that's all for this edition of "dateline." i'm andrea canning. thank you for watching. ♪ good morning and welcome to "street signs." i'm carolin roth and these are your headlines. lseg trades in the red despite confirming 1 billion pounds of buybacks this year and encouraging a move in london. we get the move on the listing gap. >> there are a bunch of technology companies that trade at higher multiples in the u.s. that you don't have in other parts of the world. if you look company by company

and adjust for growth rates, there is not a meaningful valuation difference. haleon eyes higher revenue in 20 24 and the ceo says shoppers are sticking to brand names. >> moving to private label is minimal. we have seen little movement to generics with a pharmacy business in europe. overall, categories have moved well. and the luxury brand beats with a 17% jump in group revenue. and air france shares are wider in the fourth quarter despite record full-year re revenue.

good morning and good afternoon to everyone. happy leap day. let's get back to earnings. hong kong exchange has posted a 13% drop in fourth quarter net profit. a slowdown in the chinese economy and fewer listings hit the volume at the hkex hit at 20%. emily tan spoke to the ceo and asked him what's guiding sentiment. >> interest rates are important, especially in the market like ours, with a lot of technology companies. this high pe companies, like hkex, we are trading 20 times e earnings which means cash flows are in the future.

have you bought a treasury bond, a u.s. treasury bond when interest rates were at 1%? that same bond would be worth half or less than half when interest rates were 1%. clearly, the interest rates have a big impact in high pe companies, which we have a lot. that's why our tech index suffered a bit. i do think that as interest rates come down, we should expect valuations to be adjusted as well. on top of that, the geopolitical factors playing a role in valuation. >> 73 ipos with the money raised in 2023. i had the pleasure of speaking to the head of alibaba and chinese logistics is in line for a valuation listing here, he wants to wait and see. how big is the risk to go

somewhere else because market conditions are not right in hong kong? >> the issuers being related to china and many times that lack of confidence is what drives valuation. it is not so much the venue. hong kong has a venue, it is a really amazing place to list. i would say if a company wants to go to some other venues, not like a higher valuation, but still challenging. i think the important thing is that there's a build up in confidence in this part of the world. 73 ipo had 90. there was a slowdown . there is a enough system in place with momentum. since the beginning of the year, we had 30 new companies file in hong kong. 73 companies versus 90 companies

the year before. companies decided to do smaller ipos with valuations coming down. they prefer not to be diluted at low valuations. that is why they decided to say i'll just stick to a smaller size offering. it is a respectable number. we love to get back to the market where numbers are higher over 100 ipos per year. >> let's stay in the sector. lseg raised the final dividend by 5% and will execute 1 billion pounds of buybacks this year after the group posted 8.3% growth in the quarter. look at the shares off 2% this morning. the ceo said he is optimistic on the ipo pipeline. >> i have a lot of confidence and the market has a high c confidence in the uk.

as i said, as we have announced, we have an encouraging pipeline with the ipos. it is a much better environment than we have seen really in the last kwu few years. looking forward to seeing the ipo building and coming to the lseg. moving on, ab inbev raised the fourth quash of 6.2%. earnings per share came in at 94 cents. shares are off modestly to the tune of 1%. pushing on. haleon posted 4.1% rise in full year revenue. the company says it expects the operating environment to remain challenging, but is eyeing up to

6% organic revenue growth. the shares are up nicely at 7.7%. the ceo told cnbc he saw resilient demand for the company product. >> growth was different than other companies. we feel about about that. volume growth is a testament to the strength of the brands and importance of the health and advil has done well in the environment. as we look at next year, we expect to see pricing in the 4% to 6% guidance. we expect to have volume growth on the year. >> let me revisit yesterday's move with the full-year operating margin of up to 21.5% for alcon with the eps of .3%. that was above expectations. fourth quarter revenue came in line with expectations. i was able to catch up with the

ceo yesterday and he told me he saw strength in a number of company businesses. >> we went to a lot of business which was strong and our equipment has been strong all year. i think we were placed with the implantables business which was strong. we saw strength in the implantables coming off the optics, but the u.s. really stabilizing with penetration continuing to grow. i think competitively settling down. across the board, whether surgical or vision care, we had a good quarter. let's talk luxury. moncler posted a 17% rise year over year driven by soaring sales in china.

shares are up 5% on the italian market. charlotte has been poring over the numbers. >> it seems to be popular looking at the full-year numbers with the sales up 17% with the exchange rate. looking at q4 and acceleration with sales up 16%. despite the uncertainty that has been going on in the geopolitical area, solid growth trajectory. they keep seeing solid sales in 2024 in all regions. zooming back on the growth sales for the past year, asia was up 30%. only the americas was a little bit lower with the performance influenced by nordstrom and saks. they are positive for next year. they announced a dividend of 1

euro and 15 per share. a bit below compared to last year. they expect to grow. we know moncler was growing with the puffer jacket and high h-en skiing. the premium of skiing is pushing into that area. moncler is confident going forward. we see the results giving the shares a little bit of a boost this morning up 4% in milan. >> charlotte, thank you. let's push on with ams osram will have non-cash impairment charges of 600 million euro after the cancellation of the micro l.e.d. project forced the company to reassess the strategy. shares are off by a whopping 40%. really tanking in the session this morning in switzerland. the firm said the first quarter

guidance remains unchanged, but adjusted growth target to 6% and 8%. ocado posted a pre-tax loss of 4 million pounds for the year. the food retailer beat with revenue of 2.8 billion pounds and forecast in the single digit growth in the retail division. ocado shares are up 2.6% this morning. lots to talk about on the show. air france klm posted full-year revenue, but disappointed in the fourth quarter. charlotte will join us again to breakdown the numbers after the short pause. we'll be back in two.

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amazing. harness the power of xfinity internet and stay connected to the things you love. ah, they'll be like this for hours. hello dad, hello dad, hello da. uh-oh. good bunnies. ahh! welcome back to the show. a check of the european equities. the stoxx 600 is only modestly higher to the tune of 0.2%. obviously, no one wants to take on major positioning ahead of the core pce data we get from the u.s. later today.

we did get inflation numbers from europe this morning. the spanish number be helow 3% the first time in months. i want to legat you know the german retail sales number for february fell. we expected to see a 0.5% increase. it is the final trading day of the month. it is also leap day. for the month, european equities are strtracking for a 2% gain. we have seen the highs across the market. the german equity market hitting another record high. this is the sixth session in a row which the dax is hitting that record high. by and large, we are seeing a positive session again. fairly constructive here. we had earnings come through that we discussed at the top of the show. i want to show you the sector view. construction, retail and media

trending higher. technology shares coming under pressure along with telcos. we are still a few hours away from the trading session in the u.s., but we're looking at mild losses at the start of the session. s&p is off 12 points. dow jones industrial average is set for a triple digit fall and the nasdaq off by 45 points. this is after the u.s. markets were lower across the board yesterday. dow jones industrial average off 23 points. nasdaq off .50%. iag full-year revenue adjusted at 25.9 billion euro. the company said capacity grew 29% of the year. shares of the company are up by more than 1% this morning. let's stay in the sector with air france klm with full-year

revenue records, but reported a loss in the final three months of the year amid surging costs and supply chain disruption. let's get to rachel garash with more. ra rachel, if you look at the stocks and the performance, what do you make of the overall sector? >> thank you for having me today. we think the results were robust overall in 2023. i think about where the airlines were a couple of years ago and had been through a really difficult time. results were in line with the expectations. we have a triple minus investment grade. klm is one notch lower at ee plus outlook. as you said, record revenues. i think that is a result of

volumes as we expected to recover from the pandemic. i think now we're looking at volumes around pre-pandemic levels. people are flying again. leisure travel is leading the way and then business travel behind. on the front, klm in terms of profit profitability, q4 was weaker, but broadly in line with the rating. let's not forget what the airlines had to deal with in 2023. high fuel costs and other labor costs and the war in israel. i think it was tricky to deal with in q4. >> that depressed the european sector. european airlines compared to the u.s. or asian peers. why did we see that much of a

discount on the back end of last year? it has recovered somewhat. actually, these airlines are in pretty good shape. their pricing power has been robust. >> we have seen ticket prices 20% above pre-covid levels. people are still flying. we saw pent-up demand post covid and consumers wanting to spend on travel and experiences rather than goods. this is the opposite of what happened in the pandemic when people are spending on goods over services. we have seeing that hold up extremely well despite all of the macroeconomics pressures with the high inflation and interest rates. they don't seem to be impacting on air travel. this is something we are monitoring and looking out for it in 2024. >> do you think at some point that consumers and travel agents will push back on the lofty prices? >> our base case for 2024 is we.

people will continue to pay high prices for air travel. coming into today, the bookings for summer are in better shape than last year. people are booking travel. you know, absolutely this is something we are watching. we are looking at the trends and the aviation sector is cyclical. typically, consumers make or book air travel within four months of travel. it seems a little bit of an improvement this year. there is very low visibility of revenue. we built it into the sector. these risks are inherent with the industry. >> we need to talk about boeing. rachel, we heard ryanair

potentially reducing summer flights because of the shortage here. do you see a longer-term impact with the aircraft deliveries and capacity in the market? >> we think capacity will be fairly subdued with capacity growth due to the supply issues we have seen. that is something else that is supporting ticket prices and the supply chainissues. for ryanair, they had huge amounts of growth and one of the local carriers needing capacity in the market. i think for the rating, if the boeing orders are delayed, that will help boost credit metrics further because they will spend less on cap ex. cash flows will be boosted. it is not a major concern. i think ryanair is our highest rated airline in europe. i think it is not a concern. >> do you say a tailwinds or

headwinds? we had an analyst on the show the other day and they expected prices to stay range bound. what does it mean? >> we think oil prices will remain relatively stable for this year and next year and year after and around that range. with that said, we know the oil prices inherently are volatile. this is a volatile sector. airlines are used to passing on higher oil prices. we have seen the war in the middle east and war in europe and this always has an affect and makes oil prices more volatile than before. the spread is widened as a result of the ukraine and russian war. it has come down a little bit. it is as high as $60 a barrel. that has come down to $20 per

barrel price. this is something the industry has to deal with and it is used to dealing with volatile prices. >> finally, i want to touch on cap ex. what level are they here? can they go back to pre-pran dem pre-pandemic levels? >> a lot deferred cap ex during covid. they were managing cash flows. now cap ex is high and everyone wants a new aircraft. the narrow body aircraft have long order books. are you are looking at 2030 with the long order books. globally for the portfolio, and similarly for iag and air france

klm, they are operating cash flow forecasting this year and the cap ex will match and be a big chunk of that. we are looking at chunky cap ex spend this year and next year. over the longer term, it will help with operating costs. these aircraft are 15 to 25% more fuel efficient. that will help reduce costs in the longer term and on the environmental side reduce the environmental emissions. >> let's stick with the environmental side. we haven't talked about the decarbonization of the airline sector which could be a huge lever in reaching net zero goals in 2050. huge commitments by the sector. we know it is incredibly expensive to bring down the carbon footprint. sustainable air aviation fuel? >> we hope so.

the aviation sector as a whole with the key mechanism to bring down emissions is the use of small sustainable aviation fuels. it is 60% of the percentage that will drive the sector to 2050 net zero goal. the new aircraft will play a part in that. at the moment, the key mechanisms are really the regulations. in europe, we have the eu etf. the emissions trading system is getting more expensive because airlines get free allowances to help reduce the cost of the regulatory costs. they are rolling off and reducing to zero by 2026. we think it will be a material step-up in costs over the next couple years. >> rachel, thank you for that

insight. managing director of the transportation at s&p. kion proposes a 70 cents per share dividend for 2023. take a look at man group now. those shares up 3%. the company posting 17% growth under assets. that's despite posting the first quarter of outflows in over a year in the fourth quarter. pre-tax profit came in at $340 million which is down 50% and slightly ahead of expectations. and nn group in the netherlands posted a $1.12 billion record net growth with

the structure increase of the share buyback program to 300 million the euro. the ceo told cnbc he is confident in the firm's position. >> 197% is a very strong percentage. i would also argue it is a higher call the ty percentage because, for example, we settled the litigation and we reduced overall longevity risk. many good things happened in terms of risk management off the balance sheet. pause of the strong number, we were able to increase our dividend with 15%. we announced our buy back has increased 300 million. this is a testament that we are comfortable with the strength of the balance sheet. still coming up on the show, european leaders push back after comments made by president

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welcome to ""street signs." i'm carolin roth and these are your headlines. lseg is encouraging an ipo listing. >> there are obviously in the u.s. a bunch of technology companies that trade at higher multiples that you don't have in other parts of the world. if you look company by company and adjust for growth rates, there really is not a meaningful valuation difference there. haleon topping the ftse 100 as it highs higher revenues in 2024. the ceo brian mcnamara saying sho shoppers are sticking to brand name. >> we have grown over private

label and seen little movement in generics with the pharmacy business in europe. the category has held up. moncler shares rising after it beats full-year expectations with the 17% jump in group revenue. air france klm shares in the red after the wider fourth quarter loss despite the full-year revenue. if you are just tuning in, a quick check of the equities this morning. it is the final trading day of the month and also leap day. happy leap day. the ftse 100 is up 0.1%. a lot of earnings coming through that we talked about in the last 30 minutes. dax is up .30%. for the month, we are tracking

for a 2% gain. a quick look at the currency markets. the big one, core pce report is out later on today. we had some inflation conumbers out this morning with the eurozone countries. the euro/dollar is at 108.45 and dollar/yen is 158.85. and chancellor olof scholz has pushed back on the comments made by president emmanuel macron about ukraine. germany would not be sending any troops. macron's comments have drawn backlash from several european countries. speaking to cnbc, the state secretary in the federal mi

ministry of finance said they are committed to keep defense spending at 2%. >> increased to more than 2% within two years time. quite quickly and rightly so, given the war and circumstances and nato commitments we have bemcgbe given. we have applied to the nato goal and this will be assured in the federal budget until 2027 from our budget planning. we will have to further shift the budget means from 2028 onwards because about this year is when the special fund for the streng strengthening of the bund will expire and be spent. from 2028 on, we need a new

solution of shifting budget priorities which we are working on. the lithuania foreign ministry said he supports emmanuel macron's comments. >> we need to delete the red lines we impose on ourselves. what we are seeing is what is happening with what putin is taking in ukraine and cyber activities in european countries. he doesn't have a red line. the only red line is what is imposed on ourselves. president macron tries to meet the red lines. that's why we support him. as far as sending troops to ukraine, i would say as much we should not take any options off the table. >> it is an honor to have with me guoni thorlacius johannesson,

the president of iceland. good morning. >> good morning. >> does this endanger european unity? >> whatever i say won't make the headlines. iceland does not send troops anywhere. we don't have any troops. iceland is a member of nato. >> one of the founding members. >> yes. i, as head of state, do not deliver on policy or domestic policy on a day-to-day basis. of course, we watch closely the developments. iceland stands fully behind ukraine. we offered humanitarian aid and other assistance. we welcome those from ukraine and we will continue developmen closely. >> it is a make-or-break moment

for europe to come together to support ukraine until the end. even as europe is taking over the steering wheel, supposedly financially, but morally from the u.s. especially if donald trump comes back to the white house. agree or disagree? >> the u.s. presidential elections will go without saying and have an effect on the future of nato. i can't predicted that. you know, all of that based on today, there may be delays tomorrow and a small cahance of rain. i don't know the future of nato. what we know in the nordic region is sweden and finland recently joined. that means the nordic aspect of nato has grown stronger and consequently, support for nato and iceland has been higher.

>> do you have the sense the old nordic nato members with the two joiners may get overlooked? >> no, i don't think so. the nordic aspect of the treaty has been strong and will remain strong and stronger now sweden and finland have joined. >> what happens to democracy, coming back to trump, if he gets back into the white house and is that a risk for the rest of the world? >> i don't know. we'll have to see what happens in the states. the fundamental aspect of the democratic society is fair and free elections. looking back home to iceland is what we pride ourselves on and we're seeing as a staple and sound democracy. we want to continue. we know how much democracy

matters. >> all right. that's the strong message to the u.s. friends. let's talk about geographically where iceland is. close to the arctic. a threat could come to the a arctic circle. is therest appreciating that risk? >> it's a tough world with many hot spots. what we have always emphasized in iceland is maintain the region and non-military zone where we try to keep the region free from military build up. the arctic council has its main policy, but with the recent invasion of ukraine and russia

aggression, it is very difficult to maintain dialogue and everyone in iceland and neighboring countries near the arctic region is concerned. this will continue to be the policy. maintaining the arctic region free from military usage and build up. it's one thing for us to maintain that and then it is another thing to see how the big powers react. russia and china come to mind. this is the message from ic iceland. we will keep on reiterating that message. >> i want to come back to the economic interests in the region and in the arctic circle. now that we're seeing global warming picking up pace, there is the potential for more drilling and tapping some of the

previously unseen reserves when it comes to gas and oil. are you in favor of that? >> well, iceland is one of the youngest countries on earth. around 16 million years old. when it comes to oil and the resources on the continental shelf, we are in the position where there might not be as much potential as it is in other countries. we have looked at and planned drilling up in the high north. maybe they'll discover some green oil there. >> that is the hope. >> staying with global warming, massive img rplications for you country.

warming is faster. is the world appreciating that or doing enough to protect that sacred space in. >> we have to be aware that global warming effects our area just like all parts of the world. rising sea levels and increasing ocean temperatures and acid in the ocean effects iceland. people in britain may remember the so-called cold wars in the mid 20th century when we fought for access to fishing o off iceland. fish moves in mysterious ways and code moves in mysterious ways. we are concerned with the changes in the ocean, fish might move from the ground around iceland and further north. we will have to take that into

account. whatever happens in the arctic happens in the rest of the world. >> there's been a lot of volcanic activity in your country over the last two months or so. some evacuations. tourism hasn't been impacted as much and scientists say we could look at more active t volcanos the next couple of years. how is that working with the tourism? >> we need to make sure people's lives are protected. we had to evacuate 4,000 people in the thriving fishing population. there have been a series of volcanic eruptions near that town and another one as we speak. like you mentioned, it has not impacted tourism. the air traffic is safe. it is not like 2010 when we had

to shutdown aviation all over europe. apologize again. >> i can't say the name of the volcano. can you? [ speaking global language ] joking aside, it is a serious matter. we awoken to the fact there would be volcanic activity there for the foreseeable future. we have to live with that. we have lived with that for thousands of years. the forces of neighborhood are there. it is not up to us to control that. we can control our reactions. the small nation like iceland. we bicker and disagree on a day-to-day basis. when disaster strikes, we stick together. >> very important words coming

from the president of iceland. thank you so much and sending best of luck to the country of iceland given the seismic activity there. thank you. >> thank you. still coming up on the show, we will look ahead to the all-important pce inflation print from the u.s. with traders split on the timing of fed cuts this year. we'll be back in two. why choose a sleep number smart bed? can it keep me warm when i'm cold? wait, no, i'm always hot. sleep number does that. can i make my side softer? i like my side firmer. sleep number does that. can it help us sleep better and better? please? sleep number does that. 94 percent of smart sleepers report better sleep. now, save 40% on the sleep number special edition smart bed. plus, zero percent interest for 48 months. shop now at sleepnumber.com switch to shopify and sell smarter at every stage of your business. take full

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welcome back to the show. u.s. congressional leaders have reached agreement to avert a potential government shutdown. the house and senate will vote on the short-term funding bill this week to allow for more time to finalize a long-term spending plan. meantime, mitch mcconnell will step down in november. he is the longest serving member. will serve out his term in the upper house. mcconnell said it is time for the next generation of leadership. the second reading of the

fourth quarter gdp was revised down to 3.2% from the 3.3% figure. consumers spending grew 20 basis points more than previously reported. john williams told reporters that the forecast from the policymakers of three rate cuts this year is a reasonable starting point. he said the central bank can achieve the policy goals. boston fed president susan collins said rate cuts will be appropriate later this year and rates should be reduced gra gradually to manage risks. it has been a short, but busy month of the markets with arabile who is showing us more. >> carolin, we say short, but one extra day this year. it is the leap-year effect.

the market is taking full advantage of that. the market has moved higher. across the year-to-date, you see positive would touch on two things. a.i. push on profits and interest rates to ease later on in the year. you stated the gdp print which is better than q1 and q2 in the united states. we await the pce data out later today. we have been looking at nvidia which is the big play which has been boosting positive sentiment across the globe primarily in many ways with the s&p 500 h hitting highs on the back of the nvidia numbers. that stock rising 60% year-to-date and 26% in the month of february. we are seeing positive numbers across wall street. on to asia, this was the story of reform across asia.

reforms from japan and china and south korea which managed to push the market higher. remember, the nikkei hit the highest mark since 1989. a 34-year peak for the nikkei. shanghai moving 8% higher. that was a lunar new year gain there. the hang seng significantly higher. even europe managed to see gains which was broader across europe. carolin. >> arabile, thank you. we are looking out for the fed pce inflation gauge today with the annualized headline inflation expected to tick down 2%. core pce inflation is seen falling ten basis points to 2.8%. let's get set up for the numbers with dave pierce, director at gps capital markets. dave, great to have you on the

show. how should one be positioned ahead of the numbers? >> i think one of the things that is really important to listen to the fed. there have been so many people trying to out-guess the fed and guess what is going on with it. if you look at what is going on the last couple years, the fed is direct and it has been open in what it is saying it will do. if you look at the u.s. economy, it has been strong. i have a hard time betting against the u.s. economy. it has been overcoming all of the interest rate hikes and all of the different things happening in the world. hard to bet against that right now. >> what does it mean for the dollar? the dollar has been strength eve strengthening as the rate cuts are pushed out. is that a danger to corporate profits and exports? >> two different questions. i think we still see a strong dollar. that is something that everybody expect in the year future. when you talk about corporate

profits, it depends on where you are in the world. if you talk about u.s. corporations, then it means probably more difficult sales because products are more expensive. >> let's talk about the euro/dollar. not a lot of movement on the day, but our analyst the other day said it would make sense for the ecb to cut before the fed although that goes against conventional wisdom. should the ecb do that? >> yes. that's a short answer. >> will they do it? >> i don't know. if you look at germany, the economy is struggling. you know, car sales are down and there's a lot more struggle over what is going on in the united states. i think they should do a cut before the u.s. does. >> let's see if that happens. let's talk about the boj. going through all of the major currencies here, obviously 150

is jaw boning by the boj. it wants to hike rates, but it cannot do that in the economy that is still struggling. what is the outlook? >> it is grim. for 20 years, they have been at 0% rates. they don't have anywhere to cut. they don't have -- if they increase rates, it is painful for them as well. they're just in a tough situation. it is an aging economy and population there. it makes it difficult for them to still compete. they want to be a manufacturing country, but they aren't. they don't have the population and the youth to do that. most of that is ut-sourced. i don't think they made the transition to being a completely tech country as well. >> all right. finally, i have to ask about bitcoin. bitcoin is topping $60,000 on course for the biggest monthly gain in three years.

within a range of a record high, has bitcoin and cryptocurrency rehabilitated itself? >> it sure feels like it. i know my crypto accounts are up. that is a good thing. crypto is an interesting world. we've got a lot more information about a.i. right now which is the hot topic. cryptocurrency is a speculative investment. it needs to find a way to become a legitimate business. i think when you start looking at some of the different industries like accounting and stuff that can use the bl blockchain technology and you look at that underlying use, that is where you see it. >> david pierce, director of initiatives at gps capital markets.

a quick check of the u.s. markets. it is a big day given the core pce out later today. we are waiting for german inflation numbers. s&p ahead of the trading session is lower to the tune of 11 points. dow jones industrial average is off triple digits and nasdaq is set to lose 28 points. that is it for the show. i'm carolin roth. "worldwide exchange" is up next. see you tomorrow, everyone. bye-bye.

it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we start within the red. stocks under pressure as we get set for the final day of trading in february. the big test is inflation. the release of the preferred inflation gauge. the pce is out at 8:30 a.m. crypto winner heappears to have thawed on us. that's ahead of the key market moving event. the department of justice eyeing