that's all for this edition of dateline. i'm craig melvin. thank you for watching. ♪ good morning welcome to "street signs." i'm joumanna bercetche and these are your headlines central baj bank launches a series of rate cuts after the data overnight points to more pain for policymakers. uk waging grow at the fastest pace on record rising 7.8% since june and sending gilt markets higher

a georgia grand jury indicts former president trump charging him with felony and racketeering >> the defendants engage in a criminal racketeering enterprise on the record, ron desantis talks to cnbc exclusively that bob iger should drop his lawsuit and talks tough on china >> i view them as an adversary you have to deal with a lot of people that is not the direction we need to go now, good morning. there is a lot going on in markets this morning i'll highlight the top stories we have been talking about in the last hour or so.

first, let's start with china. china central bank cut the one-month loan rate by 10 percentage points. earlier, the chinese central bank did cut the key rate in the one-year rate to another set of weak economic data coming in and russia central bank hike to 12% during the emergency meeting after a plunge in the ruble. the central bank warned pressure is building in the economy and that is the reason they did go for the aggressive rate hike 350 basis points from russia throughout this morning, we are keeping a close eye on the uk. sterling has risen and gilt yields shot up after the data showed that uk wage growth rose to a record high in the second

quarter. the data keeps pressure on the bank of england governor andrew bailey as he deals with inflation and money market hits 6% next year quickly to re-price the end of the yield curve for uk. back to china. the latest round of rate cuts underscores the chinese outlook worsening as calls continue to go for greater stimulus measures chinese industrial production and retail prints for july added to the economic woes for the country. both slowed on the month and below forecast industrial output expanded 3.7% on the year. this was compared to the increase of 4.5% that was expected again, missing against expectations retail sales rose to the slowest pace since december.

that includes an almost 18% slump in property investment for july according to the calculations this by sales slumped by 24% new surprise that the property sector is the sector holding back investment. headline numbers are positive, but dig into the components and anything related to property, you see a sharp slowdown let's bring in the first guest on the show. head of chinese economics. good morning, julian i gave a recap on the numbers from china today we had a string of bad data the last couple weeks on the trade side and on the loan activity yesterday. how would you characterize chinese activity levels? >> it has been bad news after bad news you mentioned year on year figures. for the most part, still

positive from the profit investment figure. if you look at the data month on one, it is worse across the main indicators, 0.1% month on month increase. essentially, the data is pointing to the chinese economy that is struggling for momentum. stagnating at this point that's a major concern, obviously, for markets and for chinese policymakers we have seen them starting to react a bit more aggressively with the largest rate since early 2020 we are still talking a 15-basis point reduction. it is a small decline and i'll be honest, it will not make a huge difference to the outlook it will be seamless if they put the flaw on the growth and get the economy going again. >> one question before you move on

what level of growth is this 5% target which they will not achieve? >> it is hard to say because the official gdp data doesn't have the best record of matching what we see in the rest of the data just to put things in perspective, on the official gdp numbers, the economy was growing at 3.2% annualized in the second quarter. it is clear from the latest data that growth continues to slow in q3 you are looking at sub 3% growth in reality, maybe lower than that. >> i want to talk about the inflation or i should say defl defl deflationary flubsnumbers from a if you think about what inflation does to the consumer, you postpone purchases because you expect prices to be lower in months ahead how can the policymakers

encounter that once this has gr gripped in the economy >> i think it is very high there is a confidence problem and restoring confidence in the economy is very did. now, one effort they're trying to take is by trying to, you know, reduce the amount of negative coverage and one of the reason they discontinued the youth unemployment figures they don't want to draw attention to the weakness. i think at the end of the day, you need to throw money behind the problem and provide more support, particularly fiscal support because monetary stimulus in the current environment is not going to really work. one of the interesting things with the inflation data if you look under the hood, services inflatio

low. it is services inflation china doesn't have as big as a deflation problem as many think. the flip side to that is the slowdown in growth is not as cyclical as people think i view it more structural in nature which means it is harder to divest. >> let's go back to the policymakers stimulus. they announced the lower rates and have been cutting rates. we're talking about marginal points here. 10 or 15 basis points. a few weeks ago, they introduced a plan for consumption many were saying this would not boost demand what can be done to pick up consumption in the chinese economy? >> i think on the monetary policy, the problem is the

traditional tools they are using are not working. people tend to focus on interest rates and the most powerful tool that you had in the past is the loan process it handed out to the banks. demand for loans exceeded supply we they relaxed the loan prices, you get an increase in credit growth that helped the economic activity at the moment, we have the ck constraint on the credit on the demand side. you have to cut by a larger margin you have not seen that institutional shift the pboc wants with the bigger rate cuts. unless we see that shift, the recovery has to rely on fiscal support. up to this stage, there's been a reluctance to relax the budget constraints. it is all tweaks at the margins.

they have not thrown more money at the problem which is what they could do to boost demand. at the end of the day, it is just lack of demand. >> similar to the u.s. something that maybe the chinese could go down the path to consider as well >> it is certainly one option. a lot of people have recommended. it has merits. the investment-led stimulus has not been allocated particularly well the trouble is politically, they have a strong preference for in invest ment -- investment at the end of the day, we are more likely to see another stimulus package that would be better be nothing if we don't get the consumer handouts. >> i want to go back to something you said about the slowdown being likely more structural in nature than

cyclical we have been talking about the cyclical factors the property sector is very much in dire straits. we have been following the price action of country garden closely. this comes a couple of years after evergrande as well to your mind, are we reaching the bottom yet and how much more weakness we can see in the property sector or is there more pain to come >> i think the risk with country g garden and other developers undermines the potential of home buyers and lenders in the private developers that encourages a further pullback in home sales and construction activity and perpetuates the vicious cycle we have been seeing over the past year or so policymakers are trying to get the housing market out of the cycle. we have seen measures eased in

major cities and cutting down payment requirements and a mortgage rate cut at the end of the month. with those other events going with country garden, it is hard for the regulators to get the housing market out of that hole. as long as the housing market is doing poorly it is hard to achieve the growth rates as we are used to seeing in china in the past you mentioned the structure slowdown and it is important if you get everything right, we ge more stimulus we reached the structural turning point. home sales, even if the economy is doing well, will never go back to the levels that we saw at the peak in 2021. we're going to see a slower pace of growth in china's property sector for the foreseeable

future. >> julian evans-prichard, thank you for joining us. economic and political pressures have investors fleeing for greener pastures see where they have been heading and the impact of the comeback on cnbc pro. you can subscribe at cnbc.com/pro or scan the qr code on the screen. russia central bank hiked rates to 12% during the emergency meeting this had morning. this is after the plunge in the ruble after the central bank warned pressure are building most of the gains after the announcement we broke above that level yesterday, but after the

announcement, we see the levels now. perhaps this hike is bigger than what the market was expecting at this point if you want to get involved in the conversation, a lot with the uk, china and russia, tweet me directly @cnbcjou. coming up, we will dive into the monday filings as the key fund manager warns he is worried about the outlook for the rest of the year. who is that fund manager we'll find out ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't 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 you're sitting on a goldmine. call

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welcome back to the show there is so much going on. we spent the first segment of the show talking about data from china. cutting interest rates and the russian central bank surprise with the interest rate hike. uk wage data surprising to the upside let's look at how the markets are faring it is a down day for trade ftse 100 is down 1.2%. most likely because investors

have been quick to re-price interest rate hikes from the bank of england. now reaching 6% once again that is not good news for interest rate sensitive sectors. the ftse 100 is above 7,400. cac 40 is down .90%. we also have the dax down .60% one name in particular we are watching is the bid to acquire the company. this is at odds with the u.s. close yesterday. a positive move in u.s. indices. dow slashes. the nasdaq saw the comeback up 1% after a strong rebound with nvidia up 700% nvidia shares jumped after

morgan stanley is a top pick analysts expected strong visibility going forward adaing t -- adding that the company should benefit from spending on a.i. and saudi arabiahas purchased large number of nvidia computer chips as they look to develop their own software interesting. monday marked the deadline for the 13-f filings we ask what is next for the world's largest economy. arabile will have the highlights >> joumanna, it has been one interesting filing to look at here with the tech counters which are key factors across the board here a lot of asset managers looking into those nasdaq up 30%. the highest since 1983 to speak of, third point and

appaloosa have taken a stake in the fintech holdings alibaba is up 4,400% on the quarter. third point doubled the position and opened new stakes in tsmc and nvidia much the same of the saudi counterparts it isnot all optimism. warren buffett, who put in a few more stakes in the house sector recently, cut activision stake and david einhorn sounded the alarm. he put up 200 against the etf in the second quarter we don't know if he is still holding them or if it was some sort of hedge. that position doesn't a bet against $900 million of shares at the end of june

david einhorn said he added substantial portfolio protection through the index hedge in the investor letter seen by cnbc he is out performing the s&p by 6% in the second quarter and he had a stock warning. the stock manager said if we were bearish until march and neutral through june, we would now characterize ourselves as worried. that's the set of play for now, joumanna >> arabile, thank you for the breakdown. let's bring in the chief investment officer capital group. wonderful to have you on the show david and michael building shorts into the second half of the year they are turning more bearish on the equity outlook where do you stand >> i saw that. the key thing if you look at the filing that goes on the 30th is

from 45 days ago we don't know what happened since. i'm looking at medium-term horizon. i say bullish. nvidia came down from $483 to $433 on the back of news when the a.i. revolution happens, it will not happen in months, but longer >> the stock is unloved or relu reluctant. >> i like that >> great opportunity for trading. the rally has been concentrated on a handful of stocks you think in the second bit, if it does continue, we will see broad broader? >> it tells you the economy is

not in as good a shape as the fed states i like at it from a different point. the economy is not in a good state and it translates into rate cuts next year. i stay bullish at 12 months or 24 months. the big tech companies are a big monopoly and will continue to make money apple will make everyone money the larger breadth of the economy is not doing well. >> why not bad news-bad news then for stock markets if you think the economy is showing signs of weakness, why are you still bullish? >> if you look at the s&p, it is a fine index the top six or seven companies taking higher, you can't stay away there are other ways of making money. you don't make money -- there are things where you can

monetize the volatility. you can make 8% of we do that a lot. >> i know you are a big fan of restructuring and typically take a position and overlay the position what set of opportunities are you seeing >> in june, we did a healthcare stock basket you don't have to be extremely bullish as long as you are bullish marginally or flat i take a five-year view they will never fall 30%. there is money to be made. many people hedge the things happening in the market. >> that works if there is pronounced movement with down side protection on the sectors you are seeing that in healthcare >> this is something across the index and you have 7% or 8%. there is something similar with

stocks and coupon at 16%. >> what are you advising clients to do on artificial intelligence if they want exposure to that? >> i would say a.i. is played through many ways. nvidia is one stock. there are others microsoft as well. this is the increase in productivity i do my monthly news letter. i can use a.i. you can go to adobe. i can see adobe stock doing well it is a massive inclusion of what i see the only thing holding everything back is the interest rates high that may not be true many of the companies have loans coming to maturity we haven't really solved the pain of high interest rates. interest rate debt doesn't make everyone feel bullish.

it will not come in the next six months >> to go back to what you were saying about the a.i. picks. what do you differentiate the winners compared to those which are not successful with the implem implementation >> look at the dot-com boom. many stocks that people went bullish on and those companies went bankrupt and others were good out of it amazon got lucky in raising funding before the funding dried out. you have to play the index you don't want to take a single stock risk which may not exist productivity is good and it gets the index higher i love 8% to 10% return. >> do you have a view before we go on interest rates here and whether or not it is valuation

a lot of people are saying they are unclear where the fixed income is moving is this time to start thinking about buying bonds >> i look at the technical ability to buy it might look to be a buy for some time. it has gone nowhere in eight months we see rate cuts coming and we see the fed has to think it is done the fed likes to say it's done and they if i look at one measure with the university of michigan report and they have the inflation coming down to 3.3% the inflation expectation has moderated. it is up to chairman powell and the rest to decide to cut rates. >> okay. we will leave it there manish, thank you for giving us

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welcome back to "street signs. i'm joumanna bercetche and these are your headlines this morning. china central bank, pboc, launches fresh rate cuts after retail data overnight points to pain for policymakers. uk waging raising 7.8% from june sending gilt yields higher and now the bet is the bank of england rate will hit 6% next year. central bank hikes 350 points and in response to a plunge in the russian ruble and

warns that inflation pressure are building. and former president trump is charged with racketeering since leaving office >> the defendants engage in a criminal racketeering enterprise to overturn the georgia presidential election result the hand over from asia has been mixed with the data overnight which disappointed to the down side. retail sales coming in lower than expected. fixed asset investment disappointing to the down side we have policymakers in response come out with the interest rate cuts that lent a bit of support to the markets. however, the transition to europe was negative. you can see we're seeing broad-based losses for the indices in trading

dax down .70% cac 40 down 1% pulled down by the luxury sector. cyclical names in the basket were pulled down ftse 100 is featuring on the line with 1.3% the focus is not only commodities and minors, but we had the very hot wage data surprising to the upside markets reassessing the hiking profile from the bank of england. terminal rate going up above 6% once again this is having an implications on the interest rates in the is sector with the uk basket. this is the picture for the foreign exchange euro trading firmer against the do dollar 15 basis points higher fascinating which is up 145. that is another key level and actually if you look back at the yen and how it performed since

the bank of japan introduced the tweak, it is 3% weaker you would have thought that it would be moving in the opposite direction for the yen. that hasn't been the case. it tells you about positioning the pound trading firmer after the wage data. 126.90 and then .40% weaker against the dollar weakness from the chinese onshore against the dollar let's talk about the uk pay growth bonuses hit 7% since june for wages. analysts polled had a 7.4% rise for the period this increases the chance for the bank of england to have the fifth straight rate hike next

month. a quick look at the uk gilt markets. two t two-year gilt is moving quickly. again, moving up six points. all of this is ahead of the uk cpi print. expected to drop below 77% data showing the ask price for a one-year interest rate swap at more than 6% with the nine-month deposit rate above that level. these figures put bank of england rates the highest in 20 years and the expectations that the central bank will hike rates in each of the next three meetings if you remember at the last meeting, the bank of england governor did not want to say where they were moving next. they were data dependent and rates were in restrictive

territory. the world is saying you have to move more into restrictive territory after the wage growth today. the pound as we spoke is nine basis points firmer. how are the banks reacting we are trading more negative barclays down 1.1% hsbc is down as well with lloyds down as well the rising interest rates combined with the lower growth outlook is not a great mix for many of the sectors. meanwhile, uk grocery inflation is for a fifth straight month reaching 12.77%. that is according to market research kantar which said the second sharpest fall since 2008. still sitting at 12% we have come in from the highs

at one point to price inflation close to 20% this is the reaction from the retailers. mark & spencer's all an of these names are trading under water. coming up on "street signs," donald trump facing the fourth indictment after leaving office as he is accused of a criminal enterprise over the results of the 2020 election.

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welcome back to "street signs. prosecutors in georgia charged former president donald trump. trump and 18 yeothers have been charged with racketeering regarding the attempt to overturn the 2020 election in the states the trump campaign statements

called it bogus and attempting to interfere in the 2024 campaign the inddictment accuses trump t bypass the results >> georgia, like every state, has laws that allow those who believe the results of the election are wrong whether of intentional wrongdoing or error to challenge those results in our state courts the indictment alleges that whether abide by the georgia legal process for election challenges, the defendants even p g -- engaged in a criminal racketeering enterprise to overturn the results >> let's get to chris pollone in washington, d.c. of the chris, how will these charges differ

from the prior charges also levelled at the former president? >> reporter: good morning, joumanna the difference here is these are state charges. what that means is that if former president trump and 18 others defendants are convicted, that means that a president could not pardon them. these are state charges. that means if former president trump were to win the election next year, he would not pardon himself and not only would he not be able to do that, but the state's governor in georgia is not able to do that either the pardoning process in georgia is a panel and someone cannot even apply for being pardoned until they served five years or five years past conviction this is a different type of thing compared to the federal indictments that former

president trump faces. gazaeorgia allows cameras in the courtroom which means the trial could be televised >> chris, when will the former president be arraigned >> reporter: district attorney fannie willis has given the defendants, including the former president, ten days to turn themselves in. there is an arrest warrant out they are allowed to come in. georgia officials allow them to come in voluntarily by august 25th we expect trump's team will worw work out the surrender process some say the aggressive timeline of six months is too aggressive

they she would like to try all 19 at once which is a difficult pro process. >> it will continue to be a difficult process. chris, thank you very much for that report from washington, d.c. chris pollone from nbc news. the latest charges come as the latest steps ahead with the first republican debate later this month trump's closest rival, florida governor ron desantis told cnbc he wants to bolster the u.s. military to tackle china. >> china, if they are overtaking us economically, that will change the world it will change the daily lives of american families if the chinese are dominating the world. i think this decade is the decisive decade. i don't think it is just economic, but primarily economic you are covering it. you are seeing less interest in china marginally now because a lot of companies understand there are risks associated with

investing in china given the geopo geopolitical issues o sissues >> i'm getting too much into the weeds in china with the property sector, but do you think they would take military action against taiwan as a former naval officer, i ask that what is the response economically to your point, they do manufacture most of our pharmaceuticals and mineral are for electric car batteries >> would they do it? xi would do it if he thinks they can get away with it our policy needs to be one that will deny their ability to do that and to deter them from wanting to do it if he thinks they will end up buying more problems than sol solving, they will not do it we don't have an adequate defense posture in the

indo-pacific to do it. if you look at the biden administration and janet yellen, they are living in a different reality than most people. >> what is the reality what's wrong >> i think they think china is a healthy competition. that is not how i view it. i would view them as an adversary. you have to deal with a lot of people that is not the direction we need to go >> that was our colleague brian sullivan's interview with ron desantis one key figure in the presidential nomination you can watch the full interview on cnbc.com. i want to bring in the u.s. political analyst to talk more about what is happening in the u.s. we will start with what we heard last that was a bit of ron desantis interview with brian in the u.s.

i watched most of the interview. in terms of i ideology, there i not much difference of what he is saying and what former president trump was saying as well it makes me think this republican race is less about ideology and more about the person >> i think you nailed the biggest challenge for every republican candidate trying to challenge donald trump a lot of the main faces showing up in the campaign are espousing the same views as trump. 37% of republicans have trump as the first pick only 15% have desantis as the first pick t it is not just being out of touch. a good chunk of republican voters, high 70%, want to see a focus on china that -- china

that is more than the woken ness with the desantis fight with disney this is more on the minds of voters than disney this is coming down to personality. we have a few months before the iowa caucuses. we will see the legal drama unfold it hasn't hurt trump so far. this one is different. the state charges with cameras in the courtroom and we know voters can respond to images they see especially with a former president hauled into court. >> that is what i would ask next the lead trump has over the rivals is large and some say unattainable at this point ron desantis would challenge that view, of course that tells you a lot about the loyalty of his supporters. is that not also worrying and tells you a big part of the american public do not trust or

believe in the judicial system today? >> a good chunk of the republican electorate things the charges in new york and georgia are politically motivated. we have seen an erosion of trust among americans in a wide range of institutions. most dramatically seen after the 2020 election result when the share of democrats who had trust in elections in the united states surged and the share of republicans who trust in it, declined dramatically. that got worse since january 6th. this is where you hear older republicans talk about these things and they want to see the party come to defend the institutions the problem is the standard bearer has so much to benefit from tearing down the american

people's trust that is why he has come out strongly against fannie willis they are coming outs attacking her with political ads the problem is this is not where the larger electorate is today we see joe biden winning over trump by a little bit. if you are a democrat today, you are thinking how good it would would be to run against trump. this would help the democratic party in the 2020 elections. >> one more question about the republican party should former president trump go on to win the nomination, will others rally behind him? ron desantis was asked if the election was stolen from trump he said, of course, he lost. that was a direct quote. will others rally behind him >> i think many of them will

i'm not sure how much it matters how the conkcontenders are doing one will pardon trump and he is on the trump train, ramaswamy. we will see what happens with the others in the party. a lot of them are sitting on the sidelines. trump has low ayal defenders. they look up to him when they are speaking in unison i think the republican party is good at rallying behind the big races. at the end of the day, people want to win elections. i think the republicans will have to rally behind him >> if you were listening to what chris pollone was saying earlier, he pointed out that yesterday's indictment charges

were more significant and potentially more significant in nature because they are leveled by the state and makes it more difficult for the president to repeal some of the charges should he go on to actually become president this is all hypothetical at this point. would you say what we found out in the last 24 hours is the most problematic for the former president at this point? >> i think it is a lot of things which can stack up that can be harmful. a big thing is if they allow cameras in the courtroom the american public has a tendency to respond to images. if there are cameras at the trial, it is revival of the january 6th style hearings where voters are able to hear these arguments cleanly. this indictment loops in a lot of names that folks know from watching fox news. mark meadows and rudy giuliani

mixed into this. that plus the fact that trump could not pardon himself if he is elected president the georgia governor cannot pardon him either for the charges. this is the real deal. there is no escape hatch at the end if he is convicted >> that is notable what about on the other side proceedings that people are looking into hunter biden's affiliation as well. how is that impacted the current president? >> it hasn't yet of t his standing against trump has been flat line job approval is under water, but he is still winning. part of that is benefitting fro the state of the republican race today. you see inn indictment after

indictment on the other side, it benefits him we will see republicans on capitol hill engage heavily on this with hunter biden moving forward. we have seen the plea deal collapse in recent weeks there is juice there for republicans to squeeze for now, it hasn't dragged down president biden. >> the economy is faring a lot better than people thought it was going as we spent a lot of time talking about the u.s. economy. it hasn't tipped into recession. the recent numbers are more positive is that likely to work in president biden's favor? >> if it lasts that's the challenge with saying the word bidenomics every day. they will say bidenomic every second of the day. i mentioned the job approval

rating is not improving for the president. we see shadow improvement. since the midterms, we have seen the issue of the handling tick up a bit more voters disapprove, but the number is on the upswing that is why you are seeing folks like president biden or the treasury secretary janet yellen or other officials going out to tout the one-year anniversary of the inflation reduction act. his achievement. he wants voters to know it's his. this is an issue that is the number one issue for every voter every day forever with the president leaning into it is where the american people are. whether it lasts is the biggest question >> we will leave it there.

fascinating to talk to you a lot going on all morning, we have been tracking the data from china the reaction we are seeing from the pboc to cut interest rates, but the picture of the yuan which has finished the session at 7.28. that is the weakest close since november of 2022 continued weakness in the yuan we whipill monitor that that is it for the show. i'm 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 it's ready to go our cost for shipping, were cut in half just like that go to shipstation/tv and get 2 months free

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it is 5:00 a.m. at cnbc global headquarters. here is the top "five@5. china surprises by cutting interest rates. u.s. futures under pressure right now putting the dow's winning streak in jeopardy. former president trump now facing new criminal charges in georgia in connection to the probe into efforts to overturn the state's results in the 2020 election. retail sector comes into

focus toda