andrea canning: that's all for this edition of dateline. i'm andrea canning. thank you for watching. ♪ european stock markets are open for trade. the ftse 100 market is called higher as we gear up for the session. the early european markets have been stronger. not quite to the same toune as the ftse 100. as we get going, you can see we are moving into the green. we're up .20%. we are waiting for cpi figures in the u.s. this could be key for the rate cuts that are pencilled in later

this year for june. the market looking for confirmation of that and sentiment stateside could be key. as we look at the overall picture, we are down .40%. we are strong with the heat map bringing on the green early on. we are seeing oil and gas at the top and autos at the bottom. one lone sector with porsche right at the pbottom of the bac of numbers. telcos and utilities and under performers today. real estate is an under performer as well. the chemicals basket is up .50%. household goods up over .50%. the banks with hsbc up 1.5%. we have technology names up by .60% today.

travel and leisure is improving. basic resources is a top performer. oil and gas with the bounce up 1.7%. the ftse 100 is 7,731. the addition of 60 p0 points ascertain us above 7,700. the french market is above the 8,000 point level. settling in above 8,000. the other main boards from the smi to the italian market up .30%. little more appetite on the stocks from spain today with the ibex at .40%. strong signals creeping on with the dax in session. reversal from the trade as we see green. we will wait for the dax to open

up in it a bit. porsches was moving in the auto basket to the down side. porsche expects profitability to slip as it launches four models with sales of 15% to 17% which is down from 18% last year. annette has more. annette. >> reporter: that is a disappointing set of numbers. the market is digesting the numbers not very well. we have seen porsche considerly lower. if you look at the i ppo pricin it is well below that price. the reason for that is that analysts expected that they are sticking to a return of sales of 18% for this year which is lower. there is some consolation in the medium and longer-term outlook because in the press release, the cfo stated as saying they are sticking to the medium term sales target and longer term

achieving more than 20%. for this year, the reason for the lower return on sales outlook is they are actually launching four new updated models and that is historic high, so to say, we will see full electric car and the upgraded 911 as well as yesterday they presented a full investigation of the horsepower car of 1,000. they say the capital costs are one reason for the lower return on sales for the year. of course, if you look at the general environment for cars, it is a difficult one. the economy is mostly heading for a recession or a soft landing, somewhat. we don't have clarity about the chinese market.

the chinese consumer is very weak and that is, of ourse, a very important market for porsche. they he have roughly one-third of sales in china. of course, weak chinese market doesn't bode well for the stock price development as well. if you look at the valuation, they are now trading at somewhere 14 pe which is, of course, a lot higher than the traditional carmakers. it is a lot lower than ferrari, but is still operating in a different luxury segment. porsche is somewhat potentially stuck in the middle with the mass producer and the really high-end luxury producer. >> annette, thank you for the details. you'll speak to the porsche ceo later today. we will look at wages in the uk growing by 6.1% on the year

in the three months at the end of january. that was down ten basis points on the previous quarter. the unemployment rate rose to 3.9%. a look at gilt with the sh short end at 4.21. home builder here persimmon has posted a 52% slump in the 2023 profit and warned market conditions are subdued this year. 351.8 million pounds fell short of the estimates. the italian insurance provider generali has strength in the property and casualty business with the operating percentage of 6.9 billion.

that stock is rising over 1%. i want to look at leonardo in trading. the stock has spiked close to 6%. the group says it expects new orders to grow again this year amid dgeopolitical tensions coming in from 19.5 billion euro compared to 17.9 billion last year. syensqo is expecting a profit this year. it is on the drop of the stoxx 600 today. it is spun off from the company which is in the range of 1.4 to 1.55 billion euro for ebitda. >> karen, we have our guest with us this morning. do you want to go over data we had and data we are expecting? uk wage growth at 5.6%.

excluding bonuses to 6.1% as well. it is a gradual softening, but not as pacey as the bank of engl england. >> the bank of england is not going to do nothing. they were slow to tighten in the cycl cycle. it is dropping off slowly. inflation is falling rapidly over wage growth. we have a uk gdp update this week and that is interesting to see what is happening there and if we are coming out of this. >> the ftse 100 is having a rare day. the laggard in terms of getting to record levels. is anything you are seeing at the moment out of the uk on the official data or individual corporates that is getting you more excited about the ftse 100 or is it just not the best place to park your money?

>> nothing has been expected this morning. that is obviously right at the sharp end of exposure to interest rates and sensitivity toward interest rates. i suppose our view is constructive on the outlook on china. the mining and resources in the ftse 100 which is positive. of course, if we see any sterling weakness, the ftse 100 is a hedge against sterling weakness. >> can we get into the persimmon numbers? it continues to be constrained for first-time home buyers. what will change as we await the boe rate cut? it seems the market is tortured. >> that's right. it is very difficult for house builders at the moment. we are seeing expectations that

inflation will fall to 2% and it is now to 2027. the yield curve is resistresist. the entirety of the yield curve is above 3.9%. of course, you can get mortgages from base rate tracker and base rate variables to five-year fixes in the uk. none are cheap at the moment. we have seen a falloff at the start of the year and that had an impact on the housing market. >> we have seen the sensitivity with the home pbuilding sector n the uk. is there a trigger for a buy in the sector? >> it is sensitive. the data when we saw the housing market increase at the start of the year, not that it is not new bu builds, but the entire housing market, it did not take much of

a falloff for that impact. >> tell us about porsche. you don't own the stock, but do you have it in your holding? >> we have passive exposure. >> do you have your own? >> ferrari seems to be doing nothing wrong and operating ma march gins up 30% for the car manufacturer. they don't seem to be able to keep pace. i noticed, but did not read thoroughly, but porsche is giving guidance lower with the model launches. i find it fast fascinating that ferrari has no lower margins. >> i can only assume it ismore r&d and associate marketing costs. you want your new models with

higher margins. >> if you look at ferrari, they he are converting that to higher margins. it is just a breakout with ferrari and the rest at moment. >> oracle is one you are looking at after the bell. fascinating. the company is talking about a.i. infrastructure and this is something i have been talking about for a couple of weeks. building up the super computers to allow companies to plug in and access a.i. they are talking about the booming oracle and the like being the obvious play away from the nvidia story? >> it is interesting. the second order effect. the order spill. and we are now seeing oracle which is highlighting their lines with microsoft having to build capacity which is helping with a.i. ability. it is interesting. we are starting to see early signs of productivity dprgrowth

the u.s. i think companies are very careful when they talk about productivity gains and enhanced margins on the back of a.i. it will be a very contentious point. >> in you'r view, what are the best a.i. stocks? >> i think it is the gold rush with the two manufactures that you invest in. oracle and amazon web services which is a tremendously powerful company. i am looking at the industries that will be most disruptive by the technology. the bottom part of the period in the productivity gains. >> who fits in that camp? >> service sectors likelegal firms are prime for that disruption. document checking and proofreading.

a.i. is custom designed for that. >> super. thank you for joining us. nice to see you. the head of investments at atomos. karen, you have -- i can't remember if you do drink spirits. >> occasionally. >> i do know the answer to that question. sorry. >> yes. it does fit into the alcohol camp. china has chosen three sample companies for the investigation into the brandy imported from the eu. the chinese ministry will target three companies all in a probe launched in january. the key stocks here and you see movement to the upside. chemie will expect sales up to 800 million euro. the manufacturer said it is suffering from weaker prices, but expects volume growth.

steve. coming up on the show, the building blocks to success. question mark? the building blocks to success? we will have the discussion with the lego toymaker after the break. 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. now, save up to $1,000 on select sleep number smart beds. plus, special financing. shop now at sleepnumber.com 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. when we started our business we were paying an arm and a leg for postage. i remember setting up shipstation. one or two clicks and everything was up and running. i was printing out labels and saving money. shipstation saves us so much time. it makes it really easy and seamless. pick an order, print everything you need, slap the label onto the box,

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it looks like sergio amate is speaking. first quarter is getting the benefit from other institutions. exposure is 80% in switzerland and 10% in the united states. you can expect us to continue to do share buybacks. if they need them is another question. 42% higher over the past 12 months. leg o had reported a 2% revenue increase despite the dip for the year.

charlotte has more. charlotte, tell us all about it. >> so it is interesting. lego is the largest toymaker in the world. bigger than hasbro and all the other players. a huge turn around story. you remember back in the 1990s where it was posting losses and the big turn around. they brought the in all the big deals. "star wars" was the biggest collaboration. sales up 2% last year for the full-year numbers. despite what they were saying and what they called the most negative toy market in more than 50 years. i had a chance to catch up with the ceo niels christiansen. >> it was a difficult year. we had to say over time the toy

market was okay and there have been good years. last year, as we say, was a difficult year. we, in the lego group managed to take a bit of market share. it brought us to dprgrowth and gained market share around the world. that was very satisfying. >> can we look specifically at the geography? you mentioned strong growth in the u.s. and eastern europe, but a decline in china due to the challenging economic environments. can you flush this all out for us? >> if i start on the u.s. side, i think we have strong progress. our brand and portfolio is really doing really, really well. we grew pretty well although the market in the u.s. was negative. we managed to grow in the u.s. the flip side of that being china where we declined. the market was difficult and

driven by the general economic conditions in china that are hotter. we saw many consumers holding back a bit. maybe still buying the same amount of lego sets, but sometimes less expensive or lower price points. we witnessed something with the economic environment in china. >> can i ask more about china? i noticed eian area of growth. you opened a factory there. how much potential do you see in the region? i know it is specific and different for you because unlike other markets in the west, it is one where parents did not grow up with the lego bricks. how do you see potential for growth there? >> i think the long-term potential is large. there are a lot of people in china and kids in china. as you said, china is a country where parents didn't grow up with lego sets.

it's new. it is why we are opening a few branded stores in china every time we get to a new city, we open the store and start the brand activities and we work with partners and it gets off the ground. it is a long journey. we have been at that journey for five or eight years. it has been doing really well. 2023 was difficult. i don't think it takes away from the long-term trajectory or the potential that is there. we continue to invest and we opened new stores in 2023. we will open, we believe another 14 stores in 2024. we are on the growth journey in china and hoping to get back to growth. >> we discussed sustainability which is not the elephant in the room, but the bricks in the room. it is all plastic. they ditched that effort saying it was producing more carbon

emission there is. t we talked about opening shops. we know going to the lego shops is the experience people are looking for here. more than 1,000 stores across the world. this is part of the strategy. >> it is a very important mechanism to allow consumers and kids to get into the lego brand and experience it. it is against the trend in the sense we are opening stores. we believe we will open more stores in 024 and it is not unusual that you go into a city and see a queue outside the lego storese s and see a queue outside the lego stor stores. people went online, but they come back to experience our brand in the physical way. it is super important and that gives us also the need to continue to open stores. >> you will continue to open

stores at the same pace as last year? >> in china, we will go about it at a lower pace. buy by and large, yes, china will be slower, but opening another 40 stores in china this year. >> can i ask about sustainability? it is important. i know you mentioned that there's been a 60% increase in spending in environmental initiatives. you ditched your efforts to stop using oil-based plastic bricks. the materials you came up with was producing more carbon emissions. how difficult is it to come up with new materials? will we see a sustainable lego brick? >> i think we are. it is a clear yes. it is difficult. we tested more than 600 materials to find a material on the market that could allow us to make 100% sustainable brick

today. it doesn't exist. what we are doing now is leaning into the mass balanced material. it is not 100% sustainable, but a big chunk of the elements in the material are sustainable or renewables or made out of the mass balanced materials. these materials we have been purchasing 18% of the totality last year. it means on average that 12% of the lego brick is actually out of renewable or recycled sustainable materials. that is already in 2023. we are looking to up that amount so we can keep driving the industry in the direction of getting better and better materials. mass balanced materials will not be the end of the game, but it is very important for us to take this step to invest in the industry and help accelerate the

move toward the materials we believe will be the solutions. by 2032 is our ambition to be 100% renewable. i think we have a good chance of getting there. >> i want to ask about the recycling aspect of the equation. i know you are thinking about making customers bring back the bricks so you can recycle them. how important will that be as part of the strategy? >> it is important, but that is one thing that is special about the lego bricks. when we research, 96% of the bricks are kept in replay. in the family. given to family or sold off to somebody near you. it is only 4% of the bricks in circulation that are actually being a potential of ending up in waste. we have a program in the uk to take back bricks and clean them and sort them and bring them

back into circulation. we have done a lot of that through donation. over time, we need to do more for that and we need to do it more globally. the special thing about the lego brick is most bricks stay in circulation and get re-play. the best form of recycling. that is why we have focus on making them out of renewable materials in the first place. if you do that, it becomes really strong and sustainable materials and re-played for a long time and some programs taking care of the waste. that is the philosophy for the long run and the strong focus on the sustainable materials. >> can i ask who you consider as your main competitor? i ask this because we see kids spend more and more time on social media and video games and virtual digital world which is opposite of the lego brick.

i know you are reaching out with lego life app with deals with "fortnite." how do you have kids spend more of their free time in the digital world? >> the way we think about it is we are competing for children's time and attention which is why we are driven by the factor of being relevant and being where kids are. lego "fortnite" really enjoy being able to tap into the lego magic and also in the digital space. we are there to provide the universe to get them into the lego brand and give them the experiences and learning that it takes from there. ideally, also, it gets to the christmas or birthday to find on the wish list and we could then provide them with the learning

coming out of the physical play. we want to be everywhere with something that is exciting. >> maybe talking from experience. you are fighting against video games and social media on kids. take the lego bricks and do something. they are competing for children's time. sales were up. they are opening factoriesdeman. they have movies coming out. they are announcing more coming up. it is success for fnow. >> one trick pony? this may be harsh, but do they need to broaden out to different categories? they have done as much as they can with one plastic brick. should they be considering other product categories? some of the start-up toy companies that have grow vi

virtually overnight, should they consider it? >> the brick is the core. they will be joining video game collaboration and movies. >> i was going to buy the second largest lego set ever. >> more legos in my house? >> the second largest one ever. 10,001 pieces. >> it is like a jigsaw puzzle. >> the eiffel tower. the official set. the art world map that has over 11,000 pieces. coming up on the show, donald trump -- it's you. sorry. do you want it? >> no, no. >> donald trump hits out at the eu. we'll bring you the highlights of the former president's conversation on cnbc after this break. hi. i'm wolfgang puck

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wealcome back. former president trump speaking tough on china and saying

everyone is taking advantage of america. >> they do it with a smile. nobody thinks the european union that way. they think they're wonderful. they really take advantage of us. >> france's cac 40 is opening higher and in the united states, jpmorgan chase's chief jamie dimon urges the tfed to wait on cuts. and porsche now trading flat in early trade after warning it expects profitability to tick lower this year. we hear from the cfo at 12:00 cet. lego builds a 4% consumer sales outlook for the year in the worst toy market in a decade. ceo niels christiansen says the marketplace is in the minds of children. >> you are competing for the

children's time and attention. that is why we are driven by the factor of being relevant and being where kids are as we are there to provide the universe to get them into the lego brand and experiences. the markets across europe have been open for a half hour. we are looking at the picture and what is turning with the losses and gains. we start on a negative note with the stoxx 600 lose, but holding on to the 500 mark. you see the gains of .30% of gains for the stock market. the tech stocks yesterday led the losses dipping around 2%. food and beverages added 0.3%. it was interesting to see the moves across the market picture. today, of course, we are looking

at the auto sector. you see where some of the autos are looking lively. porsche at the flat line. you see the auto sector itself sitting at the flat line following in on porsche's movement today. on the negative side, you see awe utilities lose slightly. not a catalyst for the market to move higher. you are seeing enough gains to find positivity. oil and gas shares going u up .75%. you are seeing household goods and telecoms finding positivity. on to the gainers and losers. syensqo down 3.5%. significant that the property market has been the one to really look out for as well today and that is because you are seeing movement from

persimmon today. 3.5% weaker on today's trading picture p. it is important to.out persimmon pointed out to a weaker picture for the year. reported a 52% slump in the annual profit. missing market expectations there. the housing sector did try to find stability. i'll point to the pmi number that came out a few days ago. smp global and construction pmi recovered to 49.7. it was at 48.8. yes, still in contraction material for the sixth month in a row. new orders expanding for the first time in july. overall, you see negativity across the housing development space. karen. arabile, thank you. former u.s. president and presumptive republican nominee,

donald trump claims china is now the boss of the united states. trump's comments are a throwback to his time as president when is he attempted to negotiate trade deals. he hit out at foreign countries saying they are exploiting american goodwill. >> we give foreign countries trillions and trillions of dollars a year and when you want to cut them, you are met with levels -- it's crazy. when you want to cut the foreign countries, many of whom don't like us and almost all takes advantage of the united states. i had that very much stopped. they very much take advantage of the united states. china, until i came along, china was killing us. china was taking out -- in terms of numbers, you know, it's $507 billion a year.

now, under pobiden, it is worse. no country can sustain -- when we can't sustain that. when a country just rips us off like china, what i did was tariffs and that was forcing companies back to the united states. we want those companies that go to china and many other countries, not only china but the european union rips us as last as china, but they do it with a smile. nobody thinks of eu that way. they really take advantage of us. >> guess what? the dgop candidate revisited hi approach to nato. >> nato was a disaster for us. we were paying -- think of it. european union. we're paying all for the military. we were paying close to 100% until i came along. i said i'm not doing it. you have to pay. we're not doing it anymore.

they said would you protect us? i said if you are dlingelinquen you are not protected. $400 billion came in like clock work. >> we have teina with us from fordham. you are doing fantastic work. >> thank you. >> well done in advance of that. what the u.s. president -- i beg your pardon. what mr. trump says -- >> you are rushing things. >> they still call him in the united states. what the former u.s. president says and what he does are not always the same things. he is electioneering at the moment. there is a ernel of trauth to

what he is saying. >> shock tactics. this is what trumgz dop does we. i remember ahead of the 2016 campaign, a lot of my investor clients were talking about how they feltcertify seriously, but not literally. more people are concerned, particularly here in europe, they should take trump literally and seriously even though he is very erratic. >> tina, you made quite a statement. you said the stakes are higher of who wins the white house in your 25 years as political analyst. why are the stakes so high? what is it that mr. trump could do or mr. biden could do? what is the real problem? >> it is a confluence of trends.

trump personifies and brings together a number of forces that were in existence before him. the rise of populism, economic nationalism, protectionism, isolationism. these things are not new in u.s. politics. if you add to them the pandemic overhang, although that took place during his presidency, and levels of low trust in all institutions. that is everything from the u.s. supreme court which will have a big role to play in the election and to the tnews media and socil media and misinformation, the statements you played from former president trump had my mind reeling about the bits which were based in fact which were fabrications. we have on top of that the

exhaustion of the u.s. electorate. 62% of americans don't want biden or trump. with all of that in mind and the fact we have two simultaneous conflict was the potential to become systemic, middle east, russia and ukraine, triggered some systemic impact in markets, brings us to an inflection point. americans don't pay attention to foreign policies in elections. they tend to look at economic fundamentals at the moment. remember, people are just starting to feel some impact from wage growth and other things. there is all to play for and based in london as i have been talking to global investors, i've never seen so much concern of who sits in the white house.

>> tina, just a step back to how voters are feeling at this point and politics so bad in the united states, who can get the most done here? biden as a second-term president or trump? face it, the republican party cannot jump away from everything that trump created and legacy he left behind. would he get more done by bringing more of the hard right back? >> so many things to unpack in that question. as we know, the u.s. president is not all powerful. it depends on the composition of congress. we have to remember a few things called raising your political quo quotient. first of all, the frontrunner at this stage almost never wins. a first time for everything. the second point is the polls have no predictive power right

now. economic fundamentals in the u.s. are strong. that should play to the incumbent, in this case to biden. that is not happening. we have a lot of room to run before u.s. voters go to the polls. economic fundamentals are robust. if you say that in the united states on television as i am right now, you get hate mail as a woke economist. for investors who are used to looking at the red team and blue team and who will win and if you add the social media disinformation and a.i. impact, et cetera, we have so many wild cards. who can get more done depends on who controls congress? i think we wake up november 6th, if any of us have gone to bed

the night before, to no clear outcome and extended period of uncertainty. >> independents are still part of the race at this stage. this is extraordinary. we would really talk about this in the u.s. context. given the way voters are feeling with both candidates, is there an inflection for the overhaul of the political system in the u.s.? >> there will be strong performance in relative term by third-party candidates. robert f. kennedy jr. should not be dismissed despite the fact many refer to a crank and anti-vaxxer and unsafevory use the kennedy name is looking to get on the ballot. he has a pretty impactful fund raising team and could be a spoiler probably benefitting

trump. there are others. jill stein. 18.5% of the vote is the ceiling for a third p-party candidate. that was ross perot, a name from the past. with so many registered independents and so little trust and interest in mainstream party politics, i think they will do very well and be disruptive. >> let me go back in time because we have known you for a long time. >> don't age me. >> i won't age you. you were in your late teens when we met. i'm still only 36. you came out with the concept or developed the concept. we go back to 2013. >> i remember it. >> having said that, the center is still hanging in there in many areas. one of the people we worried about in 2013 was le pen.

>> still on the scene. >>how did brexit go? i wonder if you can give us an update since it is over a decade. how the center is faring versus these voice of the people threats potentially coming from the left, but mostly from the right at the moment. >> thank you for remembering. it is something i formulated in the aftermath of the arab spring and european populism. thanks to social media and a.i. and it is more uncertainty. the center managed to hold the line. luckily, we don't have elections in big european countries like france and germany this year. if we look at what is happening in hungary and recently in portugal which is a tiny

country, the success on sunday of the far-right party is a little bit of an earthquake. you know, i highlight this as a child of portuguese immigrants and left the regime in the '50s, we are heading to the 50th anniversary of the revolution and end of salazar. it is the young people who don't remember salazar. it was a bad time for portugal. backward. >> liberian peninsula. >> yes. this sounds like ancient history. it is not. we saw exactly as discussed that convergence of social media influencers and young people and is portugal the canary in the coal mine? we had the result of builders coming. this election cycle, this year being the biggest in human history, but other big countries

still to come is going to be a phenomenal opportunity to take the temperature and anti-immigration sentiment plus high housing costs for the young and even the not so young -- my definition of young is under 50 -- very generous. 55. >> that works. just about. >> people who are locked out of the social contract and that is the post-war contract. a lot of movement in electoral pol politics. >> tina, come back and see us again. tina fordham at fordham global insight. the worldwide web turns 35 today. we spoke to the creator who gave his top predictions for the future of the internet and how it is transformed by artificial intelligence. you can read his thoughts on cnbc.com. coming up, consumers eye the

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welcome back. jamie dimon says the chances of the soft landing in the next year or two is around 35%. he cautioned the fed to wait until june before cutting interest rates. speaking at the financial conference in australia, jamie dimon said there was a 70% chance the u.s. avoids recession. he sees the chance of half that. consumer price inflation data is due out of the united states today with the wall street pencilling in an uptick on the month. this is the first part of the double whammy. thursday has retail sales and producer prices as well. >> there was something interesting last week on wall street. we saw bred th come back to wal

street. this is the market assumption that we're through the worst of it and we managed to get through the cycle. the data is key to reinforce the narrative which is baked in the stock prices. >> i suppose the other way of looking at what you said is the fact that the magnificent seven, which is now down to fab three and a half, including nvidia, did fall last week as well. tail end of the week. i wonder if that is dragging up the others as the percentage of the gains. >> i think it is breadth. there is confidence in the economy that looked at the negatives which disadisappeared. if that disappeared, the rug is yanked from investors and that could be key this week. i think cpi will have some warning element. >> just yesterday, quickly, new york fed released the survey.

inflation expectations are unchanged at 3%. >> that is all for us. "worldwide exchange" is coming your way next.

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it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland. here is your "five@5." what the cpi report means for the fed and the markets. and jamie dimon talks about the creditbility and falling ods of the interest rates. and we look at the tiktok ban in america and the ripple effects of other foreign owned companies. boeing