♪♪ -- captions by vitac -- and welcome to "street signs," happy monday, these are your headlines. u.s. and russian officials kick off a crucial week of diplomacy as negotiations on the ukraine crisis begin in questgeneva >> the question now is whether president putin will take the path of diplomacy and dialogue or seeks confrontation.

european equities trade around a flat line inflation data due and more commentary from fed powell on rates. ailing italian lender carige pops after banca betters the offer. and french tech atos goes the other way, blaming deal delays and tighter margins a very warm welcome to "street signs," everybody. a big week for geo politics. u.s. and russian officials are gathering in geneva today to kick off a series of high stakes talks over the situation in ukraine and ultimately the road ahead for security in europe however, both sides have already

warned pects for a resolution are lowd for conflict as russia builds up forces on the ukraine border secretary of state antony blinken said he doesn't expect to see any progress with russia as long as tensions on the ukraine border remain high. >> if we're going to make progress in the talks, starting next week. we'll listen to their concerns, they'll listen to our concerns and we'll see if it's grounds for progress but to make progress it's hard to see that happening when there's an ongoing escalation, when russia has a gun to the head of ukraine with 100,000 troops near the borders, the possibility of doubling that on short order. if we're seeing a deescalation, reduction in tensions that's the environment we can make progress and again address reasonable concerns on both sides. >> let's get to hadley who joins

us live in geneva where it's cold and windy set the scene for us, you've been covering this for so long, what is president putin likely to be strategizing here? what's he looking to get out of these talks? >> i think it's an excellent question, and one that most here in geneva will not be able to answer the reason is they've been careful, both the united states and russia, not to bring their top players to this first conversation both sides downplaying the possibility of much progress going into the conversations just about an hour or so ago they sent the deputy security of state from the americans and the counter part from russia the question being how much is even a little that can lead to a

d de-escalation because that's what nato and the allies want. the problem being president putin wants something that nato, the united states are not prepared to give, an assurance that ukraine will not be allowed to be part of nato bit, when it comes to missile deployment and more obvious when it comes to military maneuvers nato led forces conduct these exercises all the time and they're making it known they'll be more conciliatory when it comes to when and how they're taking place but the bigger ticket issues, the things that president putin has said are musts, the americans, nato allies stopping far short of what he wants to see. when we think about this more broadly, what president putin wants. he's 69 years old. this is a country with an economy smaller than california, he wants to sell his oil and gas, he doesn't want to be

pushed out of the global financial system one of the things that's been threatened is the nuclear option, unprecedented sanctions that everyone is saying will be slapped on russia but this is a man who's again and again reiterated, the worst thing that happened to russia, the soviet union, was the break up of that sphere of influence. i must say, that those actions point to try to rebuild that, solidify it. listen to what fred kemp told me earlier. >> europe's history knows the despots of threatening actions before it's an information game but at the same time putin can take military action if he wants to, we are on the cusp of war. if he wants war to happen, putin could make it happen it would hurt russia terribly,

europe irretrievably set th be the most important week for president biden with his foreign policy perspective. >> when i was speaking with president putin in october, i was asking about the nato alliance, if he would be willing to talk to him, he said he would. nato's secretary general over the weekend, saying the alliance stands ready to defend europe i secretary general, i've known him a lot of years now, he doesn't pull punches but at the same time he's always cautious, careful about what he puts out there. for him to say that, does signal how seriously western allies are taking this so far >> you had a fantastic interview this morning on "squawk box" with henry foy, and he raised this point, there you are in switzerland, outside the eu,

where russia and the u.s. are meeting, to talk about how to keep europe safe but european nation leaders are not actually there at the negotiating table. what does this say about the way president putin thinks about europe and just sort of comment on that, if you will >> i think that just speaks to the fact when you outsource your security to the united states for decades, while making very little attempt to build a security force of your own that you're going to have some problems taken seriously by someone like vladimir putin. that's what we're seeing today several years ago when president trump first came to office, europe was flabbergasted by his attitude toward nato members, he pushed all of them, you have to pay to play, the united states can't be here to make up the difference feorever you did see european nations coming up with money at the same

time, but at the same time they're falling short of the nato commitments and for president putin, if he were to go to the europeans now, he could have a constructive dialogue perhaps but they have to go back and speak to multipl, if he goes to the united states directly, he can get a direct answer to the united states and a democratiirect security commio nato no doubt they should have a seat when it comes to sanctions and they will, but we'll have to see whatare, and certainly more conversations before the e. >> thank you for kicking off the show with us, hopefully you'll stick around, this is a huge moment and we'll continue talking about it throughout the program. now fred kemp says security in europe hangs in the balance you can read his op-ed, online

on cnbc.com. kazakhstan's government is taking a new look, the top security officials have been sacked after the recent unrest new government members are expected to be announced tomorrow amid speculation of a rift in the ruling elite authorities say the situation is stabilizing after russian troops were called in to help quell violent protests and the kazakhstan president issued a shoot-to-kill order. he said terrorist groups trained outside the country are responsible for the violence the chinese city of xi'ian have tightened traveling restrictions people trying to leave the city now require employer approval. the restrictions come on top of

a city-wide testing drive as china doubles down on its zero covid approach in the weeks leading up to the winter olympics this as the announcement of two confirmed omicron cases dampened hope for fully reopening the border with hong kong. more than 100,000 people joined protests against the introduction of a new coronavirus pass in france over the weekend as a new lie threatens a de facto bann people for public life if the bill is enacted it would do away with the option of showing a negative covid test to access public venues don't miss our u.s. colleague's coverage of the j.p. morgan health care conference where later today they'll speak to leaders an australian judge has ordered novac djokovic be

his visa was, quote, unreasonable but they reserve the personal right to revoke the tennis star's visa again. a saga that may indeed continue. the latest u.s. employment report offers a mixed bag. why president biden believes lower than expected payrolls indicates an improving labor 'lbeigmaet wel rht back.

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welcome back to "street signs," everybody. let's get a check on european markets. is it stoxx 600 opening below the flat line, down about 15 bases points now let's take a minute to put the move into context, last week was volatile for global equities, but in particular u.s. markets, an increase in yield, steepening in yield curves and now more than three rate hikes are priced in for the year of 2022, u.s. equity markets sold off heavily in the rise in yields with technology stocks, the large cap

estate hit hardest european markets more resilient, with the stoxx losing .3%, while the s&p 500 dropped nearly 2%, the nasdaq dropped about 4.5% on the week that's the backdrop we're trading from this mornhe majority of european regions are trading on the back foot dax ab ftse up about .2%. no massive moves in terms of magnitude but trading for the most part lower. from a sector perspective, in europe, travel and leisure out in front, up about .9%, oil and gas, and autos the down side real estate down 1. 1%. i mentioned the under performance of real estate last week

industrials down .7%, and the technology sector down about .6%. i want to welcome a special face to the program, that is rosana lockwood. she's come from singapore and is going to be joining me the next several weeks. a warm welcome to "street signs" and it's wonderful to have you in london. >> such a treat to be here with you and the rest of the viewers on a monday morning. wrapping my head around the european markets i'm a more favor of the malaysian and dbss of the world. but this morning we have an italian banking story keeping us interested indeed, this is the fifth largest bank, bbra, it's taken over as the front runner to take over carige. it's beating a rival bid from a french lender asking for a lower

capital injection into the ailing bank from the owner the governor's election fund papers reported thats is also ae bidders too. so to help us through this is claudia from milan good morning, what more can you tell us? >> good morning, all eyes are on the italian banks this morning as in the afternoon we exp get more news regarding who will be carige. bper first made an offer on the 14th of december, which was an offer for a capital injection of 1 billion euros after that, credit made an offer somewhere around 600 illion. so bper went back to the table

and came back with a better offer. so there's still a lot of details we don't know about the two offers there's also another offer out there, we don't know details about that one but it's expected today on the table of the fund that has 80% of carige, 80% of the fifth largest bank in italy, they'll decide how to go forward, go into talks with just one bidder or open to all three bidders in the meantime the banking stocks related to this deal have gone up significantly. we saw carige up by 15 points. a consolidation that was

expected for the mid tier banks and is now happening because of the idea the italian economy is picking back up and with hikes in the rates in the rates expected in the near term, of course this could mean for better profitability for the banks in general we'll keep an eye on the banks in general, certainly a lot of attention in the next >> claudia, thanks so much for walking us through that. rates a big story for banks, financials everywhere at the moment we are expecting many increases around the world this year now, though, turning our focus to the uk for a moment we have an update on the regulation regarding fire safety and buildings. the uk has ordered home builders to come up with a planm buildins the country within the next two months a project that could cost over 4

billion pounds this move comes five years on from the deadly tower fire in london which did put unsafe building practices in the spot light. speaking to sky news this morning, the uk housing minister outlined how the government plans to implement this decision. >> we want developers and all those who have a role to play in recognizing responsibility that we want to work with but fit's the case it's necessary to do so, we will use legal means and ultimately, if necessary, the tax system in order to ensure that those who have deep pockets, who are responsible for the upkeep of the buildings pay, rather than the leaseholders, the individuals who in the past were being asked to pay with money they didn't have for a problem that they did not cause. this is absolutely huge news for so many people around the country. this shift in policy with regards to who's going to pay for these changes.

so major developments for uk leaseholders and you obviously saw there major reaction in the uk home builders, the developers that share prices are trading on the back foot this morning on news they will be responsible for footing the bill. turning to the u.s. and how the wall street is poised to open this morning. we have green across the board, dow jones looking at a 20 point jump, nasdaq 15 points, and the s&p 500 looking at a marginal positive start but after last week's moves with the nasdaq dropping 4.5% on the week and the s nearly 2% the dow more resilient we closed out the week with the payrolls report. the u.s. added 199,000 jobs in december, far less thanthe 400,000 predicted. unemployment hit a pandemic-era low of 3.9%. average hourly wages beat

expectations, rising month. job creation for 2021 hit an 80-year record of nearly 6.5 million as the labor market continues to climb off pandemic lows steve liesman has more. >> reporter: a confusing and mixed u.s. jobs report where questions were raised about weakness in the jobs market and others confirm it was one of the strongest and tightest in history. overall the markets traded on the strong data and believed it would keep the fed more on track to hike rates this year. the unemployment rate down 3.9% compared to a forecast of 4.1% labor force participation was unchanged but there have been about a million new entrants to the workforce in the last six months and wages rising by .6% on the month. and the average work week was unchanged at 34.7.

the average work week remains elevated as employers deal with the market by asking for more hours from the employees upward revisions of 141,000 jobs to the prior two months. over the 11 months of 2021 payrolls were advised up in every one but march, the average revision 100,000 monthly as the government seems to have a problem under reporting job growth in the first half there are too many signs in the labor market for the fed to change the view the risks of inflation are to the upside. the chance of a march hike trades in an 82% possibility, second june at 69% and a third hike in september ancember the fed is likely to focus on the unemployment number and

conclude that policy needs to get tighter, especially given strong wage growth steve liesman, cnbc business news. that was the week and the data that was. and we have plenty of datats co could increase the chanceslook the week ahead shedding more light on the state of the u.s. economy with data points and jay powell set to testify in his senate renomination hearing on tuesday while december's cpi will be released wednesday now producer prices on thursday, and on that same day, the senate banking committee will convene brainard's confirmation hearing to be the fed's vice chair and then the fourth quarter earnings kicking off, j.p. morgan and citi group reporting on friday. a lot to stay abreast of here in the markets.

economists and analysts have outlined how they expect the fed to approach hiking rates this year. >> we're expecting they'll hike rates in may and again in june, but as they are hiking rates we expect to see the inflation numbers and the growth numbers for the economy deteriorate. as they deteriorate, the impetus for the third and now people are talking about a fourth hike in rates later in the year, i don't think the pressure is going to be there by the time we get to that point. >> might do not just three hikes but four hikes this year the baseline remains 3 and we expect the fourth quarter begin to balance sheet runoff to essentially substitute for a rate hike. if it starts earlier, you might end with quarterly hikes. >> once he had his job confirmed he was going to lay out a chance -- a serious change in direction in fed policy as we

know as every wall street analyst has pointed out. we'll get three, maybe four rate hikes this year. >> as yo calculating how and when these rate hikes are going to happen, we're going to be looking ahead to the cpi figure later in the week but the payroll not so much the jobs added but the unemployment figure that's what the fed is concerned on, and we look deeper, of course, the participation rate as well which about a percentag thresholds. what's key is people feeling able and safe to return to the work place and it calls up the discussion about schools and child care, and the safety of going back into people feel okay about it i think this leads to an interesting overlap. you see treasury officials in the u.s. and here in the uk as well, overlapping with education and health seeing people like rich here in

the uk calling for a shortening of quarantine period to five days to ease the burden. >> absolutely. an important part of the interpretation of friday's report, i would focus on the unemployment rate just as you have and usually you wouldn't see an unemployment rate this low before the federal reserve embarks on a rate hiking cycle, it certainly raised the question is the labor market at risk of overheating looking at a number that low and what we're seeing in terms of hourly earnings, seeing them to increase 0.6%, ahead of expectation. so a lot for investors to digest and we're due to hear more from the federal reserve chief at his testimony before congress this week to kickoff the second nomination -- his second term nomination for federal reserve

chair. so a lot more to digest when it com comes to the fed this week. >> absolutely. whatever the fed does they'll listen on capitol hill as well, fiscal decisions in this there was one talk i remember last year, the idea that pandemic unemployment assistance programs were stopping people from reentering the work place, so now we've seeh anymore. still 10 million vacancies state side and people not headed to work for various reasons do you know who's also speaking? join our colleague state side at 2:30 p.m. for anlgensler. you won't want to miss that. >> when we come back we'll bring you the latest on atos as shared

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hello there and welcome back to "street signs" on this monday morning, i'm rose ann lookwood with julianna tatelbaum. the headlines at half past the hour u.s. and russian officials kickoff a crucial week of diplomacy as negotiations on the ukraine crisis begin in geneva, but u.s. secretary of state antony blinken down plays the chances of a break through. >> the question is whether president putin will take the path of diplomacy and dialogue or seeks confrontation. european equities trade around the negative with fl inflation data due and more commentary from jay powell on

rates. atos goes the other way issuing a profit warning blaming deal delays and tighter margins. and shares pop after we're about an hour and a half into the european trading session and now essentially flat on the day, we were in negative territory at the start of the program now we have the cak 40 at the flat line dax down about .3% and all this after the turbulent week last week for markets which saw european markets hold up better than the u.s. counter parts. the stoxx 600 ends about .03%

lower than the nasdaq. we're going to discuss u.s. tech in more detail later in the show but let's get a check on u.s. futures and how we are poised to open for the trading session green across the board, the dow jones set to open about 40 points higher at this stage, the nasdaq and s&p 500 also indicating a positive start to the session. the cpi data main event on wednesday before earnings season gets under way later in the week. >> you highlighted that focus on tech for the markets and for us at the moment and no less so than in france the latest on atos which issued the second profit warning in seven months after preliminary figures for 2021 came in below objectives the tech firm reporting revenues of 10.8 billion euros for the year, a decrease of 2.4% at

constant currencies, share 2012 we're joined by charlotte reed it's the second profit warning in that many months what's going on with atos. >> remember that 2021 was a tough year for atos all rready. it started a year ago when they tried to take over american competitor dxc technology it was investors trt impacted heavily at that point. and then there were accounting issues so more pressure on management there what was going on at atos in july the first profit warning and when they said revenue would be stable in 2021 against guidance up 4%, work from home had impacted part of the business and the revenue relies on i.t. maintenance and

management for companies work from home has impacted that part of the business and focussing on digital and clouds, some analysts being lowered with competitors transforming the business more towards the cloud. so this is the second warning at atos, an expected decline of 2.4% so expect operating margin around 4% and a negative free cash flow. so mentioned delays on some deals that would be impacting revenue, lower margin at hardware and software resale unit the new unit that came on board last week said essentially nonrecurring impact on the business and they expect 2022 could be better for the business we see here we get the new ceo trying to get all the values out of the way trying to get on a clean slate for the year and for the

business he will present a new strategy for the company in 2022, but the shares heavily impacted down almost 18% of the market and shares down more than 50% for the past 12 months pushing them to exit earlier in late 2021. so a challenged quarter of the year >> thank you for breaking it down, massive move in atos shares this morning to the down side u.s. big tech names ended a wild week mixed on friday. minutes out from the federal reserve along with assortment of economic data saw bond yields push higher and the te taking the fallout experiencing year. it came the same week apple briefly rallied to $3 trillion the big tech names have amounted for a large chunk of the gains

in 2021. the question is whether the rally can continue in the face of rising rates. so cyrus joins us now. thank you for being with us after a huge week for u.s. tech stocks, let me kick off there. how strong is the link between rates and u.s. tech stocks >> i think u.s. tech stocks are going to rise no matter what because of the big themes impacting tech, metaverse, web .3, cryptocurrencies, if you're in that space as a tech stock you'll benefit almost regardless of macro economic issues. >> one of the major developments we saw prop up the tech stocks over the last several years has been when they have pulled back, in particular when investors have thought rates would go higher than previously thought we saw retail investors get involved in a big way. and i wonder how that dynamic

will hold up, given all the other macro developments out there. will we continue to see retail investors get involved and pick up these stocks to help prop them up. >> you raise a good point. one of the things that retail investors are keen on the moment right now, especially younger retail investors are cryptocurrencies the whole decentralized web thing. and, you know, cryptocurrencies, as an asset class, they're worth about $3 trillion, the size of t if you think tech is a sector growing fast, this is a competing asset class. >> cyrus, the losses that we saw across tech stocks last week weren't just in these kind of future profit ideas, sort of fast grown but low profit, they were also ine but we did have apple to

be more surprises to the upside this year with apple that are going to keep investors interested >> i think with -- you asked about apple in particular, and i think that's different to tech i think apple in particular we've had tim cook as ceo for ten years or so, in that time he's been -- his execution has been phenomenal. the market cap has risen from about 350 billion to 3 trillion and a little bit down. in that time there's been almost no innovation, in apart from the apple watch. the apple tv was a bit of a flop in terms of there wasn't a real new big blockbuster products there's talk of new products like an electric car, an aton mus car.

i'd say apple is probably the least, from my perspective, the least likely to grow from here in terms of maintaining the valuation it has a strong ecosystem with strong execution. so i see very little downside risk but the upside potential i see more in other big tech stocks. >> let's take on one of the other stocks, alphabet one concern for my mind this year is regulation, you have mounting lawsuits against alphabet, how are you focused on that >> we've been focussed on the regulatory risk for a long time. it's one of the themes dragging alphabet down, it's the most expo, opposed to possibly amazon, not just issues around data privacy, copyright, those things, but also, you know, a wide range of issues

i think that is a big risk, but i think, you know -- i think the regulators have done what they're going to do, unless we see a major u-turn in the t seer happeninthinking, some of the companies have grown significantly through acquisition, meta acquiring whatsapp and instagram even if we don't see regulators crack down on what the giants have done so far, what's the risk or threat of anti-trust going to do for future corporate activity are we going to see mer major transactions in the tech space and if so, which players can afford to do that from an anti-trust perspective >> i think a number of countries, the uk most recently are implementing laws for m&a activity, i think for big tech future acquisitions will be

highly restricted like they are for chinese companies buying western technology companies i think for smaller tech that won't be so much of a problem but certainly big tech, acquisition strategy is going to have to change and take account of greater regulatory scrutiny >> cyrus, head of research at global data. thanks for your insight this morning. now still to come on the show, we'll cross live to brussels where nato and ukraine press minister are set to hold a briefing ahead of talks between u.s. and russian officials in geneva

a very warm welcome back to "street signs. on the geopolitical fronofficia gathering in geneva to kick off talks over the situation in

ukraine and ultimately ahead the security in europe on a sideline in brussels a meeting is just getting under way -- well, will get under way between the nato secretary general and the ukrainian prime minister let's listen to what's being said in the press conference ahead of the meeting now >> on friday, nato four ministers called again russia to remove its forces from ukraine and from borders demonstrate transparency, and de-escalate. any further aggression against ukraine would come at a high political and economic price nato allies are united in their support for all nations to choose their own path. this has been a fundamental principle of the european security for decades ukraine is valued and long-standing partner to nato.

and today's meeting of the nato/ukraine commission comes at the start of an important week for european security. united states and russia are currently meeting in geneva. on wednesday, we will hold the nato russia council meeting here in brussels and on thursday the oc will meet our meeting in the nato/ukraine commission is an opportunity to exchange assessments on the io' strong political and practical support to ukraine and to coordinate the heads of diplomatic engagements with russia. i welcome that russia has agreed to our offer to hold a meeting on the nato/russia council later this week. this is a positive will focus o

risk reduction, and arms control. we will listen to russia's concerns but any meaningful dialogue must also address our concerns about russia's actions and it must take place in consultation with ukraine as we are doing today. we are also consulting closely with other partners, including georgia, finland, sweden and the european union prime minister, thank you for being here today once again, welcome. >> thank you, dear secretary general, ladies and gentlemen, convening the extraordinary meeting of the nato/ukraine commission ahead of the meeting of the nato/russian council is an essential step sharing the

principle. i take this as a strong demonstration by the allies of their unwavering support of ukraine's integrity and serenity since the beginning of the russians' armed aggression against my country today my intention is to bring the clarity to all allies about the security situationin the region and over ukraine borders including the implementation of the means and normandy arrangements we should realize that russia's allies could not be considered an a position. we see, as russia attempts to shift the discussion, by threatening with a new war sett. what russia is doing is tries to impose its agenda instead of returning to the negotiation table. so once again, my discussions on

the security guarantees should start with the withdrawal of russian troops from the ukrainian territory. basically to date russia demands for unconditional surrender, demands toes of the democratic countries. we believe that russia miscalculates the situation and we strongly rely on our allies and their unity in protecting security and stability in europe still we would all realize the danger that is a build up in our country, russia will amass enough troops to launch an additional full-scale invasion into ukraine so we need to do everything possible to prevent that and that what we're going to discuss today. and i hope to see and hear the proposals from the allies also we also support the need to keep diplomatic channels with russia open if that prevents a shift from military tools. the most principled position for

ukraine is that we have sovereign right to choose our own security arrangements, including treaties and alliances. the integration is enshrined in our constitution and supported by the majority of ukraine citizens, it's not subject to negotiation or bargaining chip we also expect that nato would consider all the regional threats, both military and hybrid in its entirety and will demonstrate a strong unity over addressing them ahead of the next nato summit in madrid i count on the ally position that none of the commitments in the nato open door policy can be revised. clarity over the next steps toward nato inspiring countries like ukraine, will be the best investment towards setting democratic transformation in stone and the best response to any aggressor and demanding the democratic values we all share thank you and i'm looking

forward to our meeting with the nato/ukrai >> good morning. ukraine, secretary general, political and practical support to ukraine is very, very important, but don't you think that time has come, and as a part of deterrence, nato policy to provide to ukraine membership action plan. thank you. >> what we have stated very clearly is first of all, we continue to provide support to ukraine. political support for ukraine's territorial integrity and sovereignty, but also practical support with our comprehensive package, trust funds, activities conducted by the nato office in

kiev where we help to implement reforms, modernize ukraine's armed forces and i always encourage allies to step up and also provide more support within the nato framework i, for instance, visited odessa some time ago and i saw how nato helped to train and build the naval capabilities of ukraine at the naval academy in odessa. we also exercise together and we work together in many ways on top of that, we also have many allies providing bilateral support to ukraine with training, with capacity, with different types of equipment and i encourage and welcome the support nato allies provide bilaterally directly to ukraine. and this is also, of course, sending a clear message that ukraine has the right to defend itself that is an enshrined right in

the u.n. founding treaty and nato helps ukraine to uphold the right to defend itself on membership we have reiterated the decision made in 2008, and we stand by that decision. p ukraine to move towards nato membership by implementing reforms, meeting nato standards and we have stated very clearly that we will never compromise on the right for every nation in europe to choose its own path, including what kind of security arrangements it wants to be a part of. and therefore, it is fundamental that tha meaning that it is for ukraine and the 30 nato allies to decide when ukraine is ready for membership no one else has any right to say anything about that.

>> that is the nato secretary general speaking alongside ukraine's deputy pm. all of this as russia and the u.s. get underway in their talks in geneva over what's happening at the ukraine border. we, of course, are then expecting negotiations between russia and nato to take place on wednesday. so a lot happening in geneva and a lot to happen over in brussels as well. that is it for "street signs," thank you for joining me, alongside roseanne lockwood. you'll hear more from us over the course of the week but for now we'll hand you over to our state side colleagues for "worldwide exchange.

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it is 5:00 a.m. at cnbc global headquarters here's your top five at 5:00 wall street waking up to a rate shock ahead of twin testimonies this week from two key federal reserve officials. china is locking down again. this time in a key port city, just outside beijing, as covid continues to keep a choke hold on the global supply chain also this morning, high-stakes talks in geneva as the u.s. tries to de-escalat