in terms of what you gave us, even if at times, i was like, i don't know where this guy's going with all this. i have to say, there's a method to the madness. good morning welcome to "street signs." i'm julianna tatelbaum these are your headlines ukraine accuses russiaof war crimes as hundreds of civilian deaths are revealed in cities surrounding kyiv president zelenskyy led the international condemnation >> the world was seen many war crimes it is time to do everything that the war crimes of the russian military become the last manifestation of such evil on

earth. the eu pledges further sanctions on russia, but germany is the main road block to tougher measures the commissioner gentiloni says brussels will enforce the energy agreements >> we have contracts we will respect contracts and we ask the counterparts to respect contracts. the race is on in france with a week to go. the president emmanuel macron's lead narrowing and marine le pen rising in the polls. >> translator: the fight is now. the fight of progress against retreat. the fight of patriotism. choices are simple and tesla shares rise driven by record first quarter delivery meeting expectation and despite

a shutdown of the shanghai factory. warm welcome to "street signs. let's give you the latest with the war in ukraine ukraine accused russia of war crimes releasing footage appearing to show mass graves and bodies across roadsides in bucha. and forces reclaim much of the area after russian troops retreated. bucha's dpeputy mayor says 50 of the bodies found were extra judicial killings. the images released by authorities were a provocation ukraine's president volodymyr zelenskyy described the actions of the russian sold yiers as

genocide and evil visited the country. >> translator: today, i had to say that to talk about the discoveries in bucha and other cities from where the occupiers were expelled hundreds of people killed, tortured, executed civilians bodies on the streets. booby-trapped area bodies of the dead are booby trapped. looting. evil has visited our land. killers, executioners. they call themselves an army they deserve death only after what they have done. >> european leaders condemned the reports of mass killings and warned of further sanctions against russia germany chancellor olof scholz said they would seek consequences

and emmanuel macron said russian authorities would pay for actions. uk prime minister boris johnson also said he supported tightening sanctions on moscow and boosting military support to ukraine. speaking on nbc's "meet the press" secretary of state blinken said they are pulling away from kyiv he said they warned putin's army could face destruction on eastern ukraine. >> this is russia's plans to take over the country, including kyiv, have been dealt a devastating setback of let's keep in mind, they he have t the ability to refocus with air power and missiles at the same time, they may regroup and may be recalibrating. we are focused on what they are doing, not what they are saying. if it is a refocus on the east,

there is a tremendous amount that's ahead of us as president biden said this could go on. let's get to markets with stabilization in europe. for the most part. stoxx 600 is down 10 points. investors are continuing to watch what is happening in ukraine on the ground and latest developments over the weekend. ukraine accusing russia of war crimes and european leaders stepping up more sanctions against russia european investors taking this steps in stride. and ukraine continues to be a focal point. we will get the federal reserve minutes from the march meeting where they raised interest rates for the first time since 2018. we are going to hear from a few fed speakers this week monetary policy and path forward is of interest as well in terms of oil prices, oil is

bouncing back. goldman sachs raising the forecast for oil for 2023 to $150 a barrel. also worth noting, overnight, we did see a bounce in many hong kong listed tech shares. now we could see an easing on the regulatory front with china proposing over the weekend to revise confidentiality rules this could wapave the way for better audit to chinese tech firms. we have seen a bounce. mainland tech shares are closed for holiday. let's see what the split looks like flat start to the trading session for the ftse 100 swiss market up .7%. we see a bid for health care and the swiss market is over indexed. we have a .50% pull back for the german and french market

.50% lower for the spanish market from the sector, i mentioned health care out in front up 1.1% we are seeing strong gains this morning. media up .40%. second best basket of stocks industrials down .8% along with oil and gas and auto. a selloff taking place no major moves in either direction. fairly stable start to the trading session. oil. a bounce back this morning right now, brent is .50% higher at $104.92 well off the recent highs. wti trading at .50% higher at $99.79 on the monetary policy, the european central bank will raise interest rates and winding down the bond purchase program for the third quarter of the year.

this according to the board member schnabel said this is all for the fallout of the war and inflation. inflation surged to 7.5% on friday and raising pressure on the ecb to rein in on pricing as growth slows sharply the european commissioner has told cnbc that the continent may not be ready for a normalization of the monetary policy >> ecb decided strategy which is realistic and gradual. as they say, they will take the disecision based on data and monitoring data, they will take the right decision i think you should still consider the need to support our

economies. of course, in a much more targeted way the reaction to the pandemic was an overall support here, we need to target the support and avoid to have higher debt and risks of hitting the economy and contributing to inflation. but, there is no room for tightening and drastic restriction now. not now. not in 2022. >> here's the picture for fixed income markets u.s. yield is 2.39%. well off recent high bund trading at 50 basis points. here in the uk, 10 year is trading at 7.5%. and in italy, just over .20%

i'm pleased to say luke barrs is joining us head of gsem luke, great to speak with you. we have seen a repricing in bond markets over the last few months many argue that bond markets are driving equity markets right now. curious to hear your view on the path forward and link with bond markets and equity markets and your take on european heequities moving forward >> good morning, julianna, if we look at last few months, the inflation concerns and managing the risks and the weight on the markets. the link is a simple one discounting mechanism. if you look at higher growth and longer-term, clearly, those are

long duration. you see a little bit of e entre entrenchment we look forward and we think the market is over reacting. our view is innovation and some of the innovative areas are over sold we look at fundamentals. it is healthy. if we look at november with the central bank cycles are more hawkish, we have seen it remained robust. top line and environment and solution providers and it is still healthy if not improved three or four months ago valuation has declined 40% decline in prices against the back drop of improved fundamentals. >> i want to dive into the research you have done on invasion and investment. in terms of the latest data. clearly wage pressure is the issue. non-farm payroll on friday

clearly it is a concern. how do you think of wage pressure and increase in labor costs for companies moving forward? will companies continue to pass on higher costs in the form of higher prices? >> wage inflation, if we take the fed view, it has hit an all-time high. we are looking at the last couple decades and the companies are having to deal with a different scenario that leads to a great er se selectivity. that is the core investment we are making at this time. as we tie this into the innovation and secular growth theme story is wage and price inflation is fairly structured over the next few years. it is also driving increased investment in technology it is automation technology to reduce labor or software in

inve investment, those are be beneficiaries of the higher labor market >> where do you see the in investment opportunities if you want to play the innovation theme? >> at goldman sachs asset management, we have four critical trends. technology and the disruption you are seeing from new technology and the new age consumer this is very much younger generation spending money on different things and different ways especially comfort with online technology and digitalization. the future of health care with geonomics coming to market off the back of the innovation and then the solution environments i think as we look across the land landscape, some of the online stories where the year on year comps have been challenging.

the discount mechanic mism is aggressive if we look at the ecommerce space or digital space we have seen 40% or 50% decline. despite forward looking growth is in the 20s for the next year and three-to-five years. the businesses that are asset light and have high cash conversion and sell for a number of years the rising rate environment is a discount mechanism it doesn't really is have a bearing on cost input with the labor industry we think that is a hugely attractive entry point valuations we have not seen in the last six orgments of the ma. >> luke, how do you think of the possibility we see the trend toward deglobalization and i wonder how this plays in the investment thesis. there is a lot of talk about the

war in ukraine and covid all leading to the view that companies are going to re-shore supply chains and rebuild. that screams investment. are these companies going to invest heavily in the years and months ahead if deglobalization is a theme >> they will, julianna i think we are seeing that already. going back to 2018 with the tariffs and sanctions in china prompts companies to think about the supply chain dynamics and the trench through covid with the supply chains isolated in one market what you see is companies thinking about the shores near supply chains. i think the company where we are excited. s semico semiconductors that manufacturing is a foundation on technology for all of the tech we see over the next couple decades the u.s. is a long way behind

global leadership. you are likely to see $40 billion in that industry in the u.s. to uplift capabilities to give u.s. technology independence and not that independence currently there is another dynamic think about how china is thinking about the scenario. it has a technology dependence on the western world china wants to uplift manufacturing, but build independence from western economies, the investment in hardware and software and clean economy and clean tech specifically in bio-tech in china is fascinating they need to build that in a world where they get less and less access from the western economies. >> fascinating i guess in addition to technology independence, there is a huge focus on energy independence there are ways to play that theme through european heequity

>> absolutely. europe is the leader in clean tech innovation for the last decade when we think of our investment in the environment, we have been structurally over weight in the leadership in innovation i would say most evidently at this point, the forward for renewables isattractive. we know europe has to reduce on russia natural gas we know that is not an overnight. if you look at the acceleration for the renewable sector, not only are they increasing the last few years to push to the net zero path, but the geopolitical backstory i think in renewables and the infrastructure requirements needed to drive positive advancement toward a net zero power supply or economy should be a very attractive place we see shares trade down aggressively a function of discount mechanism

and the believe going higher as interest rates increase. if you have support from the governments and pressure to improve the carbon intensintense that is attractive for longer term investors >> luke barrs, thank you let's get to single stocks delivery hero shares soaring 10%. they launched the debt financing are worth 1.4 billion euro the firm says it will enter a revolving credit with banks. you see yes shares are bouncing this morning it has been a struggle for the stock. credit suisse says it has taken measures to avoid past mistakes with the collapsed green cell

funds. the lender separated asset management unit from the business adding it is investigating all funds. the group added it may take five years to enforce claims against individual debtors credit suisse trading lower. down .70%. telecom in talks with a potential merger with the mobile networks and it has been waiting for months after it submitted a non binding offer in november. reuters reports that kkr will not pursue the bid unless tim conducts due diligence it interested the board will discuss this as well as a separate proposal on thursday. and essilor luxottica and

grandvision sell stores. ted baker is looking forteover offers after improved bid from sycamore partners ted baker will receive other offers and determine if a value meets to be attractive investors are excited about the deal news and potential for further improved offer ted baker are shares up 7%. coming up, with less than a week to go before the french elections, emmanuel macron asks people to back him we will hear from our team on the ground in paris after the break. 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

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french president emmanuel macron held his first campaign rally a week before the opening round of presidential elections. in his speech, macron asked voters to choose progress and win a battle with patriotism and

europe and nationalism this as marine le pen is polling in second behind macron accordingto the latest poll. addressing crowds on saturday, macron pledged to tackle issues. including tough on corporate tax evasion. >> translator: i've heard a lot of talk about tax evasion and certain u.s. company i want to remind all of the outraged by it that they used them in the governance it is not something just done by the french the company we're fighting against is setting up in belgium and on our borders it will relocate it continues to perate these people don't understand how the world works. no, we must not simply be outraged we must act. we fought for and achieved the minimum tax in europe. this will hit all international companies that have to pay a

minimum of taxes where value is created in europe. that's how we need to act. >> the spokesperson for macron's party told charlotte in paris that this is atop the agenda for the president. >> he is not the new comer he was five years ago he said we have changed in five years. we have been if pn power. we have been hurt by the crisis we had to manage he wants to do best from the right or left. he wants to fight the extreme and push france forward. >> he talked about picking up reform agenda we know he started before the pandemic hit. he was insisting on the methods. he pushed through the reforms and it was unpopular what does that mean? we don't have the president anymore. what is the 2022 macron?

>> we hopefully are getting out of the pandemic and war on the doorsteps of europe. i think the main objective of any president is rean see him able and unite french people together behind the reform agenda we know france is changing to address the challenges of the 21st century environmental and social agenda. the fear is the globalization and pandemic we need to keep on changing france, but doing it in a united way so anyone is behind him. we know we have seen it in the u.s. and hungary yesterday we need the extremes to be pushed away and for that, we need to unite people together to a central reform agenda. hong kong's chief executive

carrie lam will not seek the second term in office. she said it was based on family consideration. she informed the central government last year >> reporter: carrie lam will not seek a second term of office her announcement comes as the two-week nomination period kicked off yesterday >> this is not a question of he v evaluating my performance or the hong kong government in this term this is a question of my personal wish and aspiration my personal wish and aspiration is based on my family consideration. this is what i have told the central people's government and they have expressed understanding. i am taking this early opportunity to inform the public

through the media that i will not contest in the coming chief executive election >> reporter: lam indicated her intention not to run for a second term to beijing officials during the two sessions in march of last year her main consideration is because of family and her main focus now for the remaining three months in office is to continue to curb the covid pandemic she has not made plans for after leaving office and her term now ends on june 30th. that will cap 42 years of public service. meanwhile, the chief executive has not received any resig resig resignations this comes as the number two john lee, will resign from his post he will run for the top job. he is in the process now of forming a team according to the south china morning post

his background is in security. he is the former secretary of security and that is seen as a key qualification for the job. that is the latest from hong k kong i'm emily tam. coming up on the show, an environmental warning over farming practices. we will have details when we return 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. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance.

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welcome back to "street signs. i'm julianna tatelbaum these are your headlines ukraine accuses russia of war crimes as hundreds of civilian deaths revealed around the capital kyiv president volodymyr zelenskyy led the condemnation >> the world was seen many warcs it is time that this is the last manifestation of evil on earth the race is on in france with less than a week to go before the first round of the election emmanuel macron's lead narrowing

while marine le pen rises in the polls. >> the fight is now. the fight of progress against retreat. the fight of patriotism and you were against nationalists. the choices are simple hong kong chief executive carrie lam cites family considerations after she announces she is not seeking a second term in office. and tesla shares rise in trade driven by record first quarter deliveries despite the shutdown of the shanghai factory of. reports of war crimes by russian troops increased pressure on europe to close the taps on russian gas. lithuania energy ministry would end all russian gas supply from this month

it is urging others to stop financing war with russian oil and gas. and the eu should consider a ban on russian gas a move that would mark a departure from the previous resi resistance the poland prime minister says germany is the road block on tougher sanctions on moscow. steve spoke about the europe security at the forum and asked how the block is colding upholdn up with the spillover. >> we enter the crisis weeks ago on a good footing. we were estimates this year a 4% growth this will slowdown for sure, but the carryover of the previous

situation of how the economy went in 2021 will stay and i think that we are not running the risk to enter into negative territory overall in 2022. we will have a lower level of growth and then for the future, there are two or three things important to understand how long will the war last. second, the sanction dynamics and will it include oil and gas from russia? this could change the landscape. third, how all this will impact on the confidence of investors and consumers. at the end of the pandemic, the high level of confidence was incredible savings accumulated. companies wanting to invest.

how much this will be decreasing because of the new crisis? this is why i think we have to reassure our citizens and our business people that, yes, we will slowdown in our growth, but we are not entering in a recession. >> in terms of the current dispute about how russia is paid for its gas and oil, it is we will stick to the contract in euro and some in defensiollars well mr. putin said unless you pay me in rubles, i cannot get paid for my gas and oil how do we get out of the impasse? >> it is easy. we stick to the contracts. 97% of contracts in europe are in euro and dollars. this is what we agreed

at the same time, not everything is completely clear in this decrease and we are now coordinating among member states to understand what are the consequences for the time being there are no consequences. >> in the next two-to-four weeks, european gas supplies could be turned off if the payments are made? >> this is something we will see. from our point of view, i think we very clearly answer that we have contracts and we will respect those contracts and ask the counterpart to respect contracts. we all know that we took the decision not to involve some sectors on sanctions and not all russian banks. if there is a political will to

cut supply of energy to europe, we will face the situation and manage the situation european agriculture growth at the expense of the economy with the future crop supply. that is according to the world economic forum the move to efficient practices that just one in five farmers could help remedy. we have the member of the executive committee and head of the food initiatives at the world economic forum shawn, great to speak with you this has thrust food insecurity around the country after the covid pandemic

looking at europe, how well protected is the eu from food supply shocks? >> i think the conflict in the ukraine has exacerbated food systems in europe or globally. so a key challenge now is how we address those in the short-term and in the medium-term and long-term going forward. in the humanitarian crisis we are facing now with ukraine and russia and the region producing 30% of the world's grains and more than 50% of the world's sunflower oil. it poses the question on how we actually build resilience into systems and food systems globally for europe particularly. >> there are short-term questions and long-term questions we should ask. let's break them down. short-term, we are looking at higher prices of food and input

costs with energy and fertilizer what more needs to be done in your view based on the report to help farmers deal with the short-term issues? >> so, we were already going into a period of high food prices before the ukraine crisis we were seeing a perfect storm of increasing fertilizer and food prices and transport prices that requires us to really look at how we respond in a responsible way to that immediacy of the crisis. i think what we are now starting to see is beyond the food price increase the knock-on effects this has to propductivity growth in the coming season. there is a real need to look at how we manage to actually grow the food that we need and

farmers are given the support to do that. both in europe and worldwide this crisis is really just one of many shocks the next shock could be a severe weather-related shock as we are seeing in different parts of the world. if farmers are not supported to transition to much more sustainable agriculture practices, we will face significant challenges to our food systems going forward >> when it comes to climate smart actions that farmers can take to make food supply more resilient, what are the key barriers to scaling those solutions? >> the report sis is based on seven countries and representing 75% of the farming base in europe what it shows is farmers are very supportive of the idea of climate smart agriculture.

the challenge is economically. how do it ththey make that trano with the shock we see at the moment in the way that is economically viable for them as farmers? how do we build market support and incentives to really speed up that transition so that the economic return makes sense for farmers in the here and now? >> a good point. a section in the report entitled the path forward opportunities spaces to accelerate to climate smart agriculture. i wonder given the inflationary environment and inflation costs we talked about and whether that will slow down the process and handicap the transition rather than accelerate it what gives you the optimism this will present the opportunity >> we are at a point of no return when it comes to things

like soil degradation and the impact of the environment and ability to respond to the more and more frequent severe shocks to the food system what we need to do is really lean into support farmers to be able to make that transition market base mechanicsms. the farm to fork strategy. if it is left to farmers alone, then it is the break-even point for transition which is just too far away if it is done as a collective across the whole sector approach where we look at this right from the consumer back to the farm and all of the incentives that can be brought in, then you start to see the dramatic return on investment period reduced the importance of that shift cannot be be understated. >> how important is it to have

eu wide policy versus europe policies >> so, i think the challenge in a time like this is we have consistent policies. whether that is in europe or globally we saw it in the last food crisis more than 50 countries instituted export bans that created a lot of increased challenges to the system so, actually what is needed now is the country adopt responsible attitude andlook at how they are working. the eu farm-to-fork strategy puts farm resiliency at the front of what it is supposed to do that will change country to country. the fact is we take the transition and it has to be holistic it cannot be done on an

individual farm by farm basis. >> what role does technology play in facilitating the climat smart practices? >> i think we are seeing increasingly that data and the use of digital technologies in making smart transactions and knowledge for farmers to do that and be clear on the market mechanisms that will drive that. the role of digital data is increasingly central to the shift. so, the report highlights in europe that they are distinct and different levels in terms of the digital technology if we are going to sustainably intensify farm production, we need to accelerate the digital and data agenda while at the same time looking at how does that work at the global level as well in terms of shared open

data that is the key point. we have to bring transparency into the system so people can make smart decisions that are understood by all. >> sean, thank you for joining us and running us through the report head of food systems initiative in world forum. let's get a check on the market two hours into the trading session. we have more red coming into the mix. dax down .6 %. swiss market continues to hold strong with health care in the favor. a bit of red on the ftse mib and let's look at wall street. the non-farm payroll report on friday the red indicated for the dow jones industrial average 60 points drop at the open

flat start for the s&p and nasdaq coming up on the show, just after the break, we take you through the non-farm payroll figures as the world's largest economy deals with inflation and fears of recession 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 our cost for shipping, were cut in half just like that go to shipstation/tv and get 2 months free

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welcome back to "street signs. shares of tesla are up after the record delivery numbers in the first quarter, but still missed ex-pectations expectations this comes as the the shutdown in shanghai. elon musk described the quarter as exceptionally difficult non-farm payrolls were lower in march 430,000 jobs came in and unemployment figures were better than expected. mike gallagher is joining us mike, thank you for being with us to digest the data from friday the non-farm payroll figures are

good painting a solid picture of the u.s. economy at the same time, we got the core cpi excuse me. core pce inflation it showed inflation is running hot in the u.s if you can square the circle putting these things together, what do you think of the growth in the year ahead? >> if we look at u.s. growth, momentum is clearly slowing. if you look at a lot of data, the sugar high we he had with the tax cuts and pent-up demand, we are passed that we think that growth below 2% by the second half of the year. you see that quite clearly in the frequency data we expect that gdp with 1.6% in

q1 that will feed into the employment support and payroll data in q2 it will also feed into inflation. although the year on year rate in terms of inflation is very high at the moment in time, you are starting to see signs that inflation and momentum in the monthly numbers is high. the core pce you mentioned looks like we've already peaked in terms of the monthly trend and slowing. so, it kind of is potentially past the worst the fed needs to tighten still >> interesting you think we could be past the worst. my question is how sticky will the wage increases be that we have seen come through already clearly that is one of the more concerning parts of inflation that once you push through wage

increases, it is hard to claw them back. >> the wage momentum is still strong enough in the near term that's why we think the fed will hike by 50 basis points in may and june and another four hikes in the second half of the year and bring us to 2.5% that tightening from the fed will slow the economy down and will slow he the jobs market down that will mean that the wage inflation picture we see in the second half is at the present time we will see the average hourly earnings coming down as we progress through the year. that, we think, eventually allows the fed to pause for the whole of 2023. >> the fed to pause for the whole of 2023. to clair anrify where you see t

pausing and when you hear from them by the minutes? >> we are looking for the fed to pause at interest rates at 2.5%. we see growth slowing and inflation in terms of the monthly numbers coming back down to the fed target by the very early part of 2023 we think that will be enough for the fed to say let's wait and see. the fed are overestimating growth at the present moment in time they are also overestimating core inflation pressures as we progress through the year, that will sort of change i would expect the tone of the minutes to reflect the press conference namely the job to be done in terms of tightening now. the reality is the fed should

have tightened earlier they are playing a bit of catch up reestablishing credibility that is the job they've got to do in the first half of this year just because they're doing 50 basis points move in may and june, that doesn't point to ongoing aggressive tightening. it will slow down in the second half >> thank you if we see the fed follow the path you outlined, it will impact the housing market. we have data mortgage rates going up. what are you reading into the latest u.s. housing market data in terms of the indication for whether or not we will enter recession in the u.s.? >> i think in terms of the housing market data, the housing market data is consistent with a slowdown in the economy. in terms of the housing market and other data, i don't think we are seeing any signs of the

harder landing in the u.s. economy. while people are looking at the inversion of the 10/2 year yield curve. you have to look at the wide array of data. you know, we are not seeing big warning signs coming through at the moment our view is ultimately for a soft landing in the u.s. economy for 2023 >> right mike, thank you for joining us mike gallagher i'll leave you with a fresh line from germany the eu has room for more sanctions against russia germany is working hard to reduce dependence on russian oil. that's it for me orwi ehae"s miwatching "wlddexcng icong your way next. we were paying an ard a leg for. 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. on wall street here is your top five at 5:00. recession on the way stocks snapping a two-day losing streak despite red flags. and new warning from the fed chief for next month. and supply chain issues and risk increase. and the big change he is