♪ welcome to "street signs." i'm arabile gumede. we are live from london, tokyo and milan this morning. these are your headlines. japanese prime minister is going to be shigeru ishiba

inheriting a full plate and if he can make the economic recovery stick. chinese soaring with the index on track for its best week since 2008. this comes as the stimulus blitz brings new life in stocks. and in europe, the stoxx 600 cracks the intraday record where montcleb reaches new rights. and commerzbank and unicredit come to the negotiating table for the first time since the aggressive stake building with commerzbank shares continuing to rise after hitting a decade high level.

shigeru ishiba will become the japanese prime minister after winning the liberal ruling party. he want 215 votes in the run-off narrowly ahead on 194. what does this mean for market movement? the yen was strengthening at 145 before all this happening and the strengthening of 1% and now 143.23 is dollar/yen with the movement anticipated out of that. it seems notions have been that shigeru ishiba is continuing of the economic policy with japan and where it goes from here. key question marks will be asked of how much growth can be spurred with the chinese economy right now. nikkei futures following on the bumper uptick.

futures are pointing to the december futures down 3.7%. the nikkei 225 is rallying 2.3%. let's go to tokyo. it seems this was going to be a difficult race to call and now we do have somebody in the leadership position. what does it mean for fiscal policy and what does it mean for defense spending? >> reporter: it was the most unpredictable elections here in japan i covered. at the end of the day ishiba won. as of next week some time, he will officially become the next prime minister of japan. what we know so far is basically he is a defense policy wonk. he was the defense minister some time ago and has some detail and knowledge about defense

equipment. i would expect him to exert leadership on that especially at the time the political waters surrounding japan are turbulent. to get back to economic policy, we do expect more or less continuation of outgoing prime minister's policies. what might be different is he has always called for more fiscal awe stausterity, arabile. >> if you are not going to continue to spend your way out of growth as well then, faith in politicians as we have globally, which is not very high? is the ldp ready as he takes over? >> reporter: public mistrust in the party has been very strong. it's one of the biggest reasons

why this election took place to begin with. the next question going forward is whether he can stabilize the party and whether or not he will call a snap general election and get a mandate from the japanese public that his government is the government the japanese public wants to follow. there are a lot of unknowns here in japan and globally. the federal reserve and what happens there and the timing and impact of the bank of japan policy move. we had core cpi in tokyo up 2%. it has been at the 2% threshold which the bank of japan has been saying is the target for four months in a row now. there are uncertainties with the slowdown in germany and what the federal reserve is going to do and on the political front as i don't have to mention the u.s. political elections and the tensions surrounding the waters

with joichina and russia. >> thank you, kaori. it is interesting as the leadership does indeed change. excuse me. let's take a look at the asian market picture here overall. the hang seng index is 3.3% higher so far this morning. nearly 3% to the good for the shanghai composite. of course, it does follow on from what we saw with regards to the stimulus overall for the chinese economy that had been put out this week by the pboc as well. last time the index saw a bigger weekly gain was the week of november 14th, 2008. that is what you are seeing then for the csi 300 climbing 15% week to date. so, so significant moves there. the kospi falling week to date.

some weakness in part of the market. just look industrial profit data. falling from august then. some significant moves being seen particularly out of the chinese market, the shanghai composite nearly 3% higher in that overall picture. let's see some other news with the chinese central bank announcing rate cuts. expecting to release 1 million yuan liquidity in the market. they are considering further miss you are measures. china stimulus announcements avoided the equity markets with the csi 300 benchmark on track for its best week since november of 2008 and the hang seng set for its best weekly gain since

august 2007. sam vadas filed this report. >> reporter: chinese sftocks getting the friday feeling as investors cheer the stimulus blitz. the pboc following with the promise thismorning cutting the rrr, the amount banks must hold in reserve by 50 basis points, effective today after cutting the mlf rate earlier this week. they are followed on by the bureau meeting this week which followed fiscal policy coordination and more support for the housing sector. the leadership doesn't usuallily talk about the economy in the september meetings which markets are interpreting to the level of urge ri. the economists are wondering if it is the chinese draghi moment. they are looking at more industrial profits falling back

into contraction in august. the rally too hot to handle. the shanghai stock exchange with slow trading. one taking to x saying the system was overwhelmed and the chinese market is absolutely on fire. analysts see further upside as investors are loading up, but the stock market enthusiasm does need to be matched by the private sector and consumer. there's just one more trading day for the chinese markets before the golden week holiday on monday. in singapore, same sam vadas, singapore business news. >> there will be more across the board then with this story and see if it aids the progress for the chinese economy. we'll unpack that story more later on in the show. here is the european market picture then. on the up so far this morning. really interestingly enough, it has been some of the auto stocks that actually moved higher as

well in all of this, but it means you are seeing the ftse 100 go up .25%. a similar mark for the germany and french market. the italian market, we are following from the commerzbank and unicredit and we'll get into the weeds of that one a little bit more later. as i made sense of the auto stocks managing to move higher, but, so, too the luxury stocks and montcler when you consider the uptick. lvmh putting in a stake in montcler and that is pushing the stock 3% to the good. kering moving in lock-step. 5.6%. 5% higher for burberry overall. the chinese stimulus story playing a role in this as we get upt upticks across the week as we heard from the pboc and bureau

of china as they are picking things up more. will it push up demand? consumer demand which has been weak. you see consumers not spending as much as they used to particularly on the luxury goods. what does it mean for hermes? will they continue to move higher as the ultra rich find ground? i have been speaking about montcler and the ceo struck a deal with lvmh to strike a fund. requiring a 10% stake in rr which holds a direct stake in montclert. is nearly 10% to the good for mont montcler. coming up, talks continue in unicredit and commerzbank.

we will crosli ts veo frankfurt and milan for the latest. stay tuned. life tosses lemons r way. cirkul is yourmons r frosted treat with a sweet kick of confidence. cirkul is the effortless energy that gets you in the zone. cirkul, available at walmart and drinkcirkul.com. switch to shopify and sell smarter at every stage of your business. take full control of your brand with your own custom store. scale faster with tools that let you manage every sale from every channel. and sell more with the best converting checkout on the planet. a lot more. take your business to the next stage when you switch to shopify.

ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. craig here pays too much for verizon wireless. so he sublet half his real estate office to a pet shop. there's a smarter way to save. comcast business mobile. you could save up to an incredible 70% on your wireless bill. so you don't have to compromise. powering smarter savings. powering possibilities. switch to comcast busines internet and mobie and find out how to get te latest 5g phone on s with a qualifying trade-i. don't wait! call, click or visit an xfinity store today.

welcome back now. commerzbank's top management will hold its first meeting with unicredit today since the italian lending began acquiring a sizable stake in the rival. there was a question of acquisition or a coming together of companies, sort of showcasing in many ways the single market across europe. you are seeing an uptick of the marginal especially of commerzbank going up 10%. unicredit is down 1% so far this morning. where are we going with the talks later on and what exactly is set to happen? on thursday, commerzbank signed off its latest strategy signaling its aim to remain

independent. the strategy will see a targeting increased profitability and boost shareholder returns in the coming years. that's what the incoming ceo orlopp has been talking about going forward. and thursday, the incoming ceo orlopp will evaluate anything put on the table, but not rush into anything, quote, factst acquisitions or fast sell down. shareholders are looking to keep an open mind, but the board is slamming unicredit. board members describe the atmosphere inside the german lender as combative. the german government which initiated the sale in commerzbank shares only to be caught blindsided and decried

the unicredit stake building. commerzbank shares are up 30% since unicredit revealed its first stake in the lender. on thursday, they saw it 7% on news of today's talks and the strategy announcement. as for unicredit, this is the picture. the italian bank has taken a 9% stake in the rival and additional 11.5% stake linked to derivatives. that is with the right to ak acquire the shares in the futures. it asked for the ecb to acquire a stake of 29.9%. just shy of 30% there. meanwhile, the unicredit boss orcel is playing down the bid tie over the bank. speaking at a conference in london this week.

he shaid it is viewed as an investment and nothing more. he would be willing to sell and walk away if it no longer makes sense. investors agree there's little to the german government that they actually could do to prevent a takeover. while rome is happy to stay out of the way. approval would rely on the ecb. reuters reporting that as many as six governors would support a tie-up in principle. investors have welcomed the news of unicredit stake, should i say, shares up over 10% since it disclosed its advances. we are joined by annette outside the frankfurt headquarters and then we have you there in milan.

orlopp has a lot on her plate and she hasn't taken the role yet. >> reporter: i think that is fair to say. orlopp is on top of commerzbank and she is also leading the negotiations which are currently ongoing with unicredit and commerzbank on a virtual basis. that is a first getting to know each other and also sounding out what the interest of the other party is really. i guess this is really crucial and perhaps this is impossible because clearly orlopp is taking that as an investment, but doesn't want to show everybody his cards. he will be prepared for the next st steps. that is what commerzbank is doing. they mandated the defense strategy and on top of that, according to media reports, also

ubs and ubs is said to be the bank advised orlopp to upgrade the targets as well for the bank to show investors that they can do it independently, but the new strategy, i should say, fall short of expectations with the equity target now at 12%. still not earning the cost of capital by 2027. of course, also, the way toward that are many question marks because clearly interest rates are bound to fall again and that's a crucial revenue source for the bank and they also pledge to pay out more for dividends, at least to investors. it's a first kind of trial to convince investors that they can do it on their own, but i does the unicredit proposal might be much more lucrative for

shareholders. >> annette, lucrative for that element. we will get to claudia in milan. claudia, one thing is for sure. rome is willing to step aside and let this deal pretty much go through as it were. is there any role for them to play overall in this? >> well, you know, giorgia meloni speaking to us and they are willing to step aside. he is concerned about unicredit becoming more of a german bank rather than italian bank. for the government, there is that issue. they will be vigil on what moves forward. remember, historically, the rapport with italy and germany is strong both on the trade front and there always has been some competition and the sense that, of course, the germans were stronger. clearly there is that aspect as well.

sort of a psychological effect where italy in this occasion is coming in as the stronger player. the way it is being viewed here first of all is seen as italy playing a big role in the important first move in terms of consolidating and integration for the european banks. that is a positive on a political front if you can take responsibility for having been part of that as a government. you know, the government will stand and watch. from a concrete point of view, quite a strong position right now and in the negotiations with the strong results with the way he managed unicredit in the last three years, these first conversations today with orlopp will be quite interesting and to see how they pan out in terms of any real step forward made regarding the future possible between the two banks.

>> you have followed this story for some time. we will continue to get your insights as well. thank you, claudia. let's have a chat with the professor of corporate finance at the frankfurt school of finance. michael, thank you for your time. this is what the market has been asking for in terms of consolidation antd tieups. why does it feel so strained? >> i think it is good for europe and capital markets, but not so good for germany. there's a lot of negative concentrating on germany. i think there are two major affects here. one is that frankfurt has been in a lose decision power with milan. people get anxious about credit availability during crisis times. >> is that because -- is that

because we have a weakened europe or troubled europe or is it just a troubled germany and it doesn't look good for them? >> i think even further away. so, what we have seen in the last financial crisis is the foreign banks were drawing out of countries quite fast and reducing their loans to firms, local firms, at a great speed. whereas the domestic banks stayed in the market longer. commerzbank becoming an italian b bank, there is an issue getting credit from the then italian bang and might suffer whenever there is stress in the financial system. it is a forward-looking view that is not rosy for germany. >> one of our guests previously said the whole saga and to use a rugby terminology here will be kicked into touch until the next

election. i've never known the germans to be very good as rugby, but do you feel this drags on until the next election? >> i don't think so. i think there's a lot of anxiousness and nervousness right now. people were discussing deutsche bank buying commerzbank in the past. i think this is going to move soon. it is one year to go until the next election. >> this is perhaps orlopp biting off more than she can chew with the profits and how much she will give off to shareholders especially in an environment that has been difficult in the banking scene because there has been resilience in the profit margins, that is beginning to get a little bit hit and strained as consumers continue to struggle. >> what we see here is a

classical defense strategy, so you really want to make the stand an loefr altl you really want to make the stand an loefone all teralterna. for this, you have to suggest there will be rising profits on the stand alone basis. that is a classic one. i have no idea how good this connects to reality. >> yeah, look, michael, one thing is for sure there are a lot of moving parts to the story. we will continue to track them. thank you for your time this morning. mike at grote, the corporate finance professor. a story we have been following for some time. rea group on the takeover bid. the news coming out this morning with the offer price of 781

pence per share. this is a move put forward by the rea group. they value the share capital of 6.5 billion pounds there. urging the board to engage now. ultimately saying the terms of the fourth proposal total value of 781 pence for each right move share. this is a story we'll unpack continuously, of course. coming up on the show, more on the markets out of europe or china. this is "street signs."

what is cirkul? cirkul is the fuel you need to take flight. cirkul is the

energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com.

it's the second half of "street signs." my name is arabile gumede. here are the headlines. ishiba wins the votes to become the country's next prime

minister. equities soaring in greater china with the hang seng posting its best week in more than 25 years after the beijing stimulus blitz breathes new life in the stocks. rupert murdock urging the rightmove board to engage now. and commerzbank and unicredit come to the negotiating table. the shares in the german lender continuing the uptick after hitting their highest level in over a decade. so many parts to unpack today across the markets.

let's get into the weeds. the european market picture has been moving on the china stimulus story this week. of course, we have been pointing to the csi 300 from china moving to the highest mark in 25 years. what does it mean for the european bourses? moving on the back of that even today with the form of industrial data and economic data and seeing japan putting forward their new leader in shigeru ishiba as the new prime minister. we will focus in on the dax as the ftse mib in italy and the commerzbank and unicredit. those banking stocks are key as they come to the negotiating table and they are the ones the market will focus on. if we are talking about a sector basis, autos have moved up and

so, to have the household goods. autos at 1.83% higher. that's very interesting because we have seen the gains up around 3% today. we'll unpack a little bit of why that continued market movement is happening. it coincides with the china stimulus blitz to aid the luxury and basic resource stocks. chemicals are moving up 1.2%. 1.5% for households good. that's where lvmh and montcler is in the household sector. retail stocks are moving with h&m managing to see a downturn in its numbers, actually, which impacted a little bit of the retail group. perhaps a rebound from the back of that then. let's get into the futures board stateside. we had been looking at the initial jobless claims numbers. we saw the gdp print pretty much

stay the same. that is the second piece. why the bumper move we have seen out of the fed last week? we'll get into that a little bit more. overall, a mixed picture so far out of the u.s. market with pce data anticipated later today. let's get into the chinese story a little bit more. china central bank putting in effect implementing rate cuts that was announced earlier this week and releasing 1 trillion yuan into the banking system. the country is expected to announce further measures with reuters expecting to issue sovereign bonds worth 2 trillion yuan. the csi 300 benchmark notching its best week since november of

2008. even the hang seng managed to post its best week in more than 25 years. that certainly is a big shift. appaloosa founding member david tepper telling cnbc he saw china easing policy. >> i went over that limit on the fed announcement. you know, in the last week. i went more a day or two ago on their fed and last night, i did more. >> just alibaba or everything? >> jd. >> everything. everything. everything! etf. you know, it's how we do futures. everything. everything. this is incredible stuff for that place, okay? so, it's everything. >> bullish on everything. duncan ridley, the chief

economists at pantheon economics. is that how we should look at things now? >> we had monetary policy and interest rate cuts and certainly there are 800 billion worth of pboc swap facilities to support the stock market. stock prices have gone up 10% this week and that seems supportive of the announcements we had so far, but the question is what's going to happen to the real economy? we had a policy meeting yesterday which signalled more vaguely. the market is looking out for fiscal policy stimulus. there are rumors floating around the market as you mentioned. i think it's plausible the chinese government will put out growth close to target this year, but next year, some of the downward forces, particularly the property sector adjustment,

will reassert themselves. i would say right now, it's unclear where there are new bold policy moves in place to address the underlining structure issues in the chinese economy. >> it proves they are serious of maintaining the 5% growth mark then, but is it not too late especially this year to put in the measures and hopefully catch wind and spur in consumer demand as you put forward to push up growth in that chinese economy? >> consumer demand has been slowly weakening. there are specific measures to stimulate that. these trading subsidies with autos and home electronics were double in july and apparently getting some takeup. the really big lever the chinese government has to push is going back to fiscal support. it's not the additional stuff,

but the existing policy they already approved back in martha ran into the obstacles over summer. what happened is there was 1 trillion rimibi. that had not turned into investment construction activity. the official story is because of extreme weather and flooding and so forth. there are also other pressures in local government finances. i think this money which has already been issued can have an effect in q4 in fixing asset growth. that is the area where the government does have the ability to push growth close to the target. >> i guess we'll certainly see when the numbers do, of course, come out then. duncan, two things surprised me a little bit in the last few weeks and it is my lowly opinion

on this one. the u.s. economy is showing it's resilient if the look at the gdp print yesterday and spending hasn't necessarily wiggled too far off. the u.s. economy which is still trudging along and we got 50 basis points of cuts then and indicates you start getting things ramped up significantly whether it is spending or economic growth. on the other hand, a chinese economy which didn't see the need for major stimulus for most of the year and now all of a sudden needed it. is there something we should be concerned about, perhaps, you think, that maybe the rest of the market isn't necessarily seeing, but the two biggest economies in the world have? >> yeah, so the chinese economy has been on this gradual slow dive, i would describe it. hasn't had a sudden shock, but has had a slow dive.

some of that slow dive has resulted in a sharp pain paioin. the industrial data fell by 17% for a single month. that was reported for august. and then there is a part of the economy which isn't well captured in the chinese industrial data and company data which is the millions of smes. they're not included in many of the data or not included very well. and, you know, they were under extreme pressure during the pandemic and cash flow problems. many with the consumer spending and local small businesses and small holders remained under great pressure even since china reopened. coupled on top of that is the related, somewhat related employment problem. youth unemployment popped up again last month and some of that due with new graduates entering the work force. these two areas are really quite

key to the sort of broader private economy outside of the direct state economy. the private sector and smes and also employment. those would issues, i think, the government is quite concerned about in terms of getting the chinese economy going again. >> ultimately, this makes china a little bit more competitive again and investable again even 2025 and beyond? >> i think the jury's still out there because what we'll see next year is, again, china facing this dilemma. so, the dilemma is do they do another big round of government stimulus with a lot of central government stimulus based off the balance sheet which seems that's what they're doing this year with a bit of local stuff as the expense of the long-term debt control efforts. you know, especially at the

local level and property developers. that is the reason the conflicting policy goals and debt control versus growth is one of the constraints of growth earlier this year. next year do they decide to do more debt, government debt, at the expense of slowly addressing those issues or do we let the economy drift downwards again pulled down by the still weak property market and structural issues? >> find a lever and pull it is ultimately what i'm getting a sense of here trying to find any way to ultimately keep that growth spurred. duncan, thank you so much for your thoughts. duncan wrigley at pantheon. u.s. secretary of state antony blinken is set to meet chinese minister yi ahead of the heightened tensions with the tariffs and export controls on chip technology. at the same time, u.s. treasury

secretary has told this channel there have been big discussions with the two biggest economies. >> we deepened our ties with china and found ways to constructively discuss and address our differences. i don't want to see there will be some miracle in which we see china address all of our concerns quickly, but we have had productive discussions of our differences so that we better understand one another and we're cooperating in areas that the world needs us to work together. financial stability is one of these areas and for example, if we were to, god forbid, see a globally systemically bank fail that has operations in china and u.s. and europe, we would need

to be able to cooperate and we are working closely with financial authorities in china doing tabletop exercises and deepening our ties so we would be able to work constructively and quickly to manage a financial crisis that involved the banks and financial system in our countries. >> all right. vice president kamala harris and president biden met with ukrainian president volodymyr zelenskyy at the white house. former president donald trump is set to meet the ukrainian leader later today. british prime minister starmer has met with the nominee donald trump in new york. starmer said the meeting was to establish a relationship between the two of them, but did not share what topics were discussed. the prime minister has

reportedly not met with the u.s. vice president and democratic presidential nominee kamala harris, but added he, quote, obviously still wanted to speak with her. starmer was in new york, of course, to attend the united nations general assembly and outlined his government's k priorities. >> we now have a labour government with the key growth. it is counterintuitive. they don't expect a labour government saying growth is number one. we want good public service and the national health service to work well. the only way that will happen is we create the government. that is the labour party to say we are pro-business just as we are pro-worker. more data coming up on the flio as we look ahead to the pce inatn print. is it all important?

what to expect next. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the effortless energy that gets you in the zone. cirkul, available at walmart and drinkcirkul.com.

switch to shopify so you can build it better, scale it faster and sell more. much more. take your business to the next stage when you switch to shopify. 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. u.s. initial jobless claims falling to 218,000 last week. that is less than expected and marking a four-month low. continuing claims did, however, tick slightly higher to 1.83 million. it did remain below levels recorded in the summer. at the same time, we had more data. u.s. gdp coming in at 3% growth on the year. now michelle bowman, the first governor to dissent, to the central bank decision since 2005 says she sees a risk with the premature declaration against inflation. bowman said the central bank should move at a more measured pace to a neutral policy stance. fellow fed governor lisa cook

said she supported the 50-basis point cut due to growing upside risks to inflation and downside risks to employment. we are set to get another key reading with the fed preferred pce reading today. the fed falling 2.3% on the year, but the lance analysts se core reading ticking up to 2.7%. we have chris joining us now. great background there as well, actually. interestingly enough, i want to get your sense of where you stand. are you bowman or cook on this one? >> bowman. i think you look at expectation today at 0.2% month over month. that is fois four good prints a that suggests the path is appropriate, however they cannot declare victory. the matter is employment is

strong and people need to tune in to your show for non-farm payrolls reporting on friday. there's still a lot of strength in the data. >> yeah, that strength is what i'm then beginning to question. if there is so much strength, why do we need a 50-basis point cut? why is that sense still there? is there a clear sense that inflation is no longer important and the pce data will not figure as much in the big scheme of things because the focus that completely shifted to employment? >> i think you are absolutely right. the employment is the main focus. however, i think the positioning that chairman powell and the fed have put us on is appropriate so far. why i say that is when you look at major fundamental components of the economy, most specifically lendlending, this

net positive with corporate debt and keeping that fuel to the fire that is our economic activity. so far, i would say they have done a fantastic job and been appropriately data driven. >> i always ask the question being data driven being data specific driven or data point drive driven. after every data point, they seem to be commentary. how will we know when they stuck the landing? how long will it take before we know? >> i think it will take some time. obviously, the economy is a living, breathing thing and not a point in time where you can take and say, gosh, the victory has won and we're fine. i look at the overall economic activity and no question that pce and ppi -- inflation is coming down, but, you know, there are still a lot of things to suggest like you mentioned that our economy is incredibly

strong. i think they need to be very patient and sdlibdeliberate in approach. >> let's take it easy until we get to the neutral stance and neutral rate. what is neutral look like then? is that something we predetermined now or will that depend on many factors? one, if inflation comes up again at a later stage and employment goes beyond 4.2% mark that we have seen and perhaps it is 4.5%. is that the key element here because debt is a factor and spending is not slowing down either. >> i think you are absolutely right. it is all of the above and well said. for palmer square, we look at best opportunities in the market. wherever the best relative value existing. to be in that position where you have a flexible mandate and investment process that allows

you to move from bonds to loans to high yields and structured credit products like clos, we feel we have an advantage in the environment. there are multiple factors and no silver bullet for someone to look at and say okay. if i'm sitting and watching the show, which i hope many people are, you have to have that flexibility because this is a dynamic market right now. >> where does that flexibility land you right now? is the equity market still ripe for uptick with the leadership waning away from the tech sn stocks? >> we launched the etf which is multiasset class and you can see the best opportunities. one is the clo market. it's basically an acronym which causes people to pause. the reality is it is a bond with

underlining security being a ton of bank loans. what we see in that marketplace is premium yield, lower risk and actually tying it back to the n initial question on the pce. as inflation goes lower, borrowing costs go lower. that is healthier underpinning. you have wider availability for investors to buy etfs like psqo. from the opportunity perspective, what the fed is doing is a healthy positive for the debt markets. you notice i didn't answer the equity part because we are fixed income credit experts. that is our thing since i started the firm back in 2009. >> very interesting, actually. we love to get your thoughts as well. chris, i appreciate your time. thank you so much for joining us. one thing is for sure, you are spending time that is not necessarily too great in the evening for us here on this one. i appreciate it.

very quickly, kansas city royals or is it, perhaps, another team you would be supporting at this time? is it the chiefs? >> i'm supporting the women's professional sports team in the world. beyond that, of course, i'm a royals fan. the magic number for them is two. who can't love patrick mahomes and the chiefs and what an amazing group oftalented athletes? >> kansas city current? fourth on the log. looking good there. chris, i appreciate the time. thank you so much for joining us. chris long founder at palmer square. thank you so much for joining us on "street signs." it's the pce data we're looking forward to. my name is arabile gumede. "worldwide exchange" is coming up next. e ca ll o

part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. what is cirkul? cirkul is the fuel you need to take flight. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul is your gateway back home. so what is cirkul? it's your water, your way. cirkul, available at walmart and drinkcirkul.com.

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

it is 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here is the "five@5." stocks trade close to the all-time highs. a record week in china after the big stimulus from beijing. have stocks gone too high too fast? done deal? it's one that's been years in the making. plus, hurricane