Transcripts For CNBC Street 20240703

Pans out as expected. It is forcing our projections of 2 . Well have more coverage from marrakech this hour with economy minister Paolo Gentiloni and nadia catalino. And one and done. Minutes the september meeting show officials dealing with an uncertain path ahead. The system is resilient. The u. S. Economy continues to surprise on the upside. Surprise all of us. I think there is an expectation that policy rates and Interest Rates will start to have real negative impact next year. And the uk economy grows 0. 2 in the month of august while the previous months print is revised lower as the manufacturing and construction sector contracts. U. S. Secretary of state Antony Blinken arrives in tel aviv and peaces together plans for the military response against hamas. This market picture has been going on with positive trends. We are continuing the positive momentum overall. We are looking at the ramifications. This week is the focus for the oil and gas. Up. 30 for the stoxx 600. Where are we when it comes to the other sectors . On top of the index, we are up across the board. Smi holding on to gains. Ftse 100 is managing to gain. 40 and becoming one of the biggest gainers along with ftse mib. The dax is gaining. 25 . As we go on to the sectors, this is interesting. It is the oil and gas we are looking at with the iaea report that is coming out today. We will unpack that later on with our guest. We will unpack the iaea report with the head of the oil Market Division at the iaea. That report really speaking about demand for the oil market which is said to continue to have some strong growth. The iaea saying that the israelHamas Conflict has had no direct impact on oil flows just yet. For now, basic resources is up 1. 2 . Oil and gas is managing to gain 1 higher. Household goods going up with banks managing to drop off a bit. Telecom down. 50 . That is the market picture for now. We will check in on how things are going. Governor of the Belgium Central Bank told cnbc the European Central bank isflation. Inflation is going down. Thats going in the right direction. Over the last three or four months, inflation has been in line with the forecast which is not the case for a period of two years. So, it means to answer your question is we use this for a benchmark. If inflation develops as seen in our projection, we go back to 2 in 2025 and we dont have to hike again. If inflation would be higher in the forecast, i think we have to do more. The bundesbank president nagel hits back that germany is the sick man of europe. This situation is different from the early 2000s. It dipped a bit. 400 basis points and we started from zero. This is a lot. Now we have to see the impact out of the Interest Rate hike and that is the best to wait for new data. It could be an opportunity to pause then . I think we should use all of the flexibility we have and pausing could be one of these options. As i said, i will wait for the data. Im open to all that is necessary and taking into account the data. Joumanna and sylvia join us from the Imf World Bank meetings in marrakech with a special guest. You are focusing on europe and the ecb stance with more out of the european economy as well. Guys. Lets get straight to it. The commissioner for the eu economy joins us. Wonderful to have you here in marrakech. You spoke to steve a month ago and you said you dont see eurozone going into recession. The numbers we got yesterday dont show europe as an aggregate for recession. It is still not great. The signs are the European Growth prospects are still not as high as they should be. Below prepandemic trend. Yes, i agree. The outlook here is not so different from our own forecast at 1. 8 this year and a little better for next year at 1. 4 . If we look at this data and from the perspective of what we expected a year ago, i think we could say, okay, we avoided recession. This was not granted. One year ago, we were expecting recession. We were expecting blackouts. We were expecting problems of supply of energy because we should not forget the fact that the war in ukraine for the european economy had a particular impact which is energy. It was in a certain sense a miracle that we did decrease our dependance from russian gas from six months to eight months. We have a good level of storage and the economy is weak. We have two good signs that inflation is declining. It was 4. 3 last september and one year before it was double digits in the euro area. Secondly, the labor market is still very, very strong. Yeah. Well, lets talk about the longer term challenges when it comes to productivity and competitiveness within europe. Are you a little bit certain that this is not having an increase on the productivity level . I think they have an impact. They have had surprises in 2020 and 2021. The fact we decided this extraordinary thing of common emission or common funding was important to stabilize the situation. Then we have the ukraine crisis or war. If you look to the map growth of the euro area and the European Union, you dont see a traditional map growth. You cant see countries with deeper pockets in greater difficulties and countries with high depth Going Forward with higher growth. This means that the rebalancing scope of this common funding was at least decently achieved. Now the problem is that we have still 2 3 of the funds to be used and disbursed. It is crucial this happens especially in the countries that are receiving more money. Let me clarify something, commissioner, because you mentioned the growth picture is weak at this staplge. Things are more challenging, particularly with the war in israel. Are you on track to lower your growth forecast for the eurozone for november when you put forward new projections . The consensus now is the estimate which is lower than the previous estimate. Well update in midnovember. What i see is in any case the fact that this big, big amount of common funding could be a way out from the fact that we are asking government to have prudent fiscal policies. Of course, this is connected to the tightening of Monetary Policy which could again bring the economy down. So we have these two factors for fiscal policy. You cant undermine the decision of the Central Banks expansive fiscal policy. We have common funding to be used from European Countries without deep pockets. This, i think, could bring at least next year growth a little bit higher than the estimates that we have. Lets focus on fiscal foreign policy. Apart of the imf means we need to see italy be more pambitious. Do you agree with the comment . Do you think italy needs a more fiscally ambitious policy . We will enter on single countries budgets and policies next month. We will receive in the coming two weeks the draft budgets. The European Commission you have a message to these countries. You are assessing. What is the message . The message is for all European Countries is that we need prudent fiscal policies and we want the draft budget that we will receive at the end of this month to be respecting this message because i have to say that several countries, including italy, positively reduce expansionary measures, especially with energy prices. They will reduce which is good, but at the same time we want to see the numbers and we will give our opinion after assessing the numbers. The discussions of the revisit of the growth and stability pact. You were optimistic we could get to agreement by the end of the year. It is looking ununlikely. Could you give us an example if we can look out for fiscal rules from the eu and if there is agreement, as it stands now, as many as ten countries could be going into the excessive deficit procedures. That will have massive ramifications for next year. The procedure would stay also if we Reach Agreement on the fiscal rules. We are changing a lot in the Commission Proposal on fiscal rules which means we are changing the trajectory of the projection of the debt and increasing a possibility for supporting growth. We are not changing the threshold of 3 of gdp in the deficit. Am i optimistic . I have to be optimistic, but i have also to say that the spanish presidency is working very hard and i am positive that all Member States are working and have a paces of the Commission Proposal. They are not an dpgragreeing, b are discussing. There is a good chance to Reach Agreement by the end of the year. Its not done. I dont want to give commissioner, i dont see the point. Could you explain the point of agreeing on new fiscal rules at this stage when there are three months really of possibility to conclude the work . We have european elections. Why not wait for next round of lawmakers to figure this out . Why now . Oh, paubecause i think we haa difficult three or four years. The pandemic crisis and the war and, by the way, another war and now we have to go back to a normal system with improved and reformed rules. Not in two or three years. Next mandate will not agree he on fiscal rules in six months. It takes time. It takes time and it is normal. It is something that should last in the European Union for the next 20 years. Not something you agree in a couple of months. The time is now. Its a big story for many of the eurozone countries heading into next year. Commissioner, always a pleasure to get your perspective. That was Paolo Gentiloni, the commissioner from the eu. Stay with us, we will speak to the spanish finance minister Nadia Calvino. Really great work there. We will cross back to you. Thank you for that. Coming up on the show, Global Oil Output will increase to record highs this year as well as next according to the International Energy agency. We will have more with the head of oil markets toril bosoni. That is coming up next. This halloween, trick or treat yourself to the blendjet 2 portable blender. Its to die for. Blendjet 2 gives you monstrous power for a delicious smoothie, shake, or frappe anytime, anywhere. Cleaning blendjet 2 is scary easy. Just blend water with a drop of soap. Recharge quickly with any usb port. Boogie on over to blendjet. Com and order yours today. The power goes out and we still have wifi to do our homework. And thats a good thing . Great in my book who are you . No power . No problem. Introducing stormready wifi. Now you can stay reliably connected through Power Outages with unlimited cellular data and up to 4 hours of battery backup to keep you online. Only from xfinity. Home of the xfinity 10g network. Welcome back to street signs. Global oil output the will increase to record highs this year and next according to the new report released by the International Energy agency as opec plus output slows. China is expected to account for 77 of total demand this year. A quick look across the board with the energy stocks. The likes of bp and shell, the biggest gainers thus far. The oil price yesterday dropped 2 . The expect taken of the downward slide or disruption to supplies. Today is managing to gain. Perhaps an overrun with the losses. 3. 5 is what we had gains on monday. Lets unpack the report with toril bosoni. Thank you so much for the time. You speak about in the report how the israel and Hamas Conflict has not had any direct impact on oil flows. Could there could some impact if things were to escalate further . Good morning. Yes, the conflict has certainly raised the geopolitical tensions in the middle east. This is something we at the iaea are watching closely. For now, there is no direct impact on supplies. We are watching this. If this spills over and spreads wider middle east, this is a great concern as the middle east accounts for onethird of world seaport exexports. This is a major concern to the market. Would you be worried at all particularly if saudi arabia and other producers were to we weaponize oil . We hear from the alliance that they stand ready to do what they can to stabilize the market. The iaea has its tools to respond should there be disruption to supply. For now, that is not something were expecting. Toril, joumanna here from marrakech. I want to see what you have pencilled in for production . I guess that is what people are looking at for broader implications. If the west issues sanctions with iran, we could see curtailing production from iran. What do you think is the risk to the downside in terms of production . What we have seen for iran this year is a steady increase in export and production. Now in the latest months, iran has exported 1. 5 Million Barrels a day of crude oil to china primarily. This is up from 1 million at the start of the year and last year. This is, of course, a concern. For now, neither exports from iran nor production has been impacted. This is something that were watching closely. For sure. When oil was getting close to 100, we spoke to several lanc analysts on the show said you will see demand destruction. How is this responding to the oil prices in the market right now . Indeed we are starting to see signs of demand destruction. The most notable example was in the United States where we saw gasoline deliveries in september with the preliminary data from the iaea showing gas ldemand in september fell to twoyear lows. This is due to the higher prices, but gasoline prices in the u. S. Were very high over the summer months. It is also due to structural changes with efficiency improvements and increase of evs and working from home. It is clear the higher prices are taking toll on consumption in the United States. Even stronger impact on the emerging markets. Nigeria saw subsidies with gas imports and demand has collapsed. We are seeing other emerging markets struggling as prices rise. One of the things i noted was the Production Cut which is the key reason why we had seen prices head up to 95 a barrel. Is there enough Spare Capacity to swell up to buffer the disruption that may be at play in the conflict as well as with issues that saudi arabia or iran get involved if they do . Yes, in september, we see Spare Capacity, excluding r rrussia and iran, there was a capacity. This is concentrated on the middle east to increase production and now opec plus has targets and Production Cuts in place and voluntary cuts in saudi arabia and russia that could be inbound if supplies are getting too tight. We will live it there. Thank you for joining us today on street signs from london and marrakech. The head of the oil Market Division from the iaea. Stay with us, coming up on street signs, sylvia and myself will talk to finance minister Nadia Calvino to get her take on the economy. We will bring you that conversation in a few moments. You deserve better than that. Im hungry, im in a hurry, i dont have time to make anything healthy. You could if you had a blendjet. Blendjet . Its the portable blender that makes the healthy choice the most convenient choice. I dont know. It seems like a hassle. Hahaha wrong. Just pour in some milk, add some frozen fruit, and bam youve got a nutritious and delicious smoothie. Mmm that is good. Youre welcome, sad office guy. Get yours today at blendjet. Com are we in in an ad . We sure are. Only the new sleep number smart beds let you both sleep at your ideal level of comfort. Are we in in an ad . Your sleep number setting. And now, all of our new next gen smart beds have temperature benefits. The allnew queen sleep number® c2 smart bed is only 880. Sleep next level. Shop now only at sleep number. Ah, these bills are crazy. She has no idea shes sitting on a goldmine. Well she doesnt know that if she owns a Life Insurance policy of 100,000 or more she can sell all or part of it to coventry for cash. Even a term policy. Even a term policy . Even a term policy find out if youre sitting on a goldmine. Call Coventry Direct today at the number on your screen, or visit coventrydirect. Com. Shipstation saves us so much time it makes it really easy and seamless pick an order print everything you need slap the label on ito the box and its ready to go our cost for shipping, were cut in half just like that go to shipstation tv and get 2 months free its the second half of street signs. Im arabile gumede. My colleague Joumanna Bercetche is at the Imf World Bank meetings in marrakech. Lets get to the headlines this half hour. Markets in europe track the u. S. And asia into the green as investors continue to pin hopes on the end of the hiking cycle. The ecbs wunsch says the ecb wont need to raise rates further if inflation pans out as expected. It develops as foreseen in the projection and we go back to 2 in 2025 and we dont have to hike again. One and done. The minutes from the fed september meeting shows open officials grappling with an uncertain path ahead for the Worlds Largest economy. Tim adams tells cnbc the system is resilient. The u. S. Economy continues to price on the upside. Surprise all of us, actually. I think there is an expectation that policy rates with the historic increase of Interest Rates by policymakers and central bankers around the world will have negative impact next year. Antony blinken lands in tel aviv and Benjamin Netanyahu forms an emergency government and pieces together a response for the military. Shares of birkenstock flop leaving it below the target valuation. So here we are with the European Market picture. On the whole, we are following positive trends across the week. It has been a positive week for europe. The markets are continuing that trend. 2 3 higher for the ftse 100. A lot of the oil and gas counters are the key elements to push markets higher. Basic resources with angloamerican finding gains as well. This is leading to the cpi print which we will discuss in a moment. We saw the british economy managing to grow by 0. 2 in the month of august. Only just avoiding that recession. It is in line with expectation for the month of august. The julys fall in activity was revised lower. Down 0. 6 from the 0. 5 we have seen previously. This comes as disappointing weather and strikes weighed on the economy. Ons, office of national statistics, saying gdp would need to post 0. 2 growth in the month of september in order to avoid a contraction for the third quarter. Quickly, lets taouch on the u. Futures picture. We are heading higher before the start of the days trading. The major indices closed higher after the choppy special with the ppi in focus there. Now we will head to the cpi print later today. Wis what we. The tenyear treasury yield is down 2. 4 yesterday. Hitting the 4. 573 figure and now at 4. 431. The british yield as you can tell at 4. 34 . The 30year gilt is 4. 73. Fed policy makers struck a cautious tone last month ago to the latest minutes. Policymakers agreed risks expanded beyond inflation with slowing growth and strikes and tightening markets are headwinds to growth. The minutes said a vast majority of participants continued to judge the future path of the economy as highly uncertain as poll tyicymakers lifted the rat 5. 5 . That is where they heare expect to keep it. Christo Christopher Waller says they will have to wait and see. He is one of the highest calling for higher rates. In the meantime, Susan Collins said policymakers have time on their side with rates at or near peak, but warning it may be necessary to go high little bit higher. Sylvia spoke to tim adams who wa warned of the rate hikes in the markets. They revised upward for the second half of the year. Surprised all of us. I think there is an expectation that policy rates with the historic increase in Interest Rates by policymakers and central bankers around prethe wd will have a negative impact. It will have an impact. Lets get back out to joumanna as well as sylvia who are at the Imf World Bank meetings in marrakech. Guys, over to you. Thank you, arabile. Joining us is the finance minister for spain. There is a lot i want to discuss with you. Most people want to know what will happen polipolita politically in the next couple months . Im confident we will be able to form a government with the current Prime Minister of spain. I think the spanish voters were clear and strong and loud when they said they didnt want a government led by the right an ana aa and ultra right party in spain. This continues the progress we made in the last five years. There has been a certain amount of backlash from the el electorate. There are two parties who have extreme positions on certain areas. What precedent does that set for the future . What does it mean for the longevity of being able to govern if this coalition meets the threshold by november . When we took office in november, catalonia was one of the top problems for spain. They asked what is going on in catalonia. The past five years, we have a policy of bringing back respect and living together in catalonia. Of course, protecting the integrity of spain. I would say people have seen how we do things through respect and dialogue and listening to each other. That is working well. I think it is quite clear this is the policy and track we need to be on and not going back to 2017 and conflict between a government in spain that was not ready to engage and independents moving without breaks. No chance of another referendum . We are always acting within the constitution and respected the constitution and party leading the government in spain. The socialist party is a National Party which defended the integrity of the country for 148 years of history. I think what is important is not to go back to the situation we had in 2017 which was so bad from the economic point of view and from the social point of view in spain. Minister, i want to focus on economic matters, but before i get there, i want to clarify. When do you expect to hear whether you obtained the presidency of the iaeb . We have until the end of the year. The mandate finishes at the end of the year. To be frank with you, im focused on my role as imcf chair. Im focused on my job as Vice President of the government in spain and finance and economic minister. That could still take a while . It could be any moment or toward the end of the year. It would be fine because the job should start 1st of january, 2024. We will the see what ministers decide. Lets focus on the Economic Outlook for the eurozone. We were speaking to gentiloni earlier and he was hopeful the spanish presidency will manage to Reach Agreement on the fiscal rules by the end of the year. How likely is that . Its challenging. Whatever we are discussing these days is challenging. We live in a complex world. We are working with all Member States. We are confident. They are tengaging in a constructive manner. We will do the utmost to have agreement. We have a purpose and clarity with the Financial Markets with a determination of European Countries to follow the path of fiscal responsibility and at the same time make this compatible with strong growth and job creation with the digital and green transitions. You made comments you were hopeful the ecb had reached peak in terms of increasing the Interest Rates. It seems we are closer to seeing that. Are you expecting that the ecb will hold for now . The ecb has a challenging job right now because the diversity of the situation in the Different Countries is really impressive. You have countries like spain where we are seeing strong growth and relatively low inflation. Between 2 and 3 . Other countries are close to stagnation or recession and with higher inflation rates. I understand if up wyou want to everything with one Interest Rate, it is tricky. My sense it was a fast Interest Rate rise and they have decided to hold or pause. That seems wise to me because right now lets see the impact of those measures with the unth unprecedented and fast hike. I want to bring it back to the spanish Political Climate and impact that will have on the broader economy. We are looking at the economic lens here and one criticism level at your government is you have been interventionist with the windfall tax and banking tax. A lot of backlash with companies there. Is it right to continue the expectation of the policies should the socialist government continue . It is interesting you say that. I think Spanish Companies have never had such high profits as of right now. The recovery since the pandemic was strong in spain. We registered 6. 4 gdp growth in 2021. 5. 8 in 2022. This year, everybody expect the spanish economy to grow by 2. 3 which is strong growth in the circumstances and with low inflation. This is leading to a very profitable situation for companies. Corporate margins are going up. We have managed to undertake reforms which is remarkable compared to other countries around us. We need to protect the social stability. That is allowing the government to grow strongly. That and the next generation eu funds and investments we are taking with the projects we are launching to enable Spanish Companies and investors in spain to drive the process of the green and Digital Transition and seize the opportunities of the processes which is challenging, but also brings enormous opportunities that spain is seizing. Spain is one of the economies that did well this year. If you look at the world Economic Outlook, spain is the economy that has done well and is projected to do well. I want to round it up. I know you are chair of imfc. I know he explai spain is looki reallocate. Im doing a panel about debt reform. What prompted the decision for spain to reallocate spr and take that money. We are supporting the countries. Also supporting middle Income Countries to access this support. We are very determined to make sure the Global Safety net continues to deliver financial stability, but support to most vulnerable countries. We put our money where our mouth is. I was surprised. I would expect other countries which are wealthier to be more forthcoming. Im glad we are paving the way and showing the way for others to contribute so we can rechannel these special rights to vulnerable countries. It is an important issue on the sidelines of the imf here in marrakech. We discussed plenty with nadia ca calvino. Arabile, we have plenty more to come. We will bring you more in the next couple hours. Thank you for that, guys. We will cross over to you with the long list of people as you speak to people across the day. Stay with cnbc for all of that. Israels Main Political Party has agreed to form a National Emergency government and war cabinet as Israeli Forces prepare for a potential Ground Invasion of the gaza strip. The death toll from the israelhamas war has crossed 2,500 people. The Prime Minister Benjamin Netanyahu said the parties had put aside their differences for the future of their country. Translator people of israel, tonight we created a National Emergency government. Israel was united and the leaders are united, too. We put aside every other consideration because the fate of our country is laid on the table. Dan murphy joining us as well. Dan, the hope is to try to find some resolution to this. We are not getting closer to that, are we . Reporter no, arabile. Make most mistake, this is Prime Minister Benjamin Netanyahu firmly putting israel on the war footing as we see the strikes continuing in gaza and the country now considering the options with the fullscale ground operation into gaza. This was also a message from Prime Minister Benjamin Netanyahu in forming the war cabinet. He is signaling he is ready for a long and protracted war and a message for the rest of the region that he is aiming to deter proxies like hezbollah which is linked to iran, from joining the war effort. Arabile, we are learning more information about what israel knew about the attack before this happened and we have had a statement from the Spokesman Brigadier general who said the night before the surprise attack by hamas, the first intelligence signals were received. The idf did not understand these were preparations for an attack of the magnitude it was. This means there was some intelligence suggesting hamas was working toward this attack on israel. The brigadier did not elaborate on the signals received. The idf did intend to investigate according on to the statement. This comes as more questions circle about exactly what israel knew and what intelligence it received ahead of the attack. Arabile, we are also following developments in this part of the world as well. The Saudi Crown Prince salman has been in conversation in the last 24 hours with iranian counterpart, which is unprecedented, because they did not have diplomatic relations until a few months ago. The crown prince affirming the kingdom is making possible efforts in communicating with all international and regional parties to stop this ongoing escalation and stressing the kingdoms firm position, he says, toward supporting the palestinian cause and supporting efforts aimed at achieving a comprehensive and just peace that guarantees the Palestinian People access to their le legitimate rights. We know this is important because prior to this attack by hamas, israel and saudi arabia had been working toward a normalization agreement. Experts now say that deal looks to be on ice as a result of this. Arabile, back over to you sdp. Dan, thank you for that great work as we continue to cover this war. For more news on the israelhamas war, check out the live blog on cnbc. Com. Coming up on the show, birkenstock losing its footing as the ceo says they can do more to attract listings to london. We will have details after the break. Meet the portable blender we can barely keep in stock. Blendjet 2 gives you icecrushing, big blender power onthego. So you can blend up a mouthwatering smoothie, protein shake, or latte wherever you are recharge quickly with any usb port. Best of all, it even cleans itself just blend water with a drop of soap. What are you waiting for . Order yours now from blendjet. Com before they sell out again nice footwork. Man, youre lucky, blewatching live sportsy never used to be this easy. Now you can stream all your games like its nothing. Yes [ cheers ] yeah woho running up and down that field looks tough. Its a pitch. Get way more into what youre into when you stream on the xfinity 10g network. Welcome back. The uk corporate chiefs have called for action to attraction more listings to london with european exchanges snubbed in recent blockbuster ipos of a. R. M. And birkenstock. The ceo david swimmer said the uk can make changes to attract listings to the city. The ipo market is weak all over the world. There are a number of things that london can do to improve and were focused on that and the regulator is focused on that. I think london continues to be, by far, the most attractive listing destination by far. Plenty of competition with u. S. And asia. Competition is okay. What you are seeing happen in london through exchanges in the Regulatory Environment since the 1980s and improving of the Regulatory Environment means you will see more capital coming into the market from the Pension Funds in the uk. The uk has the second largest pension sector in the world after an ththe u. S. Most is in fixed income. You will see more of that shifting into equities which will be more importantly better for the pensioners in the uk in terms of getting attractive returns on that investment. It will also as a byproduct be helpful and provide capital liquidity to the markets. Birkenstock dropped 10 after the ipo debut. That is the worst performance by a Company Worth over 1 billion since 2021. Shares were priced in the middle of the indicated range of 46. Valuing that company at 9 billion. Speaking to cnbc is the ceo who defended the companys val valuation. The track record i created in the company in 20 years is 20 key and 60 ebita. You show me any comparison to this and you really have to dig deep into the luxury segment to come up with comparison. We are confident and our estimation for the future and forecast is always a bit morely. Insiders overpromise. Annette is joining us there. The ceo talking about the pricing. 70 of the ipos are trading below the ipo debut price. This doesnt bode well. Reporter it doesnt bode well with. Y well with the valuation. The company was valued at 4. 8 billion euro. To reason to justify the doubling of the valuation in that short period of time is a big question mark. The key of 20 in the last year is drawing the question if he can continue that in the future. It is 37 times earnings is the valuation with that initial pricing. That means it is closer to the likes of hermes. This is similar to doc martens. Just to give you that idea of where birkenstock stands in comparison to others. Essentially, as i said, the key question is if they he they can replicate the growth. U. S. Is an important market for birkenstock. Households owning 3. 6 pairs. At the same, they want to represe replicate in asia. For now, investors are concerned about the outlook. Annette, thank you for that. We are running tight on the show. That is it for today. Im dpoomarabile gumede. We will continue to give you more from the Imf World Bank meeting in marrakech. Stay tuned for all of that. Ill be with you across the day. Joumanna and sylvia are in marrakech. For now, we go to Worldwide Exchange which is coming up next. Ah, these bills are crazy. She has no idea shes sitting on a goldmine. Well she doesnt know that if she owns a Life Insurance policy of 100,000 or more she can sell all or part of it to coventry for cash. Even a term policy. Even a term policy . Even a term policy find out if youre sitting on a goldmine. Call Coventry Direct today at the number on your screen, or visit coventrydirect. Com. This halloween, trick or treat yourself to the blendjet 2 portable blender. Its to die for. Blendjet 2 gives you monstrous power for a delicious smoothie, shake, or frappe anytime, anywhere. Cleaning blendjet 2 is scary easy. Just blend water with a drop of soap. Recharge quickly with any usb port. Boogie on over to blendjet. Com and order yours today. Cmon, were right there. Cmon baby. Its the only we need. Go, go, go, go ah touchdown baby touchdown are your neighbors watching the same game . Yeah, my 5g Home Internet delays the game a bit. But you get used to it. Try these. Theyre noise cancelling earmuffs. I stole them from an airport. Its always something with you, man. Great solid greek salad . Exactly dont delay the game with verizon or tmobile 5g Home Internet. Catch it on the xfinity 10g network. It is 5 00 a. M. Here at cnbc global headquarters. Here is your five 5. Going for five. Stocks looking to continue the win streak as surge of rates takes a break. The key for investors today is the september Inflation Report and what it means for the feds next move. In washington, House Republicans nominating the next speaker in a closeddoor vote, but hurdles remain for the entire party. Birkenstock flop in the ipo debut. And uaw strikes moving