>> detective kilcoyne has an interesting theory about the pair, "it all comes down to greed." >> if they had slowed down, not got so many policies on mcdavid in the mill-- multiple millions of dollars, they'd still be out there. ♪ ♪ hello. welcome to "street signs." i'm carolin roth and these are your headlines. muted manufacturing data has investors banking are beijing adding more to the stimulus measures. japanese equities see a jump as they take stock of the

country's new prime minister. more bumps in the roads for the automakers as stellantis warns of weak guidance. and israel kills hezbollah leader hassan nasrallah with the group and iran vowing vengeance. good morning, everyone. we have a lot to get through in the show, but first i want to show you on this monday morning or monday afternoon, depending where you are watching, how the china rally has materialized in the markets on the back of the stimulus measures last week and how it is filtering into this week. we are still seeing green across the board. the shanghai comp up 8%. this is absolutely incredible.

the csi 300, which rallied roughly 15% last week, on thf a measures. we'll talk more about that with a guest later on, is up 8.5% in today's trading session. i should point out hang seng is up 2.5% and seeing its best month in two years. we also had economic data out this morning. china factory activity contracted for a fifth straight month in september. manufacturing came in at 49.8 which was better than the august figure. the official services reading contracted for the first time since december. the caixin manufacturing number came in at 49.3, a full point lower on the month. growth in the services sector also slowed sharply.

sam vadas filed this report. >> reporter: extending gains ahead of the week long holiday starting tomorrow. on track for the bestmonth in nearly a decade. the u.nyuan headed for the best quarter since 2020 as banks have been stepping in to cap gains. the markets looking past downbeat data from beijing which confirmed the slowdown in manufacturing services. factory activity shrank for a fifth straight month, but the survey looks at the smaller firms which was a surprise to the downside. the pmi falling into contraction. some say it was likely down to the end of summer travel season and the extreme weeks. the data, though, reinforcing the need for more stimulus. the big question now is whether what got announced last week is

enough to help the recovery. in the latest, china announced steps to help the property sector. shanghai further loosening up on the housing rules. it is expected to ease the burden on households, but more needs to be confirmed on the fiscal side. markets will come back online october 8th. in singapore, i'm sam vadas, cnbc business news. >> let's get more with our guest. thank you for taking the time this morning, rory. what chinese policymakers want to do is boost sentiment across the board and they did this successfully if you look at the green on the charts. the question is is this sustainable? what do you think? >> i think the rally has further

to go. the sentiment has been extraordinary speaking to traders. they're describing it like going from the hospital death bed straight to the party in the nightclub. there is a big fomo here. people are under weight and undr invested. this has further to run on the investment side. we need to see more on fiscal. this is not enough to turn the economy around. on the equity side, certainly more room to run. macro, more fiscal needed. >> rory, i want to stick with the sentiment side and we'll talk about the fiscal side. you make important points in your notes. on the sentiment side, we have seen david tepper come out on this channel saying i'll get everything. we have seen reduction in the international exposure.

will that story reverse? was this the tipping point? will people get back into the chinese waters? >> i think short-term investors and traders, it is a tradeable opportunity. for longer-term allocators, i think we need to see much more in terms of stability on the growth side and stability on the politics and stability on regulation. we've had two or three very difficult years. it's those other factors on the politics and macro outlook that still need improvement to encourage longer term to get back into china. we saw it when covid ended. stimulus policies bring people back. i think the traders will come in. longer-term allocators, i don't think this is enough yet. >> how do u.s. elections play into this?

what happens if hartris wins? >> i think a harris victory would be bullish for chinese assets. she's not exactly weak on china or soft on china, far from it. in contrast to a second term of donald trump, president trump, it would be todaystability and s quo and you take the 60% tariffs off the board next year. i think it would be another fuel for the equity rally to continue were harris to win in november. >> rory, we have to talk about the chinese economy as such. demand is weak and we're still seeing very high savings rates because people are saddled with debts from the property market with heavy exposure there. what can all of the stimulus do when it comes to stimulating the

underlining growth? >> yeah, so far, all we had -- all we had -- we had quite a lot. most of this is monetary. a lot of the new measures are timed to the equity market. at the moment, this still looks, to us, like pushing on a string. we haven't had the real demand creating fiscal stimulus come through yet. without that, these are largely ineffective. we have had strong political signals from the bureau. some news out from a few minutes ago, 20 minutes ago with the ministry of finance issuing extra long-term central government bonds. we have signals on the fiscal side. we really need to see those follow through to create infrastructure investment and redistribution of income to house oldholds to drive demand. so far, it is pushing on a string.

more stimulus to come through. >> you say pushing on a string here. what would that fiscal stimulus, if it is supposed to be working, what would it have to be looking? simple household checks or child support? would we have to see an improving underlining picture of the jobs market? people in china are not rosy with the job prospects. >> the whispers in beijing of $2 trillion of bond issuance. a chunk of that is the infrastructure side and building and construction. in a relatively novel move, a chunk of that would go to low-income households or households with two or more children. that is positive. people are talking about redistribution of income. people have been talking about that for a long time and this would be an encouraging step if

that was to occur. a mix of infrastructure investment and more on the consumption side would be a relatively positive step forward. 2 trillion is a decent size. if we put it in context, we are looking at 4% gdp. compared to 2008 or 2016, this is a much smaller stimulus so far. >> we will see what impact it will have. rory rory, thank you for your time. i want to stay in the asian markets, but a split picture because i want to show you what is happening with the japanese equity markets with the nikkei. the nikkei is down by 4.8%. this is as investors are taking stock of the incoming prime minister ishiba who was elected

last afriday. on the back of that, we saw the surge of 1.8% to the tune against the dollar. those have mad oderated in toda trading. 141.41. modestly higher. let's get more analysis from kaori in tokyo. what makes of this with the political instability? >> reporter: they are calling today ishiba shock. shigeru ishiba will be sworn in as the prime minister on tuesday was a bit of the under dog and the fact he came in from behind to clinch this post, has caused a knee-jerk reaction in the equity market. the drop of 4.8% at the end of the day. this is the fifth largest drop for the tokyo stock market. very significant. there are a few issues as well

including the statements he made over the capital gains tax. that spooked investors as well especially at a time when the japanese government has been trying to shift a lot of money that traditionally has stayed under the mattress or savings or riskier financial assets. that is another reason as well. at the end of the day, he hasn't outlined any economic posslicie but he will quickly because over the last hour or so, he announced japan will have a general election on october 27th. that is not a lot of time. there will be a lot of political jockeying ahead of that day. >> what do we expect his cabinet to look like? i guess there are a lot of experienced members, people he's known from the past, and what kind of sector would he put focus on with the experience of the cabinet members?

>> reporter: absolutely, this is a cabinet made of veterans. he has been working around the clock all weekend long to get the cabinet in place. we know so far, there are a lot of defense policy wonks in the lineup. he is a former defense minister. he is a bit of a geek on that. he has two ex-defense ministers. former minister of portfolio is one of them. that shows to us he is putting at the forefront of his policies, foreign policy is a big thing for them. the fact that someone like kato san is coming in the financial post and he is a bureaucrat and seasoned in the field. he will try to put aside some of the public concerns and public mistrust that led to the election within the ldp in the first place. >> kaori, thank you so much for that insight. coming up on the show, auto

stocks slam on the breaks after the profit warnings from the continent's largest carmakers. we'll bring u yoall the details on the other side of this break.

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welcome back to the show. let's show you what's happening in european equity markets one hour and 15 minutes into the trading session on this monday morning. what you can see here is a lot of red on your screens. why? this is the autos problems we have here in europe. we'll get to that in a minute. we saw equities moving higher by 2% last week. why? this is the china stimulus. europe didn't really pick up on those cues in the trading s session. we are down 0.5% on the stoxx 600. close to the recent record highs just a couple points away here. i want to show you what the sectors are doing one by one

because -- sorry, these are the european bourses. the dax is down 1.4%. volkswagen is putting a lot of pressure on the market. the ftse mib is the big under performer in today's trading session down 1.2% on the back of the stellantis. we'll get to that in a second. now here is the sectors. basic resources still obviously getting shot in the arm from all that chinese momentum trade cease g that's going on. oil as gas. i want to show you the performers when it comes to the stock sectors. there you go. you have autos down by a whopping 3.7%. construction losing 1.6%. let's get into the stories as promised. stellantis has cut its guidance for the full year citing stiff

chinese competition and issues in north america. now expects a full-year operating margin of 5.5% to 7%. now, volkswagen has slashed the second time in three months and warning of further risks ahead. it comes with the german carmaker locked in talks with the union and officials and talks of plant closures in germany for the first time in history. we have annette and arabile covering these stories in europe. let's get to arabile. >> this is the big story for stellantis and mimics what you have seen across the autos we have seen of late. let's remember, this is the com company's share price peaked a couple of months ago and lost one-third of the share price.

it comes after the ceo put on a stringent cost-cutting management saying make money or else we will shut you down. the portfolio is questioning as whether some of those might be done away with. instead, the company did commit to the portfolio, but the key question mark is how much of that is draining the business too much. let's remember this cost cutting happened when the efficiency drive was put in place following the 2021 merger with chrysler. at the time, it made the group a lot more leaner, but is it becoming too lean is the key question mark. even in the u.s., it is struggling with high inventory and faces the possibility of strikes in the u.s. as well as italian markets in the coming weeks. it did, however, pledge to invest more than $406 million in

three michigan sites. the question mark here is it will continue to cut jobs, slashing capacity at the american capacities. how much more can it continue to do and will that begin to eat away at future profits because it's slimmed down on all of the projects so much? >> arabile, thank you so much for that. similarly, it is a bleak picture with vw in germany. annette, we had a guest say another cut to the guidance in three months. that is a good justification when the management talks to the unions about the steep cuts when it comes to jobs. >> reporter: yes, of course, that is the strategy and, of course, the underlining business is doing poorly. what they are saying now is the sales volume will actually decline from the year before

where they were looking at a slight increase. the profitability is really shocking. now they are guiding at 5.6% across the whole group. we also talk porsche and audi and other luxury cars as well. the report from business insider showing an internal document where they actually do forecast that the weakness in the profitability weakness in the volkswagen core brand is here to stay. only the luxury segment will actually power ahead most likely according to their forecast and will might bring volkswagen out of this crisis. but looking at the overall sales volume and that's the problem here, because china will continue to be weak, especially for combustion engines because they don't let everybody register and buy a car, combustion engine.

they want to push into the ev and the chinese manufacturers are cost efficient with the subsidies they can offer cars at a much cheaper price. what we are hearing here from volkswagen is that they are also looking into massive rebates for their electrified vehicle unit or brand, i should say until the end of the year because they actually are much too expensive for consumers to tap into that market especially as the subsidies have been scrapped here in germany and other jurisdictions as well. it's a perfect storm and most likely, we see much more negative news from volkswagen in the coming months given that they are in the massive discussions with the trade unions about job cuts and also wage reductions. >> annette, thank you so much for that. plenty of dark clouds on the

horizon for vw. now let's stay in the group with aston martin to have wholesale numbers to fall. it is facing a difficult number of china and grappling with wider supply chain disruption. a quick check of the u.s. futures this morning. the s&p 500 is set to fall by 0.1%. the dow jones is off a similar number. this is after we had a mixed session on friday. the dow jones rising 0.3% to close at another record high. the third positive week in a row after that benign pce data that we'll get to in just a second. before we get to that, we have key economic data. we get eurozone inflation numbers and frults nmike result

and then the adp employment report in the u.s. and then the non-farm payroll report. a lot to unpack with sabrina. great to have you here in the studio. let's take a look back at the pce data at 2.2% for august. that is a very strong and very good number in the sense that jay powell can sit back and relax and focus on the labor market. would you agree? >> definitely, i do agree. this is the reason why the fed has decided to cut by 50 basis points. it seems in terms of inflation, it is definitely going in the right direction. they want to focus on labor market and make sure there is maximum employment. if you look at the figures and we note that pc inflation and core pce despite it has increased to 2.7%, it was on the

back of services inflation. if you look at the most memo momentum of core inflation, it is down. gradually going to the 2% target of the fed. >> obviously, the fed has made it clear that the focus is the labor market and not necessarily inflation. i know it is monday, but bear with me. what should we look out for on the friday jobs report? what kind of ball park figure would the market be happy with? >> i think the focus now is mostly on the labor market. everything related to that. we also have to keep in mind that the economy remains pretty solid. at the same time, we had the pce inflation and some personal inflation last suggest. we had the historical revision of the annual data which showed that the economy is even more stronger and more balanced than expected. gdp has been revised up. trading further above the trend. this is also the case of private consumption.

not only private con ssumptionc. if you look at non-residential inve investment, it is trading above potential. overall, we are in a situation of post-pandemic recovery which has been stronger and more balanced than expected. >> you know what is really interesting, sabrina, you see a bear steepening in the longer data yields and that would suggest that with this new focus on the labor market, the fed, obviously, is more tolerant of higher inflation down the track. is that something we should be worried about? the higher tolerance level of inflation? >> if you look at the inflation, we should continue to see a gradual transition toward the 2% target. that's the reason why there is this shift in the labor market. we have to keep in mind the mandate of the fed is dual. on this front, we have evidence and notably on the back of the

transmission of the monetary policy. this is what we can see on services inflation as well as core pce inflation, although it remains quite, quite persistent at the high level. >> sabrina, let's talk about the big trade in the market right now. china trade. everyone is concentrated on assets from chinese with the plethora of earnings from beijing. what you outlined doesn't need a lot of stimulus because it is firing on all cylinders. europe could deal with stimulus. the stimulus coming from china, how much of a shot in the arm is it for europe? >> that would be good for the economy. clearly, the eurozone is struggling and mostly driven by germany which is struggling. we had the data last week with the awful pmi. we note that the eurozone economy is more integrated in the world trade. recovery of china could

definitely be supportive given the fact that china is a key trading partner. >> we saw the pmi data out of europe last week and that was pretty dismal. on the back of that, we saw r re-pricing with the rate and easing expectations. october has pencilled in 25 basis points in terms of the ecb. is that what you are looking at? >> the bar has dpiminished. definitely the decision for the ecb to cut rates is linked to growth. as they say, they are data dependent. if there is a significant change in the business scenario, they would consider further easing. >> all right. great to catch up with you. sabrina, thank you. still coming up on the show, the european policy chief calls for a meeting as the world

reacts to the increased violence in lebanon. we'll be back in two. (man) 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, unlimited deposit bonuses and handsome retirement matching? they would descend into chaos. merciless chaos.

hello, welcome to "street signs." i'm car los olin roth and these the headlines. japanese equities seeing red while yields jump on the stronger yen as the market takes stock of the country's new prime minister. more bumps in the road for europe's automakers as stellantis warns and slashes guidance for the second time in three months. israel kills hezbollah leader hassan nasrallah with iran vowing convvengance.

let's stay with the story. israel killed hassan nasrallah on friday. hezbollah confirmed the death and vowed to continue fighting. israel carried out further air strikes on sunday. meantime, european foreign policy chief borrell will convene the extraordinary meeting of foreign ministers today to respond to the bloc's latest escalation. before that, hezbollah's deputy chief will give a speech at 10:00 a.m. london time. in the meantime, dan joins us. how trans fortive is this for the middle east? >> reporter: this is transftran transformative for the middle east, carolin. this will have implications in iran and around the region as well. in terms of the overall impact this is having on risk assets, i just checked the performance of

markets here in abu dhabi and also in saudi arabia and israel. what we are seeing right now is equities pulling lower on this. interestingly, oil prices also really failing to see material upside off the back of this highly significant weekend of escalation. in fact, oil is certainly trading off the highs of the session right now as well. so, failing to catch a material bid and this is despite israel now effect tively being at war three fronts. hamas in gaza and hezbollah in lebanon and the houthis in yemen. we have seen them strike on two locations in that country seeking to take out what it says critical infrastructure it believes the houthis are transferring weapons and supplies from iran.

i spoke with analysts over what potentially could happen from here. one concern in lebanon is a possible ground incursion in the country and attempt to finish off hezbollah. analysts said that might not necessarily be in israel's best interest, but it certainly it is option on the table. what we are seeing is a really emboldened israel taking advantage of the situation seeking to maintain that momentum and, of course, we might learn more of the future of hezbollah and its leadership during this address which is set to take place in a short while. >> dan, thank you very much. let me take you back to the market picture. we are one and a half hours into the trading session on monday. you are seeing selling. the ftse 100 is off .50%. the dax is down similarly. the auto stocks are coming under pressure. vw cutting guidance once again.

same for stellantis and that is dragging the ftse mib in oitaly lower. the european bourses rallied high on the back of the stimulus measures in china last week. they are focusing in on the auto stocks. a quick check of the u.s. futures. this is the implied open for the s&p which is just a couple points to the down side. dow jones off 42. nasdaq seen off by 36 points. obviously, what we are focusing on this week is the jobs report as we discussed with our previous guest. now the future path of interest rates remains a top concern of family office clients according to the survey from citi private bank. it found family office clients allocating to equities and hedge funds and exposure to a.i. also growing. let's unpack that report from the global head of family office

group at citi private bank. thank you for coming in to talk about the report. how constructive are family global family offices when it comes to assets? >> carolin, thank you for having me here. we concluded this family office report which is the biggest family office report in the industry. we interviewed 340 family offices around the world. two thirds out of north america. what we found is interesting in the findings. one of them is family offices are more bullish than ever before. i think that's important because family offices are the most sophisticated investors in the world. you have seen deloitte where they will manage more family assets than industry. there is a lot of wethalth ther and asset there is and important

market investments. we are finding going forward, 99% of family offices in the next 12 months expect positive or neutral returns. that's the highest number in six years and we have seen a shift out of cash in the last 12 months into the private equity and public equity and into bonds which given the news you just discussed on the performance in equity markets went extraordinarily well for the family offices in the last 12 months. they are coming out of a strong period and we are expecting more. >> it is interesting that family offices are the new hedge funds. we have seen the explosion of family offices specifically in asia and singapore and hong kong. talk about the proliferation of the family offices. how so phyphisticated they are because the time horizon is different from the institutionals. there is a lot of patient capital here. does that also mean that maybe

they're happier to take somewhat different higher risk? let's say vc for example? >> carolin, i could not agree with you more. i think what we are seeing is family offices taking a view which reflects their families. we talk about family offices, we typically think of outfits that work with families that have $500 million in capital or more. that's the typical family office that we deal with. what we're seeing is asset allocation and rise in asset allocation that looks more like. >> it is very much geared to the long term? >> long term and multigenerational view. you can see the asset allocation alternatives typically between 40 and 50. kkr said in a study of theirs at

55%. we are seeing a broad range of the significant allocation to less liquid investments. we are also seeing in our survey when we asked what is the typical role you play, the number one role is investment manager and risk manager and the third is family unity and family wealth transition. there is definitely a long-term view at play here. >> i have to ask you about this because what we're talking about here is families. we talk about the numbers and performance. it gets a lot more emotional when you talk about the big wealth transfer. managing family relationships can't be easy. how do families navigate that? >> i think that's the most interesting part of the work that family offices do. it is generating investment returns and protecting capital and we have a lot of insights in the study of how that's being done. on the other hand, it is working

with the family on family unity and family succession and how do you make sure the different members of family preserve capital to go forward? i met with a family in florence in the 27th generation. a lot of families that created wealth now that are in the first, second and third generation are thinking how they can preserve the capital they have in the medium and long term. >> if their vision is so long term, how do these families feel about the current trends when it is a.i. or anything else in the market? do they also jump on it because they have a certain, you know, degree of fomo as well? do you see that happening when it comes to family offices? >> it is interesting you mention a.i. a.i. was very, very important in our survey. we found 50% of families are invested in a.i. in one way or the other. 20% are planning to get invested and that's a very strong number because what we've seen before

when we looked at other trends like esg or we looked at crypto, what we found is a lot of families have interest, but no one put money to work or the money was put to work much slower. in a.i., the money was put to work. 50% are invested and 20% want to get invested, but only a very small number of family offices use a.i. in their daily work. i think we're at this point where the technology is just breaking through. everyone acknowledges a good investment. different from crypto and esg which is taking longer to find investment in portfolios. >> interesting insights. thank you for sharing those with us. hannes at citi private bank. let's revisit the asian market picture because it is a split picture as you can see. the nikkei 225 closing down

4.81%. it is because the equity market investors are taking stock of the new leadership when it comes to ldp ishiba. kaori talked about the ishiba shock that gripped the markets. a lot of uncertainty when it comes to the new government apparent new cabinet, but obviously, the snap elections that have been called for october 27th. elsewhere, the shanghai comp rallying and continuing the gains we saw in last week's trading week overall. we saw pretty spectacular gains for all of the china markets on the back of the stimulus measures announced by beijing. the shanghai is up 3%. the csi 300 saw the best week in years which is up by almost 9%. it is a golden week in china and travelers are booking more overseas trips outside the region, including to europe and

the united states. monica joining us live from singapore. talk us through the trends here. >> reporter: sure. for those unfamiliar with golden week, this upcoming one coming up, the enormity of it can be best understood by the numbers. the first in 1999. then it was registered about 28 million people traveled. as of last year, that number had jumped to 800 million trips being taken. the question this year is will it be as big as last year? the projections are showing yes, it will be in china as well as out. we are seeing booking data more people going abroad. people are heading to the most popular spots within asia, japan, south korea. we see australia leading the board and u.s. and new zealand

and france and spain. showing the highest growth in bookings. for there, all the way to south america. chile leading the way as well as the handful of european countries and sri lanka. what we can tell from the bookings, travelers are not going to the obvious spots or biggest cities. some are seeking out smaller places to go to. yokohama or in spain. we are seeing shifting travel patterns in what the chinese want to do out and about. we are expecting to see a lot less shopping and more emphasis on hiking and biking and culture tours. i will say more millennials, music tourism, specifically k-pop, a big motivation to travel this golden week. now, spending expected to be resilient because we are seeing travel costs drop in china.

definitely the airfares are going down and that is causing people to spend more and plan bigger trips. nowhere more so than in europe where people are traveling for golden week, but they are taking 7 to 14 days there. back to you. >> monica, thank you so much for that. monica pitrelli in cnbc singapore. for more, go to cnbc.com. still coming up on the show, hurricane helene kills aost lm 100 people leaving a wake of destruction in its path. we'll bring you the details next. and some other guy scores first? second chance. what if you need a second chance to land on the field? this offer only applies to touchdowns. you alright?

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at least 88 people have been killed since hurricane helene hit last week. more than 2 million people are still without power. vice president harris is expected to return to d.c. today to be briefed by emergency teams responding to the disaster.

days of flooding have turned roads into waterways and left many without basic necessities. nbc's jay gray is joining us from hard hit north carolina. jay, take it away. >> reporter: yeah. carolin, we're in boone, north carolina, in the blue ridge mountains. like so many in the path of helene, it is struggling right now. caked in mud and down and twisted power lines and just scattered piles of twists metal and wood and debris everywhere along the path of this storm. so many of these communities, like you talked about, no power, no fuel. food becoming scarce. no running water. it's just the basics that they are trying to get in to areas like this and help some of helps communities out.

it will be a rough go for quite some time. unfortunately, the forecast not doing them any favors. they could see rain again over the next few days. certainly not something anyone wants to see, especially while in some of these communities, there is still rushing water and pushing into places it's not supposed to be. you have rescue teams on the ground and still working to find more than 100 people missing from florida through the carolinas. helene just packing a punch that remains. the aftermath, as intense as the form, for many of these communities. it is still unclear when they may be able to get a break. right now, carolin, it's tough. >> these images, jay, are devastating, obviously. what about the federal aid or the state aid coming through? is that moving quickly?

unfortunate unfortunately, we lost our connection to jay gray covering this story for us out of north carolina. let's take a quick check of the european equity market picture on this monday morning. we saw the forceful rally last week on the back of the chinese stimulus measures. we were higher to the tune of 2% and trading close to record highs. today, we're breaking with what china is showing us which is this incredible rally. the ftse 100 is off 0.6%. the dax is down 0.5%. the cac 40 is showing declines, even bigger than in germany, off 1.5%. the biggest declines in the italian market, ftse mib. the main culprit is out of germany. volkswagen is down 2.4%. you would think the auto sector

would be finding a bottom or a trough. it seems more bad news might be coming along here. mercedes-benz is down 1.9%. obviously, the whole sector is affected. mercedes-benz coming out with a profit warning and bmw the same. stellantis is down, while take a look at this, off 12.6%. a quick check on the asian markets as well. it is a split picture. nikkei is down 4.8%. why? because the incoming prime minister ishiba is adding a lot of uncertainty to the market. he's called for a snap election on october 27th. he will be unveiling his cabinet and the market is trying to take stock of what to expect from him. the shanghai composite is rallying and closing up another take a look at this 8%. the hang seng is up 3.4 on the back of the stimulus measures out of china last week.

the greatest china markets look like this. the shanghai comp up 10%. keep in mind that the chinese equity markets rallied so hard last week that they saw their best week in roughly 15 years yesterday. the csi 300 up 15% last week and up another 9% in today's trading session alone. we had pmi numbers out of china which were disappointing. very mixed here. that is adding hopes for more stimulus coming out of china, obviously. it may also be a hidden stimulus to the european as well to the u.s. economy. let's take a look at the u.s.-chinese listed stocks here. we are seeing moves here. alibaba pre-market up by 4.5%. b bilibili up 8% and jd.com up a

similar amount almost 8% and pdd up by 5%. these stocks getting a nice boost from the momentum trade, the biggest momentum trade out there currently. that is china, of course. a quick check of the u.s. futures following on from the european equity trade. the s&p 500 down 0.13%. the dow jones down 0.1%. the nasdaq off 0.2%. that's it for today's show. i'm carolin roth. "worldwide exchange" is up next. see you tomorrow. bye-bye.

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it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here is the "five@5." september to remember. wall street looks to wrap up another winning quarter with one unlikely sector leading heading into q4. still surging. chinese stocks surging and one investor says he's not buying in just yet. port strike countdown. we could be 18 hours away from the critical labor