that's all for this edition of "dateline." i'm craig melvin. thank you for watching. ♪ good morning and welcome to "street signs." i'm joumanna bercetche, and these are your headlines. tui shares take off as full year profit more than doubles and the group offers a bumper season while travel enters into the german caps and a deal with the london stock exchange. european rallies look at

asia. dax adds to its all-time high while u.s. futures point to gains on wall street. global bond yields trade at multi-month lows. the economy will rebound once rates ease. >> rates coming down, don't help, but rates and activity will kick back up. if you look at investment banking activity,s slow this year. uncertainty will pick back up. >> and a dropped text points to countries formally declares a phaseout of fossil fuels despite opposition over oil and gas producers over the phasing. well, good morning,

everybody, and welcome to street sieps. let's catch up with how markets are faring. we saw a huge bonds rally yesterday on both sides of the atlantic. also guilt yields, remarkable rally in yesterday's session. with unof tone of the catalysts its lowest level since 2021, a signal that there's a softening of the u.s. labor markets taking place. as i said, we did see a very strong reaction in the bond phase. overnight in asia, we saw a bit of a bounce as well. over here on the heat map, we do have a lot of green on the board. stoxx 600 up 0.2%. we're sitting at a four-month high. we have been steadily rebounding throughout the course of november after the october to forget, but four-month high for the stoxx 600.

there's one index i want to draw your attention to that's sitting at a record-high. who would have thought the dax up 0.1%. it's been getting up slowly, slowly. we've heard about the economic job within germany. the services numbers haven't been great. despite that the dax goes from strength to strength. we have volkswagen at the top. over in the uk, we are seeing some upward movement as well, up 0.2%. so much volatility. but we're seeing a strong bounce in basic resources. perhaps you can point to the strong handover from the asia sector. travel leisure right at the top.

tui is up 8%. basic resources super volatile as of late, but it's trading great. financial services up 0.8%. on the flip side luxury is lagging. a relative underperformer and retail down half a percent as well. i did start off this segment talking about the big rally in bonds yields. today we're seeing sideways movement. we're trading at around 22.24. 10-year france here at 2.8. italy sitting below 4%. this as more and more investors start pricing in the possibility of a rate cut. remember the catalyst yesterday was one of the most hawkish members of the ecb at suggesting

that the rate-hiking cycle was over and done with. it was big news of the market one of the most hallish members of of the committee was changing her tone. there was a sharp plunge in october. the downbeat data wasly by 13%. we continue to see the doldrums in the manufacturing space. as for tui, the airline operator sees profit rising 25% in its current financial year after more than doubling in the year to september 30th. now alongside its earnings, tui says it is considering an upgrade to the index and frankford delisting from the london stock exchange.

that's quite interesting. let's get out to annette. give us an overview what we got out of the numbers today because the market is reacting very pos positively. there's also this potential delisting from the london stock exchange. realistically, that's not going to go down well. >> it's probably all tied together. if you look at the recent stock price performance, year to date the stocks were actually down by more than 30% before we got that really good set of numbers, and on the longer term, the stocks are down by 80%. so bottom line is that the strategy of having a dual listing which costs loads more money, i think the rationale behind the listing was to open

up to the investor space. it really didn't work out. what tui is doing now is reconcentrating on where the investors are sitting and potentially sitting, and the index would probably mean they have an even larger investment. that could be very positive for the stock. of course, the stock had a bad time over the last year because of covid, but now tui seems to be back. revenues are higher than in the precovid year, 2019, which is quite interesting. if you look at the number, it's mainly also down on pricing power. people did spend a lot of money on travel the last year, and many analysts actually did say this could actually be peak. we have seen profits ryanair and all the travel companies with the willingness to pay more on travel.

tui is also saying the reason for the big take-up or lift-off of shares, that this is actually nothing which has peaked yet because also next year we should see operating profits rising by 25% and revenues even by 10%. so the travel trend seems to be intact. of course, that's all provided that geopolitical tensions don't get worse and travel is going to get disrupted. but for tui, it's a very good number set, and the management seems to be optimistic for the outlook next year and the potential listing should be positive for the share. that is going to happen in february of next year. >> something to watch out for. but no doubt, anyone who is long on the stock would be quite happy with the reaction we're seeing today in the stockmarket. annette, thank you so much. now, switching to the pharma

space, merck's multiple sclerosis drug had blockbuster potential raising hopes it could be key to the company raising revenue by the end of next year. you can see stock is down 14% on the news. well, global mma activity has largely cooled but there's still excitement for deal-making in certain sectors. the fund manager joins us from the sidelines of the conference. it's wonderful to have you with us on the show. i'm sorry i couldn't be there in person, but wonderful we get to speak to you down the line. let me start off asking you a

more broad market question, and that is what are the themes you're going to be watching out for in 2024? it's always difficult to predict what the market will be, but what we can state is 2020 has be been a big year. it's picked up. september and october were really immense with a lot of big deals. you have the deal between the two big companies, and so there's been a lot of activity between september and october. a little bit more quiet, but last week we had this nice deal between the companies for $10 billion in the biotech space.

so it's always hard to know what will be 2024, but we can expect a lot of activity in biotech sector -- well, actually the activity to continue. we would also expect other activity to pick up. >> well, actually i do want to mention to viewers, your background is in merger arbitrage. you mentioned some of the m & a deals that have taken place last month. to what extent are they continuing to rally and on the successful listing environment because so far the listing environment has not been very favorable? >> so the good point on merger arbitrage strategy it comes from the non-asset classes.

you don't actually need market to increase or to have a huge m & a activity. what we need is the ability to see forward what can happen. we need stability, i would say. and the -- the environment of a sharp increase in the interest rate in 2022 has been a bit challenging for m & a, but now the interest rate has, i would say, stabilized at a normal level, and that's not an issue anymore, and you have to keep in mind that actually the merger activity works with the interest rate. they depend on the index spread, composed of both the carry. so basically that's the interest rate, the cash interest rate.

plus the risk premium. and 2023 has seen the increase in risk premium in all the asset classes and in merger ons. we call that complexity premium, and the complexity premium is back, which is very good news. >> for anyone in your space, that is good news because in other parts of the equity markets, they've been saying the equity risk premiums are low. that is a potential opportunity there. you mentioned biotech being one potential area where you expect to see more of m & a deals go through. what are other sectors you're looking at as well? >> well, honestly we have seen in the past years a lot of uncertainty. the tech deals have been

challenged. and now that they've lost some of their cases in the tech sector, we could see mild er move. i would say we will continue to see something in biotech and we might see deals coming back in all the other challenge sectors such as tech, for example. >> so interesting. we talk about the interest rate and risk. let me ask you one final question about the vix because the volatility index has continued to drop. the vix index has been dropping. is that a positive thing for your space? >> if you see that the vix dropping could be seen as a

stabilization view that the market is lestner us have, it's easier to see where we predict the future, but in general there's no real correlation between the vix level and m & a activity. yes, it's not bad news, but i wouldn't say because of vix's law there will be plenty of new deals in the future. >> fantastic. that's a great place to leave it. fabienne cretin-fumeron, thank you. stay with us. we'll be right back. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term

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brings so much joy to your life. a family trip to the team usa training facility. i don't know how to thank you. i'm here to thank you. . our cop 28 continues. it involves a formal fossil fuel phaseout. if ratifieding it would be the first global alliance to end on oil. it's welcomed leaders from across the world and tania set

down with the prince of monaco regarding protecting the environment and she asked him how worried he is about the world his children will inhabit in the future? >> i'm actually very wired because if we don't make significant headway very soon, we will not only start suffering in a few years' time, we'll start suffering even more, but the next generations will have an incredibly hard time to survive in a lot of areas, regions of our planet. but seeing such slow progress and lack of willpower or determination to move things at a faster pace. >> what is your message here at cop28 to governments, leaders,

scientists, the private sector, individuals? >> it is not only time to take stock on what we've done and where we are, but where we would like to go and where we have to go. i hope that there will be some very strong commitments on the way forward. we're on the road to reaching our goals. we're only a very small player on this field, and so i really hope that the big players will finally step up to the plate. everybody has to go beyond their initial commitments because the time is short and the window of opportunity is closing fast, and we have to show those strong commitments. >> and cnbc's sustainable futures forum saw top leaders garry on the sidelines to give their views on the energy transition. >> we've got to bring it down and come up with renewables, not

just renewables. nuclear has to be a big part of it. we've got to do it sensibly. if you turn off oil and gas, the world will not do very well. am i optimistic? i am so pleased that finally the cop has allowed energy companies to attend because there's no way we're going to solve this energy transition without the energy, the capital, the engineering, and the vast knowledge of the energy companies to bring the emissions down. >> climate momentum is moving faster than we're removing the innertia in a big energy system. one energy system no longer fits the purpose. what does it take to change it? a lot of positive messages coming out about commitments across the board. the top of finance is flowing. net zero. we've good lots of countries committing. commitment is not the same as implementation. >> knowing that when you look at the first 20 years, one ton of

it is worth more than fuel. it's one of the noticeable things that can slow down. it's an important step. i want us to move to implementation. >> you can catch up on cop28. there's a lot of coverage on c cnbc.com. and the eu is expected to announce a three-year delay on imposing a 10% ev sales tariff between it and the uk amid warnings from both sides of the channel that the tax could tax the industry. any delay would need to be signed off by eu member states. sylvia joins us. full disclosure, i didn't know this was on the table. it came as a bit of a surprise

to me. no doubt it's welcome news that the eu is thinking of delaying the tariff. >> i asked the european commission where are we on this. they pointed to a press conference happening later today. the expectation is they will announce a delay to these tariffs that would only apply to electric cars, so it's obviously a sensitive topic for the europeans and using their interest to delay these 10% tariffs on cars that would be made in the eu or in the uk. they will be moved from one or o the other because, of course, there's pressure from the chinese market. we know the eu is currently investigating support for chinese evs, and that could also support the europeans to say today, yes, we have to delay these tariffs because otherwise there would be even more room for maneuver for the chinese to gain more ground. definitely a sensitive topic.

>> a political one as well. we knew anything related to brexit was going to be political back in the day, but the fact that they're throwing in the towel on this one actually signifies to me that they're concerned as we know, rightly concerned about the future of their own auto industry. so this is ultimately about trying anything possible to maintain and hang onto that market share at a time when new competitors are coming into the space as well. >> we're seeing a different dynamic between the uk and eu. in the wake of brexit and the official departure of the uk from the eu, we have seen some moments of tension between both sides, but actually in recent times, this relationship has actually evolved to the more positive side, and the fact that when it comes to this, they seem to be on the same page is also a welcome signal. >> no, absolutely. definitely something to keep on your radar. let's stick with the auto space.

denmark's largest trade union has lent its support to workers in swede about, the latest development highlighting a clash of ideologies between europe and the u.s. now, members of the swedish if union downed factories in late october after the companies rejected their request for collective bargaining. soon after more workers joined them in a series of sympathy strikes. now the danish 3f union won't help vehicles to and from its neighbor. elon musk has called it insane. it's close. but the entire economic swedish model is at stake. i find this story so fascinating because it brings together so many different stories but ultimately it's about the strength of the labor union and the power of the work in scandinavia. it's not just sweden. denmark is getting involved and

also norway is looking at giving support. >> it's a fascinating story. it goes back to the late 1930s, because that's when sweden came up with the collective agreements. in essence what it stands for is corporates and trade unions dictate the labor unions. that dictates pay, of course. of course, the core brob here is tesla has not signed up with these collective agreements which are very standard for sweden but also across north europe. and so what we're seeing is about 120 mechanics from sweden that work for tesla decided to go on strike and since then it's automated and others have joined in and denmark has decided to support these workers of tesla. as you mentioned, there are conversations that others might join in, and more broadly there's this clash of ideas where this is part of north

europe. on the other hand you have musk saying this is insane. >> as you say, the governments just leave them to it. they allow companies, employers, and the workers to come to agreements themselves, which is why you don't see strikes there as often as you would in germany and also the u.s. president biden got involved. he went down to the picket line. it became a very high political situation. it's very impressive that everyone has rallied behind those tesla workers. >> they're doing so because they think tesla is such a big company, they could actually set a precedent. the collective agreements are so important to the swedish model and across the north of europe that they want to stand up for this and therefore enhance these strikes. as you mentioned, it's a very

different dynamic with what we saw happening in the united states. >> it's a very good case of economics meets sociology, and one of the reasons why sweden has been so successful. thank you so much. also coming up on street sieps, u.s. job openings hit their lowest level since 2021. we'll get bank of america's ceo brian monahan's take on the loosening of the labor market after the break.

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welcome back to "street signs." i'm joumanna bercetche and these are your headlines. tui shares take off as full year profit more than doubles and the group eyes a bumper summer season while the german travel operator mulls an entry into the german midcap index and a d listing from the london stock exchange. germany's dax shrugging off a decline in industrial orders to add to its all-time highs while the u.s. futures point to gains on wall street. global bond yields trade at

multi-fund lows as growth concerns add to rate cut expectations from central banks. bank of america's brian moynihan tells cnbc the economy will rebound once rates ease. >> rates coming down don't help, but on the other hand, stabilization will kick up and activity will kick back up. investments slow this year. uncertainty picking back up. and a draft text from the cop28 summit points to countries formally considered a phaseout of fossil fuels despite oil and gas producers over the phasing. well, it is another solid day for european markets, the stoxx 600 sitting at a

four-month high. we had a mixed session out of wall street yesterday. the handover from asian markets overnight was pretty strong as well. we still have a turnaround in the shanghai session. of course, there's been a lot of focus on the bond rally. we'll get to that in a moment. the market narrative really seems to be squaring in operate cuts. rate cut expectations are getting higher and higher. in the u.s., we're now seeing a 14% chance of a rate cut being priced in for january and an 85% chance of a rate cut in march out of the ecb. that seems to be what the market is sceptered on as we head into 2024. today you can see in europe every sinal one of these indices is trading in the green. the nasdaq continues to move higher, about 7 basis points higher. an all-time high. again, brushing off the weaker than industrial orders. the manufacturing data has been surprising to the downside even though recently we had an upward revision to the psi services

numbers, but overall the backdrop isn't conduciver to what is actually a very impressive rally. contact up. basic resources, miners, dog well. basic resources miners tend to do well. switching over to foreign exchange, this is what we're seeing in currency exchange. the dollar is trading slightly weaker versus the yen -- slightly firmer actually. the europe is trading flat, a couple of points shy away from 110. the pounds also pretty much trading sideways. a slight tilt of weakness for the greenback. of course, that has been another theme for the last couple of weeks with the dollar seen on the decline the last three weeks of trading. as for yields, i mentioned

it at the top. we had a really strong rally yesterday in european bonds. so around 11 basis point, the 10-year bonds. gilt also. gdp also sittingu.s. yields. e 2-year treasury note is about 2.5 basis points higher. yesterday we saw another 5 basis points rally in the u.s. the 10-year rallied 9 basis points yesterday, a three-month low now, a really impressive turnaround in these bond markets especially in the context of the market narrative and how it's changed from a couple of weeks ago. people have talked about the higher than longer theme and

have quickly moved on to the rate cuts for 2024. as to the equity futures, all three majors are seen opening up in positive territory in terms of what to watch out for today, thursday. we'll get the adp payroll report -- it's not thursday. ite is wednesday, isn't it? and then we'll get the october trade balance as well. u.s. job openings have hit their lowest level since march 2021, which showed openings at just over 7.8 million. the decline brings the ratio of vacancies to available workers to 3.3-1. and bank of america's brian monahan told cnbc the impact shows the fed policy making. >> you have to get to normal. as the fed has raised it to fight inflation, inflation is tipping over and coming down as the indicia of future inflation are coming down.

the job openings today are lower. spending slowing down year over year. we can talk about all of that. so the rate structure is settling in. that has an interesting impact. if you have a lot of zero interest funds, the rates coming down don't help, but on the other hand it means the economy will kick in and activity will kick back up. investors are reading the tea leaves and looking ahead to what's in store for the u.s. economy and the central bank policy in 2024 as the year draws to a close. the senior manager joins us from the sidelines. good morning. wonderful to have you with us. thank you for making the time to speak with cnbc down the line. let me start off by sort of recapping what i was saying about the markets which it feels as though the market narrative now is squarely focused on those rate cut expectations for 2024,

and macro feels like it's very much in the driving seat and is going to be a determinant of where stockmarkets go next. what in your mind is at stake in 2024 in terms of the rate cut expectations? >> hi, good morning. thanks for having me. yes, 2023, if you look at the year that has been dominated by the stockmarkets, they've been completely driven by macroeconomics. in 2024, we believe it will still be important but we're not in the soft landing camp for 2024. we do believe there's going to be a recession. we look at consumer spending and the strong jobs market, both starting to gradually slow down.

and we expect it to happen further in 2024. we do expect somewhere in the first half of 2024 we're likely to see a recession, however, we feel that this recession -- it was very anticipated. it was the most anticipated recession for 2023. it did not happen. and now people are thinking more about soft landing, so we think it is going to be more of a clearing event for the markets, and once it hits, actually people will stop talking about fed action, about losing monetary policy rate cuts, and at that point, we'll be very positive on sectors such as cyclicals, industrials. >> no, you mentioned a lot there. i just want to go back to what you were saying and pick up about your comments regarding the u.s. recession. i think it is important that we dwell on this topic because many people now, rightly as you said, have moved away from the concept of a hard landing to a soft landing. the rates rally we've seen is quite remarkable the last couple

of weeks, and yet the question i'm asking is if rates are rallying because they expect -- or the market participants expect the feds to start cutting interest rates, is that a good thing or potentially a bad thing, and if it is a bad thing, why are stockmarkets doing so well? >> so, yeah. this is like a double-edged question. it's very interesting. you know, markets are pricing in at about 125 rate cuts. we feel this is a bit excessive. we feel the quantum may be slightly lower, and the rate cuts will happen if the data is really bad or if inflation really comes under control. these are two different data. if the economic situation is really bad, that's not good for the market. in that case, this is a premature celebration. however, if it happens, then that is a good thing for the markets, and that is something that dissolving the stockmarket

abroad. >> it's a very fine balance to your point. do you have a view on which central bank around the world is going about to be cutting more in 2024? >> i think i'm in line with the consensus. there will be more cuts and the first ones to cut. we've seen inflation data in europe has been vigorous as compared to the geographies. of course, we will have the fed and, you know, the bank of england forming soon. >> interesting. earlier on you started to talk about some of the sectors that you like. let's go back to that. talk about where you want to be positioned in 2024 if your thesis does actually play out. >> yes, so for 2024, we feel that initially we might start with a neutral market, and then as economic data weakens and as we see the recession coming in, the markets might be weak. once the recession hits and you talk about rate cuts and the

rate cuts start happening, the markets start to rebound and the second half should be good for the stockmarket. in this scenario, the sectors likely to be positioned will be industrials, cyclicals, consumer discretionary, and certain rates and sectors. >> the one word i'm not hearing you say is tech stocks, and magnificent seven atz you know h have a lot to say this year. do you not think that performance is going to be replicated in 2024? >> so, see, i mean, i would like -- i remain very positive on tech. tech is a positive sector i really like. it's a sector we've allocated money to in 2023. tech remains a very, very sound sector when you look at fundamentals. innovation is coming from the technology sector.

we have to pick and choose. it won't be a running deck like we saw in 2023 with the nasdaq up 45%. we'll have to pick and choose. as you've seen, there are signs of this. we're printing out very good numbers, yet the stock didn't react as we would have expect it to react. there's a bit of investor fatigue with the magnificent seven as well as the ai team. people will be looking more toward the monetization of the ai and might be going a bit further away from the chain of ai, which has been the primary beneficiary so far. if you see those suppliers, these have been the guys that have really benefitted so far in 2023 from the ai rhetoric. but going forward it will really be on the upside. people using ai will be using it to monetize and obtain profitability. i think that will be the key thing for 2024. >> most definitely that's going to be key looking ahead to ai

space. rashmi, thank you so much for joining us. rashmi garg from aldhabi capital. we'll be speaking from carson block from the muddy waters capital. join us at 1900 cet or 6:00 p.m. local where he'll be revealing his latest short pick. natua is considering selling most of its avon international brand business. the brazilian cosmetics company which does not own avon in the u.s. is expected to combine the door-to-door beauty brands latin american operations with its own business joining avon international. this is quite interesting. when i think of avon, i think of the '80s ladies walking from house to house pitching their products, word of mouth. i always think to myself how can that model work in today's world

and many corporates are having the same question. >> that culture of the avon lady and ding dong, avon calling. they acquired avon excluding the avon business in the u.s. they had other brands as part of their portfolio. they have natura, the brand in brazil and latin america and that produced from amazon. also part of their portfolio is asop, the body soap brand. they sold for $2.4 million. the body shop sold just three weeks ago for $260 million. they bought it from l'oreal in 2017 for 1 billion euros.

they're going to be close. now avon was the final brand they had for their big international expansion from a few years ago and it looks like that will be the one they dispose of now. 135 years old, that door-to-door beauty product they were selling. they've changed and moved to online and they're starting to open shops again, back to brick and mortar. we're seeing them open the shops. i had a chance to catch up with the ceo of the business and asked her why they decided to open shops. >> every speaker of the stage today is talking one way or the other about the values. for us, humility is extremely important. we cannot take it for granted the choice of our customers and partners ever.

we have always followed women where they are, when they're at home, when they move to work, digitally as well on the screen of their mobile phone, and we understood that beauty is inspirational. it's not just the experience of me being known or a woman over 50, but a woman who has a name. >> that was angela cretu, the ceo of avon. she announced she was stepping down from the business after four years at the helm. this could be changing if natura is looking at selling the business, the very final brand they that they have. >> makeup and cosmetics is such a competitive landscape. the big difference now is you've got the celebrity influencers,

all of the kardashians launching their own brands. you have to compete with that. they have 150 million -- actually more, 700 million launching brands that's directly competing with all of these longstanding cosmetic brands. it's quite difficult. especially when you hear body shop sold. many companies are jumping onto this sustainable theme which defined body shop for a number of years, but many companies seem to be resonating more with the younger crowd than the body shop is. >> the industry is booming. $600 billion. celebrities, online, all the big luxury brands launching their own lines, it's ruthless. avon has been doing okay. maybe that's why natura has been interested in selling them. >> so interesting. also coming up on "street

signs," tui shares take off and they look at the sunny skies' current financial year. we'll take a closer look up next. 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 and bring a little disney into your life.

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welcome back to "street signs." i the association says it sees a record 4.7 billion passengers traveling next year, and we will be hearing from will ie walsh shortly from iata. for now let's talk through what we've been hearing out of the airlines industry. strong results from tui. easyjet recently raised their outlook over the summer. it has been a good year if you had bought these stocks at the beginning of 2023. >> yes, good morning. yes, as you said, very strong numbers from tui this morning, but the airlines have reported very strong summers and probably

more importantly for the market they're very bullish on the outlook as well. booking prices look strong for winter. it's a good positive environment for the airlines. >> one of the qualifications -- i don't know if you picked up on the nuance there. i said if you bought stocks in to 23, you would have done well. unfortunately if you had bought stocks, say, prepandemic, none of them are looking that positive. we're a far cry. what do we need to do to get to that level again? >> it's a good question. in many cases the value prices are below where they were prepandemic, the balance sheets have been repaired largely, but i think they need to keep delivering into next summer 78 valuations are low, and if they

keep delivering earnings, and basically the reason they're delivering the earnings is that demand in the market is ahead of supply and, as you said, balance sheets are repaired. i would say keep delivering and the market will eventually recognize. >> ryanair is one of the names that really did quite well in the pandemic. they actually manage to gain market share. i see you've written commentary about the stock. obviously it's a low cost carrier. do you see scope for ryanair to pick up in shares in the coming years now that the market is somewhat realizing? >> there's massive potential to pick market share up, but i guess the likes of ryanair had kind of a market share leap in the pandemic. it would have been about 15% of the market and is now at 20. so i think they can go toward 25, which i think is part of their business plan out of the early to mid part of the next

decade. they have the order book from boeing to deliver on that. it's a superior space. you could continue to deliver organically and grow it in ahead of the market. >> easyjet's ceo was on our program about a week ago, and one of the potential risks he flagged was those risks from geopolitical uncertainty. there's been a lot less travel going into and out of the middle east right now. what do you think that could pose a headwind in the industry going into next year? >> industry is always exposed if gop risk. we saw that with ukraine and recently israel and that part of the world. so what you tend to do is you have capacity, maybe reallocate it to other markets or else there's kind of a delay or a stop in bookings or a slowdown in bookings and then an

improvement. but i think the fundamental is still very strong here because if you look at the supply environment. they can only build aircraft at a certain rate and we're well behind where peak pandemic rates were, and there are lots of other issues in the supply chain like engines and stuff like that. that means as long as demand holds up and, you know, it's a positive environment for the airlines. >> yeah. stephen, thank you so much for joining us today on the show. stephen furlong, senior analyst for davey capital markets. before we head out, all the majors are opening up in the green. that is it for our show today. i'm joumanna bercetche. "worldwide exchange" is coming up next. like that ready to launch stage. that open for business stage. that sell it everywhere until you sell out stage. that

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it 5:00 a.m. at cnbc headquarters and here's your "five@5." stock futures fight for gains. not losing any shine are shares of apple set to open above that key $3 trillion market level for the first time since august. what the company's doing today that's giving bulls a reason to baijiu now, on capitol hill, the ceos of the eight largest banks in the u.s. are set to testify before the senate banking committee today. we're live i