and he's not afraid anymore. so he's fine. welcome to "street signs." i'm arabile gumede. these are your headlines. european sports brands lead declines in early trade after nike slashes revenue guidance and unveils a $2 billion cost

cutting plan. and the hang seng dragged into the red as china usuaissue restr restrictions. leaving the cartel. angola is not getting what it needs from the opec producing group. still not latching on to the recovery trade we saw out of the united states. more than 1% gain from the nasdaq and s&p with the positive numbers from the dow jones industrial average. europe is not catching on to the santa ra lly. we are looking for the economic date points which come out this

week. we did see inflation data from the eurozone. inflation data from europe this week. we are matching to the pce data in the u.s. to see what will happen when it comes to the interest rate cycle and how much room is there when it comes to the interest rate situation out of the united states. for now, we are down .20% on the three-month basis. 5% gain for the stoxx 600 overall. yesterday, nearly all of the sectors and major boards finished in negative territory. healthcare with a sense of gain which continued throughout the day. negativity across the board. that positivity from the u.s. yesterday is not filtering through to the european market. .10% down for the ftse 100. dax is down .20%. ibex 35 out of spain as well.

in terms of sectors, still sitting in negative territory. tech going down 1.4%. retail getting a hit at 1.42%. we will focus on nike from the global perspective which follows on from the weaker guidance to next year, plus the restructuring plan where they will cost save on $2 billion with apparel doing better than footwear. what does that mean? is it a shy away from nike or is it really a case of consumers looking to spend less in athletic wear. household goods down .80%. basic resources are higher on .50% to the good. let's get to the year-to-date picture. we have taken a look at the u.s. and how that market has fared across the year with the likes of the nasdaq up 42%.

year-to-date, it is not as much of the uptick picture across the european picture. ftse mib up 32%. really when you take a look at the ftse 100 year-to-date, up 3%. is there moreroom in the british stocks headed off into next year? is some gains of double digits for both the cac 40 out in france as well as the dax in germany which is 20% to the good there. smi in switzerland is up 3.6%. perhaps some room in the defensive counters. with analysts speaking about being defensive going into next year, could those find their way into investors portfolios? are they primed for gains? we will unpack that.

banks here with the high inflation and the high interest rate environment that we have seen, means we have seen a lot of the banks trying to shore up a lot of the finances for some time. you see delinquencies and bad loans getting a hammering as well. trying to make sure they are prepared for the difficult scenario that consumers find themselves in if the situation would worsens next year. big gains across the european banks. deutsche bank gaining 16% despite the stutter in matrch with the svb scandal. the commercial real estate lenders getting a bit of a tap in the u.s. that did not completely filter through to europe, but you did see question marks with deutsche bank. commerz bank at 20%.

ubs picking up 50%. remember that situation across switzerland and that banking saga. 18% gain for unicredit year to date. on the luxury front, we did see a big number of the numbers move higher. lvmh hitting the $500 billion mark in valuation. the most expensive stock across europe. it has gained 8.6% year to date. going down is burberry. not much by the way of the luxury brand a. it is a mixed story here. the china growth story is significant with these and consumers not necessarily liking this space as well. hugo boss is managing to gain

24%. in pharma, this is another story. we have seen the weight loss drugs as a key component with the growth of the segment. a lot of that is still in injection form. when it goes to pill form, what will it mean? gsk gaining. novartis gaining 6.4% for the year. novo nordisk going up 47%. some others going down, including roche holding which is 16% down on the year. uk economic performance was revised down for the second and third quarters coming in at minus 0.1% for the period july to september against previous estimates of a flat line. second quarter growth is flat after the reading came in at 0.2% higher.

retail sales came in higher in november notching a 1.3% increase on the month. sales growth at 0.1% higher on the year over the expectations of 1.3% decline. jeremy hunt described the agreement with the uk and switzerland as groundbreaking. saying it would allow firms in both countries to invest with certainty. speaking at a press conference with his swiss counterpart, hunt says this is a framework with other countries. >> i think it is a signal to all other countries that we are open to doing deals that boost choice and competition. we think boosting choice and competition is mutually beneficial with other countries. we are always open to measures that will do that. we think this new approach that we've taken in this trade deal, in this mutual recognition

agreement is a way that can remove a lot of the traditional difficulties in coming to agreements with other countries because it essentially says through the deference principle that we are open to the idea we are allow ing other countries t operate in the uk. we think it is an exciting and new approach. >> let's get to david roche who is the president of the strategy to unpack the sense of the market and how things are faring. david, thank you so much for joining us across this festive season. happy festive season to you if you are celebrating. david, why has europe not played the same game here as the u.s.? i thought it would be a recovery. we are not seeing that today. >> one is the geopolitical

reason where we are right up close to russia and we have a major european war going on and it could spillover. people continue to have that in the back of their minds. the second is european p corporations are not as good as making many as the u.s. companies. that is true. it is improvimproving, but the not closing. the third thing is people said the americans are better at dealing with the macroeconomics risks coming out of covid and coming out of the supply chain disruption and coming out of the war in ukraine. they are better dealing with inflation. because it is a more market-driven system, the inflation comes down quicker. that means the fed is the first cut so let's put money there. that's the three factors. it worked for currency and it

worked for assets. it would not take a lot for europe to look a lot better because the general feeling about europe is, you know, it is flooding down the tides of history as a dead duck in the stream. >> what changes now in history? you noted after 15 years of under performance, it would not take much to change perceptions. perhaps tech is not the biggest or trying to grow, but you can tell investors are preferring elsewhere. yes, pharma. that is moving elsewhere in terms of how much investment goes in. a.i. has obviously been a key proponent. that is what a lot of the entities choose to focus or list in the united states. where does the perception change come from? >> the perception change can come from a number of surprises. it has to be a surprise. everything you said is true, but

it is pretty well known and for a long time which has us where we are. what are the surprises? number one, if peace breaks out in ukraine and the peace deal was signed. even if it was a crappy peace deal, markets would rejoice. i doubt that would happen. if it did happen, it would lift a shadow from europe. the second is the market would rejoice and it is likely to be able to rejoice with the ecb changing course. i don't think the ecb is lagging the u.s. by very much. i doubt they will go and pursue schnabel at the ecb with that last mile. they will not run that last mile down to 2%. they will declare the fight over early. i will say they will start cuts

in the first half of next year. the third thing is corporations done look at europe and say it is a mess. they go and participate in other areas of the world which are dynamic. the story of europe in car producers, particularly in germany and china, is not going to be a good story. the vast majority of earnings which are earned abroad, one-third of them, come from the united states, which are dynamic. in other words, the narrative could change slightly to change the mood a lot. >> the narrative around the inflation expectation print or the print that they probably wanted to normalize and wants to change from 2% to 3% and we say that particularly the pressure in europe with the bank of england is to cut as soon as possible because the economies are a little bit more weaker than the u.s. counterparts. does that narrative need to change and how you communicate

means you are significant? >> the ecb got three conditions to cut interest rates. inflation is moving down and moving down forever and the economic conditions justified moving down. you could see a work of fiction of "war and peace" could change the narrative on that. the economy is weak in germany and in my view in recession. it seems the narrative will be changed. what will not be changed is the official target. to change the official target of more or less 2% inflation, you would have to get all of the nations in the eurozone to agree to do so. they couldn't agree on the price of breakfast or how to deal with the vile creature in hungary. you which noill not get agreeme that. you will get the central thinking in bankswith the

shock. we said bankers were not to blame. it is a relative price adjustment. don't make it worse by being overvigilant. the imf document to manage expectations of inflation which is easier to manage because you only have to play whack-a-mole with the consumer for a few months. i think together with the rhe rhetoric, there is a method and then the old story to allow interest rates to be cut in europe. the real truth is the economy is so weak and italian debts are so high andthe only thing you can do is cut interest rates. >> is your reasoning for bond prices heading higher the difficulty with next year going to be on the equity front? you don't see the equity front

gaining as quickly as it has this year? i say specifically stateside with only marginal gains for a lot of europe. >> okay, look, when i look at the equity price being old, i try to be rational. i look at the flow of earnings in the future and the rate of inflation and interest rates which i must discount earnings by. what do i see and why do i see it? i see that march gins next year will be impacted worldwide by sluggish growth. not the recession, but sluggish growth. that's number one. i think that will bring margins under some pressure. on the other hand, i think central banks will cut interest rates and they will more or less accept inflation to settle at 3%. the discount factor, which you apply to those future earnings is, of course, less. that means the present value of

the future earnings is greater. i don't foresee an equity market crash, but i see the interest rates are helping and i don't think the interest rates surprises will help a great deal. i don't want to short the hell out of every equity market in the world. i want to be selective like were you discussing before i came on. it will be a tougher pass age than it is for bonds. i simply think the interest rates cuts will go on. >> your sentiment is in lockstep with a few people. david, i appreciate the thoughts this morning. have a wonderful festive season. i'll chat to you in the new year. david roche. over to nike which has cut revenue outlook for the fiscal

year and now expecting dprgrowt down 1% from the mid single digits. sarah eisen filed this report. >> reporter: the company is moving into a profitable growth phase. that was evident in the y quarterly numbers and the release. let's go through the numbers. on earnings per share, it was a beat. $1.03 against 84 cents of expectation. on revenues, expectations and 1% earnings growth from last year. if you go beneath that, it cannot see growth in the america market. china grew 8%, but that was a step down from the double digit growth it has been seeing in recent quarters. digital also showing signs of a slowdown in growth. up 4% this quarter. it is soaring double digits

lately. the company announced a new cost savings program they laid out in the release. it is hoping to save $2 billion overall and to do that, areas of potential savings, according to nike, include simplifying the product and increasing automation and streamlining or organization, i.e., layoffs and leveraging of scale to drive greater efficiency. here is what was said. as we look to a softer second half revenue outlook, we remain on strong margin execution and discipline cost management. translation, nike is seeing world demand slowdown. that is why it is focusing on areas to control over increased margins and profitability. expect more comments along the conference call on the forecast for the rest of the year, but this is clearly a message from

nike that it is seeing somewhat of a slowdown in the core consumer. back to you. >> sarah eisen following the story from nike yesterday. a clearance of the weakness, particularly with footwear. that is a staple for nike with apparel doing a little bit better. china's growth of 8% in apparel opposed to footwear. is this an athletic pull back? that is what we are getting from the stocks and counters right now. some of those sports and leisure giants taking a bit of a hit today. 6% down for adidas and puma. coming up on the show, it's december 22nd. some of you will have wrapped up your christmas shopping weeks ago. some of you will be out there on sunday grabbing whatever you can find. particularly last-minute stuff.

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now with christmas days away, many of us are rushing out to pick up last-minute food and gifts. with inflation above target around the world, what kind of environment is the consumer facing? richard chamberlain is here from rbc. thank you for the time. happy festive season to you. have patterns changed? have consumers changed how they shop and how much they shop considering the situation across europe? >> i don't think patterns have changed. what you are seeing this christmas is a later shopping pattern. obviously, keep in mind christmas is on a monday this year. the mentality of people is to know they have two big weekends.

last week is the non-food side. we have a huge food shop to come. today and tomorrow. it is a later shopping pattern this year. we did see some pull forward of the christmas shopping into the black friday period which was quite strong this year. it was helped by more seasonal weather with the weather in september and october. consumers are responding to cost of living pressures and smoothing their shopping over a number of pay packets and smoothing that spend. we had a lull and i suspect it will go gang busters. >> i might join them. big-ticket items are a smaller part of that shop. it may be smoothing out significantly, but realizing maybe i don't need to buy that now. i'll save up for it and only spend on it later. the bigger-ticket items, does

that become a smaller part of the shopping now? >> i think you are seeing elements of the trading down. certain products are still popular in electrical with gaming consoles and air fryers are popular and hair products. >> not for you or i. >> not for you or me. for other people. i think equally it is interesting with one thing we've seen so far in december is strong sales of t-shirts. that sounds bizarre for december. it might be because of milder weather. last year, obviously, it was extremely cold at this time. i suspect an element of trading down in gifting. last year, you might have bought a sweater for 40 pounds for someone. that's going to get substituted to a t-shirt for 25 or 30 pounds. >> gifting is different as well. >> i think so.

in terms of what people are buying. i think generally we are seeing a little bit of pressure among the premium brand label. some of those are struggling and going on sale early. >> the premium brands with this being the season to thrive. some people are tapering down? >> a little bit. it depends on the retailer. some retailers are still appearing to do extremely well. equally, the likes of this week with the issues early this year as well. that premium space is fairly resilient up to now held by strong employment. we are starting to see cracks for some brands. you see a bit more sale activity for those. >> this high inflation environment continues for a little bit. yes, it is headed downward, but

you don't know how long that will stay down and what levels will be hit. what outlook for 2024? one could imagine consumers will struggle. uk in the cost of living crisis. that doesn't look to abate soon. >> exactly. i think you are absolutely right. i think it will be a fairly challenging environment. i think this year, certainly most retailers are per tomformi better than planned. our sector has been one of the better performing ones in the stock market. i suspect next year we will see a bifurcation. the lower-end customer is in better shape now. they are about to have another minimum wage rise. over 20% in two years. these were the people that suffered the most in the pandemic. now actual thely they are in per

shape. equally, the older age spectrum are in good shape. a bit more cash rich. they are probably getting interest on the savings now. i think it might be the squeeze middle that suffers a little bit more because you still have, as you say, the lack of interest rates to come through on mortgages and so on. you also have the sort of things that the middle class and middle income consumers spend money on as well which is still inflating. education and travel and holidays. you know, they are more expensive than a year ago. i think low income is in better shape. older age groups. it is the squeeze middle that are facing challenges. >> you look overall at the spending patterns as we have been noting here. some look at it and think, okay,

yes, i need to price down, but price down on getting a better deal. are you finding that retailers also have to look at how they deal with the structure particularly in the festive season and moving forward and they are finding better combinations and better deal making to entice consumers to be there? spl >> sure, yes. with the cost of living crisis or effects of that still going on and retailers are responding to that. customers are waiting for deals. they have been opportunistic. we saw the buying in the late summer sales and consumers went back in the shell and came back out for black friday or black november. then just before christmas. we see the experiment spend as well as opposed to stuff. people are going out again. they are spending money on concert tickets and travel and

entertainment and restaurants. >> the experiences that were, you know, suppressed due to covid. that is coming back. richard, i appreciate the time. thank you for joining us. all the best for the new year. >> you, too. >> richard chamberlain. head of european consumer equity research at rbc. coming up on the show, game over. stocks slide around the world as beijing clamps down online gaming. we'll have the details next.

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at blendjet.com. welcome back to "street signs." i'm dparabile gumede. here on the headlines. back on the brink. the santa rally returns on wall street and aiming for an eighth straight winning week. nike doesn't mean victory this time around. something more than 10% in the u.s. pre-market trade on a cut to its revenue forecast sending european sports firms sharply lower. china issues restrictions on

spending limits and time rewards for online games sending gaming stocks sharply lower on both sides of the pacific. leaving the cartel. angola leaves opec saying it is not getting what it needs from the oil producing group. an hour and a half since markets have been open here in europe. let's look at how things are faring across europe. it hasn't followed on, necessarily, from the gains we saw out of the u.s. we've actually turned the corner from where we were just moments ago. we opened the show, we were seeing a lot of red across the board. now inching higher. not far from the flat line with the ftse 100 seeing significant

gains of just .10%. we will look out at the sports manufacturers with adidas and puma following on from nike's sentiment trying to get themselves out of a slight situation with the restructuring plan and saving $2 billion u.s. that will be in focus as well across today. we will also be looking toward the u.s. pce data which is expected to climb 2.3% in the third quarter. european yields and treasuries. where are we when it comes to that? the ten-year gilt at 3.521. below that 2% mark for the bund. that is what we have been looking at thus far. a lot of the treasury yields has come on with the consumer spend with the gdp number from the u.s. which was revised lower yesterday. the consumer spending element

has been revised lower. the ten-year in the u.s. at 3.867%. the 30-year above the 4% level. asian markets is where we are focusing on the story around the gaming segment here. tencent getting hit a little bit there as china decides to come down a little bit hard on regulation news for internet and gaming stocks there. gaming hours and gaming rewards put in place on that front. clamping down on the amount of time spent on games. nikkei is managing to gain .10%. the hang seng dipping off that 1.7% on the back of tencent going down significantly around 12% in the hong kong trade. same with netease losing that

value. fresh restriction around the gaming segment with tencent and netease falling on that. it will curb the reward system for frequent as well as prolonged use. that is hitting the likes of ubisoft stock in europe. it is down 6%. trading lower after sinking 8% at the open. now 6%. there are process which hit the bottom of the stoxx 600. that is 16% down. the stake in tencent is significant to the overall picture on its trading there. from tech wars to crypto, cnbc is exploring the top tech trends we can expect to see next year. arjun kharpal filed this report. >> reporter: 2024 is expected to be another big year for the tech industry with excitement with artificial intelligence.

scrutiny from likely to continue. without a doubt, artificial intelligence will dominate the tech landscape. there will be rapid development for the applications we use today to chatgtpt. there will be models which will be smaller to run on a smartphone. that will unlock new applications. while the u.s. and then china dominate the a.i. space, some of the european's startups will dominate with a.i. models of their own. on the chip front, nvidia will lead as well as amd introducing competition. after a big one for nvidia and microsoft, investors will look for the hottest companies to back in 2024. with the explosion of a.i.,

regulators gs globally in the u, it will focus on tech giants and then in the eu, it is the app and how it is implemented. in the u.s., it is the fed chair commission against big tech against amazon. a.i. will continue to get swept up in the tech war with the u.s. and china. washington has put curbs on export on the semiconductors to china. that tightening of restrictions could continue as the two super powers battle for tech supremacy. will beijing retaliate against u.s. firms operating in china? tesla will have electric cars in focus. 2023 was marked by a price war across ev players. tesla has had a rally this year as investors see it as a frontrunner in the ev race. chinese players like byd and startups like nio will look to

challenge the dominance in china and abroad in 2024. finally, crypto after a massive rally in 2023, executives are bullish on 2024. they have called the start of the new bull run. the last time bitcoin hit a high was in 2021 at $69,000 per coin. the bitcoin halving and less aggressive monetary tightening from the central banks and there are many betting on the rally continues. arjun kharpal, cnbc business news. >> many things to look out for in that space. our next guest expects startups to go all-in on artificial intelligence models in 2024 which could help many of the top innovators achieve profitability faster than ever before seeking to go public which would help the deal making business in

2024. the partner at north zone joins me now. thank you so much for the time. one could say that this is definitely the most interesting space to have had in 2023. now, i suppose the rubber has to hit the road in 2024 having to prove it all works and it all makes sense for investors. >> indeed. thank you for having me. i must say that 2023 started off relatively quiet. it has really gained momentum throughout the year. partly fueled by the a.i. revolution that is basically really pervasive in every type of application that you see and is fuelling a lot of interest as well as the underlining reason with the disruptive properties you can expect from the models which can improve customer experience and decrease costs

and displace the incumbents which is the life blood of most startups. >> in a time when, they, of course, accept a.i. as part of the mix has become part in parcel of a lot of the entities. what they had to consider is there may not be the most regulated zone as well when it comes to this as well. does that mean that they will have to really look at how they defend themselves against, you know, a.i. perpetrators which could happen as well and how much you invest in that? there is still an investment on both sides here. >> i think we have to also distinguish between the large general models and specific application centric models. the vc industry predominately interested in the focused models where you are trying to solve a specific customer problem rather

than build a wide tool set for a wide number of industries. i think it is in that wide set where you have the problems that you refer. when you are trying to solve a specific customer problem with the tech stack that involves a.i., then you kind of build in the security paradigm and also to make sure the data that you are using that you are allowed to use that and you don't leak out data that is proprietary out of that infrastructure. that is the leading theme for many startups right now. almost what they are addressing. as you may suspect, this is coming big time into education and healthcare and enterprise software stuff. in healthcare, it is extremely important you don't lose control

of your data. that's why we see startups that are extremely diligent about that. >> i think overall, as well, is what we are seeing is entities asking if it is a safe space to continue to play in. yes, the growth is going to be significant, but whether you look to go and, perhaps, list or really just put forward more equity for your business, how do you shore up investors? how do you make sure investors feel a sense of calm realizing it may be somewhat unknown space to some, but it is still worth getting into? >> i actually think it's maybe in many ways less scary than what the reputation may suggest and one of the reasons is we had a number of technology shifts in

the 30 years as vc including the advent of broad based pc and the mobile revolution. that caused companies to adopt those changes. i think we're seeing the same kind of references with some old-school companies that don't dive head first into this. this is, again, the reason why startups win over incumbents. they develop products that solve problems more effectively. they become more attractive to the capital markets and can find themselves on stock markets in a year or two. >> this segment is driven to kpmg where they found a.i. jumped to the second most important revenue driver for the industry after placing fourth in the prior to annual surveys.

that is massive growth for the segment like this. the take up of a.i., is that going to be broad based now? if you don't have it in your tha e entity, if you don't have a sense of a.i. capability means you lose out or is that the notion we have from the market? we have seen things like internet of things play into the market. we had a huge data segment as well with the market which did fade. it did bring us to where we are now. >> i think it is fair to say that if you ask any developer today, i would say that 90% of them which have adopted a generative a.i. assistant to their work flow, they are probably 60% productive. there is a productivity boom

happening in real-time right now. those who are not looking seriously into that will be i losers. that is just one example of the education space where we see a tremendous amount of change. we saw that listed entity which lost market cap due to the market that they were not fast enough into the generative a.i. space when that was so evident it would impact the entire education space so clearly. >> thank you so much for the time. i appreciate it. have a wonderful festive season if you are celebrating. hope to chat with you in the new year. the partner at northzone. on a programming note, catch our interview with cathie wood, the ceo of ark investments.

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welcome back now. angola is choosing to leave opec as part of the oil producing group after 15 years. membership was quote not serving its interest. saudi arabia, the largest producer, has been pushing the group to increase the output cuts in the bid to drive prices higher. angola is the seventh largest member in the 13-member group. questions of the group's effectiveness to support prices will be put forward on the back of angola deciding to exit the opec group. that oil price up 1% this morning. brent crude is holding at $80 a

barrel. $74.75 for wti. it is looking a lot like christmas with passengers pouring through the terminals in record numbers. phil lebeau has more. >> reporter: the next week and a half is setting up to be the busy stretches the u.s. airlines have seen. between today and january 3rd, 2.8 million passengers are expected to fly every day here in the u.s. up 16% compared to the same time last year. busiest days will be later this week and right after christmas next week. that is when 3 million people could fly in one day which would be a record in the states. airlines have added more flights to get ready for the surge in demand. meanwhile, the faa will again free up more air space in some of the most congested markets along the eastern seaboard. much as it did during the thanksgiving travel holiday. there is optimism this year's

end could be and big as last year. >> we are here to hold them accountable. nobody controls the weather, but we will use every tool within our disposal to keep cancellations and delays as low as possible. >> reporter: the airlines should post strong results for the end of the year with low fuel costs. and airlines are still far from the 52-week highs as investors focus on headwinds, including higher labor costs. phil lebeau, cnbc business news, chicago. in the u.s., 205,000 americans filed for unemployment benefits. that is increase from the week before, but below the estimate. continuing claims fell by 1,000 to just over 1.86 million.

economic performance was revised lower for the third quarter. down 0.3% to post growth of 4.9% for the period. that's still the highest level, however, since the fourth quarter of 2021. of course, it does sit in lockstep with the figures from europe as well, particularly the uk, where growth and gdp numbers is revised down from the uptick of 0.2% in the third quarter to a negative 0.1%. here is the europe market with the final check on how things are faring. back in the red. we have been moving between red and green today. earlier, we saw the market turn slightly. still the ftse 100 being the out performer across the market so far. as can you tell, not far off from the flat line. seeing the u.s. gain yesterday means we may see that pull into the market picture today. the week-to-date picture, we see

it moving in line with part of the u.s. you see the ftse 100 managing to gain 1.6% downward trading with the ibex in spain across the f flat line picture. u.s. markets. the rebound trade picture yesterday. 1.25% higher for the nasdaq. pce data is what we are looking toward with the gdp number coming in yesterday at 4.9% against 5.2% expected. quickly here are the futures. downward day is anticipate anned. that is it for the show. i'm arabile gumede. from everyone here at bccn europe, for you celebrating, we wish you a very merry christmas. is on now! give the gift of convenience the blendjet 2 portable blender is perfect for

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it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we start with stocks struggling to keep momentum going after the bounce back yesterday. futures currently are in the red. a big part of the market move is nike. shares sinking after slashing outlook and revealing a $2 billion cost cutting program. key for investors is the latest read on personal income and pce. the fed's favorite measure of inflation. we will see if powell and company can declare victory today. the white house is