for more great stories about real estate, work, money, and successful living, whatever that means to you, scan this qr code and head over to cnbcmakeit.com. i'm marisa forziati for "unlocked." we'll see you next time. ♪ good morning. welcome to "street signs." happy monday. i'm mandy drury. i'm here with frank holland who is here with us for a month. let's look at the headlines for this hour. u.s. treasury secretary ja janet yellen urges a balancing act. >> can shift world prices.

when the global market is flooded by artificially cheap chinese products, the viability of american and other foreign firms is put into question. >> we will hear from yellen in beijing at 11:00 a.m. cet. and looking to compete with more banks and telling people it is a case study for the continent. >> we cannot rely on a crisis for the facilitation of merger of banks. there has to be a desire to facilitate. european equities notching a subdued start to the week with the fed hopes of easing in june. and tui is upgrading after ditching the london listing.

we will speak to the ceo at 10:45 cet. good morning. hope you had a fantastic weekend. let's look at the heat map which has more green than are moving upside in the early trade for the european stoxx 600. keep in mind we had a negative day on friday for the index. it had its worst performance since mid-february by .8%. over the course of the week, the stoxx 600 fell over 1%. a lot of concerns on the rate front stateside where we had seen push back about the timing of rate cuts starting in the united states with some forecasts pushing it out to the end of the year or not at all which is interesting that the european markets are taking all of this on the stride on the

back of the stronger than conns expected jobs report. the ftse 100 had its worst daily performance on friday. falling .80% in january. the cac 40 in france is moving. we got some decent news on the manufacturing sector from germany. industrial production number rose more than expected in the month of february which was helped by the car and construction industry. you have the smi up by .3% and the gain in ftse mib in italy. let's bring up the big board. we have basic resources taking gold up 1.5%. no surprise as we saw on friday after the strong jobs report in the u.s. suggesting we have a resilient economy there. we saw oil prices move up by $1 or more over the course of the week.

oil rose 4% for the week. we are also watching for any direct conflict between iran and israel which could tighten supplies. this is flowing through for basic resources. copper is at 14-month highs. we have green shoots coming through from the chinese economic data and over the course of the week, copper rose 6%. aluminum rose 4%. economically sensitive on basic materials. on the downside, media is down .10%. still on the losing end. as for the u.s. futures, let's keep the party rolling. futures are going to be a positive start to the trading day. this is on the back, of course, of a very good day on friday where we saw shares rebounding and bond yields rising with the jobless rate moving down to 3.8%.

frank has the details and good stuff under the hood. frank. >> mandy, we arecontinuing with the theme of the u.s. the job growth of 303,000 for the month of march. it was higher than february. unemployment rate down to 3.8% and hourly earnings rose 0.3% on the month which was in line with estimates. u.s. national economic council director lael brainard said this backs her optimism for the economy. >> this is an encouraging report. it suggests the u.s. economy can continue expanding with the labor market in a balanced way. we now surpassed the 15 million new job milestone since president biden has taken office. we're doing it with unemployment down below 4% for over two years. inflation having come down dramatically over that time.

as you said, the labor supply has expanded. labor force participation is really strong. up relative to pre-pandemic. those are all really good outcomes for american workers and the american economy. >> and fed governor michelle bowman said there is a risk the fed may have to raise interest rates if progress on inflation stalls or reverses. bowman warned against cutting too soon saying it could rebound in inflation. traders have paired back bets on fed easing with the markets implying a 50% chance of the central bank remaining on hold at the june heating according to lseg data. let's welcome in edmond from bnp. >> good morning. hello. >> as we mentioned, hotter than expected jobs report. you are worried about hot momentum when it comes to the equity market right now. you are advising caution.

what should investors be cautious of? >> i think the question is really do you want to put fresh money to work right now? we have been positive on stocks and over a year, in fact. there comes a point where you want to maybe ease back on the accelerator and have a think about it. we are still positive in the eurozone and japan and a number of other countries. in the u.s., however, maybe you want to be a little bit more careful. there is a rush in tech as we know, but now it is starting to stall out a bit. we have earnings season coming up. let's see what that brings. do we continue to see the continued upwards earnings revisions for large cap tech which is the powering force or does that start to stall out? it may start to stall out nfor

number of tech companies and more of the cyclical areas of the market which should benefit from the global rebound in manufacturing that we start to see and expect to see over the next few months. >> you favor some cyclical sectors which include financials and banks and insurance. those sectors have taken leadership in recent weeks. if you believe the rally may stall out, do you believe the sectors will slow down with their momentum as well? >> not necessarily. i think they could take some benefit from rotation of money for people taking profits off the large-cap tech and rotate into the other sectors. so, i actually do think industrials and financials are still well placed for the next few months. again, the profit momentum is good and particularly for

industrials, could continue to increase. you have all of the huge infrastructure spending wave, particularly in the u.s., but even in the rest of the world to some extent. not just with the energy transition, but things with the inflation reduction act. if we get pickup in china as well, that will improve the picture. i think it is more of a rotation into the cyclical sectors as opposed to profits at the moment. >> edmund, we have seen a passage where good economic data is bad for the market. how do you explain the positive reaction on friday to the stronger than expected jobs report in the u.s. market and the move higher in yields when we have seen a negative reaction over the course of the week with pushback of rate cut expectations? >> well, i think the u.s. job market is an interesting conundrum at the moment. yes, on the surface, the non-farm payroll numbers were

stronger than expected on friday. if you look at other indicators of the employment market in the u.s., it is less robust. for instance, if you look under the hood, the gains is in part-time work and full-time work is falling. you may argue that is by choice. you may argue that is because people who are 55 and older are returning to the market, but prefer part-time jobs. nonetheless, my reading of that is the non-farm payroll is not as bullish. secondly, if you look at the breakdown, which has been biassed to government and healthcare, but not bias to the other sectors in the economy. that suggests you are getting a bit of an employment boom ahead of the november election, particularly government employees. that is not necessarily a sign of the extraordinarily strong employment outlook.

we e do see wage growth slowing. we see slowing further in the months ahead. again, this is the goldilocks employment outlook with wage pressure easing. >> talking of goldilocks, what do you make of the demand for gold we are seeing hitting new record highs which also you would assume would have a tailwind of expected rate cuts. why is gold still so strong? >> it is a very good question. we have been bullish on precious metals for a while. that's great. even we are a little puzzled with the strength of gold. what is interesting about gold and encouraging for the medium tu turn is the momentum is broken away in relation to the u.s. dollar and interest rates.

u.s. dollar is flat to slightly up. yields have been rising. gold rises in spite of the h headwinds. people are looking ahead to debt sustainability and heavy debt loads in the u.s. and pretty much all over the world post covid and p sspending with the cuts. gold is getting a lift from that. central banks around the world, china, india and emerging markets and central banks have been accumulating gold. the chinese central bank has been buying gold for 17 straight months in a row. that is interesting. what may be more exciting right now is the reaction we're seeing in other precious metals, notably silver, which is catching up. it is far, far away from the $50 an ounce from 2011

>> i want to stick with gold. how should we interpret the rally with gold? i know you are forecasting a possible correction with equities, but are you forecasting the same with gold? the price target for gold is below the level gold is trading right now. >> it is difficult. with the strong momentum market, you never know where it goes in the short-term. the rule is it can go longer than you think. i would not necessarily take all my profits in gold right now. you might be thinking of rotating into some of the weaker or cheaper relative plays like gold minors which have not kept up with gold. the profitability is expanding quickly as the gold price goes up. if you say gold minus the gold production is somewhere between $1,300 and $1,400 an ounce on average, but whatever $2,300 on

the price. they making $900 to $1,000 per ounce profit. this is something we have never seen in the industry before today. the prices clearly remain relatively depressed and tell us that the market or investors do not believe the margin can be sustained. if it can be, it can be cheap. >> gold up 13% year to date. edmund, thank you very much. we have a big week of economic data and central bank action. the corporate release from boeing which is reveal the delivery figures. we have inflation numbers st stateside and the fed's latest meeting before the ecb decision on thursday. on friday, we have growth figures from the uk and the trade data and the latest read on german inflation. coming up on the show, u.s.

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welcome back to "street signs." there is always a way to navigate risk in emerging markets with the right approach. that's according to robert koensberg. he told steve that investors shouldn't just take emerging markets as a whole and instead should do their homework. >> this is the dichotomy between the high heexpectation of retur and what you need. we have out performed the major asset classes over the last 20 years. when i talked to people about the he emerging markets, we think the greatest mistake is people tend to buy the wrong thing with the wrong time and they stick with it for too long.

we talk about the high constriction and bar- bar-bell approach. this is not a market for index based investing or etfs. the last three years, the index is down 11%. some countries are up 90% and some are down t90%. >> everything you said is a classic metaphor for investing. do your homework and have a look from the top to bottom. emerging markets comes with the couple of notches of volatility. >> it is. what emerging markets gets known for is the i diosyncratic risk. if you do asset backed lending, there are high returns to be captured. the challenge people have had in

emerging markets is not the right governance. the portfolio investors. the ability to go from a to b is the skill set and confidence and you have to have the governance from the board of directors. that goes against being agile. how do you go from being overbought and then the pandemic and over bobought again? we spend a lot of time talking to investors to make sure they have the right construct in place. >> sitting on the side of the stormy lake como. elsewhere, janet yellen is set to conclude her second visit to china in less than a year after the stop at the country's central bank. it was after she spent the weekend talking to leaders over where it considers to be unfair trade practices and overcapacity. speaking at the press conference

to mark the end of the visit, yellen said the u.s. would not accept the decimation of the u.s. industry. >> this is not meant ignoring our differences or avoiding tough conversations. it has meant understanding that we can only make progress if we directly and openly communication with one another. >> cnbc's sara eisen is in beijing. do not miss her conversation with janet yellen here on cnbc. donald trump's pledge to slap tariffs on chinese imports would mean bad news for the u.s. economy. that move would hurt growth and spur inflation. trump imposed tariffs up to 25% of chinese goods when he was

last in the white house. goldman says this could lead to core consumer prices rising by more than 10%. frank. and the evs are canceled from tesla for the low-cost car. tesla's ceo elon musk posted on x, quote reuters is lying, but did not cite anything specific. tesla shares are higher and the robo taxi would be unveiled in august. whchina's economy will get boost to evs, but leverage will rise according to moody's. the energy vehicles to the chinese gdp will increase to 4.5% to 5% by 2030. evs and european tariffs are on

the agenda as the commerce minister holds taulks this week. silvia has more. >> that's right, frank. we could see some breakthrough in the conversations with china and eu officials. we know this is a delicate time in the trading relationship. i would focus on what we know at this stage. we have the commerce ministry at the moment in paris. he is dining with the french economy minister tonight. we know the bulk of the c conversations are focused on evs. the yoeuropeans are investigati into the chinese ev makers. that investigation is still ongoing. they could lead to further tariffs with the eu and china. on top of that, the chinese have retaliated by looking at their own investigation on european

brandy and cognac. they are opening another investigation, but this time it is on solar panels and subsidies given to the solar industry. this is complicated. going forward, what does this mean for an important trade relationship? could we see further tariffs? that is open at this stage. >> the chinese minister in paris striking a different tone than janet yellen. chinese evs are making gains based on innovations and not sub subsidies. are you hearing anything about this? it's a strong push back on the claims. >> if you hear what european officials are saying, they are in line with what u.s. officials are saying. the flip side here is that the chinese do not agree with the

stance. they are not actually providing subsidies to support certain parts of the industry. you see the clash. the question is what does this mean for global trade or the economy? at this stage, we are seeing protectionism from the europeans and americans. we know as goldman sachs is pointing out in the note, this is not good for the economy. this could increase inflation in both parts with the eu and u.s. a lot of tension here when it comes to the economic impact. >> we certainly look forward to the outcome of the chats. you will follow the story for us. thank you, silvia. boeing shares are in the spotlight after the federal aviation administration launched a probe into the southwest airlines flight which had to make an emergency landing after an engine cowling fell off. steve patterson filed this

report. >> reporter: this is last things rthi you want to see outside of the plane. passengers stunned. treated to a white-knuckle patch party. watching their plane ripping off in real-time. the boeing 737 scheduled to fly from denver to houston this morning when part of the engine's cowling, the protective cover, appeared to peel back. >> let's declare an emergency. a piece of engine cowling hanging off. >> reporter: the faa saying the pilot reported the engine cowling fell off during takeoff. the plane was towed to the gate. the faa will investigate. >> it is due to a failure of maintenance personnel to secure the engine. >> reporter: it is manufactured by boeing, but the engine is not.

it sun cis unclear the source o problem. they had a series of issues which grounded a vegas-bound flight in lubbock. >> they occur, but rarely catastrophic. >> reporter: passengers are okay, but stunned by the moment they won't forget. steve patterson, nbc news. we will hear from ente entertainment company pop house and why their latest deal could be music to fans ears. stick around for that.

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welcome back to "street signs." i'm frank holland with mandy drury. these are your headlines. janet yellen looks to china to rein in capacity. >> actions taken today can shift world prices. when the global market is flooded by artificially cheap chinese prices, the viability of other firms is put into

question. >> we will hear from yellen at 11:00 a.m. cet. and sergio ermotti is looking to create more competitive banks. he said the integration of credit suisse is the case study for the continent. >> we h cannot rely on the cris. there has to be a political desire. tesla shares moving higher in pre-market trade by nearly 4% as elon musk says the robo taxi will be revealed in august shrugging off the report that the ev maker is scrapping the low-cost car plans. europe's largest upgrade tui is looking to move. we will speak to the ceo at 10:45 cet.

okay. let's take a look at the european markets for you at the start of the trading week. it is a little bit less positive than it was a half hour ago. you have the ftse 100 dipping into negative territory. the other ones are still holding positive. we have the cac 40 and dax and ftse mib with green on the screen there. this is after the negative day on friday for the european markets. indeed, over the course of the week, the european stoxx 600 broke its ten-week winning streak. just let that sink in. a winning streak for ten weeks and boom, last week, broke it. we had push back on rate cut expectations stateside. the ecb is meeting this thursday, btw, and could

indicate they are on pace for the june liftoff. we have to wait for thursday to see. the u.s. dollar was stronger in friday's trade. you have dollar and swiss moving on the upside. the euro/dollar pair broke below 108. sterling/dollar at 126.22. do dollar/yen is moving around. it has no catalyst just yet after they ditched the negative interest rate pop alicy. the australian dollar is not shown on the screen.

it pushed back from what it nearly got to the 66 handle. u.s. futures are suggesting here. we were looking like it would be an implied open to the upside following on the strong day on friday, frank, after the jobs report. now we are losing steam. a bit of negativity creeping in. some time before the u.s. open. right now, not looking good. over to you. turning to the israel and hamas war. israel is withdrawaling troops from southern gaza in preparation for the last significant strong hold rafah over the concerns that the attacks would pose to civilians. the egyptian state media said truce talks are making progress with all parties agreeing on certain points.

israeli prime minister benjamin netanyahu marked a milestone in the conflict. >> translator: we are marking six months of war. the achievements of the war are great. we he leliminated 19 of 20 commanders. we killed, wounded or terrorist. we are a step away from victory. i made it clear to the international community. there will be no cease-fire without the return of hostages. it just won't happen. >> ubs sergio ermotti warns that he doesn't expect mergers to happen soon for banks. he was speaking with steve at the workshop where he said the

takeover of credit suisse can act as a case study. >> we can't rely on the crisis to facilitate the merger of banks. it is good to have strong players in the credit suisse case, but as we speak, as of now, ubs is the outcome of 520 acquisitions in 160 years. many of them were driven by strategic decisions, but many were driven by banks being in trouble and us being allowed or asked to be part of the solution. there is nothing wrong with that, but it cannot be just that part. in that sense, i think the real issue -- there has to be a political desire to facilitate. it is not the reality of today. the good news is that in my

view, in many countries, the recognition that they want to protect their banks and financial institutions as national champions, which is implied of their value for their economies. the bad news is they don't realize in order to really be meaning thful and go to the nex leveling of the economies, they he need to be more competitive globally. without a banking union or capital market union, it will be difficult for europe to compete with the u.s. large banks. fundamentally, you all know the economies are relying in europe to the banking sector for financing for 70% of the cases. in the u.s., it is the other way around. we have a completely different playing field and lack of

critical mass. >> for more on the conversation with the ubs boss, check out cnbc.com. moving on. french digital music firm b believe is trading sharply lower after the acquikcquisition fail which was more than the offer from the previous consortium. and pophouse has acquired the music catalog brand name kiss with plans for a show and a themed experience already in the works. very exciting. let's bring in the ceo of pophouse to talk about the deal. thank you so much for joining us today. how will you take this acquisition to the next level and leverage its value? >> we think the music industry

iss having the new highs. the last decade has been growing thanks to technology and the geog geography. we have more countries which are shipping in money or sharing the music services. that's why the music industry is growing every year. due to that, we are looking at the projects with concerts and sold more than 100 million albums. not everyone loves kiss, but those who love kiss, they love kiss the band. we have been setting up the show and we have seen what you can do to take kiss to the next generation of concerts. that's the way to do it. besides that, we are looking into how you can endorse and expose music to new generations.

if you think about today, the music on spotify and other streaming services are more catalog listening. older music over new music which is sensational. that what's we want to do. we want to expose the classic music of kiss to a new generation. >> i remember dressing up as kiss as a kid. i'm a big fan. per, talk about the double-edged sword that is a.i. it can work for you. you can generate a.i. content, but also the problem of a.i. companies illegally accessing and mining your digital music and the issue of voice cloning. how do you combat that? >> i see things have already happened and the dsp, with apple and spotify streaming services, say when this happens, they are really quick to take it down. there are things we have which are challenging with the

evolution. we had the digital evolution of music with napster pirate day smashing down the music industry. eventually, we all get in line and respect corporate rights. everywhere in the world, peloton and instagram and facebook, everyone is paying for music in their services. that's what will happen with a.i. i think a.i. is fantastic. it will be a fantastic tool. it can be a double-edged sword. it can be used in bad situations meaning you can take advantage of other creators. this will be a possiitive thing for the future and we will find the right solution for it. >> per, you paid a pretty penny for the catalog music from kiss. $300 million.

michael jackson's catalog sold for $600 million. not everybody loves kiss, but they have decades of pumping out merchandise and different products. how do you take this to the next leg? they have t-shirts and mailboxes and everything else you can imagine. what other opportunities do you see outside of a.i. and the digital landscape? >> when it comes to merchandise and delivering the greatest hits, that is preaching to the choir. we want to convert people that never have been exposed to kiss. that is really what we believe in. we believe what they do and in their persona as four different characters and that we can take to the next level of entertainment. we can take the avatar versions into video games. they already did marvel come

m comics in the heyday. the fans would love them to tour, but kiss wants to end on a high. we want to show the rest of the world and coming general are ra generations that kiss was a fantastic band with iconic m music. you need a vehicle for that. we have the documentary in the works. all of this is to find ways to come to the new generations with a fanta task fantastic franchis kiss. >> gene simmons is involved with the process going forward. how involved will he be? how will you work to make it authentic? >> we would be super stupid if we didn't talk to the kiss fans

and kiss army. we all are fans of kiss. i don't think we are naive to take this to a new path without listening to the kiss fans and understanding the dna of what kiss has been. from that involvement into a new franchise. it is very, very an issue of we want to know. the fans know more about kiss than gene and paul. we will use tom, the guitarist for years, and those things which is very important to stay close to the kiss dna and then evolve from that. >> one more question from someone that knows more about kiss than gene and paul. mandy is excited. >> i'm on the edge of my seat. i love to talk about kiss

another time. my question is about the other catalogs are you eyeing, per? >> we believe in the music as an asset class talking from the financial viewpoint. we believe the music in the '70s and '80s and '90s. you listen to the kids' playlist today. we think the 600 artists that never get exposed today because the three big record companies today have thousands of catalogs, but they don't have time to expose it to the new generation. that's what we will do. i can think about it for me personally. thin lizzy and rush and then go back to the era with duran duran anddepeche mode.

i can't tell you what's going to come mechanics. next. >> before the end of the year? >> yes. >> that's a tease. come on, per. >> they are coming. i'll call you first. i'll invite you to the kiss avatar show in 2027. >> we will hold you to that and make it work. per, thank you for joining us. he listed off my playlist. >> i wish we had more time. i would like to know about today's artists. is there a holy grail of artists? i wish we had more time. kiss is a big announcement. >> indeed. the ceo of pophouse, thank you very much. coming up, tui lands in london today after taking off. we will have more with sebastian

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welcome back. tui shares started trading in the prime section of the frankfurt stock exchange. shareholders voted in february to de-list from the london stock exchange and pursue the listing in germany. annette joins us in germany. annette, over to you. >> reporter: thank you. we are joined my the ceo of tui. thank you for joining us. first of all, why did you make that move? why did you decide to come back to germany? >> it's a really great day for us being here. we had the dual listing which was complex in the system. it makes life easier to be in one jurisdiction. it gives us room to look more to the operational business.

>> reporter: one point was cited liquidity. how is that improving liquidity if you have one place where you are listed? >> most of the liquidity was in fran frankfurt. it is not changing much. it makes it easier for the investor. for us, it's helpful to be here only. >> reporter: you also are looking into a listing in the so-called mid-cap index here in germany. would that help your shares? at least it is the hope that the shares may get a boost? >> definitely. we think we will join the index in a couple of weeks. for some of the investors, it is very important. that should help the share price. >> let's look at the overall business. you had tough years with coronavirus. how is the season? >> we had a good winter.

the summer looks promising. we are looking to guidance which was the first time we have given that guidance that ambitiously. we are on track. >> reporter: if you compare travel patterns with pre-covid, is there a difference? >> people have had normal changes with destination. less people after corona started to travel longer. now we do see the long-haul business is coming back which was weaker just after corona. now people are traveling long haul again. >> reporter: let's look at the pricing side. everybody who is traveling is witnessing higher prices. how is this season going?

do you think you can keep prices up? >> i think we have seen significant price increases. we have now come to a level where it is a healthy pricing. i would not expect any significant price increases any more. that is also what we see when we discuss with the suppliers. i think it is now a base we will keep. of course, you have currency which impacts prices and supports countries. others it doesn't support. there are enough alternatives for more price sensitive customers. >> reporter: let's look into what the geopolitical tension is like in the middle east and what it means for travel demand. how are people navigating through that uncertainty? >> this is one of the main things we could learn. the impact is lower than we

anticipated. we have seen a small decline in egypt after the gaza incident. it really came back quickly. vacation travel is in people's minds. they need to travel. they want to be in the sun. the impact is shorter there. medium-term which is two weeks, people fall back to the normal pattern. >> reporter: if you look at the business set up, you have different units. are they all performing well or do you need to grow it with the organizational improvements inside tui? >> cruise has come back strongly. the hotel business is outstandingly strong. on the other hand, the market and the airline business did take a bit longer to come back.

we do see a significant improvement there as well. >> reporter: we, of course, witnessed problems with boeing. you might be a customer of boeing as well. are you confronted with air capacity constraints because of the lower deliveries? >> so, we haveseen lower deliveries and we had back-up plans. there is no impact for us this year or next year. by the way, airbus customers have seen less aircrafts coming into the fleet. it is a general issue that demand for a new aircraft is higher. we are lucky that we have what we need after it should not impact. >> reporter: sebastian, thank you. back to you. i think nobody would have guessed that travel is coming back to forcefully and especially demand for aircraft looking back two or three years

when we were in the middle of covid. back to you. >> every plane i've been on, including here to london, has been packed to the gills. u.s. treasury secretary janet yellen is set to conclude her trip to china after the stop at the central bank which was after the weekend talking to leaders over what it considers to be and fair trade capacities. sara eisen is in beijing with the conversation. don't miss that conversation. >> that will be a great interview. by the way, i'm with the lovely mandry drury. i'm frank holland. >> see you tomorrow. 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

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