"live your days inspired anew." ♪ good morning and welcome to "street signs." i'm carolin roth and these are your headlines. earnings with dime daimler truck hits a record year in more than a decade as annual operating profit halves. and the defense company beats forecast on the full year orders and the ceo telling cnbc the investments will continue. >> i'm convinced peace must be

the defendant. we have to pay the price. i agree on the concept, of course. u.s. consumer prices increase at the slowest rate in nearly three years keeping expectations for a june rate cut on the table. we will hear from two policymakers later on today. staying in the u.s. and bad to worse. shares of community bancorp plunge in extended trade after removing the ceo after weakness in internal controls. good morning. let's get to some fresh data pointseurozone. the final pmi of 47 over 466.1.

eurozone factory activity contracting for the 20th month in a row. coming in higher than the flash. euro/dollar at 108.09. let's get back to the top stories and earnings news out this morning. daimler truck with a beat on the full year. the company said it sees revenue being close to flat in 2024 amid tough economic conditions. we will be hearing from the ceo martin daum at 11:45 cet. that's a first on cnbc interview. swiss logistics group posting a 49% fall in annual operating profit which was worse than analysts expected. the company said it has seen

weaker performance. take a look at the shares which are off by more than 10% on the smi. italian defense company leonardo posting a full-year revenue growth up 3.9% to 53 billion euro. it discussed a possible venture with the german company. the ceo emphasized the importance of space technology in a range of industries. >> it is one of the most important things for the future. you have to consider that technology. you have global monitoring which is accessible to everybody. you can have signals through space. for a communication, this is very important. exploration is important for the

future. sooner than later, we will move somewhere else. this will not happen on the planet. it will happen outside the planet. space is the frontier for technology and defense and other products like pharmaceutical or materials. space is the benchmark for new technologies. a quick check of the market action on the stoxx 600. we are roughly one hour into the trading session and we are seeing a small gain here across the board. up 0.3%. a lot of the earnings were driving us higher. as we discussed at the top of the show, we are seeing mixed performance. we see positive sessions coming through from the u.s. with the small gains. nasdaq closing with the first record since 2021. asia with another record high with the nikkei and chinese stocks posting the best month of february since november of 2022.

let's look at the indices. the ftse 100 is gaining 0.6%. cac 40 is under pressure, but the dax has been hitting a record high every sipping the d single day now for the last week is up 0.4%. daimler is hitting a record high on the pback of the strong numbers. and banks are doing well up by 1%. real estate and autos with the gains and construction material and retail and media among the laggards with the sectors. let's get back to the data yesterday. that was important with the fed preferred pce inflation gauge showed headline and inflation dpr moving at the slowest pace. the figures were in line p with the headline of 2.4% on the year and 0.3% on the month.

traders are now pricing in a 65% chance of the fed delivering a rate cut in the month of june according to lseg data. the chief economist told cnbc the fed will likely remain cautious for the time being. >> there are two scenarios. i don't think the fed knows what it will do right now. the one scenario is they give us a token rate cut to keep people happy in june and wait until the end of the year. the other is the start of september or october and give us two or three rate cuts by year end. >> let's talk more about the fed and where the markets are headed with tim grapp. >> good morning. >> did the fed pull off the unthi unthinkable or was it a soft

landing given the gdp numbers from the u.s.? it got the market on the side when it comes to rate forecasts sdpforecasts. >> i think they have pulled it off so far. things will change, as they always do. it is hard to not characterize it as a soft landing. the rate, whether you annualize it three months or six onths, has come down. growth is solid in q1. the labor market has not fallen out of bed. if that is not a soft landing, i'm not sure what is. >> is it even a landing? >> i think it is. you are not seeing weakness in the market. at the margin, it is changing a little bit. is it a no landing or reacceleration? it could be. you have to call it what it is which is a soft landing. >> let's look at what the

markets are making of this. no major moves. choppiness in treasuries and stocks. the market has moved on from the massive moves on the back of hotter than expected or lower than expected data elsewhere. it is very much focused on earnings. especially tech earnings. now that earnings season is out of the way, pretty much in the u.s., is the focus back on the fed? >> i think the proof will be in future inflation data. if there is one thing that disrupts what we have seen in markets, it is re-acceleration. i'm not in the camp of believing it will happen. we had one data point in the last six months. that was january which was f fraught with distortion. so far, you only really see it in services that are not necessarily directly tradeable. you need more evidence before that becomes a real worry.

in the meantime, the part of least resistance is a strong market because of the earnings you mentioned where they come in powerfully in the u.s. >> i have to ask the question when it comes to the market levels, record highs for the u.s. and in the european markets as well. did discussion yesterday as to whether markets are topping out or broadening out. we got the february performance for the russell 2000. are we seeing that much-needed broadening now? >> we are to a degree. what you see is a degree of rotation. tech is toppy. economists are looking at elevated markets. that is a short-term contrarian. will we have a pull back? it is possible. i don't question he that. the conditions are there for further strength.

>> when it comes to europe and the uk market, if you look at the february performance, still a laggard. what do you do within europe? >> europe is okay. we prefer the u.s. relative to europe. europe is getting more of a tech concentration. it is not in the u.s. the u.s. still out performs. you have healthcare that offers leverage of technology. europe and switzerland stands to perform well on the back of that. will it catch up and out perform the u.s.? valuation wise, it is more appealing. this is the market whereas we have seen valuation is not the main consideration. it is earnings quality and power. >> let's stay in the uk. you think the uk is under priced for easing. policymakers will make one pivot. talk about that. >> i think all of the central banks talking about easing this

year and the one priced to do the least is the uk. even relative to the eurozone, the growth picture is suspect. inflation has brought base cases down. that is going to be the case in the uk over the next few months. we have themeasures of real-time price pressures. they don't show anything worrying with the uk inflation. that should come down in the few months. that should give cover to the ecb. >> that's not priced at all yet. only to a certain degree. that means you are bearish on pound/sterling. what are the top trades? >> i like the dollar with the u.s. exceptionalism. the u.s. rate profile is one of the highest in the g10.

that is a short-term carry trade. you funded in swiss francs. those kind of low carry trades within the g10 makes sense. local currency and emerging market bonds make sense and the brazil real is playing off the low ball of everything is okay. >> emerging markets and then china. what are you doing there? >> china is not as bad a story as a few months ago. they are starting to target asset markets more. they are pulling policy levers in monetary policy. they get the joke that inflation is too low and the disinflation process there is too entrenched. there is so much bad news priced into the equity market and currency and that is not the worst story. is it as good as the u.s.?

probably not. dollar trend doesn't go lower hlower. >> tim, thank you for being here. we will hear from two top fed policymakers on cnbc later on today. don't miss our exclusive interview with richmond fed president tom barkin as well as austan goolsbee. let's stay with the central banking theme. swiss national bank chairman will step down at the end of september after over a decade in the role. in a statement, the snb wished jordan the best for his next chapter, but did not disclose succession details. a quick check on the franc. falling to a 13-year low after the news of jordan leaving. we have a couple of monetary

policies decisions. a bit of movement here. 88.58 for the dollar/franc. coming up on the show, we will be joined by the california startup which views itself as a competitor to nvidia. we'll be back with that in two. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com.

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veolia proposed a 5% increase after 1.34 billion euro. the waste and water management company is targeting 6% ebitda growth this year saying it is resilient to the macro environment. the ceo told cnbc she is confident of continued growth. >> 2023 was the year for the result. it is not going to stop here. our intention is not only to grow, but speed up and that's why the next strategy is called green up. it is about scaling up the solution we have already and we

target three growth areas where we are very successful and the demand is rising. aegon posted a full year loss of 199 million euro and operating income fell 17% for the year. the dutch maker has capital generation above previous guidance. speaking to cnbc, the ceo outlined his priorities for the business. >> the cash flowing are a basis for capital returns to stockholders. that's number one. number two, we aim to transform our business. if we see val creating opportunities that can enhance our cash flows moving forward, we willing l look at those. we have that main focus. and dell shares are higher in pre-market trade after the

fourthquarter earnings. revenue fell 11% on the year. net income surged 89% to $1.16 billion. dell also hiked its annual dividend by 20%. of course, artificial intelligence was the word of the week at the barcelona conference. take a listen to what of the ceos had to say. >> a general purpose technology that in some ways i compare to the printing press with the impact on the life of the mind. the ability of people to think and create and share what they know so other people can learn and get smarter and it will impact everything. i think we're in the early days of the new sector of the economy. >> all of these new technology areas, we talk about for six or

seven years of what it means and the impact it has and we start to see it. a.i., that timeframe is tight. we will see the impact of a.i. quickly. >> the exciting thing is how fast this is all happening. we launched our a.i. hub with 75 models for image and audio and voice and developers can start adding to the app and push to the app store. i think we are starting to see the a.i. revolution happening in mobile. a.i. chip is now offering a bundle of models after launching its smart chip in september. we have the ceo with us here in the studio. rodrigo, good to have you here. everyone is falling all over themselves with the a.i. and the chip and ecosystem. innovation is happening at a

break-neck speed. can adoption ever catch up with it? >> first of all, thanks for having me. the pace of innovation is going fast. one of the things we did is announce the model for a.i. for large enterprises. we are excited about that because we are building our own chips with stack for the models to help companies integrate a.i. faster so you don't have to hire all of the machine-learning people and build the expertise and get a full stack that you can deploy quickly. >> you want to be a competitor or you coin yourself as a competitor to nvidia. can anyone p compete with nvidi? the pace of innovation is rapid. >> nvidia has done a great job of building up the business. this is a product everybody uses as they develop a.i. what you are seeing with all of

the interest is a demonstration of how much demand there is for a.i. as a.i. is evolving, you see places where enterprises will lead to choices and especially in places with a lot of private data. data you don't want to disclose to other environments and someone can come in and deploy systems within the private environment. >> you are saying there is so much demand and adoption. i'm wondering the efficiency gains for the enterprise sector. when do we see those coming through? is it already happening? >> it is starting to happen. you hear it in production which from the a.i. production is starting to become a bigger part of the business. we see it as well. for sambanova, we are training these models. we can get efficiencies of ten times more than you would with

other alternatives. we focus on enterprise and reducing the total chips required to deploy the class models. >> rodrigo, don't get me wrong here, i'm trying to find a fly in the ointment here. would that training slow down your business? >> i think the two pieces to it. training and inventing the models and now it is at the point of capable. now we are moving to inferencing which is using it for regular business application. you will see production inn fr inference become the full stack. that gives you the opportunity to reduce that cost by ten times. it becomes 8% of the total cost

of business. >> let's talk about funding. you closed a $776 million round of financing series d. it values the company at $5 billion. the round is led by softbank. that is a nice valuation. money is thrown at a.i. companies left, right and center. is it indiscriminate? >> i don't know if itd indiscriminate. we have top tier investors joining us on the journey. when you think about building full stack chips, there are only a couple in the world today, and we have one which we announced this week. the ability to do it properly with the enterprises and put it into production is significant. it is not something to do to

continue to do over and over a good number of years. for that, you need longstanding investors and people to back you. >> i wonder whether the big guys and hyper scalers, microsoft for example and openai with the profitable investment and taking a stake in the french company mistral. will they buy everything? all the startups or can the startups exist? >> i think it will stratisfy. we announced 1.3 trillion model this week which includes mistral. you have models for individual use. we created it to include the startups within the models. i think you will have this building of innovation on top of others to accelerate.

>> now you are here in europe, we love regulation. we love innovation, but regulation is always outpacing. it should be the other way around. are european a.i. startups competitive? >> yeah. you have seen mistral produce interesting models. you will see the drive toward open source. we actually make a consistent bet leaning into the open source community because then you will have a fostering of innovation from companies big and small contributing into the community and allowing to us build on top of each other. our platform is open. you talk about regulation. it is important to be able to disclose what was done so people can see and certify and verify. this is where the open community is important. >> rodrigo, thank you. still coming up on the show, the concerns keep piling up for

the chinese economy with fresh data painting a weak picture ahead of the communist party's key annual meeting. we'll have the details next.

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welcome to "street signs." i'm kcarolin roth and these are your headlines. daimler is notching a record year and kuehne's operating profit halves. shares of leonardo rising after they beat forecast on full-year orders. the ceo says further investment will continue. >> i'm really convinced that

peace is the defendant. we have to invest. i agree on the concept, of course. u.s. consumer prices increasing at the slowest rate in nearly three years keeping expectations for a june rate cut on the table. our u.s. colleagues will hear from two top fed policymakers later on today. from pbad to worse. shares of new york community bancorp plunge in trade after they remove the ceo after material weakness in internal controls. let's get back to the macro data in the form of uk february global pmi. 47.5 and the forecast was 47.1.

a little bit better than expected. also being a rise from january which was 47. it is still in contraction below the boom/bust line of 50. factories are continuing to struggle in february as well as job cuts accelerating. the sterling/dollar is 126.28. let's stay with data and manufacturing in china. china contracted in the month of february with the official pmi coming in at 49.1 which was in line with forecasts. sam baddas filed this report. >> reporter: a mixed bag from china today. official figures show factory numbers shrinking and manufacturing is picking up in february. the official pmi reading coming in line with expectations and still below the boom/bust line

at 49.1. what this tells us is the smaller and private firms in china are holding up bigger than the state-owned firms. the job market is continuing to shrink and deinflation pressure are persisting. there was the lunar new year holiday and the factories shut shop and workers went home. the non-factory pmi rising to 51.4. we will get a read on the private firms next week. the mixed data continuing to reinforce the need for more stimulus. attention shifting to the government meetings in beijing for signals on how the shift will shore up growth. markets are on the look out for the targets as well as ways the government plans to address the so-called factors like debt,

deinflation and demographic dilemma. i'm sam baddas in singapore. and the u.s. is investigating a security risks posted by chinese ev imports. the white house says this investigation is rooted in the concerns of the data the cars collect about drivers and passengers as well as information on u.s. infrastructure. it is march 1st. let's check on what markets did over the course of the last month of february. we have seen the goldilocks scenario sending positivity through the markets. the averages in the u.s. higher over the course of the month. the s&p is up 5 and the nasdaq rising by more than 6%. it all had to do with the incredible continuation of the tech rally unfolding in the u.s.

let's show you some of the tech names here for the month of february. we have netflix up 6%. this one is the standout, nvidia up 28.5%. why? numbers blowing past expectations. we did have some laggards here as well. apple is off 2%. alphabet is slowing to the tune of 2% over the course of the month. we saw recovery in some of the names which have under performed in january. tesla is up 8%. when it comes to the asian trading session for the month of february, we are seeing the hang seng and shanghai and chinese markets recovering after all that selling that we saw in 2023. one of the worst performers in the world in 2023. the shanghai comp up 8%. hang seng up 6%. nikkei hitting a record high on

the back of the continued yen weakness up 8%. it may have been another good month for the european equities, but the earnings picture is not simple. arabile has more on the numbers. >> carolin, this is interesting across europe. it is near the end of the earnings season. it is drawing to a close. it has been a tough one for corporates. cnbc analysis shows half of firms actually beat expectations. 313 corporates reported in the period. that's the lowest ratio since the first quarter of 2020. that is when the global coronavirus pandemic hit the european firms. it hasn't all about doom and dpl gloom. you have the discretion stocks out performing the broader trend. that is showing in the uptick of double digits which is more than

16% so far this year. that's a big climb from the stoxx 600 of 3.7%. it is no surprise that chip stocks make up the technology benchmark. really, it is seeing an earnings season with nvidia gaining a quarter trillion dollars in market cap. s.a.p. and asmi moving up. what is on the investors radar? buybacks. the season has seen a lot of them with one-third of the stoxx 600 companies announcing shareholder compensation in their earnings. earlier this week, goldman sachs' sharon bell gave us her take on the uptick with european corporates. >> it is huge. we have never seen this before in 20 or 30 years.

european companies pay dividends, they don't do buybacks. you are suddenly seeing the european companies doing the buybacks. one is the earnings in the last few years have been reasonably good and they can buyback shares, no problem. i think another reason is there are not a lot of buyers for european shares. in the last couple of years, fund flows are weak in europe. european companies see them as under valued. what do you do if you don't have buyers and you have cash? you buy yourself. it helps improve returns. if you are buying cheap, why not? >> that was the theme across the banking stocks with the restructuring and reforming put in place for a lot of the banking counters. overall, as can you tell, it is a mixed picture out of europe. carolin. >> thank you, arabile. for more earnings and analysis,

head to the cnbc web site. shares in new york community bank are plunging in extended trade after the lender identified weakness in material controls. they announced the executive chairman will immediately take on the roles of ceo and president. he was named chair in february after moody's downgraded the stock to junk on the exposure to commercial real estate. still coming up on the show, warning of a difficult environment in the year ahead with one market being a key concern. we speak to saint-gobain's cfo next. switch to shopify and sell smarter at every stage of your business. take full control of your brand with your own custom store. scale faster with tools that let you manage every sale from every channel. and sell more with the

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her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we got him under a new plan. but then they unexpectedly unraveled their "price lock" guarantee. which has made him, a bit... unruly. you called yourself the "un-carrier". you sing about "price lock" on those commercials. "the price lock, the price lock..." so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for.

welcome back to the show. u.s. senators averted a partial government shutdown after passing a short-term spending bill which will see one part of the government funded to march 8th and the other to march 22nd. the president has called on lawmakers to pass a full

spending bill describing as a short-term fix. gaza health organization said 1,000 palestinians were killed waiting on an aid delivery. forces fired warning shots to disperse the mob and victims had been run over or trampled in the crowd. it released this drone footage. the location that cnbc is unable to verify. the death toll in gaza has topped 30,000. we have matt bradley with this report. >> reporter: we are hearing different accounts of what happened. that is a feature of the war since the begins. palestinians called this a massacre and accused israeli tanks opening fire as palestinians waited for aid. they were looting the aid and palestinians were killed with

pushing and trampling. these israeli statements made no mention of machine gunfire, but did point to a separate incident which happened a while later a short distance away. israeli military said soldiers opened fire on civilians and refusing to step away from the israeli checkpoint. they ignored the warnings. regardless, this shows the level of desperation in the gaza strip. starvation is another disaster there. we are hearing from authorities that several infants have died of malnutrition in the past several days in gaza. the gaza ministry of health announced another grim milestone. the death toll in the gaza strip has surpassed 30,000 ever since the october 7th terror attacks. most of the people killed in the israeli attacks are civilians and half of them are children. matt bradley, nbc news.

let's stay with politics. sweden cleared the final hurdle for membership into nato. there are disagreements after comments made by emmanuel macron and the potential for nato troops in ukraine. listen to the conflicting comments from macron and german chancellor olof scholz. >> translator: everything was discussed this evening in an open and direct manner. there is no consensus today to officially openly with endorsement send troops on the ground. in terms of dynamics, nothing should be ruled out. we will do everything necessary to ensure russia cannot win the war. >> translator: what was established among ourselves from the start also degoes for the future. there will be no ground troops or soldiers on ukrainian soil sent by nato states.

>> in the address annually yesterday, vladimir putin warned of the consequences if nato were to screen the fight. >> translator: they started talking about the possibility of sending nato military contingents to ukraine. we remember the fate of those who sent their contingents tour country. now the possible interventionists will be much more tragic. >> for the take aways from the putin speech, go to cnbc.com. let's get back to the earnings story. sambano samban. saint-gobain announcing a share buyback program of 420 million euro. earlier in the week, it announced a $3 billion deal to buy an australian company. we have the pleasure of speaking

to sreedhar n. >> it is a fantastic result that we received in 2023 with the record cash flow and record margin. even in a given environment which is not simple. it demonstrates the group resilience and ability to deliver in a consistent manner. this is happening primarily because in the last five years, saint-gobain is moving into a f f fast-growing market and not focusing on america, but other countries. the second is the core of the strategy and define and doing everything we can do to brin ca slux solutions to the market.

the third is the business model. having the management take all of the positions. this all gives me confidence that we should even if the market is going to be difficult and we should continue to do well even into 2024. i'm confident to have a successful year. we are talking about investing in europe. it is true that in some countries we are seeing signs of risk, but it will take time. for saint-gobain, the exposure of 12% in the european countries means we are ready to focus on innovation. that's why it should have a limited impact on the perp form ans performance. >> the note from morgan stanley says you are a cheap play. shares are seemingly under valued. what is it investors are not seeing or why are you not telling the story well enough? >> you know, i think it is a

challenge. it is true that valuation is still not that great and i would like to see it. everything can be seen in different perspectives. when hewe started the transformation, we are moving into the 70s. if you look at the last five years, it is making good progress. we are making progress step by step. at the end of the day, when the market environment is gloom wr wr write, that means the market is taking a punpunch. i think we have demonstrated the resilience by delivering very good performance. i think we fled to do this in 2024. i'm sure the market will start appreciating and valuing it the way it deserves.

>> i want to ask about the acquisition, the biggest in 20 years for saint-gobain. why is this a good fit? how do you plan to ntegrate? >> we are excited about this opportunity. this is something that has not happened overnight. the csr has been our licensing. we have been working with them. the last four or five years, we have had several exchanges and dialogues. we know the business model. australia is moving faster compared to the u.s. it is because of the shortage of houses and the innovation flowing into the country. it is a growth story. we have invested to grow faster and that is the business model saint-gobain is today. it is an extension of business in australia. we are excited about it. it is a fantastic move.

>> we heard from saint-gobain has positions to take in the emerging markets. given the acquisition you made, are you still looking for opportunities or is that it? >> you should never stop and be content with what you have done. we have a good road map. we made significant progress. the big change which has happened is our ability to make acquisitions and also deliver. i think the value creation is an important element in any transaction. when you look at the acquisitions we have done in the last five years, every single acquisition is on track. we did value earlier than we committed to the market. particularly the building product. the created value in year two.

we have a strong balance sheet. what is important is we will remain very disciplined. we will constantly look for opportunities. this is the way to grow and sain saint-gobain has a way to grow across the world. this is something we will continue to look at and the construction chemical has a lot of opportunities to grow. >> you are a partner in paris 2024 olympics. we know the olympics village is just integrated yesterday by president macron and it is a place they want to show with accessibility. i want to ask you how much are the olympics a way to showcase the company with us consustaina? >> the construction we are creating for the olympics.

we provide a sustainable solution. it has brought new energy to the organization. olympics. sports is the best thing to inspire the organization. today, everybody talks about aiming higher. the spirit of the organization that everybody needs to be c competitive spirit leading to better results. it is a great event. it doesn't happen every year. it is once in a century. we are all looking forward to the event. >> sir, i don't want to pour cold water surrounding the olympics, but we have an important event in the month of june. european elections. of course, we could be seeing the far right take gains from the other established parties. what does that mean for your decarbonization drive? do you think that will take away from the momentum?

>> i don't think so. i think every citizen needs to think about it because the world has a challenge in front of us. we cannot remain not attending to this in a serious manner. you will see a respite to the political situation. the agenda of moving to a d greener economy is there. we need it. wecannot ignore this everywhere. construction alone emits 40% of co2. saint-gobain has the solutions to decarbonize. i believe this will be an ongoing trend. you weill have a little bit of ups and downs. this is huge for our company. >> sreedhar, thank you for your

time. before we close out the show, a quick check of the european market action in the month of february. it wasn't all that bad. dax up 5%. it has been hitting all of the record highs and there was that big disconnect between economic performance and the stock market performance. pmi indicating that germany is in a recession. the cac 40 in february is also doing nicely up 4%. take a look at the ftse 100. it is really flat for the month of february. that is why we saw under performance. the metal companies are also under perp forming. smi nudging higher in the month of february. let's look at european markets on the first trading session on the month of march. green across the screen here.

investors taking come fafort he. we also still get inflation numbers from the eurozone. we saw inflation numbers from the eurozone member states the past couple days which have eased as well. this is the picture for the u.s. futures. we did see a small gain s acros the board yesterday. looking a bit like a patchy picture. s&p could rise by 3 and the dow jones industrial average could fall by 15 points. we will hear from policymakers on cnbc. don't miss interviews with richmond fed president and chicago fed esenpridt. austan goolsbee joins us for the interview at 4:00 p.m. bye-bye.

it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we begin with back at records. nasdaq doing something for the first time in more than two years as stocks lock in four straight months of gains. also, under pressure. shares of new york community banc are under pressure again as they move into the limelight. details ahead. backing bob. unlikely cast of disney characters coming out of the wood work to support bob iger and slam nelson peltz. and congress