that's all for this edition of "dateline." i'm craig melvin. thank you for watching. [music playing] ♪ . european stock markets are open for trade. the early signals on the heat map behind me on the back of the third negative session yesterday down .20%. sliding on the core markets. the ftse 100 down by .10 yesterday as we wrapped up the trade. you see we are inking more red

at the start of this on the back of the session stateside where a.i. news dominated. nvidia news flowed and alphabet with the gemini technology to help with the apple a.i. storst. that stock bounced the most with the s&p 500 breaking the three-day losing streak. take a.i. away and how much momentum is in the market? we are looking for further clues on monetary policy. we had the japanese stepping away from negative interest rates. the central bank clues we are getting around sticky inflation is key to the narrative around what has been bullish sentiment to place bets on a lot of big trades at get going this mornine

are giving back .10% from the outset. from the sectors, red arrows at this stage. financial as down .50% in that basket. utilities, every stock in the basket is in the red. technology is a fraction weaker despite the news from the semiconductors thanks to the individuals conference. the media basket of names. wpp at the bottom. we have the reversal for the construction. chemicals down .13%. telcos and industrials are down, but slowing a slight slippage. banking names in the green. household goods this morning with the ice cream brand spinoff for unilever.

rio tinto up 1.5% at the outset. look at the individual indices. 7,725 on the ftse 100. we have a slight gain of two points. stable position. also, fairly flat for the french market at the beginning of 8,150. the german stock market is a red tilt. you see it is flat at the start along with the trades on the spanish and italian market in lock-step. the bond that is showing the dip is the smi. that market down by .13%. the big story is japanese assets. the nikkei 225 is 40,000 points. .60% is the trade today. the ten-year jgb is .75%. just shy of the mark. on dollar/yen rates with decline

in the yen against the dollar. thebank of japan dielivered the first interest rate hike since 2007. the 7-2 vote, the central bank ended the yield curve control policy to increase jgp purchases if long rates rise. the central bank is in a phase where it can proceed with rate hikes with the 2% inflation target within reach. joining from us tokyo is talking us through the historic move. the signal is getting closer to something more. what comes next? that is the big argument as we see so much money parked off shore as investors chase high needs. >> reporter: in order to answer your question, let's refer to governor ueda and the cabinet

secretary of japan. they are in lock-step today as they mark the historic day where japan is no longer in a situation where they are having negative interest rates. the message from the politicians and the central banker is policy will remain accommodative for the foreseeable future. there is always hedges for the bank of japan with these decisions, the reality is we are seeing an end to the negative interest rates and we are seeing rates inch up. 0.1% is hardly a hike. a lot depends on consumption going forward. we were waiting for the bank of japan to make the move. one was higher inflation which has been going for quite some time now. last friday, the news came in with the companies represented by the biggest labor union in

japan would raise wages in april by 5%. those two factors are in place. that is why they are ending this so-called experiment. it was long overdue according to economists, but they took a cautious approach and made the move today. a lot will depend on what happens from here on, particularly on the currency front because imported inflation costs have been a serious draw and serious weight on consumption. that is the missing link in the recovery scenario. karen, we are still skirting on the edges of recession. yes, it is a symbolic move, but beyond that, you know, unless you are in the brokerage rooms and cheering on the nikkei, there is a deep sense of caution from the average person in

japan. >> thank you for the perspective on the significant day as we weigh the moves from the bank of japan and what lies ahead for many investors. let's push on as unileaver s up 5% as they plan to spin off the ice cream business by 2025 which is a move to setoff 7,500 office space roles. the company will accelerate the growth action plan saying it expects mid single digit growth after the merger. the stock now is flat thanks to the moves today. sastrazeneca is out with moves today tas it will buy bio-fusion pharma company. it will pay $2.4 billion for the

deal. we will speak to the company's executive vice president of r&d at 9:45 cet. and thyssenkrupp ended the due diligence phase with the carc carlyle group. pfizer dispensed 8 million shares with haleon. h haleon bought back stock from the sale and it will allocate the funds to feature buybacks this year. let's look at airbus this morning in trade. you can see the stock is outpacing market up 1.8%. it ended discussions over proposed deals with atos for the

cybersecurity unit. atos has rescheduled the full-year earnings release. that stock down 24% in the red. charlotte spoke to the ceo of airbus and asked if the airplane maker was under pressure. >> we do what we think is good for airbus. there is no pressure on that case. no pressure. we do what we think is good for the company. why are we looking at bds? that is a small share of atos. that is a small share of the business around 10 billion. it is a share. it is a part of it. it is a part linked to the digitalization that could help airbus for the activities. that is why we are looking at it. that is where we want to go with cyber and in terms of connected solutions and in terms of

computing and more data and secure communications. >> jason joins us now. thank you for joining us today. you are constructive on bonds and equities. walk us through the psychology given we escalated with the records with the markets. >> specifically on equities, i think what you see here today is despite bond yields going up, i think that's kind of the narrative shifting from bond yields going down and growth good for equities. actually, what we have seen today is economic momentum going up. i think that is good for stocks and stock earnings. in terms of bonds more broadly and how we constructon that, obviously with the change on the narrative with the central banks open to rate cuts, of course, that is good for bonds. secondly, why they are considering rate cuts is because

inflation is starting to carry on going down. of course, we see a couple of hot inflation prints, but the trajectory from our side is one of inflation for 2024. >> how much do we need to see the rate cuts soon to justify the openappetite for the stock markets this year? >> for stocks in the camp of economic growth to carry on upwards. in terms of central banks and what they need to see, obviously the inflation picture is migr migrating. if you look at the work the fed has done, particularly the san francisco chapter of the reserve bank, they talk about inflation going down and that giving the fed the confidence that the inflation will migrate downward in 2024. once they get the confirmation through the ninflation data, there could be more clear when rate cuts will come.

>> that nvidia and tech story, however, does seem to be, i suppose fracturing a little bit as well. how much do you like at that story and say it is now time to be selective and if you are looking elsewhere for gains, you might not necessarily find it in the top part of the s&p. >> that is our thoughts. you had a fantastic rally in the a.i. stocks and that is radiated to other tech stocks as well. from our standpoint if we see economic development carry on, that can impact other markets. don't forget if you look at earnings without the magnificent seven, earnings were down in q4 in u.s. and in europe. you have the lower base with the earnings profile. if economic momentum carries on going up, that can help the other stocks and more importantly, that is where the value is as well for the other

stocks. >> is the economic momentum coming for the stocks or is it a.i. momentum? >> specifically with the tech stocks, it is a.i. momentum. >> we keep talking about the gains and efficiency gains coming for other companies with little investment and it will be op ex. does that mean the story doesn't work out and it would be an a.i. story for other companies? >> for services companies, that might be the case. where there is hot labor? if we see the automation story play out a lot sooner, i think a lot of people anticipate as well. of course, that will impact the on the onlybottom line of the companies. that is not clear cut. from our perspective, is the economic momentum for the cyclical sector. >> let's say if it you have to

stay higher for longer because you have inflation remaining as hot as it is in recent prints, at some point you will see cracks in the u.s. economy. that weakness to permeate further. that doesn't necessarily write off a recession or perhaps it says no landing is possible. you begin to worry a little bit about where you find the positivity in the market and it becomes a story of just a.i., doesn't it? >> of course, if the economic momentum dissipates, then that will be a huge question mark for the markets. there's no coincidence with the sharp economic slowdowns and recessions and that's when equity markets crack. there is some slowing in the u.s. economy. it is still forecast to be trend or slightly above trend at 2 %. that is still a good story. that will drive the markets. the story we are looking for is

the broadening up to other markets such as europe and asian exports and the uk. the story for 2023 was the u.s. growth and now we hopefully have that radiating across the globe >> corporate get and hedge funds. you are talking about attractive operations in hedge funds. what is attractive? >> for hedge funds specifically, because we are conscious of the inflation risk, and conscious we have bonds and equities and what we want from the portfolio is to diversify. a couple of the hedge funds we have kind of fit that mold. diversify away from the tight bond correlation we have seen in 2023. to manage theat volatility if i

does occur especially if we run on inflation. >> quality bonds. is that duration? is that long? are we looking at more of the five-year duration now considering how you don't know which way it plays with the interest rarte environment? >> we are neutral at the moment. that is waiting for the right cuts. we find bond yields going down and it tends to be a journey. it is a one and done. we want to wait for the confirmation. if we have done good analysis, then bond yields fall. once we get clear sign of that, we will go longer during ation. >> jason, thank you for joining us. nvidia has announced the anticipated super chips.

meta and google and tesla are ready to adopt it for the applications. fascinating how were pmany partnerships that company is trading. and coming up on the show, the exclusiv exclusive interviee polish prime minister. that's coming up next. g 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 visit coventrydirect.com.

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poland's president duda says it is important to work with the polish government over the country's reforms. we have been talking about the politics here, steve, but the back drop is interesting in poland. whether we see duda see the media and the judiciary. >> reporter: it is absolutely right that you and i and arabile and this show concentrates on the dpolitics with russia and

united states and eu and poland. that was the bulk of the interview. there was a fascinating situation playing out in poland domestically between a government headed by tusk. he is a company man and former president of the eu commission. a man looking at closer links in all kinds of ways with poland and the eu. the president who was a member of the p.i.s., the law and justice party, which has been at loggerheads in the reign with the eu over a host of issues, including the role of the judiciary which is stacking the p.i.s. with judges and favoring

the law and justice party. there was a back story here as well which has just come to a head ever since donald tusk came in office in december. we heard a lot of the lo loggerheads with the prime minister as well. it could potentially stop the relations with the eu and poland. what was interesting is very soon after donald tusk became prime minister late last month, the eu rubber stamped the starting of the funds for the cohesion fund and other big fund which is combined is 137 billion euro which has been held up the last couple years. that money needs to be spent by middle of 2026. that carries issues. the president, mr. duda, says is this about reform or politics?

fascinating exchange with me and the president yesterday. let's listen to what he had to say. >> translator: you know, it turns out no reforms were needed to up up the path to european funds. the change of government in poland is enough. i find it sad. we were always hearing how reinstating the rule of law requires reforms. it turns out it was nonsense. it was political propaganda. the key thing today is they took power in poland and tusk became prime minister. this shows the hypocrisy of the party and the european socialists. this is one thing. the other issue is the interests of europe and issues relayed to poland security. we must have the same

aspirations. we want poland to be as safe as possible. we had disputes as in a democracy. we havhave cohabitation in pola. as i said, tusk's cooperation is necessary for the benefit of the citizens. for me, it is clear. when it comes to details, there are different visions and those visions clash with each other. there is nothing extraordinary about that. however, methods applied today by the governing coalition and policy issues i object to them. i articulate that objection. i apply active measures. that's an usual issue of inter policy. >> he has vowed to topple the

t government? the tusk government has the right to make reforms? >> translator: of course. i have no doubt in my mind that the tusk government and majority have the right to conduct reforms, especially with the right to the commitments they made to their voters. it is a democratic standard. there is one fundamental thing. you have to do it within the framework of the constitution. do it with the framework with the rule of law and don't violate the rules of law. do not violate the constitution or the principal of democracy. these are fundamental things. i was elected in general elections and more than 10 million poles voted for me. that is why i'm president for a second term. >> reporter: this was a really important part of the conversation. if you want to see couhesion in

europe and the economy to grow this year 3% to 4% -- there is a veto and if he vetos the actions of tusk, that means the money is reformed. i thought it was interesting because he is saying yes, the tusk government has legitimacy and it is democratically elected and should make the decisions and we will work with them in the pbest interests of poland. in the language was hypocrisy. i just thought that was fascinating as well that he is lambasting the process as well. given the fact that donald tusk hasn't managed to enact the reforms and the disbursements are coming. it is an interesting situation with the arguments on both

sides. in the coninterview, there was distance between himself and the group vowing to topple the government. that is distant from political reality. he will work with the tusk government. that is genuinely important. that happens in poland has ripple effects across the eu. that was a couple of parts of the interview with mr. duda as well. a lot of it has been put out on social media and out on the cnbc.com. karen, you can listen to it there. >> steve, thank you for bringing us that interview. for more, check out cnbc.com to catch up with the conversation with president duda.

coming up, we are joined by the ferrari ceo benedetto vigna. don't miss that interview. it's coming up next. what is cirkul? cirkul is the fuel you need to take flight. cirkul is your frosted treat with a sweet kick of confidence. cirkul

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welcome back to "squawk box." historic shift from the bank of japan ending the last negative rates regime with the first hike in 17 years. also abolishing the yield curve control policy. in corporate news, unilever is spinning off the ice cream business impacting 7,500 jobs. airbus ends talks to buy the atos cybersecurity unit. the polish president duda telling cnbc there is limited time to prepare for another russian attack. >> translator: thebells

are ringing. we have two or three years to stockpile ammunition. get ready and make sure the invasion doesn't happen. it's all about the central banks this week. the central bank bonanza. we had the central bank hike the interest rate for the bank of japan. moving out of the negative rates which was in place for the japanese economy. what happens now? the fed starts the two-day meeting today. we had the rba in australia and other central banks at play, including the blanank of englant play. the rest of the world asking when it begins to cut interest

rates. the question for the fed iswhat does the rate path look like? is it three cuts that seems to be at play? we are sitting flat across the european trading this the early morning trade. yesterday, we had the somber start to the trading week. you saw the likes of the telecom stocks falling 1.4%. the worst day in three months for the sector. autos managed to climb 0.9%. where are they today? you see autos gaining on the back of what we saw yesterday. autos managing to rise 1.3%. we will unpack that more in a little bit. the oil as gas sector is up 0.6% in the trading picture. it falls on from the oil and gas stocks yesterday. brent crude touching that $86 a barrel mark before coming down slightly.

a mixed picture here. stocks gainers and losers this morning. the likes of unilever announcing they are separating from the ice cream business and will keep that as a standalone part of the business. that share price is moving up. managing to gain 4%. yesterday was down as we started off the trading picture and now managing to gain 2% with hannover re in the picture. ferrari is gearing up to launch the first fully electric vehicle next year with the opening of the production facility this summer. it is forecasting 60% of the sales are fully electric and hybrid cars between now and

2026. we have benedetto vigna with us in the studio. >> thousank you. >> you have a factory you pulled the wraps off in june of this year and the last quarter of next year is when we see the first fully electric car. how is this progressing? >> it is progressing well. we are proceeding according to plan. we are on track. >> the image most people haveof ferrari is sleek and very fast and also noisy. as you transition to electric, how do we think about the image of the tradition of ferrari changing? >> we look at when we have the performance and the sustainability. electric cars are not silent. >> we have the impression they were. are you saying they don't need

to build in a soundtrack to sound like something akin to the past? >> if you know the technology, you know you can do a lot with an electric car. we have been using the all electric car for the line and we will keep doing all and it will be all unique. >> you are saying the technology has caught up in a way that in the luxury market that you can create the kind of vehicle that maintains the essence of what your business is about? >> we are working on this for a few years. with we have some prototypes on the road. it is key to consider the driver. we are very happy on the progress we are making. we are on track with our milestones. >> will there be different tiers of this? if you look at just in the

consumer models you see from tesla, et cetera, you come in at different levels when it comes to the ev vehicles. is that the same in the luxury space? >> when we are talking about luxury cars, we talk about emotion that we are able to deliver to the client. we are nottalking about a functional car like an ev. we can deliver a unique experience to the client. we can harness technology in a unique way. >> i want to get into how your end of the market is different to the rest of the ev market. what we have seen is a first mover advantage from tesla and byd and the price war with two of the players as they try to claim more market share. is there a first mover advantage with the luxury evs? >> you have to be the first one.

you have to make a difference with the consumer market. when you get there, we have some experience. you can make and understand what to do and what not to do and p the the way to interpret the technology. >> how are you feeling about operating har margins in the fu? what is the operating margin for an ev ferrari versus the traditional combustion engine? >> i can tell you it is on track with our plan. there is no match difference. what i can tell you is that -- >> not much difference to the plan? >> to the financial community. what i can tell you is when you do an electric car, it is cheap and you get rid of something very low cost.

you add something expensive like the battery. this is similar when you work on the luxury sports car. >> what about full adoption of evs in the luxury space? when do you think that comes to the floor? >> i don't think it will happen. i have been looking myself during my career to make the technology transition. i believe that we will have the three colors, red, blue, green living in electric and living together. i don't see a digital transition in the history of mankind. as you said in the beginning, in 2026, 60% of our offerings will be electrified. i believe we need to leave the freedom to the client to select.

>> that's going to be very important. at the same time, you see the likes of china at play right now. that luxury market will continue to drive growth for you and thought just on your normal engines, but also on the evs in the future? >> we said that multiple times that china is a market that is growing. our sales in china are 8% to 10%. you need luxury cars in the country to grow and understand the brand. to get in the chommunity of ferrari, we have the situation where in other brands where the speculation is happening. we need to make sure people get to the chu to the community. >> they never believed the

disruption for autos. that has happened with the chinese carmakers. is there a potential for the super cars to be disrupted by the chinese because of the technology? >> the market never expected. i have been working with the chinese in 20 years. i fully know what it means to work in china. it means to be fast and challenging. i can tell you that i am using since the beginning of my career to look at what is happening outside. we have always been careful about the faster mover. they are a fast mover. i can tell you have two issues with luxury. this is the advantage in europe. we have to preserve it. we have to continue to be moving at the right pace. >> what about tariffs? >> what about? >> tariffs given your knowledge

of the chinese hmarket. do you think imports would be useful at this stage? >> i don't want to comment on the political decision. the best success in the future is to be quick and take this weak signal from the market and adapt. this is not the smartest with winning. >> let me bring up lewis hamilton and move from mercedes to your company at the end of the season. does the series at formula 1 track make a difference for your future? >> our electrification journey started 14 years ago. that is when the first formula 1 car was on the road. if you want, we are benefitting in our technology and our electrification journey. we are benefitting in our experience. for us, it is very important. it is very important to move the

technology from track on road. >> you have been speaking about raising your new markets and with the likes of lewis hamilton joining your firm, does that look to change the markets? >> this is the demonstration that our brand is very a track s attractive to a different kind of client. the prancing horse is kicking and strong. >> how excited are you to attract lewis hamilton? >> we are very excited. lewis is a good source of satisfaction for the company. >> i want to devil deeper in the journey from electric from here and the client appetite. we have seen a ton of early movers move in the electric vehicle ordering. now that appetite has plateaued or slowed down at this point.

when it comes to your unique customer base, where is the appetite coming from? the chinese customer being more advanced with evs or high-end customers part of the ev story in wherstory? >> when you think about ferrari, think about the company which defines the limits of possible. second, there are a few things i'm proud of and one is the decision we took two years ago when we said we don't go for that. we go for three colors. we need the freedom to select for our clients. we never said go for green. i'm happy to see other people are looking at our strategy. >> let's ask about the supply chain question. how is that impacting your

business whether it is in your supply or demand side? >> we don't see an issue. clearly, it attracts a lot of attention. i'm proud of my team. we have been able to manage many situations with success. we have two things which is commitment by our team and pause of the support from the partners and suppliers. >> it has been a pleasure. thank you. pit stop in the studio. i appreciate it. >> thank you. next time red and yellow and in the car. >> absolutely. i have a history of doing live interviews in cars. thank you, benedetto vigna. coming up, a $2 billion play for pharmaceuticals pushing into the phamacology space.

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astrazeneca has announced plans to buy fusion pharma in deal worth $2.4 billion. it represents a near 100% premium to the nasdaq monday closing price. susan galbraith joins us from astrazeneca. susan, thank you for joining us on the back of the deal today. explain the significance for it and the performance with the drugs that astrazeneca has already. >> thank you for the opportunity. we are excited about the deal and the opportunity to work with them to bring a new class of agents for the treatment of cancer. you know there has been interest in the area of cancer drugs with antibody drugs and those are replacing chemotherapy. between a third and half patients receive radiation

therapy. what this does, it enables to target radiation to the cancers and effectively treat the cancer from the inside out. what that means is we can enhance the capability of radiation to potentially treat and cure more patients with cancer. there are some patients whose disease is spread out and not candidates at the moment. this means it has to treat across the body and open up a new area of patient treatment who are not eligible for this therapy. this modality is combined with e in the portfolio with the oncology agents and damage response agents. this is an exciting opportunity to build on the internal capability and open up a new space of cancer treatment. >> susan, as we talk about this

here, what impact will it have on health systems like the nhs? is their money to spend on this technology? >> i think this technology needs to show it can prove long-term out outcomes for survival. if you can do that, you can find the paradigm for the treatments. if we can improve on the way that external radiation is given requires a lot of capital i investment in radiotherapy machines. this is the way to extend the range of radiotherapy can work. in time, we can show it will be a cost effective investment to improve cancer outcomes. >> susan, good morning to you. this purchase follows on from the acquisition of the rare disease firm as part of the

expansion into the development of rare disease treatment. are you finding this is the demand your clients are looking for specifically and that means you need to continue to add to this? is that something you are looking to do? >> well, we are obviously building on extensive investment we have in the r&d facilities. i'm here in cambridge and we are invested over $10$10 billion i y &d in astrazeneca. what we see through the business development deals like the fusion deal we have done is the opportunity to build abilities to drive growth and not just to 2030, but beyond 2030 so we have long-term growth of the revenue potential. >> does that mean you are looking at further deals?

like you said, it is capital intensetive tlooking at it this. where it is more r&d could mean more bang for your buck. >> we make deals with high quality assets that can add to our portfolio or capabilities. that is what we see with the two deals. it reflects just the environment in bio-tech the last couple years with the valuations of bio-tech companies which decreased in capital. this is an opportunity for the deal making. you know, it goes in different phases. what we also need to do is invest and execute on the deals to derive value from them and deliver the revenue growth and the return on the investment for

the investments we already made. we areusan, it has been a rolle coaster. highs on the back of the covid journey and lows as we got through that noise. in terms of now, the fact you paid 97% premium of the closing price on monday suggests there is enthusiasm in the prices. the latest deals show m&a appetite. how do you describe the wave of activity at the moment? >> we have done some deals recently because it is an oppotune time for the revenue growth. it goes in phases though. of course, what we always do is assess the specific value of the deal. in this case, we are excited about the value. we have an asset in the lead

which can treat prostate cancer with the validated target, but building capability. we had collaboration with fusion for a couple of assets as we are bringing one into the clinic. we see this as an important area and this is the opportunity to build our capability in the area. that is why is an attractive deal at this time. as we did the adc, we initially had a deal, but invested in our assets and we have six assets now in the clinic which are prom promising. this is a complementary strategy. >> susan, thank you for joining us today. executive vice president of

oncology. that has taken us to the end of the program. the central bank story to nvidia and a.i. story and disruption in pharma sums up the journey for investors. that is all for arabile and myself. "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 and here is your "five@5." we begin with the fed kicking off the policy meeting today in the face of the stubborn inflation. we layout the playbook. bigger and better. nvidia unveils the computer chips to power the next generation of a.i. and large language computing, but investors are not impressed this morning. in washington, a reported h handshake deal to keep the government funde