one to remember. it's the 50th anniversary season as well. there has been a different winner in each of the categories at each of the events this year. we couldn't ask for a better start to the 2024 season. monster energy ama supercross. well done, aaron plessinger, what a night to remember. welcome to "street signs." i'm arabile gumede and these are your headlines. european tech stocks driven higher at the start of the busy week with the central bank action. hundreds of thousands take to the streets for a second week of protests in germany after the migration scheme triggers backlash against the far-right party. shares of world line move

higher after the credit agriculture reveals a 7% equity stake. part of the plan to push further into commercial payments. and ron desantis drops the presidential bid and endorses donald trump two days before the new hampshire prime minister. that leaves nikki haley as the only challenger. >> we cannot go back to the old republican guard. it looks like the european market has taken its cue for how things fared in the united states. we saw record highs in the s&p as well as the nasdaq 100. the more tech focused nasdaq.

that seems to have painted some positive picture. we have been seeing the tech counters higher. we are .20% to the good. it points to positivity. we have fjr going up this morning at the top of the stoxx 600. its gives you a picture it is broad based with a few or should i say less of the equity counters on the down side. on the european front, these are the counters. only a marginal uptick for the ftse 100 up .20%. auto sectors and tech sector moving up 1% at the start of the trading picture. now an hour in and we're .70% for the cac 40 and german dax up .23% to the good. clearly 1% up for the ibex 35 thus far.

let's head over to the sectors and see where the movement is coming from. as i made note of with technology up 1% to the good. it is in contrast to what we have seen from asia. hang seng tech index dropping 4% to the lowest level since november of 2022. although the knenikkei is up to 34-year high. contrasting views on that front. we have central bank action out of japan. we saw the pboc keeping its rates unchanged in europe. we have central bank action on thursday. that means the ecb will tell us if they will hike or cut rates this year and what that looks like and the pce data from the u.s. on friday. utilities are the downward laggards. banks are the biggest movers at 1.5% to the good. u.s. futures are pointed to the pce data out on friday.

you have the gdp numbers out of the u.s. as well for fourth quarter happening on thursday. thus far, we he e look to be op up higher from the momentum off of friday in the united states. chicago fed president dpoolz goo austan goolsbee told our coal here colleagues it is time to review. >> if we continue faster than forecast on inflation, we have to take that into account in the level of restrictiveness. we had a restrictive policy with rates relatively high because we wanted to get inflation back to target and that's where we have been missing on the dual mandate. the inflation rate coming down and as it does so, then we would clearly be evaluating the

restr restrictiveness. the ecb is set to meet this week believing the central bank will remain unchanged. goldman sachs did maintain its outlook for the first 25-basis point rate cut from the ecb to happen in april. that is with back-to-back cuts not happening until the deposit rate hits 2.25% which is anticipated in early 2025. on the earnings front, it is earnings season which kickss ino gear with the results from netflix and how things are faring with regard to investment in that space. ericsson will have the numbers come out as well as tesla. of course, deliveries are significant to them and asml has

numbers on wednesday. we will see results from lvmh on thursday. with visa and american express offering key insights into the u.s. consumer releases data on thursday and friday. we will see continued results from the u.s. consumer. check out our u.s. earnings playbook which is available now on the subscription service cnbc pro. on line gaming firm has received a takeover bid from french lottery maker. the kindred group received 150 swedish crowns per share.

sandoz is set to buy cimerli in a deal worth $170 million. the drug is interchangeable with the product marketed by roche. it is expected to close in the first half of the year. credit agriculture has disclosed a 7% equity stake in payment services provider worldline. the bank said the move is part of the wider plan to become a major player in commercial payments. credit agricole is moving up 2% so far this morning since the market opened in europe. thousands of people took to the streets across germany this weekend in protest against the far-right alternative party. it follows the issue that the

party discussed massive deportation of millions. that has kick started a debate of the potentially banning the party from elections. protests in munich had to be called off due to overcrowding with police saying 80,000 people turned up. the rise of the far-right was a concern among leaders in davos last week. annette joings us us with the conversation. annette, we will unpack davos in a bit, but if you were to see the far-right party really taken out of the elections and not being voted upon, that could create further protests than we are seeing right now, surely? >> reporter: yes, probably would

be the case. i think banning of the afd is nowhere on the table. if you look back at the history of party in germany, it happened once, that party banning, after the world war i after the communist party. there appeared to be the npd, which was the former nationalist rival party which did not make it or was not possible to do so because it is anti-constitutional. right now, we are looking at the afd which is disbursed animal, so to say, whereas in eastern germany, according to the intelligence services, they are classifying as right-wing. in western germany, they are a conservative party. the case of banning them all

together is probably nothing like they will see. of course, what is a concern is they are calling in all eastern german federal states whereas in the west, the cdu is coming in first in every federal state apart from the tiny state in the south of germany. essentially, i think the big question is how long will the running or ruling coalition stay in place because the germans are disgruntled with everything they are doing with energy policy and economic policy and migration policy and also social policy. there is a lot of issues in the country and we are just seeing another strike looming with the national rail going on strike for six days in a row. major disruption which calls for

the transportation service and country. this is just one area. of course, the political uneasiness is what we are now seeing in the polls with the rise of the afd. nationwide, they are polling 22%. this is far ahead of the social democrats. never before, to give you an idea, of how frustrated germans are with the ruling government, never before a chancellor has been unpopular like olof scholz has been now and with the protests marches this weekend doesn't help as well. what needs to happen is a debate of getting voters back in the camp, so to say, and that is one major issues. the cdu, christian democratic party, is trying to tackle the that now along with migration.

the point is to get people in the labor force migrating to germany faster now. they are currently sitting around for one year or longer because they are not allowed to work. that is something they want to change quickly. whether it is quick enough to actually change the mood for the upcoming regional elections in september remains to be seen. >> annette, chancellor olof scholz was speaking this weekend saying the right-wing is attacking our democracy. is he showing that hardline stance or is it a case he is hoping that the politics will take care of itself and the con sucons umers will push back i? is this a case he needs to mark his territory with the political

land landscape? >> reporter: i think it is more of the second. he is desperate because his spending is not uncontested. there are rumors he should be replaced by the defense minister who is hugely popular as the minister as such inside the troops ands also the spd. the spd parliamentary group is already asking the question when one should oust olof scholz as head of the party. i guess having so much pressure from inside the party and he is just trying to actually mark his territory and perhaps turn things around for himself. >> certainly keeping abreast of the story. annette, thank you for your time.

keeping us updated. coming up on the show, the s&p 500 hitting a fresh record high. we will bring you the latest market action. that's coming up next. 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 policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. switch to shopify and sell smarter at every stage of your business. take full control of your brand with your own custom store. scale faster with tools that let you manage every sale from every channel.

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welcome back. let's look at how markets have been faring out of the united states. friday, we saw a positive close particularly with the s&p 500 hitting that record high. the nasdaq 100, the tech focused, nasdaq 100, hitting record territory. 52-week high with the nasdaq seeing equity buying returning to the market. overall, that's the picture. we are seeing the upward trend on the overall market. of course, last year having seen the market move a lot higher across the board which seems to continue. now, we have all three of the major indices in positive territory. let's unpack this with our

guest. 13 trading sessions in and what have you made of the movement? a lot of people thought we will take money out and scycle out o the tech caps. we are going through the unloved stuff. it doesn't seemto be the case yet. will we have to be patient? >> it was a key question for investors in reaction to the last couple months of the last year with a strong end to the year of equities. would that continue in terms of market direction or continue in terms of market composition? i guess the big tech names means it has to be both if the direction would continue and it would hard to see a negative outlook for big tech. the reality is they are still not challenged by valuations. if you take nvidia, it is a company which rose 200% last year, but pe ratio unchanged

from 2019. >> does that make it one that you shy away from in a time like this or do you think about how do you strategically size up with maybe diving in at a certain time and try to add to the portfolio? >> when we think about the segment of the market as a whole, certainly history over the last five or six or seven years has shown when the dips are dealing with the earnings report, it means dips are meant to be bought. >> how much play do you put into the interest rate environment? we are calling for lower interest rates this year and inflation, perhaps, going back. if we see a consistent three handle thacross the globe, thats a hard road to 2%. >> i think disinflation is

actually going to be still quite a strong kind of force in the market for the next few months and thi the interesting thing, s enough to get cuts going. if you look at the federal reserve or the bank of england and at the end of q1, you might see the cutting start with the noise around the trend. the trend will be favorable. where things go after that is interesting and as you know, viewers will know, there are a few cuts priced in for the rest of the year. the key question of is that likely so. the market will get to that debate, but not until the cuts started. once that relief has come in which is still supported from his risk assets, that's when it comes in. >> how do you allocate not knowing whether there will be five or six cuts later on this year and the kind of sectors you

can go into? >> we are allocating in an environment of not knowing. >> i suppose. >> we are trying to look at some of this in front of us. we like the equity market. we like the u.s. market right now. we think it is favored by the debate which is more about will they have enough to cut near term. we think they will in the next few months. how you go beyond that is a question of where have we found interest rates further out along the yield curve and has the rally and duration continued or is it stable? i think if that gets too enthusiastic and we see recession priced in, we will go the other way. >> bonds? do you give in to the long dated stuff? 4% for the ten-year treasury. >> we look at the attractive properties around different reasons and we have seen it has changed a bit. thinking back three or four months, we were longer duration.

we have become much more selective. the gilt market in the uk is more about where the uk economy is and the expectations elsewhere are not as many mhike coming in. >> i appreciate your time this morning. the head of multiasset funds. china kept the benchmark lending rates unchanged. it has seen the scope for the monetary policy easing. the one-year loan primary rate was held at 3.45% and the f five-year loan at 5.2%. let's head to the founder for china market research. sean, good morning to you. when it comes to that loan prime rate remaining unchanged means

work needs to be done on the chinese economy. double digit growth is something we have to get used to and now it is around 5%. it seems okay. >> it's good to be here. i think i'll say a word that i'm not supposed to say. the "d" word or deflation. the economy here is bad. i have been in china for 27 years. this is the lowest confidence level i have seen. defliation is yielding its ugly head. consumers are waiting for discounts. they are trading down from companies like starbucks to luck coffee. they are trading from the volkswagen to byd. they are looking for the cheapest possible be prices. they are waiting for housing prices which they feel will continue to drop. home buyers are telling us we

will not buy this month or this quarter because we are scared prices are going to drop. let's wait and see. deflation is a serious issue. i know the chinese government doesn't want me saying it. it is an issue we need to be worried about. i'm surprised they kept the prime rates unchanged. it would have been nice if they lowered them to get stimulus into the country. as you mentioned, the economy is growing 5%. the government is okay with having a slight rough time which is why the real economy is growing at 5%, but it is a stage where investors should be cautious. >> is that the new normal, sean? will it have to be a painful restructuring to get it ticking higher? >> i think the communist party of china doesn't want a restructuring of the economy. they want a reform of society. it is a bigger picture. they want to create a fairer and

more equitable society where the low income and the rich are earning the same. taking a sharp shift toward socialism. that is why the government will not launch a new stimulus. the new normal is 4% to 5% growth in the next three-to-five years because that's what xi jinping wants. he wants food on the plate on the middle and low income chinese and he wants access to education and healthcare. it is hard to argue against it. it is not fair with the haves and have-nots. it is difficult for the top 10% of the real movers and shaker whose shakers who are pushing the economy and becoming innovative. that 10% has lost to animal spirits. >> the china primary problem has been debt and the real estate sector. it accounts for 25% of the

country's gdp. if they were able to pull that in, would the fortunes change and give them more fiscal leeway? >> sure. that's a great question. the biggest problem that china is sitting on is debt and not just real estate, but more than in 2022 where no business was done in the country. i was locked in my house for three months in shanghai. at one point, three million people were locked in their homes for the covid policies. it had unintended consequences of not creating tax revenue for local governments. the problem is local governments just haven't had tax revenue over the last four years. they had to borrow more money. they are too much in debt right now. you will deal with another three-to-six months of a painful economy as china restructures or as china transforms the economy to a slower growth fairer

society. >> there it is. that transformation was the one that i was thinking of as well. what might happen from here. sean, i appreciate the time this morning. thank you for joining us. the founder for china market research group. coming up on the show, nikki haley called it. we'll have more on what looks like a two-horse race going into tomorrow's all important new hampshire primary. i'm andrea, founder of a boutique handbag brand - andi - and this is why i switched to shopify. it's the challenges that we don't expect, like a site going down or the checkout wouldn't work. what's nice about shopify is when i'm with my family, when i'm taking time off, knowing that i have a site up and running and our business is moving forward because we have a platform that we can rely on. that is gold to us. start your free trial at shopify

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insurance. welcome to "street signs." i'm arabile gumede. these are your headlines. european equities push higher driven by tech stocks at the start of the busy week with pmi data and central bank action. hundreds of thousands take to the the streets for the second week of protests in germany after the re-migration scheme launches backlash against the afd party. shares of worldline move higher after credit agricole

reveals a strategic plan to expand further into commercial payments. in the u.s., florida governor ron desantis drops the presidential bid and especndors trump two days before the new hampshire primary leaving nikki haley as the only challenger. >> we cannot go back to the old republican guard. warmed over corporatetism that nikki haley represents. fr taking a look at the marks now an hour and a half since it opened in europe. in the united states on friday, record territory for the s&p. nasdaq up more than 2%.

t the nasdaq, overall, at a 52 w 52-week high. the tech counters are up in europe. the ftse 100 is gaining .50% so far. still in positive period of time. the ftse 100 has lost some of the shine today, but that is st still in positive territory. to the currency markets. u.s. dollar edged lower on friday. pausing after five straight sessions of gains. today, it has struggled to keep the early gains as well in the market. particularly in the asian trade. we are awaiting central bank decisions coming out in the week. last week, we saw a push back from the central banks and leaders saying interest rate hikes won't happen as much as some would have thought in the market. for now, you are seeing some weakness for the euro and

japanese yen. pretty mu pretty much flat. you see the japanese genyen agat the u.s. dollar. the bank of japan and ecb with the policy meetings out this week. on to the bond market. european yields to kickoff with here with yields moving higher across last week as central bankers pulled back with the expectations of the rate cuts coming into the market and how many are at play. anticipating 150 points cut in the u.s. could it be tapered down following the meeting in the ecb with christine lagarde revealing their thoughts when it comes to interest rate expectations. that will be keenly watched.

to the u.s. yields. ten-year yield at 4.263. overall, on to the futures. they were higher overthealovera. we are still looking at earnings numbers with tesla and ibm and visa and mastercard coming out this week. let's head over to the small and mid cap space. we have the global head of small and mid cap strategy at jpmorgan chase. let's get to the small cap. the russell 2000 managed to find its feet. it had a down look year for the last two years. what happened in the small cap

space? why is the remaining unloved still unloved in that sector? >> i wish i had an answer. you know, what you described is exactly what happened. it makes no sinense. as the may peak, the russell is down 20%. that happened at the time the world got scared about inc increasing inflation and the war in 2022 and still going on. you saw it being sold. china sold off. technology which was sporting a premium and came down 50%. since then, it is safe the market decided things are okay for all asset classes except for small mid caps. s&p is back to highs. the russell is sitting 20% b

below. you have never seen this in the history of the index. i think really this year is going to be fascinating for small mid cap investors. if you go long, it is money in the bank. >> do you think in the year when we have cehave spoken to analys they have said they will be picky and they perhaps cycle the out of the other areas which they have deemed too expensive or run too hard? >> not while we see what we are seeing in the market in terms of the market trying to decide whether there is or not a recession or whether or not the market can continue to reach higher highs. i think there is a sense that, you know, things may be okay and we're still sitting here on tech and on large caps and those things of things. when things are not okay, the

appetite is not okay to get into smid. what is interesting is when it comes to equity investing, you usually make money by being a contr cont contrarian. the market today is expecting a black swan the size of the ostrich. making assumptions that small mid caps will need to move. you will have a 20% or 30% down. when that happens, the market will recognize smaller down size. you are expecting to make 30% to 40% relative alpha. >> you still maintain an overweight stance. you are still remaining a little bullish on it saying although 20% drop comes through, if

anything, that provides opportunity. >> 100%. 2022 and 2023, i was underweight on small midcaps. there were a lot of reasons not to pound the table on the asset class and expect it to underperform. it did. you had the biggest underperformance. in november of last year, i changed my mind. absolute returns will still be had. equities in general. on a relative to large, it is time to change that position. first, the under performance. the pain is behind you. you never under performed as much as you have done now. the under performance has placed smid at the near all-time highs. the third is the fundamentals which are not that much going forward. simple rage wages impacted the .

what company is not growing when they are not growing earnings? and interest rates with more float is the story of last year. going forward, that is not a headwind. lastly, a big tailwind for small caps is buy backs. it will be less meaningful. this is a tailwind. i think sitting here for a change for two years since november 3rd means you have to go back to smid. i think things will head lower into 2024. >> i agree with what has been put forward there. i would wonder and ask the question and you say the pain is possibly behind you. one would say if you are predicting a 20% drop off from the peak, one could say there is still some pain that they are

not willing to bear. alongside that, you speak about how central banks easing will facilitate a soft landing. it never happened in the last three decades. there's a first time for everything, isn't there? >> there is a first time for everything. it is really a bet in my opinion. all you have to do is believe what has happened against the market that is willing to believe and what has never happened happened. there is fundamentals and common sense. you had the biggest increase in interest rates in the last half a century at a time when there is more debt in the system. at the time when the economic dpro growth is shalmaller. you have the trailing s&p 22 times. that is 4.5% earnings yield.

you would make 5.5% on money market today. that doesn't make sense. you have tech which is all about future cash flows reaching new highs after 550 basis points increasing in interest rates. that doesn't make sense. you have everything assuming the world is fine, you have one asset class down 20%. that is the smid. if you take the history of the russell 2000 from peak to trough, it under performs by 550 basis points. that's it. today is 20% below. what i'm saying is from november 3rd to here when you put it on the table, you have a range of outcomes. little things can be wrong and you will still be right. i don't see you losing money if the market moves. >> there is a lot to unpack on

this one. thank you for the time. i hope to chat again. the global head of small and mid cap strategy at jpmorgan chase. stateside, ron desantis is suspending his presidential campaign and endorsing donald trump. this is after the second place finish in iowa where he fell short of initial lofty expectations. this all happens ahead of the new hampshire primary which is anticipated to happen tomorrow. desantis hit out at haley as he ended his campaign. >> i cannot ask supporters to donate time and resources if we don't have a clear path to victory. i am suspending my campaign. i'm proud to deliver on 100% of my promises. i will not stop now. it is cis clear the ha majority

voters want to give donald trump another chance. they see democrats using laws to attack him. i had disagreements with donald trump on the coronavirus and his elevation of anthony fauci. donald trump is superior to the incumbent. that is clear. i will honor that pledge. he has my even dendorsement because we cannot go back. >> nbc has more from new hampshire. brie jackson joins us. this is somebody who is supposed to be the opposite of desantis and now trying to secure a future in politics still. >> reporter: that's right. good morning, arabile. this came as a surprise here in new hampshire. you are right.

ron desantis rolled out his campaign. there was anticipation around the presidential campaign. he announced he is suspending that bid after the second place finish in the iowa caucuses. it is days before the voters here in new hampshire head to the holes. polls. it is days after desantis said he planned to stay in the race until after the south carolina primary at the end of february. desantis had been campaigning there in south carolina. desantis put a lot of resources into iowa and he came in that distant second place finish 30 points behind trump. he is now admitting defeat and giving endorsement to donald trump. donald trump thanked desantis for his support. this does make it a two-person race here between former

president trump and nikki haley. s bottom line is, there are about two dozen names on the republican ballot here in new hampshire on tuesday. the majority of votes are expected to go to form er president trump and nikki haley. it is remaining to be seen which will benefit from ron desantis dropping out. >> thank you, brie jackson. we will continue to look at the race. coming up on the show, we will hear from the paris 2024 olympic games organizing committee just six months from the flagship event. shipstation saves us so much time it makes it really easy and seamless pick an order print everything you need slap the label on ito the box

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welcome back. our report on the adnoc is set to resume talks with the two companies as soon as this week.

omv said it had entered talks with the two close to a deal. reuters says sticking points include a revision for job guarantees in austria and the listing location of the merged entity. climate change was one of the hot topics at the world economic forum in davos. policymakers and business leaders urged closer cooperation with countries and better energy security and faster deployment of key technologies to combat climate crisis. the cfo told "squawk box" this morning that this green transition will create benefits. >> cisco and all of our customers around the world will drive to the need for more renewable energy and that creates power purchase agreements to bring online more renewable energy capacity. it is one of the things we

invested in agencies co- as wew cisco as well. >>. just six months until the 2024 games and until the first time in 150 years will be in paris. charlotte joins us. the whole plan and hope is stay within your budget. >> the final stretch and maybe the toughest one where you really have to deliver. certainly very exciting one. i had a chance to catch up with the president of paris 2024. he is a champion. he won three gold medals in three olympics. the only french athlete to do that. he was the flag bearer in beijing. he has been involved with the paris bid for ten years with the project. first carrying on the bid and now to deliver the games. i had a chance to catch up with him and asked if the prep

preparations were on track. >> we can't wait for july 26th to host the best athletes of the world and to show the best of france. we believe in the project. we have been working on this project for ten years. i can tell you that it will be amazing and a fantastic chance to have competitions on the champs elysées and all of the landmarks which are the best iconic back drop we can dream of as an athlete. we are ready and on track and we are still facing a lot of work in the less than 200 days to go.

defi definitely we believe strongly in the potential of the games. we want to reduce half of the carbon footprint. the same number of athletes, male and female, so we continue with the same level of the village and off the best of what france can offer to the world. >> you have been involved with the project for almost ten years. why did you fight so hard for paris and france to host the olympics? why was it so important for snu. >> i'm a former athlete. definitely, i strongly believe that france has everything to succeed in this project. we have a strong expertise in hosting major international sporting events.

the tour de france and roland garros every year. definitely, we strongly believe that this project can bring a lot also to our country for sports and for a time of optimism. we strongly believe after covid and after what happened in the world recently, the values of sport are strongly needed and france will want to welcome the world and defend this kind of value. this will be a very big party, in a way, because we strongly believe sport is positive. it is also how france will be creative in having a series of first time in the history of the

games and first time the opening ceremony will be in the city and the marathon will be open to everyone. we really started to renovate and making sure that paris 2024 will be the new rera. >> that was the president of paris 2024. he won his last gold in london and they are looking at that as a reference to deliver the games and have the fans at the core of the event. the difference with paris and london, they started to learn from the previous games and want to make the games adapt to the city. that is why they haven't built the buildings. one building has been built. they are working hard. security is an issue with all of the games within the city, including the opening ceremony on the seine river. they are monitoring all this. everything is on track.

they will reveal the design of the medals soon. the torch relay already started. a lot of big moments in the next six months. >> i'm looking forward to it. we will be watching a lot. it is always 100 meters, but the other aspects to watch as well. charlotte, thank you. let's check in on how the markets are faring this morning. in europe, we are seeing a .50% gain of the cac 40. we continue with the french theme. the dax is .50% to the go. we are waiting for the consumer confidence from the eurozone for january. that will be in focus today as we head toward thursday's ecb meeting which will detail perhaps some of the pushback from what we saw out of the ecb last week and some of the central bankers noting interest rates won't necessarily or may

not necessarily go down as quickly as some anticipated. maybe as much as well. the value as well will be interesting. on to the u.s. futures in the u.s., we are seeing a big market in which we are seeing earnings numbers come through for this week. we did see upticks for nvidia which gained 20% thus far this year. big gains having gained 8% with tsmc up 14% last week. the average number on nvidia is 672. that is 14% above friday's level. does that tech counter and growthi continue for the rest o the year? that is it for "street signs." thank you for joining us. and golo is the plan that's going to help you do that. just take the first step, go to golo.com.

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it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we kickoff on the trading week with the major averages at all-time highs with the earnings season kicking off. also on the campaign trail, florida governor ron desantis ends his bid for the republican presidential nomination. setting up a head-to-head with nikki haley and donald trump in new hampshire. more trouble for boeing as they inspect for more loose door panels. we will talk more about that later in the show. the grou