my angel. woman: there we go. ♪ good morning. happy friday. welcome to "street signs." i'm joumanna bercetche and these are your headlines. investors question whether l 'oreal is worth it. that stock down after the miss on the top and bottom lines. dressing up. hermes trading in the green after announcing it raises prices by 10% after fourth quarter sales jump after beating expectations. and ams osram beats forecast

and issues weaker revenue guidance. the ceo talks us through the chinese demand picture. >> looking for the latest and we are the guy to go to for the latest and greatest. we see a lot of demand in china and that is part of the reason why q4 was strong. big moment for markets. the s&p 500 briefly cracks 5,000 in the last minutes of trade with the ninth record close of the year. good morning. another very busy earnings day. i'll kickoff with the results from the french companies. a lot going on in luxury space. let's start off with l'oreal. the company missed on the top and bottom lines despite the 7% rise in fourth quarter sales as its travel retail business felt the impact of chinese reselling

regulations. the cosmetics company expects growth in the chinese market to remain soft and it sees price increases normal izing in 2024. on the other side, hermes sales surged 7.5% on the annual basis with the luxury group reported 13.4 billion euro in revenue. charlotte has more. a very different reception to the market today. hermes up 5.5%. l'oreal with the inverse of that. l'oreal is facing challenges in the chinese business. >> the numbers coming from the asian business being disappointing. down 0.9% on the year. in q4 is down 6.2% as well.

that is a trend the past couple quarters. to be on the positive side, look at europe. europe up 16% for the full year. the first double digit growth in more than 20 years for europe and in north america up 11.8% for the full year. there is a good side to the story, but focus is on china as you said in the introduction. the crackdown resellers to buy products cheaper . a crackdown on that. the soft recovery and soft rebound in china impacting the numbers there. looking at the different parts of the business. luxury is the biggest division with the global number one in luxur luxu luxury beauty. prada and other products with the big acquisition which is off

to a promising start. they have six stores in china. there is progress in that area. another interesting one is c consumer products. the best growth in more than 30 years. people are maybe not buying the luxury lipstick. we have seen the lipstick boosting sales. some brands are doing well. sixth year up 28%. some small businesses to go back to latin america which has that up 20%. there are regions that are doing well, but china is the issue. >> let's stay on the price chart. l'oreal is the light blue one there. it has done well since 2020. just this week, l'oreal shares reached an all-time high. we are seeing a pull back today,

but it seems as the secular story for the company is in tact. investors like the stock. >> it is because we see the geographic environment where they hecan offset the weakness china. the strategy pushing to luxury. the luxury players are trying to get the slice in the beauty market. consi kering created a beauty division. they are beefing up the portfolio. they are working hard and this is leading the way. >> hermes on the cac 40 is doing well. i tweeted this tongue-in-cheek where everyone is talking about inflation. hermes looking to push through price increases this year. >> you are right. raise prices between 8% and 9%.

you cater to the high-end customer and sales for the bags and they have 22 now to cater to the market. we have seen the upside sd. >> they cannot make too many of them. charlotte, thank you so much for the overview. let's move on. there's more today in the earnings space. ams posted revenue of 9088 million euro in the fourth quarter and just above the midpoint of the guidance. the chip maker said revenue in the current period to slide between 800 and 900 million the yo euro. what a reaction. the stock up 16%. annette, investors were surprised by not as bad as feared sales in china.

is that the story? >> i guess that's the story, but also looking at the price development of the shares from a five-year rise. they heare really depressed. they are still down 50% a year down and then five years is down 90%. that reaction needs to be taken into account and given the depressed share development of the past. it is a positive surprise. when have you heard anything positive about china from any of the companies we weare speakingo and osram is doing very well in china. that is the operating niche there. the bulk of the sales comes from the l.e.d. to the car sector. they are benefitting from the trend to have more models and also from the fact that the

chinese consider manufacturer actually is growing. whether they are sustainably growing or not, they are looking for that growth story from osram. i spoken to the ceo earlier today about the last quarter and also about the outlook for the year. let's listen in. >> we delivered a solid fourth quarter with revenue slightly above guidance given and we continue to see good momentum especially in auto especially where we recorded a record quarter. at the same time, we continue to expect to see that initial business with a weak start to the year. we expect growth to return in the second half of the year. >> many companies have problems in china so far.

how is that looking for you? >> china is doing quite well. we were very well positioned to benefit from that. we have a long standing relationship and they are looking for the latest electronics and we are the guy to go to. we see a lot of demand out of china. that was part of the reason why q4 was so strong. >> that's very interesting. many companies struggle a lot in china with the likes of bsf and boshe and siemens. let's look to the new year in 2024. you said this year may be about growth. what are your plans for2024? >> it is about growth and execution. if you think back three quarters ago, we started with our reform of the strategy and streamlined

the industry. this year is the year of execution of the turn around plan. we will see those steps throughout the year and spinning often f entities. we will grow in the auto segment which is looking promising with the designs supporting the growth. we will see growth in the second half of the year. >> we he might see that bottoming of the restructuring story of ams osram. that is a combination from the smaller ams which is an austrian company and osram which is the unit of siemens. the corporation has a lot of leverage. that is what they are working on as well. deleveraging story and restructuring story. they are selling things which are no longer seen as rival in

the future. it seems the hmanagement team i following suit with the ceo who has been in place since april of last year and he is delivering on what he is promising. that's what the market likes. >> market likes it a lot, annette. thank you for the overview. it is not just ams. ubisoft up 15% today at the top of the stoxx 600. posting a net booking of 626.2 million euro for the fiscal third quarter ahead of the forecast. the company back dates guidance with the sharp rise expected in the current quarter. ubisoft trading at the top of the stoxx 600. let's look at the european markets. it is a mixed bag. we had a better close for wall street yesterday, but there is lots of excitement that the s&p 500 briefly broke through 5,000

before the close. it technically closed below it. the hand over was positive from wall street and positive from nikkei overnight. chinese equities are closed for lunar new year. european equities are mixed this morning. we see a positive performance with ubisoft one of the best performing stocks. just below the 17,000 mark. cac 40 down .20%. we spoke to charlotte about the performance of l'oreal. that on disappointing results on china. we have hermes continuing to out perform. the star company when it comes to luxury products. up 6%. the ftse 100 trading at the flat line. in terms of sectors, this is where leadership is coming from. health care up 1%. media up .50%. tech pbuilding on the gains.

utilities down .90% and food and beverage lagging as well. we have eitalian banking nes this morning. 1.7 billion euro in revenue in the first half for mediobanca. the italian lender says it expects the first interest rate cuts at the start of the summer which it sees boosting investment banking division. the ceo told cnbc that the lender will get a boost as rates fall. >> having a lot of chunk of consumer finance activity, which is very much tfolding into plac, and it comes with the lower interest rates, we start to create nii growth. also, the activity of investment banking and with management, we benefit from lower interest rate

environment. we see tailwind in the second part of the year supported by macro. another positive result is skanska with the fourth quarter hit after the reduced dividend. the building giant posted an operating profit of 957 swedish krona despite the 4% jump in sales a week ago. the ceo told us that the commercial property market is weighing on the sector. >> i'm not concerned for our portfolio. we have a really high quality buildings that we are close to completion. we see the back drop in the u.s. is lagging compared to europe. it is around 50%. it has been on that level which means that the potential tenants are interested in our building,

but hesitating how much space they need for the future. the other thing is the investor market. they are hesitating due to high interest rates. the interest rates have to come down a bit before we can see higher activity among the investors. coming up on the show, the year of the dragon is almost upon us. we are year of the rabbit this year. that means the world's biggest mass migration is under way. we discuss the travel with the ceo of trip.com after the break. 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. and sell more with the best converting checkout on the planet. a lot more.

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we had a big day for u.s. markets yesterday with the psychological milestone. the s&p 500 close to closing at 5,000. we briefly broke through it before the close. if we are in a risk-on session today, we will likely breakthrough the 5,000. this has been driven by what the

markets expect central banks to do and the fed will start with the rate cutting cycle. although those possibilities of the rate cutting cycle have been moved back, that hasn't stopped the risk-on performance the last couple weeks. here is the picture of the s&p going back five years. quite a pretty chart. we saw a dip around the pandemic. the theme as we know through 2023 and the beginning of 2024 has been quite positive. today would be the day where we stay through 5,000. as for how u.s. futures are shaping up. the s&p is seen opening up a couple of points higher which would get us through 5,000. the dow is seen five points higher and the nasdaq 25 points higher. let's look at the hand over from asian markets. chinese markets are closed for

l lunar new year. the hang seng is down .80%. not yet fully closed. the nikkei is up nine basis points. not a lot of day-to-day movement, but in terms of the close, another record close for the nikkei. new highs on friday once more. this, of course, is -- they passed the pulled back from tha. as for mainland china the shanghai was up for the week. up 11.4%. shenzhen is down a bit. some gains that came through for the week have managed to hold on given the buying that came through closer to the beginning of the week.

fr lunar new year celebratio are getting into full swing across asia ahead of the year of the dragon. china expecting a record travel rush. as the world's biggest mass migration gets under way, we are joined by jane sun from trip.com. i hope that pronunciation was good. >> very good. >> let's ask what your expectations are for travel around lunar new year. >> we are excited for the spring festival. today is the chinese new year. a lot of customers are getting ready to go abroad for the first time after covid. we are expecting a very strong rebound for the spring festival this year. >> how does that compare to the pre-pandemic trends? give us an idea of the context. >> we look at both the search volume which is a strong

indication of the customer demands and the supply side. on the buyer side, the consumer confidence is very high. the search volume far exceeded 2019 levels, pre-pandemic. however, on the supply side, we still have two major hurdles. the first is the visa application still takes a little bit longer than we would like it to be. the second one is the flight capacity. as of the end of last year, the flight capacity recovered to 50%. we are hoping with so much volume and demand coming into the pipeline, the visa application will be picked up particularly for europe and americas. airlines will also add more capacity into the pipeline. 2024 is expected to have a strong rebound. >> interesting with the challenges you flagged there. let ask about the economic

climate in china. i know many chinese workers are not feeling like they have job security. those employed in factories are faced by price falls and inflation is a factor. how is the economics situation impacting how people are feeling about the upcoming holiday? >> yes, china is very big. there are many lines of businesses. some of the businesses, such as real estate, might have pressure. however, certain businesses are doing well. for example, travel and entertainment such as music festivals and concerts are doing well. wellness products are doing well. it depends on the line of business. >> how about the weather? i know that the part of the country having met with freezing

temperatures and snow storms and adverse weather conditions -- how is that likely to impact travel throughout the week? >> i was in the center talking with the service team this morning. fortu fortunately, the weather is turning to be nice. 20 plus celsius degree during valentine's day which is spring festival. we hope to have more customers with the nicer weather. >> in terms of where we started in terms of the destinations. where are the destinations that travelers were going? i was speaking to a colleague of mine about earnings earlier. we talked about the luxury sector in europe. many have been impacted by fewer chinese tourists coming into europe. i wonder what visibility you

have on how these destinations will evolve over the coming years. >> yes, european supplies are really looking to see more chinese tourism. chinese tourists spend a lot of money when they are traveling. i was talking to the dubai airport. average chinese consumer spends double money as the average travelers in the dubai airport. same in france and italy, et cetera. they are eager to bring customers from china to the rest of the world. we are hoping each government will speed up the process to issue the visa, therefore, customers can travel freely. on top of the visa restrictions, the flight capacity is another bottleneck right now. we hope we will be able to make these two items improve.

>> jane, thank you so much for joining me on "street signs." coming up, the portuguese finance minister joins us next as the gdp falls for the first time in more than a decade.

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welcome back to "street signs." i'm joumanna bercetche and these are your headlines. investors question if l'oreal is worth it. the stock down in early trade after the miss on the top and bottom lines. dressing up. hermes trades in the green after announcing it will raise prices by 10% this year after fourth quarter sales jump beating expectations. ams osram is higher after beating the fourth quarter sales forecast. the ceo talks us through the chinese demand picture. >> they are looking for the latest and greatest electronics

and we are the guy to go to for that. we are seeing demand in china. that is why q4 was so strong. the s&p 500 briefly cracks 5,000 in the final minutes of trade. a new milestone for the index with the ninth record close of the year. the super bowl heads to vegas with the game set to break records in the betting space. we will head live to sin city later this hour. we have a mixed picture for many of the european boards despite the hand over from wall street yesterday. you can see mainly the main indices, dax, trading sideways. the cac 40 is down .20%. luxury in focus. l'oreal is trading toward the

bottom of the cac 40 down more than 6%. on the flip side, hermes is at the top. a distribution going on. you have banking in focus. one of the banks reported within the italian index weaker today down more than 1%. you see the ftse 100 also trading around sideways. ubisoft is the top gainer and soaring up 17% after posting more solid results. we are still in the heart of earnings season. that is the reason we are seeing so much dispersion today with the equity markets. let's look at currencies. this is the picture for many of the currencies. the theme is one of sideways trading. euro is sitting shy of 108. 107.70 on the pound. not an love the movement there. as for yields, this is the

picture. you see the ten-year bund is 2.36. we are about one or two basis points higher. ten-year gilt is 4.05. look ago ahead to the u.s. futures. we had the s&p 500 close just below the 5,000 mark. it looks like it will open around three points higher. it will once more breakthrough 5 thou5,000. not a lot of movement for the global stock markets, but leaning toward the green. the imf urged japan's central bank to consider ending the loose monetary policy and begin to raise short-term rates. the fund says upside risk has materialized in the past year. the ecb needs more evidence that inflation is heading back to target according to

policymakers whose comments have dampened investor hopes for a rate cut in april or june. speaking in washington, ecb chief economist phillip lane said policy setters need to be further along in the disinflation process before they can move. belgium's central bank chief, one of the hawks on the committee, highlighted wage data as key and the various ecb members referenced. what is key for the wage data is the wage negotiations that take place in april. this is something that christine lagarde specifically referred to at last ecb press conference. they are waiting to see the seasonal wage negotiations before they make a key decision on interest rates. portugal's public debt fell to 98.7% from last year which is

over 112% in 2022. the first time below 100% since 2009. according to the country's finance minister, debt should be on track to fall further provided the next government avoids a budget deficit. portugal heads to the polls on march 10th. i'm happy to say fernando medina is joining us and silvia joins me as well. i'm going to start with the overall story for portugal. it is a positive one when you think about where portugal was ten years ago. it has been a great success story. upgraded by moody's on good-to-medium term growth process and economic reforms. solid banking sector. the story is positive. you managed to do this in the environment where many

challenges have faced the eurozone, the pandemic and energy crisis and the aid packages for ukraine. how have you managed to bring down the debt, but at the same time keep growth supported? >> good morning. thank you very much for the invitation. it is a pleasure to be with you. we find it clear we need to lower our public debt. it was essential after the pandemic where we had high public debt around 134%. we decided to drop it to very, very decisively because itwas very important to put the country safe on the events that could happen. we put a strategy to implement growth very fast. the portugal economy is growing very fast. in 2021, we moved 6.7%. in 2022, we grew 5.1%.

in 2023, the year that ended, we grew 2.3%. the second highest growth in euro area. last year was strong growth. employment is at all-time record for more than 5 million people working. inflation growth helped to reduce public debt. it was very important to keep surplus in the public account. in 2023, we ended with 1% of surplus in the public accounts. we managed to achieve the drop of 14 percentage points from 2022 to 2023 and more than 30 percentage points on public debt between 2020 to 2023. we are now the group of countries with the lowest debt. we are on the move to be the

european average on debt-to-gdp. we think this is a big achievement. more jobs, obviously and using this type of inflation and not to spend more, but to use the money carefully helping in crisis. >> minister, excuse me for inter interrupting. i want to understand the plans for the years to come. when you look at the growth expectations for the following years, the levels we're talking about are much lower from the gdp levels we have seen up until now. how do you propose to continue that debt reduction when we are expecting much lower growth levels for portugal? >> that is a very important point you are making. the strategy for the years to come after the elections on the

10th of march follows this road. as we are going to have lower growth and lowers inflation and what we need to keep is the primary surplus that can be such significant to help us continue that path. i can easily assess this year of 2024 that we can reach 95% on public debt gdp and we continue on that to reach 90% and go in four years to be near 80% of national debt on gdp. that would be my plan. i hope that the government that follows from 10th march will follow it in the sense that we keep the country safe and keep investing in people and answering the needs of people. having a strong financial position in the country to help us a lot on low-tefrm interest

rates and lowering rates for families. >> prime minister, i want to take a quick look at the deposits in portugal. this is something we discussed at cnbc last year. when it comes on passing on the higher interest rates to savers. portugal is among one of the lowest deposits at this stage. i wonder why the portuguese government decided to cap the returns on government debt certificates? why are you not helping savers at this stage? >> the main issue is when we have debt certificates from the state, it is public debt. at a certain point in the year, we had the finance needs of the state almost completed.

it would make it difficult to understand if we are going just to issue national debt to allow a product that banks should make and support. what we saw after the decision that we took, it was the banks at the beginning as you said, they were keeping very low on interest rates on debt that we were paying to deposits. they begin raising those interest rates they are paying to deposits in the competitive environment. now they are near what we call levels that are much more reasonable compared to the ones that happened in the beginning of the inflation. >> sir, there are elections coming up in march. the social democrats recently inked a deal and that puts your party on the back foot coming into the elections. what is your economic message to

the public into march? what is at stake for the portuguese economy if there is not continuity for your government? >> i think the message is we should keep on track. we achieved a big transform matransformation in the economy. i think the most important achievement was to assure credibility and the message and path that everyone understands and it was predictable to companies and people. we didn't give all to everyone or we did not promise to give everything to everyone. we keep our promise to go step by step to solve the problem. we have a credible path for the portuguese people and the p portuguese companies. we have a lot of public support. when i talked about reduction of

public debt, this is a goal that portuguese society was eager to achieve in the sense it was controlling public finances was an important issue for portuguese. this credibility and delivering what you promise and going step by step and making life predictable for people. not to raise the incomes fast and you need to cut it in the next year because there is some type of problems. we don't make that. we just keep on the path that we can achieve and people recognize that. my aim is to keep the strategy of strength of public finance. it is a key base indicator for the strategy of the economic development and hopefully to keep the strategy of going with

the transparent and credible message for portuguese. >> minister, we don't have muc time left. i want to look at the biggest problem for the economy at this stage. that is the housing question. we see residential property in lisbon which are higher than other european capitals such as milan or madrid and so on. what is the best way to fix the problem in the housing market? could you clarify whether you would serve in a new socialist government? >> the housing problem is very high here in portugal. similar in other capitals in the world as you see the prices have risen a lot in the last decade. the main reason was keeping interest rates very low for very long period. as we all know, when we have the situation, money flows to the

housing market and the stock exchange. it was like protecting assets. at the same time, portugal is in a boom for tourism. the tourists knowing portugal with low interest rates could put housing prices very high. mainly in the area of lisbon. what causes a problem for middle classes to own their own houses. we put forward a strategy of creating a supply of houses that are on an affordable housing scheme. different schemes conducted from the state and other from municipalities and others with private partnerships. we need to raise the supply of the affordable housing. that is the strategy we are putting toward to allow this raise on supply of housing could

stabilize and reduce prices. >> very clear. finance minister, we will leave it there. thank you for joining us today on the show. fernando medina. silvia, thank you for staying with me. coming up on "street signs," it is super bowl weekend in las vegas with the big game ready to break betting records. we will have the latest from sin city coming up next.

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welcome back. nissan expects to sell fewer cars this year than previously expected. citing demand in china. arabile has more. get us up to speed. we have seen the adverse reaction in the stock this morning down 11%. >> joumanna, this is interesting. they are not the only ones with issues in china. we have heard this story across businesses and industries and automakers. let's unpack the story. the shares plummeting 12% at

some stage for nissan. this could be the biggest selloff since 2001. less than positive earnings. nissan trimming the sales volume forecast for 2024. worried about the business in china as we noted. it sees 3.55 million vehicles being sold then for 2024 fiscal year as opposed to the.7 million t 3.7 million for 2023. i quote the lower sales outlook which reflects challenges and competition and logistical issues with the key markets. that being china significantly. interesting, 26% fall in china in retail sales for a nine-month

period. the chinese consumer is weaker at this stage. this is impacting car sales. industry wide, china vehicle sales did grow 12% versus previous years. the growth has slowed down significantly. they are saying they are shifting tactics. like i said, they are not the only ones with issues out of china. toyota had cut 1,000 jobs from china just last year. honda cut 900 jobs be out of china in 2023. even so, ford is going to cut back on their investment into china as well moving forward as they focus a little bit more on the electric vehicle market. it may be a bit of an issue just specifically for nissan as it continues to try to plow ahead in that ev market.

overall, as you can see the share price just over 12-month basis managing to gain 19% with renault going down. toyota managed to gain 35% over the 12-month period. toyota gained 151% over a f five-year period. ford and honda and toyota when you compare the forward pes. nissan forward pe, fall. ford, 8.5. toyota at 11%. perhaps you can tell investors are not too happy right now with that stock. >> fascinating. thank you, arabile. it underscores the issues with the automakers. one in four adults in america are set to bet on the super bowl this year waging a record $23.1 billion according to data from the american gaming

association. that would work a 35% rise in betting volumes from last year as the popularity of sports betting surges stateside. the super bowl takes over the gaming capcapital. let's get to nbc's jay gray from las vegas. jay, what are the betting markets saying? the chiefs or 49ers? my knowledge is very bad. is it taylor swift who takes all the glory? >> reporter: i think a lot more people are interested in wagering on whether taylor swift will make it from tokyo in time for the game. it should be a lot of fun. she is dating travis kelce, the player for the chiefs. you are right. we are likely to see more betting during this super bowl than ever before. you talk about the amount of money wagered. last year was $16 billion. it is really going to increase

dramatically. a lot of that may be because we are in the betting capital of america here in las vegas. right now, we're inside the nfl experience. just a massive interactive football funhouse, if you will. a place where people can come and live out their super bowl dreams or find out they really don't have any skills at all like areyou are seeing here. i'm so close right now, joumanna. i can tell you hundreds of thousands will pour through this area and have a little fun during super bowl week. one of so many parties that are going on here. we have fans flying in from across the country, but around the world to be a part of the event. of course, one big deal about the super bowl is the commercials. we expect to see some pretty interesting ads during the super bowl at $7 million for a 30-second spot.

that should be something to watch for as well. all in all, it is a time when everybody takes a break. even if you are not a fan of the teams in the super bowl, everybody gets a look -- joumanna, one last chance. finally a little bit of redemption. that is the latest from here in vegas. i'll keep working on this. i'll be good when the little kids lget here. >> you perfected it by the end of the hit. it is a skill to walk, talk and throw. jay, let me ask you, this is the first time the super bowl is being played in las vegas. what is the significance of that? what does it tell you about las vegas and how it has evolved? typically it is the gaming city in the united states. of course, now it has its eyes set on the biggest prize which is the super bowl.

>> reporter: there's no question. look, before 2020 when the raiders moved here, the football team moved here, really the nfl avoided gaming and avoided las vegas and did not want to have anything to do with it. worried about what it may do to the game. they have clearly embraced the city and wagering which has become part of the nfl experience, if you will, and las vegas has become america's latest sports town. they have hockey here. they will have a baseball team here. there's talks that an nba basketball team is going to call las vegas home as well. clearly, this is something that is working for theleagues and for las vegas. a lot of people are excited that not only can they come here and watch a game, but also place a few bets. we saw that this year. this stadium in vegas was the one visited most by opposing teams' fans.

more people travelled from out of vegas to come to games here than any other nfl city. >> fascinating. jay, i'm already feeling the excitement. i know the super bowl is still a couple days away. keep your energy. you have to keep it going another 48 hours. that is nbc's jay gray joining us from las vegas. let's look at european markets and how they are faring on the final trading day of the week. it is a mixed session. the cac 40 is leaning negative down .20%. we have weakness in l'oreal. hermes is doing really well. ftse 100 is in the green. the dax is slightly green as well. that is it for our show today and this week. i'm joumanna bercetche. "worldwide exchange" is coming up next.

it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we start with 5,000 and beyond. the s&p 500 hitting a key market milestone and it is looking to push past that this morning. futures are higher. we take a closer look at the run-up from 4,000 three years ago and the troubling signs in the rally. we will ask our power panel if you should be concerned. we hear from meta and amazon about their business, but pinterest is warning of a slowdown. that stock is gettin