race day live coverage. the game drop at 6:30 p.m. what a night in arizona. for rickie carmichael, i'm saying thanks for watching. monster ama energy supercross, here on your home for mote sport. good morning and welcome to "street signs." i'm joumanna bercetche and these are your headlines. european equities trade in the green after the s&p closes above the 5,000 mark for the first time while asian stocks are thinner in trade. lvmh offers to take the shoemaker private with the valuation of 1.4 billion euro. imf managing director

reiterates her call to reform the economy and fix the property sector in china as she issues a stark warning on growth. >> we show without deep structure reforms, growth in china can fall below 4% and that would be very difficult for the country. and former u.s. president donald trump provokes a backlash from nato saying he would not stand with allies in the event russia launches an attack if they don't meet financial commitments. >> i would encourage them to do whatever the hell you want. you have to pay. you have to pay your bills. good morning. welcome to another new trading week. let's pick up on how markets are

faring. a lot of focus and excitement on the friday session with the s&p closed above 5,000 for the first time ever. on thursday, we briefly traded through it, but did not close above it. friday, it did finally happen. it was a strong day for all of the wall street majors. this after the december inflation reading revised lower which was a catalyst for the market. we are coming toward the end of the earnings season. within the u.s., 332 companies reported, 81%, have beaten. it is coming from a low base in terms of expectations. it tells you the earnings season has been positive in the context of markets pushing back rate cut expec expectations. in asia, hang seng closed for the lunar new year. we had a positive hand over from the nikkei. the stoxx 600 is up .30% in the early hours of trade. we closed the week .20% higher

last week. also building on the muted gains we saw during the trading week last week. let's look at the board and we are right in the middle of earnings season coming toward the end of it. the peripheries having a good day. ftse mib is having a good day. the potential for a company taken private by the pe firm. we will talk about that on the show. dax is up .2%. we see positive movement today. siemens up 4%. the cac 40 is up .3%. we are seeing movement in l'oreal. the only bit of red is ftse 100 is down .90% weaker.

it is a big week in terms of data in the uk. on wednesday, big inflation numbers which are key direction for the bank of england and where they go next with the hawkish tone at the last meeting. we have retail sales on friday. as for sectors, this is where leadership is coming from today. a rebound in real estate. up 1.2% this morning. retail is having a good day up .8%. healthcare is lagging down .2%. mostly, you see all of the sectors trading in the green. technology as well building on the gains we had in the u.s. session. let's turn to the u.s. session. this is the picture for u.s. futures. it looks muted. s&p is flat. the dow is weaker. the nasdaq is seen opening up 15 points. i should mention in terms of trading and one thing to think

about is it is a half term this week. that may impact trading. let's talk about where things are headed from here. i'm happy to say edmund shane from bnp wealth management is joining me. good morning to you. let's start with the s&p closing through 5,000. many people sees that a key psychological level. will this risk-on rally continue? if it does continue, what is the catalyst for another move higher? >> well, i think the drivers are evident that earnings in general are decent. particularly for the large tech companies which have been driving this rally since last year. they have had very good earnings in general. i would question one or two of them like apple and tesla. that's is not a tech company,

let's be honest. in general, if we he look at th economic momentum, it is there. we have seen the economic momentum the last month. that is supportive as well. even if interest rates have backed up a little bit from the recent lows, they are nowhere near as high if you look at ten-year bond yield like last year. that headwind hasn't appeared to any great extent. it seems there is a lot of optimism. i would caution that i'm a little bit worried about the exuberance we see with the famous nvidia or the a.i. frenzy. >> that leads nicely to my next question. 2023 stock markets did well due to the magnificent seven. what we saw in december was a broadening out of market performance. other stocks started to participate in the rally.

in january, that all changed. we are seeing a renewed se concentration on the magnificent seven. how will this evolve in 2024? >> it is difficult. sometimes the market leads the breadth. it is difficult. what you want is both going up together in the ideal world. having said that, i would not see the massive diverge especially. if you look at the s&p with the midcaps, that is breaking a new high. i would say it is true that the magnificent seven, the largest companies still leading, not even the s&p 500, but the s&p 7 or 10 which is unusual. mid caps are participating. it is a little bit broader than one might think. >> how do you see things

evolving for the european stock market? the french index cac 40 is reelingreal reaching for an all-time high. where do you see the stoxx 600 going from here and is there a trade to be done on europe versus the u.s.? >> i would not say trade. there is a long-term re-balancing potential in favor of wealth. remember today that u.s. stocks are 70% of the world index which is huge. you might argue that reflects a lack of diversification. while the large cap tech stocks continue to do their thing, that is fine. you can continue to ride most m m momentum. this constitutes concentration in the equity portfolios. maybe taking some out of the

u.s. and other parts of the world like europe being one area or france. i would point to spain and italy, the ftse mib is doing well. that is a nice area to be. other than that, don't forget japan where foreign bets despite the 34-year high in the nikkei, are still relatively under exposed after years of the nikkei doing nothing. there are other places in the world that are looking positive. >> absolutely. we have been monitoring the nikkei. that is contingent on the bank of japan. let me just ask you a vquestion of geopolitical risk. the theme that emerged the last couple months with disruption on the red sea shipping. there are so many elections happening this year, not to mention the big one in the u.s. this year. you could see a change of

leadership. perhaps former president donald trump coming back again. should markets risk in the geo he political risk and changing of the guard and ongoing disruption with the middle east? >> let's start with the disruption to traffic out of the middle east. certainly there has been disruption to global shipping and global shipping decided like maersk decided to avoid the red sea and go around. that involves extra time and cost. we have seen freight costs go up on shipping going that way. i would say that is not necessarily a huge global inflation pressure yet. this will need to go on for many more months. it will need to intensify to have a real impact on inflation. i think the bigger impact on inflation would be via oil prices. oil prices remain well behaved with the low dpegeopolitical ri

premium. financial markets seem to overestimate the impact an of politics in the long term. we saw this in 2016 where everyone was negative about the election of president trump the first time around and in the end, the stock market went down for two hours after his election and promptly went up. we shouldn't read too much into it. >> we should bring it back to the vix as well. it is surprising to me that the vix is sitting at 13%. why is that the case? why are volatility markets not accounting more for all of the things that are going on politically and economically and central banks withdrawing liquidity and hiking interest rates. why is there not more impact? >> economic volatility is low.

don't forget the volatility in the stock market has followed the volatility in the bond market. if you were to look at the move index, measure of u.s. bond volatility, that has been treading lower he. as i said, long bonds have been well behaved over the last few weeks and months. the vix is reflecting that and reflecting the fact there is pretty much a goldilocks picture priced at moment which may or may not be correct. that is what the vix reflects right now. i would suggest actually that for a lot of investors who don't want to diversify in the u.s., another option is to buy some option protection or puts or put spreads because the vix is so low which means the cost is lower than average. maybe now is a good time toprot >> it makes sense. it stood out to me as well.

ed edmund, thank you. edmund shing from bnp. china's lunar new year holiday has markets closed this week. the csi 300 index gained despite the rocky session. traffic surged by more than 25% for the year with 200 million trips taken across the transport network. on television, the spring festival set a live broadcast record notching 1.7 billion total views according to state broadcaster. chinese authorities are grapple thing with deepening deflation in the profit sector. dan murphy spoke with the imf

director in dubai. >> we have been advising to use more of the fiscal space and monetary policy space. we have seen them taking steps in that direction. what we also discuss with china is the longer-term structure issues that the country needs to address. our analysis shows that without deep structure reforms, growth in china can fall below 4%. that would be very difficult for the country. so what we are looking forward to seeing in china is them to take on the outstanding elements of reforms which means take on the economy and continue with reform of state-owned ent enterprises and address the real

estate sector difficulties and address the high level of local governments. why? because we want to see the economy genuinely moving toward domestic consumption and less rely on exports. for that, confidence of the consumer which means get the pension system in place and take care of the real estate and the longer-term improvements in the fundamentals of the chinese economy would be necessary. switching back to corporates. shoemaker tod's is planning to delist from the milan stock exchange and come to a deal with l.catterton. charlotte, this is a move in stock up 17%. what is the justification? >> interesting to hear from management over the weekend announce bing the deal. this is a choice and it would

allow the company to make faster decision making and greater flexibility. that is what we see with l catterton. it will allow 43 euros per share. the new arrangement is 54% for the family which is the founders of tod's. 10% to lvmh which owns the stake under a subsidiary. in 2022, they tried to go private and they did not reach the 90% ownership threshold. it was at 40 euro per share. maybe they viewed that offer too low. now at 43 euro per share. now on the back of the deal, they said the offer price doesn't reflect the turn around of the company. in 2022, they wanted to go

private and turn around. they have long-term strategies. this may not allow you to go with long-term plans. they are fully in the numbers from a few days ago with a 20% sales up boosted by china. interesting to hear from them. different from other luxury players. they are doing okay. there is a turn around happening. the offer could be too low. >> what should we read into the fact this buyout firm is backed by lvmh? >> that is interesting with the smaller italian companies that are family hold. they want to remain independent. they need to be supported by the luxury giants. they want to be part of lvmh. they will benefit from the sale. it is interesting what this means for other companies in the

future. this is a name you heard with the ibo of birkenstock. a different type of shoe. this is taking the group private. wherever you look, lvmh is there. >> it is everywhere. at the time, we had the discussion if birkenstock qualifies as a luxury shoe. i think the ladies agree it isn't. charlotte, thank you for the update on what happening with tod's. also coming up on the show. plower to the people. smart. silvia will walk us through the farmer protests which have dominated headlines across the eu. hi, my name is joann, and i lost 75 pounds on golo. the other times i've lost weight, i was tired, run down. with golo, you feel great as you lose weight. i have enough energy to exercise every day. (energetic music fades)

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policy. this points to the outlook for inflation and economic growth due in march which is critical of when to start cutting rates. in an interview with cnbc, panetta highlighted the need for fresh growth in europe after the series of high rates. >> we expect the central bank to reduce gradually interest rates. we badly needed to foster new growth. today, europe is not growing. italy is maybe doing something better than other countries. we are, today, at the level that will not guarantee sustained and sustainable dprgrowth. we badly need growth in order to meet the requirements of people to reduce social malaise. we have to make the stat in terms of productivity. only productivity can guarantee.

the eu agreed on the deal over the tight fiscal rules to give more time to reduce debt and incentivizing investment. this amendment of the rules saw countries increase spending to help recover from the pandemic. both member states and the eu parliament needs to endorse the deal before it takes effect in 2025. polish politicians are calling for the eu commissioner to resign as farmers across the home country and other eu states demonstrate against the policies. protesters in spain clashed with police on saturday as they attempted to block a main road in the madrid area. spanish farmers have joined the counterparts from france and belgium in demonstrating regularly against agriculture policies. if you have been following the news in the last month, you picked up on the fact the protests are occurring across

all of the continent. silvia has been analyzing why. >> let's look at why the protests among the european farmers are taking place and dominating the headlines in the cont continent. we have seen farmers protesting in tenure european countries acs france and poland and belgium. there are several concerns with some individual member states, but there is broader issues at play farmers have seen sale prices drop in the third quarter in 2023 compared to the same period in 2022. they getting less for their products. they are facing rising costs. there are stronger competition into the area. they are struggling with banks

and climate change which is one of the main reasons that farmers in europe are upset. why? some of europe's climate policies are simply too strict to comply with. i had a chance to speak with a member from farm europe and he explained why climate policies have been a problem for european farmers. >> the main idea is to reduce and have an increase in food price. this equation is not working for the farmers for different reasons. first one is we see consumers cannot afford to pay more for food. we see across europe with the agriculture sector and to continue investment which is linked to the changes and green transitions means farmers do not have access to cheap money. bankers are reluctant to lend

money to the farming sector. we need to reflect within the european union on how to transition. clearly, there sis a need to moe on and farmers know climate change is here and they need to adapt. there is the political impasse that they need to adapt. >> and i'll show you why these protests matter for all of us. we are actually seeing a trade deal with the eu and south america on hold because some european farmers are against the idea. they are concerned that will impact their businesses. there is also broader concerns across the continent that the narrative among the farmers could actually help far-right parties as we approach the european elections in june. lastly, i want to tell you about the fact that climate ambitions at the eu level are currently being toned down.

there are two key examples when it comes to this. the eu has actually scrapped the plan that would have meant that the farmers would have to reduce the eu pesticides. they also set aside targets for the culture sector when it comes to reducing their greenhouse gas ambitions. i had the chance to speak to the eu culture commissioner. he said the u-turns were necessary. >> i'm happy about this decision because it was not fully possible for member states . it was not fair with the different starting points for member states. >> the eu wants to be carbon neutral by 2050. is that still feasible? >> generally, of course, this is the general target for the

economy. we should take into account the issues of other cultures. >> the eu has legislated and has concrete plans in becoming carbon neutral. i have to tell you, joumanna, the policy analysts have told me that in the wake of the upcoming european election and what we are likely to see is an eu that is not as friendly when it comes to climate policies as it has been thus far. >> we have started to see watering down of the language which is significant to your point going into the elections. thank you for that overview, silvia. for more on the actions with the farmers and eu, check out silvia's article on cnbc.com. coming up on "street signs," former president donald trump puts nature o on edge.

we will have the latest after the break.

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welcome back to "street signs." i'm joumanna bercetche and these are your headlines. european equities trade in the green after the s&p close as above the 5,000 mark for the first time while asian stocks move lower in thin holiday trade. tod's get a spring in its step as lvmh's catterton takes it private. imf managing director reiterating her call to reform the economy and to fix china's property sector as she issues a stark warning on growth. >> our analysis shows that without deep structure reforms, growth in china can fall below 4% and that would be very difficult for the country. former u.s. president donald trump provokes a backlash from nato for saying he would not stand with allies if russia

launched an attack if they don't meet financial commitments. >> i would encourage them to do whatever the hell they want. you got to pay your bills. there you go. former u.s. president donald trump would encourage russia to quote do whatever the hell they want if they attacked a nato ally which hasn't been spending enough on defense. the remarks are criticized by president biden calling them unhinged. the secretary-general rebuked trump's comments suggests that this undermines all of our security, including that of the u.s. the frontrunner made the remarks during the rally in south carolina. >> i made a speech and said you had to pay up. they asked me a question. one of the people asked me a

question. sir, if we don't pay and we're attttacked by russia, would you support us? >> i would not protect you. i encourage them to do whatever the hell you want. you have to pay your bills. >> that is a sensitive topic for nato. china and political tension and green transition is in focus in dubai. dan murphy has been on the ground speaking to leaders about the outlook for global leaders. dan, we heard you were talking about the challenges facing china. tell us about the conversations you have been having. >> reporter: absolutely, joumanna. the world government summit brings uae and regional leaders from across the public and private sector with the handful of international ceos thrown in as well. headlining the event is sam altm

altman. they are incorporating the developments into the work with the a.i. the macro themes set a stage here and china has been a key talking point. you heard the comments by the imf managing director in the interview that i did yesterday warning on the outlook. i continued the conversation with bill winters at standard charter on stage a few moments ago. both men weighing in on the outlook for china and addressing the concerns that we see in the world's secondeconomy. not just stock market, but disinflation and the ongoing property crisis. i asked bill winters to weigh in on the outlook and the question of whether or not beijing is doing enough to manage the downside risk.

>> external investors with china and domestic. i think china is going through a major transition. if you visit the new economy, it is booming. absolutely booming. well into double digit growth rates and ev related and supply chain sustainable. they are trying to manage the transition without disrupting t the financial system. they are trying on avoid a crisis which means it gets dragged out. i think they will get through the back end just fine. >> it is interesting to hear that from the standard charter ceo. he is less negative about china than other peers out there. insightful remarks. dan has been covering that for us. the u.s. senate has moved closer to passing an aid bill which includes $95 billion for

ukraine and israel and taiwan. the senate voted 67-27 in the sunday session passing the procedural hurdle. the ultimate vote is expected in the coming days with progress showing undiminished bipartisanship. dan did sit down with the imf managing director at this world government summit and asked her about ukraine's funding this year. >> $42 billion. this is what ukraine needs to sustain the remarkable progress they have made. let me state this as clearly as possible. ukraine earns the support of the international community with prudent actions domestically. they collect 36% to gdp in taxes. i don't know many countries that do that without the war. they brought inflation down from double digits from 27% to 5%.

they have restarted the prospect for growth. dpr growth is now 4.5%. if we pull this support, we risk all of the gains that have been made. fortunately, the eu has come up with 50 bill euro package in support of ukraine. i hope u.s. congress will come to a decision to provide this very valuable support for ukraine and that is expected from the u.s. >> are you concerned that the political environment in the united states at the moment in the lead-up to the november election is not necessarily conducive for the funding? ukraine is a more trcontroversi issue on the scgeneral agenda r? >> i hope the logic is fairly

clear. u.s. as the well as many others have made the investments in ukraine. the american people are pragmatic. you want return on your investment. that return is for ukraine to retain and improve its position. that pragmatism hopefully will lead to the right decision. i also can say that looking from the perspective of the imf, ukraine that fights for international order for sovereignty is fighting not just for ukraine. they are fighting for the world to be a more stable place and a better place for business for everybody. >> dan also asked if the relative strength in the russian economy if sanctions are not working. >> this is a war economy in which the state, let's remember,

had a very sizable buffer over years of fiscal discipline. it is investing more in the economy. if you look at russia today, production goes up, military, production goes down. that is what the soviet union used to look like. high level of production, low level of consumption. i think the russian economy is in for tough times because of the outflow of people and because of the reduced access to technology that comes with the sanctions. although the number looks like a good number, there is a bigger story behind it and it is not a did story. >> i ask because president putin told an american interviewer last week that the u.s. and the tools it is using is not working

against russia. what do you make of that? what do you make of president putin's attempts to justify this war? >> look, i, as a european, not head of imf, europe has gone through horrific wars. they always started with the military power attacking a neighbor. then the rest of the world sitting on the sidelines. the consequences? the whole world in flames. i think it would be very unfortunate if the world decides again to turn an eye on a military power invading a neighbor. i know the history of our part of the world as a bulgarian.

i can tell you that in the 8th century, it was a great power. great bulgaria. land four times bigger than what we have today. what we have today is bulgaria today. i think we all have to be respectful of where we are today and who we are today. >> sticking to politics, the hungary president katalin novak has resigned over covering up a child abuse case. former finnish prime minister has won the presidential election beating the former prime minister. stubb secured 61% of the vote and has the task of the new nato members foreign and security policy measures. coming up on "street signs,"

the kansas city chiefs are super bowl champions after the thrilling overtime victory. we'll have more aftethbrk.r e ea

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welcome back to the show. some deal making news in the u.s. shale producer diamond back energy is looking to buy endeavor. the combined company would be the third largest oil and gas producer in the permian basin. let's turn attention to the european markets. we are coming off a better week for the indices. stoxx 600 is up .20% in trading. with the exception of the ftse 100, all of these indices are trading in the green. cac 40 is up .20%. stronger day for the peripheries. ftse mib is up .80% with the news of tod's potentially going

private giving that stock a boost today up 17%. within the ftse 100, i want to flag for the viewers, it is a big week in terms of data. inflation data on wednesday in the uk. retail sales on friday. of course, the employment data tomorrow. that is what we will watch. in terms of currencies, we have the euro weaker down .10%. 107.70. dolla dollar/yen is higher. the pound is 126.16. looking ahead to the u.s. session with a lot of excitement on friday with the sa&p breakin to the 5,000. and the dow is weaker at 26 points lower . nasdaq is 20 points lower. the issue in the u.s. is the cpi print released tomorrow.

the kansas city chiefs claimed a thrilling overtime victory in super bowl lviii. the victory makes the chiefs the first back-to-back champions in 20 years. all eyes, however, when i say all eyes, were on taylor swift who was attending in support of travis kelce with the singer ending weeks of speculation with the return back from japan. i'm happy to say the global head of sports entertainment from mediacom joins me. so much to talk about beyond taylor swift, of course. tell me in terms of advertising spend how this year's spend compares to prior years? >> it is up.

it is up again. for a 30-second ad, we're over $7 million. it is incredible. it is 10% uplift on last year. not surprising because the audiences are getting bigger. appetite to be around the culture moment has never been higher. obviously, with the taylor swift effect, it has been immense because of how it broadened the audience for the nfl. >> did they cater the type of ads at the super bowl because taylor swift was attending? >> absolutely. she is drawing the audiences into the game that may have never been interested or on the periphery of the nfl. younger fans. younger female fans. there's been quite a bit of talk in the run-up of the game that

ads will be tailored to audiences. >> it is still leaning on the old-school model of advertisers going in and spending $7 million for a 30-second slot. it is surprising. why does the super bowl still attract that much money when a company looking to advertise, you would get a better return on investment if you went down the line of working with the influencers with the huge social following? >> i'm not sure. it is not an either/or. we are moving in that direction. there is a lot you can get for your money when you go in with social and digital space. however, super bowl is unique. not many events, global events, attract that audience. 140 million. it is quite unique. it is not just the reach that you get, but the prestige.

it is not just the ad, but what is running up to the game. it is people are tuning in it just to watch the ads. there is more to that. >> a cultural phenomena. i don't watch football and don't understand american football. i leave that to my husband. i watched the halftime show. that has become a spectacle in the super bowl. this year was different because apple is sponsoring it. how big of a deal is that? >> it is huge. over the years, for the ten years, pepsi has been a halftime sponsor. in that time, they have product ties and it made it a property in its own right. we have a 12-minute halftime show, which apple paid $250 million for over the five-year

period. $50 million a year to have a 12-minute concert. it makes sense for the nfl because they are trying to expand sports into entertainment and having apple as your partner, music and potential behind the scenes content and everything they heare trying to do. this is sports meets ente entertainment meets music. >> i guess for apple, it is small change for them with their earnings. it is another way to get people on to their ecosystem. >> correct. they are trying to step into audiences to grow the platform. >> one other interesting issue is the betting with the super bowl. one in four american adults did plan to place a bet this year at the super bowl. how has that impacted the advertising landscape? has been there cross pollination for those betting and

advertisers? >> what it is showing for the advertisers is a huge appetite in the game. more people are watching because they have a wager on the game. a lot of times it brings games like world cup final or the super bowl, they bring a casual viewer in because it is a culture phenomena people want to be part of the action. it is very compelling. >> a lot of these ads have longevity. before you sat down, you were here a year ago and i remember that doritos moment with the triangle. that stood out to me. that leads to the same question this year. did anything stand out from the advertising sperspective? >> i don't know. it is interesting how so many companies are bringing iconic talent.

the beckhams. yeah. it's good. it's interesting. the fact that the beckhams are in a super bowl ad just shows you the longevity they had. how international it is. beckham has his soccer team in the u.s. you have messi. soccer wasn't that big a while back in the u.s. now you have messi in a michelob ultra ad. what i find interesting is the coming together of talent, entertainment and sport and music. it used to be music and sport and consumed in different places. now it is all in one place sdpplace. >> one final point. how does this event shape the advertising landscape for the rest of the year? is the super bowl a major event

for the advertising community which sets the stage for the year? >> yes and no. it is always a tent pole event. you know the super bowl is coming. they know what it costs. they know they want to be part of it. it is a challenge for advertisers. you have the olympics and euros coming up. it sets the tone in terms of the quality of creative and engagement. >> a bit of fun. >> the chiefs won. sw swifties are happy. >> thank you so much for joining me. it was wonderful to chat. the global head of sports en entertainment from essence media. it is a jam-packed week with key january inflation data numbers reported. the world government summit opens in dubai today.

we have the nato meeting on thursday. earnings season is under way. we get the latest from coke and hei heineken. we end the week with london fashion week in the uk on friday. a quick look at the u.s. we talked about the s&p breaking through 5,000 and closing through 5,000 on friday. it is seen opening one point higher. dow is weaker. nasdaq is up 20. remember, all eyes on the u.s. cpi inflation print tomorrow. that is it for the show today. i'm joumanna bercetche. "worldwide exchange" is coming up next.

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it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." 5,000 and beyond. the s&p 500 closing above the key mark for the first time ever and we have a busy week ahead for earnings and the economy. merger monday in the u.s. two rivals looking to close a $50 billion deal as soon as today. not just the chief, but a big win for paramount for ad dollars. was it enough to move the bidding