that's all for this edition of "dateline." i'm andrea canning. thank you for watching. welcome to "street signs" on this wednesday morning i'm silvia amaro and here are your headlines kamala harris and donald trump square off in the only potential presidential debate as they clash over immigration, abortion, and the economy. >> my opponent has a plan called the trump sales tax, which would be a 20% tax on everyday goods. >> we're doing tariffs on other countries. other countries are going to finally after 75 years pay us

back for all we've done for the world. unicredit has taken a 9% stake in commerz in the holdings of the second largest lender. autumnal gains posts robust sale, offsetting a slowdown in the first half. and markets brace for the august cpi, friends, with expectations toward another step ahead of the fed's all-important decision very good morning, everyone, on this wednesday. investors are still digesting the political debate that took place last night between kamala harris and donald trump with

them saying it didn't provide much clarity in terms of key economic policies. so that's one investors are still dealing with all eyes on the u.s. cpi print due to be released later today expectations say we'll see a reduction in terms of the annual cpi number let's see what will be the file reading. that will be very important as investors are still debating between themselves whether we're going to go it a 25 or 50-basis point cut next week by the fed. and when you look at the european markets, we have the stoxx 600 trading slightly higher yesterday it dropped by half of a percent at the end of the day, but we are seeing a bit of a mixed picture today as we're also tracking many corporate announcements. before we get there, i want to mention at this stage we have the ftse 100 not providing us with any clarity in terms of movement at the stage, but we did get important data out this

morning. gdp basically flat, showing know growth for the economy for the month of july. that was actually below the 0.2% that analysts were expecting for the month. let's see what the bank of england is going to tell us. let me take you to the economic picture. there's been very important corporate announcements this morning. at this stage, we have retail at the best performing sector, up by almost 2% we did hear from inditex, their numbers suggesting that autumn sales came in stronger than expected, and that is providing momentum across the retail sector this morning. technology also trading higher, up by 1.3% i also want to mention to you banks because this is a sector we're monitoring closely after the news that unicredit has bought 9% of commerz bank.

let me take you to the worst performing sectors at this stage in the european sector health care is tracking lower by about 0.4% it was a similar picture for this sector yesterday, of course, off the back of the news that astrazeneca were actually quite disappointing. we're seeing telecoms, utilityutiyuti utilities, and real estate also moving slower. at this stage futures thought they were going to see a lower start to the trading session on wall street we saw a mixed session yesterday, the dow, the russell 2k posting negative performances, however, the s&p and nasdaq posted positive performances on tuesday. let's see what happens today no doubt what happens is a very important narrative for investors today. i want to take you to the politics too as i mentioned earlier, this is

something that investors are looking at at this stage yesterday we heard from kamala harris and, of course, the former president donald trump as well they faced off in the first and potentially only presidential debate they clashed on economy, national security, and immigration. as they look to gain ground in what polls suggestis still a neck and neck race nb nbc news alice barr presented this report. >> nothing more pressing tha the economy. >> i have never seen a worst period of time people can't go out and buy cereal or bacon or eggs or anything else. >> his plan is to do what he did before, which is to provide tax cuts for billionaires and big corn racings. >> reporter: the vice president pressed on her change in policy decisions since her run for the

white house. >> my policies will not change. >> reporter: the former president pushing back on his legal troubles and on accepting the election results. >> i probably took a bullet to the head because of the things that they say about me they talk about democracy, i'm a threat to democracy. >> reporter: former president trump on the attack on immigration and the border. >> they have and she has destroyed our country with policy that's insane. >> donald trump got on the phone, called up some folks in congress and said, kill the bill he preferred to run on a problem instead of fixing a problem. >> reporter: vice president harris blaming mr. trump on restrictions for reproductive rights >> donald trump hand selected three members of the united states supreme court with the intention that they would undo roe v. wade, and they did exactly as he intended. >> reporter: the gloves coming off in a debate that could

reshape the race for the white house. a very important debate last night. i'm pleased to say matthew bartlett, republican strategist and former trump employee joins us thank you for joining us first and foremost, i would like to set the record straight and understand who are you supporting in this election because you worked for the trump administration, you resigned in the whack of the january 6th events as you approach the election, who are you supporting, kamala harris or donald trump good morning and what a great question candidly speaking, i'm not a fan of the former president, his personality. as you mentioned, i resigned on january 6th. but if i look at the policies, trump's policies largely benefit the country much better than kamala harris and the democrats in terms of spending and inflation. when it comes down to the ballot

box, i'm still undecided. >> given that you're still undecided, watching the debate, therefore, seems like it didn't provide you any clarity with who you're going to support next how did you feel about the debate given that you're in that undecided camp >> i guess you can call me a triple hater i look forward to 2028 last night was a massive night kamala harris, untested, again, appointed democratic nominee who has been hiding from the public, hiding from the press had a massive night. she looked capable, competent, articulating a case against donald trump and for her vision for the country, whereas, contrasting with donald trump, who many republicans hoped would be reaganest eck in his approach to the debate looked rather reckless he was unfocused he was undisciplined at times he was unhinged, not

making critical points on the economy, on affordnability, housing, gas, electricity, critical issues american households face every day as well as the border and international issues as well. >> so you were quite disappointed ultimately. when you think about the competence, what missed in the debate last night? >> i believe donald trump could have made a very salient argument that his four years provided greater prosperity domestically and peace internationally. beyond that, kamala harris is probably the most progressive person to ever run for president, far to the left of joe biden on every single issue. she's taken even more extreme policy positions, yet, donald trump could not pin her down on that he could not have her admit to her extremist positions or admit to a flip-flop and a true lack

of decor he was undisciplined and at times looked more than absent-minded. he looked ill-prepared to guide the nation. >> if the rules were to allow -- which i don't think is the case anymore -- basically did the republican parkt make a mistake here in choosing donald trump as the nominee? >> like it or not, donald trump has been a looming figure in the republican party, reshaping the republican party for the better part of a decade now it used to be the party of paul ryan, trade a la mitt romney and jock mccain. donald trump turned it on its head, changed the republican orthodoxy, some to a great benefit, and some is still a populist approach to politics. he is beloved by the base right

now, yet in this ring states, there are still critical votes who undecided, who will ultimately decide this election. it's unclear whether he helped himself tonight in what was a critical, critical debate. >> when thinking about the implications of the u.s. market, some of the commentary is we didn't get enough clarity in terms of the economic plan for the united states. when you think and given that you're an undecided voter at this stage, when you think about what happens now and the vote in nosh, what sort of catalyst, what sort of events are you after in order to make up your mind >> well, it appears there will be a second debate, if you're asking kamala harris who challenged donald trump to a second debate. silvia, you're so correct. there are so many pressing issues that the american households face on a daily

basis. when you look at the information and the scant information kamala harris has put out price controls, taxing, unrealized gains, we have a housing crisis in america with the demand side, the supply side, and yet she's talking about giving people $50,000, $25,000. this to me is preposterous this does not add up, this is partisan, this is math again torsion have her articulate something of a reasonable rational economic policy as well as done who maintains his love, his affinity for tariffs, which, again, free trade, you know, has brought america to the forefront, and now we seem to be pulling back from that. so i would love to hear both candidates arcticulate why these are better positions for the country and keeping us on a front foot for the future. >> you're getting a little bit more clarity from the democratic camp than the republican camp.

when you think about some of the announcements donald trump has already suggested such as further tariffs, a lot of economic analysts are concerned that the trump presidency would actually increase inflation in the united states. so how do you view the fact that we're also not getting that detail from the republican side? >> again, i would question that. we've had four years under president trump. we saw what an economic policy looked like. conversely, we've had kamala harris, again, where is she on every major economic issue half of it are preposterous proposals she puts forth and then tells the press, don't worry, this will never happen, and some is renouncing old policies it's unclear what is reality but, again, if you're looking at where america is heading in terms of inflation, you have one party that believes that the problem is government just has not spent enough money that is a democratic party

i believe, god bless them, that i care about the poor and middle class. unfortunately they've put forth policy which have flooded the market with free money, inflating inflation, which has unfortunately attacked the poor and the middle class. >> we'll see what happens in the upcoming weeks it will be important for the race to the white house. thank you so much for your time today. that was matthew bartlett. pop star taylor swift gave kamala harris her backing in the race in the aftermath of the debate check out all the details on can cnbc.com. coming on the show, the economy stagnates for a second month in a row we'll have more details after this break

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get 20% off when you order in app. hurry and get this deal before it's gone! welcome back to "street signs. time now to look at the uk economy. growth disappointed in the month of july, coming in flat on the month versus expectations for a 0.2% increase. at this stage, we look at the

sterling u.s. dollar, we have sterling trading at 1.30%, just marginally higher compared to the u.s. dollar. of course, we know there's pressures here from the united states as well as we await the cpi prints markets also basically waiting for that number to figure out what happens next in terms of monetary policy. when you think about sterling, though, no doubt that these economic numbers have put pressure here, and, of course, there's question marks about what the bank of england is going to say regarding the economic outlook when it comes to these latest figures as well. i'm pleased to say arabile has been looking at the latest figures. arabile, what have we learned? >> despite the negativity, particularly on the month-on-month movement, whether it be manufacturing, industrial output, and the like, that despite the negative drawdown on a lot of those, especially with what the market anticipated,

there was still a flat start it went nowhere. but let's remember a lot of the indices went through a decline in output, particularly in areas of construction, which went off, 0.4% month on month. that's a negative figure the market looked for at uptick. industrials saw a downturn then, 0.8% month on month versus 3.3%. let's get into services then, which is a significant one-year. manufacturing and construction were both contracting in the second quarter, but let's remember the uk economy is skewed a little bit, particularly to the services side, which makes up a significant side of the economy. so growth was unbalanced somewhat in that second quarter. this time around you see services manage to tick up 0.1%, just edging out that 0.1% gain but on a year-on-year basis,

still a disappointment 1.7% year on year, versus what the market had looked for, 1.8%, but that's the thing that kept things flat and kept things still. forthe first time in a year we had seen an uptick in the gdp better than anticipated with the uk expecting to see 1.1% increase this year let's remember that very same estimate was 0.3% in december of last year. so the fortunes have turned for the uk as it were. now, as we head toward that budget statement, the big question mark is going to be just what it is they will have to shave off of course, the they're speaking about that 22 billion pound hold that is for the uk economy will she up cgt or introduce a

windfall tax on some of the lenders? the impact could still be massive, but the ultimate news here is it hasn't fully declined even though there's been a drawback when it comes to uk gdp. as the very least, it is across the flat line, silvia. now, aws has announced it plans to invest 8 billion pounds in the uk as part of a five-year plan to build and operate data centers in the country arjun has been looking at this explain to us the importance of this announcement for the uk. >> we know it comes at a time when amazon web services has been ramping up its investments in ai structure. that is nvidia and chips to improve the model and they need to increase their footprint in the uk as well for uk customers, which they see as a key market it also comes at a time when businesses are looking at ai

with excitement but also with caution as to whether they're going to see a return on investments by investing in the technology and by buying from amazon and others, and amazon, of course, trying to ramp up its competition with microsoft as well in that vein, i had a chance to catch up with the managing director of amazon web services and started by asking her how businesses are responding to ai. let's listen in. >> let me give you an example of banking in particular. northwest, of course, is using our technology to be able to really understand better what their customers require and to be able to predict in some ways what customers need and determine their future banking needs. so the data scientists and engineers i met with work together with our specialist teams in our center to co-create

responsible iowa products. let me come back to that we've also seen that businesses are looking at this in terms of revenue growth, employment activity, which is really, really critical, as you know, but also being abel to compete globally those are the benefits based on some research we recently did with almost 2,000 businesses, by the way, in terms of how they see ai supporting them on a responsible point, we're completely committed to ensuring that the ai is responsible. >> this investment in the uk is part of a broader push for aiowa /* -- ai across europe they have started an investigation into competition in the cloud market, looking at players like amazon, microsoft, and others as well

i asked randery how hard it is given the scrutiny let's listen in. >> we've always believed and worked closely with regulators and governments around the world. we believe they should have regulation, but it should be innovation-friendly. by the way, on the topic of sovereignty, we have launch and our cloud is sovereign by design you may know we announced an investment in germany. i mean, we're very, very close to all of the security requirements around the world. we're working construct irvly with the cmi also. it's important to work productively and collaboratively together with governments around the world to ensure our customers can access cloud and

ai services. it's very important, arjun, that we continue to ensure that innovation is good but innovation-friendly. this scrutiny on the tech giants isn't going to end any time soon. >> they're stepping up everywhere so how does that actually constrain the outlook for some of these big tech players as in their eyes they're trying to innovate further, right, and making investments like this could investments be at risk amid the creation? >> what's going to be key going forward is the way the cma and the uk, but also the european regulators, beginning look at ai, which feels like the next frontier in terms of the regulatory push. we know already the european union is looking at things like the practices of some of the

technology giants, whether they're fabering their own products over the services of others and rivals, but i think ai feels like the next big battleground that they're going to have to get ahold on. they have the uai act and the big tech companies are moving aggressively and investing aggressively you see in the last earning season just gone, they're upping their capex. so it doesn't feel like there's any slowdown yet, but, of course, if there's a feel of that or pushback, that could perhaps bring a bit of caution from some of these big tech companies. >> as always, the risk here for some of the regulators, how tough to get when you're also trying to create jobs and when we're having some economic troubles still thank you for the update and for more on arjun's interview with aws, check out cnbc.com. coming up on the show, commerzbank climbs to the top of

the stoxx 600 as eun crest announces its stake. we'll bring you the details after this break you didn't start a business just to keep the lights on. lucky for you, shopify built the just one-tapping, ridiculously fast-acting, sky-high sales stacking champion of checkouts. businesses that want to win, win with shopify.

welcome to "street signs." i'm silvia amaro, and here are your headlines kamala harris and donald trump square off in their first and potentially only presidential debate as they clash over immigration, abortion, and the economy. >> my opponent has a plan i call the trump sales tax, which would be a 20% tax on everyday goods. >> we're doing tariffs on other countries. other countries are going to finally after 75 years pay us back for all that we've done for the world. >> commerzbank bounces back after unicredit takes a 9% stake. intditex shares looking goo.

and markets brace for the august cpi outlook as expectations look at another step toward the fed's 2% target and next week's all-important fed decision now, earlier in the show, i told you that there were a lot of corporate announcements this morning, so let's get into some of that detail let's start with unicredit they have taken a 9% stake in commerz bairng and said it may take a credit toward 9.9%. you see the shares up significantly higher, up by 16%. we've been looking at unicredit shares in this context we know they had a significant cash pile that could tap and use it there were a lot of questions

among unicredit how they were going to use its excess capital of 6 to 7 billion euros. indeed this announcement came in that context with unicredit shares trade, up by 1.5% annette has been looking at the announcement annette, just explain to us how significant this deal actually is and whether the lack of a banking unit could actually stop further progress in this deal. >> well, the lack of the union to answer that question for us makes it perhaps more expensive for the merger that was the narrative years ago when they were ready to be on sale [ indiscernible at that point in time, the narrative -- roughly 15% more expensive than a domestic one. anyway, this all fell apart. now we are in a new world, and

unicredit has built up a stake of 9% and also saying they're looking into getting regulation approval to acquire more than 9.9% of commerc of commerzbank. [ indiscernible it's not known yet but it's quite clear they want to combine and also make use of a bigger organization. unicredit is owning -- to combine commerzbank and -- is making sense, according to many analysts so what has happened, the german government has sold parts of that stake, which amounts to

roughly 17%, and this stake, which we're in now, which was roughly -- which is much higher than the closing price, and also that is one reason the shares are surging. of course, the fantasy that unicredit might be interested to take over more only commerzbank is driving the shares up so, of course -- the german government will sell off of the remaining 12% of their stake and possibly also an accelerated -- so far we don't know when this is going to happen one thing is clear -- otherwise they wouldn't -- having a stake higher than 9.9%. >> right i would also highlight that unicredit did mention this morning the deal will have an impact of around 15 basis points

in their ct 1 ratio, but they gave the commitment they will not give a commitment to it. thanks, annette, for giving us the latest announcement. adnoc is looking to buy covestro the two companies have been involved in more in-depth talks since at least june. cnbc has reached out to adnoc and covestro for comment. inditex sales grew in the first two months of its quarter, offsetting a slight slowdown in the first half they reported a 10% rise in first half profit and 7% increase in sales in line with expectations and charlotte has been looking at the numbers

just explain to us what led to this better than expected report for autumn sales. >> it was very interesting to see those numbers there from indy tech. it's still growth, not the growth we saw back in 2023 where we saw double digit growth every quarter, but it's still a growth of 7.2% for the first half so net profit was up at around 9% there for the first half of the year look, they have given those numbers for the very first week of q3. sales are up 11% po positive note for q3, saying the autumn winter collection is being well received by customers. here, again, a company that has been doing a lot of work for the past couple of years, investing heavily in the stores, really focusing on the flagship stores. they worked on the stock and how they're integrating the stores and online it's been working really well.

that i've been working well with the supply chain they're very nimble and very fast with the product, getting new collections, et cetera it's been working for them that's been playing good for them because when you see top competitor h&m, they're facing a top competition themselves from very low end retailers like shein and temu who have come into the market. finally, one big strategy change that have done recently is pushing into the u.s. market they were very present in asia and europe, particularly in spain. but the u.s. has been improving a lot of opportunities they say they're going to continue opening stores there including their higher end brand. they're working on all of this a second-hand business will be starting in the u.s. as well very interesting strategy all

around that's been paying off for inditex. it's been paying off their shares are up 12% in the last 12 months when you compare to h&m, they're trying to change their strategy to copy what inditex is doing. a new ceo is coming on board because h&m shares are down. for two stocks that have been trading so closely, they've shown a really big divergence there. >> thank you for breaking it down for us. i want to discuss retail in more detail with my next guest. he's with rbc capital markets. good morning, richard. thanks for joining us today. >> good morning. >> first i want to understand what did you make of the results from inditex how important were the results from the company >> i thought they were a good solid set of results from inditex. topline came in at around 7%

overall. that was dragged down by it. good solid set of results. i think, again, showing inditex's relative resilience, which has not been an easy summer for europe. good steady gross margin i think that's what it is year on year and operating costs running at 100 bits below sales growth a good solid set of results and recent trading, i guess, relatively reassuring. 11% in constant currency, which i think was at the upper end of market expectations, contributing to a reasonably positive share and reaction today. >> my colleague charlotte was just highlighting how the change from the company, how they've tried to transform their business has started to pay off, looking at some of these numbers. i would luke to get a little more detail on that from you

when you think about the innovation, the turnaround to some extent that inditex has tried to put forward, how significant has that been, and is this turnaround actually here to stay? >> sure. so indy tex has always had a relatively differently business model based on a quick response to fashion trends and responsive to online manufacturing process. later on in recent years, it's been a relatively high degree of stores and online. and then, you know, it's also worked pretty hard to improve sales productivity for stores. for instance, improving the customer experience, successfully enlarging stores and absorbing smaller ones through sales productivity, making the stores more cost-efficient and eco efficient. all of that along with other

things, self-scan checkouts in stores, that's all helped to improve the customer experience and the sales productivity of the company. >> how important is the online portfolio at this stage when you think about how much consumers are going to the store versus shopping online and given that they have improved the experience in store, what's the breakdown at this stage between online and in store? >> sure. so onlines in the 20% realm 20% of sales inditex was late into the line, i guess, reflecting the relatively low brand in europe it's caught up in recent years as i say, it's gotten relatively integrated in its store and online about one third of the sales are bought on a click and collect basis.

around two-thirds of a return, product returns are made to stores so it's a very integrated offer. we've seen the stronger omnichannels in the sector playing in the equivalence in the last year or two so it's very much a key component of its offer at the moment. >> let's compare it with the other peers. there's a lot of competition at this stage, when you think about shein, prime market, h&m how much of a problem for inditex is the fact that we're seeing players such as shein getting more and more attention from consumers >> so shein clearly has been growing very, very strongly in markets like the u.s i do think, though, shein, while it offers very, very compelling fashion at cheap prices, it has

a slightly different customer demog demographic to zara. zara has the older shopper shein is sort of more the teens type of offering i would say the customer demographic is quite different, and zara is more the upper end of the mass market so it's not as affected by some of the retailers, cheaper reta retailers such as bryn mawr. taking shares from weaker independents and also department stores. >> right it's definitely an interesting sector thank you for breaking down your results of the back of the results. and coming up on the show, we'll discuss what to expect from today's key u.s. cpi print

and what it means for next week's fed decision.

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our attention turns to the august cpi print ahead of the united states. it's at 0.2% on the month and 2.6% on the year the lowest rate since march 2021 the core figure is expected to hit 3.2% on the year, steady on the month before. and the bank of america's ceo brian moynihan told them the fed will cut three times before the end of the year. a stress point, it will be higher than it's been for nearly two decades. >> they now have three cuts in the fourth quarter, beginning in september. and then they ultimately end up at a terminal short-term rate or end point, 3.25 or 3.5 there's a big debate the requestion is somewhere over the next six, eight quarters

you'll get to the endpoint, and our team believes it's 3.25, 3.5, which is higher than anybody who's been in the business since 2006 or 7. >> and a micro strategist joins us for more looking at the cpi print happening later today. to you think we'll get any sort of clarity about what the fed is going to do next week, regarding whether it's going to be a 25 or 50-basis point cut >> i think the markets have been constantly looking at clarity. we hope to give that clarity it was right in the middle and didn't resolve the debate. there's a one in three chance they might do 3.50, 3.25 what we think is the fed will ultimately go 25 because, you know, we see inflation coming in

at 0.2 in the headline and core for the month. that will mean the inflation keeps falling to the lowest since 2021 as you say. at the end of the day, inflation is still above target, very slightly it's still come down from what it was but given the environment, the fed are going to find it difficult to cut too aggressively in that sort of environment. >> so you're more in the camp of a gradual approach from the fed, but when you think about the other debate going on, whether we're actually going to see a recession in the united states or not, i would like to understand where you are when it comes to the economic outlook for the united states as well. because the slowdown is evident, wu is it significant so that it will actually lead to a recession? >> so we didn't think so firstly, payrolls are still running at roughly above a thousand a month it's not at recessionary levels. one other thing that's been

happening is the jobless claims that come out each thursday, which are one of the most timely indicators, they actually fell throughout august, and that covers the period for payrolls some of the timely indicators we're getting continue to show an improvement like other metric like retail sales. if you look at gdp sales like atlantic fed, new york fed, you have them running in the 2s on an annualized basis. it's hard to see where it will come from initially. >> however, when you look at all the revisions you have in the jobs report, does that concern you? are we at risk here, that the data is not giving us the right picture, and then we have investors reacting super quickly the moment we get the initial reading? >> actually i've been struck by the fact we've pointed out in the last five job reports, the net revisions have been downward actually there's one small silver lining from that. a couple of weeks ago we got the big benchmark revisions that

said the payrolls as of march were 118,000 lower than we thought. much of the 2023 numbers were actually quite a bit lower than we thought rather than seeing a fairly steady decline in payrolls number, actually it means the trajectory over the last year, they're probably going to be revitalized lower. it looks quite a bit flatter than it was before we have payrolls running over 100,000. >> so how do you read what's happening in the bond market because everyone is suggesting the yield curve, the yield version could suggest that that recession is about to happen how do you look at what the bond market is telling us >> i think what the bond market is saying there's definitely a risk of recession. the bond market is pricing a very, very, very aggressive cycle of fed rate cuts at the moment they're posting over 200 bits.

that's something you normally see in a recession we've never seen that in a soft landing. it's a bit of a weird picture. at the end of the day, it's all consistent with that ultimately that's going to be resolved one way or the other. >> tell us how you would interpret if the fed announces next week a 50-point basis cut is that a moment for an alarm? >> i think so. even though it's correlation rather than culmination, they began with a 50-bit cut using the cycle, and in both of those cases, that was then followed by a recession. whereas in the soft landing, actually the mid-cycle, but before that, they started with 25 but ultimately we think 25 is going to be where they go because they don't want to cause panic. if you look at other banks, all of them are down 25. we're not yet seeing central banks pursue larger and more

progressive cuts yet. >> that was going to be my next question i want you to compare it with other central banks. a couple of years back, there was a lot of concern that does not seem to be the case anymore how would you describe what the state of monetary policies, the big central banks at this stage when you think about the ecb, the bank of england, and with the fed. >> what we've seen in this cycle since covid is a remarkable synchronization of the way the banks have reacted now broadly at the same time, they're stating the easing cycle apart from each other. but the point i'm telling them, is they're different because they have a dual mandate the bank of even gland, their mandates are priced. all of the other objectives make it quite clear, they're secondary. the fed, they've got that 2% inflation objective, but at the same time, they've got that.

so historically they've been more dovish because they have to take the rise of unemployment into account. >> exactly it's a different mandate in that sense. very exciting times. thank you for your time today. that was harry allen, strategist at deutsche bank. i want to bring you developments regarding commerzbank. the adviser said we would be against any unicredit takeover this is a significant comment in the context of news earlier today that unicredit has bought a 9% stake in commerzbank, so buying some of that from the german government. so we are continuing to follow these developments in the banking scene at this stage. commerzbank shares still significantly higher, up about 15%. and we'll have more on the outlook of the u.s. lenders as well and continue to talk about banking and looking at what our

colleagues in the united states will be doing lauter today they'll be speaking with the chairman and c o of goldman sachs, david so min at 1800 cte. as we approach the end of the show, here are four things you need to know the s&p and nasdaq posted their first back-to-back gains in three weeks as the dow posted its third negative session in four, wrapping up a mixed trading day on wall street futures suggest it will be a lower day to the start on wall street investors are closely watching banking stocks after j morgan says they're likely too optimistic. we're also keeping an eye on starbucks as the ceo brian niccol highlighted problems as opportunities to do better. and we'll get the latest cpi print as we look for clues how deep the fed may cut rates next

week. i want to take a quick look at european markets as well as we approach the even of the show we have been seeing a mixed picture in europe with investors digesting all of these corporate announcements. but, of course, yesterday, we did have the stoxx 600 ending the session down by half of a percent, so we are seeing a bit of recovery so far in today's session. let's see whether that's going to continue throughout the day and looking at u.s. futures as i suggested earlier, they're painting a slight negative picture as we approach the open on wall street it was a mixed sigs on tuesday of course, all eyes on that cpi print. let's see what it will tell us regarding the future of monetary policy. that is it for today's show. i'm silvia amaro, and "worldwide exchange" is coming up next.

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it is 5:00 a.m. here at cnbc global headquarters. welcome to cnbc. here is your "five@5." head-to-head, vice president kamala harris and donald trump facing off on their first debate the candidates fact-checking each other on everything from tariffs to taxes to the future of the u.s. economy. >> his plan is to do what he has done before, which is to provide a tax cut for billionaires and big corporations, which will result in $5 trillion to america's deficit. a potentia