that's all for this edition of "dateline." i'm craig melvin. thank you for watching. ♪ welcome to "street signs." live from davos and london let's look at the headlines for this hour of the show. ecb policymaker says it is too early for central banks to declare victory and gives clear gu guidance for 2024. >> obviously, they shouldn't be higher than today.

bearing major surprises, we look at the middle east and our next move will be capped this year. i will not comment on this season the imf tells cnbc it is up to central banks to stick the landing when it comes to rate setting and warning against expectations for cuts. >> we know the markets are expecting central banks to cut aggressively i think that is a bit premature to make that conclusion. standard charter ceo tells cnbc that they will not derail u.s. and china ties in the face of the u.s. election. >> there is a transaction in there some place to keep the economy on an even kiel. p resounding victory for

donald trump in iowa cements his position as frontrunner and ron desantis is a surprise second place ahead of nikki haley >> we want to thank the great people of iowa thank you. we love you. what a turnout what a crowd i really think this is time now for everybody, our country, to come together. the new high rate reality has been dominating discussions in davos we discussed it on steve's panel about what is next for central banks. let's take a listen. >> if i think in nominal terms, obviously, they shouldn't be higher than today. bearing major surprises, we look at the middle east and our next move will be a cut probably this

year i would not comment on this season so, not higher than today, but higher than in the past during 2015 to 2022 >> if i were the fed, i would be concerned about starting too early. we are seeing the rate travel with the rate of inflation it will be harder to continue to bring the rate down. they will expect that which is good they also want to make sure they feel like they really have gotten to a state of stability before they start making significant moves in the interest rate space. >> in the last few months, we have seen financial conditions ease everywhere. >> we hold cuts. >> it is tighter on average, but still eased. i think the challenge for central banks in trying to make sure that you have the soft landing and you stick the

landing is certainly more of a challenge now because of the last few months. >> let's talk more about what is happening in the u.s. political scene where donald trump has won a victory in the republican iowa caucus the former president, won 51% of the vote ron desantis took second place with 21% of the vote and forcing nikki haley in third trump's victory is the largest ever in the caucus ramaswamy dropped out of the race and endorsed trump. >> i want to congratulate ron and nikki for having a good time we're all having a good time they both did very well. we don't know the joutcome of second place i want to congratulate vivek

he did a hell of a job he came from zero and he has a big percent. almost 8%. they all did they are all very smart people and capable people >> ron desantis also addressed supporters vowing not to give up >> we thank you for your effort. we thank you for your support. you helped us get a ticket out of the hawkeye state we have a lot of work to do. i can tell you this, as the next president of the united states, i will get the job done for this country. i am not -- i am not going to make any excuses and i guarantee you this i will not let you down. >> third place nikki haley looked to the future striking an optimistic tone for the new

hampshire primary later on this month. >> when you look at how we're doing in new hampshire and in south carolina and beyond, i can safely say tonight, iowa made this republican primary a two-person race. >> the ceo of bain is joining me he on the set here in davos. >> thank you, mandy. >> as a global consulting major, you must necessarily be looking at what is happening in the u.s. political scene. i guess gaining it out what would a trump win mean for the u.s. economy and the globe as well? >> mandy, one thing i'm struck by here talking to the european clients, most ceos have to gain events that might influence a company's direction and

strategy will the war continue? will u.s. and china continue to be at odds we are continuing the role planning in a trump presidency what does it mean for europe for a company in 2025 and 2026 and implications for nato and ukraine and implications for climate policy without pre-dicting what might happen, i think companies are looking at this as a meaningful event as one of many to influence the company's direction. it is rare that an election is at that level of possible change companies are taking it seriously. >> one of many when you look at the risk factors for 2024, what is number one when you sit around the boardroom what is top of the list >> the list is both terrrisk and

h headwinds and tailwinds. two years ago, we had a war that got started and no resolution yet. sensitivity in the united states and china. all of that and implications of supply chain and the possible t tailwind for everybody and in davos, the irrelssues with artificial intelligence. we are still going through decarbonization and sustainability not long ago, we were in dubai at cop28 that is happening in the rate environment which is different from the last decade that is capital which costs something. therefore, all those together creates a world of strategic opportunities and risks to play out over the next few years. that is how companies are thinking >> a lot to unpack there

let me deal with the cost of capital. traditionally, one of the strongest businesses has been advising pe firms and getting deal making by pe firms which has taken a hit as the cost of capital has gone up the last couple years now we're hearing from the ecb to steady on they may not be necessarily any rate cuts it year. what does it mean for the outlook for pe >> the private equity and alternative asset class industry for a decade actually was able to do it through low cost of capital. debt was so cheap and negative interest rates >> maybe too cheap >> yeah. it is actually or unreasonable there should be a cost of capital. the question the last couple years is not the uncertainty of what that would be it was a very steep price. the fact that if it doesn't come down, you can argue 5% plus or

mi mi minus, which is a reasonable zone to make good investments. people can do deals if they know the cost of debt activity is increasing deal activity is increasing. whether or not it will come down any time soon is less important over the fact it is likely to keep rising and reasonable rate right now. >> if it doesn't pick up to the level you like, what takes its place? you ramped up the digital advisory business and a.i. is on everybody's list how are you ramping up that business to meet the demands of your clients and what are they looking for here >> for us, as a consulting firm forclients, generative a.i. di show up. most clients have been investing in technology for decades. a.i. is 10 or 15 years old

just this year, the specifics of technology around generative a.i. and what it could do for companies and enterprises has been a boon for us and many in the industry they are looking at that as an opportunity to deepen customer relationships and improve productivity everyone is taking it seriously. it is a big theme in davos as you know. >> let me finish up on china, which you mentioned early on in passing. beijing has been clamping down on foreign con sulting firms. are you committed to china >> as a global firm operating everywhere in the world, our china businesses is important to us both working with chinese companies which are global firms and multinationals which have a big business in china. that is the key part of the supply chain and market. i'm not sure the term clamping

down there are sensitivities we have to navigate. like any other company operating in china we have been in china for 25 years and we will continue to be there. >> wonderful it has been a really great and insightful conversation. thank you for joining us manny macedo, ceo of bain & co. it is a busy day here from davos. we weill hear from the premier i cqiang as well as ursula von der leyen and then volodymyr zelenskyy. we are seeing selling really across the board today given the han hand over from asia was not a strong one

hang seng coming under pressure. the big story is the re-pricing of a rate cut expectation. we had a raft of ecb officials coming out the last couple days saying we may not get any rate cuts at all in the eurozone this year just yesterday, the awe austrian central bank manager saying they will not cut at all. the ftse 100 is off 0.4. the ibex in spain faring better by .20%. i want to show you sector view we are seeing one sector in the green here food and beverage and media. banks are bearing the brunt of the selling here investors seem to be focusing on the softer gdp growth in the absence of any rate cuts in the

eurozone this year utilities and travel and leisure are lower. i want to show you the stock gainers and losers fascinating stories to tell you about it we have time for a few surprise from the chocolate maker. the 2023 numbers very much blowing it out of the water despite higher cocoa prices. hugo boss tanking by 10% the worst trading day for the fashion retailer since january of 2020. that ebita was a disappointment. mandy. carolin, thank you you almost look camouflaged against the red back drop. we will get back to carolin in the london studio shortly. coming up in davos, we will be joined by denis machuel from

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welcome back to "street signs. we are live in davos where a.i., artificial intelligence, is very much dominating the conversation we have been asking all of the key players for predictions on what the technology could mean for the global economy >> the global south will participate in a.i. and participate in a different way you need to go through the evolution of technology. digitize a.i a.i. will enable you, also, together with robotics, where humans and robots will work together >> in advanced economies, 60% of jobs will be impacted. we are not yet thinking through how to regulate and adapt. we are not thinking about social impact because unquestionably a.i. left without measures to buffer it will create more inequality

>> since the beginning of the last year, a.i. enters the living rooms the technology is 40 years old we have deployed it for more than a decade in our products in respect to real engineering challenges to drive down co2 for customers and infrastructure and buildings and data centers >> so the question is will a.i. be the great equalizer karen will put that to the panel later today. tune in at 17:30 cet to hear from the google ceo and south korean prime minister. the ceo of the adecco group, denis machuel, joins me.

>> thanks for having me. >> the group put out a report saying 7% of workers expect their jobs to be obsolete. 7% to me is awfully low. would you agree with that number if you did the survey today, would the number be higher >> things might have changed that is the honeymoon of a.i people discover how wonderful it is, but don't realize the impact we know a.i. would bring productivity to the workplace and new jobs new jobs could be created and jobs and tasks would be destroyed. nobody knows you have expectations and studies all over the place what we believe and what is critical is to put the human approach to a.i. the risk with a.i. that it is not an equalizer, but brings a bigger divide.

if people are not ready or upscaled or rescaled and a.i. ready. >> i have two sons at university the big competition among the peers is what do we study now so we don't become obsolete in the future what jobs will still be needed in the future and what trends are you already seeing >> definitely, as we know, a.i. will probably have on a short-term impact on workers a.i. is about knowledge. you know, what is essential is to identify when you look at the job market and what are the jobs and tasks that are transactional and that can be automated. what we believe as gen a.i. and what we bring to the center of the conversation is what makes us human. >> soft skills >> we have read a study across

2,000 suite executivess which will be published in a couple of weeks and it is around creativity and innovation and critical thinking and empathetic leadership those are the things that make us human and will complement what gen a.i. brings to the marketplace. >> a.i. coincides the fact with the high inflation and rate hikes and now people are telling us that inflation will no longer be public enemy number one, but rising unemployment will be. do you see that in your trend that you see a loose ening up of labor? now from the great resignation will turn into the hang on to your job as long as you can?

>> we see a slowing down of the economy and several parts of the world. however, the level of unemployment is still quite low. we see a strong dynamic. we see europe slowing down and the u.s. in the middle if you take the helicopter, there is a long-term trend with uses which is talent scarcity fueled by demographics and fueled by personal choices the balance between my professional life and personal life we see longer term talent scarcity what is critical how do we make sure or companies make sure they work on the employability of the work force? >> the right skills.

upskilling can we do that fast enough what makes us human is work-life balance. we like to work from home. i like to go to the pub friday afternoon at 3:00. the problem is robots don't need time off surveys say people would take a pay cut or up to 20% for better and more flexible work-life balance. is that sustainable? >> it is difficult to predict the future we know there has been particularly covid exaccelerate that willingnesses to have a better work-life balance remote work has fueled that and you can work from home, et cetera a vast majority of the workers cannot work from home and cannot have flexible hours. let's not forget that.

now, we hear a lot, particularly in the young generation, they do have issues with the pay and the free time. this will remain, i believe. what we also hear and it is very interesting, 30,000 workers, tell us the first perk they like to see is investment in this their skills upskilling they want to take ownership of their career more and more what we used to call frontline workers, they understand that massive issues are coming. they expect from employers a work-life balance, but preserve the employability. >> they are scared for their jobs >> they don't want to become obsolete we need to make sure, as employers, as shifts in the

market are coming and the gen a.i. revolution is coming up and we accompany people and train them 46% of the c-suite are telling us they plan not to redeploy people whose jobs are impacted by a.i., but what will we do how do we ensure that career transition is there and we put the effort into making sure that people have trust in the future if we want peaceful society means we need to ensure employability is there it is necessary for flourishing economies. >> it is big for the employers we need to leave it there. i would love to keep on talking about the topic. it is fascinating. thank you, denis, the ceo of the adecco group

silvia amaro speaks out about the uncertainty of supply chains this the ingkr group ceo. >> it is regrettable to see the next disturbance in the world. we don't see the disruption from our supply chain unlike the pandemic peak, we have stocked up. we are in good shape it doesn't have an impact on our business or pricing or availability >> that's on your business do you think we are just entering an environment where it will be more unpredictable with the supply chain we saw an impact during the pandemic and we saw a rebound on that space now we are seeing this with the red sea. we are entering a new normal

with the psupply chain >> we did benefit from decades of going to open borders collaboration and making it easier for big companies like ingka. we do claim that is the collaboration which has provided growth and benefits for all. we would like to still proclaim that it is important to give back around the win-win dialogue and resolve the terrible conflicts. in the meantime, tayia breyer caught up with michelle yeo for her fwork

>> through song or movies or whatever creativity. it is a way we can transcend language and have the world come together in such dire times and with hope. >> michelle, you were the first person of asian descent to win the best actress award what was that like >> the pressure and stress and prayers that went out for all of the actresses. we all deserve to be where we are. i wish there were enough oscars to go around i think that oscar, you could hear the roar of joy and happiness come from the other side of the world. it means a lot because it means we are seen. i think what it meant was to a

lot of, even today, the asian girls and boys would come up and say you have changed my life you have shown me we can >> you support -- it is an emotional time for you do you feel a big responsibility >> i don't see it as a responsibility i feel it is an urgent neat to be able to step up there are so many of us. we need the opportunity. we noticed eed to get up. >> all the big names here on cnbc still it come, we are going to be hearing from the ripple ceo brad garlinghouse. do stay with us. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the

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control of your brand with your own custom store. scale faster with tools that let you manage every sale from every channel. and sell more with the best converting checkout on the planet. a lot more. take your business to the next stage when you switch to shopify. welcome to "street signs" live from davos and london i'm here with carolin roth

let's look at the headlines for this half hour ecb policymaker says it is too early for central banks to declare victory and gives cautious guidance on the rate cut timeline for 2024. >> if i think in nominal terms, obviously, they shouldn't be higher than today. bearing major surprises, we look at the middle east and our next move will be a cut probably this year i would not comment on the season the imf governor tells cnbc it is up to central banks to stick the landing with rate setting and warning agains expectation for the rough of cuts >> the markets are expecting central banks to cut aggressively i think that is a bit premature to make that conclusion. standard charter ceo bill winters tells cnbc political tensions won't derail u.s. and

china ties in the face of the u.s. election. >> we know he is a transactional president. there is a transaction in there some place that keeps the economy on the even kiel without fundamentally disrupting that relationship. a victory for donald trump in iowa while ron desantis secures a surprise second place ahead of nikki haley >> this has been some period of time and most importantly, we want to thank the great people of iowa. thank you. we love you all. what a turnout what a crowd i really think this is time now for everybody, our country, to come together. a quick look at u.s. futures. we are expecting a negative start to the trading session as the markets come back from the

long weekend in the u.s. the s&p 500 is off 26 points dow jones industrial average could fall 156 points. nasdaq seen lower by 117 points. the earnings parade continues with reporting from morgan stanley and goldman sachs. apple could be discounted heavily in china switching to the european boards and we are seeing a sea of red today why? a broad re-pricing of risk today as investors are factoring in the hawkish comments coming from the ecb officials the last couple days. very much pushing out rate cuts. there may not been any rate cuts at all this year this is leading to selling pressure dax off .50% ibex 35 holding upper here off by 0.8%. on on to the currency market,

some dollar strength is coming in i want to point out that the sterling/dollar is off 0.6% because of the slowdown in the uk wage growth in the three months to november ma mandy. thank you, carolin we will check in shortly let's look at what is going in the world of cryptocurrency with bitcoin trading at the flatline. it is an exciting few weeks with the approval of the bitcoin etf for the very first time. we asked the circle ceo what is next for the sector. >> this is a little bit like after the dot-com boom and bust. people ignored ecommerce, but technology continues to develop. we saw that happen last year we have seen stablecoin in particular remain the killer app of technology and seeing widen

use around the world we think 2024 with things like the spot etf and more regulatory clarity will open it up wider. >> it is timely that our good friend and colleague, arjun, is speaking to brad garlinghouse. let's listen in. >> the u.s. s.e.c. had a post on the x account on tuesday, the 9th of january that said the bitcoin etf was approved and then said the account was compromised. the day after, they approved what they hadn't approved. they approved it on wednesday the 10th >> you realize, if you were a public u.s. company and that happened, the s.e.c. would be i investigating you the next day >> what do you make of that? >> i don't know.

this is not the original conspiracy theory, but was the account could mpromised or did someone post something premature? did gary gensler lie if the u.s. s.e.c. was a public company, that transparency would be there and the irony of the s.e.c. demanding transparency from those that regulate and not providing transparency about its own activities shocking. >> x did say the s.e.c. account did have two-factor a authen authentication the phone number was come compromised. >> it is required by the s.e.c. by their policies. they were supposed to have it on >> the phone number was compromised as well. how big a deal was it for the industry >> i think it is a very big deal

in part because it is a further check against the s.e.c. as someone who has tried to fight the progression andof crypto. in terms of fund flows into crypto, i think it say vis a vei deal you see the published numbers in the first few days as re-balancing given the grayscale product. the short-term will have re-balancing occur it is a big deal for the industry it is an asset class that is here to stay institutional participation in the asset classes means it is a very big deal. >> do you think the excitement is too much? the reason i say that is when we had bitcoin futures in 2017, there was a similar narrative this would bring in a new wave

of institutional investors and this will be good and legitimize the asset class. is this different? >> didn't it materialize what was the price of bitcoin in 2017 >> you are testing me now, brad. a lot more >> i don't know. i have to look >> the traditional inn substitution institutions would get it. that did not happen immediately. >> blackrock is one of the players who is offering the etf. >> yes it changed that narrative and is it a different product does it mean something more? >> i don't view any one event as the critical tipping point it's the amalgamation dating back to 2017 to now 2024 where you have 11 etfs approved and trading. c could its have happened sooner

yes. we continue to have hostile issues in the united states. they are acting against their own agenda the good news is what is happening in the united states with 22% of global gdp is the side show. the main event remains markets like the uk and here in switzerland and japan and singapore and dubai. you have governments leaning in to clear regulation and partnering with industry and providing that kraclarity. that is where investment is flowing. >> it did not sound like gary gensler changed his tone after the announcement is this posturing or has the s.e.c. changed its stance? >> there is an expression like

insanity is doing the same thing over and over and expecting a different outcome. i think gary thinks he will win in court he has continued to lose in court. i do think the chair of the s.e.c., gary gensler has become a political liability in the united states. i think he is not acting in the best interests of the citizens or the long-term dprgrowth of t economy. i don't understand it. i think there will be a new chair of the s.e.c. and that will be a good thing for the american people. >> there were a couple of things gary gensler saying just because we allowed the bitcoin etf, don't think we will allow other crypto assets. the price of ethereum sky rocketed immediately on hopes it could be the next etf. what are the chances of that >> i think it is a certainty

>> this year >> i'm not going to put a horizon on the time. there will be other etfs there will be other etfs for sure. >> an xrp one? >> i love this game. i am very -- >> the last time i'll ask. >> that's all right. the sad part is we have an etf because the court says you are being arbitrary and capricious with the interpretation of the law. at some point, gary gensler won't be chair of the s.e.c. and that will be a good thing for the american people. >> there is what the s.e.c. does and what is going on -- >> arjun kharpal with the ripple ceo.

business leaders are feeling comfortable with the growth with cap gemini silvia discussed with the firm's ceo. >> we have seen a 56% of ceos sur surveyed through the years, things will change and there will be an an up tick in the second half when they look at the global mar market, they dropped 33% it is not you are feeling optimistic about the company than the environment it is something we see sometimes in surveys. >> what do you make of the outlook for 2024 what concerns you the most >> the geopolitical environment. again, we are optimistic we see inflation abate a bit we think that is the dipping

point with the interest rates and that means we are able to reduce some of the geopolitical tensions this is one of the purposes of davos to have the connection and dialogue to see how we collaborate and overcome the challenges coming up on cnbc, manpower group's ceo jonas prising. don't miss that. it's up next on cnbc 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, available at walmart and drinkcirkul.com.

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welcome back to davos. you are watching "street signs." i asked the adecco ceo if a.i. could lead to unemployment replacing inflation as public enemy number one for labor markets. >> it is the great resignation which is over. we see the slowing down of the economy in several parts of the world. however, the level of unemployment is still quite low. we see a strong dynamic in asia

and latin america. with see europe slowing down. the u.s. is in the middle. there is a long-term trend which is talent scarcity the balance between my profits in life and my personal life and the skills gap which fueled by the green transition and generative a.i we see longer term talent scarcity what is critical the is how we e sure we work on the employability of the work force. the ceo of manpower group with us. jonas prising, thank you for

joining us 58% of employers believe a.i. and virtual reality will be job creators that was six months ago. the world has changed since then what is the response now >> i think they would have the same response. the companies we speak with state their outlook on a.i., acknowledging the challenges with the skills needed is overwhelmingly positive to improve efficiency and productivity and really generate lots of new business opportunities. we would have the same or higher percentage of companies that would say it is a job creator. should we do that same survey today. >> say for example, you have a.i. creating a picture of a model. that model is now out of work. that model loses her job with five other people. stylist and hair person and creative director.

you lost six jobs in one swoop with a.i is that a risk, jonas, that the dislocation is bigger and faster than employers or employees or the government is expecting? >> it is possible. if you step away, jobs may be dislocated the majority of jobs will experience the impact of a.i. the same way we experience technologies all along over history and technology over the last 30 years. the job content changes, but creates more job than it dislocates i think we overthink the negative impact in terms of the job creation and ignoring all of the data of past technology evolution. i remember in 2017 with the automation driving technology and how it would make drivers of trucks and taxis and everybody else redunt dant

we know they are looking for talent because the technology did not have the impact as quickly asp expected and it is augmenting the perks of driver >> what jobs are in demand now >> i think the labor markets, as can you tell, are still very solid. overall -- >> but softening >> at the edges. you can see the job openings are coming down. wage inflation is coming down. you see all of the indicators of the labor market experiencing in terms of the slowing economy, but largely demand is still solid across most sectors. >> when doyou think the tippin point will be from going from everybody employed in the tight labor market to a jobs shortage? when will that tipping point be?

>> i'm not sure we will see a tipping point. it depends on where the economy is going that is a lot of the discussion we have here in davos. while the economy is slowing, for most countries, it is not expected to drop into recession. the labor markets are impacted, of course, by cyclical trends and geopolitical events. they are impacting by infrastructure trends like demo demographics all are experiencing demographic pressures. over a longer period of time, we need immigration to make up for the shortfall in most of the developed countries and in some emerging markets. >> when you do look around the globe, where is the strongest labor market is located and best outlook? >> here in switzerland, we have a 2% unemployment rate reported. uk unemployment rate is steady and held at historical lows. you look at the u.s., despite

some of the slowing at the fringes, you see the labor market is at an a very, very strong level from the unemployment perspective it is broad based across the world. >> what about the green transition job creator? >> we think there is going to be a tremendous amount of jobs that are going to be evolving with the green transition it is especially the greening that is going to be impacting all of the manufacturing logistics and traditional industry sd sometimes we talk about the green jobs with the sources of energy and related to those innovations. they are going to be important, but dwarfed by the industries. i think as you go around here in davos, you see every industry is preparing to meet their commitments in terms of climate and in terms of what they need to do to re-skill and upskill. >> it is not a nice need to

have. >> i think it will be tremendously positive for growth it provides people with new opportunities this existing jobs to upskill >> jonas, thank you very much for the snapshot jonas prising, ceo of manpower. coming up, christian levin will join us with the first on cnbc interview that's it for "street signs. stay with us on cnbc all over the course of the afternoon for much more coverage live from the beautiful slopes of davos in switzerland. to duckduckgo on all your devie

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it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we begin with wall street kicking off a new week in the red after the long holiday weekend. why fed speak and middle east tension could dictate the next move today. and in washington, law make irre ers are looking to get a stopgap bill approved by the deadline. and former president trump projected to win in the iowa

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