when it hits. [music playing] . good morning, and welcome to street signs. steve joins us from dubai. these are your headlines. the rally rolls on. the best month since january. the uae president has announced a $30 billion climate fund but the chief warns nations are a long way from achieving

the paris goals. >> we are miles from the goals. making the turn. not too late. and on a programming note, i'll be speaking to the prime minister of estonia coming up shortly on street signs. and opec plus deepens production costs, little spillover into prices. and smoke billows every the goiz strip s a seven-day tries expires and israel resumes combat with hoims. well, happy friday, everybody, and a warm welcome to street signs, kicking off the show with final pmis, the month of november.

the final manufacturing pmi for the region has come in at 44.2. that is better than the flash estimate of 43.8. so, pretty marked justment there. . usually the flash numbers and the final ones are pretty close together. in terms of the detail here, the broad based downturn in the euro seen eased slightly in the month of november but the manufacturing sector remains deeply rooted in contracting territory. commercial bank says november has not been the prettiest. this does not refer only to the weather, but the euro zone, sure almost almost all of the agencies have perked up but the improvements are mostly timid, lacking the dynamism needed to declare an upper trend. although the numbers are better thanexpectedit is still nothing to get too excited about. still a etty stagnant picture when it comes to the manufacturing sector in the euro

zone. >> see those numbers, julian in a, the context of how stock markets have performed throughout november. we spoke about it yesterday but what we saw is globally, stock market indices rereboued around 9% througut the course of november, the best month in a couple of years if you look at it from a global perspective. european standpoint we had a very good month for the stocks, the best month since the beginning of this year, since january. th tells you a lot about how the market is thinking and moving past this recent batch of -- the implications of what that means for central bank policy and the next year as we talked about yesterday the market is pricing in more than 100 basis points of cuts. this morning, you can see there'plenty of green on the board behind me. we are december 1st, heading towards the end of the year. and opening up in positive territory understand more. two-thirds of a percent. let's switch over to break it down. >> every single index in europe

is trading green. 1% higher today. nice balance in the mining space this morning, leading the 5100. at 9:30 we're going to get the pmi manufacturing numbers, the final pmi manufacturing numbers for the uk and let's keep an eye out on that one as well. this morning we've got dax up .7 of a percent. there's been a lot of volatility but since the government support mechanism, the stock has turned around. we are seeing good momentum, and periphery ind keys trading in the green. switching over to sectors, where leadership is coming from in the morning. basic resources, minors, good session today, up 3.4%, technology, up 1.2. we had a strong performance in the u.s. session out of sales force on back of their better earnings numbers the night before, that sort of propelled

the whole sector much higher, which is what we're seeing in europe as well today. industrials, i mentioned semens energy, and not shown here but le talk about more in the show, of course, is oil and what has happened to the oil and gas complex since the extension of production cuts, and european yields, this is a picture, you can see every single one of these yields is trading lower so priced higher, which is why it's green, we've got the ten-year behind me at 2.42, three basis points lower today, we have traveled a long way throughout the course of november, we talk about that positive stock market performance, the yields are down 40, 50 basis points throughout the course of the month. ten-year france hitting just shy of 3% and then the btps always good to watch, down about 6 basis points today. the rally continues, in fixed income, and the rally continues in stock markets. >> i want to highlight the data we got yesterday after street

signs wrapped up. annual inflation tumbled more than anticipated in november to 2.4%, so really hovering around that 2% level that's key. that's the lowest level since july 2021 and as i said closing in on the ecv's 2% target. the federal reserve's favored inflation gauge, core pce rose 0.2% on the month in october. the annual figure came in at 3.5%, the slowest rise in over 2 1/2 years. the cooldown in spending coupled with jobless claims reenforcing market bets. the fed will keep rates on hold in december and call aend to its hiking cycle. pretty encouraging progress on inflation on both sides of the atlantic. i want to get a check on the ten-year u.s. treasury yield, it has done over the cour of november, we've closed around 4.3165%. it's been a steady downward

traject apology over the course of the month. and back trkt mas in the rally we've seen in stock markets specifical, a lot of that jub lance has come othe back on the plunge of bond yields tied in large part to u.s. treasuries. u.s. dollar, we saw yeerday the dollar index rise about 0.7%. a bit of appreciation in the green back, for the month of november, weakest monthly performance since november 2022. it's been a steady downward trajectory. and have ludevig with us today. downside surprise, i think quite encouraging for the european central bank to see inflation coming down and cooling as such, now that we've got falling inflation d a stagnant economy in the euro zone, what are you

expecting from the ecv from here? >> wve been quite dovish but we were expeing this to be -- because of the recession in germany and the fact that when you lo at supply side inflation, past three years, if u look at supply you know the story. china, and stocks,nd we started to see a lot of companies were thinkinabout cutting prices already in the commodities in kbimt as early as 24. we expect a rate hike in september, october. so whether more towards q3, because still something together, but, you know, some market- that position to think that the ecv could cut before signaling the ecv has done their job d it's not game over for to be waves. guess there's got

the ecv covers by 50 basis points. >> my next question, do you thk the ecv could cut before the federal reserve. you're not in that camp. at gives you the confidence to say you don't think inflation is in the bag yet, that we've really gotten a handle on it here in the euro zone. >> you know, the problem is, first, you know, the ecv -- a lagger. 20 years behind us. but i think that would scoop the markets. i would be quite worried that markets would think that the ecv may have thrown the towel early but there are still signs that inflation is not over, just because the euro zone is more prone to supply side inflation from trade, from all -- we have the regional energy crisis, the u.s. doesn't have this, it's a question of the insurance policy that the ecv wants to take. they may carry that forward into the first quarters of 2024, and

secondly, i also think that in europe we have, and we've seen that, this pressure building up, the markets still quite tight. i think we should still continue to see what's happening, especially with wage negotiations, in a series of countries part of 2024. >> ludovic, i'm curious to hear your take on how much we've moved in yields, the rally in yields we've had over the past month or so, it wasn't that long ago that the bund was sitting close to 3% and back to 2.5% to the downside. what do you point that down to? is it necessary that the market has to price in a recession for this rally to continue, or is a soft landing what's priced in at this point? >> i believe soft landing is priced in, i think the bond market is going crazy, you know, we've seen the bond market never before, some historians back the bond routes that we've seen the

past months in the u.s. and europe to the 1870s. i think we have to be careful about this new volatility. i think it's very related to that independence which is not a monetary policy the markets are comfortable with. it's a lot of trial and error process, by i would believe today the idea is that we can normalize growth in 2024 without a big shock, good news. the markets are getting reassured from disinflationary pressure. the question as you know is into 2024 could that be that there is a recession, stronger recession because of the construction sector, domestic engines, the question lies in policy. we're learning from the u.s., one-third immigration, oil and gas and tech, yeah, so europe has learned a lot from the american -- what has happened over the past months with different decisions of fiscal

policy, we don't have the same -- that america would have so that's costing a bit to the bond rally and that would certainly shake the beginning of '24 in europes. >> the fiscal point is a good one. well pointed out. european equity markets, the other big surprise for november is just how well european stock markets did, the earnings season wasn't that strong from earnings perspective and also from a surprise, versus what people surprise perspective versus what people were pencilling in. going in to 2024, of course we know that there is a lot of momentum because november has, you know, been such a good month, december seems to be starting on the right foot as well, can this rally continue? >> we're quite constructive on the equity markets in europe. there are a lot of value stocks, we start to see these domineering clusters, also like in the u.s., we don't have the magnificent seven.

some countries are showing it is beautiful, this end financial cycle is about big companies, you see it on the cash positioning, enter rate coverage ratios, the spreads are quite narrow to be true, to be honest, quite surprised there's no missed pricing. the equity markets are showing this, there's a pack in the lead, and they are driving also not as much as in the u.s., where you have seven stocks making 80% of the performance but we have a big clusters, financial clusters, green industrial clusters and the platform or retail clusters, some companies listed are very good, that's why wee see the equity markets in europe, seeing that -- but, of course, you know, this will also depend a lot on the pace of normalization, if we have more signals, if we have credibility discussions about, you know, the fiscal path we could have local equity markets, like italy or spain being less strong and what we've seen over the past ten

months or so. we're watching that space. but it's quite good for now. >> ludovic, one of the big macro themes of 2023, i know this is a topic you've done a lot of research on last few months and that's china's relationship with the west. over the course of the year the west, including the u.s. and europe, have made clear they want to derisk their relationship with china, not decouple, but derisk. what kind of work have you been doing around who benefits from this derisking, and have we seen these efforts really start to materialize yet or is that something that's going to come next year? >> we've been trying to just break down the trade deficit between u.s. and china, between china and the world, to be honest, and we also, you know, this week we had the news that the foreign investments into china were turning negative. we wanted to see whether it was just bias and shrinking it all or whether some other countries were benefiting. canada, mexico, to a certain

extent thailand, indonesia, vietnam are actually benefiting a bit from the decoupling effort that some of the countries are trying to push as a way, maybe to prevent themselves from being a it shall if president trump returns as early as november 2024. it's quite interesting to see that it's already in the pipe and a lot of this has been about energy competitiveness. e indonesia, going to these countries because of self-sufficiency in energy. there are other trade, manufacturing out there that could actually be good substitute to china. it is happening. decoupling is happening. some countries actually benefiting. working on being conducive on the business environment. >> ludovic, it's a pleasure having you on. chief economist from allianz.

the uae president has announced the establishment of a $30 billion claimant fund in dubai in the last hour. this as united nations secretary general warns we are miles away from the goals of the paris agreement. pledges do not go far enough. >> we cannot save a burning planet, fire holes of fossil fuels. we must accelerate a just alteration to renewals. the science is clear. the 1.5 degree limit is only possible if we ultimately stop burning all fossil fuels. not reduce, not abate, with a clear time frame aligned with 1.5 degrees. >> cnbc has been on the ground in dubai all morning speaking to industry leaders about the

importance of climate nancing from the public and private sectors. take a listen. >> what we need to do is together have senior players om private finance, from the multilateral development banks, from the development finance corporations, from philanthropy together led by the host of the government country and say let's get serious here, people that can come in, sit around a table with checkbooks that actually can make decisions together, the moment we're still all entering it from our own little lens and so while we talk a huge amount about blended finance, actually it's only happening at a small scale, and it needs to happen on a much, much bigger scale. >> strong bond between the public sector and private sector, with real initiatives that are actionable, so some of the things that are going on right now in terms of developing countries, and funding for developing countries, to really change things that they're doing, some of that's been announced today, over the last day or so, and i think that's important, getting the

development banks involved, getting them more involved, and then having private money, to your point, private money is big money, involved in some of these projects. >> so i think we would love to spend, we would love to invest more and raised 2 billion six months ago, investing 25 billion over the next four years in a global scale but we could do a lot more in europe. it's frustrating sometimes because you see the opportunity, you feel the urgency, and yet there is a certain inertia to the system. >> plenty of world leaders have showed up on day two. but one head of state is with you right now. >> yeah, thank you very much, indeed for that. it's fascinating to speak to my next guest because the last time i spoke to her, just happened to be kaja -- the president of estonia. we were talking about another crisis ongoing and that's the crisis in the russia-ukraine war. leaders here have a clear and

present danger, we have an existential crisis for the planet as well and there are other crisis going on and it's about actually having a list of priorities. how do we juggle this? we've got terrible events going on in europe as well, incredibly troubling events in the middle east, and this longer term crisis. prioritizing one over the other, or work on all of these things at the same time? >> we have, we don't have a choice, we have to work on different crisis at the same time, and we have been able to do this before. we have to understand that all these wars, they are also not good for the climate. i mean, everybody understands that, and even, i mean, in terms of russian war, they are using this as a tool, like ecocide, if you remember -- what happened ere, it brings about he natural disasters, s i think

we alshave to tackle tt -- we don't have wars in europe, or the world globally. >> and yet prime ministe one effect of the crisis in the early days of the russia ukraine wawas it led to europeans deding they can conserve we can conserve and all the ere, sudden we're not worried so much about that bause the energy supplies are comg in and we've worked o our alternatives, i wonder if one of the only befits of this terrible conflict is actually we've lost it already, forgotten actually that we can nserve energy. >> that is true. when russia waged this energy war en we all, i mean, germany got rid of the russian gas when they thought that it's not possible. i mean, we all fell down a degree in our heating and we saved a lot of energy due to that. and we have to use this experience as well. i mean, e think here, i mean

outside is so warm and you go inside and it's freezing. if the air-conditioning would be just two degrees up, i mean, we would be fine. but actuallye could save so ch of the clate and engy. >> i've heard that from a couple of gsts say whon earth are we not picking off that low-hanging obvious fruit as a species? >> i don't know. i can only talk to you about my own country. and we have done it. i mean, last year, during the winter, we managed to save in the states, institutions, and ministries with we managed to save 40% of our energy costs because we just took down a degree ithe heating. and we survived, so -- and we have cold winters. >> yea i've just been up in scandinavia, but i appreciat that it's getting very cold up ther i've done something terrible looked at social media because i w a post of yos in the last

24 hours and you wertalking about twin transitions. i'm intereed to have you expand upon that. >> for mcountry when we got our freedom and independence back then we had to build our country from skrach. thateant that we used the digital tools that were there. and now whene see the green the digital transition, the data used, for example, how can we do this better, how can we use the resources that we have better? so i havhad many meetings he with the african leaders, for example, that we are also helping their digital transformation. so, i mean, this goes hand in hand. if we don't use paper so much we can save a lot of forests. >> there is an accusation, and i think it's probably very fair, that europe is once again just not moving quickly enough as well. and i've been trying to get to the bottom of this, whether it's

commission problem, or country by country problem as well. why do you think, once again, the rest of the world has stolen a march on the capital attraction, for instance, the speed china is moving, and renewable technologies, i feel europe is not moving quickly enough. can you put your finger on why that is? >> that is very simple. because we are all competing in the world. and when europe is putting all these constraints that are good for the climate but making the products less competitive if the other regions are not doing that. and, i mean, we have economic downturn, and everybody's worried about that. so how can we do this in an environmentally friendly way? and i actually think that there's a great business cause in being more environmental, and being more environmental friendly because the consumers want it, and in the end, i mean,

without the climate, without the globe, i mean, we don't have an economy as well. >> so, let me ask you, as a country which is trying to push ahead with these twin transitions as well, is estonia waiting for leership, or actually just moving ahead regardless of what the commission is doing on a european basis. >> we are a small country, of course, and we still have a lot that we cado ourselves, but we also have to do this together, i mean, we -- since we regained r independence, we have diminished our co 2 emissions by 57%. but we are a sll country, like i say, so to have an impact we have to do this together, and we have to consult, but also not only europe, but also other regions, because this is also a fair point that if, you know, the production is cheape elsewhere, where these vironmental conditions are not followed, then the business moves there, but then we actually don't achieve what wantachieve regarding the

climate. >> the last time we taed regarding the ukraine cris do you have concerns the suort for ukraine is waning in par of europe, right wing liticians comi in, i various districts, do you have concerns the suppo of e west for ukraine, and i know you're quite a hawk in terms of the support, do you feel that's fraying somewhat? >> if you think about the leaders that we have in europe, then all the leaders have put a lot of political strength behind supporting ukraine. i don't see them stepping away from this. but what is true is that there's a lot of talk about war fatigue. but we also have to understand there's a war fatigue on russia's side, and if you think about be combined defense budgets of the coalition that's behind ukraine they are 13 times

bigger than russia's heavily inflated one. there's no question who is stronger here. we don't -- i think we sometimes underestimate our own strength and power. we have to be firm, and we have to, u kn, stick to the nes. live there.ster, we have to thank you for taking the time. you're incredibly busy. kaja kals. >> steve, really enjoyed that interview, importa to bring up ukraine as well, even at the sidelines of cop 28. coming up, opec plus members deepen production costs as they look to bolster the market, the decision coming up next. this holiday season, give them a gift they will love from the head to their mistletoes blendjet 2 gives you ice crushing power on-the-go. so you can blend up

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way. cirkul. it's your water, yr way. >>welcome back to street gns, i'm juliana tutlebaum. >> these are your headlines. >> csingutheir best month nce january, the rally rolls on thuea annoces a $3 billion climate fund but u.n. chief antoo gutierrez was nations are a long way from aceving the paris goals. opec plus deepens producon

cu but there's spillover into prices. >> and smoke billows over the gaza strip as a seven-day truce expires, and israel resumes combat with hamas. we kicked off the show with the final euro zone manufacturing phmis, the final manufacturing pmi has come in best than the flash estimate. 46.7 was the initial estimate, of course we are still in contraction territory, but the downturn does show more signs of easing here in the uk. a little bit of color on the figures, manufacturers, nonetheless, remaining on a cautious footing with ongoing market uncertainty and the need to control costs leading to job losses, stock depletion, and lower purchasing, so, yes, the

down turn has eased but there's a word of caution here. similar story to what ewithed had for the euro zone. input costs fell again but selling prices only the second time in sex months as they sought to repair profit margins. >> interesting to see the bounce in the pound though, any bit of good news is good for the pound at this point, we're seeing that up four tenths of a percent. opec plus has production cuts, 2.2 minnesota barrels a day first quarter of 2024. the agreement will see saudi arabia roll over its cuts of 1 million barrs per day while russia keep deepens its own. crude prices have fallen around 20% to september highs reflecting concerns about the broader macro outlook and global demand coupled with speculation of discord within the group. so dan joins us with more from dubai, dan, i know you were straddling a lot of different

tasks with cop 28 and opec plus going on at the same time but it was really fascinating we didn't see that much of an impact on oil prices yesterday despite the extension of production cuts, a couple of nishs on investors' minds, actual compliance and the state of inventory in the world ght now. >> indeed, and it's not lost on me that i am talking to you about oil, and fossil fuels from thworld's most important climate conference, but of course these two things are absolutely intrinsically linked. the u.n. secretary general is actually calling on leaders re to initiate a phase out of fossil fuels, is there political will on the ound to do that. and with l the uea act as an honest broker, climate activists say the only way to maintain

credibility is if we see genuine commitment from the fossil fuel industry now well and truly part of the conversation here, of course all of that remains to be speen seen, on the topic of opec, we have seen this deal come through. prices initially fell off the back of this, perhaps the market a little under whelmed with the extent of production cuts in place. and i've spoken with senior -- how the group has been feeling throughout the course of these negotiations, the message is ultimately what's happened here is a simple case of by uy the rumor, sell the fact. we knew they were going to get a deal done and they ultimately have been able to do that. though the headlines are suggesting the deal isnder whelming, it puts a framework in place for oil through the first quarter of next year. we're going to see these producers essentially holding onto their voluntary curves but also deepening some curves as

well. the other thing to point out here is that this is going to be voluntary and that's really critical, what these opec leaders have been ying to underscore here, the cuts have been voluntary since opec was first initiated. it's right to point out the fact that we have seen concerns around compliae surfacing here but of course opec leaders maintaining this is a framork they can work with in e current oil market dynamic and fundamentals that will guide them through to the first quarter of next year and actually we have seen prices stabilizing and coming back off the back of that announcement, so the message from em was that this was basically a case of buy t rumors, sell the fact. >> indeed it appears to be the there was one other surprising announcement, but brazil has been formally invited to join opec ps as soon as january of next year. what's the significance of that? i can't help but think there has

to be some parallels also with bricks and the desire out of the brix community to bring in new countries into the fold, a similar thing occurring with opec plus right now. >> that's exactly right. so for saudi arabia, which is of course the de facto leader of opec, this is significant. brazil is a brix country and a g20 country as well. brazil joining opec is a positive for the group. they see this as a way to essentially continue to build on influence when it comes to market management and market share. brazil is a large producer compared to some of the other major players reason opec, more than 3 million barrels contributing to the group overall. so this is going to be quite a significant development, of course, the timeline of brazil's addition remains to be seen. we've seen reports that this could happen as soon as next year, but of course exactly how this is going to be hammered out within the group, and what

brazil's involvement is going to look like, all key questions at this point, but from the conversations that i've been having with opec senior leadership about this is that they -- the message from them is that they are very optimistic, they see this as perhaps a stamp of validation for opec so far and leadership -- and also underscores that major decision for brazil to be joining the ranks of some of the world's largest oil producers here when it comes to management of the market moving forward. so watch this space. >>an, excellent context. thank you so much fobreaking it all down for us. fighting has resumed as a seven-day humanitarian truce between rael and hamas came to an end. the pause in fighting alwed for the release of hamas-held hostages in return for palestinian detainees. the idf annoced minutes after thdeadline it had resumed combat operations in gaza with

smoke seen billowing across the enave. sky news filed this report from jerusalem. >> these raids have been carrying out air strikes across gaza including in the south, and we expect that the two sides will now be battling o another. the operations in the rth pretty well advanced because of weak widespread bombing and the ground operation there, that at some point, perhaps quite rapidly, the israelis are goin to have to turn their focus to the south because that's where a lot of hamas fighters have gone to, they have military equipment there and the senior leadership have yet to captured or killed. but it will be a much harder battle for the israelis because it's become very dense in the south because they forced about a million people to move from the rth to the south. there's the humanitarian aspect to it as well, and there's a lot of international pressure on israel, not to carry out the next phase of the war in t way

far reareful, precise and targed abo what it does. >> our colleague there from sky news. coming up on the show, bill gas says adaptation will need to become a priority as climate impacts grow. we'll bring you that conversation after this break. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well sheoesn't know that if she owns a life insurance policy of $100,000 or morshe can sell all or part of ito covery for cash. even a term policy. even a te policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. when we started our business we were paying an arm and a leg for postage. i remember setting up shipstation. one or two clicks and everything was up and running.

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welcome back tthe program. microsoft co-founder bill gates told cnbc he's encouraged by the progress he's seen on climate solutions, but added many projects still need extra funding. tanya on the ground in dubai and she joins us now with more, tanya, you actually spoke to bill gates idubai. i'm really curious what he had to say and what his hopes are r the cop28 summit. >> that's right, i'm here at cop28 in the green zone but earlier on i caught up with bill gates at gold house on the sidelis of cop28. he wants to put the focus on agriculture adaptation, and food feels there's been any progress

between the cops, s any action actually been taken and what he hopes to achieve here. >> well, the collaboraon between those sectors has improved a great deal. going back two years ago tthe cop in scotland where the private sector really started coming. and, you know, we are falling short of our aspirations in many areas, and, you know, coming and saying, okay, how do we catch up? can we do better in one ea? which countries are doing particularly well? e there models from that? you know, it is a super important issue, you know, it's definitely glass half full. we haven't gone as fast as we'd like, and yet particularly if you see in the innovation pavilion, e smaller companies,

the ideas cover all the areas of emissions, and there's hope that many of these clean approaches given time won't cost extra, you know, today solar electricity, electric cars, those costs have come down, and so that same magic of invention and scale-up, if we apply that broadlyyou know, that's why have hope that despite all these delays and incredible complexity, that the message coming out of the meetings does helprive progress. >> what happens if we don't do it? well. >> well, there's not some binary cutoff where at a certn temperature everything's horrible. we a going to have warmi. likely above our goals. d that's where adaptation

comes in to say, okay, because of this warming, what can you do that's very inexpensive? like better warning systems for bad weather even, or better weather data to help farmers know when to plant and then of course the seeds wch are, you know, probably the most exciting area. we will have to help the prest adap we will have to try and make sure the tdamage to ecosystems like coral reefs is somehow minimized. so, fortunately, we'veade enough progress we're not going to have the treme cases like a florida reef warming, but we'll sadly probably even miss the two degree goal and we'll have adaptation as a priority. >> i also caught up with the fashion designer and

sustainability pioneer stella mccartney. she's here at cop28 to show an innovation where she's showcasing alternative materials that are sustainably friendly. i asked her if she feels anything has changed within the fashion industry over the past 25 years since she's been in the business. >> i've been doing it for so long so i've seen a shift over the last 25 years, but i'm afraid not a big enough shift. we're not meeting the adherements in the climate change and the fact that fashion industry doesn't have -- not really any kind of goals being set for my industry to, you know, get to a timeline or get to some kind of better way of working. there is a needle being moved, but it's a ltle too slow, but i'm definitely a half glass full type of character, and so i'm -- honestly i have belief that we can do it.

i do need more people to join me in a more meaningful way and not in a gen washing way. >> why don't you think they are joining you? you're such a big voice for this. >> you know, is complicated. i think that, you know, i think -- i really believe that anyone in business that is trying to be more sustainable will have a better way of coming at their industry for the environment. it comes from your heart and your soul, you have to really, really mean it, and believe in it, and i think -- i'm not saying that people don't believe in it but i think it's rare that you get a character like me, that's in a position like me, with a voice like mine, coming at this kind of conversation in industries, in general. so i think that enough -- more people need to be given guidelines, they need to be given parameters, they need to be incentivized to work like this. in fashion i'm penalized. i get up to 30% tax put on a non-leather good when it take it into america and, you know,

because it's a non-leather good and leather products don't have that tax. so it needs to flip. >> stella mccartney talking about what she wants to gain from being here at cop28, and of course the fashion industry has a very negative impact on carbon emissions, she's been a voice in the space for over 20 years, she's been a pioneer in sustainability, but she says she can't do it alone, and she's trying to engage other businees, and other leaders. >> seems like a good place to do that, tanya. thank you so much for bringing us such a wide range of voices this morning, wonderful to hear from you. for more of tanya's interview with bill gates, check out cnbc.com. and how european markets are faring today, starting off the first month -- trading day of the month in the green after a strong november. but for the week as a whole we also had a positive reaction for

most of these stock indices, this is what the weekly picture looks like, the dax up 2%, ftse and cac up .3 and .8%. and it's worth on itting out that the markets have been reacting to these lower than expected inflation trends and on the back of that the market has been looking ahead to further interest rate cuts out of the ecv next year. the market is leeclearly reacti to the lower than expected inflation numbers that came through this week despite the fact that those pmi manufacturing prints, and we got the final ones are still very low, even though they've been r revised slightly upwards. s&p global ratings is due to update france's credit rating today, 12 months after it stopped a negative outlook on the country. charlotte joins us with more. i want to remind viewers as well

it was only a couple of weeks ago that the eu also warned france about the state of their budget and said that they're very, very close to breaking the budget rules, even higher, even closer than italy are, which was surprising at the time. >> absolutely, that's why the market and the french government is watching closely the review of the rating coming later, the s&p have it on a negative outlook. so about a year ago, downgraded to aa minus earlier this year, so of course france will in this country whatever the cost after the pandemic, the debt has been ballooning with the cost of living crisis and certain extent it's worked because the french economy has been resilient, and that was a message of the government. we're spending a lot but the economy will restart, and will be more resilient. but, because we're starting to see some negative signals from the french economy, there's a bit of extra concern here, you had a bit of an uptick in unemployment numbers in october again, a victory for macron to bring down those unemployment numbers quite aggressively and we've seen that uptick that

wasn't expected. the gdp numbers have been reviewed for q3, down 01%. there is a slowdown of the economy, pmi numbers, you were talking about how they were saying that france was at a dead end, all the signals are coming through, and the french economy is not that resilient. it's bringing back the ability -- reducing the deficit, that's when these are coming through the commission as you were saying, seeing that could be the first step to a deficit procedure coming ahead, and that's a dynamic thing for france because he was the one that brought in the fiscal discipline, brought in those reforms, took down deficit of gdp and it looks like we are far from limits. there's personal blow to some extent for the government as well, so, finally, if this is the -- the final message here of things starting to take

potentially a negative turn. >> how impactful would be it be for macron given he's not seeking reelection? >> it is interesting because it looks like he's had an impact of people that want to follow him. particularly the prime minister has been in charge from the beginning, the first mandate and second mandate. he's hoping to have a very great econic record, ectly, if this downgrade comes on the table where certainly that could damage that. >> and it's a bit embarrassing for france. charlotte, how does it tie into the fiscal discussions that are taking place right now with respect to these eu rules and they've been looking to reform them, there'no solution in sight just yet, but how is it with france such an outlier. how are they going to get to a lution? >> they're one of the countries not pushing massively to go back to those numbers that are 3%. they will be under 3% only by

next year.g at a defic of 4.4 much lower than other countries, spain is going to hit that 3% limit next year. they're not pushing as hard. of course, even if there is a deficit procedure permission we know that don't have penalties, they still happen in the past, that don't get too much, but still in ter of credibility, for france, for the governnt, for cron himself that certainly has some weight. >>ell, charlotte, thank you for ushing it out, appreci the lo. let's take a look noat u.s. markets and the perfornce ov the last five days, or four days coming into today's sessio green for the dow jones and the s&p, the dow leading the gains for the week, up about 1.6%. the nasdaq comininto today's session slighy weaker over the week, but of course if we look back at the month, as you can see there in november we had very strong gas across all ree ofhese major iices, the tech-heavy nasdaq leading the way as the outlook for rate, expected has undermined strength

in the tech sector, s&up 9%, and dow jones up 9% as well. what about today's seson? the picture for the final day of trade this week, the first day of december, and it looks as though those november gains are going to continue. we've got green across the board, the dow looking at about 93 points, in terms of looking out for catalysts for today's trade we've t the u.s., ism manufacting index coming up, some fresh central bank commenry with jerome powell to give a speh today with the blackout period, closely watched, a key driver of markets from here. that is it from us for tod. >> worldwide exchange is coming up next.

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