cooks up something special. home cooking, if you will, in seattle. what a show, digging deep, the disruptor, cooper webb battles it out, coming on top for the third win of the year, he keeps his title european stock markets are open for trade and the early signals have been weak as we have been counting down the core markets. as we wrapped up the trade on friday, the stoxx 600 hit an all-time session before the flat finish markets in europe are keeping pace with the u.s. markets we saw it on the ftse 100 trading up 2.6% and getting to levels we have not seen in a while.

7,900 plus for the ftse. the dax had a lot of fresh all-time highs across the trading week it was up 1.5% for the week. seventh positive week in a row there were pockets of weakness with french stocks thank to the kering warning last week it wasn't across the board which left us a bit out of range with the french performance against the u.s. action. up 2% across the board for the major boards the dow up 2%. as we pick up on the heavy week of central bank communication, markets seem to be drifting and lacking a fresh catalyst to push higher goldman's was calling for 540. that suggests there could be room for improvement here. it is fairly evenly split.

we are looking out for h&m numbers this week. a rehe versus al thanks to the kering performance burberry trade is down .60% and p dior is down as well modest declines for the baskets. healthcare and chemicals at the flat line. the construction basket with financials showing appetite today. financials moving higher out pacing telcos. oil and gas is having a strong start in europe this morning, but the travel and leisure is the strong performer today

in terms of the starting point for the boards, the ftse is interesting. it hasn't been the case for the last 12 months we have not seen much movement there. other indices have exaccelerate. it has been left behind we are staying around 7,930. that is territory that is uncomfortable for the index when it hit that mark good afternoon, goldman's is calling 8,200 by year end. we are watching that closely you can see other market participants as well in the french market, we have a flat open. good movement on the dax it is on the upside. we had weakness cropping up early on italian stocks are reflecting that the ninth positive week in a

row. we are bookend with the spanish and swiss stocks let's get to the belgium insurer ageas. the offer significantly under valued the company and expects material improvement as a stand alone company. you can see a direct line. we are waiting for the trade th . let's get to kingfisher. the stock is forecasting a profit below he analyst expectations the home improvement company warning in the last six months with improving housing demands a which is not seeing upgrades

taking place as people get ready to sell. and the defense contractor hensoldt met full-year revenue guidance it comes as heighten ed ed geopolitical tensions are on the rise lufthansa revealed that italy has been battling against the competition for a year is so far. the stock is slipping today with a 41% stake in the italian airline set to be worth 325 million euro. the group atos has put an end to the asset disposals as part of the future for the group. atos presented this to the french board there was a call for the

national national solution to protect the company. steve. . >> thank you we have our guest today and he is asking the key question bu bubblicious? >> i'm saying it like you now. >> you are asking the question rather than saying it is a statement about global markets >> we asked the question it is always to say no, it is not. >> do you always do that >> not quite i find this is a strongman down. >> why aren't we in a bubble >> let's say if you look at the earnings delivery and large

against small cap and tech it is very different to what you would see in a bubble. frankly, if we compare what we have seen over the last two months to what we have seen in january, january you could have argued that we dipped back then and it wasn't a broad-based rally. it was in equities when you looked at emerging market or high h-yield credit, l of this is lagging now everything is ripping. it is no longer a handful of names, but everything. all of the asset classes. >> let me tell you what you are looking at on the screen direct line is down after ageas pulled out of the bid. the stock was under valued which tells what you are saying. i want to ask another question before karen comes in. nothing is binary. it is not in a bubble or we are

in a bubble. i believe some parts of the market are and some are not. do you believe any parts of the market are in bubble territory >> i think at the moment, no >> nothing at all? >> what about the a.i. stocks that aren't nvidia that don't have the sales growth of nvidia? the companies that profess to be the next nvidia? it is just a marketing line. >> to be fair, we have that every other month or quarter those kind of stocks or stories where people and markets get excited. you get excited about something and this pocket rallies and everything rallies then you find out after a couple of quarters that was insane. was that in the broader market that drives the s&p and nasdaq and risk assets overall. very unlikely. >> let me bounce on what you are saying there are pockets of stocks which are overvalued, but not affecting the broader market

>> they are too small. they are names we have not heard about and have a.i. in the ticker and then oh, a.i. i should buy this. remember after covid and zoom was on the rise and you bought the wrong zoom that's the wrong company >> i'm trying to think of another one. loads of examples in history where people assumed it is the same company, but different. >> zoom is a great example the one that everybody did buy that was the right one, there was a reason to buy because people were changing habits. what constitutes a bubble? you can't see the other side put nvidia in that category. we know there is a great a.i. story happening. name one person who can tell me the visibility and what it looks like in 12 months to 18 months time nobody has a clue. >> that is a fair question

the next question will be rather than saying we have almost 2 billion people signed up to cha chatgpt. the next question is how do we monetize that? it is all fun and great, but how do we make money out of it there is, perhaps, questions around the near-term visibility. in terms of the product or potential productivity gains the next couple of years, it is tremendous if we compare to what we have seen over covid, the comparison is a bit unfair because that was locked down. this is very different this is what we're going to do now, but this is not something that will affect the next five-to-ten years. this is clearly something that has the potential to really, really affect productivity strongly >> i have seen first hand though ceos are talking about cost savings. when do we see the market react

at a company level or to some of the cost savings now cap ex now, but market to come into the company stories with a.i.? >> i think in terms of the product or broader theme, we are starting to see some bits of it. we look for productivity and look at the productivity the last couple quarters and it has been rising in the u.s. in particular. >> that is not thanks to a.i these companies are doing use cases. >> some bits could be. i think you are right. some bits are probably a pick up of what we have seen with the rebound from 2021 or 2022 with the slump in productivity. some bits could be due to a.i. i think some of it is a bit overblown. small caps, i don't agree with the markets bullish on small

companies in the u.s there is too much hope for that. people are saying a.i. and global recovery that is sweeping the broader market and down into small caps, that i don't agree with at all. >> why doesn't a.i. touch it with small caps? if it is not cap ex with the small balance sheets, but small caps >> i think it depends on the small caps when you look in the u.s., we are talking about more than 40% of the russell 2000 sitting on negative earnings. not negative earnings growth, but negative earnings profits. we have in the russell with the same figure at 40% i think on the a.i. side in a world where yields will stay a bit higher or a bit longer or where rates are not slashed down to 2% in the next 12 months, you

know, the a.i. story, particularly for the next 6 to 12 months is on the back to what we are seeing with the really bad earnings delivery and the floating rate debt profile that probably is more important now for the next 6 to 12 months. >> why doesn't loss making plus floating debt profile equal problems for the high-yield market you like high yield. one thing we all noticed during the height of the chris, the high yield yields, junk yields, never got up to the level they did a decade ago they peaked at 9.5% and now down to a 7 handle now. >> in terms of value, you could argue in the u.s >> it is tight. >> it is let's be honest. the yield in the u.s. is almost 8% if we are thinking from our p

persp perspective, us three, we are sterling based investors it is fantastic because you buy high yield and you leave the currency open and long dollar. if something goes wrong, you will get the short end and front end of the yield curve vrally an you get the dollar rally with the safe haven flow. you have the built-in hedge and you get 8% for that. in terms of the spread, why it is still okay, the point is when we look, for example, the debt maturity profile the next couple quarters, it is not kicking in until the second quarter next year and on top of that when you look at bankruptcies in the u.s., it is going down in that light, getting paid 8%

for dollar exposure is fantastic. >> can i ask about deals there are tons of ipos a lot of m&a with pharma what are you doing with that theme? >> in terms of the m&a theme, globally, with share buybacks and all this, the window is clearly opening now. with lower volatility and people realizing that the global economy is not going to go into recession and we're not going to see this big slump that everyone was expecting in the last two years and with rates subsidisub, that could help primary markets and credit when we look at the last two years, every quarter and now recession. fine, it is better now, but give it three months and it will hit. finally now, we are starting to see the growth forecast and

consensus growth forecasts top down was seeing that pattern break up people finally accepted things are genuinely looking better if that continues to be the case, that should be good. >> max, thank you for your time today. max is the chieief strategist a hsbc. we will take a break and highlight the challenges with the midterm strategy we will speak to the ceo of nissan coming up next. 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. switch to shopify and sell smarter at every stage of your business. take full control of your brand with your own custom store.

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what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com. business. it's not a nine-to-five proposition. it's all day and into the night. it's all the things that keep this world turning. the go-tos that keep us going. the places we cheer. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. see why comcast business powers more small businesses than anyone else. get started for $49.99 a month plus ask how to get up to an $800 prepaid card. don't wait- call today. here's why you should switch fo to duckduckgo on all your devie duckduckgo comes with a built-n engine like google, but it's pi and doesn't spy on your searchs and duckduckgo lets you browse like chrome, but it blocks cooi and creepy ads that follow youa from google and other companie. and there's no catch. it's fre. we make money from ads, but they don't follow you aroud

join the millions of people taking back their privacy by downloading duckduckgo on all your devices today. the bundes bank says germany is likely in recession with the sentiment data business morale improved this month with the index coming in two points higher than expected. the investor sentiment rose more than forecast up ten points from

february annette spoke with the finance minister about the economy s>> integration and globalization. all of these fundamental trends have now been reversed therefore, our business model in germany is challenged. the german economy, given a strong sector, is confident. i'm sure we willin adjust andcoe it is necessary to have the debate in the society. >> it is also about investment if you look at cap ex, companies are holding back because they don't know how the moves are developing when you talk to clients across the country, what are the concerns >> not in the importance and

clearly regulations which is hard to change it starts with the european union. we need to debate how our regulation, which is necessary, can be much more effective and digital. secondly, we have a shortage of qualified labor. we need to debate how to integrate and create the welcome culture in germany for the right qualified workers. thirdly, of course, you have seen the data and we need to debate about the tech race in germany. no doubt, the german economy is competing like not in the last 30 years over capital with the u.s. and with other european countries or with emerging economies like china and india. >> we have seen trade go outside the country. if you talk to investors outside the country, what are they

saying and why are they not investing here >> i think when i travel abroad, clearly within the european union, germany is still seen as a major country to invest in however, had the debate in davos where people were concerned about the increasing risk not only in germany, but other countries. secondly, we need to create conditions in germany which enhance and inncentivize regulation and tech. thirdly, i think in germany, we need to accept there is a certain return level international investor take with major infrastructure projects which we are competing with the uk and u.s. and other western

economies. shares of amd opened lower in pre-market trading as well as intel. this is after the chinese government introduces new guidelines to phase out chips produced from the u.s. companies. this, according to "the financial times" which says they are looking to sideline foreign software groups, including windows systems, like microsoft, in favor of alternatives the managing director is looking at china seeing a fork in the road. she was speaking at the china development forum where they will improve market access saying global companies are welcome in china sam has this story >> reporter: china is key to

turn foreign investment around after fdi inflows hit a 30-year low. it is what makes the forum critical this so-called charm offensive to convince them that china is open for business. that was the tone that the premier li took when he opened the forum yesterday. he stressed the economy's potential and downplayed the investor worries no doubt that ceo virginia shined a commitment to china tim cook's visit to shanghai and talked about the supply chains and opened a new store in the c country. foreign firms are looking for a more level playing field and reasr

rean ansreassurances on the sta environment. premier li says china has mroom for the policies president xi jinping is reportedly expected to meet with ceos on wednesday to court foreign capital back into his country. in singapore, i'm sam baddas, singapore business news. coming up, the insurer ageas is not making a new line for the company. and nissan takes on a new strategy we will speak with the ceo makoto uchida next 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

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welcome back intel and amd falling pre-market after the report that beijing is phasing out the chips. we have the managing directior saying china is facing a fork in the road.

and nissan has a new business plan for the decade targeting 2.5 trillion yen in additional revenue we will speak to ceo makoto uchida in a few minutes. belgium insurer ageas rules out the new bid in the british firm. and moscow has a day of mourning after gunmen storm and attack the crocus city hall. nissan says it will target 1 million additional unit sales by 2026 compared to 2023 as it

releases the updated business plan it will release 30 new models with the half being electric along the target to receive shareholder returns of 30% through dividends and share buybacks i'm delighted to say joining me is makoto uchida sir, thank you for joining us on the day of this important update why don't you talk the viewers through the significant changes to the medium-term plan, sir >> thank you first of all, thank you for having me. we just had our arc business plan we are aiming to hit 1 million vehicles with the support of 30 new vehicles to be launched in the core market. out of 30, we are talking about half of knissan and teen n from

mitsubishi and five from our partner in china we are looking at the volumes to be restored for nissan through 2026 and then how we can prepare for the edification beyond 2026. this plan had a two-year mission. what do we do to make our presence that will bring growth for the market and then we need to be prepared to be competitive beyond that period in terms of the expectation. >> thank you for that. one of the things that we as a channel has been pontificating and you as the ceo is looking at profitable growth in ev. how to improve the margins in electric vehicles and produce the cars consumers want to replace the i.c.e. vehicles.

how do you get profitable growth in the sector? >> that growth is mcoming earlir than we want, especially on the price point. we are going to look into every aspect today, we announce our way with family group sourcing and family plan and how we integrate the vehicle combined with the most cost efficiency for the new vehicle. in order to do that, we e need a great supplier to work with the scale that we have to provide. otherwise, the next five years will have a lot of uncertainty we are facing. scale ability is important and how we make that at nissan is a

key item >> makoto, let me talk about the consumer interest scale in electric vehicles. you have the 30 new models and 16 will be electrified in the coming years in 2026 you have a foot in both camps with vehicle technology. is there fading interest in electric vehicles? >> we are confident the nissan is on the pioneer for the ev we bring value to the customer that is what we will show in every aspect of the vehicle to be launched for nissan. >> you mentioned partnerships and joint ventures let's ask about renault with the investment in the business it has not ipo'd would you be comfortable with that investment if it does ipo

soon >> no. renault is a great partnership that we have had for 23 years. it is not the matter of the ipo. we have the support coming from the division when you talk about the europe division. we have ev and we have that launch through the partnership for europe and then india and latin america. for me, it is not the matter of the ipo or not, but how do we work with the partnership in order for nissan to grow and our partner to grow and how we can make this alliance to be stronger together. that's what we are concentrating on here. >> sir, something that doesn't get as much headlines, but i'm fascinated in is battery technology i've had a conversation with you. the solid state battery

technology do you believe you can have solid state at scale at a cost effective price? it could change everything, couldn't it, sir >> thank you for asking. as you say, we are in the battery technology and battery experience we are pioneering. we are confident and we will have a pilot would like to expd and by 2028, we want mass production i assume this is a game changer and this is what we have been working for long term and we want to prove that to the market >> makoto, i want to ask about the politics here. the vehicle exports in 2025 to china. we know there is an investigation with evs in china

and the potential for another trump administration which changed policy with tariffs on goods coming into the u.s. market how do you think of the politics with the strategy around china >> i think for china, we want to grow in china. we made our decision to utilize our local assets and we are building for the last 20 years we have the development and we need to bring our pace to the market of course, we need to see the products which may have some chance to be exported to nissan for the rest of the world. that is what we are working on here one side we need to be honest about the capacity we have on china and how that can be used further. we are looking at it carefully about the product in china to suit the rest of the nissan

portfolio in the market. that is what we are working on here we will like to aim 100,000 units to be exportported in 202 >> again, karen and i have talked about the issues here do you have concerns of the cost structure of chinese manufacturers will make it difficult for nissan and the other international automobile companies to compete on a global bases? >> i think it is the cost competitiveness is not only for china, but the rest of the world. we also announced many new production ways that nissan will do we are announcing that 2021 will deploy for the rest of the world with the factory which we started in japan the point is how are we going to make our costs more optimized

with our partners and suppliers. this is the key to make us a full presence in the market. in china, we have been working with our partners and how those can be leveraged with cost efficiency this is a very important issue because scale ability is still not at the level compared to the transition period. we need to make sure we make the competitive story to have the customer to have the right price point for the ev that we are going to offer >> i want to switch focus to the japanese market. there has been international interest in the animal spirits reported around japanese corporate. what are you witnessing on that front and with the narrative that we have the bank of japan moving away from negative rates which could be hiking from here?

there is a potential threat rising with the yen and combined with wage increases. you bowed to the increase of the wage pressures with the union. what is the back drop in japan on those factors >> i think every quarter we are facing challenges as an industry it is true that the life or living expense in japan is getting critical we have to make sure that we have to take care of the company and how those employees can be motivated moving forward to be working with nissan. from our side, we need to set the environment for the employees to be working or performing 100%. we need to anticipate many things would happen in the next six months to one year i would say the market is still uncertain. the plan that we show today is

showing how we adapt to the challenges we may face in the future. >> just to be clear, are you concerned about the rising japanese yen from here >> sorry >> just to be clear, are you concerned about any rise in the japanese yen from here >> especially if you look at the exchange rate, we don't know we cannot predict in the future. the point is how we anticipate on the scenario that may happen in the future. >> sir, it's been a pleasure speaking to you. thank you for finding the time on the busy day. makoto uchida. thank you. the market has been open for 40 minutes, karen. >> we are not straying too far from the flat line in the market action you see the heat happen showing more red signals at the chip level than green

at this point, we are flat lining on the stoxx 600. you see 509.40 a high level in sight as it navigates the forecast higher for 2024 for goldman let's look at the sector we are began. media and household goods and retail all weaker. we are looking out for the earnings from h&m this week. we have seen the autos basket move higher up .6% in terms of what we are seeing elsewhere at the stock level, one mover has been direct line and that stock is down 13% the belgium insurer ageas is not making another run for the british company which was rejected this under valued the company and expects improvement as a stand alone firm

arabile has more >> that confidence, karen, is what the ceo has been tauouting significantly. it bolstered the balance sheet somewhat again, direct line saying to ageas is not accepting the second offer and a third offer will not happen. they had previously made two offers at 233 and 239. both of those rejected which would value the company at 3 billion pounds no additional elements are available to justify it raising the offer. that is what ageas said with the overall purchase and why they would not continue to make a further offer to direct line just last week, we had numbers come out of direct line as well with the new ceo adam winslow

pointing to the plans to save 100 million pounds and boost insurance margins. to speak about the margins, they declined 8% in december of 2023. they set a new target for the new insurance margin that target is 13% by 2026 previously, that was 10% over time as the statement said they do have plans to complete a strategic review by july the gross written premiums rose to 3.1 billion pounds. that was an increase of 27.1%. significant increase on the top line, but the bottom line where there was an operating loss of 189.5 million which hurt the big significantly. >> arabile, thank you very much for that.

coming up on the show, brussels announces tariffs on russian grain imports. we'll have latest on tt xthane 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. 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, and it's ready to go. our costs for shipping were cut in half. just like that.

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israeli forces reporting targeting hospitals on sunday demanding evacuating staff and civilians. according to the red crescent medical teams, they were pinned down by heavy gunfire. meanwhile, israel has captured 480 militants at the gaza's main al shifa hospital. russia has charged four men with term offenses after 137 people were killed at a moscow concert hall on friday three of the four have pled guilty isis claimed responsibility, although russian president vladimir putin accused ukraine of being involved in the attack. a claim kyiv denies. the eu is set to impose

tr tariffs on imports of grain from russia silvia, we are well into this devastating war's third year some of us might argue the 11th year of the devastating crisis as well. the first thing i think when i see the story is the following sense. the eu is set to impose tariffs from russia and belarus. why the hell has europe not gotten tariffs on grain from belarus and russia >> this is not the only question i have heard about this over the invasion which started two years ago. the worry about doing so would increase food prices they are looking at it probably because of the pressure that the farmers have been putting on european politicians and the way

they are circumventing concerns about potentially increasing food prices is by going at this with tariffs the duty on cereals. this is important, as i mentioned, because we have seen growing pressure from the agriculture community even in the eu asking for more support and complaining about the cheaper imports not just from russia, but ukraine. this measure is coming off the back of that in addition, the president of the european commission said by doing so, they will hurt russia's revenues. take a look. >> we don't want russia to have revenue from the eu food market, grain market putting tariffs on belarusian and russian grain is taking away the competitiveness.

secondly, we do not want russian grain to influence our grain market and agriculture in the european union at all. thirdly, this move makes clear we do not want russian grain or belarusian grain on the eu market, but transit is still possible and the seamless supply of grain to the global south or other regions of the world is also guaranteed. it is a smart move to make sure that we reach our goals not to give russia avenues from the european union and not to in intervene in our market. >> and to understand the impact the step has on the russian revenues, to give you an idea, in 2023, russia experts 1.3 billion pounds of the product. >> silvia, i'll ask you something and you will tell me

why that is stupid european farmers, especially in poland and france, the two agriculture nations of central europe, have been complaining about the ukrainian imports as well is there something simplistic here why not ban russian imports and belarusian imparts imports and allow more ukrainian imports the complaints have been by all three. >> it sounds simple, but it is not. more protests happening in europe this week farmersprotesting in belgium o tuesday. this gives you the idea of the measures and what has already been done to address the concerns, this not the end of the it as we approach european elections, one of the open questions is how much pressure and change will they need to see? >> let me ask another question why does the vast bulk of the

common agriculture policy which is tens of billions of pounds go to the richest farmers why don't we see europe looking at itself saying we are getting the balance wrong with the large and small farmers and not protecting the latter enough why not change the largest budget cost of the european commission >> it is huge. however, they are still -- this is an open question for years. not just now the question is whether they will do something to address the fact that the cap policy tends to benefit bigger companies. they prepared some changes, but ultimately, will they actually support the smaller farmers? >> by supporting the smaller farmers, you support food security. >> much-needed we realized that over the last two years more so. with climate change, there is more need to address this. it is not just the context of the geopolitics, but indep the

context of climate change. >> thank you it may be a shorter working week, i hope to have seven days. >> you never know. >> a shorter week? we all get the same week seven days and five days working. a shorter week for many of us as we are into the good friday holiday. we get a reading on the fourth quarter gdp from the u.s. and uk on thursday before the fed preferred pce measure of inflation on friday. up 2.4% on the year in line with the january reading. i'm hoping to do a full seven days of this week and another full seven days the week after >> let's move on swiftly. let's look at the pce. that is key. we are having a conversation again from the context of the fed as does it matter if we get back to 2% or will we see policy

enact to cuts on monetary policy that is where the pce is key the important preferred measure for the fed. if we have any bumpy ride from here, where does dit lead to cut will we get more traction than expected an earlier rate cut for markets which would be a turn of events? >> yes it seems with the core figure at 2.8% and headline at 2.4% and it stays where it is, i don't think that will change the rhetoric from the fed speak they will talk about the three ah ahead. i want to change tacks and draw your view of something that happens this morning at 8:25 a.m. the atlanta fed president rafael pos bostic will be speaking at the university of cincinnati's round table. i care what bostic says. the last time he spoke, he said

we have to be careful of the unintended consequences of going aggressively at cutting rates. it could reignite spending more at the time we want to slow down inflation. have a cut rhetoric with three cuts this year on the summer of economic rprojections, but if they are not careful, they could cause bigger problems. >> there is a lot to crop up at the torforum. there is uncertainty if the consume rs will pay up afor the fees on real estate. talk about bumpy that could be bumpy if the purchases are pulled forward to avoid that >> let's come in and talk about that tomorrow. you can never have too many on

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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." after the best week of the year, wall street waking up to appreciate pressure. one fed head and others are thinking and not swayed by the bears yet. goldman sachs out with the note with the mega bull case for stocks driven in a big way by big tech. the crisis continues at boeing now facing new pressure from the largest workers union. disney responds to the