s edition of "dateline." i'm andrea canning. thanks for watching. ♪ good morning welcome to "street signs." i'm joumanna bercetche >> i'm julianna tatelbaum. these are your headlines chinese consumer prices fall faster than expected in october amid weak post-pandemic demand underlining the challenges of the economic recrecovery. airbus falls in the cac 40 as they talk about supply

chains. and adyen slashes guidance and disney shares move higher after the house of mouse posts a third quarter earnings beat and bob iger pledges to restore profitable growth. good morning warm welcome to "street signs. let's get' c a check of the equy mae

markets. the cac 4040 is leading the market and yesterday, we had stocks on both sides of the atlantic move higher it was a fairly lackluster session. the s&p 500 did close in positive territory it its eighth gain since 2021 as you see, the u.s. futures indicating a lackluster start to trade today. let's get a check of wall street traded yesterday across the three indices. as i mentioned, s&p closed in positive territory, but ten basis points higher. nothing to write home about in scale of the move. the dow jones industrial average lost 40 points fairly muted in terms of the magnitude there. looking at the month of november, let's put these moves into that context. you have the majors higher nasdaq up 6%

the s&p with the eighth c consecutive gain since 2021. the dow lost for a sixth consecutive session. the market has taken a turn for the calm for the month of novem november it is stemming from the rates market >> it is an october to forget. heavy selling month for the stock market indices it issing t interesting to see things changed one person said if the s&p closes in positive territory today, that would be its ninth consecutive day of gains i think it tells you that to a certain extent, this move in

stock markets has been unloved it is the same with the move in rates. we are citing reasons why rates were staying higher for longer and people were concerned of the trajectory of the fiscal finances in the u.s. and higher risk associated with the u.s we are now 50 basis points lower than the ten-year yield reached in october it tells you how fickle the markets are and the narrative has changed toward no longer the fed keeping rates on hold, but when they start cutting. >> i think to that point, one of the key potential catalysts for the market could come next week. the october cpi on tuesday and then hear from jay powell today. coming back to the conversation from yesterday, investors are not hooked on jay powell's words at this stage. they is settled in the idea that rate cuts are coming >> he will head the panel today at the imf

other markets we are watching out for is asia the inflation numbers within the headlines showing a decline in china as cpi in october declined 0.2% year on year. more than 0.1% expectation i'll have more details in a moment hang seng slipped after starting off the session in positive territory and now 0.3% weaker. the one stock, nintendo, having a strong round nintendo was up 6% yesterday and now up 5.6% on the back of game s sales. let's talk about china the country's struggle to shore up growth through domestic demand consumer prices fell 0.2% from a year earlier compared to a flat

rater a year ago let's get out to the chief china economist from hsbc. wonderful to have you with us. let's start off with the inflation numbers. what did the deflation prints say about the chinese economy? >> i wouldn't wore that much about the deflationary pressure. if we look at the composition, clearly, food prices contributed to the drop. the food prices dropped the headline cpi by .75%. pork is negative 30 percent year on year. this is normal it would not necessarily say anything about the overall recovery >> few analysts comments that i

read talked about the up coming single thes ss day. i wonder how you get the health on the consumer with the challenges facing them the last couple months. >> i think, you know, what i get the sense on the ground is that in the old days, many people bought a lot during the singles day because things tend to be cheaper on that day. no things are different. we see platform continue to roll out discounts. people may not need to stock up the goods during the single largest promotion day. >> jing, you mentioned food prices as the culprit of the deepening inflation print today. what is going on with food prices and what is the outlook there? >> i think for food prices, you

might recall people joke about china's cpi inflation is a pork cycle. we saw the pork prices up and down and play a big role in the china headline cpi inflation this time around, the pork prices actually drop again that is because we end up seeing the peak last year and the trough it is ups and downs. >> to ups and downs when it comes to those prices. let me take you to another part of the chinese economy that is the property sector. what do thoughauthorities hope achieve with the policies? >> over the last week, we see probably more clarity where china is heading with respect to the housing policies actually now there is an idea of the track in the sense of a

clear segregation of the commodity housing and social hou housing. the model will allow commodity housing to turn to its commercial nature which i would interpret as it can be for living and speculation on the other hand, in terms of the affordable housing, it will be fulfilled by the other track which is social housing. >> let me take you to the geopolitics. people people are interested to see there is a meeting with president biden and president xi in san francisco next week let me ask your perception on what that means for state of the wil relations between the two and the impact on the chinese economy going forward? >> i'm not a political expert. at the same time, we notice that

over the past weeks or so, we keep seeing signals pointing to more communication between the largest two nations. wit we take that as a positive we believe china and the u.s. can work together to make the world better with climate change and some sense of trying to content of the pressure in certain regions. for the china economy, i think improved or better relationship with the u.s. would mean, to some extent, maybe some of the corporates less worried about the uncertainty. in that, i think it is positive. >> thank you so much for sharing your views with us this morning. jing li from hsbc. coming up on the show, airbus falls in early trade after flagging continued supply concerns

we will breakd down the results after this

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welcome back to "street signs. let's get a check of the european markets and how they are faring the patches of red behind me the ftse 100 is down .20%. we are watching the likes of astrazeneca today post earnings. the stock is up 3% they raised the earnings forecast and building society putting in a good day. we spoke about the strong perfo performance which is up 1% as for the cac 40, we are positive up .30%. we are watching schneider electric electric right at the top of the stoxx 600. up 6% after the long-term outlook. not the case for airbus which is down 3%. we will get to that in a moment. dax is trading at the flat line. you see we are very much focused on the earnings season

over in the u.s., lots of talk about the move lower in bond yields we are rallying sympathy over here in europe, we are focused on the earnings this week from the likes of insurance and industrials. in terms of sectors, this is the leadership industrials with schneider electric up 6% the basket is up 1.2%. media is up .90% we have travel and leisure down 1.2% insurance is down .50% retail is down .50% as well. let me give you the headline on airbus the company reaffirmed the financial targets for the year and raised the goal for the a-a-3 a-350 production the earnings dipped below expectations offer the charge on

satellite programs >> charlotte is joining us with more why is the stock trading lower >> as usual with airbus, it is not just demand, but airlines are buying demand. that is here when we come to airbus the q3 numbers with revenue up 20%. adjusted profit is up 21%. just below expectations. on the satellite program, 400 million euro they did not give details on that airbus is under restructuring according to the cfo he said that yesterday for the next three-to-five years he said that the operating environment will remain challenging for a while. a lot of eyes on this. the supply chain with the myriad

of small suppliers and issues with the engines and an cracks in engines some airlines had to ground planes airbus is working with the engine maker and customers this is a concern of how much this impacts the ramp up of production they are sticking to the production for the a-350 plane they are adding 50 they still have that target. the market is concerned if they can keep up with the numbers they announced a new target for the wide body plane a-350. they have a recovery in those wide jets. they still have the 8,000 backlog of planes for the ten years of production. can they keep up with the target every target this year, they said they would reach planes for delivery that is when they get most of the payment on the planes at delivery they confirmed the numbers and financial targets.

they expect significantly higher financials in 2024 the market is concerned if they can ramp up as the much as they can say. >> thank you, charlotte. joumanna, what is going on astrazeneca? it raised earnings guidance for the full year among the strong demand for the cancer drug the pharma giant said it will rise by low double digit third quarter eps came in at $1.73 ahead of forecast. you are seeing a positive price reaction this morning. schneider electric shares are up after the automation group is targeting 7% to 10% revenue growth through 2027. the market likes it. flutter is trading lower this morning down more than 11%

the company expects full-year earnings and expects the u.s. to be at the bottom of the range. the world's largest online betting company will de-list in dublin and pursue a listing in new york next year that is driving the basket lower. it is under performing this morning. let's bring in colin here with us at the desk let's talk about what is underpinning the strength in equities for the month of november it seems to be tied to the rally we have seen in bond markets my question to you is how much of that rally in bonds has been down to oil pulling back on the basis that it removes one of the potential upside risks to inflation? >> i think it is part of it. i think it is more where interest rates are going and we

have seen that over the last year, seven times bull markets said the fed has finished its rate hikes, but been proved wrong. we're not in the camp that interest rates are coming down soon we think the u.s. is resilresil. we think the global economy is resi resilient. we didn't think $95 a barrel was the right price for oil given our outlook for the economy. >> does that mean you think we he could see the fed actually raise rates as the next move >> it's a possibility or probability. we are not in the camp they will cut. they will hold it there longer than they require. you can see as interest rates start to get re-priced in and hikes come in and you start to see the long yields come in with

more cahance of recession and more cuts need to be moved later. >> reading between the lines of what you said to julianna, is your view the two-year note plays against the rate cut sell the two-year noticee? >> we are more interested in the f five-year area with a butterfly position use the two-year note to fund len longer positions >> the interesting thing about the bond move is we are always trying to create a narrative behind why things are moving and when the ten-year note got to 5%, everybody was talking about the state of fiscal situation in the u.s. the public trajectory and the fitch downgrade in the summer. have people forgotten to become

bond vigilantes now? >> it was short covering by the fast money and hedge funds that caused this sharp rally. i think now you are starting to see the fundamentals where people are going back saying we are not much different from three or four or five weeks ago. let's re-price things. oil prices are lower now we could blame that on china weakness >> let me take you back to the equity moves in the last eight days we have been coming in with a new superlative. the eighth consecutive day in a row for the s&p. one of our producers said our u.s. colleagues have been calling it muted, but momentous. the string of gains for the u.s. markets. why the lackluster performance

what are they waiting for or are they comfortable with positioning? is that why we are not seeing a great magnitude with the moves >> you have to look at the selloff. you saw the u.s. small caps with the brunt of the selloff nasdaq down 12%. that's the real economy in the u.s. these are the small mom and pop companies where they rely on bank funding more than the market funding there's where you are seeing the squeeze. i think that's very clear that actually there are parts of the u.s. economy that are struggling you have the magnificent seven stocks that seem to deliver the earnings and drive the whole market >> from this earnings season, it is not just the magnificent seven, i remember reading the numbers. 88% of the s&p reported and 88% of the companies reported have

beat for this earnings season, there actuallyhas been a brought amount of surprises come through on the earnings front. it is not just the magnificent seven. >> absolutely. that is great. management expectations bythe company s. we have seen struggles and they come out and beat. if you look at how earnings have been downgraded in the previous four-to-six weeks, they come down and you get the pop at the end. that is the concern of the higher rates and earnings and concerns of the future expectations of recession and soft landing and hard landing. >> julianna and i were talking about the european equity moves earlier. it is difficult to piece the narrative, marrrch -- macro narrative there. we have many earnings coming out this week. you see the likes of schneider electric up 6% today

equally with the uk banking stocks taking beats to the down side i'm just wondering from your standpoint how the european earnings are looking from the u.s. at this point >> when we talk to our fundamental teams which pick stocks globally and in europe, you have to be careful with the stocks you pick. you also see the themes around electrification and the climate transition those stocks have come off a long way and looking very a track tattractive now >> on that note, we will shift attention to the payment space we will say good-bye to you. colin graham at robeco speaking of companies that don't need good news, nexi confirmed the full-year outlook

with the 5% jump of the third quarter revenue year on year the fintech company met expectations for the quarter despite slower summer activity adyen cuts medium-term sales targets. the payments company said it will improve the core profit margin to above 50% by 2026. look at the share price move up 30% joumanna, coming back to colin's point. at the moment, it feels like it doesn't take a lot for some companies to get going because they traveled so far south and adyen had taken a huge hit with losing half the market value coming into today. it gained back a huge chunk after cutting targets. the company is putting out realistic forecasts. >> the analyst comments were interesting. the 2026 financial guidance is

becoming more realistic. we have jpmorgan chase and jeffreys welcoming the targets we have various traders saying the near-term guidance the q3 profits is known as a textbook clearing event the market is reacting positively look at the share price and how much adyen fell during the summer as they slashed outlook and warned of the growth that they previously guided to. a long way for the stock to recover the losses we saw in the summer i would say that given so much bad news priced in, it didn't take a lot to move higher this morning. if you want to get involved in the conversation, follow us on x and tweet us i'm @cnbcjou. coming up, softbank earnings

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welcome back to "street signs. i'm julianna tatelbaum >> i'm joumanna bercetche and these are your headlines chinese consumer prices fall faster than expected underlining the challenges facing beijing's economic recovery. airbus falls to the bottom of the cac 40 as it lifts production targets as they warn of challenging supply chains. adyen shares soar on track to the the best day after as they track the guidance. and the house of mouse posts a third quarter earnings beat and bob iger places streaming at the heart of its strategy. >> we expect subscriber growth to continue. we had a great quarter as you noted adding 7 million disney

plus subs. that was a result of great content. let's check on the u.s. futures. what is the nod from wall street this morning muted. more lackluster moves indicated at this hour the dow jones industrial average is looking to bounce back after closing in negative territory yesterday. s&p with a flat start. the nasdaq looking at a flat start. we have jay powell speaking at the imf panel today, as well as the weekly jobless claims. as for european markets, we see that coming together with the ftse 100 trading lower this morning. the cac 40 is up .50%. that is leading the gains al alongside spain and dax is up .25%. smi up .50% as well.

the stoxx 600 yesterday bouncing back from the losses at the start of the week. as for the overnight trading session, red on the board from hang seng. that market ending .30% lower. shanghai is not moving much. the japanese market up 1.5% overnight. nissan is in the driver's seat this morning. the automaker raised the full year guidance after the operating profit that doubled in the july and september quarter thanks to strong sales in north america and japan. the company teased four new models for china by 2026 with the first launching in the second half of next year sony operating profit fell in the first half weighed down by weaker performance of the chips and financial divisions. the tech giant had to resort to promotions to boost slowing sales, but raised revenue and

profit targets for the year to march. and softbank posted a loss of 1.4 trillion yen as it booked a fourth straight quarterly loss the group's key investment unit, vision fund, reported an investment gain of 21.4 beeillin yen in the second quarter. arjun is joining us now. arjun, what impact did the arm public listing have? >> reporter: this is not the listing directly softbank bought some arm shares ahead of the ipo from the vision fund which actually helped the vision fund get the 21.4 billion yen investment it wasn't a great quarter for softbank vision fund lost 258.86 billion

yen. offsetting the gains from arm. a lot of that was the wework bank bankruptcy the company booked 234.4 billion yen in the first half period related to the investment and financial support provided to wework that was a drag on the results. critics of softbank point to wework as the poster child of the company's undisciplined approach to investing. the cfo of softbank addressed that in the press conference saying i'm very sorry to hear that in regards to wework's bankruptcy as a company, we need to accept that and learn a lesson for the future investment activity addressing the concerns as well. the company very much in terms of the investment strategy said last year it is going into defense mode and more prudent

investment strategy. the founder of softbank said the company is flipping to offense mode because of his excitement of a.i he addressed that in the press conference we are investing in a.i. and that is the main strategy for our company. in terms of arm, arm reported after the u.s. close last night. they saw a rise in revenue, but guidance was weak for current quarter. dropping 7% after hours trade. for softbank, it wasn't a pretty quarter. the cfo declared that softbank hit a bottom it is yet to be seen if the investment fund or division fund will see a turn around. >> rauarjun, thanks for the summary. stay with us for the next story. lotus has revealed the first electric car called the grand

tourer called emeya. we have the chief commercial officer at lotus arjun will stick around. thank you for coming into the studio >> thank you for having me >> i know pricing has yet to be announced for the car. give us a sense of who your target customers are with the launch and new push into the electric vehicle world. >> absolutely. we launched it in september in new york fantastic reaction from the audience point of view, we have a number of loyal customers that are key to the brand. we have seen so many new people intrigued by the british nature of the lotus brand and the electrification. we see people coming from established brands that would never consider a lotus we are super pleased so far. >> mike. it is interesting to hear about the tratstrategy

i have heard about the suv and other forms of the car how did you expect to position lotus as a main-stream player? >> a lot of the investment in technology and products. we introduced our hyper car in 2019 we followed that up with the suv. that suv is now in the market. and then emeya which comes to market next year for us, it is the product range and move to electrification. we will have a fully electric range by 2028. trying to make sure we embrace the technology coming through. at the heart is the brand and that is the history over the last 75 years. we are super pleased to bring that together. the product and brand is instrumental in the growth. >> i want to ask about the

technology that is increasingly important to consumers, particularly in china. how much are you leaning on the tech know how and scale? particularly with in-car systems? >> we are fortunate we have a partner. from a technology point of view, we have fantastic work with volvo with bringing it back to market fast. for us, it is really important with the information systems and things like the technology which is a key part of the electrification strategy and the platform >> let me ask about the competition and how you think what you are introducing will disrupt the landscape of electric vehicles within europe? >> it is a highly competitive

market at the moment what we are seeing is a number of new players coming into the market from all over the world for us, we need to ensure we are clearing and articulating what the brand is doing this is more than broad. the history and heritage that will be integral part of the company. making sure that is communicated is a key part of the plan. >> mike, as arjun noted, the chinese carmaker has taken control in 2017 and now plans to float the unit, lotus technology i know there is a plan of concern with the government structure and role of the chinese government in this part of the business with the upcoming spac. it was a big part of the arm listing. another sector, but another concern was the china piece.

>> there are discussions over the fact we have a partner based in china and lotus tech space there. for us, it is the base and link back to them is super important for us because it gives us access to technology and the scale and ecosystem and ply ch supply chain chthat say necessay part of the future working with our partners is all that is needed we feel comfortable and we feel there is strength in the parent company and enable us to grow the next few years. >> mike, a couple of questions on the spac listing. when do you expect it to take place? the first half of the year, you reported a loss of $350 million. when do you anticipate profitability? >> the spac is intended to list by the end of the year that is on track we will share that shortly

we made it clear from the profitability point of view. it is not until 2025 a significant ramp up of sales frm sales. we are on track to achieve that. >> you said production is going to begin in the second half the 2024 and rollout in 2025 are you convinced you can have that turn around we speak to people in the space and they talk about supply chains and delays. are there any concerns about sourcing materials you need? >> no concerns in terms of that. we are launching the car ea earlier. we will see first cars in market by q2 of 2024. we learned from the development and fast escalation of the electric this year and we are looking forward to bringing it to the market this year. >> mike, big trend in china. car companies releasing

smartphones. is lotus delivering its smar smartphone >> no plans to develop a smartphone at this stage there are lots of people in that space. we will deliver fantastic electric cars. >> i'll keep my eyes peeled on the london streets to see if we can spot a car driving around. mike, thank you very much. mike johnston, chief commercial officer from lotus. coming up on "street signs," disney chief bob iger says it is rolling up its sleeves over the nelson peltz board concerns. also coming up -- >> vladimir putin and xi are salivating over that fact. >> they go head-to-head in the

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welcome back to the program.

arm shares are on the back foot in pre-market trade after the forecast missed estimates. they missed out on a large l licensing deal which is set to close later. arm posted revenue of $806 million in the adjusted profit of 36 cents a share ahead of the analyst estimate speaking on "mad money," rene haas says they are in the center of the super saying the. >> candidly, jim, for all devices, our quarter was so strong driven by licensing revenue which is a key catindior for investment we are seeing the requirements

greater than the capabilities of the chips. that means we are not good enough people are investing in more chips which is good forearm. on to disney shares higher in extended trade after the fourth quarter beat expectations on the profit side. revenue came up short. the house of mouse announced a $2 billion cost cut amid pressure from investigator nelson peltz arabile is joining us. strong after hours numbers are people focusing in on disney plus >> it is adding 7 million subscribers when you expected 5 million is a good sign the business is moving well when they raised prices trying to keep up with netflix the first price increase compared to the rest of the market doing well and that is why you saw revenue go up the 5% it was in the other parts of the

business where they seem to be faring a little bit better look, this is trading 17 times forward pe cheap compared to netflix. there has been persistently weak profit margins and stemmed from the direct-to-consumer segment there has been a mountain of debt no sign yet that bob iger's return has helped the business move forward there are signs strategies are beginning to work. they spoke about the cost saving of $5.5 billion to $7.5 billion. that is said to come not just from the 7,000 employees they already cut, but hopefully with the writers strike take away expenses you are taking advantage of that and look better when it comes to the savings. additionally, the purchase of hulu will be significant for the business or the 33% portion they don't currently own.

that is $8.6 billion at the minimum that they look to purchase that is the price bob iger reckons is what they will pay. the market is going up to $13 billion. that will be significant to add to the portfolio and does that increase opportunities for them with how much ad revenue they could bring in bob iger went through the ad strategy in the conversation with cnbc. these were his thoughts. >> we believe the advertising supported streaming service in the u.s. and elsewhere will be important growth initiatives for the company. in fact, in disney plus, we just implemented really robust advertiser targeting tools which are already working and help us grow advertising by the way, speaking of advertising, addressable advertising is strong. since you raised it, so is sports, by the way i would say in lineal, it is

better than it had been. overall, we have seen improvement in general in advertising. it doesn't mean we don't have more improvement ahead technology sector has been a bit soft advertising looms large for us >> he does make note of the ad revenue declines as well in the period it comes on the back of abc and other tv networks owned within disney to not to have done too well he spoke in the summer of letting go some of these he spoke about sports which is interesting. star india is the one that broadcasts premier league hathatch matches. he is looking at four key elements of success. sport is one of them it is espn, not star india >> i won't watch cricket i'll leave that to you

>> next week is a big one. >> huge. >> you can watch julia boorstin's interview on the premium service of cnbc pro. the actors strike came to an end at 6:00 a.m. this morning after they reached a deal on the contract after 120 days of action in a statement, the union said the deal valued at more than $1 billion would enable members from every category to build sustainable careers in the industry said it won't release full details until it is reviewed by the board. in the u.s., i'm republican candidates faced off in a third debate in miami. the frontrunner, donald trump, chose to skip the debate the remaining argued over foreign policy and china and abortion and migration the debate got heated and personal at times in particular between nikki haley and bu

bissbus businessman ramaswamy. >> she made fun of me for using tiktok, but her daughter uses it for years. the next generation of americans are using and that is the point. you have her supporters propping her up >> let's get to nbc news' b rrk brie jackson in miami. was there any winner from last night's debate >> reporter: good morning, julianna we saw clashes like you mentioned. we saw substantce from the debate there was a focus on foreign policy, but the question still remains do any of the candidates have what it takes to topple former president trump

it was a high stakes and fiery face-off of the candidates that took the stage they faced questions like the economy and border security as well as anti-semitic comments on college campuses they spoke about the u.s. and china relations and the israel war and funding for ukraine. nikki haley took on a lot of attacks during the debate. this was as part of the candidates tried to acsepacsepae themselves from each other and former president trump he skipped this debate and opted to hold a rally here nearby instead. the next debate is scheduled for december 6th in alabama. >> brie, thank you julianna and i had a busy

show talking through all of the earnings in europe let's take you to how european markets are faring in total. we turned around we had a bit more red on the board. things are turning to the positive ftse 100 lagging today down seven basis points cac 40 is up.70% schneider election ric is up 6% trading. airbus is dragging to the down side this morning. let's look at u.s. futures and wall street is shaping up. not a lot of movement on the board. lackluster this early this morning. yesterday was positive for the s&p and nasdaq s&p logging the eighth c consecutive gain since 2021. the vix is down for the eighth

session as well. joumanna, we mentioned jay powell will speak later hetoday. on the data front, we get weekly jobless claims today there will be focus on the data. it feels investors are settled at the moment in terms of the rate trajectory. >> it is interesting to see that the ten-year note is 5.4%. it wasn't that long ago we were at 5%. the next move could be 5.5%. it is astonishing how quickly the market has turned around that is it for our show. i'm joumanna bercetche >> i'm julianna tatelbaum. "worldwide exchange" is coming your way next.

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it is 5:00 a.m. here at cnbc global headquarters. here is your "five@5." markets dicontinue to grind out gains. vo investors are looking for fresh fed comments. and roll camera. actors get back to work to end the nearly four--month strike. shares of disney are popping on the back of the quarterly results as ceo bob iger goes from fixing to building the entertainmen