Remains on precarious footing. The glass is half full. The Global Economy has been resilient, but at is tame time you look at the big picture how weak the growth is, we should be concerned. Chinese exports sink in may, missing the forecast by a wide mar jij. Its over concerns of a weak economy at home. Surge at the top of the stoxx 600 after the First Quarter profits jump despite rising cost pressures. Good morning, everybody, and a warm welcome to street signs. Well kick off the show with fresh forecasts. The oecd has slightly raised it growth the organization said it sees inflation falling to only 4. 7 next year well above central bank targets, driving its forecast that the feds will cut rates modestly. Its not just oecd. The world bank now protecting World Economic growth to decelerate down from 3. 1 in 2022 the group says higher Interest Rates have put the World Economy in a precarious condition. Tighter Credit Conditions are starting to hit emerging markets with one economy in four effectively losing access to International Bond markets the deputy chief economist told me that the downward pressure is coming from everywhere. Advance economies have become quite resilient. Then look at the emerging market thanks to the contribution of china, theres growth. But the growth will slow down from 4 to 2 . So all in all, there is a slowdown in the Global Economy, and 70 of countries will see Slower Growth this year than last year. And what is causing that global slowdown. Is it simply because were in a much higher Interest Rate environment . How much can be pinned back to monetary financing i think the Interest Rates, you know, have been increased significantly. We are going through the fastest and steepest tightening cycle over the past four decades, and it has been increasing around the world and it plays, of course, an important role. I thought what you said about emdes quite interesting, merge marke markets developing economies if you move china, its actually only 2. 9 . China has been playing a significant role after it is reopening. Of course, there were expectations that china would really deliver a much higher growth, but increasingly we see that china growth is driven by domestic consumption in especially the services sector, and its not the type of growth that will have huge spillovers for the rest of the world, but we are hopeful that china will sustain this growth. But in general the weakness is there. Its interesting you say that because definitely the market narrative in the last couple of weeks has changed. People are beginning to be a little bit concerned about the pace of the recovery coming out of china if you look at some of the fierce indicators. Would you say thats also supportive of your own outlook for china and how growth is going to pan out in the second half of the year indeed we see that highfrequency indicators suggesting a slowdown, not in china. In many places in the world. You see that, you know, the companies. I think this weakness will be because in the second half of the year and next year it will continue we are expecting a kind of recovery next year in the Global Economy, but its going to be a tepid one. The important point to remember is the following this year Global Economy will deliver growth lower than what we saw in 2010 on average. This is true for advanced economies and its true for the emerging market. You know, the glass is half full the Global Economy has been resilient. But at the same time you look at the big picture how weak the growth is, we should be concerned. That was part of my conversation with the World Bank Group who unveiled their lastest e latest economic conditions. On the topic of china, overnight we did have some Interesting Data come through. China exports dropping 7. 5 year on year. That was much worse than the forecast of 1. 8 percentage points, so thats sort of setting the tone for asian markets overnight. We saw chinese equities slip a little bit coming off the pressure the Overall Index is off by 0. 2 this is breaking some of the price action that we had out of the u. S. Yesterday with the wall street indices, all ending the day higher worth noting now the s p has actually closed at a high for 2023, a 20 jump since last october. So it has been steadily climbing higher a much reluctant rally, people call it. Not a lot of people believe it could take place, but, indeed it has. Over here in europe the picture is slightly different with the Index Trading in the red this is the breakdown. Pretty much all of them are trading under water with the exception of ibex in spain, which is up 0. 2 were watching one company that posted very strong results for the last couple of months. Their sales out of the Spring Summer collection boosting that stock. Its up about five percentage points, right at the top of the stoxx 600. Luxury coming under pressure whenever you have weakness coming out of china, that has effects on luxury items. The ftse down by six points or eight bases points lower were seeing pressure on some of the commodity names that did so well in the beginning of the week in terms of sector, weve got leadership again, a bit of a bounce in the miners, but overall theyve been a drag on the flip side weve got insurance down about 0. 7 and chemicals lagging as well. In terms of u. S. Futures, i did mention the big rebound we had in u. S. Stocks did mention the s p has actually closed at the high for 2023. Today, though, it looks as though all three are going to be opening up into negative territory. Investors are now eyeing very closely what is going to happen at the next Central Bank Meeting next week. A big, big decision for the feds. One other currency i want to draw your attention to ever since the election result is the turkish literatra down about 7 today alone, and this tells you that the markets are still very nervous about the prospects of what another erdogan presidency means that is the picture for the turkish lira today. As i mentioned at the top of the show, chinese exports did tumble far more than expected in may. Down 7. 5 of the year. Much, much more than the 4. 8 . The trade surplus also narrowed sharply. Im really happy to say a good friend of the Program Joins us good morning to you. Wonderful to have you on street signs. I want to ask you about how youre piecing together all of the data thats been coming out of china it feels like the narrative is changing so much a month ago people were so geared up and now its true. Every single data point seems to be disappointing to the downside. Its very interesting because this reading of the export import data is worrying when you look at imports, its mostly airports and reserves, preparing for some downturn. I think there is a bit of a black hole issue, right . We dont really know whats happening in china, but through some of the day articulate we see the reopening is limited, very domestic, very disappointed, and now we enter a few phase, which is china promised a lot of growth and has to basically put a lot of policy support to make this growth happen so its not boding well, i would say, for the second half of the year when it comes to the Global Growth momentum because china seems to be very disappointing in its reopening, nothing compared to the reopening we had in europe and the u. S. In 2021 for sure. Its interesting because i feel as though the narrative around whats going the happen the second half of the year is going to change now especially because there is a lot of evidence to suggest that the Inflation Numbers have started dropping were seeing it in europe as well sit is it your view that because china has not recovered as anticipated, this allows for the deflationary pressures to pick up for the second half of the year definitely, you know, we had expected that chinas reopening would bring at least a third of a point of additional inflation, say for europe, for example. We dont see the growth dividend either somehow this lesser momentum in china is good for the overall supply of critical inputs. Its good for the overall pressure on the commodity market this is what we see. It is helping the deflationary pressures, realizing, materializing as Central Banks have done on the heavy lifting and tightening and trying to bank on the embedded tightened at a very high level all the way through the rest of 2023. Ludovic, good morning its julianna here china is certainly not in the business right now there is talk and there is mounting expectation they could provide some further support to try to reignite the recovery what kind of support, what sectors do you expect to benefit from any support in the coming months from the authorities . You know, when you see pmi usually collapse in china, it ee time for support i think theyve already announced some measures on it for banks. I think the Housing Market is still very worried to a lot of people they had a 2012 moment in china. I dont think this one is over the savings function of the chinese has been affected durably with a lot of defiance into the system. So i think they may have to do something with the housing sector and to be fair, theyre still very focused on decarbonation and making sure they move up so its still extended into this new prime ministers term with a bit of an edge, which is we have to do a lot more domestic dividend search rather than export search because they hear the out bbound protection is voices from the g7 summit and they feel theres going to be quite some difficulties Going Forward when it comes to competing with the rest of the world in imports theyre again talking about an exception reform in china to provide something to the chinese. So there are, i think, several plans on the table, and a lot of that would be in, ill say, september or october. Great to have that time range to look forward to, that date range. Let me ask you a longer term question about china one of the most worrying statistics ive seen in the last several months out of china is the youth Unemployment Rate standing at a recordhigh 20 . Weve been well aware of this line flat movement for years now. How big of a risk is social unrest in china on a five to 10ye 10year view you know, its a tough question six or eight months ago, everybody was calling for a moment and nothing happened. I think social risk is really top of the agenda in terms of Risk Management for the authorities. So i think the visk very low because they would be ready to do a lot gto avoid that. Thats why i think the social agenda is really top of the mind social protection reform you mentioned jobs for young people remember that this reopening is dislocating jobs we see that also in the west they have to rethink a lot of the narrative when it comes to you know, you can get rejected from your job before you get old. This is something china is actively working on. With this duo issue, they have to do that in a world thats changing, and when theres a bit more fragmentation is around, right . But i think they take that very seriously. I would not underestimate their ability. Look how they stabilize the Housing Market we had, remember in spain, 25 , 30 Unemployment Rate during the crisis, right . So remember how you can address this type of shock with longterm rebuilding of the social contract. I think china is very committed to that and acting very strongly about it. Ludovic, thank you for joining us this morning. Now, we have some sad news to share with you this morning the longtime ceo sir ivan menezes has passed away at the age of 63. He had been planning to retire at the end of this month menezes had been at diageo since the merger 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 every single day, just businesses everywhere are asking the exact same question is it possible . Well. With comcast business. It is. Is it possible to help keep our Online Platform safe from cyberthreats . So we can better protect our Customer Data . Awwyeah. Absolutely. What else you got . Can we use predictive monitoring to address operations issues . Before they even exist . We can help with that. Can we provide health care virtually anywhere . We can help with that, too. Even out here. You, sir. Something on your mind . Is it possible to survey foot traffic across all of our locations . With wifi analytics . Easy. Order for nina can i teleport our guests to their rooms . Technically, no. Or power thousands of mobile checkins while thousands of other guests check out . Now that we can do. With the advanced connectivity and intelligence of global secure networking from comcast business. Its not just possible. Its happening. The ussec is suing coinbase in that theyre not trading regulators that are not securities Brian Armstrong accused them of an approach that he says is harming the u. S. Meanwhile the s. E. C. Has asked the court to freeze the finance with regard to ignoring laws it shows over 1. 4 billion of user assets were pulled from the platform in the wake of the s. E. C. s accusation of fraud against the company. Arjun joins us for more. Its been quite a busy 24 hours for s. E. C. Where do we go from here and what does it actually mean for the Crypto Community yeah, firstly just in regards to coinbase, theres a few potential packths it could take locked in a lawsuit. If s. E. C. Wins this lawsuit, it could be a detriment to coinbase first, it may have to separate the various businesses that the s. E. C. Has accused it of comingling, and i may have to register with the s. E. C. The second outcome is a large amount of fines. Its seeking what they say is diskourjt of ill gotten gains and penalties. This means coinbase would have to pay back any gains a the bigger issue here is for the market and for the industry, binance, of course, also in the sights of the s. E. C. And coinbase, accounts for around 60 of trading volumes this year trading volumes have been extremely thin its been propped up by pretty large investors at this point. So this could introduce more volatility into the market for the broader future of the industry and the u. S. , there is this battle, this debate waging between the two sides, between the crypto industry on the one side and s. E. C. On the other theyre saying, look, the rules for us are not clear and the s. E. C. Is enforcing regulation at this point. We dont know what were allowed and not allowed to do. The s. E. C. On the other side says, look, security rules have been in place for years. Its clear what you can and cannot do at this point. Theres a hope from industry and coinbase that actually this lawsuit might be a good thing. Going to court might be a good thing. It may help to set out what the precedent is and really what the rules around crypto would be so thats really whats going on at the moment in the industry. Theres a lot of regulatory overhang its going to be watching for implications that it could have for the future of crypt cryptoc cryptocurrencies. Thanks for bringing us the latest twist in the crypto world. Venture capital it is known for saying software is eating the world is making an exception for ai in a 7000 word mission if what he refers to as ai doomers, he believes nobody has no need to worry and he insists Artificial Intelligence may save the world augmenting human intelligence. Concerns about ai have reduced compared to five years ago, that was according to research by Boston Capital group nick joins us now. Thanks so much for being with us this morning fascinating survey results weve had a chance to look through this morning one of the most interesting things in my mind was geographics and how attitudes differ across the countries. India, the most optimistic when it comes to ai france the least optimistic or the most concerned what should we read into that . Really interesting. Most countries are really optimistic, brazil, india, middle east. Least optimistic, u. S. , uk, japan, europe. I think partly its because in the media theres been a lot of negative stories also developed countries have been through lots of periods of restructuring and making technological changes. How has the emergence of chatgpt changed attituded or changed the narrative around ai . Its been an absolute gamechanger five years ago when we asked about how optimistic they were, people were more concerned than optimistic in this survey 50 of the people we spoke to said theyre optimistic about the opportunities. If you look at whats happened, it took spotify 150 days to get to 1 million days. It took instagram 75 days. It took chatgpt five days. The take has been enormous as they see what they can do with it, theyll become more optimistic about the opportunities for their work. Optimistic about the opportunities, but also concerned about the ramifications of their work as well i thought this statistic was interesting. 19 think their jobs going to be transformed or eliminated by Artificial Intelligence. Thats quite a scary figure. Is there not also the view that its going to transform the way the labor market operate that concern is very real and very understandable. Every wave of technological change for over 200 years since the start of the Industrial Revolution has been very inte interruptive it will create new work. Well get some things replaced but more work augmented by Artificial Intelligence. Whats interesting in the report is 86 of the people say i need help developing the skills to take advantage so thats a massive job to address this governments, companies can help people discover the skills so they can adapt. Essentially upscaling is required to teach people how to use the Artificial Intelligence tools in a smart way again, it comes back to the fact you need to trust the tools in the first place and that comes hand in hand with regulation to what extent are respondents concerned about the lack of regulation or the rollout will be sufficient to ensure the rollout is responsible. Again, really interesting if you think back to the start of the internet, people were going to let it be here, four out of five people in the ur is vai, 80 , say their needs to be regulation people have absolutely got concerns how this is regulated and want to see that regulation. Again, the role of the governments, but also those who help on the rescaling side as well. What are your recommendations from the survey . Bcg does a tub of work in consulting and advising businesses on how to go about upscaling workers. What would you suggest the first thing i would say, get started. A lot of companying will pick areas like legal or marketing. Lets try some things out, see what we can learn, what we can do in the process, you learn what to do better and you help to upskill people and you have to double down. If youre going to do a lot of this, youve got to help people make that transition. Can i come back to what i was saying about regulation. It feels as though jurisdictions are going to have different approaches in the uk, the approach is one of light touch, whereas in europe theyre going a bit more into the weeds as is to be expected out of the european regulators, but theyre still far ahead of the regulation coming out of the u. S. Not a lot has come out of the u. S. So far. I wonder to your mind whether or not having regulation around Artificial Intelligence will enhance its eventual rollout or will put a pause to it and will slow down. I think you will see, its one of these areas where youll see rounds of international cooperation. People in europe, us, uk, realized they need to Work Together on this the first, they ee get together on the alignment of things in terms of transparency, what youre going to get out of it, et cetera, et cetera theyll get a lot of guardrails in place that youre going to need. Nick, thank you so much for coming on the show its such a hot topic, ill p sure youll be back. Nick south, managing director of bcg. Up next, well have hazem bengacem. Thats coming up after the break. Signs. Im julianna tatelbaum. Im joumanna bercetche, and these are your headlines. The oecd says Interest Rates will soon peak, but growth will accelerate only slightly next year as rate hikes continue to weigh on the Global Economy. The worldbank trims its global 2024 forecast as conditions take a toll the chief economist tells cnbc the Global Economy remains on precarious footing. The glass is half full. Global economy has been resilient, but at is tame time, you look at the big picture how weak the growth is we should be concerned joo chinese exports sink in may, missing forecasts by a wide margin amid growing consumption concerns in the growing economy and a weak Manufacturing Outlook at home. And indy tech shares are in vogue, surging toward the top of the stoxx 600 after things jumps and sales keep pace despite rising cost pressures. European equity markets off to a fairly sluggish start this morning. We are looking at equities across the various regions, edging lower, despite what was an upbeat set of q1 results from indo techs owner. Withve got the cac 40 down 0. 4 indy leading the losses of 0. 8 . Perhaps the data from china weighing on the outset we looked at the mixed reaction with china exports plunging 7 in the month of may. Heres a picture of the foreign markets. The dollar holding fairly steady euro dollar trading around 106. 83 we deed see action at the top of the show, the turkish leader falling low against the greenback. Youve got all three of the majors looking at a slightly weaker start, similar to the downpete sentiment were seeing here inlondon. It seems investors are holding back well see if the same continues today. I mentioned inditex earnings they posted a 54 rise driven by sales both online and in the store. The retailer says its keeping scale. It expects to keep a sustained Global Market for the full year. Shares are up nearly 6 this morning. According to reuters, an announcement is expected in the next few days. In a deal, vodafone will own 51 and hutchinson, 59 . The kpo two companies have not commented. Ubs says it expects to reach a final agreement with the swiss government on a 9 billion frank loss guarantee as part of an emergency takeover in an s. E. C. Filing it would remove one of the final hurdles of the completion of the takeover which the lender says could be finalized as soon as next week. It be gone as soon as next week. Keep an eye out. Arjun spoke to the hsb hsbu uk ceo and began by asking about the future of sbuek. Silicon valley bank, well have to change the name, but were going to keep it within our ringfenced bank. Thats roy weve got to do thats really, really important and i hope that gives the customers the confidence customers will never have to go outside of that network to meet all of the funding requirements. The plus side is youll get all of the extra hsbc products and support as well, and that will make it much more attractive for customers, and from there the plan is we take it global, and when i say the plan then, its not a longterm plan we want to be global very, very quickly, set upping up infrastructure in the u. S. , the uk, israel, middle east, and asia so its a really comprehensive plan, and really what the acquisition has done is accelerated plans by probably four to five years am lot of excitement to come, and were going to preserve what weve got. Just to be clear, the svb uk combined will be able to come bible startups from the small checks to the big ones this. Is not just a uk focused bank in the end. Correct uk will get a lot of the focus on day one because its the largest required but just to give customers that confidence, seek funding, and it will remain. Thats a really important part of Silicon Valley bank our customers know and love today. Weve got to preserve that that will continue Going Forward. Higher Interest Rates as well as a persistent rate of global recession are expected to weigh on private Equity Investment this year joins us with a special guest. Thank you very much for joining us theres a lot of talk. Talk about what the situation is. Thanks for having me on your show theres the drying up of capital within the Community Fund raising is proving to be much more difficult than any time in the past just by comparison some numbers in 2021, about 1 trillion dollars was raised for private equity funds today in a good year, well end up at about 400 billion. Thats a great start in large part, this is whats referred to as the denominator effect they have a certain weighing 1 of their portfolio will go into Public Markets versus private markets. It then becomes higher concentration and heps the Immediate Reaction is to seize or slow down Public PrivateMarket Investments thats called the mathematical allocation event also is driven a lot of the macroconcerconcerna everyone sees. Youre looking at all indicating the longterm world. Its emerging across the world. Which regions do you think is more favorable, more attractive . There are two regions that is survived the test of time, north america and europe theyve been thriving for the past four decades. Of course, there have been some periods where there have been macro hiccups, but overall its fine theyve gotten 15 , 16 return in the last years. Thats significantly higher than anyone else out there. Having said that, india is moving regions from starting all the way east from japan, korea, china, southeast asia, asia, the middle east, these are incredible regions, and we see these regions being an anchor part of our story for decades to come. Is that overall or are there specific industries which youre focusing on in those areas so an invesco we have our comfort zone around health care, technology, consumer businesses, consumer goods we stick true to our core values as an investor, being true at what youre good a is an important part lets talk a bit about jachl how you do make money in a nongrowth environment . So japan in my eyes is sleeping beauty. Its a single country where you have 14 trillion in savings it has stayed in fixed deposits or in savings accounts as inflation is affecting japan today, youre seeing lot of the capital being deployed in investing. Its typical in the real estate market, fixed incoming or what have you it will be a net beneficiary from that tsunami of liquidity over the next two decades as it comes into the market. Lets not forget japan is one of the largest economies. Its one of the worlds most developed economies. Private equities have lagged for the last decades japan has 2. 5 million middle markets that have succession issues privately owned businesses where the owners or founders either dont have children to pass the business to or the children are not interested these are the kinds of things that are right for private Equity Investors it reminds me of europe when they started investing years ago. It has a lot of those interesting characteristics. It will take time, but you look at the market in terms of a private equity investor. Is the same holding true for the middle east because ever since the war in ukraine, youve attracted more funds so how is the situation in the middle east . The middle east is our anchor market, core market. Were wing of the longest tenured and biggest investor on the private equity and they benefit from i guess a lot of what the rest of the world does not benefit from, which is first and foremost a very stable structure, very stable political system, very stable Economic System you add to that the abraham accord last year or 18 months ago and most recently saudi iran renewal of activities together these are fundamental initiatives to make the middle east a much more stable market for investing, as a base, and also as a region that perhaps can bridge the east and the west. Lets look into the future. If we meet again next year, where do we stand. We very much look forward to meeting next year. I guess the one as a private equity investor, one of the sectors which we get most attracted to are ones that are fragmented, has some pricing pressures, and has a lot of participants in it those are sectors that are right for consolidation. You have over 3,000 gdp managers its very difficult to differentiate between managers and also to raise capital. This Time Next Year well see more mergers, more acquisitions, around pe firms to create scale and much more relevance for the community. Thank you so much and have a good time here guys, im sending it back over to you an interesting take that the private Equity Industry in itself has consolidation pressure, i think. I also look forward to your contribution thank you for all the work youre doing. Coming up on street signs, the pga comes to an agreement with the saudibacked rival. Well have more after the break. When we started selling my Health Products online our shipping process was painfully slow. Then we found shipstation. Now were shipping out orders 5 times faster and were saving a ton. Go to shipstation. Com tv and get 2 months free. Im andrea, founder of a boutique handbag brand andi and this is why i switched to shopify. Its the challenges that we dont expect, like a site going down or the checkout wouldnt work. Whats nice about shopify is when im with my family, when im taking time off, knowing that i have a site up and running and our business is moving forward because we have a platform that we can rely on. That is gold to us. Start your free trial at shopify today. Every single day, businesses everywhere are asking the exact same question is it possible . Well. With comcast business. It is. Is it possible to help keep our Online Platform safe from cyberthreats . So we can better protect our Customer Data . Awwyeah. Absolutely. What else you got . Can we use predictive monitoring to address operations issues . Before they even exist . We can help with that. Can we provide health care virtually anywhere . We can help with that, too. Even out here. You, sir. Something on your mind . Is it possible to survey foot traffic across all of our locations . With wifi analytics . Easy. Order for nina can i teleport our guests to their rooms . Technically, no. Or power thousands of mobile checkins while thousands of other guests check out . Now that we can do. With the advanced connectivity and intelligence of global secure networking from comcast business. Its not just possible. Its happening. Well, heres a really big story from yesterday the pga tour, the golf tour harkss agreed to merge with saudibacked rival liv golf in a deal that would see competitors quash pending lit fwag and move forward as a larger golf enterprise the rival groups will combine the pga tours and liv golfs commercial business in a yettobenamed forprofit company. The saudibased liv in the u. S. Is expected to be on the street. Jay mona had said the two would be better together. I think today is a historical day. Youre right kwhae were talking about today is to come together and unify golf were creating a forprofit llc that the pif is going to invest in alongside the Dp World Tour and together were going to move forward and take efforts to grow and expand this great game and to take it to new heights. And so whats happened today and to your earlier question is weve recognized that together we can have a far greater impact on this game than we can working apart. Meanwhile saudi Public Invest Fund explained why the kingdom is investing heavily in sports. I think 75 is under the age of 35. Now, with that i think you would have a lot of young people interested in sports and entertainment and thats basically part of the offering his of theically speaking, football was the dominant sport in saudi in the past, eight, maybe five years ago, we created a Different Number of federations for every sport that you can think of so we are interested in all of these sports its not only golf, football, basketball, but its many other sports there thats the reason why we would like to invest in the sport in addition to the financial returns. Let me tell you, it was quite the discussion at the bercetche dinner table last night. My husband is a big golfer and we were trying to piece together this information because for so long the big institutions had been going at each other it created a lot of bad blood and a lot of tension among the community. The players themselves had to make the difficult decision whether they would be bid away, lured by the saudis for bigger payouts or stay with the pga tour and many very influential golfers like the golfers rory mcilroy and tiger woods stood their ground and stood for pga many were not aware the talks were underway. Many woke up to find out the talks went on and were surprised like we were and found out on twitter. Theres still going to be a lot of bad blood especially along some of those real treasured players within the pga. I think the key word is surprise this came as an absolute shock to the golf world, and in that brilliant world our david faber had with the two leaders of this new partnership, we actually didnt get a lot of information as to how the deal came together the pga is now going to face the risk of of a backlash. Weve seen lately especially consumer backlash to companies that engage with affiliates and countries that engage in practices that they dont engage with you think back to the human rights abuses and you have to wonder if within the golf world were going to see a similar backlash in partnership with the saudis you can say that about the golf world, but its not just exclusive to the golf world. There are still Many Companies doing business with china. We recently had Many Companies visit Senior Leadership in china. Its not specific to Sports Events what it does tell you is, a, pga realized they can no longer stand as a standalone Nonprofit Organization the key word is forprofit. Ultimately the saudis got what they wanted out of this, which is recognition on an International Stage, and a lot of what the saudis have been undertaking in the last couple of years is just that. They want to be perceived as a real player across all types of the markets. You can point it back to all the markets theyre creating with golf and football and private equity, and even banks talk about the bustup with Credit Suisse and the saudis involvement there. Youve got to think this is a pretty big blow to President Biden who made it very clear his goal was to isolate saudi a few years back, and since then weve seen saudi take an even bigger role, gain presence on the International Stage as you just said were also, dont forget from a market perspective, were coming off a weekend where saudis announced oil cuts weve seen the middle east, in particular, officerdy move away from u. S. Interests in the last few months number tot draw too much between the links of the oil markets and what happened here, to your point, the saudis have done a great job of announcing their international presence. Antony blinken is in riyadh hes back there again as he spoke with our correspondent don murphy, talking everything from oil oil to potential think deal as well wuchbl other thing to point out, its very rare for the head of the pif to give interviews so it was actually quite a moment to have both of these individuals who have been trading barbs over the last 12 to 18 months, not against one another, but how theyre combining the new entity and also whether there will be another motion like this in the future, whether well see another breakaway. Who knew street signs had so much golf chat. My husband is probably shocked. Hes probably thinking where is this coming from. Who is this imposter . Thats it for your street signs, a special golf edition im julianna tatelbaum. Im joumanna bercetche. Worldwide exchange is coming up next. 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 when we started selling my Health Products online our shipping process was painfully slow. Then we found shipstation. Now were shipping out orders 5 times faster and were saving a ton. Go to shipstation. Com tv and get 2 months free. Not only do we not have a new construction, but we dont have anyone putting their home on the market because of the percent. Its extremely challenging and costly. We can impose taxes on the very rich and big corporations allows us to cut the deficit over the next ten years. The fed will be cutting rates by october and crypto is going to be off to the races it is 5 00 a. M. At cnbc Global Headquarters and here are your five 5. Were watching a turning tide on wall street as one forgotten part of the market finds a second wind win with some impressive gains as we launch into the month of june that is not injecting any sunshine into the forecast jeffly gundlach is doubling down on his grim outlook on the u. S. Economy. In china the good will effort continues plus fans and sponsors still digesting a shocking