ito yourself, and you make the most out of it. [music playing] [theme music] ♪ good morning and welcome to "street signs. i'm joumanna bercetche and these are your headlines. investors take a bite out of apple after disappointing first quarter china sales despite beating on the top and bottom lines. cost cuts do the trick at amazon posting record income and meta shares surge on bumper results on the first ever dividend. european equities trade near

a two-year high as investors look ahead to the non-farm payroll print. adp chief economist tells cnbc there are tracks in the labor picture. >> you see pockets of weakness manufacturing has been in a slump all year and we're starting to see a pullback in industries tied to white-collar jobs there is weakness. turbulent trade in chinese stocks after the shanghai drops below the key 2,7700 mark. well, it has been a magnificent week for the magnificent seven. the major ones yesterday were not right behind me yet.

they will be in a moment we will start with apple apple did beat on the top and bottom line for the fiscal first quarter revenue growth after the full year of declining sales revenue in china fell more than expected as the company faced competition from domestic players and broader economic weakness that alongside guidance with the weak iphone shares sent the shares lower in the trade. interesting from apple apple is trading lower around 2% in overnight hours and meta is up 16% after delivering the first ever dividend and $50 billion of share buybacks the net income tripped on the year the ce ceo mark zuckerberg says

they are focusing on fficiency >> we are performing well. the obvious question is should we invest more and the biggest thing that is holding me back from doing that is that at this point i feel like i really have come around to thinking we operate better as a leaner company. >> lastly, amazon topped fourth quarter earnings expectations as new artificial intelligence features spurred growth and as the company continued its efforts to cut costs a reported record the sales for the period and amazon web services rose in line with expectations shares are higher in extended trade to the tune of 6.7%. the ceo andy jassy said the technology can deliver billions of the dollars in revenue upside. >> gen a.i. an area of focus and investment across amazon because

there are few initiatives to give us a chance to reinvent customer experiences and processes and we believe it will drive tens of billions of dollars of revenue for amazon. >> arjun joins me on set it has been a major week for the big tech companies for the most part, reaction has been mixed depending on how you look at it we have the run-up in performance going into the earnings season. very remarkable with meta in after hours. the market was blown away by what they released i would say headline level, advertising, which is still the core business for facebook and meta and amazon is shaping up to do well which is contrary to what people were thinking. >> the ad market was tough last year you are seeing the signs of recovery in the latter half of the year and this year as well it seems meta has been helped in

a few ways one of the things i saw in the earnings was that meta products are banned in chiepna 10% of sales were from temu and shein. for the whole for meta, the ad recovery was one part, but it was the broader story that mark zuckerberg is telling. we will pay a dividend and we have costs under control in 2022, this was a huge issue for the market the company was sinking and losing billions of dollars in the moonshot now what you have seen in the december quarter was revenue up 15%, expenses down 8% and the margin doubled to 41%. they issued a dividend

you have a situation now where meta is growing quickly and it has the costs under control. that was enough to excuse the fact it still lost more than $4.5 billion in the reality labs. >> i have covered the banks for years. you would call that a positive the growth in revenue is faster than the growth of cost. that is what meta is delivering on not for apple which continues to face headwinds from china. if you compare what you said about meta navigating the challenges from china versus apple, it is a different situation. the market is adjusting for that let's bring in josh from muskateers let's change the conversation to apple. it hasn't been a great year to the stock which was downgraded

to neutral i wondered if you heard anything on the call yesterday that would make you feel more bullish about apple's prospects in 2024. >> first of all, thank you for having me on the show. i believe last time i was here, we talked about how apple needed innovation to defeat the market share and macro issue they were having in addition to downgrade to neutral, there was a double downgrade to sell. you can see why from the report. apple had a lot of struggles in china. down 13% year over year. that is a scary number for the market that really used to be their driver for growth. everybody that was bullish on apple a couple of years ago would talk about china being a huge growth. now china is in a declining fashion. when you go through apple's earnings call, i think we were impressed with the quarter there were a lot of fears in the quarter and the iphone led the beat in the quarter.

even despite the china and macro weakness that's good. the services growth was in line with consensus with the gross margins at the high end of guidance looking forward, we were concerned with the macroo outlook. i think allocating capital across the tech space, they look at results from meta and amazon that are showing the secular nature of the businesses to power through whatever the macro situation is and you look at apple which is just the huge company that is completely reliant on macro and losing market share in whchina because chinese market with the smartphones which have similaroo drive gains there. we can see why people would underweight apple. the call did not scare us, but it did not leave us buying at this level. >> josh, it is arjun

the china market in your view and what does it mean for the challenges is it huawei or the macro? what is the biggest concern in the market >> it is a couple of things. i think if you rewind the clock back to maybe when you or i got our first iphones, you paid for apple. for lack of a better word, why it was cool and different. now when we fast forward 10 or 15 years later, we are looking a at a china market, all of the phones have the same functions you have the resurgence of huawei and competitors selling smartphones for super cheap. if you are in china, you have to keep your currency and convert to usd for an iphone why? i think that apple brand doesn't have that luster any more. it doesn't have that reputation

amongst gen z of this being the coolest thing. you can buy something that is 50% cheaper. the smartphone function and utility has been a commodity what you see in china, the consumer is worried about their personal consumption and thinking i don't need to pay up for this phone when i can geta cheaper version of it. the resurgence of huawei and competitors have the quality there. that is the problem. competition. until apple can innovate to the point to bring their reputation back of the iphone is a must have, it will be difficult >> many valid points especially the point about the brand resonating with the younger generation we were talking about that in the context of meta and

facebook they had to go through heavy rebranding as arjun was talking about. going into the week, there was so much focus on a.i. and what these big tech companies would say not just about their plans for a.i., but how they plan to make money out of a.i. use cases. from what i reviewed after listening to the comments with the meta cfo saying we don't expect a.i. products to be a meaningful driver in 2024. arjun said the vision pro set for apple will not more the needle that much what have we learned that is new from the earnings season >> i think that is such an interesting point because there is so much valuation in the market in certain areas for a.i. right now. i think one of the best things an investor can do going forward

for 2024 is discerning where is the hype against the truth i think like you mentioned, there was nothing really on the call that makes you think a.i. is the re-acceleration driver for apple at the moment. i, personally, don't think it will be on the hardware side maybe down the line if a.i. can drive advertising and roi and efficiencies for apple, that could re-accelerate services growth or an add-on that boosts the services that will be a.i. developed down the line we are not talking about nvidia or amd where they are seeing the direct impact of a.i. and i think that for apple, although, you know, a lot of the companies like to throw out the buzz word on the call, there was nothing off that call that made me think a.i. is going to be a re-acceleration driver going forward in the near term

>> very clear. josh, thank you so much for joining us on the show great to chat with you josh koren from musketeer. we have arjun with us as well. thank you. a lot of green on the heat map behind me. a bit of a change in sentiment from yesterday this is on back of the better session for wall street yesterday. we spoke about those tech earnings and meta is the one to watch today. it is trading 16% higher in after hours. amazon trading 6% higher very strong ruesults for those two as we set the tone the stoxx 600 is up .60% sitting close to the two-year highs. compare to the u.s. where the dow has once more made a fresh record high wiping out losses from the prior day as you remember the deep dip that we got after the fmoc meeting on

wednesday. it has been reversed now as for the individual boards, this is the breakdown. every major is trading in the green up .50% across the board dax up .60%. we see a good bounce in retail today. autos are also putting in a good session. both with the german carmakers and french carmakers this morning at the top of the cac 40 ftse 100 is up .60% in trading as well. of course, we continue to keep a close eye on how the market is reacting to that bank of england monetary policy decision yesterday. no change in interest rates. they definitely have set the tone for the potential to start thinking about rate cuts in the coming months and perhaps that is enough for the market participants we'll talk more about the bank of england and steve's interview with andrew bailey later on in

the show as for asian markets, a whipsaw session. the shanghai composite is down 1.5% at one point, we were down 3.6% in trading we recovered rapidly toward the close in the chinese session up 2% quickly. interesting price action there hang seng ended the ses sessession .20% weaker it has been rocky. the nikkei with another positive session for the japanese index up .40%. coming up on "street signs," we are live in new delhi as india reviews the 2024 budget just weeks before the polls. we will have the latest coming up in just a couple of minutes 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

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pledged high spending and also narrowing the fiscal deficit happy to say my friend sri is joining me from new delhi. wonderful to see you on the air waves, sri this is a big budget before the election infrastructure spending is a huge focus for the modi government they plan to scale back on infrastructure spending. how will that impact the growth outlook? >> reporter: you nailed it let me set the context here. joumanna, finance minister is really walking a fiscal tightrope leading into the interim budget and the challenge was to balance the politics and pressure on the government to spend more in terms of handouts and popular spending ahead of the election as you pointed out, fiscal consolidation. what happened in the end is the finance minister decided to shun

those populous pressures and opt for the path of fiscal consolidation. the two numbers that spring out in the minds of many is the fiscal deficit target for 2024 and fiscal 2025 which was set at 5.8% of gdp and 5.1% respectively these are tighter and lower fiscal deficit targets which should be applauded by the ratings agencies i caught up with the chief economic adviser to the government of india. i asked him if that would warrant an upgrade of the sovereign. >> india has been deserving an upgrade for some time given the fact that public debt-to-gdp ratio did not spiral out of control post-covid we have stuck to that policy since then we have cyclical policy during

the covid times, but it was targeted and measured. since the recovery started, we have been pulling back on the stimulus and letting the natural economic drivers to take the economy forward. in that sense, we have been following the counter cyclical policy and that needs to be taken on board by the credit rating agencies. >> clearly india and the economy have momentum to it. where would you put nominal gdp t targets? >> you can slice it to 6.5% and 4% are roughly speaking. i think in general where we anticipate the nominal gdp growth may not be the same number where the last two years it has been conservative the expectation is that a real

gdp growth would be 6.5% and 7% for fy 2025. if you assume the deflator is 4%, you are looking at 11% or 11.2% of nominal gdp growth. >> reporter: joumanna, many way economists are looking at the interim budget shows fiscal restraint. that offers the government fiscal space to allocate more to infrastructure spending. you are right, the infrastructure spending and growth is elevated, but at a slower pace from previous years. this is the key focus area in terms of modi and the outlook moving forward the idea by the government is to try to crowd in the private sector as well that is an idea of build it and they will come that private sector is coming. we have seen the stories about how apple is taking a bet on

india and it is a big part of the china plus one offshoring strategy the railways minister and ict minister talked about trust shoring using india as the example. trust in the technology with the a.i. and the dividends on the young population and upscaling the work force joumanna >> key, of course, into the elections as how it will resonate with a big society and the i mpoverished society which has supported prime minister modi that is key coming up. sri, thank you for the coverage. for more on the india budget as well as why india is leaning into innovation, check out cnbc.com. european leraders have come to agreement on the additional $50 billion in aid for ukraine the deal was reached after

months of negotiations with hungary rescinding the veto. president volodymyr zelenskyy welcomes the message that ukraine and europe will w withstand. silvia is joining me now with more i was reading the story suggesting that meloni played a big part because she was really shuffling back and forth diplomatically trying to get the deal over the line it seems she was successful. >> there were a lot of efforts in the last couple of days i want to tell viewers the take away at this stage and message is ukraine is getting $50 billin euro until 2027. this will be the first disbursements taking place in march. naturally, the president of ukraine has thanked the eu

leaders for their support. i want to show you the comment because it is a message to the u.s. where president zelenskyy is sending a message across the world that the international rules world order will face challenges there is a question mark if the united states will send further financial support to ukraine, particularly as we heapproach a important election stateside this message to the united states was also one that the president of the european council had at the end of the summit >> translator: today, we are going a step further with the heads of state to make the agreement which makes it possible to mobilize 50 billion euro within the framework for ukraine. the decision conveys a message for ukrainians and shows our determination to be mobilized to support their freedom and

support their future it is also a message for european populations it shows our unity and leadership of the eu we know we are not intimidated by russia breaking international law. it is a message to the united states and partners around the world who support ukraine and the territorial sovereignty of ukraine. >> the question is was it worth it for hungary to delay the approval of funds for ukraine? they have been debating this several months and we talked about that, joumanna, but when you look at what was added to the text, it is a small concession it is not a concession, but more pa paperwork. i had a chance to speak to european officials yesterday was it worth it for hungary? they said it was not worth it, but viktor orban said he was isolated he said he would harm himself if he continued down that path.

this is an important narrative to follow as we approach the european elections hungary v. eu narrative. >> he got a lot of air time. >> all of the leaders coming back to brussels just because of him. >> brilliant silvia, thank you for the update. coming up on "street signs," the bank of england holds fire in the three-way split, but opens the door to the first rate cut. nt.l have more on tt mi hacong upex updo you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining

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welcome back to "street signs. i'm joumanna bercetche and these are your headlines investors take a bite out of apple after disappointing first quarter china sales despite beating on the top and bottom lines. meta jumps pre-market on the first ever dividends european equities trade near a two-year high as investors look ahead to the non-farm payroll print. adp chief economist tells cnbc

there are cracks in the labor picture. >> you see pockets of weakness manufacturing has been in a slump all year and we're starting to see a pullback in industries tied to white-collar jobs there is weakness. bank of england governor andrew bailey says the bank of england could be on track after the central bank votes to keep rates on hold. >> there are many that view the market taking is not one i projected. the big event yesterday was the bank of england meeting. as we spoke about on the show, the big surprise immediately was the fact that two members of the

committee opted to vote for a rate hike and one voted for a cut. the majority voted no change some of the language with further tightening has been taken out. the market paid attention to the inflation forecast which showed the inflation forecast does drop significantly below 2% if rates are kept where they are today. some bits were hawkish and some were dovish. overall, this is the reaction in the pound tf it is trading up 15 basis points 127.60 is where we are after that decision came out yesterday. we did see a bounce in the pound. this is what is happening with the gilt picture today. we are coming off yield levels three or four basis points higher two-year gilt at 4.3%. of course, we did see a big

hawkish reaction in the fixed income yesterday once the decision came out. many analysts are saying this is not as hawkish as the main headlines would suggest. this is a bank of england looking to cut, but the question is when. as for the equity reaction, this is the ftse 100 today with the price action positive. we are up .50% you can see we saw a bit of a jump yesterday toward the end of the session and now we're trading where we were going into the meeting before the meeting happened ftse 100 still in the green today. the bank of england voted to keep interest rates at a near 16-year high on thursday, but ditched the previous warning that rates could rise again. instead, saying borrowing costs would be under review. six of the nine members voted to keep rates unchanged two voted for a 25-basis point hike and one backed the cut of

the same size. the central bank reiterated policy would need to stay restrictive as it slashed the inflation forecast steve caught up with the bank of england governor and asked if markets have it right on the timing of future rate cuts >> in terms of how long do we need to maintain the current stance and policy. we published a forecast conditioned on the market curve. you see what our view of and what that leads to it does leave inflation above target for quite a long period in our forecast, to be frank, but not massively above target it does leave there for a while. i'll not give a view of how many cuts there will be or when the view the market is taking is not one i objected

>> with the mini budget still fresh, steve asked the governor what concerns he had over the conservative party plans and potential for up ending the central bank progress. >> it is not for me to create the fiscal policy. that is for the government to decide i would say there were clear lessons learned from the episode of september and october the year before last i suspect those lessons remain it is not for me to preach about fiscal policy. >> joining me now is matthew swan from bnp. matthew, you worked at the bank of england you were one of the advisers you are in a unique position to give us an idea of what goes on behind the scenes. what message do you think the bank of england wanted to convey yesterday? >> firstly, good morning and thank you for having me. i think the hemessage was clear

that they are open for cuts. our view is first cut will be in june we expect 100 basis points of cuts over the year. >> why are they being cautious what is keeping the bank of england being a little bit more open to the possibility of imminent rate cuts a la jay powell >> governor bailey said they need more confidence inflation is falling there is unscertainty around tha particularly in january. there is also a concern of pay growth and how sticky it will be we feel pay growth will mo moderate by june, they will have the confidence they need to cut rates. >> it makes sense with the t timeline when it comes to the inflation forecast, i thought it was interesting they were revised higher using market interest rates which are lower than the

last meeting there is always that with the bank of england forecast i did think it was interesting the governor went at lengths to emphasize if interest rates were to stay where they are at these levels, we get an under undersh the forecast that is their way of saying we will cut rates we be don't want to ensure we are keeping policy too tight for too long >> i do agree. we see the inflation forecast fall that market path has 100 basis points of cuts in the first year as governor bailey said in the interview, we agree. he is not pushing back hard on that profile >> small upgrades have come through, but we are not talking about very strong growth for the uk .75%

d what does that tell you about the state of the economy and also the impact that these cumulative rate hikes have >> we see the growth picture over this year as a year of two halves a stagnation period and growth modestly recovering. that is not just because bank rates are beginning to be cut. it will be supportive by falling inflation. there is light at the end of the tunnel on that front. >> to what extent do you think the uk consumer is benefitting from leave lower gas prices we are in a completely different situation this winter than where we were one winter ago to what extent combined with the strength of the labor market is giving support to the uk economy? >> we saw lower gas prices in december that will not impact until q2. that is when it impacts house bills. that's when inflation will fall below 2% that data will be in hand for

the bank of england at the june meeting. that is why they are confident to go then. >> one issue for market participants as a relative bet and one of the big questions is which of these major central banks is cutting first the fed said it is not ready for march. that could be pushed to april or june you are saying the bank of england first cut around may do you think it matters which of the central banks do start cutting cycle first? they will say they are not paying attention to the other central banks. >> we see all central banks going in april and may and june. we have a relatively synchronized starting point and some volume of cuts with 100 basis for bank of england.

we see global singynchronicity >> it is not just one or two or four rate cuts that are priced in, but what level would be consistent with the economy that can still grow do we know what the number is here here >> it is clear rates are restrictive even if the bank of england cuts, it will be restrictive for some time. governor bailey acknowledged that yesterday we think bank rate will settle at 3% next year. >> when you think about our star and this is a broader conversation, i remember a year ago, there were conversations among the central banking community and there are reasons for the rates going higher moving forward even productivity gains on the back of a.i. is the reason why inflation will move higher

is that going to have a bearing on what happens with this cutting cycle that will happen in 2024 from the major central banks? >> focussing on the uk, i think what will have the most bearing is how quickly the stickiness services inflation unwinds we seem to have a tight labor market at the moment pay growth is hot. how quickly that normalizes is determining how cerservices inflation comes down our view is a general moderation in that, but gentle. we see core at the end of 2024 >> one question just on the fiscal dynamics. it is difficult to predict what will be announced at the spring budget there are some expectations of tax cuts what does that do overall? what is the impact or driver to growth versus countering some of the tightness that the bank of

england is trying to achieve >> it's a long way away. a month is a long time in politics one thing we know is inflation is on that downward trajectory prices and energy prices will pull that down we think that is the main inflation dynamic over the coming year and what allows the bank of england to loosen policy >> okay. very clear how many cuts are you pencilling in >> 100 >> excellent matthew, thank you very much for joining me today matthew swan from bnp. let's pivot and take a look at how u.s. treasuries are faring it has been a big week for u.s. markets with the fed meeting on wednesday and then all of the mega earnings and mega cap and big tech earnings with the magnificent seven. this is the picture for u.s. treasuries this morning. you can see we are also coming off in fixed income and yield terms. this is a had the last couple

days ten-year yield at 3.89 the two-year note at 4.24. and this is what we have for some of the key currency numbers. the euro is trading firmer begins against the u.s. dollar. the pound is trading firmer against the u.s. dollar. the dollar is trading firmer against the yen. we are not done. there is still one more data point to get through attention turns to the non-farm payroll number due out of the u.s. today with the economy expected to add 180,000 jobs in january. that would be down from the december figure providing further signs of a slowing labor market the unemployment rate is expected to tick higher to 3.8%. this after the private sector report shows payrolls increasing less than expected in january.

we have the chief economist who is stating there are signs of resilience >> hiring is still strong. if you looked at that 107,000 jobs that we saw for january in a normal economy and normal year, pre-stend there wasn't a pandemic, it was a solid number. within that solid number, there are pockets of weakness. manufacturing has been in a slump all year we are starting to see a pullback in industries tied to white-collar jobs. hence the layoff announcements you pre-viewed earlier there is weakness, but overall solid number >> u.s. futures are mixed. s&p is opening up 20 points higher the dow is 20 points lower of course, a lot may change. keep an eye on the nasdaq today. particularly meta. the stock is trading up 16% in after hours.

amazon is up 7% in after hours all of the signs are there for a solid day for the tech sector. coming up on the show, it has been a big week for pharma with novo and gsk posting numbers. we'll recap after the break. hi, i'm janice, and i lost 172 pounds on golo. when i was a teenager i had some severe trauma in my life and i turned to food for comfort. i had a doctor tell me that if i didn't change my life, i wasn't gonna live much longer. once i saw golo was working, i felt this rush, i just had to keep going. a lot of people think no pain no gain, but with golo it is so easy. my life is so much different now that i've lost all this weight. when i look in the mirror i don't even recognize myself. 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

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welcome back to the show we made it to the end of the week we have an opportunity to look back at how the key indices performed for the week ftse 100 is up .30%. we got some gains out of the oil and gas sector shell kicked off earnings with better results that was one key stock we looked at within the ftse 100 the cac 40, however, tracking negative for the week. only down .10% the dax with the positive gains up .10%. you see very strong week for the ftse mib and the ibex. up 1.5%. we have had so many companies

reporting this week from lots of financials a whole bunch of spanish banks come out with results. we had results with tech names and industrials and retail of course, pharma was in focus with novo nordisk sales s jumpi by one-third with the weight loss drugs and gsk posted a beat in the top and bottom lines with the rsv vaccine. novartis missed expectations despite the high costs despite the boom could be short lived, the ceo said he is confident the company is on track for the year >> we are focused and we focused on these areas and believe we can build a portfolio for

diabetes and careddio disease. we have the next generation obesity medicine out at the end of the year. in cardio, we have trials for exciting products. and rare blood disorder, we will have data in q2 this year. i believe we have a very strong and broadening and deep pipeline we believe we understand the disease. >> i'm happy to say emily field, the head of the for pharma at barclays is here let's start with novo nordisk. it has been a big theme and you have come on the show talking about the upside potential you see for the obesity drugs. charlotte interviewed the ceo this week. he came across confident

they are feeling pretty good about how 2024 is looking. i thought it was interesting they updated revenue guidance for 2024 to the top end of what they originally pencilled in it seems like it is difficult to construct some sort of a criticism at this point for where novo nordisk is going to go what could go wrong? >> in >> i love this story, but what can go wrong the longer story is in tact. near term, they had trouble with supply going into the 20 24 guide, we were flying blind for the numbers this year and is supply coming back. we all breathed a sigh of relief with the release of the numbers with 26% of the top p end of the revenue guidance >> is there a possibility and do people discuss this and they may produce too much

a mismatch with supply and demand >> not at all. novo and eli said there will be supply issues for some time and one thing that tells you how big the market can be is all of the other companies buying into it astrazeneca and roche. >> absolutely. one of my other colleagues, silvia, interviewed the ceo from novatis. she asked if they are getting involved in obesity drugs. he said no he will not come out with another "me too" drug. that was telling it tells you how far ahead novo and eli is in the space. it will be difficult for anyone to get involved right now. >> exactly you know, a lot of the other

large pharma companies will try. we saw phase two failure with pfizer just before the end of the year the science is still difficult for a lot of the companies, but it is the manufacturing component where you have to build large-skilcale facilitieso splo supply the market. >> do you expect the large-scale tech deals to continue optimism and excitement of the new drug and what it delivers the glp-1. >> we saw a pick up in the activity in the fourth quarter alone. all of the management companies have been engaged. no one is talking about large deals. obesity is top of mind for everyone. >> let's go back to novartis

i mentioned my colleague i conducted that interview this week that reaction was telling because investors were not blown away the stock was down 4% on the day when the results came out. this is coming on from 2023 being a year of restructuring and refocus for novartis why was the investment community under-whelmed? >> the results is a case of expectations being super, super high they delivered operationally in 2023 three beats in a row. expectations were for a flawless guide and quarter. it was still good, but there were a little bit of hiccups one cancer drug missed expec expectations guidance below consensus that is why the stock gave back a bit. >> we saw roche this week guided weaker they saw a miss on the pharma

division how is the prospects for roche >> we are describing the company in transitional phase. they are slowing a little with momentum in the key pharma products we will not see more pivotal readouts until later this year or next year investors are stuck in the middle at the moment >> it is a tricky one. novo nordisk is the top pick any others >> we like novo nordisk. we are overweight on astrazeneca and sanofi sanofi gave back a bit yesterday on the weaker quarter. astrazeneca is one we are positive on the pipeline however, you know, really novo is the easy story. the one where the path forward is very clean and there's clinical catalyst to be excited about. >> very clear and as we spoke to the ceo, he was feeling good

emily, thank you for joining me on set today emily field, director and head of european pharmaceuticals from barclays a quick look at european markets and how they are faring today. we did the week to date, but all of the markets are leaning toward the green today as we digest a big week of data and earnings and central bank meetings bank of england meeting. ftse 100 up .40% after they decided to keep rates unchanged, but opened the door to rate cuts amazon and meta. that is it for our show. i'm joumanna bercetche "worldwide exchange" is coming up next. hi, i'm kim, and i lost 67 pounds on golo. when i go out with people, they expect me to eat like a bird. they are shocked by the amount of food i eat while losing weight. with golo, i don't need a cheat day because i get to eat the foods i like

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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 looking to keep the hot streak alive with the dow in record territory. futures are higher right now. returning to tech and meta stunning investors with the first ever dividend and $50 billion share buyback. amazon is popping thanks to higher profits and holiday sales surge. then, apple breaking a streak of sales declines, but