Transcripts For CNBC Street Signs 20221114

Years. Never any miscalculation of where each of us stands. I think that is critically important in our relationship. German economy minister defends blocking several high profile investments telling cnbc that berlin must diversify its economic partners. All eggs in one basket politics is wrong. With the war in ukraine, what seems to be very soon turn out in one the collapse of ftx sends shockwaves through the industry as binance pulls tokens and urges other to follow suit a few bad actors do not reflect the whole industry the industry goes through ups and downs. We have more bad players in the industry the industry is still growing. The democrats defy a red wave holding on to the senate with wins in arizona and nevada and republicans hope to secure the u. S. House good morning very warm welcome to the program. Xi jinping has landed in bali ahead of the long awaited meeting with President Biden that is set to take place in half an hour it will be the leaders first facetoface meeting since biden took office. They will address the concerns over taiwan and to block chip exports and the war in ukraine and north Koreas Nuclear ambitions. Lets get to j. P. Who joinings us from bali with more on what we can expect from the highly anticipated meeting. Good morning, j. P. Reporter good morning, julianna the meeting will take place in 30 minutes not far from the summit for the g20 countries the leaders of the two largest economies in the world will discuss issues that have developed frosty relations between beijing and washington, d. C. On the chinese side, the foreign minister says they want to go into the meeting on peaceful co existence and a winwin scenario with the United States President Biden said they are looking to find out where chinas red line or baseline which is nonnegotiable to build future relations and communications there is a long list of issues to discuss there is the issue of taiwan and the nece the the negotiables. And also the issue with regards to the trade relation with the worlds two largest economies. Before the covid19 pandemic, the relationships with china and the United States have been frosty with talks of decoupling of the economies can they arrest that or continue down that path that is a big question we have to remember this is also part of a long chain actually of International Summits coming off the cop27. And the summit in cambodia where china spent time to bring stronger relations with asia we have the apex summit in bangkok, thailand as well. The question with a lot of summits, what can be achieved and will this result in actual developments and progress that will mean smoother relations Going Forward. Guys, back to you. J. P. , thank you for the breakdown. We will continue our coverage and bring you hopefully live shots as the two leaders meet up in half an hour. J. P. Will be on the ground covering it for us arabile, it is interesting timing this meeting. It is a few days after the midterms in the u. S. And i wonder from bidens perspective what it means about his confidence and position heading into the meeting the democrats staved off the massive red wave which was feared that, to some degree, could provide biden with the confidence to potentially have a stronger hand as a result given the support the democrats have sealed in the last week. Yeah. He goes in perhaps as strong, if not stronger than the last two years, actually, getting into this meeting this is supposed to be the great reset for him. Reset the relationship try to reduce misunderstanding and misconceptions and put in steps to establish the rules of the road in trying to do that, you have the fine balancing act you want to ensure peace with regards to the relationship with taiwan you want to set your own agenda from joe bidens side. You have the chip situation which was meant to be a lets c collaborate about it and talk about it to where in the u. S. , this is how we have this is our stance a firm stance from them. Does he ease up on that stance i think there may be a few concessions that need to be made on both sides. Who budges first is the big question mark. On to germany now. The economy minister robert havek says some issues should remain off the table speaking with our reporter, he says it is time to do big with beijing. It is my perspective china is a partner and should be in the future we are an open market society. Nothing wrong with companies to invest in germany and china. There is Critical Infrastructure there are so sectors that are not open for sale. We have to change policies in that area. Some part of the business of semiconductors and infrastructure like parts and communication and energy just to name a few we have changed the politics a lot. The general assumption in german law is investment is welcome and the government has to search if it is not welcome. Now we are saving money from the European Union and there might be some exceptions for the exports, the market in china is more or less the same if you want to do business in china, thats fine with us subsidizing businesses and guarantees to businesses, state money, that guarantee all eggs in one basket politics is wrong. We have seen what happened with regards to the war in ukraine and what seems to can turn out you are coming up with a new strategy what does that entail . In the area of trade, we will have a cap on the guaranteed for the companies. If you are going above investment cap, we are talking about 3 billion euro if you have more investment than 3 billion euro, you can do it, but the state wont guarantee for that on the other hand, we will have a percentage rate. If a lot of guarantees are in one country, this china, of course, then you have to pay an extra fee. If you are going to another country, lets take it cheaper for you. This will change it for the market German Companies will search for other places. Is there unity within coalition on the china approach . Yes and what i want to understand is that you have enough backing from german businesses it seems like and from the reports i read are reluctant in reducing dependance from china i believe strategy and politics have learned lessons saying we are an open market it is not saying we are a stupid market we have to be careful. This is a common sense with the Business Leaders in germany. There are some Business Models that were investment plans over the next decade. For them, this change can agree on in theory is hard and demanding. This i understand and in a way accept anyway, we have to do this change i would say on the broad level, we are fine with that. We have to discuss the details a bit. The Spanish Foreign Affairs Minister said europe needs to continue the engagement with china, but rationally. Europe like in america, there are certain areas we are not in agreement with china it is pretty obvious we dont make or hide this there are policies and stances which we do not agree with they are a concern to us it is also pretty clear when you are dealing with a country that is 20 of global gdp and represents 15 of International Trade and that is china, you cannot apply to this country the same medicine that you apply to a country like russia which represents 0. 7 of International Trade and 1 of global gdp i always like to go back to figures because they give us a sense of how rational it can or cannot be. My sense is that from the european point of view, its got to be partnership and its got to be rules for competition and space for rivalry. Coming up on the show. European markets open higher after the best week since march. Well have more on that after the break. Hi. Im Wolfgang Puck when i started my online store Wolfgang Puck home i knew there would be a lot of orders to fill and i wanted them to ship out fast thats why i chose Shipstation Shipstation helps manage orders reduce shipping costs and print out shipping labels its my secret ingredient shipstation the number 1 choice of Online Sellers and Wolfgang Puck go to shipstation. Com tv and get 2 months free 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. Pst. Girl. You can do better. At least with your bigname wireless carrier. With Xfinity Mobile you can get unlimited for 30 per month on the nations most reliable 5g network. They can even save you hundreds a year on your wireless bill over tmobile, at t, and verizon. Wow. I can do better yes you can i can do better, too see how easy it is to save hundreds a year on your wireless bill over tmobile, verizon, and at t. Talk to our switch squad at your local xfinity store today. Welcome back to street signs. Lets get a check of european trading. We have been open for over an hour after the blockbuster week last week, we saw equities soar on the back of the weaker than expect ed Inflation Report suggesting the hikes have been paving the way as our equities, we are trading higher by 0. 2 it is a broad based rally. You can see what is behind the move higher. The only region trading in the red. Swiss market, smi, down. 50 otherwise, broad based gains dax up. 30 . We have the uk budget to look forward to jeremy hunt looking to deliver the statement to the house of common on thursday close eye on what he has to say. In italy,. 50 higher for the ftse mib turning to the sectors, telecoms up. 09 imme imme media is up as well. 08 in terms of the weak ahead, we have interesting things to look out for states side. U. S. Consumer in focus this week retail sales on wednesday. We will hear from walmart and home depot and target. Lets look at how u. S. Futures are shaping up in the leadup to the key data points. It is red across the board after the rally at the end of last week, a little bit of profit taking. We have u. S. Housing market indicators to look forward to and the u. S. Ppi we will see if the trends were seeing in the Consumer Price index are similar for the Producer Price index weve also been looking out for headlines from the g20 summit in bali. Turning to the cryptocurrency market. Stabilization this morning we have bitcoin about 1 higher. Hovering over the 16,000 level. Bitcoin plunging 20 last week including a 6 drop on friday. The whole cryptocurrency complex coming under pressure around the collapse of ftx. We will keep a close eye on cryptocurrency and see what the fallout looks like and how it progresses in the wake of that collapse arabile, in terms of markets, it is interesting whether that Inflation Report last weekends up shifting the narrative or if markets take the view it is one data point and thats what fed governor waller said over the weekend. Waller said the markets shouldnt get carried away with one point or one data point. We know the fed is data dependent. We know the cpi report is crucial. Still it is one data point it really is. My favorite saying when i also saw the number was like one swallow doesnt an make the sum. It really is that case you have to ask is this a sustained drop off in inflation and if that is to be the case, to what levels does it go down is it good enough for the fed to only be hiking 50 basis points what about the hiking they have done they have had so many Interest Rate hikes so far that one would be forgiven that maybe you have gone too far should you be looking at how to perhaps wait and see what the impact of those hikes have been . Very interesting to note since last week, we have seen the greenback fall 4. 5 against the japanese yen and the swiss franc which has taken a hit against the euro with parity come back out of parity at 103 it gives you a sense of sense of weakness in the dollar, but is that a sustained sense the data is one data point we need a little bit more to come out and those yields have been fairly interesting. Those yields coming off across the board. Even the reversal of the 2 10 year in the u. S. Treasury yields there. Those have suggested that you could have seen the peak in the u. S. Dollar presumably as well does it come off does that data sustain itself . The dollar move was remarkable largest twoday drop since 2008 at the end of last week. Is that fall justified if this really is the beginning of the fed taking that approach and catalyst that the markets have been waiting for, will the dollar drop from here . I think what is interesting is the tech stocks. Nasdaq gaining 8. 1 last week. Its best week since march. The dow, obviously blue chip index, advanced 4. 2 we had advanced in tech stocks again, linked to what we saw in the dollar this seems to be all about the fed pivot and whether this Inflation Report will mark a turning point for the fed policy moving forward. Interesting to note this week, we feel it has gone by the wayside. The autos coming from the uk what happens as we head into the latter part of the year into next year . The uk has tried to keep itself out of the news of late. Thats beneficial in a sense now very interesting do you have an economy where you have to hike taxing, per se, but if you do too much, of what consequence is that in the long term you have restrictive Interest Rates on one end youve got, of course, the energy crisis. You have higher taxes. I think the situation itself calls for little bit of a prudent step it will be a tough one for jeremy hunt later this week. Now the senior strategist at goldman saks, matheus dibo, join joins us on the phone. We were talking about one swallow doesnt make the summer with the inflation front from last week in the United States it does offer things could be slowing. Should we look for more proof before we think there is a definite decline in the hiking of rates good morning. Thank you very much for having me pleasure to be with you here today. When we are looking at the u. S. Inflation data and headlines, specifically, it does seemed to have peaked already. It has seemed the peak was in june at 9. 1 we have come down to 7. 7 in october. Of course, the decline has been rather gradual it is moving in the right direction. If you look at what is driving the deceleration in inflation is coming from the goods sector we expect prices to continue in the coming months. Service and inflation will continue to run hot for a while longer because of what we are seeing in the tight labor market in the u. S. And rental market. Still, we expect inflation to trim lower for the next several months as a result and hearing from the fed about this, it seems the rate hikes to 50 basis points in december what with equity markets . Investors can move before the economic data. Last week, the nasdaq gained 8. 1 its best week since march. Do you think we have seen the bottom for tech stocks thats a very difficult question to answer when we look at the near term outlook for the equity market, it is mixed, of course as you point out, we have seen a move in equities and if you look at the s p 500, it is now approaching key technical resistance levels at 4,000 we would not be surprised to see consolidation in the near term on the other hand, there are factors that are supported such as investor positions and negative sentiment and it now becomes favorable and we wont get major news on the fed or inflation until middecember there are also factors and reasons to be optimistic when we put all of this together, it is a mixed outlook. When we take a longer term view, we continue to see attractive upside to the equities from here to the end of 2023 as a result, our recommendation remains our clients should be remaining in equities at this time many moving parts not just this week, but today alone. We certainly do have to move on. Thank you for your time. We will get you back on and unpack those thoughts more matheus dibo from goldman sachs. Coming up on the show, we are moments away from joe bidens and xi jinpings first facetoface meeting we will get that for you live. Thats coming up next. Hi. Im shannon storms bador. 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 thanks to shipstations discounted rates were saving a ton. Honestly, we couldnt do it without shipstation join over 100,000 Online Sellers who get ship done with shipstation go to shipstation. Com tv and get 2 months free. Welcome back to street signs. Im Arabile Gumede im julianna tatelbaum. These are your headlines xi jinping and President Biden are meeting in minutes at the summit in bali we have to figure out where the red lines are and what are the most important things to each of us there is never any miscalculation of where each of us stands. The democrats defying a red wave with wins in arizona and nevada and republicans hope to secure the house Robert Habeck says germany has enough energy for the winter and the shortfall could be shorter than expected. I think spring is when we are out of recession this is my guess. And the collapse of ftx sends shockwaves through the industry as binance pulls ftx tokens and others follow suit. The ceo tells the g20 summit in bali that a few bad actors do not look at the industry. We have one or more bad players in the industry. The industry is still growing. We are still building. Fr u. S. President joe biden d chinese president xi jinping are due to meet in bali. Lets get to j. P. Live from the summit j. P. , what are the leaders looking to get out of the meeting . Reporter thats a really good question, julianna. The meeting is set to take place some time in the next couple of minutes in the hotel not for from the Bali Convention center where we are reporting live here within the hour on the china side, the Foreign Ministry said they want to approach the meeting in term with the principles of mutual self respect and peaceful and winwin scenarios. President biden indicated he wants to establish the chinese red lines with regards to the issues which created frosty tensions with the two largest economies. These issues not only range across Economic Issues which resulted in the trade war that predates the covid19 pandemic, but they want to talk about taiwan and north korea and ongoing russia and ukraine conflict what is interesting is with the tensions, china has adopted a sense of neutrality and abstain with the u. N russia is here at the g20 simt a su summit how will china position itself against the two conflicting focuses or points of reference from the United States and russia will be interesting there is another interesting dynamic. The ap is now reporting that according to the authorities, Sergei Lavrov has been taken to the hospital for a medical condition. This has been refuted by the Russian Foreign affair ans ageny they call this the height of the claims and Sergei Lavrov is at hus his hotel and getting ready for the summit what we will believe is something we will get more clarity on as the hours progress we will watch out for the state of the foreign minister ahead of the summit with the biggest economies in the world back to you. J. P. , the russian Foreign Ministry reporting this as fake news three medical officials saying he was treated on the Resort Island we are talking about the highest ranking russian official attending the g20 summit could this have a slight impact on talks or developments or focus . Does that shift . Is that a sense you get from this reporter i think it will depend if the Russian Foreign Ministers Health is in a good place at the moment. That will mean he will be able to hold talks and the shadowing cast over the Global Economy you have to remember in a couple of days, the grain corridor is set to expire and putting the security of global food into question it could impact the ability to refute any claims from the west with regards to what russias position and standing is over the conflict and how it is impacting the economies. It willimpact china and many others here to position themselves and how they react to the changing events we have to figure out what the state or condition of the Foreign Ministers health and ability to participate and make russias voice heard j. P. , thank you we will continue to check in with you john raines is joining us now. Thank you for your time this morning. You have those u. S. Tech restrictions coming in with taiwan and the chip situation. This is supposed to be a great reset. Is there a chance of being able to reset that relationship and keep communication lines open . It is good to meet. In some respects, it is positive to get these two folks in a room which they have not been able to do since biden has been in office this is a relationship where they have had five conversations in the last year and a half. We have seen where the relationship has gone. I would be surprised if we see anything here. I would be surprised if we see an announcement at some point in the future we have some joint working groups that got disbanded. At this point, they need to know where they stand joe biden doesnt want to risk anymore conflict. You want to get these people talking a little bit more. How do you do that on the other side demanding a sense of peace and stability with regards to taiwan one thinks china has a hard line on taiwan. Will the u. S. Have to buckle on this one you know, i dont think so. I think it is one of the things where the meetings is atmos atmospheric. A lot is getting them in the room and maybe large agreements here and there when it comes to issues within the region and securities here, both sides know where they are at the moment. Both sides want the status foe quo. They are emerging from covid19 and they have difficulties they are dealing with i dont see any major move in one direction or the other john, we heard from janet yellen in the leadup to the meeting. She was speaking to reporters in bali her comments were about stabilizing the relationship it seems like thats quite simply opening up the lines of communication once again to what extent to that be a mark of success from this meetiimeet . We need to see more suggdiscuss take place we are not expecting a joint statement. I have not heard anything happening. This is less about some grand announcement of policy and more based on can we Work Together on the minute issues . Immigration . Drug usual issues . I think that is the take away. You hear the groups starting to meet again and work on the issues off to the side if they cant agree on the wider issues with the region, maybe they can work on the smaller issues those come from the meetings like this. Can you talk to this individual . All right we want to call viewer as tension. You saw the live shots of xi jinping and President Biden shaking hands in bali as they prepare for their meeting. You saw a very friendly handshaking and chatter. We will have further images when we have them we have confirmation that they have met john, lets ask about President Bidens position coming into the meetings coming off the midterm elections last week. We will get into those more specifically with you later in the program. Just in terms of this meeting, how might the fact the democrats have staved off the red wave changed his stance coming into these discussions . You know, when it comes to u. S. Foreign policy, they would be consistent regardless of what happened in the midterms that being said, i think obviously it increases his stature. It comes in with the president not weakened from the previous midterm where he gets a shellacking. From that point of view, he comes in with a sense of confidence i have some of the backing of the American People with me, especially as he looks toward 2024 i think all of those are positive as far as the seismic change, i dont think so when you look at congress, it is bipartisan in its approach toward china i dont see any major change one way or the other whether the gop gets the house or democrats eek one out there. So, john, it certainly is one of the interesting conversations we are expecting to get. It is one of those to close off the year we have seen the handshaking happening with the two leaders the reduction of misunderstanding and misperception of what we believe will establish the rules of the road that is the statement coming through the u. S. Is there a sense from this communication and that there shouldnt be a case where we dont focus on russia . That becomes a point of discussion for them, too is this going to be a conversation where they try to figure out how best to collaborate on that war happening in ukraine i think that is going to be a big center of the conversations here i think they will spend several minutes on russia. Obviously, china had a very difficult time here as far as they work with russia on a number of different items within the security realm extensive trading commodities. They understand a larger market for them is the United States and western europe obviously vital interests inside what happens within ukraine. They had to thread the needle here you will see with the u. S. Explicitly what we are looking for visavis International Trade with russia. Especially on the tech front how can you meet us halfway . I think the chinese will respond is this is what we can do and this is what we will not do. I think they will agree on the agenda and they realize at the end of the day, there are commonalities between china and russia john, President Biden in the leadup to the meeting, said they need to figure out the red lines for the next two years what might the red lines look like i want to highlight you are seeing President Biden and president xi making their way to the discussion table you can see janet yellen and Antony Blinken and other leaders at the table john, on the red lines and what you think they could be. I think you have highlighted one with russia and anything breaking u. S. Sanctions on Technology Transfer to russia with u. S. Goods or u. S. Technology that will not sit well with the americans. Also, the issue with taiwan. Were not expecting any type of major transition there within the policy of course, any kind of move on either side changing the status quo with china or anyone with respect to the island would be a major issue for the region especially for the two countries. John, thank you so much for being with us and commenting on this crucial meeting between the two leaders. You have President Biden speaking to kick things off and janet yellen sitting by his side these are live images from bali. As john raines just said, the expectations around this meeting today is fairly low. A successful meeting might simply be the reopening of the Communication Channels between the two countries. John said essentially no major breakthroughs are expected the stakes are extremely high, but expectations very low. Russia is poised to be a major topic here we know the u. S. Has been leading the brigade to take a hard stance against russia china has taken a more neutral view today they certainly have you know, in the first facetoface meeting, what takes joe biden met up with other leaders and announced investment in indonesia does that focus and move through to this . They will speak about the pandemic which is affecting china significantly. Manufacturing taking quite a bit of a hit, nfortunately, for them the investment that joe biden did announce then as well in indonesia and nofollowing that summit there they are describing the critical partner and discussion of climate and Food Insecurity and including a 2. 5 billion Carbon Capture agreement with exxonmobil and energy company. Very interesting then that you can tell the corporation with the far east is in place and ensuring the conversation goes the way both parties will be happy with it is, as i keep saying, reset meeting. They want to try to get the conversation back on point here. The last discussion was in september. At that point, joe biden drew a hard line there having said that they would not budge with regards to taiwan. Can that happen now . Lets listen to xi jinping who is speaking in the meeting translator the establishment of diplomatic relations to today. China and the United States have gone through 50 plus eventful years. We have gained experience and weve also learned lessons history is the best textbook so we should take history as a mirror and let it guide the future currently the china u. S. Relationship is in such a situation that we all care a lot about it because this is not the fund mmamental interests of our countries on people and it is not what the International Community expects of us. As leaders of the two major countries, we need to chart the right course for the chinese u. S. Relationship. We need to find the right direction for the bilateral relationship Going Forward and elevate the relationship a statesman should think about and know where to lead his country. He should also think about and know how to get along with other countries and the wider world. In this time and age, great changes are unlfolding like nevr before humanity has unprecedented challenges the world has come to a crossroads where to go from here, this is a question that is not only on our mind, but also on the mind of all countries. The world expects that china and the United States will properly handle the relationship and for our meeting, it has attracted the worlds attention. So we need to work with all countries to bring more hope to world peace and greater confidence in global stability and stronger impetus for development. In our meeting today, im ready to have a candid as we always did have a candid view with you and issues of importance with china u. S. Importance. I look forward to working with you, pmr. President , to bring chinese and u. S. Growth and come together as a whole. Thank you. You are looking there at the room where the meeting between President Biden and xi jinping is taking place. We heard a little bit from both leaders. Xi jinping saying leaders of two major countries. We need to chart our course and leaders and find the right direction for the relationship and elevate it im ready to have a candid exchange of views with you, the United States, on issues of strategic importance on china u. S. Relations after the rather friendly handshake between the two leaders, some fairly conciliatory words to kickoff. Will it translate into any policy action or any major change in the relationship that remains to be seen. Coming up on the show, u. S. Democrats have retained the control of the senate. Well discuss after this break 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. My name is Ashley Cortez and im the founder of the stay Beautiful Foundation when i started in 2016 i would go to the post office and literally fill out each persons name on a label and now with shipstation we are shipping 500 beauty boxes a month it takes less than 5 minutes for me to get all of my labels and get beauty in the hands of women who are battling cancer so much quicker shipstation the 1 choice of Online Sellers go to shipstation. Com tv and get 2 months free xfinity rewards is a program whose sole purpose is to say shipstatthank you with theexperiences big, small andrs onceinalifetime. Sometimes its about cheering hard enough to shake the stadium sometimes, its as simple as movie night right here at home, on us. You mean the world to us. So were bringing you closer to what you love. Kinda like this. Welcome to 30 rock join xfinity rewards for free on the xfinity app today. Our thanks, your rewards. Time to talk u. S. Politics u. S. Democrat retained the control of the senate fending off the red wave mark kelly won his race over the weekend giving democrats 50 seats in the senate. Republicans are still expected to clinch the how use of representatives. Lets look at u. S. Futures this is something that investors are watching closely perhaps it is baked into markets given the real take which was delivered last week. Democrats staved off the red wave all three indices are pointing to a weaker start after the surge from last week driven by the weaker than expected Inflation Report lets get back out to john raines john, thank you for all of the comments around the jinping and biden meeting. Lets get to the midterms. In your view, where did the republicans go wrong is it safe to say that now the Republican Party is thinking about a posttrump world sorry about that. Its a great question. We are looking ahead what we will find is the issue of abortion and a lot of locations became scenter stage we think of overreach especially when one Party Controls the elected bodies the house, senate and presidency we see that party overstep past policies the public doesnt alike it and the public votes them out of office what we saw here, that is not what happened. What happened was the Supreme Court reversed roe v. Wade that gets people upset especially in the swing tossup states that drove a lot of democrats to the polls and that helped. Number two, you are right about trump. A lot of candidates he endorsed did worse than the candidates who stayed back. We saw it in florida we saw it in virginia last year. We are seeing it here in this election as well when you are looking ahead and seeing what the republicans will do, i think we will see there is a split, but a lotof folks bet against trump in the past. Im not about to do it now i think he has the bulk of support within the grassroots of the party. They will get behind him, especially as we look ahead to his announcement which will likely happen tomorrow. Does this bring clues on who wins 2024 . It certainly raises the questions of ron desantis. The republican governor won his race he is the rival of trump at this point, when you look at the polls, trump is still a viable candidate i would not be surprised if we saw a bidentrump rematch in 2024 thank you, john raines. Head of the global risk adviser. Quick look at u. S. Futures going down today is what we expect the market to look as we head lower to start off the day trading. Interestingly, we will be watching out for the sentiment around that inflation figure from last week and what that means for the market picture and will investigators continue to think that a shift is indeed possible on that front we saw the s p 500 rally 5. 9 last week. Having its best week since june. Investors with a lighter than expected read and looking for the fed pivot soon lets look quickly on the europe trade you have switzerland market down. 50 . Most markets higher. Perhaps the ftse 100 up. 40 thats it for todays show im Arabile Gumede im julianna tatelbaum. Thank you for joining us on this monday morning Worldwide Exchange is coming up next. As a business owner, your bottom line is always top of mind. So start saving by switching to the mobile service designed for Small Business comcast business mobile. Flexible data plans mean you can get unlimited data or pay by the gig. All on the most reliable 5g network. With no line activation fees or term contracts. Saving you up to 500 a year. And its only available to comcast Business Internet customers. So boost your bottom line by switching today. Comcast business. Powering possibilities. Its 5 00 a. M. At cnbc headquarters here are the top five 5. Stocks off the best week since june it is a different story for bitcoin and more amid the downfall for ftxand sam bankmanfried. More outflows and investigation keeping pressure on the sector. Also, breaking this morning, President Biden and xi jinping holding the first facetoface me