♪ a bit of a mixedstance by the close of trade on friday across europe. i wanted to look at the weekly picture and what that looked like. you saw the stoxx 600 managed to gain on friday, but gain 1.14% week to date. the seventh possible itive week row. surpassing that 500 mark in the

week. you saw a lot of the market dip down. ftse 100 was down .40% by the close of the trading picture. for the week, the ftse 100 was down .30%. the week to date, the dax losing around .25% for the week. it was in record territory the previous week. that was managing to find a fifth positive week in a row. the cac 40 was up more than 1% week to date last week. that was its fourth positive week in five. the ftse mib gained 1.4%. for the week, you managed to see gains for the stoxx 600 and some of the broader markets as well within the trading picture. as i said, for the ftse mib, it was the seventh week in a row finding positivity. the rest of the data was significant. we are moving into a week with earnings from adidas and vw will

be looked at as well. all of that in focus this week and we are going into the uk wage data and gdp number which is interesting to see. the bank of england is looking for a firm er stance when it ca begin to cut rates. cpi and ppi data is important. .4% down in the early trade. counters are 1.7% down. not seeing too much other than asml dipping 3%. big decline is the tech counters. it is on the back of the u.s. stocks we saw close low on friday. that is a similar note with technology at the bottom of the stoxx 600. basic resources following that trend as well. down with industrials and

const construction. you see the losses on the index with banks. standard charter is bucking the trend in the early trade. at the bottom, bnp is down 2.5% in the early morning picture. on to autos, porsche as well as vw managing to put out their earnings to start the week. .50% weaker in the early trade. and so far, .30% down for the index. on to the positive side with the telcos inching up. you are seeing healthcare stocks moving up around .50%. on to the boards. the overall picture with the record territory for cac 40 and dax. the stoxx 600 moved past that

500 mark. you are seeing a breather following the suit from the u.s. trade with that come through lower. that is what are yyou are getti with the dax lower in the recall morning trade. you are getting data points which are the ones to look out for coming into this week. particularly for the ftse 100 trading picture. china swung back to inflation in the month of february with consumer prices rising 0.7% on the annual basis and 1% on the monthly basis. this is the first time in four months that the country's consumer prices have risen. sam filed this report. >> reporter: chinese sticker prices jumped out of inflation territory. while the headline is encouraging, the rebound is

temporary and too early to call. that is because the cpi tends to rise during the chinese new year. the headline was helped by pork, china's favorite meat and strong tourism and travel demand. the holiday dates shift each year which is why they should not make big calls on the readings. it is expected to rise in february after the holiday demand fades. china has a target of 3% this year, but economists say it falls in the range of 0.5% to 1.5%. producer prices continue to fall as demand remains soft and persistent problems in the property sector. deflation pressures are expected to continue. more policy support is needed to so

so solidify growth for the gdp target. the two-sessions wraps up in beijing today. it has been underwhelming for markets which are looking for more detailed stimulus. in singapore, i'm sam baddas, cnbc business news. the mining stocks are the ones going into decline today and some of the worst across the stoxx 600. you see a lot of decline other than fresno which is up .50%. rio tinto losing as well. bhp group is down as well as glg glencore. inflation figure managing to find some gains for the first time with inflation as opposed to deflation for the past four months in china. you are seeing the luxury space

drop off on the back of what we have seen fromthat side of the world. hugo boss came out .50% to the good countering the rest of the market. speaking of china, auto sales rose 11% of the first two months of the year according to data from the china association of automobile manufacturers. strength in china did help to offset broad weakness in february while ev sales gained over the two-month period. a mixed picture so far you are seeing for some of the autos here in europe. volkswagen having numbers out this week. we wellill see numbers out of porsche. elliot will not make an offer for currys. it did not seem to be in a

position to make an improved offer based on the public information. elliot made two offers for the retailer last month, but both of which were rejected. cnbc approached currys for a comment. that stock is down 9%, but over last year, trying to find gains on the back of the news of the potential by elliot, the stock price did try to jump up, but fallen off today down 23% over a 12-month period. german landlord immobilien posted 181 million euro which is better than expected. the german maker stated that vacancy rate fell and hiked the dividend despite swinging to a full-year loss of 1.6 billion

euro. 3% higher for the company thus far this early morning. in enel subsidiary, it is selling some of the distribution activities to an italian utility company. the deal is worth 1.2 billion euro and it is expected to close out this year. a mixed one as you can see for those two companies. steve? great, arabile. join karen and myself. karen is the analyst at ubs. we will talk about other things. where do we start? let's start with nvidia. fascinating move. people are skeptical about the no nose-bleeding heights. there are two schools. one is it is great and recharge

and reinvigorate the tech story. others are saying this is a new era where the magnificent seven, which is seeing challenges left, right and center, and perhaps leadership will wane somewhere. there are other schools of thought. give us your views on what i thought was a very interesting move on friday. >> certainly. we are seeing a huge amount of activity of selling and buying and nvidia was the huge story at the moment. the question for private investors is how much exposure do i need? on the one hand, you have to have some exposure to the magnificent seven stocks with the u.s. large caps. these are the key drivers of portfolio growth. a.i. is the growth story of the decade in the next few years. you need to have some exposure. on the other hand, because they rallied so hard, concentration is an issue. one thing we're talking about with clients is quality and how to find exposure with the long-term growth story and

ability to grow earnings over time, but looking for key names in europe and asia where you get the strong growth and help reduce concentration with the sip single country. >> one thing you have dealt with at ubs for 15 years, you have heard people on board with spacs or cloud or 5g, but few companies really monopolize the industries. how do you find the quality in technology that has an appropriate valuation that is not too problematic for the shareholder? >> the interesting thing with a.i. compared to other areas is that right from the beginning, you've got the companies that own multiple stages of the value

chain. some of the others own one stage and that is ease foy for the prs to evaporate. for these, many of the companies own all of the stages, so for them to build moats with the productivity we are about to get is quite high. that's why the big companies are getting bigger and that trend will continue. >> i don't have to pay eye watering prices to own these companies? >> it is about scale. if you look at the quality of the applications that we are getting from a.i., a lot people are willing to pay those. businesses are willing to pay for the productivity boost. if you scale that across hundreds of millions of people, you are getting that profit boost without consumers to pay huge fees. >> kiran, good morning. let's talk treasuries, if you

will. good, quality bonds. does that mean you stay at the long end of all this and just be a bit weary? >> we love the middle of the curve at five-to-seven years. the challenge with the longer end, but the ten-year will fall, but you have more volatility in the bonds. if we start to get concerns of the u.s. fiscal deficit closer to the election, there is more potential for supply challenges to effect the curve. we like the sensitivity to interest rates and the cuts where the bonds should rally, but you are not exposed to the supply and deficit questions that may arise. >> obviously, as multiasset station strategists, you look for a balanced portfolio. what is the case you make for treasuries over equities? equities, as we have been

noting, you have the time to get in now on equities and still continue that upward trend. >> it certainly depends on the risk appetites of individual clients. for treasuries, they have a better risk/rehe ward across scenarios. equities falling 15% to 20%. do we see recession or change in technology? on the treasury side, we think that selloff is unlikely given how much inflation has fallen and the fed noise on cutting interest rates. we expect to see treasuries with a positive return. >> this is something i have been looking at the last week. commodities. particularly gold. that is now record high territory. is that too rich at these levels? >> we think it can keep going. we think $2,250 by the end of the year.

there is more scope for gold to rally. it has rallied without the fed cutting rates and people dialing back expectations. there is something else going on here in hedging geopolitical risk or central bank buying. if you add fed rate cuts, there is further for gold to go. >> it is playing a bitcoin story. it is similar to bitcoin. they all seem to be rising up. one has an asset backing and bitcoin seems to not have that at play right now. >> in terms of japan, again, it is a similar question to what we saw with nvidia. finally a bit of breathing space for people who have not been on board. we had a guest earlier on who was looking at japanese valuations against chinese valuations. despite the headwinds that china faces and saying ten times forward is a significant discount to japan and significant discount to the u.s.

are the headwinds building for the japanese equity ownership? >> this is a country with low interest rates for a long time with government reform and people have not been building up expectations for ten years. >> i listened to the boj. >> the concern we've got more recently is, obviously, if we see the bank of japan starting to tighten policy at the time everyone else is cutting, that is less favorable. we think the case for reform in japan is positive for that market and a lot of clients who have not engaged in japan for years, this is the time to build up allocations for the more reasonable level. >> you had a wry smile, but no one cares about the boj ownership. it is like, yeah, it is there. it doesn't make an even playing

field, does it? >> it can increase volatility, of course. if you have a squeeze on the private sector, then it will increase volatility for sure. then if you do have that positive story coming through on the fundamental side, you have more capacity for the shares to rally. >> one moment here for kiran. how does european equity picture look as well? i go on a weekly basis where i hear frustrations from european business leaders trying to invest businesses in europe and they are find in the middle east and asia, but struggle with europe with the political and regul regulations. is that a material problem for investing in european equities? >> the domestic investor base is less excited about equities as

in the u.s. and asia. that is challenging for the valuations and funding. on the other hand, there are good european businesses out there, perhaps not as many as in the u.s. people are looking to invest and companies have a great story, then it can attract and grow quickly as we have seen from the largest european companies. >> do these great european companies, we can all think of the same company, granola companies, are they similar to the u.s. peers or are they at the discount? >> it is a slight discount. that is attractive for investors. we may need to more outside of europe and that closes the valuation gaps. >> once they learn about the stories. trying to inform them. nice to see you, kiran. kiran ganash at ubs global

wealth. shares of hellofresh are flat despite deutsche bank and morgan stanley and others cutting the price target for the stock. jeffries is moving from buy to hold. shares are up 1%. coming up on the show, economic headwinds take the hole on the world's largest crude producer, but aramco producers see a bumper payout. we'll have details next. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or

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what an impossible shot brought to you by comcast business. aramco posted a profit with the oil maker citing weaker sales. it was the second highest net income on record. a look at the majors. all around the flat line. i know brent in the session has gone mildly positive. talking about someone who is always positive is dan murphy

from cnbc. dan, extraordinary numbers. everything with aramco seems supersized. >> reporter: it is supersized. profits and payouts, steve. you likely see a 25% decline in earnings for 2023. aramco trumps all other major oil companies in the size of the amount of money it makes every year, but in the size of the dividend. that is what is capturing investor attention. aramco shares rose 1.1% as the earnings were released. some have given back profit taking. investors are encouraged by the numbers from aramco reporting $121 billion in net income for 2023. we also have seen aramco pay out $98 billion in dividends last year. that was up 30%. at the same time, the company

pledging to maintain the progressive dividend policy on top of the performance linked dividend which is likely to see money flow from the company to the dingking cdom in the years come. we spoke yesterday on the aramco earnings call with the ceo. he is still sounding optimistic on the oil price environment moving forward. listen in. >> we expect the global oil market to remain healthy for the year. we expect it to be robust. we are looking at growth of 1.5 million barrels. in 2023, we added 102.4 million barrels. we are looking at that for 2024. more growth is expected in 2025.

>> reporter: what we have seen in the last month is the government of saudi arabia moving to transfer 8% of aramco to saudi arabia public investment fund, pif, that bolsters the credit profile and aimed at ensuring the pif is well supported to invest on the half of the saudi state to accelerate the economic div diversification drive. we have seen aramco, under the direction of the government, decide to hold off on investment in increasing oil production capacity. this is something aramco has been spending on working to bring total crude output to 13 billion barrels a day. that means they will save $40 billion between now and 2028. where is the money going to go? dividends, of course, but it is

doubling down on its investments into gas as well saying that fossil fuels will play a critical role for decades to come. >> dan, you talk about the pif which is between one state partner and another. the free flow is 1.7% roughly. any thoughts you are hearing in the region when there is more shares listed for the free fall listing? >> reporter: indeed. this is what i asked on the earnings call on sunday. they were shy about giving me the answer. the management works at the directive of the government. the line from the cfo is the company is strong and they are not in a position to raise additional equity. this is fascinating because we continually hear reports and

speculation and rumor that aramco is going to tap the public markets and raise additional capital or a secondary listing. the move to allocate the shares to the pif is on hold for now. >> thank you, dan. for more on the aramco results, check out cnbc.com. coming up on the show, a new flag is poised to fly over nato te the alliance welcomes the last member. we will have the latest on the sweden accension to nato after the break.

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let's look at european equities. the ftse 100 is in possiblestive territory and the smi. a very even start to the week for european equities. lots of down sides. consumer prices rising for the first time since august. global chip makers coming under pressure after a torrid session for nvidia. we will have $130 billion of the market value picked.

elliot rules out the offer for currys. it was rejected as jd.com weighs its bid. aramco profit plunges 25%. the oil giant has the second highest net income ever. >> it saw global oil demand at record levels despite political and economic headwinds and inflationary pressures. we've had 30 minutes of the market open now here in europe. we have come back a bit and pairing the losses that we have seen earlier. closes to .50% of losses. negative territory is what we started the week on.

drawing back from the 506 points we saw the stoxx 600 sit at then just as the close of last week. mixed on friday and overall, here in europe, this week, we are looking a bit mixed. let's look at some of the sectors and markets moving. technology is dipping down nearly 2%. we saw just on friday with a big drop from the united states. that, in fact, is a key factor for fthe losses. p basic resources with the 1% loss as well as industrials. we are seeing real estate gain with utilities with .4% of the gain. this is moving the market here with the semiconductors and asml

and amd. all of the stocks are 3% weaker. semiconductors are 10% on the down side. it does follow on from the nvidia story we have been making note of as well last week losing 5% and taking out $130 billion of the market cap. a big drop for it and perhaps an easing in the market. it has had a stunning gain this year. 75% gains year to date. last year? 63% of gains for nvidia. on the upside in europe, grifols and then hellofresh is dropping off on the day's trade. here are the chip stocks here. a decline not from all of them, but for primary number of these have taken a bit of a downfall.

semiconductors with the biggest decline following the nvidia story. steve. palestinians are preparing for a somber ramadan as hopes for a cease-fire between israel and hamas stalled. israel increased security in the old city of jerusalem where worshippers are expected at the mosque compound. the holiest site. u.s. president joe biden is pushing for a cease-fire and long-term stability. speaking to msnbc, the president warned prime minister benjamin netanyahu he tmay be making a mistake. >> he has a right to defend israel. he must, he must pay more attention to the innocent lives lost as a consequence. he is hurting, in my view, he is

hurting israel more than helping israel by making the rest of the world, contrary to what israel stands for. i want to see a cease-fire. i'm starting with a major exchange of prisoner for a six-week period. we're going into ramadan. there should be nothing happening. we should build off that cease-fire. i spoken p with the majority of leaders. they are all prepared to fully recognize israel and rebuild the region. that's the focus. what comes after gaza? what's next? it's a tough decision. >> the presidential campaign heats up and cnbc will be speaking to the presumptive republican nominee former president trump at 12:30 european central time today. sweden's flag is set to be raised outside the nato headquarters in brussels today

after the nordic nation becomes the 32rd member state. the ascension is the country to the membership. we have the latest guest with us today. bjorn, thank you for the time. let's talk about the reas reassurances that nato is fit for purpose in the ever changing geopolitical world. considering the comments we had out of nato leaders, does it still fit the mold? >> yes, i think so. for sweden, it is important to finally be covered by article v and the collective defense, especially after two years after we left alignment behind, but not fully aligned and this is a big step for sweden and a lot of

faith for nato and european security. >> what about article v and that guarantee which allows collective defense? especially if we are to see a second trump presidency? >> we can make it stronger by practicing and by having actually ready plans. of course, it is important also how you talk about article v and the significant that wills internally and in relation to the actor you want to deter, in this case, russia. it would have been helpful to degrade article v. >> bjorn, sweden has been working with nato for decades. what will actually change? >> i think in principle, it is a big move for assligalignment.

sweden is pragmatic. we have joined the european union. for sweden, it was more of a step by step change. for nato, it is a big change. you gain access to swedish territory which is very important in order to reassure and defend baltic and finland and you access to the north and allow for training with better control of the baltic sea. that is a big change for nato. think of the island where you can defend the baltic sea. values. sweden is a strong democracy with a strong support for nato membership. i would point out defense industry with sweden with a defense industry with one of the few countries producing fighter jets and submarines. now nato has one more of those.

sweden has a strong tech sector and startup. we see the access to the emerging and critical technologies is key. that is important for nato as well. >> important points there, bjorn. let's be honest. sweden has not got espeten near for the gdp in defense spending. any chance in the short-to-medium term that sweden will get tothe 2% level? >> yes, for sure. we are on the way. defense minister said we should aim at 2.5%. we are seeing major investment in the infrastructure. look at the railroads connecting norway and the baltic sea. not only military needs for

infrastructure, but investment for sure. >> when i spoke to the then prime minister and finance minister or foreign affairs minister who made the announcement originally, we talked about the russians and what they will do to sweden with cyber warfare or testing on a regular basis. sweden, i guess, is ready for the ramifications straightaway of what the russian activities will look like in the short-term short-term? >> yes. we are studying the case in finland. i would say the biggest vulnerable is when we announced we wanted to join nato, but had to wait for two years. now we are covered by the collective defense and article v, we are more secured today. we can expect a different hybrid attack and measures from russia. >> bjorn, i wanted to talk about

how much of the alliance is led astray or otherwise by what is individual foreign and defense policies which may not reflect the views of the wider population or the region? >> well, i think as a new country, we have to join and work and listen and learn in the beginning. sweden has a strong voice in international affairs and foreign policy. we will see if that changes with the nato members. nuclear weapons is an area where sweden has a strong proper 23 profile. we will continue these policies. no one knows. we need to listen and learn first and see exactly how we can be on different portfolios as an allied member. >> bjorn, thank you very much.

the most difficult part was two years where they were looking for weaknesses to prevent sweden from accession. bjorn at the swedish institute of international affairs. coming up on the show, oppenheimer dominates with seven oscars. we will look at the 96th annual academy awards after the break.

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the uk's financial conduct authority says it will not object to recognize investment exchanges settingup crypto exchange traded notes. it would make the products available for investment firms and credit institutions. the watchdog continues to believe the crypto etns are ill suited for retail customers.

the london stock exchange confirmed it will start accepting applications for the admission of bitcoin and ethereum etns in the second quarter of the year. the price of bitcoin has gone up to $1,073. it had a stunning rally over the last five years. this year moving up to the record levels. the crypto stocks showing gains as you can tell here in pre-market. coinbase and microstrategy are each up 4% and more with mi microstrategy up 6.5%. "oppenheimer" won big sunday clinching seven awards and christopher nolan took openly the best director. "barbie" secured best original

song. emma stone secured best actress. be nbc universal is owned by comcast. jennifer is joining us now from los angeles. jennifer, really nice you can find the time to speak to us. it has been a stunningly busy evening. were the right winners who won or was there contention anywhere? >> reporter: i don't know. you know, i don't feel like there were too many surprises, steve and arabile, good evening or good morning. the interesting thing about the oscars this year was it was a whole hour earlier. here in los angeles, we talk about oscars night. it was 4:00 in the afternoon, which usually it starts at 5:00 and it was on a time change sunday. we just changed the clocks over. it was a feels like time of 3:00

p.m. oscars night was oscars afternoon which left more time for the after parties, which, by the way, are still going on in the background. >> in terms of the winners, "barbie." two hit films that i could see of 2023. i, like everyone else, jennifer, did the whole "barbinheimer." was there a snobbery for the ground breaking cinemaintograph? >> reporter: there is the smash of "barbie" with pink being the color of money. it was the global box office smash. "oppenheimer" has number five as

far as money making at the box office in the u.s. you know, there was a cinematography and directing and acting. the idea that "barbie" wasn't nominated for directing? that was a snub when the oscars were announced. "barbie" was a fun movie. it got one award for the song. what can you say? >> final question. the parties. it is 1:49 in the morning where are you now. have you popped in any of them, jennifer? >> reporter: oh, i wish. the governors ball was happening behind us. we could hear it, but we didn't get to go to the parties. i can tell you there were protests that actually slowed things down. traffic is always terrible around los angeles and the ceremony got started earlier. there were protesters that were

marching through hollywood to highlight hollywood active support of the u.s.-funded israeli genocide against palestinians in gaza. that's a quote. they were stopping traffic along the hollywood freeway. the ceremony started five minutes late. jimmy kimmel said these ceremonies go long and we are already behind five minutes. he said he wasn't kidding. that's what happened outside along with the parties with a lot of other stuff going on as well. >> thanks for the coverage. i know it is stunningly early in the morning and you had a long, long day and night. thank you, jennifer. how many of the films have you seen? "oppenheimer." >> yes. >> "maestro." >> no. >> "rustin." >> yes.

>> "american fiction." >> no. >> the holdovers." >> no. >> that's on my list. you preferred "barbie," did you? >> no. >> i have to be honest. >> karen was giving us the lowdown and saying it was better than we would have thought. >> a lot of subliminal messages about feminism and ryan gosling. i think margot robbie should have been on the list for best actress. there we go. the bank of japan has confirmed it did not make any etf purchases today despite 2% fall in the topix. boj officials pledged to end etf purchases when the inflation target comes into site.

u.s. job expectations increased in the month of february. the non-farm payrolls figure increased to 275,000. job growth in december and january combined was revised down by a significant 167,000. average hourly wamges, rose, bu the jobless rate ticked to 3.5%. steve liesman filed this report. >> reporter: this report was full of moeves and the fed is continuing to use the wait-and-see method.

there were downward revisions of 167,000 to prior months. the unemployment rate moved up to 3.9%. all of that speaking to the easing in the labor market. payroll growth is still above 200,000. double the input of the growth of the labor forth. annual wage growth is north of 4%. the growing gap between the two job surveys. the payroll report, the one closely relied upon for job growth, shows 2.7 million jobs in the past year created. the household report and unemployment rate and more volatile month to month shows 876,000 jobs in the past year. the biggest gap between the two surveys since october of 2021. the fed will likely wait for the data to sort itself out. futures markets boosted the

probability of the may rate cut to 29% from 21% leaning in favor of the data. it still remains below 50%. it is still seen as a long shot. it increased the chance of the june rate cut from 76% to 78%. still seen as a likely bet the cuts begin in june. for the year, they decreased the expectation for the year end fund rate from 4.3% to 4.39%. a lot was made that the fed was not far from rate cuts, but the question is whether powell might have been more forceful and clear if he really meant to send a signal. steve liesman, cnbc business news. it is a really exciting data week as well. investors eyeing key inflation figures from the united states

tomorrow and thursday as well as in europe toward the end of the week. the uk will release wage growth data tomorrow. a key piece of evidence that andrew bhaailey is looking at before he starts talking about rates. and more with the bank of england meeting next week. i would suggest the two key pieces of data are the consumer price data as well with the cpi number and on thursday with the retail sales. just talking about the former and what did keep it higher and air fares and strong gains and car insurance. it will be interesting to see those figures remain >> we have been speaking about the consumer being the one who holds up the u.s. economy and retail sales which is projected to rise 0.5%.

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it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we begin with tech taking a tumble. giving investors a sneak peek at what a real-time magnificent seven meltdown. and the key inflation report this week with the major averages hovering below the record highs. one of the largest ipos of the year set to kickoff the road show for wall street this week. we will tell you what investors need to know. new details out fo