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Trump-Putin Ceasefire Talks Off Amid Apparent Impasse; Vance: Great Optimism Gaza Ceasefire is Going to Hold; New Peruvian President Declares State of Emergency on Crime; Key Inflation Data Price Index Report Set to be Released Friday; Goals Galore as Napoli Thrashed by PSV 6-2. Aired 9-10a ET

Aired October 22, 2025 - 09:00   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

[09:00:00]

(COMMERCIAL BREAK)

CHRISTINA MACFARLANE, CNN HOST, CONNECT THE WORLD: President Trump says the Justice -- Department of Justice, his Department of Justice owes him

millions of dollars because of its prior investigations involving himself. It's 09:00 a.m. in Washington and it's 02:00 p.m. here in London.

I'm Christina Macfarlane. This is "Connect the World". Also coming up, Kyiv under attack with deadly results, just as Donald Trump says, a meeting with

Vladimir Putin is off. U.S. Vice President, J.D. Vance is in Israel, as fragile ceasefire holds with Hamas. He has declined to give a timeline for

Hamas' disarmament.

Plus, the U.S. shutdown enters the 22nd day. So, who are Americans most likely to blame, Republicans or Democrats? Will have the latest numbers,

and the stock market in New York opens about 30 minutes from now. We will have a deeper dive on that, and it currently looks like it's slightly

lower.

It's going to be slightly lower on opening, investors are braced for another packed day of earnings, including Tesla after the bell. But we

begin with a sharp U-turn for the U.S. President Donald Trump putting the brakes on plans to meet with Vladimir Putin in Budapest to discuss a

possible ceasefire in Ukraine.

He says it could be a waste of time. After Russia made it clear it's not willing to freeze the war along current battle lines. That's a major

sticking point for President Trump. Ukraine and Europe, hours after the Budapest meeting was shelved, Ukrainian cities, including the capital Kyiv,

came under heavy Russian bombardment, forcing emergency power cuts and killing several people.

Stopping the fighting very much in focus at the White House today, President Trump is due to sit down with NATO Secretary General, Mark Rutte

this afternoon. Their meeting coming one day after European leaders agreed that more pressure needs to be put on Russia.

Joining us to discuss all of this, the Senior White House Reporter Kevin Liptak and our International Diplomatic Editor, Nic Robertson. Kevin, let's

turn to you first, though, with that turnaround at the White House on the meeting with President Putin because the Kremlin are claiming that this is

still on, even though Donald Trump says he doesn't want to waste his time. What are you hearing?

KEVIN LIPTAK, CNN SENIOR WHITE HOUSE REPORTER: Yeah, and the president did say yesterday that he would update us in two days on his latest thinking on

Russia, although, given his sort of record on deadlines, I'm not sure we should be holding our breath.

You know, officials say that a summit is possible, perhaps down the road, perhaps when they have more clarity from the Russian side about what

exactly they're willing to do in order to bring this war to an end. But I think it was pretty clear, listening to President Trump yesterday, but also

in conversations behind the scenes with officials.

They do not think that the time is opportune, at the moment to hold this summit, which is a huge reversal. You know, President Trump, just last

week, said that he could be meeting with Putin in Budapest within two weeks' time. And I think that there was a critical moment on Monday when

the Secretary of State, Marco Rubio got on the phone with Sergey Lavrov, the Russian Foreign Minister.

And Lavrov essentially said that Russia was not willing to back off any of the maximalist positions that it has held throughout the course of this

war, namely that Ukraine give up the entire Donbas region as part of any peace settlement. And Rubio came back to the White House and briefed

officials and said that, in his view, the time was not right for a Trump- Putin Summit, because nothing could really be accomplished.

And the president does seem to have absorbed that sentiment and now is saying that this is not going to happen, at least in the near term. So, you

know, I think for the president, he's clearly very frustrated that he hasn't been able to bring this war to an end. He had thought that his

ability to broker a truce in Gaza might lend some momentum to these efforts.

And I think after that phone call that he had with Putin last week, he did think that there was some kind of an opening. And you heard that from

officials as well. They thought that perhaps Putin might have some wiggle room, essentially, in some of these demands. Lavrov seems to have suggested

otherwise, which is why this summit is off for now.

But you know, at least, according to everyone I've talked to, they're not ruling out the possibility that this could happen just further down the

line. Now we know that both Lavrov and Rubio will be in Malaysia this week, on the sidelines of an ASEAN Summit. President Trump will be there as well.

[09:05:00]

It's possible that they meet again, and that Lavrov comes bearing some new information about what Russia might be willing to agree to. But certainly,

it doesn't seem as if this summit is on track for happening next week, which is what President Trump originally projected when he announced it

last week.

MACFARLANE: Yeah, and Nic just hours after that, potential face to face, the second potential face to face fell apart. There were reports of major

strikes on infrastructure, civilian buildings in Ukraine, including, I think, a kindergarten school. What more can you tell us about that?

NIC ROBERTSON, CNN INTERNATIONAL DIPLOMATIC EDITOR: Yeah, the kindergarten school was today in Kharkiv in the northeast of Ukraine, and the missile

struck either directly in the kindergarten or a building very adjacent to it, and the images you can see of the children's toys and clothes scattered

and strewn around this very damaged building.

One person was killed, seven were injured. But that comes on the strikes that happened in Kyiv, the capital, other parts of the country, at least

six people killed there, dozens more injured. It is part of Russia's apparent efforts not just to sort of terrorize the civilian population, but

also targeting the energy infrastructure.

And you've had President Zelenskyy today in Sweden, meeting -- they're going to a factory, a Saab factory. Now they make the grip and fighter jets

the scale and scope of any order that might come from Ukraine. If they're going to buy grip and fighter jets will be significant.

Plays into Europe's narrative of supporting and spending domestic European money to support Ukraine's defense. And then he went on to Norway, where

the prime minister there met him at the airport and offered $150 million for gas, for energy for Ukraine, which is vital.

And of course, Zelenskyy very grateful, saying he was very grateful for that. But Russia's tactic here is this twofold tactic we've seen of sort of

terrorize the population, increase its drones, reach scale scope, ability to strike and sort of cheat and beat Ukraine's air defense system and

damage and impair the energy infrastructure across country. And to that point, continue to be rolling outages, power outages across country.

MACFARLANE: And Kevin just briefly, we're expecting, as we mentioned, NATO Secretary General, to be meeting with Trump later today. Do we have any

specifics yet? So, what might be discussed?

LIPTAK: Yeah, and this meeting seems to have been put together pretty quickly after that meeting with Zelenskyy at the White House on Friday

turned somewhat tense. You know, Mark Rutte is considered something of a Trump whisper among European leaders.

And I think the hope is that he comes to the White House, one to get a better sense of where Trump's head is at when it comes to meeting with

Putin, when it comes to brokering into the war, but also to convey to the president, what the Europeans are doing on this front.

You know, there's been talk about this potential 12-point plan that they're putting together to broker an end to the conflict that would have to

involve Trump, certainly in some capacity, before it can get signed off on. And so, I think this will be kind of a critical meeting, as the two of them

really try and touch base about what exactly the future of this will be.

And certainly, President Trump will want to tell him whether or not he thinks Putin is serious about ending the conflict.

MACFARLANE: Yeah, and we will look to see as well. You know where we go on that demand to freeze the war along the current battle lines. As you point

out Nic, of course, we're coming into winter, and of course energy infrastructure is already under attack. For now, thank you both.

We will look to see where that meeting with Rutte goes later today. Now, U.S. Secretary of State Marco Rubio returns to Israel tomorrow in what will

be the latest in a series of high-level meetings aimed at keeping the Israel-Hamas ceasefire intact. U.S. Vice President J.D. Vance, Special

Envoy Steve Witkoff, and President Trump's son in law, Jared Kushner have all met with Prime Minister Benjamin Netanyahu this week.

At a news conference Tuesday, Vance downplayed fears about the ceasefire collapsing, even as sources tell CNN some Trump Administration officials

are privately concerned it could fall apart. In remarks today, both Vance and the Prime Minister voiced optimism about Gaza's future.

(BEGIN VIDEO CLIP)

BENJAMIN NETANYAHU, ISRAELI PRIME MINISTER: We're just creating an unbelievable day after with a completely new vision of how to have the

civil government, how to have the security there, who could provide that security there, again, with Israel taking care of a role of security

always.

And we discussed that, and I think we have some very, very good ideas how to proceed. It's not going to be easy, but I think it's possible.

J.D. VANCE, VICE PRESIDENT OF THE UNITED STATES OF AMERICA: Yeah, I mean, we're really creating a peace plan and an infrastructure here where nothing

existed even a week and a day ago. That's going to require a lot of work. It requires a lot of ingenuity. But again, I just having seen what's

already been built in just the past seven days.

I think that we're on an incredible pathway here to do something that has never been done. And I think it you know, you've heard Steve Witkoff say

this, you've heard the president, I believe, say this, that if we do this the right way, it could create a model, I think, that could lead to other

peace agreements all over the world.

(END VIDEO CLIP)

[09:10:00]

MACFARLANE: Paula Hancocks is following developments for us from Abu Dhabi this hour. So, Paula, how do those words of optimism we heard there from

Vance and Prime Minister Netanyahu stand up against the reality right now?

PAULA HANCOCKS, CNN CORRESPONDENT: Well, certainly the optimism is quite significant when it comes to what we've heard from the U.S. Vice President.

We heard the saying yesterday as well, but we did also hear some realism in his comments, saying that it isn't going to be easy, that it's not going to

be done overnight.

And also listing some of the challenges that trying to put the force together, for example, of troops that would be trying to keep the peace in

Gaza when talking about what to put towards the board of peace who will be making the decisions on the future governance of Gaza.

And he also was very keen not to be drawn into a timeline, whether it came to the disarming of Hamas, which will be in the next phase we understand of

this ceasefire deal, or whether it is when they will give a deadline, or if they will give a deadline for all of the remains of the Israeli hostages

being held in Gaza to be brought back to Israel.

So, he was being fairly realistic as well about the chances of that, talking about the difficulties, certainly when it comes to the remains

coming back to Israel. Now, 15 of those bodies have been returned. They have been identified, which means there are 13 remaining at this point.

And he did make a statement that this is one of the key priorities now, going forward, just this afternoon, he has met with some of the families of

those deceased hostages who have not yet been found. We also know that he met with some of the hostages who have been released in this latest round,

some of those final living hostages being released from Hamas and others in Gaza.

And this is something that we have seen with the U.S. delegation as well, with Steve Witkoff, with Jared Kushner. There's a real focus on the

hostages itself. But what we are also seeing now is a shift to what comes next. This U.S. commitment really underscoring the U.S. commitment to Phase

B of this agreement.

And I think the really the number of senior U.S. leadership that are coming to Israel at this point really shows that the U.S. President has staked his

credibility on this ceasefire deal. They are desperate not to see it fail. We have heard internally that there are some private concerns that the

fragility of the ceasefire was more than had been predicted.

But certainly, the fact you've seen the president, you now have the U.S. Vice President, you're about to see the Secretary of State landing in

Israel, that really goes to show just how desperately the Trump Administration want this ceasefire deal to succeed, and they are putting

what they can into it at this point.

But as I say, there was a fair bit of realism that this is not going to be an easy task. Certainly, no one's under the illusion that this was going to

be an easy task, Christina.

MACFARLANE: Yeah, there's certainly, a show of force, isn't it, from the Trump Administration in the Middle East right now. And as you say, Paula,

look ahead to what comes next and steps towards that stabilization force. We're hearing reports of a civil military coordination center being put

together with various countries involved. Do we have any more information yet on what that could entail?

HANCOCKS: Yeah, this is where the U.S. Vice President was visiting yesterday, and where he gave his press conference from. So, he wanted that

center really to be front and center to be a real focus of what he was doing in the region.

And there was an acknowledgment that they are in the early stages of trying to put this together, that they are trying to figure out exactly who is

willing to put boots on the ground, for example, who will be part of this international force.

He made it very clear again that the United States will not be part of that. They will not be U.S. boots on the ground, but they will be doing the

coordination going forward. Now we know that there are, at this point, 200 U.S. military personnel there. There's Israeli personnel.

There are military personnel from a number of different countries. So, this really is in the very early days of being created. We didn't get very much

detail as to what it will look like when it is finished, but I think it was telling the fact that his first public statements, he wanted to be from

this center itself.

MACFARLANE: Yeah, Paula Hancocks there live from Abu Dhabi. Appreciate it. Thanks, Paula.

[09:15:00]

OK, still to come as the U.S. government shutdown drags on, top Democratic leaders are pushing President Trump to negotiate with them. Is the

president ready to make a deal?

(COMMERCIAL BREAK)

MACFARLANE: President Trump says he could be seeking $230 million from the U.S. Justice Department. He claims that some would be compensation and

damages for past investigations into his actions. According to "The New York Times", he submitted complaints each of the past two years before he

was reelected.

And his own former defense attorneys now hold the Justice Department jobs and could be involved in approving any such payouts.

(BEGIN VIDEO CLIP)

UNIDENTIFIED FEMALE: The Justice Department. Are you asking them to pay you compensation for the federal investigations that happened to you, and how

much are you asking for?

DONALD TRUMP, PRESIDENT OF THE UNITED STATES OF AMERICA: Well, I guess they probably owe me a lot of money for that, probably. That's true. That's very

interesting with the country. It's interesting, because I'm the one that makes a decision, right? And you know that decision would have to go across

my desk.

And it's awfully strange to make a decision where I'm paying myself. In other words, did you ever have one of those cases where you have to decide

how much you're paying yourself in damages? But I was damaged very greatly, and any money that I would get I would give to charity.

(END VIDEO CLIP)

MACFARLANE: Of course, it's the taxpayers who would be footing the bill. Right now, the U.S. government shutdown is in the second longest in U.S.

history. And lawmakers on both sides of the aisle are still refusing to negotiate until their demands are met. In recent days, several Republican

lawmakers have suggested that President Donald Trump take a more direct role in resolving the shutdown.

Top Democratic Leaders Chuck Schumer and Hakeem Jeffries also pushing to meet with the president to hammer out their differences. Trump says he's

open to meeting with them, but only under one condition.

(BEGIN VIDEO CLIP)

TRUMP: I would like to meet with both of them. But I set one little caveat, I will only meet if they let the country open. They have to let the country

open. The people want to go back to work, they want to be served. They want to -- they need the services of some people, and a lot of people need the

money, the payroll. So, I'll do it as soon as they open up the country.

(END VIDEO CLIP)

MACFARLANE: One little caveat, well CNN's Annie Grayer following the story for us on Capitol Hill, where lawmakers are getting paid. Annie, top

Democrats calling on President Donald Trump to meet with them and negotiate an end to the shutdown. The question is, is it going to happen? What are

your sources telling you?

ANNIE GRAYER, CNN SENIOR REPORTER: Well, we're sort of stuck right now, because congressional leadership, Speaker Johnson, Leader Thune and

President Trump, all say that no negotiations about rising costs of health care can happen until the governments reopen. But there is a growing number

of rank-and-file Republicans.

[09:20:00]

Republican lawmakers, not in leadership, who say it's time to bring Trump in to break this stalemate and actually get the two sides talking, because

it is day 22 of this government shutdown, the second longest in history, and no progress has been made. And the group that agrees with those rank-

and-file Republicans are Democrats.

As you mentioned, Chuck Schumer and Hakeem Jeffries have reached out to Trump to try and meet with the president, because they haven't spoken to

the president about government funding since September 29th, the day before the government shut down, and their argument is, we think that

congressional Republicans are just going to follow what the president wants.

Anyway, we may as well just talk directly to him. But round and round we go here because there are these two competing ideas, and neither one is making

progress. And just to give a sense of how stuck we are, I'm going to play for you some sound from Leader Thune, just to show you that what lawmakers

are saying now day 22 of the shutdown is very similar to what they were saying back on day one.

(BEGIN VIDEO CLIP)

SEN. JOHN THUNE (R-SD): I don't know what there is to negotiate. This is about opening up the government. We have offered them several off ramps

now. The Democrats want something that's totally untenable. People keep saying, you know, negotiate, negotiate what.

I don't know what that is right now. The government needs to open up and then we're happy to sit down and talk about any other issues that Democrats

want to talk about.

(END VIDEO CLIP)

GRAYER: So, as you heard from the leader there are no negotiations happening right now, and some Republicans want to see that to start to

mention that Senator Merkley, a Democrat, has been on the Senate floor overnight, talking about the government shutdown and his opposition to

Trump.

And so, lawmakers are trying to find ways to make their case, but short of real progress, there isn't much happening right now to end the shutdown on

Capitol Hill.

MACFARLANE: All right, stalemate continues for now. Annie Grayer, appreciate it. Thank you. Well, amidst all of this, U.S. economy is feeling

the sting of the shutdown, as you can imagine, as our everyday Americans. Let's bring in CNN's Chief Data Analyst, Harry Enten.

So, Harry, Congress isn't passing the laws during the shutdown. How unusual is that for Congress? Just give us the big picture.

HARRY ENTEN, CNN CHIEF DATA ANALYST: Yeah, I don't think it's unusual at all, because, I mean, look, they're not doing anything the last 22 days,

but I think a lot of the American people would argue they haven't been doing much this entire Congress anyway.

And we can look at the numbers, and they tell the story here. What are we talking about? OK, bills signed into law since 1953 at this point in a

presidency, the fewest well, it's this Congress. It's this year, only 36 laws have actually been signed, right? And the median is 87 and this is

dating all the way back since 1953 to give you a little bit of comparison.

There were 51 Bills and Resolutions signed into law at this point in the Joe Biden Administration. So, 15 lower than that. Now, again, this

shouldn't be such a surprise, because just look back at the last Congress. What are we talking about here? Well, this is full congresses since 1973

Bills and Resolutions signed into law.

What was the fewest? It was the last Congress at just 274. In fact, that is the fewest in any Congress dating all the way back since the Civil War, my

goodness gracious, of course, that happened in the 1860s in the United States of America. The median 478 so you don't have to be a mathematical

genius to know that 274 is fewer less than 478.

Now we are talking about this shutdown, right? And there's a big blame game going on with this, Democrats, Republicans. Are we going to bring in Donald

Trump? How do the American people feel about it? Well, here's the situation. Who is to blame for the shutdown?

50 percent say Republicans in Congress, compared to 43 percent who say Democrats. Normally, when you have the higher percentage, that's a good

thing in a poll. In this particular case, it's a bad thing. More people are blaming the Republicans in Congress than the Democrats at this particular

point.

And the other thing I will note is the one piece of legislation that this Congress has actually passed, that the big one was, of course, the big,

beautiful bill, right? And that is way underwater. That is more than 10 points underwater. So, it doesn't really matter what this Congress does,

whether they do nothing, as in the case of the shutdown, or whether they're passing the big, beautiful bill.

This is just an unpopular Congress and a historically unproductive one, as we hit day 22 with no end in sight.

MACFARLANE: Yeah, and it is very interesting to see how those polling numbers might entrench positions at this point, as what we continue to look

ahead to when this might end. Harry, appreciate the breakdown. Thank you.

ENTEN: Thank you.

MACFARLANE: Well, let's get you up to speed now on some other stories that are on our radar right now. North Korea has launched a ballistic missile

test just days before U.S. President Trump and other leaders are scheduled to meet in South Korea. Officials in Seoul say they detected several short-

range ballistic missiles fired from the area south of Pyongyang.

Peru's new President, Jose Jeri, has declared a 30-day state of emergency in Lima, a neighboring Callao province to combat rising crime.

[09:25:00]

It comes after massive protests last week that left one dead and more than 100 people hurt. The declaration allows for armed forces to join police to

maintain order. And in Paris, the Louvre Museum has reopened for tourists for the first time since Sunday's daring jewel heist.

French investigators are still searching for the bandits who made off with the crown jewels. The museum says they are worth $100 million. In a chaotic

scene on the streets of New York on Tuesday, after an ICE operation, immigration officers arrested street vendors on Canal Street in downtown

Manhattan.

According to a law enforcement official, some people started running, while others tried to intervene. The chaos stopped traffic in a crowded area, and

it's not clear how many arrests were made. Following the arrests, a small crowd protested outside ICE offices in New York, the building has become a

frequent gathering spot for protests.

And in Los Angeles, two people were injured in another ICE operation gone wrong. An ICE agent's weapon discharged when an agent tried to grab an

individual who apparently rammed into a vehicle involved in immigration enforcement. The Department of Homeland Security says the incident took

place during a targeted traffic stop with a suspect they had previously escaped.

Well still to come, we're just minutes away from the opening bell on Wall Street. How did some of America's biggest companies fare in the third

quarter. Investors eyeing some key earnings reports out this week. That's just ahead. And the Trump Administration has made the golden ticket of work

visas much tougher to obtain. We'll find out how that's affecting foreign students just ahead.

(COMMERCIAL BREAK)

MACFARLANE: Welcome back, I'm Christina Macfarlane in London, and you are watching "Connect the World". These are your headlines this hour. Ukrainian

President Volodymyr Zelenskyy says Russian strikes overnight targeted energy infrastructure as well as ordinary cities.

The attacks left several people dead and came hours after the White House shelled the meeting between President Trump and Vladimir Putin. NATO

Secretary General Mark Rutte is due to hold talks with President Trump at the White House today. Their meeting comes a day after European allies,

European leaders, sorry, agreed that Ukraine should not cede more territory for the sake of a ceasefire, and that more pressure needs to be applied to

Russia.

U.S. Vice President J.D. Vance is voicing optimism about the future of Gaza after meeting Israeli Prime Minister Benjamin Netanyahu in Jerusalem. Vance

is among several key U.S. officials visiting Israel this week to try and keep the Israel-Hamas ceasefire intact.

[09:30:00]

U.S. Secretary of State Marco Rubio, will arrive there on Thursday. And ringing the opening bell. Noah Holdings, the Chinese financial services

company headquartered in Shanghai. They're celebrating the 15th anniversary of listing. And we're at the midpoint of a busy week on Wall Street.

Let's get a quick look at how the markets are moving at the opening this Wednesday. Bit of a mixed picture across the board, DOW and the S& P up,

NASDAQ in the red. It's fresh off a third quarter earnings report, of course, from Netflix that fell short of expectations, sending shares

tumbling more than 6 percent in aftermarket trading.

Here's how things are shaping up with the television streaming giant today. You can see the shares down nearly 9 percent. Investors also eyeing another

key earnings report from electric vehicle maker Tesla, due out after the closing bell. And to discuss all of that, Sam Stovall is joining us. He's

the Chief Investment Strategist at CFRA Research. So great to have you with us.

SAM STOVALL, CHIEF INVESTMENT STRATEGIST AT CFRA RESEARCH: Thank you, Christina.

MACFARLANE: So, Sam, let's first talk about Netflix. The results, obviously were not greeted with much enthusiasm, but what everyone is talking about

today is that they are possibly eyeing up an acquisition of WBD, the parent company, of course, the CEO and HBO.

So, given what we've seen in the earnings, is this too big to swallow up in one gulp, do you think? What do you make of it?

STOVALL: No, we don't think so at this point. Our belief is that the stumble that Netflix had with the Q3 earnings was really more of a one-time

event with the Brazilian tax authorities, but we're still very favorable on the company because of the top line growth expectations, strong operating

margins.

And the one thing that makes Netflix different from many of the cable companies, it says it's streaming service, and by adding to that through

acquisitions, we think will only help the company, not hurt it.

MACFARLANE: Interesting. And the one other big thing we're watching, of course, are Tesla results just around the corner. And what do you think

we're expecting? Has Elon Musk managed to steer the company back onto the road of profit, do you think?

STOVALL: Not this quarter in our opinion, expectations are actually for a 23 percent year on year decline in earnings. A lot of that has to do with

the fact that enthusiasm was a bit too high for the company. There have been adverse impacts stemming from the one big, beautiful bill that was

passed earlier this year.

Also, I think there are concerns that market share has been reduced in the U.S., in Europe, in China. The only positive thing I can say is there's an

old saying that rarely can you injure yourself falling out of a basement window. So, with the expectations so low as they are right now, probably it

can only do better.

MACFARLANE: I love that saying, I'm going to reuse it. Let's have a look at gold, because it reached record highs recently, but the price took a bit of

a tumble yesterday. Do you think that's just a small blip or an indication that the party is over for gold?

STOVALL: Usually there is a pop after the drop. Our expectation is that because gold, which first off, offers no earnings, pays no dividend, is

driven primarily by investor emotions and technical or meaning the charts. And a lot of times, what we find is that on a very sharp upward move, you

tend to digest about 50 percent of that move.

So that would bring us to about 3850 on the price of gold. But then I think we'll probably attempt to see a rally back up to the prior highs. And if we

can break above that, then 5000 is probably the next level.

MACFARLANE: And another big economic marker we're rattling through them today comes out on Friday, two weeks late. Of course, investors are looking

for U.S. inflation figures for further signals about the pace of the rate cuts. Inflation, of course, continues to be a huge headache for Fed Chair

Powell, isn't it?

STOVALL: Absolutely and right now, the street is looking for a 3.1 percent year over year gain in the core CPI, or that's excluding food and energy.

So right now, with the expectations out there for quite some time, I think the market would be very pleased, even if it came in a 3 percent or with

the last month's reading at 2.9 percent.

[09:35:00]

They're also Wall Street is going to be thinking, you know, how reliable are these data points? And so there might be some questions as to whether

adjustments will be made with the next report.

MACFARLANE: Yeah, something to watch. Sam Stovall, it's always great to have your analysis. Thank you so much.

STOVALL: My pleasure.

MACFARLANE: Now, Walmart is America's largest private sector employer, and now says its pausing job offers to foreign candidates who need an H-1B visa

to work in the U.S. The Trump Administration has started enforcing $100,000 fee on that visa designed for highly skilled positions.

CNN's Ivan Watson looks at how these changes are affecting foreigners who had planned to work in the U.S.

(BEGIN VIDEOTAPE)

UNIDENTIFIED MALE: Good morning.

SUNDAR PICHAI, CEO OF GOOGLE: Good morning.

UNIDENTIFIED MALE: Good morning, everyone.

IVAN WATSON, CNN INTERNATIONAL CORRESPONDENT (voice-over): They run America's biggest tech companies, Google, Microsoft, Adobe, IBM, all four

Indian nationals who started out on student visas and then H-1B work visas.

SHANTANU NARAYEN, CEO FO ADOBE SYSTEMS: Well, I've always said, you know, as an immigrant to this country, it's given me everything that I have.

WATSON (voice-over): For decades, the H-1B has been the golden ticket, turning students into CEOs and dreams into careers. So prized that in

India, some temples are dedicated to praying for visa approval, but the Trump Administration is cracking down.

HOWARD LUTNICK, U.S. COMMERCE SECRETARY: Train Americans stop bringing in people to take our jobs. That's the policy here. $100,000 a year for H-1B

visas, and all of the big companies are on board.

WATSON (voice-over): H-1B work visas will now cost employers $100,000 fees. Until recently, nearly 70 percent of those visas went to Indian nationals.

UNIDENTIFIED MALE: We're not going to reveal your identity.

WATSON (voice-over): Many Indians in the U.S. now facing crushing debt with little chance of finding work in the U.S.

WATSON: How much are we talking about in terms of U.S. dollars?

UNIDENTIFIED MALE: So, there's more than $90,000 for me, and I took a pretty hefty loan. So, for somebody like me who doesn't really have

generational wealth back home. It was a big and heavy investment. It almost feels like you're not wanted here.

WATSON (voice-over): Online hostility is rising, with some people calling foreign workers job thieves and outsiders. The message, go back home.

SUDHANSHU KAUSHIK, FOUNDER OF NORTH AMERICAN ASSOCIATION OF INDIAN STUDENTS: It's a climate of fear and uncertainty, and it goes against what

we've been conditioned to for the past 20, 30, years, that you work hard, you study, you get the grades, you get admission, you know, you get the

scholarships, or you pay the tuition, then there will be a reward, you know, and you will be able to prosper, and you'll be able to contribute to

the American growth story.

WATSON (voice-over): U.S. government statistics show a sharp drop in foreigners with student visas coming to the U.S. in 2025 versus 2024 with

the arrivals of students from India plunging around 45 percent. In India the H-1B ripple effects are already visible. The dream of studying abroad

reflected in entire neighborhoods of Indian cities. Tutors and students describe a recent shift away from studying in the U.S.

HEMANKSH SWARA, GRADUATE SCHOOL APPLICANT: The reasoning now due to the Trump or the H-1B visa. I have started to drop U.S. from my plans. I'm

looking into European countries, maybe even India.

WATSON (voice-over): And this appears to be the White House's message, international students should no longer dream of starting their careers in

the U.S. Ivan Watson, CNN.

(END VIDEOTAPE)

MACFARLANE: Now match day three of the Champions League is up and running, where we have the most sensational of score lines in the Netherlands. Stay

tuned for that.

(COMMERCIAL BREAK)

[09:40:00]

MACFARLANE: Welcome back. It was goals galore on Tuesday in the Champions League, 43 of them in total across nine matches, including a shocking six

into Napoli's goal. Patrick Snell joins me now. Quite a shocking result there, Patrick.

PATRICK SNELL, CNN WORLD SPORT: Christy, yeah. I'll say six past Antonio Conte side, the reigning champions of Italy, Napoli. That was quite I will

say, full credit to the Dutch team PSV Eindhoven, who absolutely superb on the night, I will say. But speaking of Antonio Conte, Christy, you know,

he's one of the revered former players, of course, and a highly decorated manager.

He's won titles in four different countries. But when it comes to the Champions League, he's never even got to the semifinals. He's only ever got

to the quarter finals. So, he knows that something he needs to address in terms of his managerial resume. If you're Napoli fan, you're probably not

panicking at this point, but cause for concern may be already this season, they've suffered two defeats in Serie A, and now two defeats in the

Champions League.

And Christy, they've got a huge match coming up this weekend when they take on Inter Milan as well. So that has become a really if it wasn't already a

really important, almost a must win game for Antonio Conte and his side. And we'll be delving deeper on "World Sport" just a few moments away,

Christy.

MACFARLANE: Yeah, what a big week in store. Stay tuned for Patrick and that chat coming up on "World Sport" after this quick break. Great to see you,

Pat.

(COMMERCIAL BREAK)

[09:45:00]

(WORLD SPORT)

[10:00:00]

END