we turn to market reaction around the world with jp ong and arabile gumede in london. arabile, we begin with you. >> we look out for the assassination attempt and what it means for the risk premium in the market picture. so far, we are focusing in on what is stock specific news out of europe. overall, the market picture has been fairly negative thus far. we have a drawdown of .13% with the cac 40 and the ibex 35 is the biggest loser today. switzerland is managing to find green and going up .13% so far in the early trade. you see sentiment coming through with stock specific stuff moving the market. frank. >> arabile, thank you very much. we move to the asian market with jp ong. jp. >> frank, a lot of things happening here in asia as it has been a thin monday with japanese markets offline. the yen was trading today and it was one of the things to watch out for with safe haven play. the markets have said the u.s. dollar is the favorite safe haven choice. the japanese yen moved throughout the session. there were concerns of intervention with how weak the yen has gotten. the

my name is arabile gumede. these are your headlines.he chips are down as asml moves in an early report. >>> to europe where adidas takes a step high after posting a beat in the second quarter and hiking its guidance for your the year once again as trader fans lap up its retro offerings. >>> uk inflation holds steady at 2% in june with investors pairing back their bets that the bank of england will cut rates next month. >>> and former top rivals, ron desantis, nikki haley back the former president as they address the republican national convention. >> i'm here tonight because we have a country to save, and a unified republican party is essential for saving her. >>> welcome to the second half, then, of "street signs." let's get into your market action and how things are faring at this point. an hour. and a half since trade opened in europe. you're seeing most of the markets still sitting in the red. not much to talk about on the upside when it comes to the boerses as you can tell. 30% here. the european stocks, a little bit of a softening

we have charlotte reed in paris and arabile gumede in the newsroom in london.et's start with the election surprise, charlotte. good morning. >> good morning, frank. we were standing here four weeks ago where emmanuel macron called the snap election and the far righ right made huge gains. the far right, as we were saying, did not get anywhere near close to the absolute majority here in france. the big surprise that they actually came third in the result. the group that came on top was the left-wing coalition there. that also opens a lot of questions. none of the blocs in the election were near the majority of 289 seats for majority. now there will be talks with the negotiations with the parties whether a coalition or alliance can be put together. this is not the tradition of french politics. we have to wait and see what that means. gabriel attal, part of emmanuel macron's party, has put his resignation to the president. he will run the day-to-day affairs and starting with the olympics starting in two and a half weeks here until the new prime minister is proposed

cnbc's arabile gumede joins us with more. morning to you, arabile. >> yeah, good morning, richard. look, this is definitely a sis mick move, it's one of those that have certainly been touted but doesn't necessarily mean that the market isn't always going to be unaware of such things. it's somewhat a known unknown, as it were. you know what's going to happen but the repercussions and ramifications are somewhat unknown. the market thus far hasn't really reacted in any particular stark way on the back of this news of joe biden deciding, then, to end his reelection campaign, and the reasoning for that is because the market had already priced in what it calls a trump trade, which is effectively anticipating that elements like trade will become a bigger issue. a lot of the push that donald trump will perhaps put forward could be inflation refactors, even if he was to reduce elements like taxes for example, too. the market is looking towards that and saying perhaps that movement is already in play nonetheless, but on the other side

my name is arabile gumede and these are your headlines. >>> take a look at what happened. [ screams ]> former president donald trump surviving an assis assassinatio attempt days ahead of the rnc. >>> president biden addresses the nation from the oval office asking americans to stay stock while calling for unity. >> there's no place in america for this kind of violence, for any violence, ever, period. no exceptions. we can't allow this violence to be normalized. the political rhetoric in this country has gotten very heated. it's time to cool down. >>> shares in the discount pile as swatch posts a steep fall in first half sales while burberry with a warning with the departure of its ceo. >>> china's second-quarter gdp with below expectations with say slowdown in factory input as well as retail sales. >>> welcome. former u.s. president and presumptive republican nominee, donald trump, has landed in milwaukee for the republican national convention. trump says he was shot in the ear in saturday's shooting. trump says he has rewritten his convention speech to focus on unity telling the wash

arabile gumede is with us from london with a lot of action and more red arrows. arabile. >> good morning, frank. we're finding one to buck this trend a little bit. yes, it's on the back of strong comments. you look at asml and their earnings picture. you look at nature and how things are faring in the chips cycle. you're finding asml toward the bottom end of the european market going down nearly 7% at 4.86% lower. the german tech company moving to find gains. very quickly, also showing you the picture out of asia because that also got some declines then. this is where the declines are. tokyo electron, of course, on the become of some of those comments coming from donald trump, really hurting and impacting things. perhaps saying that the market out of the u.s. may be hindered or stopped for the likes of tokyo, the likes of taiwan, semiconductors as well. tsmc down more than 2%. if indeed donald trump becomes president, significant fear that tsmc may have to invest more in the united states to find gains in that market. for now, the market looks a little bit jittery

>>> time now for business, and for that let's bring in cnbc's arabile gumede who joins uzlive from londonmorning. so dow futures are in the red right now after the 30 stock index posted its best day since june 2023. what's behind that rise, and how are things shaping up today? >> being called the great rotation there, john. good morning to you. basically what you're seeing out of the market is anticipation then following the retail sales numbers following the expectation then that rates will perhaps begin to cut off or come down a little later on this year. markets are looking for other shares. traders are looking for other stocks that perhaps haven't risen as much and could benefit them from a cut in interest rates and an easier economic aspect with regard to those interest rates. so the market looking forward to that and perhaps saying it's now time to rotate not necessarily out of the big mega-cap stocks that have risen so significantly over the last year or two or so but try to find other winners as well. when you saw the dow jones managing to move up nearly 2%, so significant gains e

my namee is arabile gumede and these are your headlines. donald trump announcing j.d.ance as his running make in his first appearance since the assassination attempt. >>> biden tells the threat from trump is too grave to ignore. >> focus on it. focus on what's doing. focus on his policies. focus on the number of lies he told in the debate. i mean, there's a whole range of things. i'm not the guy that said i want to be a dictator on day one. >>> hugo boss comes unstitched in trade in early days since the fashion house cut its sales guidance for the second time this year. >>> and ocado surges to the top after reporting a smaller loss in the first half. >>> a packed show for you. let's kickoff with donald trump who has tapped former credit p j.d. vance, the 59-year-old senator from ohio. in a statement, the biden campaign said trump made the pick because vance will, quote, bend over backwards to enable the former president and his extreme maga agenda. speaking to fox news, sean hannity spoke about the issue over biden's age. >> the democrats want to run from this. they're

it's time now for business, and for that let's bring in cnbc's arabile gumede who joins us live from futures are looking for direction this morning after the dow closed at a record high yesterday. what can move the markets today? >> well, good morning, john. it wouldn't be a surprise if you saw more records tumble in some way or other according to the stock indices today, but the direction really would probably come from the earnings picture as well as perhaps more word whether those interest rate cuts would come sooner, anticipated, of course, to be september. the market pricing in 68 basis cuts of points, meaning they're at least looking for two interest rate cuts this year with perhaps a chance of even higher interest rate cut then in december. that is definitely very possible by the look of things. but as i said the earnings picture because companies are releasing their company earnings right now, and you do have bank of america as well as morgan stanley set to put out their earnings today, and that could shift things, plus youave june retail sales, all of that in focus today. >>

cnbc's arabile gumede joins us now with the details. ile, good morning. >> yeah, good morning, frances. let's start off with that etsy story, right? this is very interesting. two decades ago when etsy first began it was really about that niche culture, the artisans trying to sell niche products particularly to a large audience. it got taken over quite significantly, when you see the likes of amazon, of course, with a whole host of mass production and mass sales. that's pretty much what took over etsy quite significantly. but the ceo then josh silverman says it's time to return to the roots. instead of going all the way to what you now have as a race to the bottom in terms of commoditized commerce. he wants to return to the artisan trade themselves. so much so the company launched a major overhaul yesterday of its policies that s policies th sit govern its sisi site, with specific labels as to what can be put forward. looks like the fed is anticipating rate cuts indeed to come into play. the worry from jerome powell that if you keep inter

let's turn to arabile gumede who joins us with a preview. ng, arabile. >> good morning, frances. you're quite right. it just becomes a more difficult road path for jerome powell. he's said he needs more information, more data, need to collect more items to kind of give a clear sense that they're comfortable, as the fed, that indeed inflation is dropping off towards that 2% target. the anticipation is it would hit 3.1% later on. and the estimation coming in for thursday as release. that's what we will really be looking for when it comes to the market. that's what we are anticipating to hear out of jerome powell later today then as he begins his testimony to congress. but the clear wording will certainly be around more data, more information and ensuring that inflation comes down so they can begin cutting interest rates. the market is anticipating that it would then start in september with two interest rate cuts anticipated this year. also just wanted to make note of another story very quickly. some of the other retail stores, particularly rest

arabile geu ara arabile gumede is here with those details. >> you're quite right. the story is that the federal trade commission is looking at investigating around eight companies who are using artificial intelligence, ultimately to track consumer behavior, the way consumers spend, et cetera, and what it is they actually spend on. the ftc is wondering whether those companies are using that data and information to manipulate, vary or change prices in order to fit in with that consumer demand. ultimately, increasing prices is the supposition on that front. so key question marks around where this case goes. of course it is still early days, and this investigation will definitely be one to look out for. on the other front, you had spoken about a slow down we are seeing in the u.s. consumer. well, yeah. house prices is one of those to kind of look at. home sales, particularly in the pre-owned homes are 5.4% down. that is the slowest since 2021. there is still a slow down. higher interest rates, cost of living is beginning to impact consumers significantly. >> okay. arab

arabile gumede is here to break it down for us. >> you're quite right.onth on month figure is the one you make note of. the negative 0.1% looking like deflation, but it actually points to the broader disinflation trend we've been seeing out of the united states. over all, the inflation is 3%. that is a good significant mark. because it means we're finally headed in the right direction. we have seen the data continue to do so, even though it had been a little bit bum at py. 2% is the mark that the federal reserve is actually looking toward. and they would want to ultimately get there. but they've also said that they don't have to see inflation reach exactly 2% before they start cutting interest rates, of course, which are significantly higher at this stage. so they're trying to find a place in order to cut interest rates. seems like the market is pricing in a start in the cut of interest rates for september, giving that a 90% chance. wanted to make note of another story. delta airlines seem to be pointing toward $100 billion hit in revenue, then, as we he

arabile gumede live in the london newsroom. >>> we will continue to talk about the consumer and whats a very big day for the retail sector. first up is the sales data out before the opening bell. a report that many believe is a market mover showing .50% slowdown from a month ago or flat if you exclude auto sales. today is day one of amazon's prime day which adobe predicts $14 billion in sales. that is up 10% from a year ago. this comes with new warnings around the kconsumer that includes commentary from bellwethers like pepsico noting subdued demand in north america. conagra missing the sales for the fourth time in five quarters. the company lowering fiscal year earnings guidance as consumer adjust to higher prices. joining me is scott muskin. good morning to both of you. great to have you here. >> good morning. >> we are getting the data out about retail sales the same time we have the prime day sale. it is a record year. that's very interesting. at the same time, you say the discounts are deeper than last year, especially for consumers. last year, discounts were about 12%. this yea

a better place really than a pub to take the polls of the uk economy ahead of the voting and arabile gumedeoins us with more. >> look. if one police to get a lot more conversations around just the country, the uk, politics, and the like as well, you certainly want to come to a weatherspoon's. we are lucky to be joined by the chairman and founder of j.d. weatherspoon, tim martin. no better place to have these conversations. i imagine with people around you, you have this similarly. i want to start eight years ago having support brexit as well and specifically for hospitality as you may have thought it was? >> i don't think any realistic person thought that brexit was a panacea. what it did was it restored democracy in the uk because a lot of decisions were taken in europe and you don't vote for the president of europe meps don't have to initial legislation and the court isn't subject to ghkic control so it was a democracy thing and democracy is not perfect and certainly in a pan a see it but it has a record and for people of brexit thought it was for people that understood it but the politic