you. craig melvin: that's all for this edition of dateline. i'm craig melvin. thank you for watching. ♪ . european stock markets are open for trade and the early signals suggesting there may be more momentum in the european markets. what we have seen so far is the ftse 100 performance up 1.5% so far for the week on pace to break a three-week losing streak. finally catching a bid out of the uk. the flash on the uk market and in terms of the other major markets with the dax with the all-time high in yesterday's

session. the french market has been up 1.3% for the week. fresh all-time intraday high yesterday. although there is softness on the dax, we are seeing fresh territory. as we get going this morning, we are seeing green moving on the board of the stoxx 600 and fresh all-time highs yesterday. we are looking for the levels to be breached today. stateside, data is expected which is producer prices. the last seven, the market was questioning the theory of the deep disinflationary cycle. just challenging the narrative on that perhaps thinking we may have sticky inflation. what we are reading the ppi prices is key. on the consumer, we will see how resilient main street is at this stage as we continue to see

pressure on the household wallets. retail sales will be important. we have a little bit of green on the boards. up modestly at the sector level which suggests we are mostly positive. a couple of red arrows at the start. basic resources down .25%. shuffling weaker with the banking names. standard charter is moving lower. construction is down .20% as we he move into the red. oil and gas is seeing a gain up .10%. out paced by hsm. industrial telcos with nokia at the top of the basket. travel and leisure improved. food and drink with diageo bouncing 1.5%. technologies up .50%. it is household goods at the top

and at the top is lvmh and burberry as well. the ftse 100 is 7,762. that territory is territory that the ftse 100 has struggled to hold before. we are seeing a bit of slippage by .10%. the french market is off to the next stop to the upside. we managed to scoop up .40%. the french market seeing kbgain along with the german market which is open for trade. out pacing the dax at 18,000. very are strong start for german stocks and gains reflected across the italian and spanish names. steve. the spanish inflation data confirming what we thought was going to happen as well from the flash data.

eu with 12-month inflation rate which fell in line of expectations of 2.9% in february to 3.9% in january. increasing the hopes that ecb will move sooner rather than later. we heard the comments from the council member from greece earlier on saying he has four times this year. the data which is what we heard which is in line with expectations. the core inflation up 3.5% in the 12 months through february. down from 3.6% in january. if you strip out food and energy, it is sticky at 3.5%. i think that's what you need. the ibex is not moving on the back of it and the euro/dollar trading unchanged. karen. steve, we have a flat reaction to shell. it paired back the target for the 45% fall in net carbon

intensity by 2035 and lowering the 2030 goal by 15% to 20% from 20% previously. the energy giant stated the pay package has tallied up to 7.9 million pounds last year. in terms of the stock per perfo performance, it is up 4%. rheinmetall is out pacing the market 3% to the upside. it expects more strong sales and earnings amid the rising tensions in ukraine and the middle east. the german arms maker is targeting 10 billion euro in sales this year up from over 7 billion euro in 2023. let's get out to an nette with more. walk us through the trends for

rheinmetall. >> reporter: we got the announcement that they are delivering ammunition to the spanish military. it is north of 200 million euro. i guess what is interesting about the numbers is there is a miss in the figure for last year. i think we can forget about that. that's only because they had to push some of the deliveries into the new year with the timing problems. essentially, it is all about the outlook and the messages they want to grow in terms of top line which is more than expected. 10 billion euro should be reached by this year which was not expected by analysts before. they want to become more profitable. i think to achieve both which is to boost production and invest a lot in capacity and have people at the same time getting more profitable is probably only

possible by pushing more into the ammunition unit. ammunition is profitable. that is where rheinmetall is the biggest ammunition producer in europe and also worldwide one of the biggest. this is in big demand as we know russia is having a much bigger production capacity when it comes to ammunition and ukraine is demanding much more of that over the course of the year. that figure and the outlook -- the ceo is bullish about the outlook and even saying over the next seven-to-eight years, the sales level should be reached some 20 billion euro. what is liked by the shareholders is they he aare increasing the dividend.

one last word on the valuation. of course, the shares had a huge rally over the last year. they are up 46% over the last year and the pe is 46. the maker who went public has a pe of 90. just to give you an idea of whether it is cheap or not, the current valuation. >> annette, thank you for the latest. i'll pivot to rwe. the company says it expects core profit to decline this year amid weaker wholesale prices. it will see the lower end of the guidance range. we will hear from michael muller later today. and p snam has full year earnings at 2.4 billion euro. the italian gas are grid

operator was transitioned by activity with debt rising to 2.2 billion euro which is below the guidance. the stock is up today. astrazeneca is set to acquire amolyt pharma for $1.05 billion. the transaction is expected to close by the end of the third quarter. astrazeneca stock slipping slightly. the cigarette maker is planning to sell 35 million shares in the ab in-bev. altria has a 10% stake in the brewer. ecb governing council member stournaras says the central bank must cut rates twice before the summer break. he doesn't buy the aurgument tht the ecb must wait for the fed to

cut first. in terms of foxconn, fourth quarter net profit jumped 33% compared to the year earlier beating the and alyst ex expectations. the foxconn company forecasts a weaker start to 2024 saying first quarter revenue would show a slight decline before recovering by the end of the year. steve. having a lovely chat with steve at alpine capital. how are you? >> i'm good. >>, goo good, good, good. >> i was reading an interesting piece over at bloomberg this morning and learned that the earnings have been jolly good. while the earnings remain good, it is hard to see how momentum

stops? >> a couple of stocks making up the earnings. you have to be careful. nvidia, obviously, the earnings are incredible. mi microstrategy up 180%. my concern is working out when the momentum stalls after you had 1,000 point rally in the s&p since october. it is hard, but i'm saying i think we are close to it. we could be there. sooner or later, the momentum will stall and i start to worry there are contrary stories that the wells fargo story tells you -- >> look, nvidia is a unique company. overnight, it has been a sensation. it is hard to argue if they achieve more. over the number of stocks that have got a free ride on the back of nvidia is the concern. you are seeing tesla acting as a

canary in the coal mine? >> i think it is. nvidia's market cap is $2 trillion. when you get to those numbers as a percentage of the global dgdp you ask the questions how can you grow a company worth trillions, like apple which is $3 trillion. these are huge numbers. that's my concern that you are a $10 billion company or startup, you can grow and your share price with increase. if you are that size, you have a huge problems. ubs put the boot into apple a couple of weeks ago and everybody had to spend t $$800

apple a year. this is not a bear market call. this is to say let's look at rotating into some areas of the markets that are overlooked that can come back nicely. one of which is the uk. we had a little bit of recovery rally or something the last couple weeks. we got a general election this year. people bordmageddon. there used to be the prawn sandwich. they got out to the city and an assuaged people's fears. labor will be fine. it's boring.

you know, political chaos, br brexit, you name it. we will move where we get a bit of relief. that's what happened in the first part of the last labour government. i think that can be encouraging for uk. they are trading at 50% discount which is incredible historically. buy uk. be cautious with the momentum stocks. >> steven, there is scrambled eggs and scrambled eggs. >> powder scrambled eggs? >> if you have a buffet, they he c come out of an packet. you are looking at the uk market. there are other big name plays out there. everybody knows nvidia also this you have been living under a

rock the past 12 months. there are other a.i. stories. super micro computer is another one. another a.i. story. foxconn and how it is weighing in on the a.i. story. there are other a.i. bits. because nvidia has had a huge run, is this worth looking at other stocks in the a.i. space rather than looking at the uk which is much slower? >> you are looking at bets. people are shoving a.i. into the conversation and hoping and getting a pop. good luck to them. you know, that concerns me. microstrategy, an extraordinary company with the 5.8% coupon. it is an idea he of who subscribed to those convertible bonds? i don't know. try to call tops and bottoms is a dangerous game.

sure a.i. is happening and there is money to be made. >> does it go to the heart what have is a.i. and disruptive nvidia is and if you get it or don't. i was talking to the ceo of hsbc yesterday. what does it look like? letter writing in the old days or computers in the office. completely train nsformative ofe way we operate. if that is the case, the numbers we see in the a.i. stocks could be the beginning. >> they could be. let's hope they are. i mean, it is like getting religion. i'm not sure. you are asking the wrong person about tech. sure, a.i., in my opinion, is an extension of what is going on. i don't think it is actually dropping the bomb. we'll see. i'm just saying take money off the table. look at different areas of the world. we've had an incredible rally.

we are getting extraordinary pops and stories which always makes me feel nervous. i also like private equity. >> tell us about the opportunities in private equity. they never really move to the downside. >> a story which is the way of describing the stock market against the real economy. if you are uncomfortable with the stock market and the queue figures close to record highs, you want to get into the real economy and how do you do that? you do it through private equity. 10% of the u.s. is owned by private equity. one of the things people put off were saying they can't get leverage. guess what? we had record issues this year. there is the available ility tot credit. less relying on the tailwind. i think there is value out there. as you said, they didn't catch

up on the downside in 2023. we are in a different position from 18 months ago. i think there is value out there and did managers out there. private equity, if you look at the numbers, on the long-term basis, it out performed the s&p. >> thank you for your time. the senior adviser at alvine capital. karen, i have a note on my desk here from shore capital. it says deliveroo sell at 115. they sticking to their guns on this one despite up 3.5% >> trading at 118. the 3.5% pop on the share price. they narrowed losses in 2023 posting a loss of 10.9 million pounds. the food delivery company expects to see positive cash flow this year coming under

pressure to demonstrate profit profitability. one-year basis is not bad up 28%. and lanxess is down 9.5%. the german chemicals maker expect core profit to improve this year after the challenging year last year amid weak demand and high energy prices. the company forecasts ebitda up to 100 million euro. you see reaction there and the stock down for last year as well. you can can see it is interesting. the long-term chart. stock is down 54%. let's get to vitesco sales at $9.23 billion. the ceo describing 2023 as a challenging, but successful year. the german auto supplier announced the first dividend, but citing a cautious market environment for the year ahead.

the activist hedge fund had urged dglencore to move from london to sydney. glencore has provided shareholder returns equal to less than 10%. the stock modestly in the green today. gaming company embracer group is among the top p performance in the stoxx 600. they agreed to buy saber assets while the company says it will provide a boost to its cash flow. steve. one of us might have been doing extracurricular activity. it wasn't me, karen. i'm not talking about -- it wasn't -- we were talking to hsbc cfo. you were talking about the bullish outlook for china.

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hsbc group cfo says he is optimistic about the chinese future. in the interview, he said issues in the country's property sector will iron itself out. >> we are looking at major economic transition which is taking place and that gives us very strong grounds to be very he positive of the medium and long-term joutlook. ch china's outlook is relying on infrastructure and real estate and exports. china's maturity at this stage means it is the right time to transition into what more mature economies are which would be more enabled to be reliant on consumer and services and higher

value products and sustainability products. evs and batteries and the new capability generated in china. that means china will avoid falling into the middle income trap. some of the western economies have gone through the transitions in the past. china is going through that transition today. that gives us a lot of positive outlook for the medium and long-term for china. >> your short term is about the trade? >> there will be short-term challenges to go through. it may last a few quarters or a couple of years. you have to go through the challenges to get out of it in a much better position to move forward. we have been there around for 159 years, including in china and hong kong and a number of other countries.

if our customers need to toughen out a year or two years of adjustment so the economy puts itself in a better position, we will be here for that and we will tough it out. >> let's help the property owners. the real estate crisis had likely bottomed out. a couple of weeks ago, you reported china-related impairments of $3 billion on bank communications. how much more tough news do investors need for the profpert market in china? >> i think most of the challenges on the property market in china are behind us. it doesn't mean the sector is out of the woods. it still means the sector is working its way through in various forms. you know, probably the next few quarters to get out of the challenge. we think the worse is behind us.

we see the trough of the sector is behind us. we think our exposure and our cover is the bulk of the charges behind us. that still means there will be lingering effects as the sector adjusts. we may continue to see some impact, but not to the tune of last year. >> the cfo touched on the outlook for another major market. >> the uk economy has been p amazingly resilient. we are pleased to see this. we are privileged to have the customer franchise we have in the uk. the prospects are good. we may be avoiding a technical recession, however shallow it was. our customer pipeline for new financing requirements keeps going. double digit percentage points.

inflation is on the mend. the outlook for the uk is promising. >> for many months, there was a description for andrew bailey this would be a more difficult challenge tackling inflation. it was more stubborn with the rates at 4% in january. why do you have confidence inflation is falling back into the level where it is enough for the governor and mps to start moving on rates? >> the inflation hit 10% in the uk. let's not forget the job that happened to bring it to those levels to the comfortable level for the medium and long term. we are in a different frame from early 2023. a massive job has been done to get it to that level. that is number one. number two, we're

pleased by the economy. we have gone through covid and challenges of high inflation and now able to thrive on the global outlook. it is a promising opportunity. we are here to serve our cl clients. let's move on. we will take a break. after the break, coming up on the show, pitch book released a new report on the women in the vc ecosystem. we will dig into the findings next on "squawk box." hi. i'm wolfgang puck when i started my online store wolfgang puck home i knew there would be a lot of orders to fill and i wanted them to ship out fast that's why i chose shipstation shipstation helps manage orders reduce shipping costs and print out shipping labels it's my secret ingredient shipstation the number 1 choice of online sellers and wolfgang puck go to shipstation.com/tv and get 2 months free

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hsbc group's cfo tells cnbc a lower rate environment won't hurt the company outlook. >> the expectations you see activity pick up and the volume side of the earnings will pick up mitigating the downward pressure. shell lowers the net carbon intensity reduction target for 2030. it is the latest transition report. the energy jgiant targeting a

reduction of 15%. and lanxess is sharply lower by 10% in early trade after the weak outlook. rwe is picking up 1% despite the forecast in profits falling by a a third. we will hear from michael muller at 12:00 p.m. and foxconn posts a 33% jump in profit for the fourth quarter. revenue expecting to increase in 2024 amid booming demand for a.i. service. european stock markets have beentrading for half an hour. we have seen momentum in the french and german stocks. french market up .50%.

trading at records with the dax in germany around the 18,000 mark. we are seeing a flat or weaker picture with the ftse 100. not much appetite after the decent performance. the uk stock market up 1 p.5%. the benchmark up .20%. w we are seeing movement in the peak levels on the european stocks. we pick up on the session stateside with the a.i. bets in trade yesterday giving us a dip on the nasdaq in particular. let's take a look at the sectors. mostly positive. a couple of patches of red. now we have construction material and insurance and basic resources at the bottom. at the higher end, household goods accelerating to 18%. utility companies updating in the last 48 hours. oil and gas is .60%.

to the different stocks on the move at this stage. 26% change with the stock soaring. the potash maker is 1% firmer. leonardo is up 1% in the italian market. la lanxess is down 10%. nat west is down 5%. some of the basic resources players with anglo american down 4%. now the cfo sounded a note on the lender acquisition of the silicon valley bank after the purchase a year ago. >> it was a great acquisition. we loved the opportunity. we love the strategic fit. it is in our genes to bank entrepreneurs. we will continue to invest in it. we have been investing across

the world to support the uk strength hub which we acquired. we will continue to work the opportunities. pitch book's research on the women in vc shows activity in europe still is male dominated. women show a growing fraction over the last couple of years. our next guest at pitch book joins us to discuss more. great to see you. >> great to be here. >> the numbers and the word fraction came in with women and access to financing for startups. what does it look like for women trying to begin a new business in europe and in the united states at this stage? >> right. we see women growing their presence in the venture ecos ecosystem. female founders seeing growth over the past decade. look at the amount of capital raised last year. it is ten times the amount they raised in 2013.

there has been a bit of progress, but we also see female founders facing the venture headwinds over the last three years with the total amount of capital which is a decline from the year prior. >> are vc shops still closed to females? >> the people that ultimately determine whether or not a company gets funded and we see that is another environment that is male dominated with firms of $50 million assets. certainly an area where most founders are going to be pitching to majority of men. >> let me see. you turned out the facts. now i want to know why and what are the barriers? why are women underrepresented? i appreciate progress. it is way too slow. what are the barriers? >> it is a new answuanced conve.

we see so much growth over the past decade. that is a rising tide that lifts all boats. we are still waiting for that progress to reach more than a quarter. we see socio- economic factors and domestic labor. that's a factor. we also see the really entrenched markets within the venture hubs in the u.s. and europe as well. it may not be an intentional exclusion of women, but there is a blinder these investors have on. >> let me say something. girls don't do physics. girls don't do s.t.e.m. my daughter is a bit of a challenge, but they should do s.t.e.m. and math at the same level as men. they can do it. is that a barrier? vc equals tech and tech equals

math. is that one of the old issues? >> there has been a huge push for women in s.t.e.m. we see that reflected for the venture capital activity as well. in the fintech as well. there is a presence. women do s.t.e.m., of course, but we want more of that support. the public sector initiatives can help. we see more women enrolled in universities which is the funnel for the startup environment. >> what we are talking about is demonstrated to the technology events that i go to where there were no women at all in the early part of ten years ago. >> ha wrif you look across the halls, there were no women unless there was something promotional. you see now a lot more women

founders, which is encouraging. i wonder if the founders are competing against themselves. health care and fintech. it is encouraging, but it is a competition which is too hot in concentrated sectors? >> i think there are verticals for the female founded activity, we see the tech sector broadly dominating that space. we see activity in heemedia and retail. there is a bit of variety. to your point, i think the concept of community building and women supporting each other is a big part of the solution. we do see growing communities of women angel investors and entrepreneurs themselves building that network and showing women that they can succeed in the space as and there are women available to support them.

>> a.i. what does it mean for women in future? i talked to qualcomm with a female founder. it doesn't feel we're going to see that same level reflected across the industry. >> i think the share of women in the space is one thing. we have seen in the venture capital investment numbers with a bit of rise in a.i. for female founded companies alongside that movement for the total sector. we have big names founded by women with anthropic and credo. some big movers and there is more of a push for women's presence across the tech sector and a.i. is part of that. >> let me go back to what you said at the start. you talked about socioeconomic factors and child care. i can't believe we are still talking about that. is it political?

i talk about the issue as you are from seattle. let's go stateside. we know all things that are not political are hugely political in the united states. is women's place in technology become political? >> i think the conversation around dei is a hot topic in the u.s. and i'm sure in europe as well. we had the supreme court decision struck down affirmative action and we see that in the conveni venture space with lawsuits. there is sensitivity there. when we look at the presence of women already, they are staking their game and growing. we hope to see that continue. >> i think i feel mildly positive, but not as positive as i like to feel. >> that's okay. we don't need to sugar coat this topic. >> thank you very much for joining us. the research analyst at pitchbook. coming up on the show,

countdown for tiktok as u.s. house of representatives as a bill that could lead to it being banned in the u.s. despite what mr. trump was insanely wanted from this. interesting. we will get to this after the break. 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 best converting checkout on the planet. a lot more. take your business to the next stage when you switch to shopify. my name is ashley cortez and i'm the founder of the stay beautiful foundation when i started in 2016 i would go to the post office and literally fill out each person's name on a label and now with shipstation we are shipping 500 beauty boxes a month

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confidence in the fed's ability to get a soft landing has tripled. confidence to achieve a soft landing has tripled among cfos in last year according to the latest report. high expectations for the u.s. stock market. frank holland filed this report. >> reporter: this is the latest survey. our read on the thinking of corporate financial decision makers and this read shows half of the cfos believe we're on the path for a soft landing with the u.s. keeping inflation under control. half had mixed views with 15% forecasting recession this year and another 15% saying it

already happened. this is the highest read on the conf confidence. one of six cfos were on the path for a soft landing. 22% day the fed is doing an excellent job. important to know this is the first time in five quarter there is were no cfos which gave the fed a poor grade. this survey was taken between february 26th and march 7th. earnings come in 10%- higher yer over year and jay powell saying the rate cuts on coming. these financial decision makers have also had rate cut exp expectations in line with the market. forecasting a cut between june and september. no cfo forecast a cut in the may meeting, but 7% said they see a

scenario where the fed will not cut until 2025. the overwhelming majority say the inflation fight will take until 2025 and possibly longlonger. back to you. >> i'm speaking to the ecb chief economist philip lane in an hour and a half. investors are looking for key data and jobless claims and ppi data set to cross the wires ahead of the fed decision due next week. karen, you want to move on to talk about other stories? >> i know you are excited about retail sales. u.s. lawmakers in the house of representatives overwhelming by ppas pass ed a bill to ban t. tiktok ceo's said this is

leading to the app ban in the united states. >> we have invested to keep your data safe and our platform free from outside manipulation. we are continued to do so. this legislation, if signed into law, will lead to a ban of tiktok in the united states. even the bill sponsors admit that's at the goal. it will take billions of dollars out of the pockets of creators and small businesses. it will put jobs at risk and take away your tiktok. we know how important tiktok is to all of you. >> let's get to nbc's brie jackson who is in washington with more. brie, the report suggests that tiktok was caught off guard from the move of bipartisan support. that is not something we talk about. support on both sides of the aisle that the threat that

tiktok poses. >> reporter: we are seeing bipartisan support here. good morning. it is really an ultimatum that lawmakers on capitol hill is giving. the bill would give the chinese parent company, bytedance, six months to divest from tiktok or it will be banned in the u.s. it poses a national security threat as long as it is owned by a foreign adversary. there are fears that china could exploit the data from the users on the app. the company insists the chinese government does not have access to that information. opponents of the bill also raise concerns about a potential ban arguing that it would infringe on first amendment rights and unfairly targets one social media platform. we have seen tiktok influencers weigh in on the matter. the measure would harm millions

of smil business own small busie the app. >> brie, there is another story here which i think is fascinating. rarely do house members do anything out of lock-step with mr. donald trump. when he was president, he had a different view on tiktok and now a different one. that is contrarimycontrary. i find this fascinating. >> >> reporter: this is something that came out this week when former president trump did an interview with cnbc. he talked about his term in office. he made an effort to ban tiktok. now he went back on that a little bit during his interview earlier. he was saying he feels that it is not fair to tiktok. he says he bsees benefits from

tiktok. he points to a ban on tiktok would help facebook and other platforms. he did back step on that a little bit. he also mentioned there are privacy concerns there. he says that he feels it is a matter of other social media companies as well not just tiktok. >> thanks, brie. absolutely amazing. a lot of people are questioning why the former president has made this move as well. some people talk about his dislike of mr. sozuckerberg. thank you, brie. joe biden is set to issue a statement expressing concerns of the nippon steel's 15 billion dol deal of pittsburgh steel. the white house has of thissed tokyo of the decision. shares of u.s. steel fell on the

original report. we were talking about bipartisan support of tiktok, but bipartisan support with this story which is fascinating given how fragmented patcholitics are stateside. we are not talking about china here, but japan. this is the ally we have talked about geopolitical security. communicating the message to the japanese in the state visit that the investment is not welcome is d dicey for biden. there are bigger trends. you think back to president trump and his era. he put tariffs on steel trying to protect america. the rustbelt is struggling to compete and needing deep invest. m ment to compete. now as we talk about the future and getting rid of u.s. steel

and handing the keys to a japanese competitor is incredibly difficult optics. >> the president has done two things which has galvanized re-shoring. one is the chips act and the other is i.r.a. both brought back technology in the united states where the u.s. wants to grow. it is a throwback to a time with hardcore manufacturing. u.s. steel does not employ that many people. it's a blunt fact. it is a symbol. you talked about optics. u.s. steel employed 22,000 people which is a fraction of the industry growth we have seen in technology and energy transition and oil and gas as well. i think very much this is about symb symbolism. it is a symbol of the united

states. the fact of the matter is, we are not talking about china here. we are not talking about a country that even trump has had a go at recently. we are talking about a country allied to the united states since the end of the second world war. u.s. and japan are pretty tight economically and geopolitically as allies. >> it is the rethinking of the global supply chains. you want to ensure you have domestic supply of certain goods in the event of war or manufacturing at home. if there is a change where there is something more competitive thanks to a.i., you want steel production and fuel that story. it is a broader trend. pennsylvania is a crucial swing state. >> they don't have semi conductr

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it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." we start with wall street getting set for the final read on inflation before the fed's next policy decision. futures are moving higher. tiktok's ceo hits back after the house forces a sale of bytedance. and shares of tesla are running out of juice after the growth stock is without growth. and under armour trying to ignite a