under dutch law ppg cannot approach akzo now for six months. shares of akzo down over a percent. likelihood that this deal won't be happening had caused akzo slip. >>> a look at market futures. looks set to start june on a positive note. dow futures up 7 points. nasdaq up 14. s&p up 2. joining us now is steven wieting from citi private bank. good morning. >> good morning. >> welcome to the set. with stocks at a record high, how much of it is the trump trade or is that dead? >> expectations for big policy action out of the united states have been fading. we've been acting like there's single party gridlock in washington. and the rest of the world has been mildly accelerating without the promises of big tax cuts. so you can see the influence on the foreign exchange market where the dollar has fallen 5% this year. >> we saw the performance for may. nasdaq leading the charge. if you look at it by s&p, sector performance, tech leading the charge almost 4%. >> secular growth, nothing driven by a big cyclical boost. >> but is that hiding a broader weakness in the market that could now u

akzo nobel down by a point and a half. ppg unchanged at the moment.hat's the one to watch later today. >>> on today's agenda, dollar general reporting before the open. broadcom and lululemon are out after the close. a ton of data throughout the morning. adp, private sector read on jobs, weekly jobless claims, revised productivity and costs, ism manufacturing, construction spending, auto sales are all out today. fed governor jay powell will speak at 8:00 a.m. eastern and then sit down with cnbc for an exclusive interview with squawk on the street at 10:00 a.m. so a lot to follow there. speaking of central banks, san francisco fed president john williams is expecting three interest rate increase for the year but says four could be appropriate. speaking in south korea this morning he added he doesn't expect any changes to fiscal policy to impact the u.s. economy this year, but they could have an impact on growth in the next several years. williams not a voting member of the fomc. a bit of corporate news, another top executive is leaving uber. this time i

either file papers with dutch regulators detailing its plans to launch a formal bid for the paint maker akzomonths. those plans will also include the actual bidding price. earlier this week dutch regulators denied ppg industries' request for a deadline extension. the us commerce department will likely report that construction spending is up 0.5% in april from a 0.2% fall in march. and finally, auto—makers report may us car and truck sales, with investors watching to see if the industry can snap a two—month streak of declines. a third down month in a row could put pressure on detroit auto—makers to order more lay—offs and production cuts. simon derrick, chief markets strategist at the bank of new york mellon joins us now. nice to see you. all this data from china, two differing pictures depending on which bit you choose to go with. and i think the weakening economy story is the central one here, the latest manufacturing numbers confirm that. over the course of the last month or so the chinese markets have been reacting very negatively to this, you had seen the equity markets down, moody ‘s do

akzo rebuffed their bid. they wanted the company to hold talks with ppg. the latest bloomberg business flash. we provide context and background on issues of interest. we are looking at climate change. scientists are arguing about whether humans are warming the planet. the globe is on track to exceed the 3.6 temperature gain the united nations aims to prevent. the paris climate accord came in to a plan to cut emissions that trap heat in the atmosphere. during his campaign, trump questioned the science of climate change, vowing to pull the u.s. from the paris deal. his decision on the matter is p.m. wall street time. countries like china and india are the biggest polluters, but they claim fossil energy is the fastest way to take poor people -- here is the argument. companies and homeowners are installing more solar panels, switching to energy-efficient lighting. the cost of renewable energy tumbles. -- risingareness awareness has been field by an expanding body of research that predicts global warming will take its toll on the economy. there is an army of gl

in april, ppg offered to pay £22.8 billion for akzo.e the firm was withdrawing the proposal. shares in the luxury shoe maker jimmy choo have risen following a robust figures in its trading update. the british firm put itself up for sale in april but there was no word in the statement about any offers on the table. and its reported that the takeaway company deliveroo is offering its drivers the option to be paid for each order they deliver, rather than per hour — a move which the company hopes will reinforce the riders' status as self—employed contractors, rather than employees. been a session of quite choppy trading , while the pound extended losses on growing uncertainty about the outcome of next week's election. the euro the euro against the euro against the the euro against the pound the euro against the pound there the euro against the pound there at the euro against the pound there at the bottom of the screen. let's look at tesco because it has fallen. supermarket giant tesco was fallen. suffering after a fresh tranche of industry

listen, that was -- that was a formidable defense that akzo when they had won the court case. from the judge in terms of saying, hey, you know, you haven't really engaged the way your shareholders would like to, akzo nobel. they still went their way. that was it. ppg had today to decide whether it wanted to go hostile. it is withdrawing. that is over and done with. the way that many had anticipated it might go. including yours truly. because shtickings are tough. >> that was a lot of wasted time by ppg. i mean -- >> that was. >> it was a huge waste of time. i question that. i question given the fact that you knew from the beginning that this one was not going to cook. but people don't seem to mind because ppg -- they were trying to get hammer lock on coatings. it made a lot of sense, because sherwin williams got vas par. and mcdonald's hitting a high. now these are -- mcdonald's -- you have to go to it. domino's is takeout. i think people continue to underestimate this market because you know why? they're looking at jpmorgan and bank of america. >> well, that's funny. as usual

ppg withdraws its bid after it won a court battle over akzon e akzo nobel. >> "squawk alley" will beht back now. at crowne plaza we know business travel isn't just business. there's this. 'a bit of this. why not? your hotel should make it easy to do all the things you do. which is what we do. crowne plaza. we're all business, mostly. >>> good morning. here is your cnbc news update. president trump signing a six-month waiver to delay relocating the embassy from jerusalem to tel aviv. two people remain missing after an explosion after an explosion of a wisconsin corn mill rocked the area. it knocked out power to more than 100 homes. >> the supreme court sat down for a group photo opportunity. the nine justices, including the new member, neil gorsuch, were all smiles as they posted for the photographer. they will be back at work next monday. >> and the pittsburgh penguins took a commanding 2-0 lead in the stanley cup finals by beating the nashville predators 4-1. they took a 2-1 lead in the game by scoring just 10 seconds in period three. the next game is saturday night televised on the

akzo p is one of the higher beta trade etf's. weighted etf.nstituents are but we want to get short xo p. gasoline prices will roll over and to august when the driving season starts. >> i have to leave it there, we are out of time. chief energy strategist at macro risk advisors. back to you. u.k. prime minister theresa may is already facing pressure at the start of brexit negotiations. talking it through with us from new york, this is bloomberg. jessica: a warning from russia to the u.s. shut down a series jeff\ russian defense ministry track all u.s. led coalition west of the euphrates. plane that shean was the first time the u.s. shut demand air in air to air combat in almost two decades israeli prime minister benjamin that is running iran against the threat that yahoo! says israel is caused the monitoring iran's activity and had one that do not written israel. his message came after iran's revolutionary guards sunday will launch a strikes. in france the third time is the chart -- the charm. claiming her first ever national post and the chanc