it's a classic american story in some ways. glad that you guys could come by and take a look around. so thanks again, and we'll see you later. -- captions by vitac -- after five years of transformation, of happy and difficult times, on this day of april 24th, 2022, you have decided to trust me for the next five years >> over shattering president emmanuel macron's defeat of the far right rival as he acknowledges divisions and tells cnbc that now is the time to get to work. >> now committed to deliver

france and europe. national rally leader marine le pen admits defeat pledges to mount a comeback in june. >> we reach the peak of the evening of the second round of the election with more than 43% of the vote, the result is a resounding victory chinese equities extend losses closing more than 6% lower as beijing battles a fresh covid outbreak futures in the u.s. also trade in the red. u.s. secretary of state blinken says talks are failing as he talks to volodymyr zelenskyy. >> when it comes to russia's

war, russia is failing russia has sought to subjectgate. that has failed. we continue our special coverage here live from paris this morning as president macron has won a second term in office defeating the far right candidate le pen in the runoff macron scored over 58.5% of the vote against le pen's 41.5% according to the french interior ministry a clear victory, but lower support than five years ago. in the victory speech, macron promised change will come as he sought to make amends for those who did not vote for him >> translator: i know many french people voted for me

tonight not because they support my ideas, but to block the far right. i want to thank them and tell them their vote places me under obligation for the years to come from now on, i'm no longer the candidate of one camp, but the president for all. i know several citizens have chosen the far right and the anger that led them to the choice must be met with a response that would be my obligation and those who surround me. >> this is a president who has been accused of being aloof and out of touch with the people it is amazing the stages in front of the eiffel tower. he actually stepped off stage and walked around and met with the people i asked him how he felt about the victory. >> i'm very happy. i'm committed to deliver for

france and europe. >> let's take a look at the reaction we had a weak hand from wall street with the friday trade most of the markets are lower. selling across all of the markets. it is risk off and in particular on the growth stocks french stocks and luxuriy names. don't forget many of the market priced a macron victory, but a smaller margin than in the polls. when it comes to euro, that is on the back foot today hard to draw reaction on the back of this maybe more of a dollar strength story rather than euro weakness. you see morning session where we he a are perched. we picked up on the yield story. a couple of points higher.

again, we are seeing those yields globally attached to treasury yields which pushed them north of the stage. it feels the fact we have a stable outcome is positive we may have seen a violet reaction in the markets if it was le pen that the point. let's talk about the challenges ahead. turn out at 72% according to the french interior ministry with 28% of registered voters abstaining that is the highest rate in over 50 years for a second round vote i caught up with the french transport minister jean-baptiste. >> especially a question for france and the question for the world. inflation is somehow happening everywhere as you know, we made reactions

in france with the regulated price of fuel. we hope in the context of the war in ukraine, things can quickly get to a cease-fire and stabilize and on that aspect of the prices to get that to some new normal we are trying. we are working for all of that to happen. >> how loud do you think the voice has been about the cost of living crisis? >> what i can say we had very, very interesting and discussions that were focused on the cost of living especially for energy prices and housing and the a bility for french people to live. in france, that will be the subject for the next five years to come. we are focusing on that as well sdpwell >> how are you viewing the pension reform >> that is something i know.

we started reform back in 2019 at the same time, things are happening in the previous low. we will see how it goes. we need to bring and get cons consensus. it is important for the country. we need to get everyone together and try to build as much cons consensus. >> president macron promised to get back to work with the focus now on the logistics of the elections. his party is facing a tough battle in the upcoming parliament vote in june. in another face-off with the le pen rally and jean-luc who has his sights on becoming the left-wing minister marine le pen conceded defeat after the run-off, but struck an optimistic tone and said her main focus was now on

parliamentary vote as well >> translator: tonight we launch the great election battle for the legislatives i will lead this battle with jordan and all of those who had the courage to oppose emmanuel macron in the second round in short, with all of those that have the nation at heart, we will work to unite whatever you may come and want to gather forces against the policies of emmanuel macron to present support candidates everywher co. i applaud you on june 12th to vote for them. >> and we will have the economic adviser here with us to talk about the re-election of emmanuel macron. we expect the second term of

emmanuel macron to be different from the first one what does it mean for the french economy? >> two differences the environment with shortages and commodities and labor and transportation there will be more inflation which means higher rates and higher rates means something different from fiscal policies we have zero rates and negative rates in france. we would be short 3% fiscal policy will be the difference that is a problem for macron he has been compromising a lot more money for education and health care and infrastructure and for manufacturing and transition which is a big topic in the campaign. if that is the first difference, of course, but this is contributing to the inflation.

second, the french expect a lot from the president especially they expect more money and more income. this discussion on purchasing power and it is important for the french 50% more media time in the campaign in reality, there issing nothin a decline of purchasing power. the data and real income has increased. for all the french as well a big misperception of reality here they expect higher income and higher wages and more social security transfers in reality, they got a lot they already got an increase when you look at this, this is interesting.

more increasing income in five years. the perception is the opposite macron is a president of the rich which is what has happened. >> there are mixed signals here. a president trying to reduce the welfare state and get rid of the issues in the system now we had the shock with the inflation spike and you've had the handouts from the government again and action here in france. what does it mean as you look at the economy that is still trying to be business friendly. is it a change for macron? >> what he is trying to do is to have positive outcomes it is still business friendly. that means it is important it is production taxes that is special to france. it is a huge tax on businesses which is really extraordinary negative effect on manufacturing. macron started cutting the

taxes. he wants to continue to cut taxes. he will be business friendly nowhere do you have corporate higher taxes or more regulations. he has become business freiendly he wants to be supportive of the people of france and who are in tr trouble and trying to find a job. this is from the fiscal perspective. you want to cut taxes and you have stupid taxes. you need to keep cutting you want to spend more on many items. including education, health care and as you mentioned, offsetting energy prices and food prices. this is one point of gdp how do you do that the only solution is pension reform the only place where french spend more than the others french spend 14% on gdp.

germany spends 9%. if you had that money, you can start spending more on welfare and education. if you don't succeed in the reforming the pension, it is an issue and it is complicated to do what has been compromised. >> that means macron is between a rock and hard place. how do you rehe form and have t systems change and now the people voted for le pen? how do you combine both? we know it is traumatized. they want to avoid this protest. that is a difficult place to be with the uncertainty of the parliamentary elections. >> i said before this is difficult. the perception is it is divided from reality itself. if you are facing a majority of

the people think their income decreased in the last five years and you know it is not true. what do you do do you break down the right? you increase minimum wages which is a dangerous thing to do do you try to explain what is reality? what is really reality of course, if you do that, of course, it is complicated. macron will have to do that. explain the real issue what is the real issue in f france creating jobs. it is ten points in germany and 14 points more in sweden if we had the same number of jobs as germany, we would run the budget surplus of it would be fantastic. this is the main objective create more jobs

why do we have few jobs? the explanation is an enormous handicap of the french when it is employable compared to northern european countries. you need to work on the education system and retraining system the young france is last with sciences this is a real issue macron should explain that if you want to improve welfare, the only sensible way of doing that is not by running enormous budget deficit it is creating more jobs to create more jobs, you need to improve the education system and retraining system. those french who retrain -- if you are employed in france, you have to wait six months before you starting retrained in country like denmark, it is a couple of days it is making a difference

dpldifference >> it is hard to talk about with skilled labor shortage we talk about the war in ukraine and ramifications for france it feels this is a government that is still trying to push harder on sanctions potentially turning the taps off to russian energy marine le pen was pushing back against some of those pressures saying it was not good for france what can the government do when it comes to sanctions? how much more can they ratchet up sanctions without losing voters in france >> in france, it is not that big of an issue. oil, as you know, if you stop importing russian oil, you can import from other places it is a world market russians would sell oil to the indians and we buy the oil from india would buy more natural gas is competitive natural gas is imported from

russia accounts for 3% of total energy consuming in france now remember after fukushima in japan, the japanese reduce consumption by 7% by turning the air conditioning off or driving more slowly and being more careful. it is not that big of an issue it is different in germany or italy. a big problem. at some stage, if the war gets w worse, the french will need to explain to the italians and germans they he ave to stop. for france, it is not that big of an issue. it is a small part of energy sdplchltenergy >> thank you for joining us. senior economic adviser. we will have more coverage here from the ground in paris as we chase analysis to the result from last night. back to you, julianna.

thank you, karen look forward to getting back out to you late nr in the show. we seeing a down turn in the markets. we are seeing a pull back across europe stoxx 600 down 1.7% right now. pretty heavy selling in the first couple hours of trade this week we had a horrific day state side on friday with u.s. indexes plunging a combination of factors hawkish rhetoric from the federal reserve around the imf banks earning. we also had netflix and hcsc plunging as we head forward, some companies are in a difficult position as inflationary pressure rise and consumer is under pressure we have what is happening in china. we have the covid situation deteriorating rapidly across china and a lot of concern

coming to the floor. let me give you a look at the european markets and we'll get to the overnight session red across the board for the european indexes broad based selling. ftse 100 is down 1%. that is the basics resources and that is linked to what is happening in chiena here is a look at the chinese market the shenzhen closing at 6.5% lower. heavy selling in the shanghai market 5% lower hong kong is down 3% surging cases in beijing and a number of cities across china locked down. significant implications for the chinese economy and global economy. julianna, let's take a look at the fixed income. very interesting moves happening

at the moment. we have seen a spike in yields recently that cooling off this morning in the longer dated needs 10-year gilt. we were oclose to 1% on the german bund. it is an interesting story about risk aversion at the moment. we have seen people pulling out of the equity markets as julianna mentioned we are seeing people now piling back into safer bond territory let's see what is happening here as well. we thought we would get a bump in the euro with macron coming in the confidence in the euro eased out this morning it gets the greenback .50% down. the trade has been p spiking up. the dollar performing well against the yen. you see what i'm saying here about the risk aversion going on

in the markets it will be interesting to follow what is happening in gold. st still to come on the show, plenty more on the markets and german business improvimproving we will speak to clemens fuest on cnbc next

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welcome back to "street signs. business morale across germany rising to 91.8%. the economy appears resilient digested the shock of the russian invasion of ukraine. we have clemens fuest joining us the huresults may be a surpriseo many the mood has stabilized in germany. are companies faring better than expected is that a fair characterization? >> i think it is fair to say it is a stabilization of the index plummeted significantly. last month, companies were nervous about the russian attack on ukraine and now they are

seeing a little more clearly still this is a stabilization at the very low level so, companies are adjusting to the situation. digesting the situation and this situation is critical. >> the other story effecting all things in the markets. china. how is that going to impact germany in the coming months >> absolutely. that's a very important factor the impact will, of course, be through the supply chains and what we see at the moment is that the problems with supply chains are still very widespread they are now a lot worse in construction, but they are still quite bad in manufacturing it looks like this will continue, the hope was this would ease in the summer now with the chinese lockdowns, companies need to brace for a number of difficulties with

supply >> and supply chains, of course, playing so much into the inflation picture. i'm picking up this line from your reports this morning that three out of four retailers from the survey want to raise prices. is the consumer able to handle that >> exactly we have inflationary pressures retailers want to raise prices and other manufacturingboard many more intend to increase prices that means inflationary pressure in the pipeline. we haven't seen the whole impact on inflation yet that will squeeze real incomes of consumers consumers have satisved a lot during the pandemic. they will be able to absorb part of that. whether that is true for the whole economy remains to be seen >> on that basis, given the

outlook and pressure that households and corp rorates are facing, what is the risk of recession? >> meaning negative growth numbers are rather unlikely, but that is a consequence of the closures last year what we are seeing is an improvement of the situation in the most effected sectors. hospitality and travel growth will be low lower than what was anticipated. it is not the recession, but it is a very weak economy and stagflation situation. the news is bad. no negative growth numbers, but weak economy >> we will have to watch the energy situation and how it plays. clemens, thanks for your time.

still to come on the show, chinese markets sell off as covid concerns intensify we'll bring you the details next

after five years of tr transformation and happy and difficult times, on this day of april 24th, 2022, a majority of us trusted me to preside over the public for the next five years. >> european stocks plunge after president emmanuel macron's defeat of his far right rival as he acknowledges divisions and tells cnbc now is the time to get to work. >> i'm very happy. now i'm committed to deliver for france and europe. national rally leader marine le pen concedes defeat she pledges to redouble efforts ahead of the elections in june

>> the ideas we represent are reaching a peak on the evening of the second round of the presidential election. with more than 43% of the vote, the result is a resounding victory. chinese losses with the composite in shenzhen is 6% lower. lockd lockdowns in shanghai tighten. futures in the u.s. also trade in the red german business morale improves in april with data surprising to the upside as the research house tells cnbc the europe economy is weak >> it is a stagflation situation. the news is bad. no negative growth numbers, but very weak economy.

let's get across to the china story. economic activity in shanghai is slow as they continue to battle the covid outbreak authorities announce a lockdown in april to stem cases gdp grew 1.3% in three months of the year lower than the 4.8% growth in the same period last year. authorities in shanghai erected fences around residential buildings as they look to further restrict movement. beijing announced a fresh outbreak prompts officials to lockdown a dozen buildings there has been a hefty reaction to the news over the weekend that the covid outbreak appears to be worsening. shenzhen down 6.5%. the shanghai down 5% in hong kong, a significant retreat there down 3.7% with hong kong tech stocks hit hard

the situation is nothing enough. the deterioration has caught some investors off guard and exiting positions in china turning to european markets. the negative hand over has an impact in china and state side on friday. it was a horrific day for the market we have all of the majors trading lower. off 2% for the cac the dax holding up, but down 1.5% u.s. futures let's see how the u.s. market is looking after the heavy selling on friday. red across the board losses win continue. dow jones industrial average looking to open lower. the nasdaq and s&p 500 looking at weaker starts it is not just the china story, but the hawkish comments that come from the federal reserve over the last week which has investors pausing. we will see whether there are changes in the lead up to the u.s. session we are in for a difficult start,

rosanna. let's talk markets with the senior investment market analyst. great to have you with us. the battle with growth and taming inflation the growth concerns outweighing today with regards to china. do you think the markets are shocked by what is happening in shanghai >> yes, i do think when you see those images of fences erected around homes it is almost a s synonyn for what is happening. there is worry that parts of the chinese economy will be fenced off and that will mean that growth will ship slow and sharply. those are indications coming through. that's why you see indexes

falling sharply. there doesn't appear any end in sight. >> our apologies. we are losing your audio we will try to reconnect that. julianna, what we are talking about there with regards to growth i have been speaking to people over the weekend who say it feels like people are not taking china seriously enoughes in the west we have a different way of living with covid. we have moved on it is hard to switch that gear some people are deep in lockdown in shanghai. i have a friend who is in day 38 inside his apartment >> it is priceis surprising to the market is surprised by the situation in china there was never an easy exit from the zero covid policy they are in a situation if they wanted to become less restrictive and let the virus run more freely, they are in an

incredibly precarious position because of the effectiveness of the chinese vaccines for one and low vaccination rate among the elderly another key reason doctors in china have not had the two plus years of experience that western doctors have in treating covid patients. they are in a difficult position if they wanted to lift pressure right now, it is not straight forward. it is a long haul between now and when china can become more relax relaxed about covid. we have susanna now back with us great to continue the conversation you were talking about whether china is a real driver of the pull back we're seeing right now. i wonder if it is the covid situation in china versus the hawkish comments from not only the fed, but increasingly the ecb. >> yes, it is the hangover from the comments last week as well

that is effecting markets today. this is all really part of the same story it's concerns about global growth although inflation is hanging like a really heavy heat cloud over the u.s. economy right now and we are expecting this much more aggressive path to be taken in terms of trying to blow cold air on demand. the worry is that could blow up into recession or sharp slowdown in growth in the united states as well. that's what is concerning. of course, as well, we have the concerns about slowdown in china as well. that's why you have seen mining stocks for example hit on the ftse 100 today it is all about the concern over slowing growth in the world economy. >> susanna, everything has a price. i wonder for investor whose have

a medium or long term investment to see good bargains what sectors look more attractive here? >> i think the strategy at the moment should be one of resilience looking for the longer term, i always advise that rather than switching and ditching stocks. that can add up to a not pretty penny at times if you don't time the market well. that is difficult to do. certainly there are pockets of opportunities. for example, even though we are seeing these turbulent times in china right now, elsewhere in asia, there is a potential for a fast growing economy with funds or trust with a real consumer focus for the growing middle classes. i certainly would look at

diversifying portfolios to look at geographies to balance portfolios also as well, you mentioned tech stocks have had a bit of a beating since the start of the year today, we are seeing it in china. within tech, not all tech is created equal. there are still some shining lights we are so relying on the big tech firms which run our every day lives. that will not change anytime soon that could be an area to look at >> let's test this diversified portfolio strategy more of the safe haven plays bonds and yields falling with the risk aversion in the equity markets. do you have bitcoin exposure it is holding on to about 40,000 >> personally, no, i don't have bitcoin exposure

yes, if you look at what has happened in terms of the conflict in ukraine, i think given there was a grand swell of support via crypto to help the ukrainian sepaadministration in war efforts, that allowed ukrainians to flee the conflict zone and that is able to transfer crypto into different w wallets. that has given food for thoughts for the crypto in the current world and offering that flexibility in terms of conflict i do think that perhaps has added to the expectation that crypto is going to be here to stay for longer. >> glad we got you back on thanks for joining us this morning. the city financial services forum is under way in london with sector heavyweights

meeting. i'm happy to say geoff is joining us from there. >> reporter: julianna, thank you for that it is always good to come to events like this it gives us the opportunity to catch up with people like the ceo of man group the hedge fund group luc, thanks for giving us your time obviously markets are incredibly volatile this morning. investors are trying to understand this nexus of geopolitical risk in russia and inflation and the threat of higher interest rates. what are your clients doing at the moment or what are they asking from you? >> so, i think doing is an interesting question there's a lot of people staring at screens trying to work out what is happening and whether had this is a fundamental shift or not i think they are all asking about inflation and how long it lasts and what you think

you have a conversation about the war. the war is horrible. it not driving markets or investment decisions they want to know what we think about inflation and what you do about it. >> what do you think about inflation and what do you do about it >> i think we have significant inflation and it is not going away while maybe we've seen the peak in the u.s. of the absolute number, but, you know, if you adjust for the proper housing numbers, it is 9.5% in the u.s. at the moment. maybe that will drop to 5% or 6% by the end of the year, but it is not going away. we have to position portfolios for extended process of tightening by central banks. the fed is a relatively easy problem as long as they get on with it. they have good real growth as well as amazing nominal growth

growth in europe, it is tough because real growth is not really anything. >> we were talking before the interview about the complacency about the investment and market p participants because they have not seen a cycle like this before we had 40 years of a bond bull market that has made it very difficult for investors who have never been active in this kind of cycle to understand what comes next and where they find safety you and i are a little bit older. we have seen one or two of these. what advice do you give about where you can go your bonds clearly don't give you protection anymore >> there is a real question about time scale because at the moment we have the strong nominal growth that means corporate earnings are quite good if you have a company that's got pricing power and got leverage,

actually this is a pretty good environment until the central banks doing something about it if you have netflix with no pricing power, sorry, but good night. so people are looking and it hasn't been too bad. we have not yet taken on board significant moves by the central bank yeah, we've gone from pricing in whatever it was 75 basis points tightening to 250. remember, volker did 200 basis points just on one sunday. to actually fight inflation will require a central bank to show they are willing to put rates into the pain zone >> when you talk about the actions of the federal reserve, there are very few older market participants that think the fed can achieve a soft landing ultimately they will break something, whether the economy first or the markets or the

markets first and then the economy. are you in that camp >> i am in that camp i think it could easily be a slow motion exercise rather than a fast one i think the likelihood the fed will move really aggressively during the course of had this y year to push rates up to cause pain this year i really doubt i think they will look at the fact that the headline figures start to drift lower they sort of government to drift l lower. maybe we don't have to be as aggressive and we'll take a live pause and obviously there is an election they will pause around there if they have any excuse to pause. that means the inflation goes on for longer which means the end pain is greater. you know, it is a matter of will they have the gumption to drive rates up to stop inflation. >> let me ask you about the

sustainability agenda because that's partly why we're here today. cop 26 brought forward huge pledges and net zero and financial statements and so forth. given where we are now with the high price of energy and geopolitical risk and high inflation and rates, do you think they will put the plans and pledges on the back burner for a while as too hard to do while other things are going on while running a profitable business >> you will have some companies doing that it will be different by different sectors. i think the likelihood of significant forward progress in the retail sector given the pressures retail will face on pricing probably unlikely to be happening for a while. on the other side, the energy companies, you know, yes, clearly it is supposed to be a

transition we need to keep providing financing for the oil and particular the gas needed to get through transition actually this higher price let's a bp or shell spend significantly more on the green energy ideas they are working on therefore accelerate the process. >> luke, always good to catch up thank you for joining us luke ellis ceo of man group giul julianna, thank you. >> thank you, geoff. you have netflix with no pricing power, but i'm sorry, good night. i think viewers will be interested in that comment geoff, thank you i look forward to more interviews coming up, top u.s. officials make the first war time visit to ukraine. we'll bring you the details next

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u.s. secretary of state blinken made his first war time visit to ukraine alongside defense secretary lloyd austin the visit and meeting with

president zelenskyy were used to agree to a gradual return to diplomats to the country and appointment of ambassador. washington appointing additional aid to ukraine worth $700 million. speaking to the prime minister, stating russia is not achieving the objectives >> ukraine is succeeding russia as sought as the same to subjectugate yukraine. that has failed. it looked to assert the power of military and economy we are seeing just the opposite. military that is under performing and economy as a result of sanctions as result of mass exodus from russia that is in shambles. it is sought to divide the west and nato we are seeing the opposite

we continue our special coverage here in paris as president emmanuel macron has won a second term in office scoring 58.5% of the vote. defeating the far right candidate marine le pen in yesterday's presidential election this has been the big moment here celebrating his victory macron promised to make amends for those who did not vote for him. european leaders took to twitter on macron. first up is olof scholz. he said he was pleased to continue the cooperation with macron and more broadly over the european commission. ursula von der leyen with her wish to move france and europe forward. president biden congratulated macron on the re-election.

describing france as the oldest ally and volodymyr zelenskyy took to twitter to thank macron for his support as he congratulated him on this second term. and russian president putin sent a message of congratulations to president macron that is according to russian news agencies. quoting the kremlin as their source it is a big day in france. we have continuity with the presidency, but the question he is what comes next macron was messy as he took to the stage. acknowledging the voting that took place in the second round people voted for him to stop the far right. that's a problem now it feels he will have to try and calm the far right and also the left >> quite humble yesterday, emmanuel macron, which is not a word you have together >> sure.

humble >> nor his attitude compared to 2017 they are aware of the challenges ahead. interestingly on the foreign policy, you mentioned the reaction from the foreign leaders. he came out to join in 2017. the european union the first two calls were to zelenskyy and scholz showing what was at stake in the election france's voice with the war in ukraine and continuing of the eu integration. putting on notice what is at stake for him. rumors have it that he could send a strong message. >> i want to see the subtle messages he tried to appear presidential above the fray of politics on the back of the speech last night, he spent a lot of time on the ground greeting supporters saying thank you for the effort and energy in the campaign

i wonder if there will be a different president in the coming weeks and months. >> in 2017, he was a young guy 39 he had to look presidential. this time around, he needs to show he heard the voices and bring unity. that is what he was trying to do yesterday. >> we will wrap up our coverage in paris back to you, julianna. >> the market reaction has been interesting. really a non-event french market with under performance. heavy selling across europe this morning after the weak session overnight in asia and horrific session on wall street on friday we leave you with a picture of the u.s. futures that's it for the show of "w "worldwide exchange" is up next.

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are it is 5:00 a.m. at cnbc. here is the top five at 5:00 more pain ahead after friday's meltdown stocks falling here and around the world. history in france. emmanuel macron wins re-election. the first of its kind in more than 20 years. a live report from paris ahead. will it be a musk win for elon twitter now ready to consider selling itself to the tesla founder. is food inflation about to get better the ceo of one of the world's