and this pandemic was no different. in february 2022, richard ayvazyan, marietta terabelian, and tamara dadyan are arrested in montenegro. they are being held pending extradition to the united states. -- captions by vitac -- good morning welcome to "street signs." i'm joumanna bercetche >> i'm arabile gumede. these are your headlines >> apple warnings production of the iphones as covid restrictions ramp up beijing doubling down on the zero covid stance. ryanair flies high the largest ever post-tax profit other low-cost airlines will

struggle to compete. >> ryanair is lower cost than we went in. everybody has to come out with a higher cost base fleet is operating we own all of our fleet. they have higher labor costs and airport costs. they will have to find a way to play the game. unicredit shares slump as the dividends slash with payoffs. cop27 kicks off here in egypt where folks are calling for more action on climate listen in. s>> tough times and tougher tims ahead. there is also good news for the green position we are forced to be more energy

efficient. welcome to "street signs." let's get to the data overnight. chinese exports falling for the first time in more than two years in october coming in at 0.3% weaker. that is a sharp miss on expectations on 4% growth. we had both a drop on exports and on imports as well surprising numbers from china. this has been the reaction on the commodities you associate with china doing well. today, we are seeing an out performance in the mining names. we have rio tinto up .60%. this is reflecting the price action we had in chinese equities overnight because

despite the weaker data, we did see a bit of an uplift for the hang seng and chinese stocks as for autos, this is awis how s are trading. positive renault up despite the china trade data luxury is a basket we track closely in line with the fo fortunes of china. it is trading positive as well for the most part. another company linked to china is apple the company said it has temporarily limited iphone 14 production because of covid restrictions at the factories in china. models are ten times longer than the company's other phones the foxconn operated factory is running at a significantly

reduced capacity apple has strong earnings last week, but a lot of supply chain exposure to china we are seeing the news about the iphone 14 production today. beijing said there is no short-term change to the zero covid policy with the disease control official saying it is completely correct they looked to quash rumors ove the policies china has the highest number of cases in six months. the market rallied into friday's session because of reports they were looking to open up. it seems like they have reversed course and vigorously denied that over the weekend. arabile. >> that denial is interesting. they will do that and they have said it is because they are trying to ensure the health of

citizens is a first priority it is hurting. a recession does loom across the globe. how much impact will that have on them? a few analysts bringing down the growth prospects for china this this time period exports getting hit falling by 9% in october. exports compared to a year ago a third straight month of declines. >> big take away here is the fact that the chinese market is still closed and having an i international ramifications. you can see with the trade and exports and imports down with the case of oil, it has benefitted europe because you would typically see a stronger demand for lng in china.

that is not the case because the country is in lockdown mode. that allowed europeans to buy more lng at the time they needed it analysts say the second china opens again, it will impact the european ability to source other energy sources away from russia, namely lng they managed to do it is because china is closed. the second china opens up again, it will have huge impacts around the globe. >> that is why the questions never have been about this year, per se, it has always been what happens after this year. particularly after the winter. when china does open up, but when you realize that, you know, gas tankers are empty. a sense that things will be entirely different filling up the lng will be very difficult across europe. now is hopeful, but a solution

needs to be found moving forward. >> one of the interesting things from the chinese congress a couple weeks ago and president xi's term and then they did not give any hints of wanting to open the economy and ease restrictions it would be surprising if they did start to go down that path a couple of weeks later. as of now, they are intent to continue the way things are even if it is coming at the price of economic growth and you are beginning to see that very clearly. back in the day, now closer to those levels >> we thought was pretty low at 5% or 6% now seeing them get to levels where it is clearly definitely in the lower single digits, that growth figure certainly hurting with their large trading partners and trying to get covid

under control. the areas that have seen a lot of covid-19 inn vehicles really surging there as well and that number going up dra drama dramatically >> let's talk about the european markets and how it is faring it is a positive day despite the china data and the weak close on friday in the united states. last week was a heavy week nasdaq down 5% points. hawkishness from the fed powell conference on wednesday and friday with the price action continuing with the non-farm payroll number not doing much with the expectations of the terminal rate it is higher now than it was at the beginning of last week that was negatively impacting u.s. markets this is actually a continuation of some of the out performance from last week stoxx 600 for the week last weekended up in positive

territory. we are up .50% you can see that the ftse 100 over here in the uk is up 7 basis points we had the numbers falling at the fastest rate since 2021. showing for the first time house prices are getting impacted by the higher interest rate environment. cac 40 in france is up .29%. dax is up .78% we had stronger data industry output better than forecast month on month. ftse mib up .68% we are watching the telecom which is reporting a modification of the single network in the country. this is what we see with the

sectors. travel and leisure ryanair is the name we are watching today we will get to that shortly. strong numbers from ryanair. real estate is up 1.8% healthcare is lagging down .20% and construction down .30% let's continue with the airline segment. ryanair posted the largest eve post tax profit for the first half of the financial year and raising guidance expecting more than $1 billion euro very interesting is in europe where most airlines have plunged the last six months. some by as much as 50% that is worrisworrisome. airlines injecting positivity back in the market we see a bit of gleareen acrossh

board. we have ryanair's ceo with a positive sentiment >> we had omicron at the end of november which crushed christmas and then easter. we have done very well we are the only airline operating above capacity it enables to us restore the payroll or agreed payroll cuts for 90% of the pilots and cabin crew passenger spend is strong. we have been surprised we thought it would dip in september and october with so much impact on price inn fflati. people are spending and people are spending on travel one of the lengths from covid, they were locked up for two

years. travel is onef of the thing they will do. let's switch to renault. valuation of 10 billion euro the move is part of the automaker broader overhaul program with the talks with nissan the japanese firm could take a 15% stake in the spin off. i investors are looking for the update on the capital markets d day tomorrow. and unicredit and ecb clash over the capital plans to exit russia it will distribute shares to shareholders and they are looking for the withdrawal from russia and it is one of two banks to maintain significant

operations. coming up on the show. we hear from wto director general from the cop27 summit from egypt don't miss that first on cnbc interview. that's coming up next. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. we're told that success is all about making it on your own. the truth is... need some help? c,mon, get in. nothing great gets done alone. that's

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now climate delegates at the cop27 summit in sharmshek. it is looking for a loss and damage deal which was added to the agenda at the 11th hour after talks ran well into the early hourss of the sunday morning conference this is among inflation which overshadowed targets the latest u.n. numbers show it

rising by 10% from 2010. dan murphy joins us with more on this one dan, over to you >> reporter: arabile, thank you. left continue with the conversation with ngozi okonjo-iweala who is the director-general of the wto. >> thank you, dan. >> help us understand the situation in which we meet how would you describe the war in ukraine and rise in inflation impacted global climate goals this year? >> well, this is a very important question we have never seen a time like this with the multiple crises we have it is really obvious that in various ways they have impact on climate goals. you see what has happened with the energy situation in europe the rising energy prices the fact that some countries had to go back to the use of coal.

although, they say this will not ultimately affect their climate goals and phasing out, but it is still sad we have to go back to that situation definitely the war in ukraine is having an impact more importantly, on food prices we have seen food price inflation in everywhere. in rich countries as well as poor countries in some cases, issues of famine in the horn of africa and parts of ethiopia and northeast part of my country nigeria. there are trouble spots. i think the fact we had this grain corridor in ukraine has helped a little bit. i'm koworried about the issue of food crisis. the fertilizer is a problem. there is a question if ukraine can plant all of the acres

estimates they are able to plant only 40% means next year they will continue to see pressure on food prices. >> help me understand the key considerations for policymakers here at cop27. the expectations for the climate progress are low >> one doesn't want to overstate or be too hopeful. i do think we should come out of cop27 with some specifics on the financing side it's the famous $100 billion that was supposed to go to developing countries by 2020 that deadline has been missed several times. i hope we will see progress at cop27. we know there are issues of discussions of loss and damage and how that will be handled i also understand there will

be -- there may be some progress on specific pages for developing countries to at least help them phase out of coal. let's see. i expect some progress because of the situation we're in in the world, i don't want to sound too hopeful. let me mention one thing we are here to talk about finance and people probably wonder trade how does trade come in i want to make a strong point. we are launching a report here that is a wto flagship report on trade and climate. that shows that, yes, most people think of trade as contributing to the climate or the carbon emissions on the other hand, trade is fully part of the solution and a missing piece in the plans to deal with climate change is the absence of consideration of the proper trade policies that

go to countries with the contributions. there is a missing piece we think the aspects of the trade policies can be very helpful. we want to make a point here that these should be cooperating. >> one of the other major challenges is that emerging from the pandemic, we see serious disruption in global trade and supply chains. how soon before we start seeing some of that pressure easing >> some of what? >> pressure in global supply ch chains starting to ease. >> let me say something. we are noticing some ease of the supply chain problems with respect to freight rates coming down part of that is due to people involved in the logistics of trade shippers and port operators. they are working hard to solve

the logistics problems that may also be due to the lowering of demand which is not such good news in the sense are we edging to recession in some countries and is that why global demand is going down and high freight rates we saw with the different supply chain it is a mixed picture. notwithstanding that, there are some issues of supply chains we can deal with that i think maybe are conducive to solving the climate problem. solar panels for instance. diversifying supply chains to other countries, where climate for production is conducive. that can be part of the solution for the climate crisis we don't want to take the risk

of the concentrated supply chain. when i say that, it doesn't mean re-shoring production in concentration in other countries. i think we should diversify globally bring in as many developing countries that have the right climate into the production chain as we can. you will solve two problems. you will first offer inclusion by bringing those countries in with margins at the same time, you help solve the climate crisis >> ngozi okonjo-iweala, how concerned are you of the global outlook into 2023? we talked about the global supply chains which is bringing issues to the global markets how worried are you about the global recession next year >> i'm quite worried you have seen the projections like the international monetary fund and world bank on global growth are all going down.

with respect to the trade growth, we had projected last april that trade would grow at about 3.4% merchandise volumes grow 3.4% in 2023 we brought that forecast down to 1% so this is quite worrying. so i'm concerned and inflationary pressures are not letting up central banks are doing the best they can to try to fight inflation. the more raising interest rates, the more difficult it is for countries servicing debt the more difficult it is to flight capital out of the countries back to the u.s. and europe and so on the debt burden becomes more difficult to deal with i am very worried particularly for poorer countries how will they cope

also for poor people within rich countries. >> ngozi okonjo-iweala, before i let you go, we have seen the europeans raising serious concerns about the u.s. inflation reduction act. they have say this is breaking wto rules with the taxes and sub subsidies. is this something the wto is actively reviewing >> let me start by saying the wto always encourage members to take steps on policies that lead to a low carbon emissions growth pact that will help toward the net zero by 2050 that being said, we also very carefully say whatever policies are taking should not be discriminating should not favor domestic goods against goods -- like goods from other countries. >> do they do that >> now with respect to the

i. i.r.a., there are some countries talking to the u.s., some of our members, feel yes, the subsidies that are being given may be discriminatory against their electric vehicle production. korea is one case with the eu and they are talking to the u.s. the wto is to have bilateral solutions for members to talk to each other and sort out or clarify the problems i know the u.s. is still making the rules that will actually implement the act and there is a lot that goes into the rules if those implementation of rules are taken away and are not discriminating, this would be very good. >> is this a risk of a trade war if they can't find consensus of that >> i would absolutely hope not

i think talks are going on and we hope it will result and i want to say we are favoring multiple avenues of resolution usually with a difficult case, it comes to the system of the wto. now, more members are using alternative methods to dialogue with each other. >> director-general, thank you for your time today. >> thank you, dan. >> guys, back to you >> dan, thank you for that clear message of concern and worry and certainly hoping inflationary pressures do not continue to hurt our continuing coverage of cop27 will continue all week here are highlights from today >> the world needs investment and renewables the world needs to move quicker. we have to balance we cannot sustain the same what

we have been doing in the past we have seen the consequences. we have seen how lives have been impacted if we want to see more cyclones and devastation, we can proceed in the same manner from the past 100 years. >> we are transitioning into the green future there are some pressure from the people to show they are investing. >> our coverage continues after the break. before we take the break here is a quick look at how european markets are faring. ftse 100 below the flat line ftse 100 below the flat line we'll be right back. then we found shipstation. now we're shipping out orders 5 times faster

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welcome to "street signs." i'm arabile gumede >> i'm joumanna bercetche. these are the headlines. >> apple warns it will have

issues with the tproduction of the iphone 14 with the zero covid stance in china. and ryanair with a post tax profit and michael o'leary says over airlines will struggle to compete. >> ryanair has lower costs than when we went everybody else has come out with a higher cost base their fleet is operating leases. we own all of our fleet. they have higher labor costs and airport costs. they have to find a way to play the game. and former president obama joins president biden on the campaign trail as the u.s. midterms shape up to be a nail biter with the democrats control of the congress hanging in the balance. cop27 kicks off in egypt with climate on the agenda for the first time

we have the volatile environmental issues. >> there is bad news, yes, and tough times and tougher times ahead. there are also great years we are looking to be more energy efficient. u.s. oil producers have made over $200 billion in profits since russia invaded ukraine earlier this year sending energy prices soaring a report from the financial times and s&p global insight confirms it has been the oil and gas sector's most profitable quarter in company history we have a windfall tax question should go to climate solutions

>> when you put the post tax, you discourt the policy environment if you want investments to happen, the investment climate has to be won based on predictability. what we are more interested in is recognition of more production of taxation and private income over the last years, inequality has grown. that is not healthy for society. it undermines the foundation for growth we are also very much in favor of the equal footing put everybody on the same page internalize that cost that companies see through carbon emissions. >> dan joins us again from the

conference >> joumanna, thank you we have the secretary-general of the oac. thank you for being here let's talk about the context in which we meet and these triple shocks w war in ukraine and rising prices and energy crisis. >> this has become more challenging since cop26. the need for effective climate action is as important and urgent as ever what we have seen in the context of higher inflation and higher energy prices and energy security challenges is an increase reliance on fossil fuels in the short-term. we believe that will accelerate the structure we need and clean energy over the medium to long run. we have to keep on track

the immediate for effective action on climate change is important as ever, but the contc context is more challenging. >> indeed. the question is who will pay for all of this. on the agenda at this cop27 is the issue of loss and damage where is the money going to come from developed countries are not willing to pay where is the finance gap >> the financing gap is increased. we believe we need $4 trillion u.s. investment if we want to meet the objectives by 2050. that is a fourfold increase.% developed countries will not fill that gap. we need a stroo teategic approan use a range of different financing tools. certainly developed economies need to fulfill their yimt and

step up to their responsibilities the yimt commitment of $100 billion needs to be made it is not enough it will be more needed >> significant pressure on public finances. how do you encourage the private sector to get involved when they are concerned about their bottom lines? >> we need to ensure it is there and the public sector to help the risk projects where the private sector can help. that needs to be done. we need a combination from governments and blended finance and leverages as much from the private sector the key is the projects. >> few and far between >> there is an obvious need. there is a capacity for

governments to do more and derisk projects and investors can have confidence in the investment vehicles there sdpthere. >> and the role of the ecb >> and we see to facilitate a globally approach to carbon mitigation we also support the commitment that was made by the developed economies of $100 billion of climate finance to provide and mobilize for the developing economies. we seek to provide advice on how to better adapt and make economies more resilient to climate change climate change is reality. to a large extent to the developing economies, we need to ensure we get better at living with the unavoidable climate change there needs to be a platform to facilitate dying log adialogue

ensure and solve the problem rather than shift the problem to other parts of the world >> i want to ask about the macroeconomics outlooks as well. we heard top wall street bankers talk about the recession in 2023 how concerned are you about the outlook and impact this is going to have on taddressing the climate challenges >> there is a great amount of uncertainty. the world went in a 1 in 100 year pandemic. we came out of that quickly and strongly of course, russia's war against ukraine has caused another supply chain issue and driving higher inflation and energy and food prices and food insecurity. the most important economic policy priority for the world would be return to peace in ukraine as soon as possible. that is not something that is directly on our control.

that is under president putin's con control. he should reflect on the impact that he is having on the world look, there's much that needs to be done to deal with the short-term pressure, but focus on the medium-to long-term structures to put ourselves in the best position in the future. >> one challenge has been the energy markets we have seen the price of energy and in particular oil sky rocketing this year. one of the measures that will come into effect from december is this russian price cap that the europeans put forward. how effective is the measure like that going to be and pushing back and addressing the issues with the energy market? >> with the price cap, the key is to assure it is well designed such that it does not provide incentive to production. when you have a price challenge,

you need to ensure you can boost supply and when you need to boost supply, you don't want to take measures to reduce supply the price cap is important so it is set at the right level. >> will it work? >> you know, it is certainly important to ensure we don't just continue to provide excessive amounts of windfall gains to president putin to continue to finance the war of aggression against ukraine in terms of the energy security challenge, when the price of anything is too high because of any given demand, we need to reduce supply. we need to find ways to moderate demand and find ways to boost supply in that context, it is important not to do anything that reduces supply from where it is at the moment >> we are out of time. i appreciate the conversation.

thank you for speaking with me secretary-general of the oecd. back to you. >> dan, thank you for bringing that interview from cop27 and the coverage will continue as well in the coming days. coming up on "street signs." democrats race to rally voters in the bid to avoid sweeping defeat in the midterms we will talk about the midterms and the implications for the market in the coming segment stay with us ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com.

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welcome back to the show job growth in the united states was stronger than expected in october with non-farm payroll increasing by 261,000 for the month. health care and leisure and hospitality led the gains. unemployment rose to 3.7% thomas barkin says the central bank is moving into defensive territory. >> real rates are positive across the curve i think you could credited bring

say we have our foot on the brake. you think about steering in a different way. you pump the brakes and act a bit more deliberately. i'm ready to do that i think the implication of that is probably a slower rate of pace of rate increases and a longer rate of increases and higher end point now meta is expected to begin layoffs this week according to the report from "the wall street journal." it will impact thousands of employees making it the first large scale head count reduction in the company the shares of meta are up in pre-market trade around 3% after going down 70% this year so far. in other tech news, twitter laid off half of the staff since

elon musk purchased the company for $44 billion. the layoffs happened on friday and many employees exprpressed frustration. jack dorsey apologized in a tweet for growing the company too quickly. twitter had 2,000 employees in 2013 and grown to 7,500 last year. >> many of whom just lost their jobs. former president obama was on the campaign trail this weekend to help the democrats push for the midterms. he joined president biden in pennsylvania for the first joint appe appearance biden's popularity slipped this year with the national poll finding 48% of voters would prefer a democratic congress and 47% would rather have republicans in charge. biden later told a crowd in new

york that democracy and the economy are on the ballot. >> it's a choice it's a choice between two fundamentally different visions of america i've said from the beginning my objective when i ran was to build an economy from the bottom up and middle out. i tell you what, it is a fundamental shift and it's working compared to the maga trickile down economics. you know, there are more than 300 republican candidates for state, local and federal office who are election deniers who say that i did not win the election even though the hundreds of attempts to challenge that have all failed even in republican courts. >> let's bring in the political author and historian and former clinton trade negotiator thank you for joining us the economy is front and center going into the elections this time, i would say it is

particularly pronounced pabecau of the high inflation environment and particularly since the u.s. is heading use recession. >> thank you for having me certainly the economy is in the forefront of people's thinking high inflation has basically under cut the fact that we have a strong economy if you compare our recover frrecovery fro the covid period, compared to every other country, we are doing quite well job creation is very high. people have choices of jobs they hadn't had ever. inflation has left them with a sense of economic uncertainty that is under cut that to some large degree >> to what extent do you think

the social issues that the republican party have been talking about? things like cancel culture and woke and critical race theory? to what extent is that succeeding of overriding the narrative going into the election and diverting attention away from matters like the economy? >> i think the republicans have effectively raised not only the inflation issue, but concerns about crime and immigration and what you referred to as the cancel culture the truth is, the central truth here is that as what the president says should be on the ballot besides the economy is democracy. the extraordinary -- the extraordinary adherence of republicans around the country to denying joe biden's election

still and the possibility these election deniers will get into office and continue to deny elections unless they win them that's the central point here. the republicans seem to deny the results of any elections they don't win. so, in a real sense, democracy is imperilled. >> do policy accomplishments even matter at this time you can look back at some of the accomplishments that joe biden has put forward whether it be the big road bill or money to pump up semiconductor manufacturing after covid-19 and fighting climate change and reducing price prescription and the proposal to cancel student debt as much as possible he achieved quite a bit, but will that matter in the race >> you've put your finger on a

point of great frustration for democrats and for the president. president biden has accomplished an extraordinary amount in a very short time. yet, at the moment, we're still a discontented divided country that doesn't give him credit for these accomplishments. so the democrats have been moving from message to message your constitutional rights are at stake abortion rights. democracy is on the ballot these republicans would paint the economy and cut taxes for the rich yet again and threaten your entitlements. we go from one message to the other. the hard truth here is that the same people who are threatening america's democracy at the extremist view of the republicans are the same people who would damage our economy as well

>> i mean, the impact of violence are we expecting that after this set of elections as well and the issue of the january 6 committee, will that have an impact on the midterms do you think? >> there is a fear of violence that's higher than any i remember in any other election look, i'm a democrat, but for democrats, independents and dissol disillusioned republicans, we find it amazing that the january 6 insurrection could occur we find that the january 6 committee could layout the inn socite incitement of the insurrection by the former president. that has not seemed to change

many minds the key in our situation politically is we are deeply divided country and not that many people are undecided as they go into this election it is a very tribal situation as you know >> well, the expectation at this point is the democrats will likely lose the house. possibly a small chance of retaining the senate if they do lose the senate, beyond the fiscal gridlock which will become evident, people will talk about republicans income positin position of appointing justices going forward. what does that have to the judicial system? >> as you say, most believe the democrats will lose the house. the senate is up in the air. it is 50/50 now with the vice

president charris with the presiding vote we don't know who will control the senate certainly even the republican house means the president's agenda for the next two years would be greatly hampered if not completely stopped control of the senate as you say is crucial because president biden and the democratic senate have confirmed many -- a record number of federal judges in a short time there's no doubt that mitch mcconnell and the republican senate senate, if they do have one, will do their best to stop any judges going forward the future of the judiciary is also at stake. the frustration for democrats is that we have already an extremist right-wing supreme court which has ruled not only

on abortion rights, but on many other matters such as the ability of states to regulate gun violence so it's a difficult time we also will be facing a situation by quickly where the republicans will be playing games with the debt ceiling and that could jeopardize the stability of our recovery. >> we'ring e going to leave it there. former clinton trade negotiator. thank you. a quick look at futures and the board and how the market is faring ahead of the open green one. of course, a packed week ahead with the elections in place. let's leave it there i'm arabile gumede i knew there would be a lot of orders to fill and i wanted them to ship out fast that's why i chose shipstation

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it is 5:00 a.m. at cnbc. here is the top "five@5. we begin with stocks hitting the reset button after the dow snaps a month-long win streak. and candidates making the push ahead of the election looking to fend off the red wave we are live in washington with the latest. and apple out with the new warning on the impact of the china covid lockdowns on one of the most popular products. why getting a new iphone may be