will replace the ceo martin daum with the head of the mercedes-benz truck unit. that's karin radstrom.

she will take over from october 1st and will also assume a new role as chairman of the board of management of daimler trucks. daum has been with the group since 1987 and oversaw the listing in frankfurt in 2021. joe kaseser is with daimler truck. i appreciate the time. let's get to, perhaps, karin's first item on the agenda. good morning. what's the first item on the agenda, you feel? >> it's a good question for her to be asked what sehe's going t do. look, i believe we have done a decent transformation on the leadership of daimler truck. the right person at the right time for the right reasons, particularly about the way this has been done because martin

daum has been a long standing ceo and the development of daimler truck. how about karin get started and i'm going to support her on my way out. a very remarkable way of tr transition transitioning. that is a general statement. i believe you have seen this and you reported about a very big carmaker in germany who is just out now looking for new ways of getting competitive again. i believe daimler truck just wants to avoid to get to this point. that's why we have transformed the leadership now so that karin and her management team can take actions that the weakness in europe, for example, is being overcome with innovation. daimler truck is continuing its path as the most successful truck companies in the world. >> joe, the first thing i hear

when i hear innovation is cost. the only reason for that is you have to develop that innovation, right? i wonder if that is going to be a key component, then, of karin's tenure to try to ensure you bring costs down, but in an innovative way that still brings out the best out of the company. is that the case? >> yeah. look, i've been a cfo myself way back when. this sentence sounds familiar. innovation is cost. i became ceo somewhere at that point and i under stoostood innovation is the life blood of any company which is not able to, you know, win over costs. that's dominantly a european statement with competitiveness. innovation, to me, is the outcome, the good outcome of

r&d. r&d is the costs, if you don't get innovation out. knowing karin and the culture in daimler truck, for example, our cfo, this is all about innovation. innovation needs to lead to sustainable costs compet competitiveness. that's her thinking. the second issue is the supervisory board has chosen her. karin is an outgoing person. she is all about power and trust. she only trusts people if they deliver. those are attitudes and futures of modern management and ceos. that's why i believe daimler truck is just up to a great generational change in management and obviously leading the transformation in the

mobility industry meaning hydrogen, battery, electric and also hydrogen combustion engines in the future. >> i immediately went to the different innovations when it comes to energy efficiency as well. karin has introduced a new range of battery electric trucks in her role at daimler truck previously as well. how difficult is it to see the different demand in the energy space than we originally thought it was going to get. we saw it with the other oems and other vehicles. is that the same ways for yourself or is there a different story to tell? >> well, i think let me put it this way, i believe the most challenging element in the whole equation here talking customer competitors and the likes is

actually the regulator. the regulator, you know, gives a lot of rules about what needs to be done and unfortunately, i have to say, the regulator is very much looking into the supply side. it never really asks the demand side. this is a real issue we need to, i think, overcome in the european union in our space because at the end of the day, the customers decide what they're able to afford. if the customer says i'm not able to afford the total cost of ownership on freight charges, all this additional costs of battery, electric or hydrogen, what have you, we need to have the business to work. i think one of the things the management has to do or accelerate and also teaming up with all of the other peers in the industry, they need to talk to the regulator and say why don't you ask the demand side.

why don't you ask the supplier what they are able to achieve in terms of getting the transftr transformation done. it is not the matter of technology. battery electric is well understood. there are challenges in the supply chain because of the most relevant suppliers are sitting in a very concentrated geographic environment which sometimes is also complicated in the uninternational political debate. i think we all know what i mean. it is not about technology. this can be done. this is about making a business model work. the business model is bringing goods and services to people who need it. there is no trauck in the world with an open roof traveling around just for fun. they've got a job to do. >> joe -- >> that's how we bring the business model to work.

>> -- joe, i would be remiss if i didn't ask about the situation to the northwest of where you are now in stuttgart. just in saxony and dresden in regards to volkswagen. the conversations are around closing down two possible plants there. while i know you can't talk about any specifics you may know or not know, et cetera, but to s get your thoughts on the impact of the auto industry in germany and the weakness around that economy as well and the hurt you are feeling as well from lower demand. >> yeah, well, look, the short answer would be, yes, i agree we should not discuss other people's business because we have enough to do in our own side to make sure it doesn't get that far. because, you know, if you talk about closing down sites,

significantly restructure and cutting really deep to the bones, this is an area in the whole cycle which is pretty far into the miss already. so, i think everybody who runs a business, management or family-owned business, no matter how big they are, they need to be alert and understand what does the future bring. since nobody knows what the future will bring, i think everybody is advised to bring a culture and company which is adaptive and react really quickly on changes in the environment be it the regulate er or customer side or technology or other things. look, volkswagen has hundreds of thousands of people. as you know, the value chain of the automotive industry is very deep. one employee, oem, probably adds

another five or six or seven in the value chain. this is a real issue for germany. in all due respect, i think the message will be don't let it come that far that you need to cut so deep that everybody is going wild about it. on the other hand, i believe the unions also need to understand if demand is not there, there is no work. >> yeah. that's the telling side of the story. overall, you are also sharing what looks like a slightly more concerned outlook for germany itself. is that the case for you? the spending needs of the german government? what is your sense on the economy, sir? >> well, look, i'm reactive on that matter and in the political environment. at the life blood in germany is innovation, but it is also the export model. the productivity, german

companies are able to achieve. it's way higher than the gdp. no matter whether it's plus 1% or minus 1.5%. it doesn't matter. the real issue is german demand as all industrial countries, is weaker than productivity they can achieve. that means they are bound to export models. they're bound to be able to export to other economies in the world. that is all again innovation and speed. i believe that germany is well advised to first of all political or not forget, that an open environment or openness to the world, diversity is also one of the major ingredients for credibility to be a good export partner for the world. secondly, we need to be reacting quicker to changes. not always discuss how and why this happened and why it doesn't

work, but look at solutions and not try to analyze the problems. >> the last one doesn't sound like just a german problem. joe, thank you for your time. >> you know, i'm a german. i'm proud to be german. on the other hand, i mean, this needs to be owned and deserved every morning when we get up because the market share every morning is zero. >> fully understood. joe kaeser, thank you for joining us on "street signs." the chairman of the supervisory board of daimler truck and former ceo of siemens, joining us as well. burberry has dropped out of the ftse 100 ending a 15-year run as the group battles slowing sales and management changes.

the stock price went down 53% so far this year. charlotte is joining us for a little bit more on this story. it's been in a world of khurt ad with the transformation they are trying to put forward is not working. >> now dropping out of the ftse 100. burberry part of the ftse 100 since 2009. it is down 55% this year. it was the worst performing stock on the ftse 100 year to date. it has been a turn around story in the bigger story with the luxury slowdown. there's been a ton ever worry for burberry. they named a new creative director daniel lee. it was a new collection and that came into the stores from september, the sales haven't really picked up in the last sets of number for q1. like for like sales were down

20%. they were warning of an operating loss in the first half. we will have the numbers in november. wait and see. it has been difficult to watch. as part of the earnings, they announced a new management the former ceo who has been at the company a couple of years is replaced by someone with experience at coach. some of the competitors. this is really interesting because for analysts, burberry is at the cornerstone and had to decide the strategy. we know under the previous management, they tried to have the elevation strategy and ramped up prices heavily. that didn't quite work out. the question is will they try to lower the demand and just cater to more aspirational buyers? we have to wait and see. will they focus the latest campaign on outer wear? we have to wait and see what the strategy will be. certainly some of the outlet exposure has also been problematic. we heard from the chair recently saying they went too fast, too

far when it comes to the elevation strategy here again. burberry here again with the change and stock which has been suffering heavily. not surprising to see. >> a question mark whether it is right for some takeover, but by who is the big question mark here. thank you, charlotte. coming up on the show, ipalcomm launchesing a new pc ch. we'll bring you the exclusive interview after this. 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.

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welcome to "street signs." i'm arabile gumede and these are your headlines. a change in the c-suite for martin daum. joe kaeser spoke to cnbc. >> daimler truck is continuing the path as the most successful truck companies in the world. german union warns of

strikes at volkswagen plants from october 29 as there are potential plant closures in germany rolls on. equities tread water on both sides of the atlantic with the u.s. set to open in a holding pattern ahead of friday's nfp print. qualcomm launches a new pc processor ramping up its challenge to intel and amd. the ceo tells cnbc that the com company's leading the way. >> i think excellence is now still the undisputed performance leader. it has breakthrough battery life and we're just at the beginning. that's just the first wave at qualcomm. the second half of "street

si si signs" and here's is a look at the markets. the upside potential to some of the counters as well. the ibex 35 is the big gainer at 35% to the good. marginal gains with the german market with the key focus of vw entrenched in talks with unions. down day for the cac 40 so far and so, too, the market in switzerland. u.s. futures pointing to an uptick. only marginal. we headed to jobs data. adp payroll print and numbers coming out for tomorrow. let's get to semiconductors now where qualcomm unveiled a new pc processor as the u.s. chipmaker looks to ramp up its push into the computer space. arjun joins us now. launching itself into the competitive space with intel and

amd and the like. a move meant to be bullish. >> the company has been on the diversification push. qualcomm very well known as a smartphone chip player for a long time. it has seen the biggest smartphone makers as well with samsung. it released the snap dragon x series. the big deal with microsoft surface products that contain the chip as well having the backing of microsoft is key because it means the chips will work on windows, which, of course, the operating system across multiple devicemakers as well. qualcomm is important as it launches the service. the latest series is the 81 core processor for pcs. they are trying to expand the market with the lower-price point chip. it will clash with the likes of

intel and amd. i had a chance to speak up with the ceo of qualcomm and ask why now is the time to jump into the pc space. let's listen in. >> it was the logical thing for us to do and with our partnership with microsoft. if you look at what we did, it was a number of things coming together. first, i think our company has been on a diversification journey. every time you and i talk, we provide updates of industries and automotive and now pcs. we are on a journey to diversify and make sure our technologies now expand to other markets. the second data point, pcs are fundamentally changing because of the mobile and pcs. we use that in the separate devices and the technology is

influencing what we see with the pcs. we expect to be connected and longer life and thin and light. it is coming at a time when windows is expanding to a.i. when you put all those three ingredients together, microsoft and qualcomm, join forces to bring snapdragon in to what the series did to restore the leadership now to the windows ecosystem. with the fastest laptops, they are running windows co-pilot. >> talk about the product road map in the space. you have been quick in launching the new processors. the latest one, the core 8 with the lowest one as low as $700. when can we expect the next product that looks to hit more of a mass market price point? >> yes, look, i'm going to walk

you through the sequence. the first thing we did with x-elite with copilot was to restore the leadership back to the windows ecosystem and have the performance leader. after that, we announced x plus. today's announcement is now about bringing a.i. pcs to mainstream. think about it. a typical laptop that an enterprise or customer customer buys is in the 9$900 range. now you can have $800 or $700 with the a.i. processor for copilot plus. it is a great opportunity to expand your market to bring to scale. next, we will see mini desktops from qualcomm as well and we will continue to add road map to have the full range of pc products so we can participate

in the total addressable market in this space. all right. let's get to another story. foxconn sees operations picking up in the second half of the year with the q3 increasing on the year. the taiwan company posted a 33% year on year rise in the revenue in the month of august while sales fell. arjun is joining us, but we have yuri here with us as well joining us in studio. yuri, i don't know what you thought with that interview really around the significance of changes needed with the semiconductor chips needed in the space. there are so many different nuances. you get into cell phones or you

get into the large language models needed for artificial intelligence. how much change do you think is still left in this space? >> the change is incredible. if you think about a.i. capability at the edge, it's not just the chips qualcomm provides, but everything. the silicon content of the mobile phones needs to go up because you need better memory and connectivity. it is a propductivity increase for the users. that's what qualcomm is bringing. >> none of the fundamentals are cha changing. you would think demand has gone down cataclysmically. >> i think how the segment evolved is mobile and pcs have been the main driver of the sector. now you see those are not

recovered. that's what's so interesting. the a.i. growth in the edge which will coincide in the recovery of phones. the upgrade will be meaningful to them. that should drive the sector in the future. >> yuri, when we talk about qualcomm playing in the smartphone segment of the market, the ceo has been driving to diversify in the autos and mixed reality and now pcs as well. is qualcomm, do you think, an under appreciated stock? nvidia up 118%. it hasn't had the same allure that nvidia has. >> i think qualcomm is an interesting company. it has always been in there. it had a strong position in connectivity chips and the position with apple to proper

t propel the company. as the a.i. proliferates with the data center where nvidia has a strong hold into the edge, you have to start looking at companies like callqualcomm. >> we spoke about the training site and data center site with nvidia, all of the device makers this year, samsung, google, apple, talking about under device or edge a.i. as well. who do you think are the leadleading players? >> i think they will deliver. they don't have to be in a powerful data center. that will lead to growth of the mobile phones and use cases. i read a really interesting stat and this may be a wild forecast, some people came that a.i. on your phone could raise your iq by 20 or 30 points. he is talking about a discount on the pcs with what we've got. that productivity boost shourel

has a price impact. all of the big players really within the mobile space will benefit, appplus the semiconduc space with the memory and testing. >> what do you think of the monetizable prospect of a.i.? this is a company that has built a multibillion dollar services industry. apple is willing to pay. if you look on the android and samsung which has done well and successful on the hardware side of the equation, software is an elusive part of the equation. it hasn't had the software business come buried to apple. will this give the players the opportunity to monetize the software or is this google winning this part of the equation? >> i think this is interesting the software stock who will win in that. that is still uncertain. there is a question mark if we have a new device come in.

i think that is an open question. it is really about data. who owns data? that is apple and android own the data of the consumer. in theory, they have the best chance of the best consumer a.i. plays in software. >> i want to just ask you with the regard of the doj case with nvidia. we don't have heavy confirmation of what will exactly happen. the supposition of the overall of what it means for nvidia and how it invests in the future spend and growth of the company and how the come ppetitors look it now? >> once you are close to $1 trillion market cap, you have a target on your back. they're the investor that does

that over the long run. really, are they abusing the power? a lot of this is success. you've created value for customers, but the question is have you been abusing that value? it puts a damper on the competitors or other startups where they like to deploy more capital. >> very interesting. yuri, i appreciate the time. >> thank you for having me. >> join us again as more developments happen in and around the space. arjun, thank you. yuri, the cio at tema etfs. coming up on the show, peep speaking my language. we will speak to the ceo of babbel next.

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get this deal in the subway app now before it's too late. welcome back. now businesses lose approximately $2 billion a year due to language misunderstandings in the

workplace according to babbel. let's speak to the ceo arne schepker. arne, this sounds like a good time for you with schooling and education as well. a surge in language learning happens at this time. do you expect that to come to the fold as well? >> good morning. absolutely. we see it in september. back to work, back to school, back to normal life. you see your kids learn a new language and your kids are learning in school. this is the second time i wasn't able to speak to the locals and you return to work and your time to think about your future, you know, hr team had time to rethink the next year. we see a two-digit increase every year in september. this year is no different. >> yeah, i've been going back to

paris a few times and thinking how my struggle with french is sill persistent at this stage. i was also reading an article, arne, if you should learn through human teachers or with a.i. without human interaction, the language could be a stumbling block. at the same time, the kind of virtual intuitiveness of putting a.i. in the language models does also work better. what's the case for either side of the conversation? >> we, we believe in the power of technologies and the power of the human interaction. in the end, you learn a language because you want to speak to someone. that's another human being. practicing that with another human being is super helpful. a.i. coach interaction can also teach you a lot and help you practice. there's less pressure in the room and less social pressure in the room for those less c

conf confident. >> arne, what happens with the role of artificial intelligence in all this? one imagines as of right now, if i go to another country that doesn't have english at all, i can scroll over with a camera and get each word translated in real-time at that point which decreases the need for me to learn those languages as well. is there going to be a need for you to, perhaps, create more innovation to allow more of that in your platform and a little bit more? >> yes, we're actively working on building a.i. in our product and futures. always with an eye on what helps you learn and helps learners learn better and faster and more successfully to apply in life. we don't believe in a.i. you have to put something out there and it is nice and shiny and people are willing to pay for it.

funny enough, it's that example of going back to paris a second time and you still don't speak the language that shows life translation is always there and people have always used the translator to talk to the taxi driver or order in the cafe. you don't learn a language in one trip or two trips. you come back and you start engaging and start learning. that shows you are more motivated than anything that translation or a.i. alone can do for you right now. >> the technology also changes. like you said, technology innovation. you can have ear pieces or glasses as we talked about on the show to help you understand the language a little bit more. you are investing a lot in the innovative space in the industry where it is tough to make money in your space? >> we obviously innovate in all those areas. all of the technologies you just

mentioned always with an eye of how to apply to the learning process. how does it help the human brain learn and human being learn? that's what we focus on and less on the glasses and investors like it or the financial markets like it. we focus on our learners, which in the long term, is also good for our business. >> arne, i really appreciate the time. so much to be said about language growth and language learning and how it will work out in the future. this is an interesting space. thank you for joining us. arne schepker, ceo of babbel. just a quick correction coming from reuters which corrected an earlier news wire claiming german union ig said strikes were possible from october 29th. that date has now been corrected to november 30th. it comes as volkswagen's cfo

warned that the automaker has, quote, a year or maybe two years to turn things around. the german maker is looking to close plants in its country for the fuirst time in the fall in demand of 500,000 cars. as we close out the show, you see a mixed picture overall of .2% gain for the spanish market. down day for the market out of france and switzerland. the futures are pointing to positivity for now. the data points will be important. initial jobless claims and adp report and nela richardson on the show later on today. thank you so much for joining us. my name is arabile gumede. that was "street signs." "worldwide exchange" is next.

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it is 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here is your "five@5:00." inversion reversion. a key indicator of recession easing off as the treasury market does something for the first time in two years. deal in doubt. nippon's $15 billion offer for u.s. steel faces mor