tim: let's get more from bloomberg's alex weber, in sintra for us. what else did christine lagarde have to say and is at the understanding of those on the ground at sintra that the door is now closed to a potential additional cut from the ecb this month? alex: it was in many ways a backwards looking speech from lagarde, which shows you policymakers are still coming to terms with what happened over the past two or three years, and this interest rate cycle has been unusual. that's really also the sense we get when we talk about what's happening next. the situation at the moment is strange in a way because we have interest rates near record levels. the labor market is still strong. the ecb has an outlook which says they will hit 2% next year, but officials are cautious and want to see the economic data confirms to this assumption. that's why lagarde struck this cautious tone, seemed to imply the door was indeed closed to a cut in july, and that's also the sense we are getting from other officials. they want to see how the data develops and take it step-

sara eisen in sintra, portugal. you. >>> coming up on the show, one of the most influential leaders in silicon valley. we'll have that story and more when "worldwide exchange" returns. stay with us. >>> welcome back to "worldwide exchange." let's get a check of the top corporate stories with bertha coombs. >> good morning, frank. shareholders at salesforce have rejected the compensation plan for marc benioff. raising concerns about stock awards granted to benioff. he received more than $39 million in total pay for fiscal 2024. that is up from $30 million the previous year. the proxy statement shows benioff got additional stock options and security fees that had not been previously invoiced to the company. >>> barry diller is exploring a bid for paramount. he signed a nondisclosure agreement with national assu assu amusements. paramount came close to a merger deal, you recall, with skydance media. diller ran paramount in the 1980s, but lost the bidding war in the 1990s to sumner redstone, whose daughter now runs the

we were at a cafe, the paris cafe in sintra, and these cent with thetures girls.ant there is a place called genesis, to which i had pictures of, and it was magnificent that, ladies,00 in you got to hear this. it's open like until three inwhl the morning. you can go to the ladies room while are eatie you're eating, n you can shop in all the stores in the same area. >> fantastic. and fox nation didn't pay for this. you paid for this yourselfu pai honey. i paid for it. let me go real quick. okayit.yle maga. t i'm instyle magazine. i had an interview with them about hoondw to keep your mind and still do your civic duty. it's on instylne wite magazine with christina perry. she was a great interviewer and appreciated thd the opportuy there. >> also, bring on politics with michael duncan. just posten pod i'm sorry, just like michael dunn, we're just not going to be able to give you th e last word. >> i apologize. that's all for us. have a great welcome to jesse watters. >> primetime tonight

i think the consensus in sintra of the policymakers of the ecb, they are planning to have two rate cutss were you mentioning, one in september and one in december. the october meeting will take place in slovenia and traditionally at the outside frankfurt meetings, there is no decision on policy rates. that is, at least, if you look back at the ecb history, it has never been the case. i guess this is the picture we are looking at for the second half of the year. the inflation is coming back, but the domestic inflation is the issue for the ecb. >> this is the last meeting, really, before many european officials go on holiday as well. let's see what the message is from the ecb later on. we will speak with annette then. don't miss the decision and christine lagarde's pre-ss conference at 2:00 p.m. >>> and novartis raised guidance after the top and bottom line beat in the second quarter. it rose short of $5 billion by the high demanded for the key drugs. you see shares down now by 2%. i'm pleased to say that emily field at barclays is joining us for more. good to see you. >> hi, thank. >> fi

of course, we heard from him not too long ago in sintra where he said the west needs to cut deficitsner rather than later. i'm highlighting that comment because we know the fed is very careful to not sound political as we approach the u.s. election in a couple of months time. the fact he chose to address their concerns on the fiscal position of the united states is a position who is in the white house. i want to take a look at movements in europe. stoxx 600 is trading slightly lower. it is a mixed picture across the boards in europe. however, i have take you to the cac 40 in france. down at this stage .4%. yesterday, the cac 40 dropped 0.76% 0.6% on the day as investors are looking at the election and the outcome was not the worst possible scenario. we did not see the absolute majority for the far right or the far left. the hung parliament is still now posing questions about the future fiscal position for france. i want to briefly mention germany. the dax is trading lower at this stage. german factory output dropped 0.2% from may. that is leading economists to suggest they might have

openings in labor turnover to be reported later today, but all eyes and ears will be turned toward sintrating the annual forum on banking. federal reserve chair jerome powell will be speaking later today on the cnbc panel and investors will be trying to get some hint on where the fed will be going next on its rate policies and where they can expect the next rate cuts. >> boeing has agreed to buy spirit air systems, one of the suppliers of and manufacturer partners. what exactly prompted this move? >> well, interestingly boeing buying back the fuselage maker they spun out in 2005 for a total value of $8.3 billion. the deal comes as boeing continues to face the fallout of the alaska airlines incident back in january when part of a door blew out mid-flight in one of its new 737 max jets. boeing says this deal with spirits can help it improve supply, safety, and quality control as well. and meanwhile competition has also reached a deal with spirit aerosystems to acquire that worked for airbus as well. the deal is expected to close mid-2025 after receiving regulators and shareholders approval.

we were at a cafe, the paris cafe in sintra, and these cent with thetures girls. but the most incredible restaurant there is a place called genesis, to which i had pictures of, and it was magnificent that, ladies,00 in you got to hear this. it's open like until three inwhl the morning. you can go to the ladies room while are eatie you're eating, n you can shop in all the stores in the same area. >> fantastic. and fox nation didn't pay for this. you paid for this yourselfu pai honey. i paid for it. let me go real quick. okayit.yle maga. t i'm instyle magazine. i had an interview with them about hoondw to keep your mind and still do your civic duty. it's on instylne wite magazine with christina perry. she was a great interviewer and appreciated thd the opportuy there. >> also, bring on politics with michael duncan. just posten pod i'm sorry, just like michael dunn, we're just not going to be able to give you th e last word. >> i apologize. that's all for us. have a great welcome to jesse watters. >> primetime tonight. >> there's kamala harris getting in the race, ch

they sound very similar after they were on stage together in sintra a few weeks ago, even though theady to cut rates. here's what she said about the decision from here eye. >> i see very much the discussions we had this morning on the one hand, on the other hand. >> that's it on the one hand they still have sticky services inflation, on the other hand they are continuing to monitor in the weakness and the downturn in the economy and balance out the risks like the federal reserve is that's the predicament the market still sees cuts for this year. the euro is just slightly weaker we have that this morning. we have jobless claims which sort of resumed their uptrend a i little bit, nothing alarming, but the number of americans filing for jobless claims did tick up in the week after last week which was lower but a lot attribute that to the holiday. texas was high and maybe something to do with the storm, the hurricane that was there i want to mention continuing claims, the number of people on jobless benefits who continue to claim them, and it speaks to the lack of hiring enthusiasm out t

. >> next hour "money movers" we'll take you back live to sintra in portugal for a major interview withresident austan goolsbee his reaction to powell and how many rate cuts he expects for the second half of the year. coming up at the top of the next hour. we'll be right back here on "squawk on the street" in a couple minutes. don't go anywhere. >> we want to be more confident that inflation is moving sustainably down towards 2% before we start the process of reducing our policies of loosening policy. that's what we've seen and what we would like to see is more data like what we've been seeing recently. we'd also like to see the labor market remain strong. if we saw the labor market unexctlypeed weakening that is also something that could call for a reaction. without you. honestly, i don't do a whole lot here. i'm really just here for the at&t internet, it's super-fast so, any pre-launch concerns? what if nobody buys them? that's mean or, what if everybody buys them? oh, i hadn't thought of that that's probably not gonna happen can we handle that kind of traffic? the network can handle

the fed wants to cut rates, we saw jerome powell at sintra the other day.ing a hard time because they need more evidence on inflation data so right now we have a bit of weakness. there's a bit of concerns about recession or slowdown in the economy but we might have a big spender coming in at the end of the year. tom: what you're suggesting is the french politics is just the intro. -- the entree course to the politics of the u.s.. an 80% chance of a trump victory is your assessment at this stage. as the inflation risk as the potential use excessive derailing the fed cycle but the market seem to be position for a september start to that. how then do you position to that, are you setting off the long end in terms of treasuries. what you buying in terms of equities. how are you positioning around potential trump presidency. >> right now there's a lot of concerns about weakening in the u.s. economy and we are seeing it across consumers and housing especially the weakest part of the consumer. those are our -- those are affected by fed funds rate above 5%. househo

dovish signs from sintra.tish tone as economic activity and prices are both slowed according to recent data. jonathan: he says this at a time where they are expecting the job prints to be 155,000, down from the expected consensus of 200,000. but frankly it comes after austin goolsby really did signal a dovish tone since the tends to have a more dovish tilt talking about have given how much inflation is coming down they will be overly restrictive if they keep rates where they are. the whole idea of a midcycle adjustment bully coming to the floor. jonathan: we've heard signs of this now for the best part of 12 months. they don't want to be responsible for passive tightening. it's going quiet in the core of the committee over the last couple of months because this would really speak to a midcycle adjustment. a couple of moves, settle things down, wait for the data. why isn't that the dominant conversation taking place heading into july? lisa: because there are signs of sticky inflation to continue and whether it