hosted by the european central bank, the us fed chairjerome powell is there,

speaking we are expecting the central bank to start this journey to cut interest rates first and pull the trigger. we have seen the likes of this was national bank, de europeanank, and were expecting to see the bank of england cut interest rates in the coming months. when it comes to the us economy, growth is slowing, but it is still performing reasonably well compared to its developed peers. at the same point, looking at corporate earnings, and looking at the trajectory of inflation has dropped by nearly — from 9% two years ago towards 3%. it is like being on a diet. it has lost a lot of weight but now we're seeing a plateau and we're seeing a plateau and we're starting to go a bit above 3%. in the united kingdom and europe, inflation is because it was target. i think thatis because it was target. i think that is the biggest in certainty right now when it comes to the fed. i was also that september is likely and we should overall, though, get a us interest rate is cut desolate us interest cut this year, but not as much as expected. —— i was also say that september is likely and we should overall, though, get a us interest rate cut this year, but not as much

fed — again, the us central bank — to start thisjourney to cut interest rates first and pull the trigger. but, in fact, we have seen the likes of the swiss national bank, the europeanank, and are expecting to see the bank of england cut interest rates in the coming months. when it comes to the us economy, yes, growth is slowing but it is still performing reasonably well compared to its developed peers. at the same point, looking at corporate earnings and looking at the trajectory of inflation — now, inflation has dropped by nearly — from 9% two years ago towards 3%. it is like being on a diet. it has lost a lot of weight but now, we're seeing a plateau and we're starting to go a bit above 3%. whereas in the united kingdom and europe, inflation is coming closer towards target. i think that is the biggest in certainty right now when it comes to the fed but i would still say that september is likely and we should overall, though, get a us interest rate cut this year, but not as mamy as the market wants. china has been struggling this year. do you think things will change in the next year? we have to take _ change in the next year? - have to take under perspective that

and on thursday, we will hear from european central bank.the eurozone cooled in june but the ecb is widely expected to keep rates on hold at 4.25%. india and the wedding of the son of that richest man. the millions spent on the occasion have sharply divided opinion in the country. we are joined by the country. we are joined by the india business correspondent. get us up to speed, how are people been reacting to this in india? the reaction has _ reacting to this in india? the reaction has been _ reacting to this in india? tue: reaction has been quite mixed. 0n reaction has been quite mixed. on one hand, people are saying that essentially this is something that is potentially good for the economy because of the sheer amount of money spent on things such as clothes, food, hotels, all of that will trickle down. on the other hand, there has been sharp criticism on some quarters about the kind of money spent, especially at a time and we are talking about glaring inequality here in india which has hit a 100 year high according to a recent report. b

not long to find out what the european - find out what the european central bank decides. slumped some 13% in after—hours trading after the wall streetjournal reported the firm is in restructuring talks with bondholders. beyond meat supplies plant—based burgers, sausages and ground beef to chains including mcdonald's as well as selling direct to consumers. but it has been burning through cash because of weaker demand for its products. a 150—million—year—old stegosaurus skeleton has become the most valuable fossil ever sold at auction. the dinosaur, known as apex, fetched $4116 million at sotheby�*s in new york — ten times more than expected. its buyer is officially anonymous but the financial times has named him as ken griffin, founder of the citadel hedge fund. coming up: from bit—to qubit. we go inside the mind—boggling world of quantum computing. around the world and across the uk, this is bbc news. let's return to the uk economy because the new government has pledged to get more people into work as well as boosting skills and enhancing employment rights for workers. th

heading in the right direction — the european central bank warns it's in no hurry to keep lowering interestates, ahead of the latest inflation numbers. boeing announces it will buy one of its biggest suppliers, spirit aerosystems, in a bid to improve the safety of its planes. and an english summer garden. we find out how to create a beautiful space on a budget at one of the world's biggest flower shows here in london. welcome to business today. i'm sally bundock. we start in portugal, where some of the world's most influential central bankers are gathering to discuss what's been called an era of transformation for the global economy. hosted by the european central bank, the us fed chairjerome powell is there, along with the governor of the bank of england and a host of other leaders. the hot topic of the day is of course rising prices — inflation — and its management, as central banks use interest rates to head towards their 2% inflation targets. for the eurozone, inflation sat at 2.6% in may, which was up slightly from the month before, but significantly under half the level seen at the sa

european central bank. of auditors periodically publish such data, then the additional 100 billion are the funds which funderin has at her disposal, which she uses for anything, but we know what she uses for, first of all for the war with russia, she’s in vain, well, yes, but she also stole a bunch, i’ve been there a couple of times they just took it for outright corruption, well, for a vaccine, well, i don’t know how... there’s not enough about american politicians in europe, especially in brussels, where in my opinion, that’s where they spit, where ursulovlyaen herself lived in the united states, and her two daughters are citizens of the united states, they are there were born, well, the rest, in general , you cannot become a european commissioner, as you know, if you do not agree on this in general with your comrades on the other side of the ocean, moreover, well, that’s another interesting question, there really is a specificity there. that the european union is the main competitor and has practically s

current european commission received resources thanks to the borrowings that it carries out the european central bank interesting discussion yesterday on sunday evening regarding financing russian debt, the europeans have solved the problem in this way, the european union is giving out its guarantees, but at the same time this inflationary overhang is increasing, quite according to the model of the federal reserve system and so... this is a struggle, a war with china, then the question arises of korea and already in third place, well, sometimes in second place, but more often it even fades into the background, like this is a european war, this is a war in ukraine, this should be supported, supported by europe, among the military it is very, so to speak, well, active there is support for trump's idea that europeans should pay for their security and for the united states. yes, all european forces, they are, in principle , subordinate, in fact, to the commander of the european, the head of the european command, the american, he is also the head of the joint forces of nato, that is. here he is subordinat

so in september, we will know whether the european central bank will continue to lower interest rates. but these export driven issues will continue to be a problem new tre, tensions between the us and china on the horizon. for example, an industrial orders in germany are still declining, so a big rebound in the 2nd half of this year could be unlikely to w's mauricio. thank you very much for that analysis. ok onto the paris olympics. now in the mens triathlon has been postponed because of poor water quality and the river sudden heavy rain at the opening ceremony means bacteria levels are too high. dw schools correspondent jonathan crane explains now why it is so difficult to keep the worst to clean the river. sand has a big of a hoo problem. to find out why you have to go down to the power series. the 19th century bill network is where the cities waste and rainwater is collected. water coming from the homes, like from toilets, from pensions, from bathroom and water coming from rain is going in the same tubes under the streets and got that getting mixed. the problem is the system, can i

data, it appears the federal reserve is getting closer to following in the footsteps of the european central bank and is preparing to cut rates, although mr powell did warn americans might have to get used to higher borrowing costs, suggesting that rates are likely to settle at a higher level than before the pandemic. in other news, there has been leaked data from disney, according to the wall streetjournal. the data came from disney's slack channels and included details on employment candidates and ad campaigns. disney has told the bbc that it is investigating the matter. china has reported slower than expected growth in the second quarter. that data was released as top leaders gather in beijing for a plenum meeting, where they are likely to discuss ways to revive a stagnating economy. the bbc�*sjoao da silva has more. the latest economic data from china does not look good. and it comes just as a major political meeting got under way in the capital. economic growth slowed to 4.7% in the second quarter, leaving the chinese government's 5% growth target for the year looking even more ambitious. th

central bank will decide whether to hold a key lending rate as 6.25%. they mount surprise rate hike earlier this year to try and boost the currency. and on thursday, we will hear from europeank across the eurozone called injune but the eurozone called injune but the ecb is widely expected to keep rates on hold at 4.25%. a bit of sports news, to tell you about and the olympics returns to paris for the third time later this month. mountain biking has been an olympic sport since 1996. the sport has yet to appear at the paralympics, the bbc�*s has been to meet the bikers who are using technology to make adaptor bikes that could make that possible. this is competitive mountain bike racing, a spot where writers hold themselves of massive jumps, going through narrow treeline trails and fly downhill at higher watering speeds. downhill at higher watering seeds. , ., , speeds. so, i start competing when i was — speeds. so, i start competing when i was like _ speeds. so, i start competing when i was like 12, _ speeds. so, i start competing when i was like 12, 11- speeds. so, i start competing when i was like 12, 11 years i when i was like 12, 11 years old, i used to ride downhill. thi

speaking at a european central bank forum mr powell acknowledged there has been significant progress however, he wants to see a more sustained downtrend before lowering the cost of borrowing, which currently sits between 5.25% and 5.5%. he said he wanted to see more sustained downtrend, it currently sits between 5.25 and 5.5%. the clock is ticking for chinese and the european union negotiators who are in talks over the eu's plans to impose tariffs on chinese electric vehicles. the provisional tariffs are expected to kick in, on the 4th ofjuly. last month, the eu announced it would impose duties as much as 38% on evs shipped from china. that's on top of the 10% levy on all cars imported to eu countries. these proposed tariffs vary depending on how much each car—maker cooperated with eu investigators looking into chinese government subsidies for the ev industry. among china's biggest car—makers, the tariffs are highest for saic, which makes the m64 electric car. geely, which owns a stake in volvo, faces a tariff of 20% while a 17.4% duty will be applied to byd brands. i'm joined by aut

. _ one of the world's most important central banks , 0.75% is concerned with inflation in particular the upwards pressure on prices. let's turn to the europeannow which — as expected — has held its main interest rates at 3.75%. the bank said it remains concerned about inflation —— in particular the upwards pressure on prices in the services industries —— and that it sees inflation remaining above its 2% target "well into next yea r". there was little sign of when it might cut rates again after it did so last month. well carsten brzeski is the global head of macro for ing research. he says the ecb is uncertain on what to do next. we have labour shortages across all the european countries with labour shortages, we will see more upward pressure on wages. if this is the case, there is enough demand which will also keep service price inflation up. and that is a clear worry for the ecb. it's even more difficult this time around because we've had so many governments intervening in the energy sector with price caps, with subsidies. so all these government interventions over the last two years have really made that inflation even less reliable than i

again being bounced around by economists, despite hope of more interest rate cuts from the european central bankeurope economist at capital economics, he explained that the german economy had been showing signs of weakness for sometime. andrew kenningham, is chief europe economist at capital economics, he explained that the german economy had been showing signs of weakness for sometime. it wasn't for the major shock because we had some of the monthly data which was pretty weak, particularly industrial production really slumped in may so it was always on the cards it would be a negative and we had been forecasting 0.0% so not a huge shock but definitely a case of germany struggling. it has been close to recession for the last six quarters and the economy has not grown at all since the last quarter of 2019 before the pandemic. so since the last quarter of 2019 before the pandemic.- since the last quarter of 2019 before the andemic. , ., , , before the pandemic. so the problems are uuite before the pandemic. so the problems are quite deep-seated. _ before the pandemic. so the problems are quite dee

thursday, millions of tracker mortgage holders in the eurozone received more bad news as the european central bank maintained interest rates, citing insufficient progress in reducing inflation. inflation is expected to fluctuate around current levels for the rest of this year, partly owing to energy related base effects. those managing to stay in business say increasing number of companies and eu are declaring bankrupty, that will only accelerate um, as businesses that were already close to the the age, um, well now find nowhere else to go, only bankrupcy, because there's no end and safe really for inflation as it stands, the financial straight is compounded by stagnant wages and the lingering economic impacts of the covid-19 pandemic, families across the eu are faced with difficult choices cutting back. on necessities and dipping into savings to cover base expenses. jerome hughes press tv. brussels. syrians have elected new parliament, hoping the 250 member assembly meets their aspirations. now the newly elected parliament is facing daunting task as the country is still reeling from years of west

it is reported that the problem arose with a software update by crowd strike. solution. the european central bankby universities for research centers. european stock exchanges are now falling. the story of this global failure overlapped with yesterday’s key rate after the ecb in june lowered it. the russian stock market today also periodically falls and rises. alor broker analysts remind us that there are no fundamental reasons for growth yet, and the fact that the weekend is ahead adds to investors’ indecision. as of today, the central bank has set the following official rates: dollar 87.88, euro 96.10. the internet development institute highlighted. another subsidy of up to 100 million rubles for the domestic game smoot. it was presented on a grand scale in april of this year. the game is dedicated to the event of 1612 . there is also something in the game called educational addition. it is made in the form of a tour of moscow at the beginning of the 16th century. according to kommersant newspaper sources, new subsidies will be used to expand this educational part, and now it will concern the h

federal reserve chairman jeremy powell stated this at the european central bank forum.ritical level of 35 trillion dollars, which makes it almost impossible to continue borrowing. according to bank of america estimates, the american government debt increases by $1 trillion every 100 days. it is expected that by the end of this. equipment as a single biomechanical organism and this is more than a thousand people and 300 units cross the russian border, customs formalities do not affect the race schedule, only the appetite of the pilots at the finish of the special stage, many preferred precious minutes of sleep over breakfast, any day, preferably russian, that’s great, the organizers they promised that the catering would be our russian one. because the last time we stopped by chinese catering came to china, to be honest, we didn’t feel at ease, so i climbed behind the edges, took out a stew, we cooked naval pasta, 300 km of stones, dust, sand, hard soil surrounded by ancient rocks at an altitude of almost 2 km, the track was good, interesting, somewhere in the middle of t

central banks will cut rates, we expect the european central bank will cut rates a few more times thisal reserve we anticipate in september. what will help the pound is renewed political stability from this election result and reforms, and if they bear fruit, the pound's outlook is considerably better. the pound is trading at 1.28, it was 1.50 on the day of the brexit vote. it is divided on long-term measures. tom: mansoor mohi-uddin, chief economist, bank of singapore with a view of what this electoral victory for the labour party could mean for the u.k. economy. you are looking at the pound at 1.27 versus the u.s. dollar. ftse futures with gains of around 0.2%. the incoming british prime minister, keir starmer, hailing the victory of the labour party, saying the hard work starts now. this is a new chapter, he says, for britain. we will bring you the latest on the u.k. elections this is bloomberg. ♪ tom: welcome back to bloomberg "daybreak: europe." we are live on bloomberg tv and radio as the incoming british prime minister, keir starmer, says the british government and the country s

on thursday, millions of tracker mortgage holders in the uson received more bad news as the european central bank maintain. interest rates, citing insufficient progress in reducing inflation. inflation is expected to fluctuate around current levels for the rest of this year, partlying to energy related base effects. those managing to stay in business say increasing number of companies in the eu are declaring bankrupty. that will only accelerate as businesses, but we're already close to the the age, um, well now find nowhere to go, only bankrupcy. because there's no end site really for inflation as it stands. the financial strain is compounded by stagnant wages and the lingering economic impacts of the covid-19 pandemic. families across the eu are faced with difficult choices, cutting back on necessities and dipping into savings to cover basic expenses. jerome huws press tv, brussels. thousands of rohingya refugees in india cont continue to fight for their lives amid hey campaigns and extreme weather conditions reports, it wasn't easy to find one of these rohinga refugee camps in india, most of th

let's talk about this statement from the european central bank. i want to start with france.will get questions about that in the news conference today. can we park the french issue? is it in the rearview mirror? >> no, i don't think we can park the french issue. it is the upside risks to inflation coming from a strong physical boost in france and possibly in germany given the latest settlement related to baseline. this interest speech last year, not this year, she highlighted how public sector wages and the lack of productivity in the public sector was a contributory factor to inflation. she didn't mention at this time, i think due to the timing, but overall i think that's the short term risk the ecb monetary policy execution. it isn't about market volatility, that i agree with, but it is causing the ecb to be higher than previously expected for longer. jonathan: socgen was with us earlier this morning and you heard this phrase before. that decision was data independent. not data dependent, data independent. what is your base case for when or if the ecb cuts again? geoffery:

he made these comments, are the european central bank forum on tuesday. the united states is running a very large data set at a time when we're at full employment. and it just is the level of debt that we have is not unsustainable. the past that we're on is unsustainable. that's completely non controversial. i would have thought that this, this is something that should be a top level issue. and you do hear this from a lot of elected officials, but it should be a real focus going forward is how do we get back to a sustainable past? because you can't run these kinds of deficits in really in, in good faith. good economic times for very long. i mean, i wouldn't say it, i can't, i can't really speak to the time, but in the long run, we'll have to do something sooner or later. and sooner will be better than later. i know we've discussed this with economies an author about democracy at work a cure for capitalism, richard wolf by the he explained the reasons behind the wiring size of us debt. the reason the government of the united states borrows is because it sp

but, you know, obviously, the european central bank has to do what it has to do.s price stability. price stability is, obviously, relying on financial stability and we are attentive to that base this is poart of our job ad we will continue to do so? does the rise in french bond yields look worrisome at all? >> these are the things that we monitor. this is part of the job. it's not particularly at this point in time, we do that all the time and we are very attentive. >> you have fought hard for the central bank's independence in brazil and yet now you are the subject of many attacks from president lula, and i'm wondering how you're dealing with that? >> attacks on me? >> no. president campos, attacks from president lula? i think he called you an adversary and enemy? >> yes. well, i think as a central banker we have to get away from the political arena and try to go on with the technical job. i think what we did, i think, is living proof that everything was done was very technical. so during the elections in which lula was elected, the incumbent president in his las

a study by the european central bank suggest higher temperatures alone, blue push out a new for prizes. this in tone, but add as much as 1.2 percent to overall inflation, affecting economies, consumers and produces massive that have improved without what was of course the price rise impacts me. the price is already affecting me financially, even before the bread price increases. we're barely making it with the current situation. low countries worldwide. i expect it to be affected by climate fuel and inflation forward or nations would struggling move from the impact of pricing for prizes. and almost like picture symbol, we'll need to find other ways to feed the families from a consumption eve. i'll just see the full inside story. well, let's bring it, i guess, joining us from devon in the u. k. george one be a is a passionate and prolific champion of the environment. an offer of the book. read genesis seating the world without developing the planet and piedmont. it's late finley. when is a food systems and climate change analyst? the also space and inc. newsletter of focusing on food an

mark: there is much more chance that the european central bank will follow with a rate cut in the ecbill probably have two rate cuts before the ecb get started. if you think about the european economy there are pockets of weakness and a country as big as germany not doing well, a major concern and weakness in small nations. the ecb committee is 28 people and getting them to agree is difficult and you have a lot of doves look for any reason, a different picture compared to the u.s.. the fed have got indicators like the employment rate telling them it is not time to lower interest rates but inflation came down in europe. job situation is not as good across the region and growth is low so the ecb has reasons. whether they get across the line, maybe not but this quarter there is a decent chance they will lower rates and that is what markets are counting on. tom: ok, christine lagarde same services does not get down to 2%. they have to weigh out different evidence. with the analysis indeed in the impact, mark cranfield. thank you, indeed. policymakers were asked about politics of france. m

don't forget the european central bank is heading that same way. bank of england may even surprise with a rate cut. we have got australia, new zealand, everybody was to get in on the game great everybody's inflation is going the right way. global rate cuts are coming. the only one who isn't is japan. tom: japan once again the outlier as central banks chomp at the bit to push through with cuts. setting up brilliantly the analysis and adjustments to that. here's what else to think about today. 10:00 a.m. u.k. time, euro area economic growth survey will cross. we have seen some green shoots across this eurozone economy. we'll see if that survey builds on what is modest but seems to be more persistent turnaround. we will see if that is confirmed with that survey. 1:30 p.m. u.k. time, we get u.s. retail sales, really important gauge on the consumer in the u.s., as we start to see softness in the labor market with unemployment at 4.2%. we will see how that reflects across retail sales numbers. and the wall street bank earnings story continues after decen

that europe could slip back into recession despite hopes of more interest rate cuts from the european central banksted far—right populist parties. and a return of donald trump to the white house possibly at the end of this year or even in the new year could spell major problems for the region as he puts up trade barriers that could hit exporters hard. of course they are looking ahead to that possibility. claus vistesen is chief eurozone economist at pantheon macroeconomics. good morning to you. let's just get some of the numbers out of the way to begin with. what are we expecting to find out today about the eurozone economy, key economies coming with our growth numbers? we economies coming with our growth numbers? economies coming with our urowth numbers? ~ , . growth numbers? we expect, most --eole growth numbers? we expect, most peeple expect _ growth numbers? we expect, most peeple expect the _ growth numbers? we expect, most people expect the eurozone - growth numbers? we expect, most people expect the eurozone gp - people expect the eurozone gp rose again in the second quarter, rememberthe fi

the story of the global failure was also influenced by yesterday’s decision of the european central bankey rate after the ecb lowered it in june. russian market. the passengers of the indian boeing flew to california, but ended up in siberia. according to the plan, the plane was supposed to make a sixteen-hour flight from delhi to san francisco, but flying over the northeast of the krasnoyarsk territory, it abruptly changed course. the reason was a tripped smoke detector in the luggage compartment. the commander decided to descend. the board landed at the airport krasnoyarsk. on the ground, the plane was checked and no smoke or fire was found, but a malfunction was found in the fire alarm system. it was impossible to send the plane flying again without repairs. in total there were about 250 people on board, most of the passengers were indian citizens, but some were americans. now they are waiting for a reserve plane to arrive from delhi for them; the flight from krasnoyarsk to san francisco is scheduled for the second half of the day. president of the chess federation of the moscow regio

data, it appears the federal reserve is getting closer to following in the footsteps of the european central banker borrowing costs, suggesting that rates are likely to settle at a higher level than before the pandemic. well, staying in the united states: the value of donald trump's social media company has surged after he survived an assassination attempt on saturday. shares in trump media, which runs the truth social platform, closed up about 31%. the price had risen as much as 70% in pre—market trading over the weekend before falling back again. let's hear now from joshua mahony, chief market analyst, scope markets. it's fairly — obvious to suggest that this is because investors think he's going to win in november?— win in november? yes, certainly- _ win in november? yes, certainly. all— win in november? yes, certainly. all of - win in november? yes, certainly. all of the i win in november? yes, | certainly. all of the talk within markets at the moment is about the trump trade. and what might benefit if we do see him return to power. part of that is the idea that his social media platform, whi

how does that inform the ecb's next move after the cut that came through in june from the european central bank:30 a.m. u.k. time, we are going to get an auction of seven-year debt over in germany. after the boj, it is the fed rate decision, followed 30 minutes later by the press conference from jay powell, of course, as you can see that in those pictures. hsbc perform very strongly indeed -- performing very strongly indeed. we will be watching this at the open, u.k. time, 8:00 a.m., of course. this is on the back of an earnings beat and a 3 billion-dollar share buyback. the ceo, noah quinn, will be stepping down later this year and leaving the bank in a pretty solid addition. pretax profit rising well above the company estimate of 7.8 billion dollars returning more cash to shareholders at hsbc, $3 billion in terms of the buyback. we are going to be hearing from the ceo later in the show. another busy day, of course, for earnings. want to keep you updated as the pharma giant gsk, instagram owner meta, and ebay all report. we will be speaking to the ceo of schneider electric on their latest earn

european central bank with the meeting on thursday and the markets will focus on that with the politicalncertainty playing into the market as we get into the earnings season as well. the banks in europe having reported. on the sectors we are talking about, particularly luxury and household goods. the german fashion house joining be burberry and swatch taking a hit on the sector. swatch and burberry pointing out to negativity to that. household goods going down .50%. that is where you find hugo boss. the resources going down 1.6%. on the upside, real estate with the interest rate cut anticipated to flow on, not necessarily this meeting, but next, will be in focus. frank. >> arabile, thank you very much. arabile gumede live in the london newsroom. >>> we will continue to talk about the consumer and what is 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

good to have you back on what difference would it make if the federal reserve joined other european central banksfference. the structure of the economy changed to. why did so much affect tightening over the last couple of years not have a bigger impact on the the? a lot of the borrowing and lending is done with longer duration. any changes take a lot longer to have a real impact on the economy. markets are getting excited because they always do in terms of the prospect of easy money but the structure of the american economy has changed. interest rates don't have much impact on the economy for a couple reasons. lending and borrowing, so much liquidity that we are still looking at her liquidity hangover so i think any changes in interest rates is unlikely to have a bigger impact on the economy. ashley: you wrote an interesting piece in the financial times that addressed this sort of gluttony. you didn't call it that but in the coming years the us is on track to replace europe as the land of bigger government and slower growth. did you say that's going to happen regardless whether it is president bi

frank, it is also the day we hear from the european central bank. >> silvia amaro, thank you.e turn to the rough session for stocks in asia with jp ong. jp, good to see you. >> good to see you, as well, frank. wit we start with chips here. you have to start with taiwan and south korea. it is not so much the prospect of the tighter trading curbs with companies that deal with ch china, but the not so flattering words by donald trump over tsmc that kept it under water today and pulled out the taiwan exchange hitting record highs the last couple sessions. mind you, the questions if the u.s., under a trump administration, to force taiwan to pay or contribute more to make sure the u.s. participates and ensures the defense pac is secure. that weighs on south korea because we know south korea and u.s. military is very strong. we saw it keep its head above water, but tech stocks falling and leading the kospi decline. we saw chip related stocks like tokyo electric, the parent company of arm and softbank lead being the laggards. there are questions as to whether or not japanese authoriti

if you look at what happened to the european central bank in june they had pretty much committed to aate cut then the inflation data did not really go the right direction. kind of maybe felt well did you have to do that? i think there is issue here where they really do want to have a strong justification for doing it. even though you see some signs of labor market cooling, hiring still jobs still added, initial claims for unemployment benefits have not gone up a ton so you are kind of in no-man's-land where not quite sure if you have to do it. so maybe you take another meeting. maria: all right. on that note let's go to adp numbers breaking right now commercial cheryl with adp report for the month julyc. cheryl: it is weaker than expected came in 122,000, we were looking for 150,000 again, secretary day fed meeting see how they process this information on the labor market, we are going to get big jobs' report obviously, friday. right now if we don't getings revisions expecting 175,000 nonfarm jobs in unemployment rate 4.1% but to your conversation with nick, we are seeing weakening ri

eastern write about reserve chair jay powell had the floor at the european central bank's annual form of all things, central thinking. the yield closed yesterday 4.47% but does to 4.41% as powell said he needs to see more repeats of the latest 2.6 consumer inflation print. >> it represents significant progress, peak debt 4.4% in the same thing in headline. 7.1 to 2.6 so it made a lot of progress. we want to understand the levels we are seeing are true reading on what is happening with underlying inflation and we are well aware if we go to soon and we can undo the good work we've done and bring it down if we go to late we could undermine the recovery and expansion so we have risks more than a year ago. >> one of the risks, the labor world. that picture here, here's my buddies june job report takes on added importance. expectation for the economy at 195,000 jobs last month, powell said today one of the biggest risks is if the jobs picture begins to crumble what we need to make of all this. joining me now chief strategist, trading academy scott bauer. you are a great study, the volatilit

. >> coming back to the european central bank and boe and ecb, how much visibility do they have on thatervice price inflation? obviously, it fluctuates quite a bit. it is sticky here. do you have to accept the fact it will be higher and you have to move on? >> you have to look at inflation in aggregate. the labor market in the u.s. has softened more than in the uk. there is an implication that maybe there is an ability in there. even there, it is a close call for august for the boe for how elevated that service is and should they wait more. if you are the bank of england and every other central bank start to ease, it is the first cut and when you are ready to deliver the subsequent ones. >> based on the curve, do you think the market is too optimistic that the rate cut is coming in the month of august? >> that one is probably more of a coin toss. the market is for the easing over the six months. that is where is the implications. how much they can ease going forward, i feel more comfortable on that side especially talking about trump policies. if you have a trump administration with inc

. >>> it's decision day for ecb with the european central bank looking to keep rates on hold, but leadingo at least one rate cut later this year. >>> very good morning, everyone. there seems to be one main theme for the markets today. it's been extremely busy for investors, however, there is one theme standing out at this stage. that is those concerns around tech. the selloff we saw taking place yesterday on the back of news that the u.s. could impose fresh sanctions, restrictions really, on the chief experts on the fact that the candidate for the race donald trump, made comments that taiwan may have to pay for its own defense. investors were very concerned about what this means for some of the outlook for the chipmakers with geopolitics taking center stage here despite positive earnings. we'll talk about tsmc later on in the show with arjun, but overall, that is the main theme with the markets. when you look at the markets, the stoxx 600 is marginally above the flat line. here is a look at the european news this morning. it is a lot to do with those earnings that several companies have b

for european investors, too, at this stage is also the potential divergence between what european central banks that is another market event that we're also following quite closely out of europe. >> all right, cnbc's silvia amaro live from london, thank you very much. >>> still ahead the war in ukraine is expected to be a key topic of discussion during the summit. we'll have more on the invasion and the effort to provide more aid to kyiv. that's coming up next on "way too early." aid to kyiv. that's coming up next on "way too early. when we're young, we're told anything is possible... ...but only a few of us go out and prove it. witness the greatness of anna hall on a connection worthy of gold: xfinity mobile. only xfinity gives you the most powerful mobile wifi network, with speeds up to a gig in millions of locations. and right now, xfinity internet customers can buy one unlimited line and get one free for a year. get the fastest connection to paris with xfinity. >>> today in washington president biden will gather with foreign leaders to kick off this year's nato summit. it marks the 75 years

. >>> i want to take you to the flashes we are getting from the european central bank.r has said that the ecb can gradually reduce rates in line with the actual and expected inflation rate which will complete the inflationary process. he also is suggesting that the ecb should be ready to respond quickly to any shocks in one direction or the other. ultimately, what we have heard so far from the ecb and christine lagarde is that they are data dependent and making decisions meeting by meeting. the line from market players thus far is that the ecb is likely to wait for the next macroeconomics projections in order to announce any new changes to the rate policy. let's see what's going to happen and speaking of the monetary policy, after this break, we will look at powell's testimony and fresh inflation readings and a flurry of second quarter earnings in a very busy week and more details after this break. it's hard to run a business on your own. make it easier on yourself. with shopify, you have everything you need to sell online and in person. you can have your inventory, pay

or european central bank.s we look ahead toward the november elections, people are starting to get nervous that the u.s. political scene is going to get more cloudy, more uncertain. generally, one investors are uncertain about the path their country is taking, they hit the currency. the u.s. dollar will have to have a bit of a discount as people are uncertain about where the political vote is going to go in november. that will gradually be built into the market. it will be taken out more in terms of the major currencies than in the other rest of the world. that's what traders are going to be looking for. bit more development on the u.s. dollar. bond market is already starting to think there's and using. equity market is very focused on -- easing. equity market is very focused on ai. >> that's one way to put it as about the s and p and nasdaq making new record highs. mark cranfield, thank you. nancy pelosi has added to the mounting pressure on joe biden to make a decision about his candidacy. the former house s

is this the role of the european central bank which as you know, has already cut rates before the fed. can they continue to? right now the market is anticipating one more rate cut from the ecb in september and that will be key. we'll see how the central bank responds if at all or addresses it. >> seema, thank you very much. seema modi. >>> the crypt onno industry as a whole had a day in washington. first president biden is in the midst of a fund-raising blitz after thursday's debate and the supreme court ruling on president trump's high-stakes immunity case. we'll break it down from d.c. and get implications for november and the markets. "the exchange" is back after this. ♪ ♪ >>> this is "the exchange" on cnbc. it's all the things that keep this world turning. it's the go-tos that keep us going. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities. the moment i met him i knew he was my soulmate. "soulmates." soulmate! [giggle

avalarahhh ahhh >>> over the weekend here in paris i sat down wit european central bank president christinees b and imf she was a competitive synchronized swimmer and those skills help her in her career today. she thinks the olympics are more important than ever. >> i think sports in and of itself is a fabulous lesson of life, but the olympics bring people of 200-plus nationalities together. they compete. they live in the same village. they have to bear with each other. they have to understand each other, and they have to respect the rules of the olympics. they cannot cheat. they have to compete fairly. they cannot take any drugs, and it's a competition that is organized. i think the olympics have this beauty about them that all nationalities are there. all athletes are on a level playing field in some ways. some have better in terms of training and practice, of course, but there's a genuine sense of coming together. we're all different. there is huge diversity of all sorts, which we are united in the respect of sports. so this is a fabulous lesson and one i hope the athletes and those who