missy nelson: every day. harry nelson: every day. that's all for this edition of "dateline." i'm andrea canning. thank you for watching. ♪ good morning. welcome to "street signs." i'm joumanna bercetche. >> and i'm julianna tatelbaum. these are your headlines. europe has the worst in the pullback and bond yields tumble as the board member rules out fur further rate hikes. and the late 2023 rally takes a breather and investors reassess the rate expectation. opposite ends of the line.

er ericsson shares are deep in the red. and negotiators are considering a phaseout of fossil fuels as the lead speaker claims he doesn't believe in climate science. good morning. welcome to "street signs." we have final pmi crossing the wire from the eurozone. the pmi has come in at 47.6. that is better than the fl flash estimate of 47.1. the services pmi at 48.7.

that was better than 48.2. we are still seeing a contraction in business activity. in terms of what this means, the fall in november business activity adds to recession expectations. that is what the survey provider has to say. the service sector maintains the slide in november. the index does not leave much room for optimism for a swift recovery in the immediate future. this is brought on by the fifth sh sh shrinkage in business. >> i was looking at the reaction in euro. we saw it with the pound last week. it is coming in just below the flash, it means a lot is baked in the numbers. despite the contraction territory is enough to move the

currency. i want to bring line from the ecb survey. the consumer survey. this is the one they conduct about inflation expectation and growth. consumer expectation is unchanged for 12 months and 3 years ahead. expectation for the next 12 months has been more negative. that's quite interesting. to tell you what the numbers are is the 12-month inflation expectation is 4%. in september, it was 4% as well. three years ahead, inflation expectation is 2.5%. very close to the ecb price stability target of 2%. interestingly, though, julianna, both on 12 months and 3-year horizon. nobody is believing. >> nobody is believing they will get down to 2%. the outlook for growth worsening is interesting.

we were talking last week with the inflation coming under control and inflation pressure is easing and the conversation is turning to the growth picture. it doesn't seem encouraging for the outlook for growth. what does that mean for the ecb? >> more from the ecb. more from the ecb. bond yields are trading lower after the board member schnabel said further hikes are now unlikely. it is now sufficient and she is confident the 2% target will be hit in 2025. the inflation in the yoeuro are is on track, but more data is needed on cpi. i i want to move on to the direct reaction from the ecb. she is not to be one of the hawkish members of the committee. you have the hawkish members of the fmoc and all of them now

beginning to sound more dovish and less hawkish and open to the possibility of talking about rate cuts. it is not that much of a surprise. if anything, the market pre preempted it. if you listen to the dovish members of the ecb, the french ecb governor spoke and he said the time to discuss rate cuts is not now, but the question will be examined when time comes in 2024. as we have been speaking about the last couple months, julianna, when central bankers think about the next policy moves, it is not necessarily about where inflation is headed, but where it is headed versus their expectations. inflation is droppinger is a dovish sign. you have to take into consideration what the dovish bankers are considering. >> not just what the market was expecting. we have seen a reaction in uk

markets. uk gilt markets and pricing for the bank of england on the back of the comments at the ecb and uk markets increased bets on the earlier start to interest rate hikes by the bank of england after the comments from the ecb. we are looking at the first rate cut by june of 2024. interest rate futures with a 50% chance of a rate cut by then. clearly, people are watching central bankers around the world to see where things are going. let's talk about that and the global markets. the s&p specifically on friday reached a high of the year, but yesterday, we saw that pullback in the u.s. majors which set the tone. behind me, the europe heat map is halved by red and green.

there are a lot of individual stock stories this morning. let's dive into it deeper and break it down by individual markets. you see the split. let's start with the ftse 100 in the uk down 30 points. .40% weaker. retail sales numbers come in this morning and remaining weaker despite black friday. brc shows retail sales increased 2.7% for the month of november versus 4.5% one year ago. it tells you that retail sales are relatively robust compared to a year ago, but it is not as strong. it is a warning sign for the uk economy. one stock we are watch in the ftse 100 is barclays. cac 40 is up .20%. dax in germany is up .10% as well. seeing a bit of love for the industrials names. let's switch to the sectors and break it down. real estate is continuing to build on yesterday's gains as we

keep a close eye on what has been happening to fixed income yields. that is good for the real estate sector. oil and gas bouncing today after yesterday's negative session with spot oil. we have basic resources d down .70%. financial services down .40% as well. some of the defenses like healthcare and food and beverage are under pressure. here you can see the yields. most of the majors in bond space are trading between four points and five points lower on the session. the bund was trading closer to 3%, but now we are heading on the march toward 2%. with the ecb's comments, that has always incentivized the bigger rally with the ten-year

bund, but also in the front end of the curve with two-year bond yields down 6% this morning in direct response. down three basis points. let's zoom in on the equity markets. we have qatar's wealth fund is selling half the stake in barclays. barclays second biggest shareholder is selling off to reduce to 2.5 million pounds. barclays refused to comment when approached by cnbc. >> a quick comment. julianna, we were speaking a week ago about the ft report and there was discussion of barclays and the different approaches and whether to downsize. the ft article was looking to cut relationships with certain

number of key investment banking clients. the pressure is on and it is quite notable one key investor is selling down shares. >> the shares were already under pressure. it is one of the worst performing stocks in the global banking index. clearly, the pressure is on and this will add to it. in the telco space, at&t chase ericsson to build up 70% of the network by 2026. the decision is a blow for nokia. that is at&t's largest supplier. book ending trade in europe. ericsson up 8%. nokia down 9%. massive news for these companies. >> exciting day for telecoms.

a couple of things i read up on the story. the reason this is hitting nokia badly is because this specific contract with at&t accounted for 5% to 8% of total revenue. 5% to 8% of total revenue. the fact they are losing it not just to a competitor is also quite telling. the stock, rightly, has come up 9%. the analyst that look at the stock say it hits the operating margin target and we have nokia trading at a three-year low . it is not a great deal for nokia. let's see what is in store for the wall street open. we are coming off a downbeat session yesterday. s&p and nasdaq coming off the

worst start to the week. we had the small cap russell 2000 on the rise. heig right now, extending losses from yesterday. it is fairly contained in the magnitude. a second draft of what could become the final agreement of c cop28 suggests the negotiations could call for a phaseout of fossil fuels. other options could include calling for the phasing out of unabated fossil fuels or not include any reference to phasing out at all. let's get out to dan who is covering the twists and turns of the communications from the cop summit with a guest.

>> reporter: julianna, great to see you. let's continue the conversation about the cop28 outcomes here in dubai. pleased to say that the ceo of the present petroleum is joining us. >> thank you. >> give me an industry pec perspective here of what needs to be achieved to consider this cop a success? >> i think it has already been a huge success. i'm here from the uae. i think the uae has made an incredible effort. it is 40% bigger from last year and 80% bigger from the year before in attendees. we have the private sector and public and youth. there are school groups here today which is amazing. also the most ambitious ever. we already had from the very first day our president $30 bil

funds from the investors aiming to get to $250 billion. very much focused on climate finance in the developed world where it is needed. that, plus troubling nuclear energy and doubling energy efficiency and the announcement from my industry, oil and gas decarbonization accelerator targeting to bring methane emissions down by the end of the decade. >> when it comes to the methane reduction pledge, i thought was interesting. cop28 has put methane on the agenda. gutierres says this falls short. >> blaming the producers of oil and gas for climate change is

like blaming farmers for obesity. it is societal consumption which is the issue. we will still need oil and gas throughout the transition. there is no scenario, although the most ambitious scenario that does not include that. gas to back up renewables and oil makes so much of what the transition will rely upon from solar panels to the wind turbine to the electric cars and the roads and tires andnteriors, we still need it. perhaps we should start with the u.n. itself. maybe he should have traveled here in a wooden boat with sails rowing when the wind died down. move to upstate new york to a forest to grow their own food without fertilizers. take away smartphones. you have to use carrier pigeons

for communications. i'm making the point how much the world still requires oil and gas. we need to produce it cleaner, absolutely. we can. the commitments here are a big step in that direction. we will be using it differently as well. we will still need it. to call for lack of investment in it. we have seen what happened in the last few years. more energy price spikes and energy poverty. the sustainable development goals. the others seem to be neglected and the developing world is calling for that and the burning of coal in china an india because gas is too expensiexpen. we are failing on all three legs of the so-called energy trilea. we have to keep that in mind. >> i know what you are talking about is the cop28 president has

spoken about. other major oil and gas players have been discussing. they say they have to be at the table and part of the negotiations. fossil fuels are critical whether or not they are phased out for phased down. i want your reaction to what the ceo of exxonmobil told us. cop28 should focus on reduce emissions, but phasing out fossil fuels. how do you pledge that with the methane and how do you get there? >> as crescent petroleum, we had a seven-year program bringing down methane a7% and using the offsets in mongolia and china to achieve our goal. we attained that.

our number is six kilos which is the lowest in our region. how we produce it is important, but the gas produced in the middle east to replace diesel for power generation avoids 5 million tons a year of co2 which is more than tesla worldwide. the role is still important. the phaseout and phasedown is a negotiator terminology. i echo the message which i totally ascribe to which is decarbonize the energy system today while we build the energy system of tomorrow. it is not like unplugging a television set and plugging in a new one. it will take time and effort and investment and collaboration of all sectors. that's what i think this cop is about. >> before i let you go, one question is to gaze into your crystal ball and give me the set

up with oil and gas pricing in 2024. where is the market going and why? >> i think when it comes to oil, we have seen remarkable stability in prices. i think we will continue to see $80 plus or minus. we have seen opec plus working together through the geopolitical challenges to maintain that. when it comes to natural gas, i'm concerned because it relies more on the private sector. there is insufficient investment. we have europe now scrambling to buy lng which is driving up the prices for places like asia which is why we are seeing more burning of coal and higher emissions. there needs to be more investment in natural gas which is the back up for renewables. >> fascinating conversation. we have to leave it there. we are out of time. thank you for speaking with me. i appreciate it. >> thank you. >> that is the ceo of crescent

petroleum. with that, back to you in the studio. >> brilliant, dan. i love the coverage from cop28. >> glaring sun. i don't know how they deal with the sun. on our show, we are going to be talking about what the shipping industry is going to be bringing in 2024. we find out with john wobensmith, the ceo of genco ipng at cing up next on cnbc. edition disney collection from blendjet. nine exciting designs your whole family will adore blendjet 2 is portable, which means you can blend up nutritious smoothies, protein shakes, or frozen treats, just about anywhere! recharge quickly via usb-c. it even cleans itself. order yours now from blendjet.com

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welcome back to "street signs." shipping demand in china is set to revive as orders increase. that is according to john wobensmith of genco shipping. he is joining us now. >> thank you. >> a broad question in 2024 in the shipping industry, what is the big theme? >> the biggest theme is shipping is the supply constraints that

exist. all of the shipyards are full with mostly tankers and container ships and gas carriers. in order to order a new ship today, areyou are talking about delivery time of 2026 and a low order book. there is not a lot of newt tonae on the market. freight rates are continuing to firm as we have seen in the latter part of the year and we expect a similar pattern for next year. >> when it comes to the supply constraints and low orders you mentioned, to what extent is that down to environmental regulation? >> i think that is a big part of it. you know, right now, there is a question about what will be the fuel of the future. will it be ammonia? methane? some combination of that and biofuel? most are reluctant to order conventional ships.

20 years from now, we will be closer to alternative fuels. >> our colleagues have bcoverin cop28 the last couple days. is there anything coming out of cop that is binding with shipping? i think it is 3% of global emissions. >> it is 3% to 4%. i would say shipping is on the forefront. pack in july, imo did set targets for ghg emissions. by 2030, there is a target of 20% to 30% reduction. by the time we get to 2040, it is 70% to 80%. by 2050, our goal is net zero in ghg. the targets have been set. that was done in it july. it is nice to see it done ahead of cop28. >> let's go back to the mismatch with the supply of demand. i have a question of demand. you mentioned the pickup of

demand in demand. where is that coming from and where are the signals from china? >> china is a mixed bag. we have heard a lot about the housing crisis and our view is there still needs to be quite a bit of work done and fixing that and cleaning it up. the infrastructure spending has been moving and going forward. we have seen the iron/ore imports up 7% year on year. coal and thermal. cooking coal for steel production is up 50%. >> 50? 5-0? >> yeah. >> wow. >> the boxite trade goes into aluminum production. >> not helping with the emissions reductions if they have imports up 50% in coal. >> they are moving forward on clean energy, but still their economy has a lot of thermal power energy.

>> let's bring you back to the here and now. what is going on in the panama canal? the right way to think about it is like the short cut for the shipping world. >> the world's greatest short cut. no doubt about that for shipping. as you know, it is a fresh-water system. you are using fresh water in the canal, but it users drinking water in panama. unfortunate unfortunately, because of el niño, there is a drought that exists. water levels have gone down. it is probably running about 50% of normal capacity. usually 35 ships a day. we're down to 25 that are transiting. by february, probably down to 18 ships. there's a massive amount of water used. i think the real biting stat is every day the panama canal uses two and a half times of water

that new york city uses which is incredible to think about. >> how problematic is that for the global shipping industry? >> it created inefficiencies in the lng shipments from the u.s. to the gulf and asia. instead of going through the canal, we are using suez canal or the horn of africa which is adding 13 to 18 days of additional time. it creates inefficiencies and pushes up freight rates. >> you mentioned you are focused on grain shipment. what changes have you had to make post the russian invasion of ukraine? we know ukraine is a big exporter of grain. >> ukraine is probably in the 40% to 50% of what they used to be in terms of the exports. you are seeing obviously a lot more come out of brazil. there is a bumper crop in brazil. that is positive. the u.s. has been also producing

quite a bit. there's been a lot come out of russia that has come down in a africa. >> yesterday, we walked in and people said that is the reason the s&p traded down yesterday. there was a commercial vessel incident on the red sea. two or three vessels targeted. how do you think about security in the shipping industry and have insurance premiums gone up? >> it is top of our list. it is not -- clearly there is a ship involved. when we don't talk about are the 20 crew members on the vessels. they are the real targets when it comes to this. this is an issue. we talked about the panama canal closing. there is a lot of diversion through the suez canal right down the red sea and yemen where a lot of these attacks occur. >> john, thank you so much for

coming in and helping us understand what is going on now and what to expect next year. we hope to see you again in 2024. >> i'm fgoing to throw this in h here. one of the books i read is "dead in the water" about a shipping incident around yemen. it is a big issue with the insurers. it is illuminating. >> john, thank you for being with us. john wobensmith, ceo of genco shipping. we will shift gears. the final composite pmi has come in at 50.7 for uk. that is mirroring europe from a half hour ago. in terms of the final services number at 50.9. upward revision from 50.5. positive numbers from the uk for

the change. of course, you have to tally this up with the weaker spending numbers that are coming through. we spoke brea briefly about it because uk shoppers are not feeling festive. we sent silvia out to find out why. she will join us from one of the most iconic london stores coming up next. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul. it's your water, your way. one small smoothie is $14.63, please. $14 girl, what is you doing? but making smoothies is such a hassle. not with blendjet. what's going on? shhhh. hold that thought. just pour in some milk, throw in some frozen fruit, and in 20 seconds you've got yourself a nutritiou

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welcome back to "street signs." i'm tjulianna tatelbaum. >> i'm joumanna bercetche and these are your headlines bond yields stumble as the ecb rules out further rate hikes and cut out expectations on the rise. and reassessing on wall street as the fed takes a breather. and opposite ends of the line. ericsson shares surge as at&t

picks them at the team for the network and leaving nokia out in the red. and negotiators are phasing out on physfossil fuels as the speaker says he doesn't believe in climate science. let's get a check on u.s. futures. we are keeping a close eye on wall street after the rally yesterday. right now, we are looking at red across the board and further under performance from the nasdaq. it was the mega cap tech stocks that drove the selloff yesterday. it looks like the selling will continue today. as for european markets, things are better. you have green for the most

part. the only exception is the ftse 100 which is trading .20% lower. outside of the uk, we have .40% higher for the cac 40 in france. ibex 35 is up .60%. le leading the gains across europe. in the fx markets, you have the euro trading slightly firmer against the greenback after better than expected final pmi for the eurozone and uk. we got the latest uk figures before the break. we are back in expansion territory in the uk. that is digested by the community. sales remained weak for retail despite the black friday. according to the british retail consortium, sales rose 2.7% last month which was below the rise from yesterday. silvia said the luxury sector

bounced back to the 2019 levels and chinese shoppers have begun to return. >> we are back to where we were in 2019 and growing. we are missing some significant businesses. we pivoted back to local shoppers. that was all about the personal services and when you went through covid. we attained that high share. we are starting to build back the chinese shopper which is very important to us and because of the difficulty in the middle east, we are missing the middle eastern customers. we are con ifi east, we are missing the middle eastern customers. we are con ident they will come back in 2024. >> silvia, i knowyou are about to pspeak to another guest. we are hearing from the consumer goods world and they are concerned about the consumer? >> reporter: actually, i would like to take a broader look at what we are expecting for the

we have the uk head of consumer region with us. we have the households which started to cut on purchases in the run-up to christmas. what else did we learn from the data and what is the picture? >> retail sales is not painting a good picture. sales were up 2.7% in november. inflation is 4%. that tell us volumes are down. that is not painting a great picture and that is coming off a bad october. we have one month left to spend for the christmas season. if we dive deeper into the data, what we are seeing is food sales stayed stronger and it is the non-food which suffered.

non-food is down 1.6%. if you think about the inflation effect on that non-food, it means volumes are down. by non-food, clothing, footwear, health and beauty, toys and electronics. all of that category is really down in november. >> of course, this is a very important moment for retailers. they call it the dpgolden quart. how likely will you describe the golden quarter this time around? >> i think so far two or three months have been difficult in the golden quarter. what consumers are telling us is they are not increasing spending through december. broadly half and half of consumers are telling us they have the same budget for gifts or lower budget for gifts because they are spending more on essentials like mortgage or rent or food. when you come back to gift

buying and non-food items, it will be a challenging december. that means, overall, the quarter is a difficult quarter. >> tell us about the difference with online and in-store purchases. are people more likely to buy online or more look for an experience and coming to the store? >> if we look back to four or five years ago, online has grown. through the pandemic, consumers tried online for the first time and saw the benefits of that experience. there is an anincrease. we see a decrease from last year with online sales. people want to come out to the stores. it payings dividends. you don't want to risk that you

will not receive it. coming in store means you walk away with it in your hand. >> we must tell our viewers we are getting more noise in the background because harrods is prepared to open at 10:00. let's look at what items really people are more likely to focus on during the christmas season. >> people are spending on essentials and we see people buying food. food is an important part of christmas. what we are seeing is people are still trying to treat themselves. find the little luxuries. that could be in food. we might choose some of the essentials of the christmas dinner based on lower prices. we want our favorite christmas pudding or cheese crackers. that is true in other purchases. one category which is strong is health and beauty. we see consumers want to treat

themselves. an example is advent calendars. we see beauty advent calendars are therise. consumers will treat themselves. one other category that people treat on is their pet. we love our pets. people are willing to trade down on the brands, but only one in ten of us will trade down for our pets. again, pets are getting advent calendars this year. >> veryi interesting. i would like to get your take on the luxury sector being in harrods. what is the likelihood the sector will out perform this christmas versus last year? >> the luxury sector has held up so far through some of the pressures that other sectors are feeling despite the cost of living which can be explained a

little bit pabecause we like to treat ourselves. i think there is an important angle with sustainability. we are seeing consumers trending back to maybe i want one lovely item that i can look after really well rather than lots of items. that is positive for luxury. that said, going into next year, i think there are going to be challenges. we are seeing more consumers at the higher income pressure with the cost. luxury will have to continue to work really hard to attract consumers. >> i would like to round up our conversation. 2022 christmas was very much let's enjoy the moment. it was the first free covid christmas. now as we go into 2023, how are shoppers feeling? >> so shoppers are really wanting to celebrate christmas. we still remember the christmass

-- christmas we couldn't celebrate. in january, the credit cards hit and that will be a period for retailers that will have surplus stock and have to work very hard to get us to want to buy surplus stock. i think we will still manage to enjoy although we spend less. january will be tricky. >> thank you for your time, linda. uk head of consumer retail and leisure at kpmg. of course, i don't know about you, but early this morning i bought my christmas gifts already. i'm not sure how you are getting on. >> silvia, you are a little more organized than i am. i can only speak for myself. i organized zero christmas presents. >> very inspired. very dreamy interview. what should i ask my husband to

get me this christmas? you have given me a lot of ideas given what the consumer specialist was saying. maybe something luxury. >> treat yourself. >> the best thing about having a baby, and you will see, you no longer buy things for yourself. all of the shopping sprees is directed at the baby. >> i'm getting a taste of that already. >> if you have anything you want to discuss on the show from pmi to shipping or christmas holiday spending, we a are @streetsignscnbc. coming up on "street signs," mo moody's cuts china outlook over the property sector. we will stusdiscuss more next.

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welcome back to "street

signs." ukraine president volodymyr zelenskyy could address korng congre conc congress over the concerns of the u.s. not funding the war. congress rejected the further $100 billion of funding in october. the u.s. has approved more than $110 billion this aid since the war began. the u.n. humanitarian chief called for an end to fighting in gaza. meanwhile, u.s. defense secretary lloyd austin says israel risks defeat if it doesn't ensure the safety of civilians. the defense forces asked people to flee to a safe zone. much of the strip lost all internet capabilities. the u.n. says 880% mof the gaza

population has been displaced. we have some interesting lines coming through right now from the qatari representative. qatar was key to brokering the sk exchange with hostages and prisoners. now qatar is saying all human values were violated by the occupation authorities . it is shameful the international community has allowed israel to continue for this long. this is according to the qatar emir. a truce is not the same as a cease-fire. we ask that they return to the negotiations. >> that is in reference to the most recent truce to allow for

the exchange of the hostages for prisoners. fighting of gaza resumed once that, truce is over. there is a lot of talking going on. we know qatar facilitated the first truce, but if they have clout for a more longstanding and sustainable cease-fire is a big question that we are keeping a close eye on in gaza. chinese services activity expanded again in october. it reached the three-month high of 51.5. this comes in contrast to the official reading last week which showed the service sector contr contracting. moody's cuts china outlook from stable to negative citing the lower growth economically.

chinese services activity expanded in november according to the pmi survey reaching a three-month high of 51.5. the print comes in contrast to last week's official reading which showed the sector co contr contracting. moody's has been busy the last 24 hours. they issued a negative outlook for the global banking sector next year due to a deteriorating operating environment. the credit rating agency cited rising bad loans and israel-hamas war as major risks. moody's expects problem loans to rise in canada. quite interesting the comments that the u.s. and china are sheltered given that is where the bulk of the concern was this year. uk and canada is the problematic market. >> interesting. let's check on the u.s. futures and what is in store for

the wall street open this morning after the selloff yesterday. we have red across the board. nasdaq looking to drop 60 points at this early hour. things could change. s&p and dow are opening lower. this is how they closed yesterday. nasdaq with the worst performance since november 9th. same for the s&p. the s&p's worst start to the week since february. interestingly, it was not every stock that ended the day lower. small cap russell 2000 rose for the fourth straight session. speaking of mega cap, it drove the losses yesterday. alphabet dropped 2%. amazon at 1.5%. on the futures poboard, the loss will continue. uber shares popped after it will

be clincluded in the s&p. it will replace sealed air corporation. it will take its place in a couple of weeks. the shares reacted well to that news. we saw a continued demand for gold yesterday. it was a volatile session. we saw gold prices hit the all-time high intraday. come down into the close. dp gold has been on a tear since october. bitcoin, interestingly, has had a strong run of late. yesterday, bitcoin topped $42,000. highest level in more than a y year. it seems the move higher in bitcoin is driven by the hopes of bitcoin etf. >> do you remember back in the day everyone said it was a hedge on inflation. >> at the same time, it plunged when inflation was going up the

last year and a half. >> exactly. >> that argument has been tested. >> yes. indeed. it seems to be doing well. i want to say we have a couple of important prints in the u.s. it is focused on the jobs numbers coming on friday. interesting to see what is happening in the labor market. of course, the last fed meeting of the year next week. that is happening next week. wednesday. i'm just curious to see if there will be any change in tone from what we heard from the fed chair jay powell when he spoke in atlanta saying they are not ready. it is too early to talk about rate cuts. for the time being, they have to stay in restrictive territory. it is surprising if the tone changes to dovish. >> i think he is too interested in not being dovish and markets have risen and whether they risen too high or the market is

too dovish now is another question. i don't think we can answer that. before the payroll report, we have got the jolts report for october coming out. we have the ism services index for november. a lot of smaller data points and activity. >> that is completing the picture. one thing i would say is there are a few hold outs in the fmoc that are sounding hawkish. what happened in europe with the ecb's comments decidedly more dovish now is a big turn for the ecb. we are yet to see that with the fmoc. that it is for our show. i'm joumanna bercetche. >> and i'm julianna tatelbaum. urayexs mi exchange" icong yo w nt.

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it is 5:00 a.m. here at cnbc global headquarters. here is the "five@5." taking a breather. stocks snap a four-day win streak as it has gone too far too fast. stocks may be a bit stuck, but gold is not. up again this morning after touching another fresh all-time high. we asked one strategist if there is more room to shine. watch out microsoft. meta platforms and ibm and other tech companieshi