earlier this week dutch regulators denied ppg industries' request for a deadline extension.y 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 downgraded china last week. over the last few days, something curious has happened, there has been talked about some of the big state banks in china, some talk about the national tea m china, som

recapping some breaking deal news, ppg industries will not launch a formal bid for akzo nobel after severalorming offers were rejected. under dutch law ppg cannot approach akzo now for six months. shares of akzo down over a percent. the 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%. >

paints maker ppg industries will not make a bid for akzo nobel after several informal offers have beenejected. under dutch law ppg cannot approach akzo nobel for another six months. a check on shares of both of those companies. akzo nobel down by a point and a half. ppg unchanged at the moment. that'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

. >> ppg industries has ended its unwanted pursuit of akzonobel. won't make another proposal.9.5 billion bid. activist investor elliott management want of the company to hold talks with ppg. the firm failed a legal attempt to fire the chairman. inkswagen may make more suvs factories in the u.s. it will bring it to full capacity by the year 2020. that could be complicated by uncertainty over the president and possible trade barriers. theresa may's decision to skip a televised election debate threatened to rebound on her as other party leaders lambasted her absence saying it proves she's unfit to lead britain. the prime minister is not here tonight. she can't be bothered so why should you? not make yourself a broom. you are not worth theresa may's time. don't give her yours. more, our guest host brian levitt. oppenheimer fund senior investment strategist. i'm not going to ask you where sterling is going. reversalsonth at risk . you can see the bearish sentiment increasing. ultimately is this about concerns that jeremy corbyn could come forward when we get the u.k. election next