that's all for this edition of "dateline." i'm craig melvin. thank you for watching. [music playing] ♪ good morning and welcome to "street signs. i'm frank holland. these are your headlines shares of novo nordisk slide as the guidance still fails to impress investors despite the beat across the top and bottom line. shell marks a $3.5 billion buyback. beats for the banks. standard charter tops the forecast and ing group delivers a 2.5 billion euro buyback

>> we are comfortable operating resiliently through the current interest rate requirement. even if the rates were to transition to a lower level, i think ing will do fine in whatever rate turns out. u.s. fed's jay powell signals what's not in the cards. >> it is likely the next policy move would be a hike our policy focus is what i mentioned which is how long to keep policy restrictive. welcome to "street signs." we start with novo nordisk after

notching a beelat on the bottom line on the back of the 40% surge of obesity care sales. silvia joins with us the report and reaction in the stock, silvia big reaction. >> let me sum up what we heard from the company novo nordisk beat expectations with the revenues for the quarter and increased guidance they are saying when it caomes t sales growth, they expect to from 19% to 27% and the operating profit growth expectations for the year. you expect that all sounds positive let's look at the share price performance. at the moment, we have novo nordisk shares moving lower by almost 3%. what's happening here? some traders look at this increase in guidance and say it is not impressive enough in essence, we are looking at a

percentage point and that is failing to impress traders for bulls that are confident on the stock, they are seeing the share price reaction this morning as an opportunity to buy the stock because when you think about the outlook and demand for weight loss drugs, that is still very strong. this actually comes in line from eli lilly earlier this week and they increased guidance for the year and that goes to show the demand is strong a final point when we heard from the ceo in early march, he sai the gap between supply and demand is significant and that the company is not going to be able to fulfill that in the next couple of years. despite price pressure, despite conversations around litigation stateside as well, when you think about the outlook and demand for the drugs that is still very strong and, therefore, it is seen by the bulls as a way or opportunity to

buy here, frank. >> despite a blowout quarter, novo nordisk shares down 3%. silvia, thank you very much. we will move on to shell it posted $7.7 billion in profit for the first quarter. the energy giant announcing a $3.5 billion buyback program set to take place in the next three mo months shares up 1.5% maersk raised the outlook after beating first quarter revenue estimates. it sees the trend to the higher end of the guidance. the company says there has been significant disruption since the start of the year due to red sea issues shares up 1.5%. moving on to fashion hugo boss reporting a 6% jump in ebitda it remained focused on efficiencies as it confirm the

future-year outlook. pandora raised guidance after beating expectations in the first quarter. the danish jewelry maker expects 8% to 10% this year. the ceo told cnbc that the jewelry business must continue to work on its strategy in china. >> china is 2% of pandora's reve revenue at the group level china remains one of the largest jewelry market in the world. the difference in china is our brand was never launched properly what we are now trying to do is rewind ten years of prices in china and do what we have done in every other market that pandora is present in. that is the journey ahead of us. there are some interesting results in the last quarter, in particular, focusing on the

charms business and in particular in shanghai we can start to record separation in the results. the sales dealt between mainland china and shanghai is .7%. we have plus 9% traffic growth year on year at the moment, we are down .4% we have something we are doing in china that is bearing fruit. turning to the european markets. it is a mixed day. meh, some would say. this follows the first trading day for investors in the eurozone only the ftse 100 was open yesterday. investors reacting to the fed decision to hold rates steady. powell said inflation was sticky the benchmark is flat. really just flat right now

investors with the muted response to the u.s. fed decision i want to look at the boards let's start off with the ftse 100 moving higher up .50%. getting a boost from shell earnings and then $3.5 billion buyback. one of the leaders is the italian mib. the cac 40 being moved lower right now. at the same time, the ibex is moving higher when it comes to bbma the different sectors today here with the earnings having a different impact banks are the leader today up over 1% the banks getting a boost from standard charter and ing the sector is up over 1% technology is pulling back investors are potentially in a wait-and-see moment.

oil and gas is lower despite the strong earnings from shell also, we are seeing autos coming off a difficult day before the may-day holiday impacted by results from mercedes-benz and bmw where profit declined double digits we continue to look at the sectors as a mixed look right now. taking a look at the u.s. futures after the fed decided to keep rates at the same level before u.s. futures right now are looking like they would open up significantly higher nasdaq ahead of apple earnings up over 1% in the pre-market the dow appears as it would open more than 160 points higher. s&p also firmly in the green big earnings day in europe following the may-day holiday. we mentioned standard charter

with $1.9 billion in the first quarter. that is ahead of expectations. lender left the full-year guidance unchanged shares of standard charter are moving the ftse 100 higher at 6% ing in the first quarter net profit slipped to 1.588 billion euro as the net interest income fell on the annual basis the lender backed the full-year j outlook. the cfo spoke to cnbc. >> talking about higher for longer interest rates could feed into the ecb, but we are comfortable operating resiliently through the current interest rate environment and even if the rates were to transition to a lower level, i think ing will do fine in whatever rate environment turns

out to be the case over the next few months or years. >> here to talk about the markets and more is emmanuel with barclays. >> good morning. >> a flat day when it comes to the stoxx 600 following the may-day holiday. how do you think investors are reviewing the decision by the fed and earnings we received >> it has been a heavy week with low attendance with the may holiday yesterday. the market was priced for a hawkish outcome. i think rate stability today is a relief the dollar stability is a relief pretty much all of the earnings which have come out have been slightly better than expected. i think it is a market rush that makes sense >> a mostly flat day it has risen slightly. it is more of a sigh of relief than a call to action.

>> there are things to pay for with data and payroll and cpi next week. a lot to digest for the market look, we have seen the significant risk in the last couple weeks the market is reacting to the hawkish outlook from the fed the earnings are coming in as a b backstop. >> we see the divergence from the u.s. investors today i have spoken to portfolio managers and traders and jim cramer said this on air in the u.s. that the view is jay powell's comments is the signal to buy stocks. why is that is seen that way in the u.s. and not in europe >> all of the markets were closed in europe yesterday there is a little bit of catch up from europe after the data from the u.s yesterday, most of the fmoc were doubting the market.

they have the new growth policy set up in the u.s. we do believe that growth policy is good in europe. the market should make a distinction of what will happen in the u.s. with the fed staying on hold for longer the story in europe is a bit more supportive. >> let me talk about the bond picture right now. the u.s. ten-year bond at 4.86 now jay powell is signaling higher for longer, do you believe the competition will continue or will people decide over what the u.s. fed will do and ecb will do in june. are more people putting more money in the equity market or is the pull too attractive? >> i think the long end is data depe dependent. we don't know what the fed will do you have a significant amount of

risk i think as long as high as it is in the u.s., but cash is a clear alternative to the market. you can put your money in the market and get 5% return look, i do believe earnings are still something which makes the case for equities in the fairly tricky environment we do believe earnings are delivering and rate hikes are delivering in the u.s. and maybe we can go back to the top as we enter the tricky time of the year sell in may and go away. i'm pushing clients to be more cautious and not rushing to buy the dip. >> globally, we have seen a shift to the cyclical trade. moving money to industrials and materials and non-cyclical trade in the united states do you expect that trade to continue >> i think it should be more about the data the data is slowing in the u.s

we are seeing the tightening financial conditions in q1 having some imp mpact on the da. that should come with a better location or get a bit defensive after the strong run for cyclicals. we like banks very much in europe we also think the staples and he healthcare with a true benefit over the wait-and-see environment. >> i want to come back to the european markets a big story today. buybacks with shell and ing announcing sizeable buybacks what is your view? >> it is not a big story just today, but all year. we have a significant impact of buybacks in q1 this is something new. for the u.s., it has been on for many years here in europe, you see

corporates trying to push prices and get valuation higher the market is buying into that we will have the basket of buyback stocks the basket has been strong financial is and energy companis as well. it is a case to benefit from the policy growth risk we see the potential for buybacks may be additional support to the market. >> thank you for being here. more news today. spain's bbva has submitted a merger offer to banco sabadell the new bank would be the largest in the euro area according to bbva. this proposal comes nearly four years after previous talks between the two lenders

collapsed. you see sabadell shares up 6%. bbva falling 2%. coming up on the show, the volatile trade for the japanese yen today. we'll breakdown the details coming up right after this break.

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welcome back to "street signs. the yen has been volatile overnight. we have jp ong with more >> reporter: good morning, frank. the question in asia is what people are calling yentervention. when you look at the moves and the strengthening of the yen, it happened 30 minutes after the federal reserve's jay powell said they have little confidence that inflation is trending downward that differential was above that on the bank of japan may persist. you saw it go from 153 to 157

and trading between that level that led to a lot of analysts saying it is a sign they may intervene. we are not sure. reporters reached out to the ministry of finance and they said they will wait until the end of the month to report interventions they took throughout may you have to wait until the end of may to get the report the top currency diplomat for japan said he did not want to comment on any possible intervention he said they are ready to act 24 hours a day and even if he is overseas or on a plane he said the possibility is quite high the intervention may happen how much more will they intervene? markets are would not be

surprised if the bank of japan would hike rates to support the yen against what many are saying is excessive speculation there are a number of business leaders in japan saying there has been speculation which has been detrimental to exporters. something the mitsubishi ceo said while a weekend is good for the exports, but the speculation may have gone overboard with the japanese currency. the question if they are rein the currency down if there is a need or willingness on the part of officials we have to wait until the end of may to see if they intervene the signs are there of a possible nudge from authorities

in japan to curb the weakness. frank. >> coining a phrase yentervent thank you. the oecd is expecting a steady 3.1% rise in 2024 and modest 3.2% pickup the next year the organization is predicting that developed markets central banks will cut rates in the second half. silvia spoke to the director of policy studies at oecd about th global economy expectations. >> we started to see recovery in the world economy, particularly in europe, where this year is sluggish, but it will pick up next year. we see strong growth in the united states. 2.6% this year and next year being a strong performance with low unemployment and inflation being sticky, but coming down

we see china as a stronger performance than in the past close to 5%. 4.9% this year and 5% next year. we see in latin america this year and next year and in asia, the world economy is doing better in these reegions. we see a pick up in trade. trade is picking up despite all of the conflicts we have seen around and disruption to the certain parts of the world trade. world trade is picking up and our activity indicators and pmis are starting to pick up. we can see that recovery seems to be unfolding in several parts of the world economy that's good news the question is how robust this recovery is going to be. we think it is getting stronger, but, of course, there are still risks ahead. >> you noticed in the report that the tighter monetary

conditions are putting pressure on credit and housing markets. how much of a problem could this be any significant risks here >> monetary policy is doing what it should be doing we noted because of the energy crisis and after the russian invasion of ukraine, we had a significant energy crisis, especially in europe, which was the largest energy crisis since the 1970s. this led to a significant rise of inflation and in other parts of the world as well with the rise of inflation. this led to a decrease in real income families saw real incomes coming down and what we see now is starting to be recovering in some countries real incomes are starting to recover. this will help consumption also, we think inflation is

starting to come down in several he measures monetary policy is doing what it should be doing. european faces the first fdi decline since the pandemic joining us to discuss more is julie ann for ey thank you for joining us >> thank you for allowing me to be here. >> i thought this was interesting. the report says foreign direct investment, inn vestment from other countries as an 11% drop >> i would say three things are an issue huge inflation across europe 100 new laws in the space of cyber alone. it is not just cyber it is climate disclosure and

carbon capture and a.i. and the new tax regimes coming in which hit europe has civilly secondly, energy prices. big contingency driving unce uncer uncertainty. third, geopolitics >> i thought you had a few things you have a few one thing we're talking about off camera, they don't have real plugs this europe. that's a personal issue. you cited a regulatory burden and a lot of regulation with technology i want to talk about greenfield investment from outside of the eurozone and they are building new projects, whether it is a manufacturing facility or office building, that went down 4% as well i want to ask about that in europe, they are trying to grow the tech sector more. investments are in tech or manufacturing. why is that under pressure

>> i think it is under pressure because people have alternatives you may be enticed from the u.s. with the inflation reduction act. that is driving more into the the domestic economy that's a big deal for europeans. >> there are some macro factors with all this. we have seen higher rates across the global economy, but specifically from the u.s. one of the economies that does a lot of foreign direct investment and economic pressures in china. another country with large, foreign direct investment. how are global interest rates elevated from previous years playing a part >> that is driving the uncertainty bucket you come back to the laundry list, global inflation is creating pressure. when you look at the investments made, you see r& d is down redesigning supply chain and

getting things closer to the customer to avoid logistics kohl's costs is playing a role. >> rising social tensions and the political radicalism is concerning investors that sounds like the united states >> well, you know what is different is the u.s. is one regime and one country in europe, many. not just the eu 27 and uk. a lot going on. >> you cover india one thing about india is the largest democratic election globally 950 million people eligible to vote it has become a big area for foreign direct investment with tech and manufacturing has india become a rising competitor to the eurozone with the foreign direct investments with the greenfield as well as the labor force? >> we see india as the rising star in the global economy and

largely benefitting from the inflation arbitrage. you look at the tech superstars of the future and they are come s coming from the india economy. >> janet yellen saying chinese auto makers are not barred from building vehicles in the u.s is china a direct foreign invest or after the economic problems in the rear-view mirror? >> i think china has been a strong investor over the past few years. one of the largest in infrastructure, especially looking at the african economy china will double down on that investment >> what about the eurozone >> the eurozone will have to, you know, they have to respond to the wake-up call. >> won't the chinese manufacturers have to bring more plants to the eurozone

german leaders are concerned about the auto sector. is that going to have to happen? >> it is a question of how europe takes a look at the foreign investment europe looks less industrialized and china could help get those plants back in action. >> the ey managing partner, thank you for being here coming up on the show, fed chair jay powell strikes a less hawkish tone have feared we will discuss it coming up next 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.

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welcome back to "street signs. i'm frank holland. these are the headlines. novo nordisk shares slide as the guidance fails across the top and bottom line. shell announces a $3.5 billion buyback after proved of $7.7 panhbillion. ing delivers a 2.5 tbillion

euro buyback the cfo spoke to cnbc. >> even if the rates were to transition into to a lower level, i think ing will do fine in whatever rate environment turns out to be the case in the next few months or years qualcomm fuels an earnings beat and demand for apple braces for a double-digit decline in china when it reports later today. welcome back to "street signs. look at the european markets it is mostly an up day here.

the italian mib is up .50% ibex up .25% bbva and banco sabodell looking to merge and the cac 40 is the laggard down nearly 1% looking at the currency right now and the action is on with jp on earlier with the yen surging in overnight trade the belief is there has been some yentervention is what he called it with the central bank in japan the yen moving higher compared to the dollar. most of the action with the yen and looking at dollar. the euro is just down slightly right now. let's look at the u.s. futures a lot more action with the u.s.

futures. they are solidly in the green right now. the nasdaq suppois up nearly 1%n the pre-market the dow looks to open 150 points higher the central bank has kept rates on hold and warned the inflation is stalling a bit ruling out any rate cuts in the near term. markets cheered jay powell's rema remarks that the rate hike is unlikely the stance is sufficiently restrictive. on the quantitative tightening which was reviewed, the fed announced it will slow the pace of the balance sheet and cut the cap on$60 billion down to $35 billion. the runoff on mortgage-backed securities is fixed.

powell said the recent uptick means he expect to keep rates higher for longer. >> so far, the data is not giving us that confidence. as i noted earlier, readings are above expectations it is likely that gaining such greater confidence will take longer than previously expected. we are prepared to maintain the current target range for the fed funds rate for as long as possible >> the rate tap cap is $25 bill. back to jay powell >> we looking at the 2.2% objective. the company decided to maintain the target range at 5.25% to 5.5% and significantly reduce securities holdings at a slower pace >> u.s. futures are moving

higher on the jay powell comments also looking at u.s. job openings they fell to the lowest level in three years according to the jolts survey this is indicating the labor market is cooling off. the latest data from adp suggests hiring is not slowing down private payrolls increased at a quick pace the chief economists said wage growth is resilient in the u.s. >> the pay growth for people switching jobs and high job openings means job wages are not playing along. they are higher with the 2% target as we look at what the labor market is saying, it is saying to the fed we are a smoking ember and we could ignite and watch wages.

wage growth is strong. >> here to discuss the u.s. economy and european economy is dan lakai. great to have you here >> good morning. thank you for having me. >> that decision by jay powell give me a sense, how did you view it by saying rates will stay high er for longer. how did you view the comments and impacting the global markets? >> i think higher for longer is here to stay the fed is giving messages to the market that indicate that we continue to look at the economy in a way in which they need to be accommodative i think the fed will keep rate cuts to a minimum and focus on liquidity. that is what jay powell said he explained he would slow down

the pace of quantitative tightening it is a big message. it shows the fed knows the economy is slowing down, but inflation remains persistent therefore, the market reaction was logical. markets are looking at the treasury and treasury issuance of new debt is continuing to rise and debt spending is not under control. that means more dovish policies from the federal reserve in the future i think that what everybody was focusing at the beginning is whether they would talk about any rate hikes no rate hikes whatsoever very accommodative policy. keeping rate cuts to a minimum because inflation is too high, however, remaining very, very dovish because the quantitative tightening process is massively offset by the treasury issuance.

deficit spending is completely reversing the action of the federal reserve. that means more liquidity and tremendous amount of new money in the system. >> more liquidity is seen as good as it comes to investors. i want to point to a comment from one of your peers mohamed el-erian he said this is too hawkish for the overall well being do you agree or disagree with him? is the fed rating too long to cut rates? >> i would somehow disagree. i think the fed is not being hawkish at all i think what we are seeing and what markets are discounting is the fed's action is very focused on keeping liquidity in the system it is being extremely prudent with quantitative tightening and its only real action is rates.

that's what is keeping the economy in a certain positive way. i think there's going to be some type of impact, obviously, with no way to bring down inflation down to 2% without making adjustments to the real economy and without getting a significant slowdown in lending and, obviously, the increase in money supply that is obvious. however, the fed is hugely accomm accommodative. it is being very open about its support for the banking system through the window channel and it is also being very, very optimistic about the situation of the economy therefore, i think what it is doing is trying to be as prudent as possible and knowing on the other hand deficit spending is not going to help in the pace of

reducing monetary supply. >> i want to shift to europe right now. ecb expected to cut rates in june you oput out a note saying cutting rates is a mistake is that still the case >> particularly negative in case of the euro area because there is a big narrative in the market that is blaming the eurozone slow down on rate hikes. however, the eurozone slowdown has nothing to do with rate hikes. it has to be with, as you have mentioned in the previous interview, in fact, it has to do with energy policy and it has to do with regulation and it has to do with the farming and agricultural policy which is slowing down the economy the problem with the ecb, it takes for granted the strength of the euro. if it cuts rates ahead of the

fed, that signals the euro needs to weaken. if the euro weakens, the import bill of the euro will rise making it difficult for the euro area to grow a rate cut is not going to make the germans, in particular, or the french companies, or the spanish businesses, take more credit because a small rate cut is not the driver of credit demand what makes credit demand interesting or rise is the fact there is economic and investment opportunities. those are curbed by regulation and the misguided energy policy of the euro area >> dan saying the ecb should not cut rates in june. chief economist at tressis thank you. coming up on the show, results are out for apple after the bell today with continued china weakness expected to weigh on the iphone maker. we will look at what to expect coming up next

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signs. shares of viking soururge in debut on the new york stock exchange the ceo told cnbc it is targeting its demographic. >> we have a clear focus and that is reflected in the customer ratings with the rewards we get it doesn't make us as large as the others, but more attractive to the consumer. qualcomm shares are higher after the ship maker posted a top and bottom line beat in forecast sales for the quarter above the expectations sales in the handset business ro rose 1% on the year. the ceo flagged strong demand for devices in the country our kristina partsinevelos filed this report.

>> reporter: qualcomm earnings report showing a smartphone recovery on the earnings call, management pointed to premium sales which posted better than expected revenue for the quarter. the cfo says they are not seeing weakness in the chinese market smartphones and china are still big revenue drivers for the company. qua qualcomm's auto business is up 35% year over year while other c chipmakers have warned of auto vehicleness. on export controls, qualcomm confirming they are selling to huawei under current licenses, but do not expect to receive revenues beyond the calendar year expect management to talk about the a.i. chip for laptops to be released this ummer. it will not impact forecasts for a while. for cnbc business news, i'm

kristina partsinevelos. apple results are due after the bell today with the a.i. in focus. the tech giant now lags five of the magnificent seven peers so far this year. earnings and revenue declining for the year china sliding 15%. iphone sales are expected to fall double digits that marks the steepest decline in three years services revenue represents one fifth of sales is a bright spot with more than 10% growth expect o expected on the year steve kovach has more. >> reporter: the big number to watch is china sales china has been a sore spot in the pandemic and beyond. sales have been plummeting in the country thanks to weak consumer demand and competition from huawei.

china contributes up to 20% of apple's annual sales and apple has yet to find a new market which has grown quickly enough to make up for the loss there. it is looking to grow in india and indonesia and vietnam. sales have not improved since the december quarter iphone sales were down 19% in china for the first three months of the year with overall smartphone sales growing 1.5%. analysts say the down tturn is cyclical apple's announcement this year could help in the next cycle in the back half of this year and 2025 for cnbc business news, i'm steve kovach >> joining us now to discuss more is dan yang.

>> good morning. >> one concern is the china sales for q1 which is down 19% are the fears rightfully placed or overblown i we have limited visibility in china. >> that's right. we have seen a resurgence from huawei and qualcomm last night resurgence of android premium. that is eating into the apple market share on the other hand, remember apple is entering the earnings with very bad comps. if you remember one year ago, supply chain disruption by the end of 2022 pushed demand into q1 of 2023 this without the numbers are the inflation of the supply chain. >> you are one of the few who

puts nuance in it. we rely on data from china we don't have full transparency. a.i. and apple people talk about the need for apple to have a.i. development do you agree with that does there need to be a leap forward for other areas with a.i. proproficiency? >> a.i. is the elephant in the room you have amazon and alphabet and microsoft all giving out pretty good numbers, including lemeta some ways, with a.i. they are increasing in revenues and profits. apple has been missing in it action we probably won't hear much on the earnings call with the ecb decision in june we are expecting to see a slew of announcements with what we can see. >> people keep saying apple

needs a.i. development is that infusing a.i. into siri or the surface what would impress investors >> they could announce a number of different things, to be honest we have to wait for the ecb. i think you can look at what samsung has dieguided in the earnings sales up 20% they have saying it is really driving engagement for users in the industry, there is a lot of noise about where a.i. will benefit me as a jouser we have seen signs that consumers are embracing the new features it is up to apple to up that game and take to competitors. >> services expected to be good. one thing investors are worried about is inflation specifically in the united states with granulated

inflation. it got granular. at the same time, they are facing regulatory pressure in the eurozone how should investors take that pressure on the device businesses or services business and search business with alphabet >> to be honest, any kind of regulatory action will take years to play out. we won't see any material impact from the earnings. top line or bottom line will be difficult to see on the other hand f, if you loo across the other players in big tech, meta hiked provisions for legal costs. investors might be looking in detail what apple is providing because they are in the cr cross-hairs of the regulators. >> lastly, meta, or vision pro >> it is the sales numbers which

are disappointing. that comes down to user education and ecosystem with not enough apps there. we could see more announcements that could soothe the markets. >> senior analyst at ai in f focus. thank you for being here one more look at the futures here are markedly higher that's it for our show "worldwide exchange" is coming up next. 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.

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it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." the fed give and the fed take away. still digesting the latest from jay powell and what he had to say about the policy path forward. futures are trying to build momentum with wall street still on track for its fourth down week in the last five. the focus for the market today is earnings as apple is set to report after the close today. the one big number of need to watch.