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tv   Squawk Box Europe  CNBC  March 28, 2024 4:00am-5:01am EDT

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she went to live with her paternal aunt and uncle who'd been granted permanent guardianship. jennifer has supervised visitation rights. meanwhile, steven's parents have spoken to sidney about what happened to her dad. from my viewpoint, he gave his life for her. 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 and we are coming up against a long weekend. we may see caution in the market what we have seen over the
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course of the trading week is the higher benchmark at .40% we are in record territory we are inching to fresh records of the day with the dax and another high yesterday as we begin the session today. the hand over in terms of the french market with the session yesterday as well. again, from the levels that we are now trying to inch further into peak territory is proving difficult to find that momentum. it has been a stronger back drop for the quarter. no doubt 10% up for the german stock market 14.5% for the italian names very strong run so far this year as we get ahead of the long weekend for easter in the context of what we have for the market, let's see where the green is falling basic resources at the top
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a lot of green behind me broad based positive this morning. weaker areas with construction down over .3%. we heard from lloyds of london with the strong conditions of how it propelled the company forward. insurance stocks are weaker this morning. industrials are settling down .10%. we have autos bouncing renault is pouncing with porsche. utilities trading stronger banking names with barclays and lloyds are some of the early movers to the upside telcos in the green this morning with oil and gas up .4%. real estate is stronger. household goods are higher b by .6% luxury had a bounce thanks to the kering warning this month. don't forget we have end of
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month and end of quarter buying window dressing. that jumps up with household goods. retail stocks up .50%. basic resources taking the top spot let's see what this is doing for the ftse it is moving the needle on the ftse 100 that has tried to keep pace over the course of the quarter and up 3.5% for the month this is territory that is unusual for the ftse we have not held this level above 7,800. 7,954. we are going for the 8,000 mark. that is a strong start we are out pacing the french names and german names as we put on more green, we are entering fresh record territory. the smi is a solid start today the ibex is showing a bit of
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slippage from the spanish stock market let's get to ubs and the swiss lender we are not seeing much. ubs says it made less money than it first thought on the acquisition of credit suisse with the lender warning it might not realize all of the gains it expected the swiss banking giant said the ceo is aiming at extending the spot at the top. silvia, this is a positive reaction to a lot of down beat news from ubs. >> it seems investors are focused on the key question with ubs which is the pace of integration of credit suisse they he areare looking to complh plan by 2026
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now, with those updated numbers in mind, i want to dry aw your attention of the shareholder letter to set the record straight they are saying the collapse of credit suisse was not due to a lack of capital. they said both banks were under the same supervisory rules and all of the other regulations however, they were able to rescue credit suisse this is also in the context of what is likely to happen in switzerland. we have regulators and lawmakers looking at whether to step up regulation in the banking system as well. at this occasion, we are hearing ubs essentially setting the record straight saying this was an isolated case we got numbers in terms of compensation in terms of what the
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compensation is for the ceo, he is pacicking up 14.4 million sws francs that is similar to when he was ceo of ubs the overall compensation was 14% lower than in 2022, karen. >> silvia, thank you look at jd sports opening this morning with the 15% bounce i want you to look at the overall performance with the stock. very strong into year end last year with the market rally the fairly steep drop off amid the the concerns this company was seeing impact in terms of the consumer in recent months. the latest is jd sports which continues to see a challenging market after reporting 3.6% sales growth last year
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the sportswear company said trading this week is in line with improvements in 2024 due to the busy summer of sports. let's get to the first year ebitda on inpost parcel volume jumped 20%, with the firm forecasting stable growth across all markets this year the ceo said the uk market has boosted the business. >> tremendous success fstory fo the last 12 months we brought on the needed logistic slux solutions to brin capacity to the uk market which had been critical. i think it is a combination of new business and existing
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business growth with the kp capacity constraint. uk has doubled in volumes. we have seen user growth to 3 million users in total the state itself is now over 7,000 locations which is the number one leading solution in the uk today a drop in shares after the financial structure was completed for casino the french market was led by the czech billionaire. mandy. >> let's have a chat with lindsay james from quilter she's on the phone with us thank you. another day, another central banker pushes back on the hopes and dreams that the markets are harboring right now. would you agree we can afford more patience with monetary easing in.
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>> yes, i think personally the recent meeting from the fed that they were more relaxed on the inflation print we have seen coming through to me, we had two months now of hotter than expected month on month core inflation readings. i think another two months of that and we'll have two more data points coming through before the june meeting and it gets more difficult to justify that first cut coming as early as june. of course, closer to home in the uk, we have seen more progress coming through recently on inflation. we will have that again with april because of the energy price cap will hit those figures. that will make it easier to move the stock a little bit sooner from the bank of england and from the eurozone. >> on the subject of stocks, the reaction in the equity markets is interesting to the push back that we have seen from central
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bank ba bankers. on the program with the animal spirits gallops around or they are like maybe it is because the economy is resilient and that is something which is a positive trickle down to earnings >> that's it last year, there was talk higher for longer the market was weak as a response this year has been different i have think there are a few reasons for that it is the resilience, but the staggering data with the u.s. gdping figures for q4. economists were looking for 1.8% there was a gap between the two expect expectations the fed is pushing up the expectations for growth. strong labor productivity in the u.s. that could be sustainable. it looks like companies are exploiting the exchanges and
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using the new tools in a.i. and that will put pressure on the uk and europe to respond. that will be a challenge we had a very strong earnings season when i look back at the first quarter, the biggest move in the u.s. markets is the day after nvidia released the strong earnings results post market the magnificent seven is driving the market at the moment i think we're seeing that 12-month and 24-month earnings forecast pushing up numbers. the performance should broaden out. we are optimistic at the moment. >> for many years, the dow transport index was a spot for the markets and ratcheting up the indices hitting targets early. the performance has been still for the quarter up less than 1%. barely up for the week
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is that signaling anything to the markets about what lies ahead? >> i think we need to remember that this strength we are witnessing at the aggregate level doesn't necessarily make it felt in every sector and every part of it we see a bit of weaker data signals with credit card delinquencies and some figures out from the lower end retailers as well. we had weaker retail sales figures in the last couple months we have than uncertainty in the global supplier chains there isn't any at the moment. disruption with the red sea and the latest in baltimore could start to have an impact as well. there is a sense that things are going well, but it is a precarious piece if you like we have risks on the horizon and elections coming up and supply
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chains which are stressed. that is the reason why we have not seen that in every corner of the market >> lindsay, you kept equity exposure across the portfolio range with the risk. do you wish you had been overweight equities? >> behinhindsight is a lovely t. we still see risks in the market the overall shape of the economy is good. real rates slickly to be falling over the next couple years now that is a positive overall back drop when i look at european equities, for example, yes, the valuation argument is there for the global stocks listed eed in europe we have germany in recession. they have energy intensive industries which cannot compete globally with the energy prices.
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that will be a headwind for some time with the potential trump government coming in and the risk of tariffs is something to consider and china has started to perform better, but there is still a huge overhang in the real estate part of the economy. there's good news out there. we like the u.s., but that concentration in the market does add a certain risk to performance and for that reason, we are comfortable being ne neutral. >> quickly how great is the concentration risk in the u.s. equity market right now given when you look at the technology fund which has gone sideways recently i wonder if the excitement built into the a.i. and the magnificent seven in particular is running out of steam? >> the valuations do leave a little bit to be desired in some instances. not in every case.
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we are seeing a broadening out in performance we have decent growth. we have been re-balancing to the u.s. equity income we are looking for exposure to come out of the magnificent seven. if you look at the success of the reddit ipo, that is a patchy fog positive signal. if that can be kick started, we will see that love for a.i. and felt further down the market cap spectrum there will be relief among the smaller midcap fund managers to see that come through. >> lindsay, thank you for joining us lindsay james at quilter let's push on to reaction. enquest reporting full-year revenue of $1.5 billion. the firm reported a smaller annual loss and announced the first buyback program. the ceo said the firm remains
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committed to the uk despite the energy profit levy >> it is continuing the production in the uk production is down from 4.5 million barrels in 2000, but more exasperated down. more importantly, the investment cadence. the uk data was investing $18 billion. last year, we invested $4 billion. that is not adjusting for inflation. lloyds has reported the strong effort underwriting profit since 2007. that is up from 2.6 billion pounds in 2022 the london insurer posted a rebound in pre-tax profit to 10.7 billion pounds after a loss in the previous year
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we asked the chairman for his take on the bridge collapse that occurred on tuesday in baltimore. >> we will deploy resources in anticipation of this being a substantial claim for the industry and the lloyds market it will take time to unravel very early days to call a number i don't, at this point, anticipate it is outside our realistic disaster scenario planning it feels like a very substantial loss the largest ever marine insured loss not outside parameters we planned. here in the uk, thames waters will not provide a plan of new equity after the biggest water utility failed to agreeto bills and conditions it is jeremy hunt's
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understanding the company is still solvent. coming up on the show, the dutch prime minister is d downplaying the latest in the high-stakes talks. we'll bring you the latest 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. 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. shipstation. the #1 choice of online sellers. go to shipstation.com/tv and get 2 months free.
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chinese president xi jinping is warning that the dutch prime minister is against the decoupling and links with china. it comes after the advanced lines to china from amd and questions if the hague will ser service equipment it already sold he hoped restricts access to technology does not impact economic relations with china. >> it is about our semiconductor companies like asml is not aimed at one country specific.
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we try to make sure the impact is limited and not impacting the supply chain and therefore, not impacting the overall economic relationship. chinese smartphone company xi ark xiaomi will release the ev today. it will take on orders today arjun joins us with more if they are successful, it h highlights another misstep for apple. it ditched its ev or car intentions what we're talking about here is the largest connected device that apple is not a player >> certainly one thing on the flip side is the chinese market is a unique market for evs whereas apple
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would have played in the u.s the chinese market is a step above many other markets with the ev the infrastructure is growing quickly. there is appetite for the vehicles out there xiaomi has a strong brand within the chinese market people like their phones and rice cookers and tvs all the fun stuff. everything this is part of the extension of that play as well. if this is successful, apple will look at it because it has a strong brand in china. given tesla has made a successful take in the chinese market, they will look at apple and thinking we should have continued. evs are not easy >> what do you think of the timing when they made the announcement in 2021, we were at the ev ship and a lot of hype in the market. now, as we talked about it yesterday, we are in desperate
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need of consolidation. the legacy players are finding it difficult to cut prices. >> it is interesting how xiaomi is coming to market. the ceo had an interesting comment on x he said this is my final new venture. i'm putting my reputation on the line to fight this vision. this is a huge gamble for xiaomi >> is this a personal thing? >> it is a personal thing. his vision has been xiaomi is a connected device company whether it is a smartphone or giant computer on wheels, it needs to be xiaomi the timing is a tough one given the fact of the price wars in the chinese market and cautious
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consumer sentiment within china these are headwinds that xiaomi is coming to market. i saw the car earlier this year. it is a nice looking car it has a strong design and very sporty it has the chinese consumer who wants technology in the car and latest technology in the car that is something xiaomi will speak about later today. >> that is the other gap it highlights where the other german autos are as wealth i remember the german car show with one digital platform. now here comes a.i if a company like xiaomi is going to use the technology and roll it into a bigger devices it highlights the challenge for the german and french and european players trying to get into the game as well >> the software is key xiaomi recently launched its
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operating system based on android in china if it controls the devices, it is similar with ios. that is the similar thing with huawei and its connected devices. it is now becoming something -- on the flip side, you see nyo l nio launching a car phone. the device you have on you 24/7 and your car. >> i wonder if that move is attracting more attention from the security point of view we have seen push back around cars in the early stages there has been push back on phones whether the u.s. workers or government workers changing chinese phones into the government buildings if we talk about integration with the chinese player and phones with the cars, there
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could be security implications. >> the tesla story is one as well government workers and iphones as well with all of those things in china, xiaomi, that's the issue as well. >> have we jumped the lexicon? i have a car with value and that is the message they want to put out. in the late '70s, western markets were snobbish about the japanese cars and now korean cars i've had a hyundai and a japanese car different markets. >> europe is a different equation and if there is an acceptance here and in the u.s. as well with the price point. >> they are under cutting. the car i drive looks like a range rover. the price is about half the
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price of what you pay for a range rover. they are under cutting so much to get the market share. have we crossed the rubicon? >> we are appealing to a luxury audience people don't know byd and chinese companies. they heare not making that obvious. i think that is on purpose even the byd seal. none of the names sound chinese. >> xiaomi may have to change it. they are calling it an su-7. they are looking for premium they know it will appeal in europe very sporty and slick looking cars different for what they are offering. >> spicy with the price mattering to the consumer. arjun, thank you very much for more on the big play, check out arjun kharpal's piece on
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cnbc.com. coming up on the show, we are almost at weekend, folks fed director christopher waller is in no rush for rate cuts. we will bring you all the details. 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 what is cirkul? cirkul is the fuel you need to take flight. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the energy that gets you to the next level. cirkul is what you hope
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in the headlines today, european equities edge higher to close the quarter following a record high stateside. fed governor christopher waller downplays the rate cuts any time soon. >> i need more data before i have enough confidence that beginning to cut rates will keep the economy on a path to 2% inflation. dutch prime minister ritte talks about the high stakes beijing bilateral saying cheap restrictions are not targeted. >> we are never aimed at one country specific we are try to make sure the impact is limited and not to impact the supply chain. ubs cuts negative goodwill from credit suisse leading to the quarter profit and they
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begin to realize they are not able to realize all of the g gains. big moves in reddit shares they are continuing to slide in pre-market trade after falling sharply yesterday. this came after the research fund named it as a short ideal with the 50% down side question marks out there if it dehe served the valuation as th meme stock expectations fueled the rebound in 2024. arabile has more on whether the first quarter delivered. >> karen, we saw deals coming to
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the floor in 2024. it has been touted as the year of uptick in the m&a activity. we have the record highs, but the anticipation is they will drop off and that will influence things as well there is the stronger economy in the united states. a lot of questions whether north american deal activity will begin to pick up as well as the other side is europe with questions around the rest of the world. if you look at this uptick, you see there has been a slight uptick in the q1 of m&a activity the question is what happens for the remainder of the year. which sectors will take in quite a bit of this deal activity. just looking at morgan stanley's research is a 50% increase of deal volumes compared to 2023. that is comes to the floor, that will get the market talking.
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2023 was the lowest activity in two decades. non-financial companies accumulated a total of $8.1 trillion in unallocated capital. is that pent-up demand going to be spent this year this is the region which has pushed up. north america in the first quarter taking up the deal activity so far according to the research coming in second place is europe will these two continue to take up the deal of the activity? you have the likes of capital one merger with discover financial. a big one there which challenges visa and mastercard. walmart buying visio some big moves on that front will they continue in that vain?
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will it pick up activity north asia is moving as well in the first quarter. what happens for the remainder of the year, karen >> let's try to answer that question, arabile. join us as we broaden out the conversation with the head of merger markets it was raining buckets, but not a lot with the val kuations and not a lot of volume. >> it is interesting the data with the value up 15%. most of this is driven by large cap deals which is why you see the number slip there. we had the thing which is interesting for me with the large cap activity is you are seeing corporates getting more appetite to strike the large risky transactions i feel like that is a direct link to what we are talking about with the sentiment from interest rates and potential cuts coming. that is driving activity
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ultimately, we are not seeing the count there yet. we are not out of the woods yet. >> balance sheet strength. when does it translate for the bankers? i gather they don't get paid in the until the transaction is completed. >> last year, revenues were down in the fourth quarter. now what is happening in the first quarter, you have the large cap transactions which are riskier. you have to get regulatory approval and the complexity of the deal is much more than we have seen previously the other thing to keep independein mind and this is more of a uk thing, the deals are almost being tested and some of those are not going to come through. >> if we talk about the
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valuations of the deals, does it tell you the cycle is as big as the others not necessarily by volume, but the size of the deals or will it be a few bits and bobs, so to speak, and in high volume? >> two things are going on with valuations that are really interesting. one is that we obviously have to reset the market conditions from 2022 we've had a long period where the spread has persisted what wae are hearing in the market is the accelerations are starting to come down. we are seeing more conversations happening now. that's one thing that is really important with the valuations. we have seen valuations come down in certain sectors. the other thing that is happening and this is in the public space in the uk there is a bit of fear of
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missing out. it's like now is the time to act with the relative period of stability. people don't want to miss out on the fantastic. >> what is the catalyst to get the drive more significantly as opposed to the deal to get 100% premium on >> the driver for the bulk of activity is interest rates obviously, interest rates ex expectation of further cuts if that doesn't happen, activity will dry up. >> the look from central banks is it may not happen that could not look at bright and rosy as some projected >> that's the big risk here. there is on the north american side, there is concern over the elections and impact of the elections. less so in the uk. everyone i have spoken to in the uk said we factored in the
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election risk. those are the big risks. i'm cautiously optimistic. we are hearing more talks happening on the private equity side dreadfully with private equity i think the exits were down significantly. buyouts were down. we are hearing people were waiting for full-year results before doing transactions before understanding valuations one thing that was also a drag was the kind of creative exits so people are looking at continuation funds and dividend recaps instead of exit through m&a. we feel there will be a bit more push for exits you need to show returns. >> what needs to happen with private equity transactions and better sentiment in that
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department >> i think for us, what we were hearing is it was the valuation. we are starting to see that coming down. i really feel strongly that it is interest rates. >> in which case, the relative period of stability could be short lived. >> exactly the other thing to keep in mind is that we had this huge increase in s&p which is up 30% since 2022 often you might see that reverse. >> to me, it seems we had opportunities that some companies are from stronger positions and using the balance sheet to consolidate that is a move for others to take consolidation what do you make of the trend of the domino effect in sectors >> i think that is absolutely
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going to happen. for me, in the uk, i think you are seeing certain transactions where that will happen virgin money for example that transaction, i feel, changes the ecosystem. you have a challenger bank which is meant to be smaller and nimble and challenging the huge incumbents and now they have to bulk up. lenders have to bulk up to deal with capital requirements and really function. i feel there could be a knock-on effect there with the larger player now in the market i feel there may be further consolidation there. you mentioned paypal that is another sector then a.i i cannot mention a.i in the u.s., that is a huge driver of the activity i think nvidia did seven deals in the space i think there are sector trends
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happening there. >> to close out. you spoke how companies have been looking at financials for companies and where they are putting their money. how much sensitivity is that where it is where is your growth as a business and then creating the big deal that you get out of the m&as >> value creation is so much harder now if you think back to the era of free money, you saw private equity players occasionally benefit from multiple arbitrage. you have to really have a clear value creation picture on day one. it is thought about much earlier because you have to be able to see that organic growth. it is harder that is one of the other reasons going back to the large cap listed transactions and using all shares as payment. that is why we are seeing it
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>> lucinda, thank you. next time, let me in on the memo >> power play with that green. >> i got the memo. >> you did i missed that one. lucinda, thank you let's look at what is going on in japan. it is on high alert as it is sliding on the yen against the greenback as policymakers intervene in 2022. this is following the emergency meeting with the finance minister promising bolder measures if necessary. many western markets are closed tomorrow. we get the fed pce gauge of inflation and markets have three days off to think about it the lseg data is showing an uptick for february at 2.5%
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higher on the year against january's 2.4% figure. reinforcing how we are seeing a slowdown in the disinflation trend. it is .50% of the 2% target from the fed, but down from the number in june of 2022 money markets have assessed the probability of 2/3 that the fed starts the rate cutting cycle the in june according to the cme fed watch the tool not everyone sees things this way on the fmoc. christopher waller said the central bank should push back the timing of the cut. >> in the absence of an unexpected and material deterioration in the real economy, i'm going to need to see at least a couple of months of better inflation data before i have enough confidence that
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gin beginning to cut rates is on a path of 2%. the chief economist told us that when waller speaks, the economy license. listens >> he is the alter ego of powell when he says something, the market reacts to it. he is right and wrong. how tight is the fed if the economy is continuing to roll long here and it is not slowing down at some point, they have to ask the question whether or not the base view, which 50 basis points is neutral, which means 150 basis points is tight. >> where is the bun i? it hopped offset for a minute. coming up, we will find the bunny with cocoa prices soaring.
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we will be joined by silvia after the break. 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. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. 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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european stock markets have been trading for 50 minutes so far. big day with the end of quarter and end of month and long weekend. data is coming out and jay powell is speaking a lot of events for the market at this stage. we are trading at fresh records on the dax and the cac 40. let's take a look at the sectors. most trading positive. a couple of patches of red on the boards this morning, as we look at is the tohe sectors, stronger areas are travel and leisure big stock gauiners with a coupl of to move the needle on the stocks as we gear up for the end of the quarter i think we are not showing you the stocks we are not showing the stocks.
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we have bigger effifish to fry. we have to talk about the bunny and cocoa. we have bunnies to fry sorry. we are not talking about real bunnies, but chocolate bunnies it is easter this weekend and chocolate at the front of my mind many of yours, as well the key ingredient, cocoa, has soared in prices soared is an understatement. p parabolic on the chart it is because of disease and extreme weather hampered production in the countries like the ivory coast which produce cocoa. it is a sad story. >> it is a sad story there is also climate change reasons with the soaring cocoa prices analysts are saying this is not it this increase we have seen in cocoa prices is actually just the beginning of the new trend and we could pay more for
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chocolate going forward. this is posing a question of the chocolatiers are doing to prevent this with the profit margins. some companies are saying that they are pitching non-chocolate easter eggs and promoting chocolate differently. we know this is an important easter season for selling chocolate. this is the third most important event in the calendar year in terms of sales of chocolate. now, when i was doing research for this piece, i came across what are people's preferences of how to eat a chocolate bunny you want to know how people eat the chocolate bunny? >> tell us >> where do you start? >> there is one way to eat it. you start with the ears. >> that's what i do. >> that would make sense
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>> the majority of people did say that however, some people do start by eating the feet. >> how do you get into the feet? >> or the tail >> how do you do that? >> iech'll let you choose it is a choice >> we should say thank you for bringing the bunny thank you, danny noah i said it was somewhat of a christian biblical name. you don't think it should be attached to a bunny? >> the bunny came from the pagan time springtime and bunny and new life and revival which is at odds with the biblical ref references i'm happy to be corrected. >> we are flooded with comments on why we should eat that thing.
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i'm only here with all of the c cutlery and stuff. i'm ready to go. >> hop on to someone with better muscle than me don't feel bad if you don't break it the first time. they are a tough customer to crack. >> i had to go back into the archives and see how you have done it before so i could do it. >> i hope it is not performance anxiety. >> hop it over to me >> this is the tough part. >> can you do it in one go >> i should film this. >> whack it. >> i apologize for anyone who may be offended by any of this there we go. that's the head. >> hold it up. >> straight for the ears >> i'm going straight for the ears anyone who wants to be part of
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it >> the newsroom is excited. >> this is the chest they should have added that to the ratio. >> you are starting a new trend. >> in your findings, they say how long is the average time it takes for people i remember as a kid, you would get a bunny and have one piece every day to try to make it last as long as possible. as opposed to eat it all >> you try to out last your sib siblings >> i think for me -- >> what does that say about you, karen? >> it took that long because i wasn't allowed to eat anymore than that. i would have tried to finish it in one sitting that's not good for you. >> so, the question is whether this is it for the markets it is a big day as we look to wrap up the quarter.
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are we at the breest for the bet of the markets we havehave symbolism for the quarter. >> we will look at the trends and if they will continue and what pressure we will see with the changes in monetary policy. >> happy easter for those celebrating. we will consume the bunny. "worldwide exchange" is coming your way next. e. 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. shipstation. the #1 choice of online sellers.
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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." markets are set to close out the best first quarter in a half decade another day and another fed official throwing cold water on rate cuts this year. those comments in a moment.

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