welcome to "street signs." these are your headlines european equities see red as mining and oil stocks fall the shanghai composite falls around 2% at the close sanctions on china called a serious interference in affairs and warning it will retaliate. >> investors cheer carlsberg as the group sees a strong rebound in china

and ireland's pascal donahoe is chosen at the next eurogroup president. he says the focus is to bring back jobs. >> i will play my part in working with all members of the eu eurogroup to make sure this group makes the contributions. the challenges are great but we will prevail and will overcome we kick off the show this morning with a major oil report crossing the latest is that the organization has bumped up its 2020 oil demand forecast today but it has warned that the spread of covid-19 has posed a risk to the outlook. steve's been pouring through this document and has all the analysis >> i'll be honest, not every page i think it's 81 pages i have from our friends at the iea. it's pretty much what the doctor

told us -- oh, gosh, we interviewed him on stn a few weeks ago. the situation at the moment is it's half-time in the year, of course they're hoping for better out of the second half of the year. the commentary is casting a shadow and quite interesting. saying, look we think things are going to rebalance. we even saw some backward move indicating more robust demand. i think is the point here. they're confirming the worst of the demand destruction was in the first half of the year i suppose that's something demand fell 10.7 million barrels per day. for the second half they're expecting an improvement in the level of decline to 5.1 million. and they estimate the global demand this year will go down from 100 million to 92.1 million. but we've seen such enormous destruction. what they're pointing out is we

need discipline from opec and economic recovery. but it's still all to play for as well. supplies have come off but demand is still diminished >> this is an interesting forecast it tells how economies have opened up and what it's meant for the demand story i got a couple pictures in talking about the reopening in china. also shoutout for indian oils. >> it's beautiful lly poised. i think that's the thing about every asset class at the moment. the demand decline was less a bit. less demand decline, we can buy the market then they say this accelerating number of covid-19 cases clouds the market outlook and skews it toward the downside for every positive, there's a negative in this report at the moment which i guess is why the oil price at the moment, it's a bit better than it was

but we're still down a little bit from our most recent highs although i have to say i did look at before today's moves the moves on brent and wti today we're actually only down 2.17% on brent and 3.13% in total on brent for the session. >> always appreciate the hep around the oil markets clearly it's been market movers. you saw the impact on the ftse yesterday. cause all the stories. so any good news is welcome at this point for varied parts of this market. the benchmark in europe just about an hour and a bit of trade, we're seeing positive modestly firm in the session after a fairly weak start. we'll see how that falls on the various markets. we can switch over for you the german stock market has been more resilient again than most you're seeing that again on the boards of the market got a bounce there of half a percent. so it may be cause for this

week and contrast to some of the other markets that have been in negative territory more deeply, it's hard to try and get the games on the board for the final sessions and the french market in particular, that market so far has been weaker. we saw losses yesterday as well. it was down 1.2% yesterday adding to the losses for the week of 1.7% a quarter percent on the chance today may not make enough of a difference today same story for the ftse as we sit around the 6,000 point marker off recent highs we in in recent weeks. even though we've had stimulus, too, for the system this week from the chancellor. the other markets firm up particularly for italian stocks. they have raised ahead during a lot of the moves on that peripheral board let's get to the sectors this is how it plays out across our sectors. it's quite a turn. we were at the start of the

session just two sectors in positive territory i should say just two patches of green. that means just two patches of red. we've improved significantly where the board has caused by sector quite a change chemicals at the top, technology has been in the space and extending. real estate won the early kbrooufrs too. but you've got banks, food and beverage, basic resources all moving into the green now at this stage but still weaker in oil and gas despite that report with the market also now digesting. asia markets have wrapped up the trading week the chinese markets in particular i think have been the ones that the region has all been watching. and you've seen that market travel to a five-year high this week on a lot of optimism that a bull market was unfolding the curve has just been extraordinarily out of the kyoto

for the chinese markets this year to the extent that the chinese government is again now getting involved this week warning about some of that exuberance in the market and warning retailers to be more cautious that has had a complete u-turn today. hong kong markets have participated in that story as they try to play the discounts between hong kong. elsewhere other markets have followed suit. you can see it is a day in the red. in contrast to what is playing out for european markets this is how it plays out week to day in case you want to see those numbers. we've been up 7.3% on the shanghai composite others have been more cautious if you've been follow the story about the closure between the border, not seen that for many years. extraordinary events as authorities try to control covid-19 there let's get to senior investment manager at abbott and standard

investments. want to get into the train we're seeing today europe has been so choppy. what do you take about how we're traveling in europe? >> i think you guys have been, you know, saying all the right things there's a massive push between the various sort of incoming data flow where you've got virus data which is looking increasingly concerning in certain parts of the world and the u.s. is the world's consumer of last resort that has an impact on global markets. you obviously have the mechanic kl opening up of economies that's driving data improvements on a month by month basis which shouldn't be extrapolated. again, it does take away most of the downside near term risks there is a narrative emerging which connects europe to a better crisis response and

therefore potentially puts europe in a more positive cyclical position as we move out of the lockdown phase. then you've got the complications of commodities where the oil market is very difficult to analyze at this juncture we know that the supply picture has improved which occurred and disappeared between saudi arabia and opec but it feels opec plus is looking to increase production in the future. there's a heck of a lot going on it all seems to be pushing and pulling. we're seeing choppy price action specifically with europe you'd have to throw in the recovery fund so we are seeing headlines emerging again some misstivipositivity from a f four, group of five if you include finland. then potentially depending on

how the europeans carve out this solution which hopes to deal with some of the concerns that exist. so it's still a very choppy market it's still very difficult in that picture i think there's more noise >> going to get more information in the next week or coming weeks. so as we get the u.s. earnings season in full swing that's going to be interesting what the sea suite is seeing at this stage i was looking at one of your calls at this point. you were saying it was looking tight. that's quite curious yesterday we saw quite strong moves in the euro and sterling why do you think the u.s. dollar weakness is running out of steam? >> the sterling was quite surprising there didn't seem to be much news flow behind that. i wonder if that was positional in nature. it has been the case that sterling has been one of the least favorite currencies among currency investors it did look like that big spike was technical in nature and stops going through the market

tends to be the case that euro and sterling trade together for obvious reasons as we go into the second half of the year where negotiations all likely come to the fall i think whatever risk appetite is still somewhat mixed in nature, it's difficult for the dollar to materially sell off. to me where the dollar can sell off has to be a world where people are happy to own other currencies that's where it's difficult because a lot of the other currencies you may want to trade against the dollar have issues of their own if you go back over the last decade, it's been a secular dollar bull market the one year that was an exception was 2017 where you saw strong growth across the entire world. particularly in the european region which we hadn't really seen before. but very quickly that fizzled out. and partly that's due to the fact as the euro rallies, the

eurozone struggles with that to me the dollar has done a heck of a lot in a short space of time we are not in full bullish risk on move from these valuations. that means at the margin the dollar will retain a bit and if we see a decline in risk appetite, it will become much stronger a dollar is good for the world's economy because again, the u.s. is the consumer of last resort it's a huge source of global demand and a strong dollar is essentially a weak currency for all of those regions which rely more heavily on exports. it's a complex picture financial issues and economic issues are quite often in opposition when it comes to the dollar, but to me we've gone very far very fast in an economy that's very uncertain. and that means that from this point i think it's much more difficult to see material dollar

weakness >> james, you mention the importance of the u.s. consumer in the global economy. the chinese consumer also hugely important here i'm curious your outlook for china at the beginning of this pandemic, the chinese response, the messaging was they would focus on targeted stimulus they weren't going to flood with a major broad based stimulus we've seen in the past i'm curious now what your take is on the stimulus outlook from the chinese authorities. >> it's a really good question it's one i'm actually struggling with at the moment i think trying to work out what or where chinese policy is and heading, it's probably one of the most difficult questions around in the market if you look at what's happening in the rates market in china, we've seen material weakness in the cbg market that's been led by the front end which looks to all the world

like a significant tightening of monetary conditions. but where the outlook is still very uncertain would be unwelcome. but for now they seem okay with that i think that hints at them still having significant financial stability concerns then on the fiscal side, we're seeing quite a lot of talk about what amounts to essentially the kind of previous regime of stimulus big infrastructure and investment led growth. we're not really yet seeing that filter through into the data, into activity into some of the trade data and the commodity data we might expect we've seen commodity prices rise, but i don't think we're necessarily seeing the physical impacts of those policies. it's quite difficult for me to ascertain what the chinese policy stance is and what we've seen with respect to the equity market it just adds to the confusion. wasn't just a week ago they were

cheering on this bull market very quickly after a 15% or so rise, that they're already damping down some of the exuberance there so it's tough. in terms of the chinese consumer, yes, the chinese consumer is significant. but again not to the same degree globally as the u.s. the u.s. economy is 20% of global gdp china is roughly 17% consumption is 70% or 80% of u.s. g dp. maybe 50% of china's gdp and a lot of chinese consumption is domestically focused and oriented by design by chinese design so that means it doesn't have the same impact on global demand as the u.s. does >> appreciate the time today senior investment manager aberdeen standard investments. just a quick note on the hong korng market closing down for the friday session. let's push to what we're looking at for next week jpmorgan kicking off a week of

results from earnings. so it will be a busy week. carlsberg says it has seen vol significant reaction from the virus. the shares are on the move a 4.6% bounce in today's session. coming up on the show, u.s. jobless claims fall again for another week but the pandemic rises across america. more after the break i know that every single time that i suit up, there is a chance that that's the last time. 300 miles an hour, thats where i feel normal. i might be crazy but i'm not stupid. having an annuity tells me that i'm protected. during turbulent times, consider protected lifetime income from an annuity

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u.s. weekly jobless claims came in better than expected last week in a sign people are returning to work despite the rising number of coronavirus infections in southern and western states claims for the weekend ending july 4th came in over 1.3 million. that is down almost 100,000 from the week before. continuing claims also dropped sharply to around 18 million that is down around 7.5 million

from the peak back in early may. french industrial production rose beating expectations as the country continues to emerge from lockdowns. they also had a monthly increase in may far above estimates germany saw a 9% increase after having suffered its biggest drops. however, the pickup in trade was weaker than anticipated. that the posed pandemic recovery will be a slow one cnbc has been speaking to some of germany's leading economists and ceos in recent days and about berlin's recovery strategy >> the extreme uncertainty businesses face has retreated somewhat i think most businesses now think, okay. we are going to be in a situation where the virus is still present, where there will be local outbreaks from time to time but most of our trading partners

are opening up the lockdown is easing in germany as well. >> really swift and decisive action by the government by the way in consultation with banks compared to 2008-2009. we are now part of the solution and work with the government on tailor made programs which was taken well by the economy. >> the most connected ones will definitely recover faster from the crisis than the countries who are just, you know, less connected. and i think global trade will recover. >> i'm very proud about the german government, how they've been able to work this out in both ways. first on protecting safety and the health of our people and secondly also how they have been able, you know, to sort of address the social issues in terms of short-term work >> let's bring in dr. lisandra flach

nice to have you with us there was also some data out yesterday in germany the engineering association effectively saying that 10% of their companies were still affected by supply chain disruptions suggesting a lot of operations have come back to normal what are you seeing out there in terms of disruptions and do you think there's going to be more if we face a second wave of coronavirus infections we seem to be having a problem there with that line so we will try and re-establish it for you, but of course it clearly is a major focus as we talk about supply chains what we have seen to date many disruptive in that first phase of the crisis. and we saw particular with supply chain that were focused with china being hit in march, for instance and clearly recovery has taken place since then as maybe those supply chains have reopened.

let's come back to our guest now. lisandra, i want to come back to you on that supply chain issue you know, what we have seen, clearly huge disruption for many organizations across the board but they're trying to re-gear with those corrected what do you fear as a second wave could be looming? >> yeah, we have seen that firms have already -- many firms have already adapted to the initial crisis, the initial shock. which was, you know, in europe especially in march and april. what we expect is firms are going to diversify there more their supply chains. and so this is certainly one fact of the current crisis >> so let's get into that diversification. clearly benefits have been having facilities in china, operations there and sending out to the global market because it's been much, much cheaper

what do you think is going to change from here how significantly will european companies specifically change their operations to have more of their supply chain geared around local industries and sectors here >> well, we already seen the data trend toward more regionalization of trade for instance, for germany, the european union is still the main trade partner and we have seen an increase on that trend. certainly diversification for cost minimization and for efficiency but in terms of terms of risk minimization, we expect firms will then diversify more but certainly still looking with the objective of cost minimization >> want to talk about the u.s./china trade tensions. it's about two years on since

the u.s. unleashed the trade war against china with the first tariffs going into force what do you make of relations now? there's been warnings from both sides about heightened tensions and germany in the height of a trade war flat lined the economy. do you have concerns that we've got a fresh one brewing around trade tensions >> what we see is that with the corona crisis and the global chain, this has put the international division of labor and approve. this was not the first time but this was certainly an effect and there is institutional threat that governments could use these as an excuse to reduce measures so to give protection is a national policy for sure and what we have seen before the coronavirus was already an increasing protection pressures.

and to, again, so with the corona crisis it could be even magnified in a sense >> and dr. flach, corporate germany has been under a huge amount of pressure looking at things like u.s./china trade tensions and the pandemic but also facing structural head winds. we've been talk about this which have been taking measures to slim down and undo these big conglomerate structures that once served them do you think these are the right moves? do you think corporate germany is doing enough? and do you think that corporate germany can actually emerge from this pandemic with the support measures put in place by the german government and authorities stronger than before >> well, yes but i think -- so let me go back to this question on protectionist measures

recently we showed the effects of a localized word. i think this is an important issue. so what we show in our study is that the recent crisis would not have been much smaller in the absence of globalization and this is the first point. and in a less globalized world, we would not have achieved the gdp levels that we have today. i think these are important finds when you're talking about trade wars and about protectionism. >> dr. lisandra flach, thank you for joining us we're going to squeeze in a quick break, but plenty coming up including the eurogroup votes for donahoe as its new president. that's coming your way after the break.

welcome to "street signs." if you are just joining us, i'm

karen khouw. the shanghai composite and hang seng closes lower. >> the iea has raised its 2020 forecast but warns the acceleration in the forecast poses a risk to its outlook. ireland's pascal donahoe is chosen as the next eurogroup president and the goal is to bring back jobs. >> i will play my part in working with all members of the eurogroup to ensure this group makes the contributions. the challenges are great, but we will prevail and we will overcome them. >> we speak to the outgoing president of the eurogroup mario centeno in just a few minutes.

we are counting down to the wall street session later on today. and let's just see what friday is likely to bring it's rare, actually, where we're seeing green on the s&p 500, not on the nasdaq. typically it's the tech heavy index that flashes positive. but it's the s&p 500 so we may see a little bit of movement and repositioning ahead of the earning season starting next week. we'll watch out for some of the big cap stocks later on today. let's take you to the oil trade where we have seen a play up on brent. 1.5% down for wti. still perched around the $30 mark we had a report out from the iea that said effectively it bumped up the 2020 forecast today but warns covid-19 poses a risk

to the outlook want to get to the overall picture of europe. we've got 0.4 on the ftse. also a callback. this represents from yesterday when we were down 1. 7%. up by about a third. and curious to see the german market now outpacing the other two. in the middle there by 0.6 and then the spanish market only up 0.2%. eurogroup has elected a new president. pascal donahoe won the contest to be the leader speaking following the result, he said he would prioritize the economic recovery saying he knew people were scared about their future >> i'm very conscious that we do solve in the shadows of how

mario described it a moment ago two different crises the aftermath of the crisis of the sovereign, the current deep challenge that we now face of the crisis of a pandemic and as i begin my tenure as president of the eurogroup, i'm deeply conscious that the decisi citizens of europe are lucky enough where their economy now stands are looking at the european economy and have become concerned for their futures, their jobs, and for their incomes. >> i'm pleased to say mario z centeno joins us now it seems like a lifetime since we caught up in davos. the world has certainly changed. just give us a sense of what you think the irishfinance ministe will be dealing with now at the eurogroup level versus what you contended with in the last couple of years.

>> good morning and thank you for having me. well, the challenges are there we cannot avoid them and the best thing to do with this sort of challenge is to face them very clearly first the recovery it's very, very important that addition making process goes fast and strong. we need investment we need reforms. we need all countries to present reform programs. i think eurogroup will remain focused and act quickly in order to have this down. of course take now the european consulate and i really hope it is possible to deliver very quickly. and then we have our agenda, the banking union, the capital markets union. we have to go back to these important agenda for the future.

we actually already in our june meeting recurring second semester and i think minister donahoe is a very talented and highly experienced minister. he will do a great job >> indeed we've heard some comments out this morning from the german finance minister wanting to progress the capital markets union by the year's end. want to just get to what lies ahead a bit further. some quietly slip outside the side door and others throw donahoe behind them. you're talking about european members needing to rip up the rule book when it comes to eu budget limits at least in the short-term to respond to covid-19 why do you think different rules apply during this crisis >> we need to continue in the mood and unity, the sense of

unity that we presented since april. the capital markets union is a great response to avoid the public sector to share all the risks in our economies the banking union is very, very important so the finance sector and banking sector can have all instruments possible to respond to this. the worst thing that we could see in the future is for this crisis to morph into some sort of financial crisis. we must apply that at all times. so there's only one possibility for this which is positive risk which is for us. >> clearly having enough revenue to pay for the future economic needs of the european members is going to be incredibly important and a digital task has been

outlined for the next seven years. we were quizzing paschal donahoe about this he outlined his preference was still for the oecd to take the running on this one. he didn't necessarily want the european finance ministers what do you think it should be on a digital tax >> well, it is a discussion that is going on. there is a very strong commitment and finance ministers to follow the lead of the oecd work on this it's something that we need to face and it's very interesting that a finance minister that now leads the eurogroup toub part of this. minister donahoe was always a very middle ground seeker in

terms of the discussions a very moderate finance minister soing he'll do a great contribution for that debate it's very important for europe going forward to have resources, finding our common activities. these sources of revenue if they come from joint policies, it will make even greater sense it's something that we need to alleviate all the discussion around the finding every seven years. if we can do that and use these crises to promote a leap in integration, it will be quite a good use of the challenges we face now

>> mr. centeno, i would like to take you back to 2016 when we first spoke just days after your election as eurogroup president. at the time you told me countries had new political cycles and this was key to get the necessary reforms. now reaching the end of your mandate, we hardly saw any progress yesterday you mentioned you regret not achieving further progress on the banking union. so what went wrong over the last two years and a half, mr. centeno? >> well, you can always look at the glass and see the half full and half empty let me remind you that we had a very important debate in october. it was a very important moment for all of us.

actually it is benefitting a lot the debate on the recovery fund that is going on right now in europe it's a very, very good talking point from the debate and finance ministers can be very proud of that achievement. the review was also completed. it's now to be adopted by national parliament and the resolution which is also completed. it's true. when we now look at the half empty part of this glass, much stronger progress in some of the files. we were not able to do it but we have very important window of opportunity at the end of the 2019

unfortunately given the election results in germany and italy, we were not able to complete it as much as i'd liked. and then the pandemic crisis which of course took us to another sort of action in the first semester of 2020 but the agenda is very well established and i think it's quite important for us to take on >> all right let's look at the eurogroup in the medium to longer term. i would like to ask you if you agree with the french president emmanuel macron that the eurogroup needs a permanent president rather than a finance minister coming every two years and a half >> there are pros and cons in all situations that's the wonder of defining and designing here

i guess that the president of eurogroup being a sitting finance minister at the same level has a positive impact on our ability to achieve and deliver. this was very clear in april this year when we took almost two complete days of negotiations to deliver the 540 billion safety nets. this was a very important moment and it showed the positive move that this sort of organization and structure still has for eurogroup. but if we have a proper eurozone budget, but if we evolve in our

integration process to something that can respond as a design of the responsibilities of our finance minister, i don't see a problem there also but honestly, i think we still need a little bit more of time and key decisions in the future. i am very positive about that. i've seen after this recovery experience and i hope it has -- it will have an important success and show citizens how important it is for european countries to remain and stay united, that it may evolve to something bigger in terms of the budgetary convergence. if we do that, we can talk about that possibility of having a permanent finance minister of

europe >> the unity within the european union, mistrust between the north and the south has been a constant north of tension within the bloc how do you suggest moving forward from here to ease tensions as it continues to be an issue whether it is about the debt crisis in 2012 to addressing the current pandemic? >> well, let's not fool ourselves. risk reduction and the reduction symmetries and trust is something that is of a secular movement it takes a long period of time commitment, delivering on those commitments. and we actually were doing very, very well. just prior to this crisis. the strongest period of rate

reduction in the area were the last five years. just prior to the crisis, 14 out of 19 countries in the euro area were at their medium term objectives in terms of their fiscal stances which means we were coordinating very successful with those processes among countries. this takes a long period of time we need to be patient to deliver on this which means that we can continue in a resilient way. just take a quick look at the u.s. and tensions that exist across sthats, across regions, culturally in a country that is a very mature economic fiscal and monetary union for more than 200 years.

we should not rush into conclusions. if you feel anxious about this process, it takes time but it takes commitment. and what i can say sure you is that the long nights, the long meetings i had both with my peers, finance ministers, were also in their consulates presidents of eurogroup. i can assure you these commitments exist. everyone understands the importance of a single market of our common currency. and we will deliver on that. just not to try to speed up the historical time for these processes. because they really take alone >> thank you so much for your time today and also for the last couple of years. i believe you're part of the process now to choose the next bank of portugal governor, so we

do wish you the best of luck thank you so much, mario centeno. >> thank you so much it was my pleasure to be with you this morning coming up on the show, the sunbelt states see increases in covid-19 deaths. we'll break that down for you after this s 49... 50!

i found you!

good job. now i'm gonna stay here and you go hide. watch your favorites from anywhere in the house with the xfinity stream app. free with your xfinity service. now any room can be a tv room. stream live tv, on demand shows and movies even your dvr recordings. download the xfinity stream app today to stream the entertainment you love. xfinity. the future of awesome.

. for a third day in a row the united states has reported more than 800 coronavirus related deaths california, texas, and florida all seeing record one-day increases. those three states combined make up nearly 50% of the nationwide increase in fatalities at the highest levels since early june. the world health organization says airborne transmission of coronavirus in indoor spaces cannot be ruled out. in new guidance, the agency says it may be able to spread through particles in the air in crowded places such as gyms and restaurants. the new evaluation comes after top scientists urged health authorities to update their findings on the virus.

speaking to cnbc earlier today, the ecdc said that moving forward prevention should be more complex than simply recommending face masks. >> what we have many times said is that using masks and putting as the main and central measure can bring to the false sense of safety while uses masks, you don't need to do anything else. and that's not the case. clear ventilation of spaces together with other measures, that is the clue and that's the way forward with that. >> well, vaccine makers are expected to testify before a house committee later this month. the five companies including merck & co will work on developing a coronavirus vaccine. meanwhile president trump

continues to tout hydroxychloroquine very helpful. to treat with the malaria drug in june. karen, it's interesting to see that the vaccine makers are due to address the house later this month not only to update on their jax seen development efforts but also on their plans for distribution i think one of the key questions is where does the responsibility lie in determining who should get access to these vaccines >> right i know there's been so much in the way of negotiations taking place behind the scenes. so all governments are hoping to secure something in the population if there is a vaccine. think about where we stand this week there's been so many alarming stories about the cases, fatalities, it takes us back to where we started we desperately need a vaccine to move forward as a population and hong kong i think was another great example today. this is one territory where you see the process around the

pandemic clearly a region that's well versed with pandemics. now they've had 38 new coronavirus cases. hong kong says it will be closing schools again from next week it almost feels that even though you might have a good part of the crisis, then you circle back with a fresh spike in problems and for me that in some ways is terrifying for europe because we've been in lockdown for so long we've only slowly reopened particularly here in the uk. you wonder what lies ahead as we go back to bars, restaurants, and travel again we'll be right back where we started soon what is the time frame we're talking about here in europe >> well, one thing that should provide some comfort is that between now and when this vaccine becomes available, should it be -- become available is we are seeing movement on treatments so those crucial therapies that will help bridge this gap. but even when it comes to therapies, we are now seeing evidence around the world clamoring to secure access

yesterday we were discussing roche, one of their arthritis drugs, the european commission already moving to secure excess doses before knowing whether or not it's effective coming back to this house committee later on this month, it really does beg a lot of scrutiny how do we determine who gets access to not only the vaccines first but also the therapies, the treatment that will help bridge this gap. and looking at the fatality rate in the united states, we are seeing the fatality rate come down despite the number of cases going up suggesting that the medical community is getting better at treating the virus that's just one factor at play here it's not all doom and gloom. that's the only thing that will get us to return to some form of normality. but treatments also very important for the next several months >> do you feel as though it is a bit doom and gloom i take it there's work going on behind the saens but the spike in cases very strong this week also the comment about the

airborne nature of this virus that is a potential. we sort of stepped back initially when this was mentioned. that is a game changer when you talk about just how quickly you could be infected. i think markets have leaned into that look at the narrative in europe today. we're not really holding onto the gains. the market has tried to accelerate you see patches of red keep flashing up. even through slim gains we had, those have been given back that is all for today's show, but they're going to continue the conversation we're going to wrap up "street signs. but "worldwide exchange"s mi yr y ory. i

it is 5:00 a.m here's your top five at 5:00 a wild session in wall street. the tale of two markets. tech stocks don't push higher while so-called reopening sectors like travel and leisure remain under pressure. united and its pilots union reaching a tentative agreement on voluntary furloughs may shut u.s. plants because of lack of engines. and will we get college football what the big ten is saying this morning. it is friday, july 10th, and you're watching "worldwide exchange" on cnbc.