other people in her lifetime. [music playing] ♪ good morning and welcome to "street signs. i'm silvia amaro and these are your headlines lvmh adds 25 billion euro in the market cap in early trade after posting a fourth quarter sales beat the ceo says the group must focus on quality over quantity >> translator: we have so many successful products. we need to produce more.

we have to resist that they must be flawless quality. you mustn't be in a hurry. luxury gains helps french lead in the early are trade and u.s. futures point to a negative open despite a strong gdp print. $80 billion is wiped off tesla valuation as shares sink the most in a year after elon musk warns of a slowdown with an analyst lamenting the lack of adults in the room. the ecb keeps rates steady and says inflation is returning to target while christine lagarde is talking about her record the vice president of the ecb trade union joins us at 10:30 cet. good morning happy friday we start today's show looking at

the luxury sector. this is because european luxury stocks are higher today after lvmh topped expectations in the fourth quarter results barclays raised its rating for the luxury sector to overweight. lvmh posted a 10% rise in fourth quarter sales which was boosted by strong demand for fashion around the world in asia, it reported 13% organic revenue growth we have charlotte with more on the story. charlotte, what made the results so good that they are boosting the sector >> all eyes on lvmh. the bellwether to a certain extent certainly all eyes on lvmh. we show it is above expectation.

there is resilience for luxury sales up 10% in q4 asia is up 15% we are showing theimportance o the chinese consumer the one key number is the one coming from the u.s. with revenue up 8%. they had a rough quarter in q1 and q2 this will be very about news it was up 13% for the full year. it maintains the operating margin at 26.5%. the same level as last year which is good news looking at the different parts of the business, fashion and leather, up 14% in the organic basis for the full year. they don't breakdown how the brands are doing whether it is dior or fendi. we see appetite there.

we look at watches and tiffany's and good momentum with the flagship store and they are boosting sales for the brand watches and jewelry up 7% last year finally, perfume and cosmetics is up 11%. beauty is up in the industry a lot of players are pushing up. sales up 11% and you can see that demand for beauty in the retail numbers sephora had good results there sales up 25% only wine and spirits is down. cognac is lower in the u.s. and in china certainly good demand for lvmh they were talking about growth between 8% and 10% after the post-pandemic boom with the revenue growth they are happy with the levels

and not chases growth at all costs. >> translator: i'm told that growth rates at 8% to 9% is pretty good. i hope we won't exceed that. i'd rather slow than push. in this group, i'm fortunate having people that need to slowdown i spend my time slowing ten years trying to put the brakes on it. it is easy to develop this business wit we have so many successful products we have to resist that they must be flawless quality. you mustn't be in a hurry. >> desirability is what they are searching for with the products and succession is a question coming around lvmh with the ceo being 74 they raised the age to 800 to

allow him to stay on he positioned some of his children in the key positions. they will propose two of the five children to join the board in addition to the other two already on the board two more should be approved at the meeting in april four of the children could be on the board at lvmh. the family positioning for the succession of the ceo. he was saying that confidence fo for 2024 in the year of the election is good for the luxury sector there they are confident for 2024 and proposing a dividend of 14 over 12 from last year. >> looking at the comments you were mentioning for 2024, i wondered how lvmh prepares for

the sector there were questions of the health of the luxury space that does not seem to be the narrative for 2024 >> they are hoping for the rebound with the chinese consumer coming back as well and recovery coming back as well as the u.s. consumer in qs 4 which is boosting the stocks we see the appetite from the u.s. consumer coming back. 25% in the u.s. and 25% in europe and 15% in asia they have these balanced and entry level and very high end. they are resilient than other players. certainly, they are the bellwether of the sector these are good results in q4 is good news. >> we are seeing that in the market thanks for that, charlotte for more on european equities, head to cnbc pro where you can find out which surprise sector goldman sachs likes for 2024

i want to take you to some of the market action so far this morning. of course, we are essentially trading for about an hour so far. the picture at this stage is positive we have the stoxx 600 up 0.5%. a lot of these moves are related with what we are discussing with charlotte with the positive message from lvmh. that is sparking higher moves across the sector. a little bit of context from yesterday with the stoxx 600 which ended the session higher by 0.3%. at this stage, they are on track to see a week-to-date gain of 2.4% all in all, a positive week for european markets thus far. a lot at play. i want to take you to the geographic spread at this stage. looking at the main boards in

europe we see the ftse 100 up 1%. a lot of focus when it comes to france at this stage which is up 1.4% that luxury sector is helping the main market in france. a different story in germany with the main market down by 0.2% a little bit of an upside move in the periphery market of italy and spain. when it comes to the sectors, this is the picture at this stage, if we look at household goods, it is up 3% food and befverage is higher by 1 1.6% one of the stocks that is also driving some of the action is

remy contreau. we will talk about that later. the one sector that posted the biggest gains during thursday's session. this is the picture for the u.s. session as we approach the session stateside. you see it is mostly a negative picture. that actually is quite different from what we had seen stateside on thursday. the s&p 500 gaining 0.5% and hitting an all-time high that was also a similar story with the dow which finished thursday's session up 0.6% and posting a record close there is a lot of positives from yesterday in the u.s. session after that gdp print let's get into that in more detail we have the u.s. economy accelerating in the fourth quarter of 2023.

blowing past wall street expec expectation. gdp grew at 3.3 annualized rate over last year with the consumer spending rising ahead of the 2% analysts expected. meanwhile, the initial weekly jobless claims rebounded more than expected to 214,000 in the week to january. i'm pleased to say we he have te head of lombard asset management with us. good morning good to see you. there is so much in the markets this week. it has been a very busy week i would like to start by looking at europe in the context of the ecb rate decision yesterday. what did you make of it? >> pretty much a pivot mrs. lagarde has been clear about the timing of monetary policy decision making

there is a timing. there are quarterly meetings with revision to forecast. this was not the meeting of forecast revisions they need to provide that forecast to see whether inflation is coming down as much as they wish because as mrs. lagarde mentioned, you have the conflicting elements with wage growth and the narrative that we are all enjoying across markets. >> looking at some of the conversations that are happening at this stage, it seems that some traders are positioning for a rate cut in april. from the gdp perspective of europe, we have had softer pmi and clear if we are in a technical recession or not how big would the dip have to be in the european growth to see the ecb being more dovish than expected >> i think it would not be on the side of growth, but

inflation. much lower dprgrowth, could hava second round of inflation pushing the ecb to shift they need a forecast for that. at the moment, we are perceiving something that mrs. lagarde has been mentioning. there is at least a stabilization across europe. europe comes from a difficult year last year especially germany as you know and at the moment, we are collecting signs of the trend in the micro data on the industry need to balance with what is happening in the industry and service and make a story out of that. at the accelerating rate is looking to the ecb pivoting in march to june. that is the timing that has come out of the meeting. >> you are in the june camp as well let me turn to the united

states this gdp print was higher compared to what markets priced in what do you think this means for the fed meeting next week? s >> same thing for the ecb. the fed also has a timing. they do quarterly forecasts. this is not the time for that. the shift in december happened on one of the quarterly forecasts revision meetings. it was a surprising meeting. we are not expecting much surprise at this meeting or the next meeting for the fed now the fed is faced with the economy which is quite hot in terms of growth. colder in terms of inflation the inflation numbers that came out of the gdp report about 2% annualized which is in line with what the fed is wishing for. we seem to be once again in the g goldilocks condition

>> let me turn to the comments you shared with us as i'm trying to understand your thoughts. you said the equity trend is not there and it is good news and could become more good news in the end. tell us what you are seeing when it comes to the equity trend >> there is a lineup of elements that could be surprisingly supporting equities this year. the first one is what i described. we are seeing this goldilocks economy. not too hot. not too cold we are looking at the tepid soup now, also, sentiment and valuation have changed sentiment now has been quite bullish across november and december we are adjusting flows in emerging markets, especially on the laggards of last year. as you said this morning, the laggard of today are the top

performance of last year luxury that were you discussing before that. this trend should continue because of what is happening on the right side what is happening on the right side is bringing about a change which is a change in terms of valuation. what was expensive at 5% u.s. rates is now looking fairly priced that's a valuation opportunity what was lagging when rates were rising needs to be recovering when rates are dropping. luxury is an example european equities. you name it. there is a case for lvmh to have a stronger macro and better sentiment and cheaper valuation. >> interesting i would like to get your brief thoughts on the impact of d geopolitics. we see a change in the space of the volatility with the

politics as you think about central bank policy this year, what could the volatile prices in commodities mean for central banks >> it is one of the key questions of 2024. we have a lot of elections this year with a significant number of parties pushing away from globalization toward reg regionalism. where does this impact us in terms of macro markets it creates volatility on the inflation side it is not something the central bank would appreciate that we are already starting to see that in france that factor will be a material factor to the pricing of volatility across markets. we are risk oriented and

risk-based investors we pay a lot of attention to risk trends, not only asset trends, and at the moment, we expect a pick up for that reason. >> thank you for your time that was the head of macro and multiasset group at lombard odier. coming up on the show, the fast fashion giant shein is heading to a public listing. it hasn't all been smooth sailing. we'll have more with karen after this break 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

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welcome back to the show let's look at tesla. the company defied equity market optimism on thursday losing $80 billion from the market valuation. its worst daily percentage decline for more than a year after elon musk warned of a sales slowdown cathie wood scooped up $32 million of shares and wedbush

sliced the note saying he had been dead wrong to expect musk and his team to step up like adults in the room on the call stay tuned later on this morning when we talk to arjun. let's look at other company stories with intel it is also seeing declines with $20 billion wiped off the market cap after its revenue outlook was short of expectation intel's heavy investment in a.i. has put pressure on margins which fell to the mid-30s last year that trend is reversing with the adjusted gross margin at 46% in the first quarter. the ceo pat gelsinger says the firm has $2 billion in orders on the books in chips and expects better sales later this year

we're getting an early indication on how that result will read across to intel's u.s. peers with amd and nvidia all down in pre-market trade you can see them on the screen qualcomm is down 2%. similar moves from micron and amd looking as the biggest loser in pre-market which is lower by 3%. i want to take you to the story looking at apple and the eu we see concrete changes. the world's most valuable company is set to launch a sweeping overhaul amid pressure from the eu lawmakers. apple announced it will introduce changes to the iphone in the eu in a bid to comply with the digital market act. it will allow you to bypass the

phone and use other systems. the changes are due to come into effect in march and may negatively effect the user experience and threaten the make the system less secure when it comes to br brightspring, it has the initial public offering below the initial range at $13 a piece instead of the targeted $15 to $18 range. raising $633 million let's look at the retail space shein is looking to go public this year, but the fashion giant has faced a number of challenges on the route to the ipo. reports say investors are selling shares with increased competition in the sector. we have our very own karen joining us with more

karen, i know you had a chance to speak to the members of shein. what did they say as we prepare for the potential listing? >> it is a significant year for s h shein. there are the reports which current investors are selling shares at discount because of the scrutiny with the company with concerns of forced labor and international intellectual property infringements secondary markets do not preflec the company. chinese regulators were investigating the company over the data handling policies now the company told me they actually instigated that review and it is paving the way for the ipo in the u.s i spoke to the head of communications and he told me how they are paving the way for

the company and positioning it as it heads for an ipo in the u.s. >> we expanded our product offerings in cosmetics we have seen a strong growth in the product line we have a high quality product that also reflects this changing taste and flexibility that younger consumers are demanding today. i think you will continue to see our product categories grow. >> interesting we are seeing reports that shein is looking to be the next amazon where would you stand on those aspirations? >> we are focused on the on-demand model. it is a fashion first company. we are excited to see how the beauty of fashion and on-demand production continues to reflect customer demand and grow as a business i don't see us as an amazon clone. >> you mentioned the u.s. market being a key market obviously, we have tension with the shein ipo.

where is the timeline? >> i cannot comment on market rumors in the united states, we have a tremendous customer base with we look forward to sharing our story of accessible and affordable and responsible fashion. >> peter mentioned the clothing brand is expanding into cos cosmetics and home appliances and sportswear it is treading into the wider territory that is owned by amazon it shows the competition in the field will be ramping up in the u.s. as it looks to the ipo. >> it is fierce for sure i would say the app store is focused as they look to generate more from the gen z generation

>> the tech driven and they want to prespond to the demand from consumers. s >> let's see what will happen. for more on karen's interview and latest road on the ipo, check out cnbc.com when it comes to remy contreau, it related the full year forecast after the smaller than expected decline in sales in the third quarter as demand in china and in the u.s. improved the main market is cognac sales. the maker did not expect u.s. sales to return to growth before next year. coming up on the show, the ecb president christine lagarde warns it's too soon to discuss rate cuts despite signs of slowing wage growth. we'll have the latest after this break.

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your headlines lvmh adds around 25 billion euro to the market cap in early trade after posting a fourth quarter sales beat amid robust chinese demand the ceo says the group must focus on quality over quantity >> translator: it seems to develop the business, we have so many successful products we have to resthat they must be flawless quality and you mustn't be in a hurry. >> the luxury gains helped the stoxx 600 line up the biggest weekly gain since mid-november while u.s. futures point to a negative open despite a strong gdp print. $80 billion is wiped off tesla's valuation as shares sink the most in a year after the ceo elon musk warns of a slowdown with one analyst lamenting a lack of adults in the room.

the ecb keeps rates steady and says inflation is returning to target and christine lagarde defends her record as president after a critical survey. the head of ifos joins us in the next few minutes. it has been a very, very busy week for the markets. bank of japan and bank of canada and ecb and a lot of corporate earnings a lot to digest with the market news in europe particularly this week let's look at the main boards in the region this is the picture at this stage. we are seeing the french main market up 1.7% a lot of those moves are related to the news out of lvmh. stronger sales is boosting

momentum across the luxury space. when it comes to the german market, i want to point out the only board at this stage which is trading below the flat line when it comes it fx, we are following all this closely with the comments we gathered this we'r week from the central banks. the euro and u.s. trade this week the euro is holding strong at 108 despite the fact that the ecb did not change its policy. also despite news from the united states with the very strong gdp print when it comes to the bond market, let's show you how we are looking at this stage. we are seeing the major bond yields in the european pace moving lower looking at the bund ten-year yield at 2.26% when it comes to the italian market, one we monitor closely,

even with the ecb meeting, that yield is lower at 3.77%. this is the picture with the u.s. futures we are preparing for the equity session stateside. you can see to my left that it is a negative message so far this comes after the gdp print for the final quarter of 2023 coming in well above expectations we also saw some significant moves when it came to the s&p and dow yesterday. both hitting an all-time high during thursday's session. let me turn back to europe because we need to digest what we heard from the ecb yesterday. president christine lagarde said there are signs of slowing wage growth in the eurozone, but too soon to discuss rate cuts. her word was premature the ecb held rates at 4% in the first decision of the year markets have raised their bets

on ecb easing following the decision with traders pricing in a near 75% chance of a rate cut by or in the april meeting fully pricing in 50 basis points of cuts by the end of june lagarde said the central bank is seeing signs of easing price pressure >> the market base and survey based inflation expectations are coming in at around 2% target. we look at the latest inflation numbers, of course you will have seen, all of you, that the december number was 0.5% north of the november number was 2.4 we expected that upside which was close by base effect and contributing to german measures. it was weaker than anticipated,

but it was totally predicted and it does not detract from the view that we have that the disinflation process is at work. >> it has been a busy week for the ecb. we had the rate meeting on thursday, but earlier in the week, christine lagarde faced criticism after a survey conducted by the trade union ipso showed over half of the staff responded and rated her performance as poor or very poor the rating under performed those who received by her predecessors and expressing concerns over issues not directly relating to the rates. the ecb surveys surveys shows hh

levels of disacsatisfaction >> we have many surveys. we have proven we can trust. in that survey that the ecb conducts, we typically ask staff whether they are happy to work at the ecb those surveys are responded to at a rate of 60% north of 60% to that question, are you happy to work at the ecb, the overwhelming majority, 80% say yes. what keeps me going are those answers. i'm proud of the staff of the ecb. i'm very proud and honored to lead the institution >> we are now joined by the vice president of the ecb trade union ipso carlos, good morning good to see you today. first and foremost, i would like to understand what are the

reasons, really, behind the opinion among staff that characterize lagarde's performance as poor or very poor >> good morning, silvia. thank you very much for having me today if i want to summarize the content of the survey, it is christine lagarde cannot do a good job as a president of the ecb. leading the ecb if she is not trusted by her staff we had a survey. it is not the first time we had one for president draghi and one for the previous president. we asked staff to look at those internal side and external side and give an overall rating the first thing that came across is the dissatisfaction from the employees from the internal decision making.

76% say they don't like that when you try to understand why, well, they tell you christine lagarde is not autocratic. she is not listening to people and she does it her own way. she relates to the experience we have ourselves as staff representatives. madame lagarde fails to seek a mutually agreeable solution. she refuses to compromise. it is her way or the highway of course, this is creating a problem in the bank because whenever you want to speak up and whenever there is a problem you want to reveal and top management tells you they have no interest to hear about that people end up making mistakes. that can have an impact in the way we do monetary policy and

the way we do our job. the internal dissatisfaction is not the most striking finding because it is something that regularly comes even in the case of lagarde with the materials. the ecb president is fully busy by monetary policy they tend to overlook internal matters. you can understand things are not properly managed the real news is poor access overall. and you see something bizarre because when the rate president is not so much in internal matters. they look at how well the president is performing douties.

>> carlos, one comment we heard from the ecb in the wake of the survey is the results are flawed address that for us. >> i mean, it makes me a bit sick when you show the moon and then instead watching the moon, you look at the finger the results are consistent with the results the ecb made with the survey when president lagarde yesterday said actually our own survey is bright this is not correct. she knows that we're forced to send an email to all staff to say we will take the matter seriously we have a long experience with this survey. there are problems i think it would be the time to

tackle tit i put your shoes in the feet of staff. i think it is better to be good for her to listen and acknowledge and find a solution. at the end of the day, there is nothing personal it is all about we want to do a good job for europe. >> there were other news regarding the ecb staff. one relating to the fact you were not seeing pay raises to meet your expectations i wonder if there is a connection between staff not getting pay raises they were looking for and now the opinion on the president herself >> there is certainly a general disapproval with the wage issue policy it is not about that

at the end of the day, the staff care about the ecb doing a good job. that is why they gave a good rating to president draghi independent of the pay raise or not because we are working for europe so, in terms of if you want the problems that were an appearing in the survey, it is really about two things the one element is the lack of standing of the president. fair enough. background in economy. not that that is an i mpetiment to do the job. w what we are suggesting that we use a crystal ball that does not go well for the ecb staff. our expertise or competence is

going to hurt the offer of staff and professionalism of the ecb as an in institution >> we don't have much time left. i want to understand the comparison between lagarde and the former two presidents. let's look at draghi there is a lot of criticism at the time of the sovereign debt crisis in the end, when you look at lag draghi, he is very popular saving the euro. i want to know the difference with christine lagarde she is the first female president of the ecb >> no, that has nothing to do with it. it has nothing to do -- an p apologies. it has nothing to do with that

you see the dissatisfaction is also very high for female resp respondents. mario draghi was saving the euro he was respected for what he has done it prevented him from getting the overall approval rating. in christine lagarde, you see the question is a mid-term survey we still have four years to go the best thing to do is try to understand why the dissatisfaction under the criticisms come from and try to listen to them and address them so we can do a good job for europe >> of course let's see what will happen in the next four years. thank you for sharing your opinions and explaining the results of the survey. that was carlos bowles,

president of the trade union of the ipso. coming up on the show, trump takes the stand. we will have the latest development from across the pond as the former president testifies in the e. jean carroll defamation case. shopify's point of sale system helps you sell at every stage of your business. need a fast and secure way to take payments? we've got you covered. how about card readers that you can rely on? yep, that too. want one place to manage every sale from every channel? that's kind of our thing. whatever you sell, businesses that grow grow with shopify. my name is ashley cortez and i'm the founder of the stay beautiful foundation when i started in 2016 i would go to the post office and literally fill out each person's name on a label

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let's look at tesla. the company defied equity market optimism on thursday losing $80 billion from the market valuation in the worst daily percentage decline for more than a year after the ceo elon musk warned of a slowdown in market growth c cathie wood scooped up a lot and wedbush said he was dead wrong to expect musk and the team to step up like adults in the earnings call. we have arjun kharpal with more on the story arjun, talk about the importance

behind the drop in market valuation for tesla. >> it was a big shock to the system for investors at this point for tesla. we were expecting a slowdown of some sort in 2024, but i think the fact that on the call you heard about a notable slowdown which was a concern. i think also the big story around tesla last year was the fact it was happy to cut prices and sacrifice margin for the sake of gaining market share i questioned it a lot last year. how long would investors be happy with that? it looks like that strategy of keeping up prices low and tesla is having to be forced into that in 2024 because of the broader slowdown in the market it admitted demand is weakening. i don't see much scope to up prices significantly again as it continues to invest in new production for whatever generation vehicle comes next, those margins will continue to be under pressure. that turn around in margins is

unlikely to happen in 2024 not only is it the fact that volume growth will be slower in 2024, but i think also the margin picture which is really why tesla trades at a significant premium to other automakers is likely to remain lower. i think that is concerning investors at this point. >> right thank you for that always good to hear from you, arjun. let's look at u.s. politics. it is always a very busy week over there with the former president donald trump coming out victorious in the republican primary in new hampshire president joe biden was on the trail traveling to key battleground states and picking up endorsement from the united auto workers brie jackson joins us from washington, d.c. brie, outline what has been happening in u.s. politics over the last 24 hours.

>> reporter: hello, silvia a lot has been going on. former president trump went from the campaign trail to the court room he is expected to return to the new york court today where e. jean carroll is seeking $10 million in damages a jury is weighing how much, if any, to award her after trump was found libel for sexually abusing and defaming carroll trump took the stand blasting the acqui accusations he threatened to black list donors who contribute to nikki haley. she is not backing down. meanwhile, president biden was in wisconsin yesterday looking to shore up support for his re-election campaign touting

infrastructure biden and haley are making their cases to voters and trump is fighting court cases and trying to fire up his base. silvia. >> thank you, brie i want to bring you back to the action in european equities. let's look at the major boards and how they are trading so far in the session you can see momentum when it comes to the french market up by 2% off the back of the news from lvmh which is driving the luxury sector higher. here in the uk, the ftse 100 is up by 1.3% we are actually seeing the german main market trading above the flat line. a little bit of a change there from what we had seen earlier today. when it comes to the performance week to date, this is what we are looking at here. it has been a positive week for european equities. the stoxx 600 seems to be on track to end the week higher by

2.4% let's see how the rest of the trading session today will pan out. a lot has to do with the corporate earnings we are digests news from the ecb and stimulus in china. there's a lot of dynamics in the markets this week. i want to look at u.s. markets. when it comes to the week to date performance, the main indices are on track to end the week higher. looking at the s&p, it is on track to end the week up 1%. the nasdaq up 3% a lot of that has to do with the corporate earnings, but there is a question mark about the future of tech. let's look at what to expect for next week. we are gearing up for another busy week when it comes to economic data. we see the first reading of eurozone gdp on tuesday before the decision from the fed and bank of england on wednesday and

thursday then it is the all-important u.s. jobs report on friday it is the busy week with nearly 20% of the s&p reporting on tuesday, we hear from microsoft and alphabet novo nordisk reports on wednesday alongside gsk. boeing numbers will be under scrutiny as well amid the fallout from safety concerns thursday is reporting from apple and meta it will be a very busy week. we will be here to bring you the latest that is it for the show. i'm silvia amaro "worldwide exchange" is coming up next. 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 and it's ready to go our cost for shipping, were cut in half just like that go to shipstation/tv and get 2 months free

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it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we begin with taking a turn. stocks under pressure to end the week with earnings in one key economic report takes center stage today. taking a new turn from wall street one is intel sinking in the pre-market we are keeping a close eye on tesla running out of road after closing down 12% and losing $80 billion in market value. what jim cramer says he is kicking the ev maker out