d that's all for this edition of "dateline." i'm craig melvin. thank you for watching. ♪ very good morning, everyone. welcome to "street signs." on this tuesday morning. i'm grandsilvia amaro. here are your headlines. unicredit is seeking to build a stake of 30% while cnbc learns the german lender is preparing

to fight back. and the market ramps up bets that the fmoc will go for a more aggressive 50-basis point cut at tomorrow's decision. and the yen strengthens 140 to the dollar and the survey shows the split of the timing of the bank of japan's next rate hike. the chairman of india i.t. services infosys says the rise of a.i. could lead to job losses and telling cnbc we are still at the outset of artificial intelligence. >> we are in the early days of a 10-to-20 cycle of companies internally with a.i. technology. while the production will go up, the new business will come in enterprise a.i. transformation. very good morning, everyone.

the wait seems to be coming to an end. the all-important september decision from the fed is due to be announced tomorrow. today, they are starting that all-important meeting. when you look at the market expectations, it is increcincre really, we have a 69% chance of a 50-basis point indicate cut tomorrow. a lot of market players are pricing in a more aggressive move from the fed. we know for investors, it will also be very important to understand what the dot plot is telling us and the overall communication from the federal reserve. let's not forget this is a very busy week on monetary policy front. it's not just about the fed. we will also hear from the bank of england in uk and the norges bank will announce later this week and on friday, the bank of japan are also having a new rate decision. it will be very important to

understand how they're feeling about potential further rate hikes. now, with that monetary policy background in mind, let's take a look at the different european bourses. as you look at the equities, we are seeing upside momentum with the ftse 100 which is trading higher by .70%. when it comes to the bank of england announcement on thursday, investors are not looking at any changes in the level of interest rates. it will be very important to understand what sort of communication we might get from the bank of england at a time when traders are expecting further rate cuts from the boe this year. we are also seeing some upside movements in germany as well as france and, of course, in italy, up about .50%. let me take to you the different sectors so you understand what the picture is within the sector. we have retail is the best

performing sector in today's session up 1.5%. we saw earlier this morning, actually, a couple of very important earning releases within the sector. king fisher raised their bottom end of the profit outlook which has sent shares higher about 6% in early trade. that is providing a little bit of momentum for the overall retail sector. i also want to take you to banks. what an interesting moment to be looking at european banking stocks. the sector is higher by .80%. indeed, earlier this morning, further reports of unicredit may be looking to increase the stake in commerzbank. as you can see, we are looking at losers at this moment, they are all trading in the green. we are seeing a bit of momentum within the equity session thus

far. a little more pressure on telecoms and healthcare at the moment. le let me show you shares of comm commerzbank. unicredit is trading at .70% at this moment. last week, we got the news from unicredit that they were increasing their stake to 9%. now we're getting further media reports. let me get to the details. unicredit could raise its stake to 30% from the current 9% i just told you about. this is according to reports from bloomberg and italian newspaper. unicredit spokesperson declined, however, to comment on the story when contacted by cnbc. of course, we will continue to monitor how this is impacting the share price move. in the meantime, cnbc has learned that commerzbank will

hold a strategy meeting next week to discuss the unicredit acquisition. the project has been amid concerns that unicredit could target a takeover of the german lender. this comes as commerzbank ceo says he hopes the bank remains independent. he says they are naturally convinced about the plans and has laid out its position to the german government which remains, for the time being, it's biggest shareholder. the rival, deutsche bank, is exploring options to pblock or delay any purchase of the government's 12% stake. that detail is actually according to bloomberg reporting as well. staying with germany as we

witness the activity, olof scholz says the firm delayed construction of the factory for two years. the finance minister called for funds earmarked for subsidies to be used to plug a federal budget gap. in other corporate stores, the uaw has filed charges against stellantis in the united states. they violated a contract. the charges have been brought because the automaker has not provided details with president shawn fain of the ceo of mismanagement. it is confident how it brings new vehicles to the market and will bring plans to the union when appropriate. it is a very busy day on the

corporate story. look at this one. ray ban parent essilorluxottica reveals a partnership with meta to continue their development of smart eyeware products. when thinking about the retail sector, king fisher raised the bottom end of the full-year profit outlook and seeing the profit of 510 to 550 million pounds versus the 568 million last year. first half profit of the home improvement retailer came in flat amid continuing weak demand for the discretionary big ticket purchases. i told you it is busy this morning, but also very busy on the monetary policy front. coming up on the show, cnbc launched a survey of fx station strategists ahead of the boj decision. we will bring you the results of

the survey after this break.

ryan t. writes, "moving is stressful. can you help me take one thing off of my to do list?” ugh, moving's the worst. with xfinity, you can transfer your internet in just a few taps. just a few easy moves. did somebody say “easy moves”? ♪ ♪ oh no. no, i was talking about moving your internet. this will move the internet. ♪ ♪ ooh, ooh. -let's keep it professional. professional dancers! -ok! stay connected during your move with the best in home wifi. easily transfer your services in the xfinity app.

bring on the good stuff.

welcome back to "street signs." let's look at what is one of the most exciting stories with european equities at this stain. unicredit could seek acquisition to seek 30% from the current 9%. that is according to reports from bloomberg and the italian newspaper. the unicredit spokesperson, however, declined to comment on this story. let's discuss this in detail with fillipo at federated hermes. good morning. >> good morning. >> let's start by the latest reports suggesting that unicredit could increase its stake to 30%. do you think it's likely the ecb will authorize such an increase in their shareholder position? >> yes, i think the question

should be rather likely not ground to block this request even if you consider bva. even when they went on sabadell. they have ground to block this. i think they will invite the unicredit management to talk to commerzbank. this is a natural step for unicredit to increase its stake in commerzbank. >> the question is it doesn't seem commerzbank wants that. deutsche bank doesn't want that. what is likely to happen from that side of the story? how can commerzbank and hearing some of the comments from the ceo saying they want to remain independent. what can commerzbank do to actually prevent unicredit from taking such a big stake? >> yes, the commerzbank as all the takeover targets and don't want to be acquired by someone

else. this is natural. commerzbank needs to reinforce the idea it is executing the business plan. the management has done quite well. i think commerzbank as they convince the market, they are on a standalone basis. i think rates will eventually come down in europe and i don't think that's the case. i think it makes sense for consolidation in germany, especially in the fragmented german bank. as for deutsche bank, they have less capital than unicredit. they can truly afford to takeover commerzbank. deutsche bank has the rating of 35%. the target is 30%. it is limited. they can take over the 12% from the german government, but they will have, in my opinion, a tough sell to the deutsche bank

shareholders to convince the marriage with commerzbank. >> what will be the outlook for deutsche bank if we see unicredit increasing the stake of commerzbank to 30%? then that would be competition here. what would it mean for deutsche bank? >> yeah, deutsche bank could put up a brave face and realizing the situation and decide what to do. at the same time, if unicredit were to go up to 30%, again, it is limited leeway for deutsche bank to disrupt this deal. they can concentrate on the business plan and potentially look at other targets. also, we know the dutch government eventually would have to sell. >> interesting. are you suggesting we could see more cross border consolidation in europe because we haven't really seen that for many, many years? >> no, we haven't.

this could be an ice breaker for unicredit. lots of german reasons to do this deal. they have a lot of capital trapped in the german sub subsidiary. it is very limited of what they can dividend out of milan. this is a domestic-cross border, but if they are successful, of course, other management teams will start in this case. >> what does this mean for the german government? they are actually getting a little bit of criticism for allowing unicredit to buy this position. >> it is a bit of an unusual position. it is a catch-22. if unicredit succeeds in taking over commerzbank, they lose the premium. at the same time, we don't want to manage banks. we are in the short-to-medium term. whatever they do, there is risk

to be accused of being blind sided or not looking at the potential monetizing premium. >> we said before this is new. we haven't seen this potential cross border deals in banking for many years and we know that the industry was actually asking for this for many years at the same time. so, is this solid? is this actually a new momentum for european banking and is it here to stay? >> i hope so. i'm not certain around this. i think it will be strange if local governments or national governments would oppose a deal just on the reason of the fact they are acquiring from a foreign entity. unicredit is not a foreign entity. they own the largest private sector bank in germany. >> what does this mean for the

other italian banks? there was speculation that unicredit would increase the position within the domestic market? >> it is second to santander. they lost on ground in the stock market. they are less likely to be in the radar of unicredit if uncredit goes for commerzbank. at the same time, there is still scope in italy. >> so maybe not with unicredit, but other italian banks could be looking at potential deals here. >> yes, i think so. >> interesting times, isn't it? >> very, very. >> thank you so much for your time. the head of financials at federated hermes. time now to look at how we fared in the asian equity session. worth noting that markets in

south korea and taiwan and china were closed today. we have been looking at the nikkei 225. it ended the session down by more than 1%. what's very interesting in japan, of course, we have that very important bank of japan decision on friday, but at the same time, when you look at the fx market, we have seen considerable strengthening of the yen. let me share the details with you. the japanese yen strengthened past 140 against the u.s. dollar for the first time in over a year as the greenback saw further weakness amid expectations of the rate cut this week from the federal reserve. the japanese currency has risen more than 10% against the greenback since its lows this year when it dropped below 160 mark. of course, the fed isn't the only central bank decision traders are keeping an eye out for. cnbc has conducted a survey of economists, fx strategists and

fund managers to get a sense of what to expect ahead of this week's bank of japan decision. lynn lin filed this report for us. >> reporter: various reasons were cited including the yen strengthening in recent months and the market volatility in august and the fact the ruling party will have a leadership contest next week which means a new prime minister will be elected. the survey finding that analysts views are much more mixed in the october and december meetings. close to 44% saw a possibility of a move in october while a majority or 56% saw a rate hike being likely or possible for december. jpmorgan is one of them, for example. they are expecting a 25 basis point rise in the policy rate in

december saying more needs to be seen in the economic data to confirm the wage price. on the other hand, some told us they don't see any move at all this year because the former boj official telling cnbc that the bank of japan won't raise rates until january of next year because the yen is now much stronger than it was back in july and that there is little evidence that the home grown inflation will become too hot in the foreseeable future which means for friday the focus appears what the boj signals. lynn lin, cnbc business news. and our very own emily tan filed this report. >> reporter: shares of midea

jumps 10% in the hong kong debut this morning. the $4 billion listing is the city's biggest since 2021. with the surge, raises hopes of the ipo market. before today, ipo funds raised total $2.5 billion so far this year. so the midea listing eclipses all listings in 2024 combined. if the green shoe is lifted, it could raise $6.4 billion. sales in 2023 hitting $52.7 billion. midea chairman says today marks a new starting line for global deployment and furthers ambitions for expansion. midea has been listed on the shenzhen market for ten years. chinese markets are shut today and hong kong closed tomorrow for the mid autumn festival. i'm emily tam.

we are in the early stage of the global 10-to-20 year cycle of reinventing companies using a.i. according to the chairman of infosys who spoke to cnbc. he rejected the tech could lead to massive losses. >> what we are seeing is every business and board is now trying to figure out what does it mean for them and in terms of policies and threats and they are looking at this. i do believe enterprise a.i. which is what companies have to do, is along the cycle of consumer a.i. chatbot and start working. enterprise a.i. requires them to reinvent themselves entirely. it is a longer haul. >> who wins with enterprise a.i.? there is a lot of data to protect around firewalls and companies move aggressively to hyper scare and create versions

to plug in. who wins? is it silicon valley names? >> i think certainly in the chip side, i know one thing is nvidia. enterprise a.i., the winners are not really clear because it is a lot more data. farms have to organize data to be a.i. and sources and they have silos and structure and unstructured data. a lot is going on. it is early days as to who will be the winners, but it will create very successful companies around this. >> i'm fascinated with the large language models. a lot of startups have gone from nonexistent to multibillion dollar in a span of overnight. some companies got going because they had the ability to move with their own language and cultural back drop. how does this look in the indian market are the llms major indian

startups? >> there are many companies now coming up which are building india llm based solutions for indian languages. we have a company which is that many companies doing that and large infosys investing in a.i. what is happening is because a.i. is depending on the data it's trained on, every part of the world with unique data will create the models for that data. ultimately, the models will be more commodotized. we are getting fresh comments from the president of the european commission. ursula von der leyen. let's listen in to what see is saying.

>> she will guide the work to ensure that europe stays on track for its goals set out in the european green deal and we dec decarbonize the economy at the same time. next slide, please. hernna will be the tech secretary of security and democracy. she will be responsible for the digital and frontier digital technologies. i will ask her to look at the internal and external aspects of security and strengthen the foundations of democracies such as the rule of law and protect it whenever it comes under attack. next slide, please. stephane will be the executive vice president of prosperity and industrial strategy.

he will also be responsible for the industry sme and the single market portfolio. he will guide the work to put in place the conditions for our companies to thrive, for investment and innovation and economic stability and trade and economic security. next slide, please. kaja will be our representative and vice president. we are in the era of geo strategic rivalry and stability. our foreign and security policy must be designed with this reality in mind and it must be more aligned with our own interests. i know i can count on her to bring all this together and be the bridge between our internal and external policies and to ensure we have geopolitical commission. next slide, please. i'm very happy to entrust the

role of executive vice president for people, skills and preparedness to roxana. she will have the portfolio responsible for skills, education and quality jobs and social rights. this is under the umbrella of a union of skills and the european pillar of social rights. she will focus on those areas which are crucial to unite our society. next slide, please. raffaele will be the executive vice president of cohesion and reform. he will deal with the portfolio of cohesion policy and regional development and cities. we will draw on his extensive experience to modernize and

strengthen our investments and growth policies. this is the team of executive vice presidents which will work hand-in-hand with each other and with all commissioners. next slide, please. i would like to introduce them all to you. so i need the next slide. yeah, there we are. we go one by one. i will start here with maros. next slide. i'm happy to give him two roles. he will be the commissioner for trade and economic security. this is a new portfolio which also includes customs policy. i have also entrusted him with the second role. the commissioner for institutional relations and

transparency. for this second role, he will report directly to me. next slide, please. valdis will have a double role. he will be the commissioner for economic and productivity. i have also given him the role of commissioner for implementation and simplification. he will also report directly to me on this part of his work. next slide, please. she will be the commissioner for the mediterranean. i'm entrusting her with this new role. she will also be responsible for the neighborhoods and work closely with many other commissioners to develop our shared interests with the region and she will be responsible for the portfolio of demographics.

next slide, please. oliver will be the commissioner for health and animal welfare. he will be responsible for building a european health union and continuing the work of beating cancer and on preventive health. next slide, please. wophe will be the executive vice president of climate and net-zero growth. >> a very important announcement this morning from ursula von der leyen, the president of the european commission, announcing who she wants in her second cabinet. worth noting all of these names have yet to be approved by the european parliament. she is only presenting them today. let's see whether the parliament will green light all of these. in the past, there have been

issues in the names. that approval from the parliament will be very important to understand whether she will actually manage to start her second mandate on time. i would also highlight very important announcement giving spain the competition portfolio. rivera is the new chief of competition policy. that is a very important role. we know all of the fights with big tech. what is her plans from ribera in st terms of what to expect next in the competition policy? also keeping in mind, he is now returning as trade commissioner. this is also going to be a very important portfolio when you think about the trade tensions with china and trade tensions with the united states, as well, if we potentially see donald trump returning to the white

house. a very important moment for ursula von der leyen presenting her new cabinet. we will see what happens in the next couple weeks. no doubt, this second mandate is sl is likely to be very, very challenging. coming up on the show, expectations ramp up for a more aggressive 50-basis point cut. we dive into the fmoc decision after this break.

there are some feelings you can get with any sportsbook. ohhh! the highs! no, no, no. the no, no, noooos - oooooooo! the oh, oh, ohhhhs! now whatcha wanna do with this? but the feeling that, no matter what, you're taken care of. ohhh, i just earned a hotel suite! hee! you only get that here. at the sportsbook born in vegas, where they know how to treat you right. who you talking to jamie foxx? bonus bets. exclusive offers. real world rewards. betmgm. download and bet today.

welcome back to "street signs." i'm silvia amaro. let's get to your headlines this hour. european equities tick higher as markets ramp up bets the fmoc will go for a more aggressive 50-basis point cut decision tomorrow. and european commissioner ursula von der leyen reveals her new team for the competition portfolio and trade position taking the top economic role. speculation swirls around commerzbank amid the reports

that unicredit is seeking to build a stake up to 30% while cnbc learns the german lender is preparing to fight back. and outlining an intel turn around plan. >> it is much more about building efficiency into that and making sure we have good shareholder return for those significant investments we're now seeing the end of the tunnel, as we say. now, let's look at what's likely to be the market event this week. markets are ramping up bets for a more aggressive 50-basis point cut from the federal reserve. this cme federal watch survey is pricing in a 2/3 chance the fed depos goes for a steeper 50-point cut.

now, former policymakers are split over how deep the fed should go. the former st. louis president james bullard and dallas president richard fisher are urging the fed to go for a more conservative 25-basis point cut. however, ex-cleveland president mester and george and dudley have been pushing the case for a deeper cut at tomorrow's meeting. the chief fx strategist at efg international is joining us to discuss the implications here for the fx world. good morning, alim. good to have you on the show. i would like to start the conversation by looking at the dollar. it has been on a very interesting path. it hit a low yesterday of 1 139.56. the lowest level since july 2023. where do you think we're going to go next if the fed announces

a 50-basis point cut tomorrow? >> well, it's been clear for the last -- since august or six weeks -- the fed is intent on cutting at the september meeting and markets are excited or eager to sell the dollar. if we see a 50-basis point cut tomorrow by the fed, there is no reason to expect those trends will change. i think we could see new highs in gold and new highs for the swiss franc as well as the yen dropping below 140. >> what i want to understand here is how would the fx world actually read a 50-basis point cut tomorrow because last week a couple of analysts were suggesting if the fed does announce that, it will be seen as a panic mode and the u.s. economy is in recession. that view seems to be changing as we approach tomorrow's decision. how would you see a 50-basis point cut?

>> a lot of it would have to do with how they frame it and package it with the statement and dot plot as well. it is interesting to see the outlook for the rest of 2024 and 2025 if we are seeing this gradual cooling in the economy or something more aggressive in terms of growth and in terms of the labor market as well. i think, for now, the optimistic market interpretation is they're bringing forward rate cuts from 2025 as opposed to anticipating a deeper cutting cycle. >> also, what does it mean for the japanese yen? we're seeing it on a stronger path today. it's very, actually, it's very interesting when you look at the nikkei session today. however, i would like you to compare the fed and the bank of japan this week and ultimately, what sort of level are we looking at with the japanese yen by the end of the week when we

actually get the bank of japan decision? >> ironically, at the beginning of august when this market action kicked off, it was the hike from the bank of japan and hold from the fed. this time around, we are expecting an opposite. a cut by the fed and hold by the bank of japan. i think if we see a 50-basis point move on the part of the fed, you could see dollar-yen drop below 140 and around 137 is where we see it starting to -- to stabilize. a lot of this, again, like we have seen all year, is really driven by the dollar-yen. our expectations for the bank of japan are another 25-basis point hike over the next 12 months. aggressive for the bank of japan, but in terms of the yield differential, it is driven by the fed and that's driving down the value of dollar-yen. >> the recent commentary from the bank of japan officials has

actually led to concern in the markets. perhaps, the bank of japan is in a rush to hike rates. do you agree with that view? are you concerned about the bank of japan moving faster than what you have priced in thus far? >> i think the bank of japan is very adept at rhetorical guidance. i think on the way in terms of start to normalize their rates and walk back the ultra low -- ultra accommodative policy they had. they kept markets guessing. they weren't clear. they kept the anticipation of rate hikes on the table. now those have been put in play and we have rates no longer below zero or at zero and actually in positive territory, they're doing the same thing. i think a lot of it will depend on the growth of the global economy and wages in japan, if those are all positive, there's no reason why they can't push rates up to 100 basis points,

but that is over 18 months rather than 12. >> before we continue discussing monetary policy, i like your thoughts on the potential implications on the political scene. we have the very important u.s. election in early november. how do you trade fx amid the uncertainty of who is going to be the next president of the u.s.? >> i think it's very hard to do. i think, obviously, with biden stepping down, it changed the dynamics of the race. u it's a much closer race now. at first glance with the policy we have seen so far, it seems fairly dollar strong in terms of expansionary fiscal policy which will then have to bring the fed back on -- back into action in terms of curbing any inflationary impulse. all of this is relatively dollar strong. i think a lot of it will also have to depend on if the

republicans sweep congress and the white house or you get a more mixed government which ideally is more market friendly in the long run. >> let's bring the conversation closer to us. we have the bank of england meeting on thursday and when you look at the sterling, it is the best performing g10 currency this year. what is the outlook here and how much pressure could we see from the fiscal policy than having implications on sterling? >> i think we're starting to see softness in sterling. there were worries it was a little top-heavy going into the central bank meetings this week. i think the worry is that we're starting to see recessionary pricing be priced into rates. if that's the case, it is not a positive environment for sterling. it's not the base case yet, but that's how the markets have been pushing and rates pushing. it is a soft-landing scenario in

the uk moving toward a mild recession. that's not our base case, but it is starting to be priced into ma markets. a lot of it will depend on how the fed, if the fed moves by 50, if it is seen as market friendly or raises the specter of the global recession. >> we will see what the fed will do tomorrow. for now, thank you for your time. alim, chief strategist at efg international. and coming up on the show, eu plans to raise millions f or ukraine with or without the united states. more details after this break.

introducing a revolution in pain relief. absorbine junior pro, the strongest numbing pain relief available. it's the only solution with two max strength anesthetics for fast penetrating relief absorbine junior pro. nothing numbs pain more.

welcome back to "street signs." time now for geopolitics c conver conversations. the eu is planning to build up $40 billion in loans for ukraine with or without the united states participation after the

plan for g-7 ministers to use russian assets sold. the move comes amid concerns that hungary will prevent the eu from providing the u.s. with the safeguards needed to participate in the frozen asset scheme with viktor orban not making the decision until after the u.s. election. and each member of the alliance will make the decision who or not ukraine can use the long-range missiles in targets inside russian territory. stoltenberg said there are no other larger issues in the war. christopher grandville at global political research is joining us to discuss these developments. good morning, christopher. good to see you. i would like to understand here what is the actual likelihood that we will see nato members,

including the united states, of course, allowing ukraine to use these long-range weapons within the russian territory? >> well, i think the fact there's been so much hesitation about this decision, especially in washington, signifies it is very fraught and there is a high risk perception on the policymakers in the united states and that matter in europe as well. some european countries, notably the uk, seem to be more no less risk an versus or gung ho is the sags. the bottom line is president putin did draw a red line last week. it is important to emphasize clear. not just russia cannot be defeated. everyone should remember that russia has nuclear weapons. the kind of generic

saber-rattling. if long-range missiles were used to strike deep into russia territory, russia would retaliate. it would have to be something new. clearly, this is giving everyone pause. it's a high risk moment. the tail risk is frightening which one can argue is good for haven assets like gold which has a strong tailwind from the monetary easing cycle. this is a kind of new crunch point in this very dangerous situation. >> you didn't men mention how t was softer -- >> harder, perhaps. >> i would like to understand here what is the chance of actually seeing some of the governments telling ukraine to go and do this because it's one thing to wait for an agreement within nato, but can some of

these governments actually such as latvia and lithuania, for instance, could they suggest ukraine, yes, go at it? >> the governments are above all france and uk. those are the countries that have made available to ukraine the weaponry in question which is long-range high-precision missiles. the point that president putin made last week, technical points which he claimed were common knowledge among military experts that the targets acquisition for such deep strikes in russian territory can be made through military satellite and secondly, said putin, the flight assignments for missiles can only be programmed by western military personnel. he argued that the phrase permitting ukraine to strike is

inaccurate. this would be direct action by western militaries. now, the fact is that western militaries have taken such action in sending missiles to crimea which putin claims is russian territory. nevertheless, he is making a distinction. he is saying direct involvement. implicitly against the western power concerns. this raises the stakes. >> very important to get that detail. i would also like to understand the situation within ukraine because naturally, because of the war, they haven't managed to have their election which was due this year. we saw the cabinet reshuffle as well. what is the pressure on president zelenskyy at this stage? do you think his position is a little bit shaken up at this stage? what is the chance that he might actually not continue as president of ukraine? >> well, it's really an important question, silvia.

i'll make a big effort to avoid what i think is a common mistake by analysts to impute into the mind of the decision makers some idea. you know, putin thinks that. zelenskyy knows that. what do we know? what do i know? let's start with evidence. zelenskyy is talking more and more over the last two or three months of negotiations and the need to end the war sooner rather than later because of high levels of casualties. it looks like ukraine is starting toward a readiness for negotiating process and perhaps anticipating the u.s. election that you have been talking on the show a lot this morning, naturally. if there were to be a trump administration, the stated position of trump and especially his running mate, jd vance, very much to bring the war to an end. so, that looks to be the way things are going. now, breaking my own rule and

speculating a bit, the ukrainian military into the kursk region may give ukraine inside an additional bargaining chip as and when the negotiations begin. be that as it may, that was rolled back by the military and the russians are making advances. i would stress something else quickly, silvia, which like in the first world war in the western front, victory was achieved and defeat undergone, respectively by western allies and germany, not because of d dramatic move prjvements in the. at one point, one or the other side will not be able to sustain the fight and you get negotiations. >> interesting. i'm afraid we have to leave the

conversation there. hopefully we can revisit the discussions later on. christopher granville at the global political research. as we approach the end of the show, a quick look at u.s. futures. we are looking at a likely start to the trading session on a higher note. we had a bit of a mixed action on wall street on monday. we, for instance, looked at the dow hitting a fresh ll-time high and the record close on monday. so, it was quite an eventful session stateside, but as we approach the fed decision, investors are on edge trying to understand what will be the communication from the federal reserve. that is it for today's show. i'm silvia amaro. stay with cnbc. "worldwide exchange" is coming up next. look at this silly little sailboat... these men of means with their silver spoons, eating up the financial favors of the 1%.

what would become of them when they discover robinhood gold allows others to earn their very liberal rates on idle cash and unlimited deposit bonu ♪ they would descend into chaos. merciless chaos. 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.

let's say you're deep in a show or a game or the game. on a train, at home, at work. okay, maybe not at work. point is at xfinity.

we're constantly engineering new ways to get the entertainment you love to you faster and easier than ever. that's what i do. is that love island? this is not a drill. subway dropped the price on all their subs. 20% off any sub, any size. subway did what?! any sub? yup! for a limited time. get 20% off when you order in app. hurry and get this deal before it's gone!

it is 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here is your "five@5." the fed kicks off the latest policy meeting today. the two big questions, 25 or 50-basis point cut and how will the market react? ahead of that, stock futures are higher. the dow hitting an all-time high. the s&p closing in on its record. key today is the retail sales report and the state of the cautious consumer. plus, inte