ens. that's all for this edition of "dateline." i'm craig melvin. thank you for watching. [music playing] good morning welcome to "street signs. i'm julianna tatelbaum these are the headlines. airbus posts a big jump in first quarter operating profit, but warns the crisis isn't over. oil major shell hikes dividend for the second time in six months as earnings soar in the frs qirst quarter

epprices are back before pre-pandemic prices. and sales of 5g and network sk equipment increase as nokia is on on the move. and president biden looks to the first 100 days as he addresses the first joint session of congress. >> in the first 100 days, i can report to the nation, america is on the move again. welcome to "street signs." we have a busy earnings day. airbus has warned that quote the crisis is not yet over for the industry amid the pandemic reporting a 2% dip in first quarter revenues

shares are moving up this morning to the tune of 2%. charlotte has been looking at these numbers. >> reporter: that is right that's what the big expectation is for airbus. revenue was flat compared to the first quarter with the cash flow number it had positive comments there overall, we saw from the delivery numbers, 125 aircraft in the first quarter which was better than the first quarter of last year. overall, still cautions yto tak. that's why they kept the guidance they gave early in february that is to deliver about 566 aircraft in 2020 like i said, the path forward is

difficult, but we had positive comments from the ceo. now it is about recovery the tipping point for recovery is it could come this summer another interesting comment. airbus will look at freight in the future seriously that is traditionally a strong issue of boeing. that comment is interesting. ramping up production in q3 and q4 that will cut down from the reaction from the crisis they are talking about the planning a steep ramp-up for 2021 and 2022. they expect that to be in the first quarter of the recovery and travel ahead they have seen positive sign with the domestic market in the u.s. and china looking ahead to say they are on

track on meeting guidance. airbus has been through the huge restructuring to face the c crisis they cut 15,000 jobs across the country. they have done the huge management shake up in the last two-y years they changed the manufacturing blueprint. they are working on changing the strategy and the way they do things to adapt to demand and be placed in a good position. at the moment, from what we see in q1, do not extrapolate the numbers yet. they have positive signs and we see reaction on the market with the shares up 2.3% on the cac. julianna >> thank you for breaking it down, charlotte. let's move to airlines lufthansa posting a smaller loss

and expects demand to recover in the second half of the year. anetta has more on this. lufthansa coming off selling pressure overall, fairly muted selling price. invest ors are curious of what lufthansa had to say about the outlook. >> reporter: investors are pondering the person expected earns earnings in the first quarter. clearly, they have cut their capacity targets now to only 40% to the full year before they were aiming at a capacity rate of 42.50% for the full year. that is because vaccination are on the move in europe. that is, of course, putting a lot of pressure on lufthansa

in the first quarter, it is telling. capacity was only 20% of the p pre-coronavirus level and only 10% of passengers travel compared to pre-coronavirus sometimes. t times. they are beating first quarter compared to the exercise to cut costs. operating expense is down by more than 50% in the first quarter. of course, there is some silver lining on the horizon for luft lufthansa. vaccination is speeding up, the rollout, i should say. with that, the travel demand should come back the ceo of lufthansa was quoted as saying he is witnessing a strong rebound in the demand wherever it is possible. the desire to travel in his view

will come back strongly in the second half of the year. until then, lufthansa has to survive. surviving should be okay they still have a lot of cash on the balance sheet because of the very generous bailout packages they received. they are planning on getting the approval of the agm for a capital increase of 5.5 billion e euro in order to repay the state aid or silent participation of the german rescue fund >> all right anetta, we just lost your line we got to the core of what is going on at lufthansa. thank you for breaking it down let's stick with earnings and move on to household goods sales in unilever increased in

the first quarter. i asked the ceo of how he expects the coming quarters to more move forward. >> last year, we really tightened our belts in the first half of the year including marketing costs. this year, we will see a more normal flow of costs through you the year less of the first half high ma margin second half lower margin last year we are dealing with increases in commodity costs. soft commodity vegetable oil and tea and cocoa have been going up in the last

few muonths. that is accompanied by a cost profile. that is the issue we are dealing with at the moment >> when we spoke this time last year, you talked about the long-lasting changes to behavior as a result of the pandemic. now we're a year into the thing. do you stand by that what changes do you expect now >> some very interesting temporary changes that are reversing. we get a little bit of a window of what is happening worldwide looking at china which is fully back to normal at the restaurant supply business, it is back to pre-pandemic levels of business. people have started eating out again. we expect to see that as societies open up. a couple of lasting changes. people are shopping online at an extraordinary level. we reported 66% growth in our

ecommerce business in q1 that is a consistent behavior in country after country. and the increased focus on health and well being. we see, extraordinary growth in our functional nutritional whether that is india or the supplement business that we have in north america. >> to help us understand what we are seeing in earnings, i want to bring in the head of the equity strategy at barclays. great to have you on "street signs. a look across q1 in europe, we are seeing a number of companies beat expectations leading to upgrades of consensus estimates for the year yet, market reaction is fairly muted. why do you think investors are impressed with what we see so far? >> yeah. good morning this is one of the best reporting seasons in recent

memories it is the forecast going into the reporting season were quite high the market has been revised and it was getting higher. that is partly why we are seeing a bit of rise in the market where earnings are just what the market has been moving forward the past few months. part of the market is responding well to earnings banks and energy have been better than estimates. and stronger into the reporting season capital goods and autos have been struggling to be priced by the strong numbers >> i guess that explains why you titled one of the recent notes flirting with the danger zone when it comes with european he can equity

have you become more bearish on the outlook? >> not more bearish. the market is calling for caution and even with the fed chairman yesterday said some parts of the market. clearly from the technical standpoint, we see more ease we see significant inflows into the liquidity in q4 as well as q1 many indicators are telling us to buy last year are now high stressed events. we are entering this time of year where all these things may impact sentiments as well. obviously i don't think the market will fall because of the position it seems to be supportive. you have strong roles and

earnings which is important. we need earnings to confront the market on the other hand, we are seeing the support and fed is buying time which is good for risk assessment we still feel good with the back drop with we we are seeing autos which are very strong for the reporting season we are focusing on the monetary value space. wit we like value. we still want to have pressure, but not all-in for that. >> you were very clear in terms of your outlook and preference one other feature that stands out from the reporting season so far is the reemergence of buybacks in europe this is a key theme for u.s. equities in the last year. how much scope is a meaningful uptick of buybacks in europe and

is that a catalyst for more inn inflows for europe >> buybacks from last year because the economy lapsed and most businesses around the worl focused on survival. companies today have more cash on the balance sheet than a year ago because all of the government support and bank lending. the ability for the corporate sector to be more shelled again and the earnings are improving, buybacks should follow we had a clear spike in surprise we see a lot of ipos flooding the market

the ipos have gotten soft in the past 12 months now, it could be changing. that is basically buybacks coming back into the market. buyback more for the u.s. than europe we had enough companies discussing basically increasing buybacks after a strong market that is strong confidence by the corporate sector when clearly flows and positioning seems bullish already. a welcome development given the strength of the balance sheet. >> thank you so much for joining us this morning. emanuel cal, head of strategy at barclays. let's look at the energy space. total with a quarterly income of $3 billion in the first quarter.

that is higher than the levels prior to the pandemic. the french energy giant was last boosted by higher oil numbers. shell in focus the company will raise dividends by 4% after a strong first quarter. the energy giant posted $4.2 billion in the adjusted earnings over higher oil and lng. shares in shell are up 1.8%. let's look at wider markets and see how we are faring. advanced after a muted session yesterday. of course, investors with a raft of earnings as you can see we heard from a number of companies in a range of sectors. they are beating expectations for the most part. a lot of that may have been priced in.

a bit of travel and arrive let's look at the different reasons and what this can tell us how the investors are feeling. ftse is 1.7% higher. out pacing the market. cac up 60 points the german market is down 10 basis points we are seeing under performance from the automakers. let's look at the sector breakdown. automakers are under pressure from the chip shortage auto down 1.4% chemicals insurance and media trading below the flat line. travel and leisure and technology coming up, euronext acquires borsa italiana

we'll take you live after the break.

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welcome back to "street signs.

nokia posted better than expected first quarter thanks to the boost in 5g equipment sales. quarterly profit rose to 5 cents per share ahead of expectation the equipment maker confirmed the full year outlook. we have seen a share price move on the back of the numbers which beat expectations. shares are up 14%. standard charter with an 18% profit answer this in market to record performance at the wealth management division. the lender pulled back from the uptick in provisions from bad loans, but warned of an uneven recovery investors cheering these results. and natwest returning to profit in the first quarter. profits were boosted by a net

release of 102 million pounds. matt west, the ceo, said the outlook was optimistic, but warned there may be uncertainty. and euronext completed the acquisition of borsa italiana in a deal worth over $5 billion euronext launched a $1.8 billion capital increase in the wake of the merger we have muted reaction this is a story for a number of months let's go out to claudia. the exchange has been ripe for consolidation for some time. bring us up to speed of what this means for euronext and the exchanges sector >> reporter: first of all, there was concern about a possible delay in this finalization of the acquisition on concerns of governance and the future of the

weight of italy within the new you group euronext it is $4.44 billion deal $579 million of the capital hike is under written by the state-back lender and the state. they will hold a $6.7 million stake. as to fund it, this is creating the backbone of the future of of the capital markets in europe. there are still a lot of details that need to be hammered out which may be what is going on inside the building while they are actually hammering on the outside of the building. as you can see behind me, they are putting up the new logo of borsa italiana as far as the governments on euronext issues, there will be a new chairman the governance of borsa italiana

is not clear what type of integration plan is still unclear. everyone is still aware here italy represents a large portion of the net sales of euronext it represents one-third. borsa italiana is important for italian companies. it is on the positive side it leaves the italian companies more access to the network of investors that is broader. on a geographical perspective, it puts it under the umbrella of other borsa italiana companies there is more to the merger there are still questions to be answered and this is a developing story for sure, what is happening today is that is the beginning of the new chapter as the logo goes up on the outside of borsa italiana back to you. >> claudia, thank you. great to have that shot.

to keep up with the latest on borsa italiana merger, head to cnbc.com ♪ ♪ bt has confirmed it is in early stage talks with partnes regards its sports business. the company is speaking to disney and days inn and amazon over the potential sale of bt sport. the company said it was exploring ways to take the business to the next stage in its growth spotify ceo is serious about his plans to takeover arsenal football club. the billionaire is expected to make an offer in the coming days speaking to our u.s. colleagues, he said he had a long running love affair with the club. >> i have been an arsenal fan

since i was 8 years old. arsenal is my team i love the history i love the players of course, i love the fans as i look at that, i just see a tremendous opportunity to set a real vision for the club to bring it back to its glory i want to establish trust with fans and i want to engage the fans again so, to answer your question, i'm very serious you know, i have secured the funds for it i want to bring what i think is a compelling offer to the owners and i hope they hear me out. >> coming up on the show, shares in apple and facebook move higher in trade after the tech giants posted bumper quarterly earnings we'll break down the numbers next shipstation saves us so much time it makes it really easy and seamless pick an order print everything you need slap the label on ito the box and it's ready to go

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welcome back to "street signs. i'm julianna tatelbaum here are the headlines airbus sticks to the outlook and posts a big jump in first

quarter operating profit, but warns the crisis isn't over. oil's major shell hikes the dividend for the second time in months total, the french maker, says production is back to pre-pandemic prices. nokia shares surge after the strong quarterly results boost the by 5g sales as the company confirms its quarterly guidance. and president biden confirms america arising aanew. >> now after just 100 days, i can report to the nation america is on the move again let's get a check on

european markets an hour and a half in the trading section. we have green more the most part ftse up .68% shell is hiking dividend again the second time in six months. boosting oil prices for shell. we are seeing particular selling pressure in the autoautos perhaps concerns of the ship shortage weighing on sentiment cac 40 in france is up .59%. turns to currency. let's look at the markets. yesterday was a big day for the federal reserve. the main event for investors on both sides of the atlantic the fed essentially saying that they have upgraded the view of the u.s. economic recovery, but kept policy unchanged. they continue to believe that any rise in inflation near term is likely to be transitory

we are seeing the euro trading lower versus the dollar. down ten basis points. fairly mixed otherwise one fact to share with the dollar trade that index is down 3% on the month. putting it on pace to break the three-month win streak we have seen pressure on the dollar the last few you weeks. let's look at wall street. strong bounce for the u.s. open if the levels hold triple digits for the dow jones industrial average and nasdaq. we are looking at a strong performance after the muted session yesterday with all three indices ending lower on the day. it has been a big week for tech earnings. let's look at apple. apple shares moved higher in extended trade to the tune of

2.3% after the company reported 54% growth and announced a $90 billion share buyback program. the tech giant reported double digit global wgrowth up 65% for iphone imacreporting 70% annual growth. tim cook said on the earnings call that the company managed to avoid the semiconductor bottlenecks that areindustries. >> we did not have a material supply shortage in q2. how are we he ae able to do tha? you wind up collapsing all of your buffers and offsets that happens all the way through the supply chain so that enables you to go a bit

higher than what we were expecting to sell when we went into the quarter 90 days ago. >> it wasn't just apple. after hours trade and facebook shares moved higher in extended trade after a $26 billion in quarterly revenue. a 48% jump they attributed the growth to the higher ad prices mark zuckerberg warned of the traditional advertising model. he said the company would look to expand the ecommerce features to offset the potential losses despite the strong numbers, our next guest says the big tech, notably apple, need to prove to maintain momentum when the economy opens. let's welcome paddy flood from

schroeders as the economy reopens and people go back to work and children go back to school, can they sustain the type of product growth over the last quarter >> good morning. yes. it's a graeat question these are stellar results. 50% growth is exceptional. the mid-60s for the iphone is incredible as well if you look at the reasons why iphone has been so strong, we have the start of the 5g cycle and we have the covid tailwinds in the high savings rates and stimulus checks coming through and helping with demand. as we look into next year, particularly for iphone, it will be staring down the barrel of intense comps which make year over year growth difficult as economies around the world open up, there will be other avenues for consumers to spend that money it is a big question whether

they will be able to grow this way next year. on top of that, you think about replacement rates which both previous conference calls, apple alluded to the high pulls for the quarter and through the next few years. if people are replacing today, they are unlikely to replace next year. outlook will get tougher no denying these results are exceptional. >> paddy, it wasn't just sales, but margins strong apple reported the highest margin since 2012. can you remind us how the products differ across the product portfolio and a shift in purchasing behavior as the economies emerge what is the margin outlook for apple? >> on the product side of things, you have to have the

high 30s growth margin on the service side is more than 70%. on the margin evolution has been good apple has been stuck at 38% average for the last few years we're in the low 40s the last few quarters a couple of factors. the models of pro are doing well on the services side, a higher margin line and as that grows in the midst of the group, it has to pull up margins for the group going forward. saying that as we head into next year, there are some questions, i guess, particularly on the product side of things and if we see a muted environment and not much as uptrading given and willing to spend money elsewhere, that could be a margin i think gross margins are moving

in the right direction >> paddy, what is the strategy for apple tv you look at the offering and they have a lot less content than the streaming peers it is unlike apple to sit by with a product that is not offering something that's top of the line how do you see them growing the apple tv platform? do you think they will do it organically or look to make some acquisition to get more content on to the platform >> i think the apple strategy will be organic when it comes to tv it has been well communicated they are looking to invest in a small late of very high quality con contes content. having that alongside the other streaming services and that is the niche they want to have

rather than the big platforms. that strategy is to pull people toward the wider apple ecosystem and hopefully cross sell other products on top of it rather than being a big revenue driver for the time being obviously that strategy to evolve over time >> speaking of cross selling, there is a lot of talk of apple pushing apple music. what did we learning on the earnings call yesterday how apple music is doing do we have insight into whether they are taking significant market share from spotify which is the dominant force in that space in recent years? >> it is a tough one really to get proper data on because the disclosure from apple across the services businesses is relatively low we don't have much in the way of subscriber numbers that product continues to scale well it is one of the products that potentially has lower grosser t.

>> paddy, you are a sector spec specialist you look at stocks beyond apple and the tech space we emerge from lockdowns around the world and how do you think apple stacks up especially given the other tech names like amazon and facebook which have a bigger exposure to advertising which makes them more insulated from the leaving behind the work from home trade, if you will? >> sure. i think taken all together, especially versus other big tech names, apple valued on a multiple perspective as it faces or will face, i should say, tricky comps going into 2022 on the product side of things, it fares relatively less well in terms of attractiveness.

we have other big peers like microsoft which are very strong mu multiyear growth story and the apple is clouded at the moment >> all right paddy, i'll leave it there paddy flood from schroeders. looking at the at owe secrauto sector ford is expected to drop in the second quarter due to the chip shortage and a fire at the faculty in japan last month. it will lose more than 1 million units of production this year leading to costs of $2.5 billion. it expects a rebound in the second quarter the first quarter profit of 81 cents a share. the ceo told cnbc it will get worse before it gets better. >> the chip shortage will extend

in the second half we may lose the same from the first quarter. as we come into the last part of the year, we're really moving. >> qualcomm shares increased after better than expected second quarter earnings thanks to hand set demand in china. the company said it expects the global chip shortage to ease by the end of the year. our colleagues state side will speak us today at 4:00 p.m. the fed sticks to its guns as it looks to tapering. wl veornext do you have a life insurance policy you no longer need? now you can sell your policy, even a term policy, for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly realized that we needed a way to supplement our income. our

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welcome back to "street signs. president biden claimed america is on the move again as he marked his first 100 days in office with the speech to a joint session of congress. biden urged lawmakers to raise taxes on corporation annd the ultra wealthy. he revealed details of the plan

to support families, children and students nbc's alice barr filed this report >> reporter: as president biden entered the chamber to address the joint session of congress, attendance was low with covid rules, but his ambitions high laying out priorities for the country. >> now, after just 100 days, i can report to the nation america is on the move again >> reporter: for the first time in history, two women standing behind the president vice president kamala harris and house speaker nancy pelosi >> it's about time >> reporter: president biden highlighting progress against the pandemic >> everyone over the age of 16, everyone, is now eligible to get vaccinated right now, right away go get vaccinated, america

>> reporter: the president pushing congress to pass the nearly $2 trillion american families plan that pours billbil billions in education from preschool to community college he wants corporations and the wealthy to pay the bill. >> trickle down neconomics has never worked it is time to grow the economy from the bottom and the middle out. >> reporter: the president extending an olive branch to republicans who accuse him of abandoning bipartisanship on billions spent on covid and infrastructure he spoke out about police reform and racial justice >> we have seen the issue among black americans. now is the opportunity to make progress >> reporter: president biden looking far ahead for himself and the nation

president biden touching on global efforts to combat climate change and talking tough on russian china and renewing the pledge to bring american troops home by 9/11 in washington, i'm alice barr. the u.s. economy is improving, but maintained the easy monetary policy as chairman powell said the recovery is uneven and incomplete. the fmoc said theinflation could rise in the coming months, but expects price pressures to be transitory. u.s. equities dipped as the policy will remain the same for the foreseeable future >> we said we would do that well in advance to taper the asset purchases. we will do so. in the meantime, we will monitor progress toward our goals.

we first articulated this progress test at our december meeting. economic activity and hiring recently picked up after slowing over the winter. it will take some time before we see substantial further progress >> very pleased to say we are joined by randy crosner, professor at chicago booth randy, great to have you on "street signs. powell made clear the fed is in no rush to adjust policy until they see further progress. this comes as the improving economic data. what does further progress look like >> this is a classic fed phrase. it gives them enormous flexibility. they have not defined what it is one indicator they are looking at is the unemployment rate coming down from where it is at 6% now when we went into the pandemic,

it was 3.5%. probably would be like 4% or 4.5% plus seeing more people come back into the labor force and making sure that the gains in the labor market are appearing across all the sectors that is a tough lift. >> a big hurdle to cross on the inflation front, the fed continues to believe or assert that any rise in inflation is likely to be transitory. how will we determine that is the case or we are in for a sustained uptick in inflationary pressure >> that is the $7 trillion question when they start to taper and reduce the size of the balance sheet once they see inflation pressure turning from transitory to bel longer lived.

the way we will see that is will we see inflation expectation move up? will they ultimately fight inflation or are they getting back to the bad old days where they wait too long for inflation to rise and move rates up subse subsequently there is no indicator. we don't know what could lead t it. >> it is strange where you have improving economic data and talking about a central bank committed to maintaining easy policy that is not what you learn in the textbook about economics how long can the party go on and what would a policy mistake look like at this stage >> two sides to the policy mistake. one is that they tighten too quickly and they get scared because the ten-year rate goes

up i don't think they will make that mistake it is pretty clear that chairman powell said we will wait and inflation will go up, but we think it is temporary. it depends how muany months it goes on and it is not temporary. then they will allow inflation to be above the 2% target because they have been low for so long. totally reasonable it could lead to expectations. they could have to move rates up rapidly and barring costs could go up. that could be the other challenge. they he ave to get it exactly right. it is tough to be the perfect -- just warm enough, just cool enough. >> a challenge there monetary policy is part of the

puzzle here. we have fiscal stimulus and so far president biden's support efforts have focused on more relief for the immediate pressure that the pandemic has caused now he seems to be shifting focus with the stimulus proposal to address longer standing issues in the u.s. economy what do you think of the proposals on the table right now from the white house >> this is an astonishing amount of spending. $3 trillion last year. 15% of the gdp struck me as sensible. you have to get insurance against the down side. $1 trillion last december. $1.9 trillion most recently in the relief and stimulus. $2.3 trillion in the infrastructure proposal. then roughly $2 trillio here that is a lot of money someone has to pay that back at some point given the economy is really taking off and i would be

cautious about spending so much right now. i think it makes sense to do an assessment of infrastructure and assessment of what we need to do in the long run. spending on the order of $5 trillion within a year i'm not sure we can do that. >> i guess the other big part of the proposals here and perhaps the most controversial are the tax hikes he is aiming to push through. do you see any chance the tax proposals that president biden has on the table make its way through congress and do you think it is the right move >> i think they will face a lot of challenges not just from republicans, but the more centrist democrats we heard that already. you want to make sure you don't have disincentives you may recall beforereforms, a

companies were doing inversions. moving headquarters to ireland for example because taxes were lower. we had the corporate tax reforms because the rest of the world reduced taxes so much and the u.s. hadn't done that. you had the incentives to invert headquarters and keep trillions of dollars offshore. we have to be wary of that we have to be wary of disincentives for investment and even tremenentrepreneurship. >> i guess what we heard from the fed and president biden is a focus on trying to smooth out the recovery which is showing signs of being uneven and "k" shaped are you optimistic they can do that >> it seems so far the approach is very widespread think about the $1,400 checks

sent out to households it was a broad brush approach rather than targeting the households in distress i would prefer to see something more targeted. particularly if it takes another month to figure out the targeting. fortunately the economy is coming back. we're not in the situation where we were a year ago i think we are poised for rapid growth >> all right randy, we have to leave it there. always a pleasure. thank you for sharing your thoughts randy krozsner thank you. looking for a positive earnings trade on wall street. that's it for today's show i'm julianna tatelbaum "worldwide exchange" is coming up next.

it is 5:00 a.m. in washington here is the top five at 5:00 ready for takeoff higher taxes are coming and president biden takes a big shot at china. the possible pandemic game ch changer. why moderna's changes could be good for fighting covid in india. the blowout quarter for wall street