that's all for this edition of dateline. i'm craig melvin. thank you for watching. [music playing] good morning welcome to "street signs." i'm joumanna bercetche >> i'm julianna tatelbaum. these are your headlines. >> no nord stream gas flows until the sanctions are dropped. siemens energy says it has claims it needs more repairs before supplies resume. and the yesterday's sold

sectors rally and u.s. futures trade higher after the long weekend break. opec and allies ease output a fraction announcing a symbolic cut of 100,000 barrels per day from october. reversing this month's hike. and shares surge after the government agrees to a 2.5 billion euro emergency support package. welcome to "street signs." let's kickoff the top story. russia will not resume gas supplies to europe until sanctions from the west are lifted that is according to the kremlin spokesperson who reiterated putting nord stream 1 is dependent on sanctions being removed. this somcomes that repairs are needed saying it cannot

comprehend gazprom representation of the situation and findings do not constitute a reason to cut supplies the comments come after the deputy ceo said an oil leak needed to be fixed before resume russia will fix more oil to asia the country's energy minister warned of further volatility of energy prices. this comes after brussels recommended a cap on gas prices according to the financial times. g7 countries agreed on a price cap scheme last week and france is ready to send gas to germany in needed in exchange for electricity going the other way. details will be flushed out in the coming weeks according to olof scholz who said france would need help from neighbors because of technical issues with the nuclear power plants

the french president said this is a show of solidarity as he called for a 10% reduction in the energy use in coming weeks >> translator: germany needs our gas and we need the electricity produced in europe and in particular from germany. why? this has nothing to do with the conflict in russia, but linked to a short-term phenomena where the nuclear power plants in france led the supervisor and safety authority to perform maintenance on them. so we have more nuclear power plants which are under maintenance than expected. it adds to the problem i talked about earlier. we produce less electricity in france than expected this is why we need european solidarity >> germany is delaying the phase out of nuclear energy. the country's two remaining nuclear power plants which were due to shutdown this year will

be kept staffed and ready to produce electricity until next y year the economy minister explained the situation. >> translator: we should preserve this option after the regular ol power plant operatin life so they can be used again if the situation dictates. we won't get rid of this option. that's a decision to be weighed up i said before it is a high risk technology that should end operations at the end of the year this is a necessary. fortum signed a financing deal with finnish government in the case of sky rocketing energy costs and rising costs the energy firm will access the funds as a last resort

woodside agreed a deal with uniper for 100 units per deal for gas. let's get out to hadley live from milan she has been covering all things energy hadley, i understand you have been talking to people in the corporate world and all options are on the table in europe to shore up energy supplies this winter and in the months beyond. how are corporates thinking about the role that they can play in europe's quest to become energy secure in the months ahead? >> reporter: julianna, it is fascinating con vversations the last couple days you say all options are on the table in terms of the policy

response the folks i'm talking to here say good luck to them. there is serious investment needed we are talking about three to five years of pain depending which city we heard from the and germans helping each other out historic moment of energy sharing. this all goes back to the individual decisions by poli polic policymakers we have seen germany bringing to france and uk outside of the eu now. and i'm speaking to one earlier in terms of who is sitting pretty which is spain and portugal have a different dynamic and outlook with the pain they will be feeling as a result they were diversifying away from the energy sources i spoke to a couple of ceos from u.s. companies and lng talking

about increasing investment in eastern europe big move sending supplies to the gulf of mexico to companies and to energy grids in eastern europe poland and those three seas region lithuania and ukraine. those are conversations. the bigger questions are policy and frankly i asked the ceo of conoco phillips if they were listening to the oil and gas industry if they were aware of what is needed when it comes to the ocngoing dia dialogue, we don't have one. you see a lot of pressure from the opec producers to make sure they can regulate the market and

bring prices lower that is also a move to tell refiners in the u.s. you need to focus on america first american consumers before sending product outside of the country. i asked several ceos if that was possible a lot of conversations over what would happen the next several months and several days as we talk about the european energy dynamic. when it comes to the price cap on russian oil, that interview i had yesterday with the energy minister from india, i said will you commit to this he said we are looking at these plans and we want to understand them we are still struggling to get how this would work. when it comes to our commitments, our moral commitment is to our consumers not to the west. >> hadley. it is interesting to recap all of the conversations everything from the european responses and geopolitical

situation with the u.s. getting involved i want to hone in more on the really interesting conversation with the petroleum minister. as you know, the europeans are trying to put up a front on russian oil, russia has found other customers in india and china. for the oil price cap to succeed, you need buy-in from other countries. interesting comments that i thought he gave to you >> reporter: absolutely. at the end of the day, this is the conversation we have been having for the last several months one that i have from the region and middle east on frankly a weekly basis which is you ignore the rest of the world to your peril. they have been trying to, if you will, crack heads in washington and european capitals for a long time this is not how we feel. this is not what we are planning to pursue in energy security and policy

ignore us to your pareril the russians have looked elsewhere for buyers they found them in india and china. the relationship with opec members and russia is a strong one. when i spoke with the secretary-general a couple of weeks ago, i asked about that specifically when you think about this from the policy making perspective, do you have the sense that european leaders understand the constraints the rest of the world faces in complying what you need to comply with? he said i have a knock on door policy where i go to whoever will speak to me at the eu and elsewhere to explain our position guys >> that was hadley gamble wrapping up the con kconversatin milan. gas and oil is front and center of the discussions in europe today, we are looking at a

market that is positive than yeste yesterday. yesterday, we walked in and we saw the news that russia was halting the nord stream 1 pipeline on the back of that, we saw knock-on effect and negative for the industries and the countries that are dependent on gas as an input source today, the picture is subdued. slightly positive. stoxx 600 up .20%. even those dutch ttf prices have come off a tad down 6 points. this is how the boards are looking starting with germany. dax is up 1% we had more data points this morning. new orders in the manufacturing sector declined in july. down 10% since february.

more and more signs that the german manufacturing sector is suffering on the back of rising gas prices cac 40 is dipping a bit. ftse mib is down a percentage. we have been talking about the issues in the september elections. not so long away now in the uk, ftse 100 is up .20% we will get the new uk prime minister liz truss appointed this afternoon after which the government is expected to unveil the plan to deal with the energy crisis and there is some reports overnight that the new government would be considering a current freeze on energy prices we have to see how that evolves. we will talk more about that on the show this is the breakdown per sector at the top, retail having a good day. up 3%.

travel and leisure is up. utilities is up just a touch at .28%. now u.s. futures this is the picture. u.s. was out yesterday for the bank holiday you can see that it was plagying a bit of catch up. s&p down and nasdaq and dow opening in positive territory. the last data point in the u.s. was the non-farm payroll number on friday which was in line with expectations we saw a tick higher in the unemployment rate. let's bring in peter, the head of the energy strategy of xetra bank peter, there is so much about the european complex and

challenges faces europe this winter and how it can respond with the energy perspective. is there any positive sign you can take away from what is happening over the last couple months the follow on to that is where do you position yourself in an environment where all of indicators are pointing south? >> unfortuunfortunately, i'm heh good news. the message is we are still defensive. we still think our best guess is the best-case scenario is 33% drawdown from the top of sa&p 500. that is 3,500 next year. the situation is we have a global energy crisis it is mostly in europe we have seen a 6.5% increase in primary energy costs to gdp globally that is gdp pulled out of

consumption. we see that around europe and consumer discretionary in europe which is weak. that trend will continue if we look at the nominal economy, it is still running hot. despite the tightening of financial conditions globally, it hasn't constrained the nominal economy enough central banks still have a green light to tighten further tightening financial conditions more amid global energy crisis will cause head wind for global equities we think the most important dynamic the next couple yours a quarters are rising. the delta on the volume sold would be higher than the piece they can rise prices 6%, but

volumes fall more than 6%. you are hearing from consumer companies saying they are eating into margins the down side will cause headwinds for earnings growth for the next two or three quarters that with tightening conditions will cause the next leg down in the global equities. >> peter, when is the margin compression likely to show up and why is consensus reluctant to price that compression into the earnings picture at this point? >> i think there is a general sense it takes a while for analysts to update their view on the ongoing dynamics in the macro environment. it doesn't happen that fast. if you strip out energy and materials sectors, that is driven in large part by the mining companies, you will see that was a session taking place in q2. it rebounded in q2 because of

materials. look at nasdaq 100, it is coming down we think the ongoing trend will continue and we'll see it and it will come back to haunt us in the q3 earnings season that starts up mid-october and intensify over the fourth quarter and q1 it will be a long winter in the northern hehemisphere. that is the reality that companies are facing right now when we get to the 2023, i think we will find a bottom and come out of it. the question is how big the recession will be. the recession is going to be a very different recession that none of us have felt for four decades. no nominal terms, we will be growing. we will have a difficult feeling. >> peter, we have seen a lot of volatility in the auto sector in europe the last few sessions the most cyclical part of the

market i'm curious how you think of the tradeoff with the auto sector with the slowdown and overall demand if we head to the difficult inflationary environment. how you pair that with the uptick in ev penetration >> right now in the short-term, for all of the reasons i stated, the consumer discretion and manufacturing sector will face headwinds. we see that in the 12 months trailing auto sales significants from u.s. and europe they are coming down and coming down hard in europe. you are right. electric vehicle segment is still expanding. expanding rapidly. it is not a coincidence that elon musk was talking about please don't decommission any more nuclear power plants. we need oil and gas for the

green transition we need the bridge he is aware that you cannot sell electric vehicles with the prices going through the roof. the cost for the ev car is fast diminishing in europe. i wonder what impact that will be on sales for ev longer term, we have a big theme here at saxo from mid 2008 to late 2020, the ten-year long bull market for industries of software and health care and media and entertainment, et cetera since november of 2020, we have seen the changeable world come back the commodities sit in the physical world we think the next eight years will mean a lot of positive tailwinds for the companies. medium term and longer term is positive for carmakers there will be a nasty adjustment period going ahead for these

industries >> peter, fascinating food for thought. peter garner head of saxo bank >> we spent a lot of time talking about electric vehicles. you forget the main tool to charge an ev is electricity. you are disincentivized. >> incentives to drive that adoption that cost advantage will not be a clear choice more on the energy crisis and the european response in may. brussels agreed allowing spain and portugal to cap electric prices the ceo told me he believes spain can make it through winter without energy rationing >> all we had was russia 's gazprom announcement they would

l last for three days. it was completely unexpected the new announcement that the flow is not going to start again for an unknown period of time. however, i think that europe understands now that depending on russia means having to face this kind of unexpected scenario i think that this reinforces europe's determination to stop the dependence on russians hydro carbons as early as possible this was not foreseen. as long as we depend on russians hydro carbons, it would happen anytime. >> it is coinciding where gas storage is picking up. more than 80%. is it your expectations

europeans can make it through the winter without rationing >> what we know is the different member states are saying and for instance, germany said it can make it through the winter without rationing and savings and efficiency measures announced. this is very clearly the case in spain. we have our underground storage facilities at 85%. we have a very strong re-gasification structure. we have six plants in spain which means we have 34% of all of the infrastructure in europe. we clearly can navigate the winter without restrictions and

without gas cuts, but putting in place as i said, all of the savings and efficiency initiatives that have been announced by the commission and by the member state governments. >> the energy conversation continues. after the break, opec plus delivers a surprise to the market we'll have more right after this when we started our business we were paying an arm and a leg for postage. i remember setting up shipstation.

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welcome back to the program. here is a look at the energy majors in europe we are keeping a close eye on trade across the companies lower trade for the majority of the names. bp down 2% shell down 1.7%. eni and engie down 2% and 1% opec agreed to cut oil joutput from 100,000 barrels per month this as they seek though boost

brent crude and wti with stable trade. wti up 2.2%. let's get out to dan who joins us with more on the opec plus decision dan, it wasn't long ago that president biden made his way to the middle east asking for more oil to come to the market from the likes of saudi and the opec plus community what does this symbolic move to cut supplies rather than hike say about the allegiance within the party or within the group? >> really political, julianna. it has been more than two years it has cut production. this represents a pivot in policy for the group saudi energy minister aziz flagged a cut could be coming. markets were caught how soon this came. opec moved to increase production following the president biden visit to saudi arabia now producers are rolling that

back what is important to understand it will not have a material impact on the market equal to 0.1% of global supply or 86 seconds of demand. what it shows is opec means business we have seen prices down 20% of the last few months. the group obviously wants to be attentive and proactive now and stabilizing the market the next meeting is scheduled for october 5th. they agreed from the latest meeting to meet and discuss the market on an ad hoc basis moving forward if necessary to respond to the extremely challenging market conditions we see out there right now. this opec cut really comes as the energy crisis in europe is cut on russian oil opec may be laying the ground work for further cuts especially

if conditions in china continue to deteriorate back to you. >> dan, thank you. always exciting to see what the opec plus cartel comes out with. today, liz truss will be confirmed as the uk prime minister later on. geoff is at 10 downing street. >> reporter: absolutely, joumanna relay races, rocket boosters and roman politicians. just another speech from boris johnson, right no, this was his last at downing street we'll tell you about that when we come back stay with us on "street signs.

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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. welcome back to "street signs. i'm julianna tatelbaum. >> i'm joumanna bercetche. these are your headlines >> no new nord stream gas until sanctions are dropped. gazprom states it needs to make more repairs before supplies

resume. and the u.s. futures also trade higher after the long weekend break. investors drive into volkswagon shares after the automaker will spin off porsche as soon as this month with the unit set to be valued at 85 billion euro liz truss prepares to take the keys to number 10 as the next prime minister and she will need to hit the ground running with the energy crisis in a farewell message, per predecessor seeks to assure the population >> we have and will continue to have that economic strength to give people the cash they need to get through this energy crisis european markets mixed trade this morning overall, we are trading higher we have the dax stabilizing

after under performing yesterday. the main benchmark fall back the important thing to note is we saw the european benchmark pull back yesterday, but we did bounce off the lows pairing off the steep losses to only close 0.6% lower the dax was the under performer. you are seeing bounce back there. resilience in the swiss market ftse 100 holding up well at 0.16%. ftse mib down .30% turning to forax merkts. the dollar retreating. the euro fell beneath the 99 level for the first time since 2002 we are bouncing back euro trading higher versus the greenback to the under parity level. we see strength in the dollar against the japanese yen

trading on the back foot against sterling sterling up .40% to over 1.1560. let's look at wall street. dow looking to open at 140 you jump at the open if these levels hold nasdaq and s&p looking at stronger starts. we have a bit of data to look out for in the u.s composite pmi for august and ism services joumanna. to the uk. liz truss will become prime minister today after beating rishi sunak. she will fly to scotland to be sworn in by the queen. the new pm has a crisis with the energy crisis and a summer of strikes. truss could freeze energy levels before the planned 80% jump in

october according to bloomberg her team is working on a plan to run 130 billion pounds per household relief and one for businesses which is volumeatili to the gas markets geoff, a lot to digest here and we are eagerly anticipating the cabinet. we spoke about that yesterday and how ideological leaning that cabinet may be the propemost pressing question how she deals with the energy crisis and the household freeze in bills or energy bills over the next year are true, that could be very, very welcome to many families out struggling >> reporter: absolutely. joumanna, it is fascinating, isn't it, because even yesterday as we were running up to the announcement of who would be the

next prime minister, there were so many rumors alreadying doing the running about how liz truss and her team would announce some kind of freeze on bills and what that announcement would look like and whether it would come on thursday. strangely, the media here in the uk had a lot of information to work with already even before it was confirmed that liz truss was going to become the next prime minister a lot of those leaks are firming up information for us and the fact we are getting serious costings probably suggests that we are heading in that direction which is ironic because what we keep being told is that by nature she is a small government conservative and one that feels it's important for people to be self reliant and focus on less and lower taxes. one of the first things she will probably have to do is borrow

money effectively to subsidize the kind of energy price freeze that you're describing for consumers and businesses there are market consequences of that you know debt-to-gdp for uk is around 100% mark this is an economy that the debt markets are looking closely at and we have seen reaction in the gilt curve in the recent weeks as the markets anticipated a government that is likely to have to borrow more. i think as these announcements firm up, perhaps, on thursday, then i would expect that we will have to watch the curve very closely just to see how the gilt market feels about the credibility about the uk government with the strategy i do want to reflect for a moment on boris johnson. we are here at downing street and we had another classic boris johnson speech

this, his last, as prime minister let's listen to a clip of what he had to say. >> we have and will continue to have that economic strength to give people the cash they need to get through this energy crisis that has been caused by putin's vicious war. and i know that liz truss and this compassionate conservative government will do everything we can to get people through this crisis and this country will endure it and we will win. and if putin thinks he can succeed by blackmailing or bullying the british people, then he is utter ly diluted >> reporter: there you go. boris johnson there. it is important to note he is throwing his support behind her government and also calling on the conservative party and conservative mps to come

together now to give her support because as we know this is the third conservative leader that's been thrown up in recent years by infighting within the conservative party itself. if we are going to get some clear policy out of this new administration, it has to come with the backing of the conservative party and conservative mps who still have a majority in the house of commons to push through that legislation. so i'll wrap it up on that point. there are some other issues that we need to hear from liz truss very quickly on. one is continued support for the war in ukraine or whether there is a change in the approach from this government. she's very familiar with foreign policy issues, obviously being the foreign secretary who now becomes prime minister we need to get some early steer on what the relationship with america is going to look like. particularly around this issue

of the northern ireland agreement as it relates to brexit i'll send it back to you on that point. >> geoff, thank you for the breakdown and analysis stay with us we have a guest now joining us on the uk business outlook small and medium businesses dealing with the rising costs this winter. our next guest is stating thousands of pubs will be forced out of business. our president of british chamber of commerce joins us now thank you for being with us. a lot of headlines around small and medium sized business nes ae reminiscent of the pandemic. with the policy response and how the government can support british business, should we think about it in the early days of covid-19 that the businesses deserve support and deserve major intervention what do you think of the terms of the policy path from here

>> absolutely. thank you for having me on today. i think it is really important that the new government absolutely publish a plan and publish it within hours or days to support business. in particularly small and medium-sized businesses who are really struggling. many have seen costs rise so significantly. we have manufacturers whose costs have gone up fourfold. pubs have gone up ten times. it is unprecedented in dbusiness in the uk. the policy response must be very clear and very quick and it will be on the scale of covid s>> baroness, what about the argument that business and consumers also have to bear some burden, but maybe the government can figure out how to distribute that evenly? i'm sure there are some members

who could actually afford to pay more and some businesses might struggle many will perhaps argue with the administration we have an opportunity to reset the clock and perhaps encourage businesses and individuals to be a bit more self reliant >> i completely understand and respect that point of view what i would say is that what we absolutely need right now is a scale of support on the scale of co covid. as an example, we asked for emergency loans for companies that do qualify. of course, there has to be a process for organizations to make sure they definitely do need the money we, of course, have to become more self reliant. that puts the uk government to never face this situation again. that is not something small and

medium businesses control. all they can control is the here and now. for many on them, the winter is a disaster >> baroness, may i ask about the pricing expectations the reason this comes up is the analyst earlier on the show thinks we reached the limit of european companies can succeed at raising prices and passing on the price increases to consumers. what is the perception from the british consumer industry and how successful have british companies been at passing on the higher costs to consumers? >> most of our members in the last year passed on significant cost if you look at inflation and where it is running, we have manufacturers telling us steer has gone up 0ten times alone in price. they tried to pass on what they can. many will say they have to raise prices further there is a limit to that because

there is only so much that is affordable where consumers say we will continue to purchase that item. you can see a risk of a cutback in consumer spending because of more price rises clearly, many of our members feel they already are reaching that limit which is why we're asking for support now it is the last thing we want is a small government bail out. we don't have a choice today >> since prime minister boris johnson announced his resignation in early july, sterling has been the worst performing it is down 4% versus the dollar challenging uk business further. how is the business community dealing with this weaker pound how does that affect their business decision? >> the challenge that gives us is the ability for companies to invest in the future and what they can invest. what we need are businesses

investing in the future of their propositions and creating employment and creating opportunities. we can absolutely do that. we have been faced with a level of cost increases across the board with so many challenges from covid to global supply chain challenges and weaker pound and now the energy crisis. we now need unprecedented help i believe that if we are given that and if there is also commitment to long-term energy independence and commitment to dealing with that, then business will be in a good place in the uk >> baroness, thank you for your time president of british chamber of commerce still ahead on "street signs. volkswagon will list porsche as early as this month. we'll discuss more after ts brk. ea hi

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welcome back to "street signs. unicredi it is announcing an aid package

it to support clients. the bank is working on similar support packages for other markets. steve spoke to the unicredit chairman on the sideline of the fo forum overed weekend the next golfvernment has a trik road ahead >> you will hear all politicians asking for more spending no one mentioning how to fund that spending. this is normal once there is a government in place, which has five years time, we will come to the tough decisions. italy has shown to be able to master a very narrow path, if i may yo use that expression with fiscal consolidation and support of growth. actually, if you look at the

recent figures, italy is doing better than expected as far as the banking sector is concerned, the banking sector has done a good job of improving the quality and size of the balance sheets it will continue to do so. it will participate actively through the process of bank andl strike it is calling for a pay rise of 5.5% this year and inflation linked hikes in the future volkswagon confirmed the plant to float porsche the value of $60 billion porsche automobile will buy the

share from volkswagen. vw will extend the period for buyer to express interest. joumanna, now investors across london and europe and beyond will turn attention to porsche long awaited ipo may happen. in terms of where investors are focusing, a huge amount of attention on governments entanglement with porsche and vw those concerns haven't eased with the appointment of oliver bluma as ceo of volkswagen and porsche. >> the point about governments is interesting selling 25% plus 1 share to porsche se the controlling family the distinction for you not following porsche the company

and porsche se, the family that is key because it tells you that the family is keen to maintain the hold over the new spinoff company of porsche from a value perspective, we were talking about this offline. there is value to be extracted if you look at the breakdown of volkswagen the entity with higher margins is porsche because of the sports luxury car division. >> it is a really interesting point of what porsche could look like and potential if it is a separate company with autonomy looking back at the cmd that investors attended earlier this summer, there was focus on product line and intention for porsche to be seen as a product company with a lot of attention

paid to branding and investors who will like the deal are likely going to like it because the product lineup is going to drive the investment case. they believe the lineup can drive growth from here they have a new electric luxury suv in the pipeline. the focus is on what is brewing at porsche >> the timing is interesting a lot of people talking about the fact they are trying to push through the ipo at a time where there is a war in the european continent and supply chain issues and auto manufacturers hit by the rising energy costs the timing is interesting especially because it will be one of the largest, if not the largest, to come to the german market in a long time. we have to see how it goes down. >> absolutely. the point earlier with the saxo bank analyst with the high

energy costs will factor in as well on that note, dutch wholesale gas prices in a retreat down 12%. they have been extremely elevated of late let me flag for you. you didn't want to miss the interview with the ceo of uniper klaus-dieter maubach will be sitting down with hadley with more. today, markets are behaving in a more composed fashion than yesterday. retracing some of the big losses dax ended yesterday down more than 2%. today, we were up .40% as the prices come under selling pressure recovering somewhat. you can see the picture is broadly in the green cac 40 up .20% in the uk, ftse 100 also up .40%.

we have been talking with the colleague geoff cutmore about the official appointment of liz truss as prime minister. we should get more detail on the spending plans with the energy crisis and package of measures they will announce to deal with it the picture is resilient than yesterday. >> it will be interesting to see how u.s. markets open up after a long weekend you have the picture of u.s. futures. all three pointing to a higher start. i'm julianna tatelbaum thank you for watching "street signs. >> i'm joumanna bercetche. "worldwide exchange" is coming up next.

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it's 5:00 a.m. at cnbc wall street looking to kickoff a trading week in the green as tech looks to halt the longest losing streak in years. nord stream continuing to stop gas flows and no easy road ahead from 10 downing and another win for former president trump and challenge to the fbi raid at the mar-a-lago estate. and shocking events over retail tradi