that's all for this edition of "dateline." i'm natalie morales. thanks for watching. ♪ welcome to "street signs." i'm arabile gumede these are your headlines european markets trade ahead of the mid-term elections as president biden says democracy is on the ballot u.n. secretary-general lost the opening of the cop27 with a stark warning to global leaders

saying the world is losing a fight against the climate catastrophe. >> global temperatures keep rising and our planet is approaching tipping points to make climate chaos irreversible. we are on the highway to climate hell with our foot on the accelerator. renault announces plans to spin off the ev unit and eyeing an ipo for the company as early as the second half of next year. we hear from cfo thierry pieton. and the eu warns that the u.s. inflation act breaches trade rules. the european trade commission telling cnbc there is concern about the impact on business

>> sources would like a solution which actually does not discriminate european companies in terms of access to provisions including subsidies of the inflation reduction act. marginally down day for the stoxx 600 across european markets. we have a sense the midterms are the key focus area in the united states and while cpi and inflation numbers on thursday will determine what the fed decides from there and whether they will move or pivot to perhaps a shift to lower interest rate hikes is in the cards today's mid-term elections kickoff in a couple of hours as the polls are set to open there will be the factor we have a few earnings to come out today. that shifts the table when it comes to the european market pandora at the top of trade.

going up more than 7%. stoxx 600 going a little bit lower as we get into the picture. if we look the index the negativity is seen across the market smi reversing the losses yesterday. they are going up .20% .40% weaker for the ftse 100 in terms of the market movers we had buyer group come out with a sales increase of 5.7% ibex rising as well. you have munich achieving profits of 1.9euro that does move the dax in the green. the cac is weaker. and you have seen the likes of autos and technology going higher this week today, pretty much muted stance for some of the others

travel going down as well. .80% a good day for technology. going up 1% today. so far with the sectors faring well up on that part of the board. weak resources there i1.3% ubs will have the slowest pace of growth since 1993 at 2.1% the swiss bank expects the u.s. to enter recession next year with near zero growth for two consecutive years. joumanna joins us now as we look to unpack this joumanna, one thing is for sure. the down turn is going to be broad based and seems to be global as well >> that is one of the take aways

so far from the conference we spoke to the chief european economist. the global economy is in the midst of the slowdown. we are in position to talk about the impact with the businesses with my next guest i'm happy to bring in the co-head of the capital group at ubs. wonderful to have you with us. my colleague, arabile, was talking about the difficult macroeconomics view we are in. when it comes to m&a it is challenging. >> it is cais challenging there was a steady stream from europe, but q3 has been quiet. we expect q4 to be quiet as well >> you are here at the conference you work at ubs. i believe you are hosting a panel called private equity. is this the beginning or the

end? can you give us a summary? >> without revealing too much because my panel well know much of the content it is challenging and we are dealing with the political costs. for private market, the story is different compared to public market this should be a good area both can buy companies at valuation that are contained we know what bad looks like. by the time january comes, we will have three or four months of interest rates. i think the investment will be done in the next 12 months will be interesting >> is it done? that is the key question we know there is a devaluation that has taken place across all stock markets.

there are many companies out there, decent companies, looking cheap and attractive to buy. is the interest there? >> there is definitely some interest there the concern is am i catching a falling knife. the evaluation is going down have i reached the bottom? what everyone is waiting for is stability. what today builtstability means does 2023 look like? budget season is very important. once you are able to model the down side, once you are able to model what can go wrong, i think you can apply risk and take risk what we are seeing now is the mismatch with buyer and seller in terms of valuation. in terms of valuation expectation, it is hard to quantify we need it this go to zero before we see transaction happening.

>> one issue in europe is the energy crisis and how companies and countries have had to respond to this. we see focus on investment in renewables how is private equity directed toward renewables and help europe with the energy transition >> for sure. there aren't a lot of funds focused on that. there isn't ability in size to fit everyone the other side of the coin where the private equity is playing a role is what happens for the other assets which are not green and which needs to go to a process of becoming more sustainable. >> fossil fuel traditionally >> exactly i think pe can play a role in that the companies in the private market can take the time and energy to get through the transition >> where are you seeing the most interest right now where do you think the best opportunities lie?

>> a lot of focus in the uk for securities and the valuation of the pound against the dollar and the weakness of the stock market the uk is actactually tough germany, france and nordic region are also places where investors are looking because they are large companies that simply need capital. it doesn't mean they want to announce sale through pe, but need capital to do through challenging 12 or 18 months and then after this, to expand >> where is this capital coming from the u.s. or asia >> everywhere. capital from europe will be deployed across the different region u.s., asia and middle eastern. >> the reason i bring that up is

the currency aspect and with the euro trading close to one and the pound having lost value this year from the international investor, the markets look more attractive >> yes it just became 20% to 30% cheaper to buy asset in uk. >> talk about the interest rate environment. >> the high interest rates will have a major impact on that. most of the businesses are putting debt in the capital structure. this will impact new deals and also old deals with the hedge rolloff and the base rate. this means that we will continue p to see deals i don't know if it is 1 to 1 companies will support less debt

the cash costs will be higher and the valuation will be lower. this is impacting consumer behavior forget the financing and debt. there is an impact on the economy as well. what is happening with the high inflation is less consumer spending going and discretion spend is going down. to pick up the winner for the next 12 months for the business models is the trick. >> do you see signs of stress appearing in the markets because of the environment we find ourselves in high interest rates and inflation? >> we haven't seen stress yet. the first six months of the year have had decent performance. when we look at portfolio companies, they are looking okay plus, the financing in place over the last couple years has been benign and it is really liquidity which is the concern which all of the companies and

shareholders have. for now, it is okay. if the situation continues to deteriorate, the stress is coming in the next 6 to 12 months and lots of opportunities. >> on that positive note, i'll leave it there pleasure to chat with you today. head of the capital group at ubs. stay with us at 11:00 a.m., we will speak to eric rosengren on all things fed and if the fed pivot will come arabile. >> thank you, joumanna fo, for t interview. polls will open later in the u.s. for the mid-term elections with the control of congress hanging in the balance inflation and abortion rights and democracy are in the top of mind morefor most voters this y.

over 44 million votes have been cast in early voting as of monday night democrats are trying to defend the slim majority in the house of representatives where the president's party holds 220 seats. 435 seats are up for election. the winners will each serve two years. republicans are also looking to flip the senate where the democrats currently hold a 50/50 majority with the vice president harris servings the tie-break vote 34 senate seats are up for grabs there this year with close contests in georgia and nevada and arizona and even in pennsylvania all of those which could prove pivotal. president biden was out on the campaign trail yesterday he was trying to shore up democratic support despite his low approval rating. >> we know in our bones that our democracy is at risk

we know this is your moment to defend it. preserve and protect it and choose it. i want you to know we'll meet this moment. remember, the power in america lies where it always does. in your hands. the hands of the people. now over to company news renault raised revenue growth. the french firm confirmed a deal with the chinese automaker to develop a joint venture. despite concerns being raised by nissan over intellectual property sharing charlotte joins us with more on the story. charlotte, the interesting element here is the communication with nissan having had issues with this joint venture that has been put together we expect to get more detail as

renault tries to catch up with the ev game. >> reporter: that is really interesting from what we heard this morning from renault before the capital markets here in paris. what you said, the financial group operating above 10% in 2030 to give you context they expect it to be superior to be 5%. above $3 billion between 2026 and 2030 we want to restore dividend payment. there was agreement with the internal combustion engine what is this doing to the

relationship with nissan they had trustful discussions. we know they have had an imbalanced relationship which has been the issue with renault with voting rights and nissan with a 15% in renault. the discussion will be that nissan invest in the ev unit of renault. in exchange, they will invest in the unit and renault will make a balanced 15% equal footing with nissan we know nissan had concerns with geely on the technology sharing. we know the deal is happening and disagreement has given the green light. we don't know what nissan thinks

about. this we haven't heard about the management and the capital markets. the ceo hasn't answered questions. hopefully that is one of the questions we will put to this year we will speak to them on the future of the alliance with nissan >> charlotte, we have that interview later on with thierry pieton the cfo of will join us as a first on cnbc at 12:15 cet coming up on the show, we are live in cop27 in egypt where world leaders are discussing who

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has warned the world is on the highway to climate hell. that was during a speech at the cop27 in egypt he called on helping nations burdened by debt and struggling to pay the costs of climate disasters. hadley and dan are in sharm el-sheik with more i believe you have a special dp guest. >> we are joined by the foreign minister of pakistan thank you for joining us we are here live at the cop27. a lot of talks over the last 24 hours. before i get to that, you r former prime minister accuses your government of going after him. is that true this is a man who is saying you

are shooting at him to kill. >> as far as he is concerned, a few days ago now there was a firing incident at a village protest he was leading in which he was injured a couple of other people injured. unfortunately, a political worker was killed. i would like to start by unee kwif condemning the act. myself and my family have experienced political violence i lost my mother to a suicide attack in pakistan in 2007 before that, both my uncles were assassinated one poisoned one shot my grandfather who was the first prime minister and president of pakistan was democratically elected.

was also assassinated. there is no ifs or buts here we condemn this attack we would like a free, fair and i am partial investigation the prime minister wants a judiciary to condemn the attack. as far as mr. kahn's political aspirations have concerned, it is not appropriate it is important for all sides to have impartial inquiry >> you support that into what is happening? by definition, this was an attempted assassassassination, a firing incident? >> sure. attempted assassination. absolutely a gunshot was fired. >> you support the independent investigation? >> the entire government >> let's talk about why we're

here on the ground as well cop27 under way now. pakistan is being used as an example here as one that feels the impact of climate change and doesn't necessarily cause it >> as far as cop27's concern with pakistan's perspective, cop27 has been incredibly important. we discovered first hand through the catastrophic flooding that we experienced earlier this year and still dealing with the consequences of that that are not only an event of this scale not have any international or financial mechanism available for us to be able to address tragedy of this scale, but given the difficult economic climate this has really become a compounding tragedy.

i think cop27 has been a success so far in this sense that finally after ever since cop13, this has been an attempt that has not been successful which is to add loss and damage on the agenda in addition to the mitigation and adaptation. i like to say my group played a pif votal role in creating the consensus to get it on the agenda that is important. we can't deny the loss of damage doesn't exist. i have one-third of my country that will prove otherwise. i don't want to pitch this as sort of liability or compensation or reparations orr something tha extreme. damage happens let's work together to address

this it can be private investment it can be debt swap. we must come together to find ways international financial institutions so pakistan discovers there is no way to overcome something of this scale. there should be something available. >> something that doesn't also leave them awash in debt >> absolutely. absolutely or help address the issue that whenever we're confronted with a climate catastcatastrophe, we a drowned in floods and then drowned in debt to rehabilitate. >> i know the entire world has seen those images of devastation. the country has been suffering our thoughts are with you.

do you know what the total damage bill looks like today and how much money you will need >> as far as the total damage is concerned, the approximation is $30 billion. that is astronomical as far as pakistan is concerned. i don't expect us to put together that much money for reconstruction and rehabi rehabilitation certainly not in the form of grants and aid i do hope to provide public/private partnership for investment in renewable energy infrastructure we have to go and conduct that transition i expect to be able to work with financial institurtitutions like world bank and others of reconstruct of people's homes and greening our infrastructure. we are aware of the difficult economic climate and covid

pandemic left everybody in a difficult economic way the war in ukraine has affected everybody. we have to sort of calibrate our expectations and rise to the solutions with the out of the box ideas. >> thank you for joining us. >> thank you for having me. >> back over to you. thank you for that an interesting discussion there. the impact on economies certainly different to the rest of the world we continue to touch on cop27. our coverage continuing. coming up on the show, u.s. president booiden faces the firt test as former president trump hits hhas no idea she's sitting on a goldmine. well she d the't c. we'll have more after the break. e e insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even

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welcome to "street signs." i'm arabile gumede these are your headlines european markets trade yac cautiously ahead of the u.s. midterms as president biden says

democracy is on the ballot. >> we know this is your moment to defend it preserve and pretext it and choose it. renault raises its operating margin target and announces plans to spin off the ev unit eyeing an ipo for the company as early as the second half of next year >> the first plan for renault is to become fully electric in europe in 2030 it will be the last two remaining eyes for hybrid for international presence >> we will hear from cfo thierry pieton at 12:15 cet. now the eu warns the u.s. inflation reduction act breaches international trade rules according to an official document what the european trade commissioner is telling cnbc how he is concerned about the impact

on business. >> i would like to arise a solution which actually does not discriminate europe companies in terms of access of subsidies in the inflation reduction act. and the u.n. secretary-general marks the opening of the cop27 summit with the warning to global leaders saying the world is losing the fight against an irreversible climate catastrophe. >> global temperatures keep rising and our planet is approaching tipping point to make climate control irreversible we are on the highway to climate hell with our foot still on the accelerator. we start this half hour in the u.s. where former president

trump stated he will launch his campaign next week sak saying he will make a big announcement at mar-a-lago on november 15th. trump considered announcing his campaign last night. something many republicans feared could potentially alienate voters and energize democrats. trump has been stumping for a slew of candidates ahead of the midterms >> this is the year we take back the house and senate and take back america and in 2024, most importantly, we are going to take back our magnificent white house. we will take it back >> the republican party only needs to gain one seat in the senate this election cycle in

order to flip the chamber. one critical race is in pennsylvania where john fetterman and mehmet oz are tied in a dead heat another race in georgia where warnock is facing herschel walker in a contentious race twitter's new ceo elon musk encouraged americans to vote for a republican congress. the first time a major u.s. social media ceo endorsed a political party. musk said voters should be independented minded, but share power curbs is the excess of both parties musk tweeted he has voted democrat in the past, but party affiliation has been independent. musk has called previously for twitter to be a politically neutral platform a republican controlled congress is more favorable for tech regulation let's head to mack terrell at

firehouse strategies for this chat matt, let's look at the stats coming out over 80% of americans describing the economy as a key element for them and saying it is poor 70% of the americans say the country is on the wrong track. on that basis alone, it seems the democrats will lose the house. is that correct? >> we will see what happens tonight. republicans are poised tie back the u.s. house of representatives and appear to take back the u.s. senate as well in the end, elections tonight will be what elections are about. largely referendums on the i incumbents in office to your point, it is about the economy and 40-year high inflation and sky rocketing gas prices the economy has beeni driving this election. in the end, many argue that is not a good sign for the president or democrats in

congress >> who a long delay in the results of the election kind of set the economy on a really unfair path? the path the u.s. doesn't want to go down particularly the democrats who are in the white house? >> we'll see many would argue republicans have been talking about policies they would enact on day one. recognizing the economy and inflation and gas prices, the price of goods and services are going up whether it is tax policy or just about general policy when it comes to the economy, that is what republicans have been campaigning on the elections may not be decided on election night. pennsylvania, georgia are very close. it may be a few days if not weeks before we know the final outcome. particularly in the senate for control. ultimately, voters are lasered in on the economy. that's what they care about. that is what the elections will be about

>> matt, if republicans were to have a big win then over the mid-term elections, does that cast in stone the victory for them possibly in 2024? history would dictate not. would that be the case for this one? >> well, certainly if republicans do have a big night tonight in terms of the house and senate and governors races around the nation, it will not question talk about and highlight how the country feels right now about the current state of the of the issues and . if you look back at 2010, republicans did very well in the 2010 midt-term elections and in 2012, lost the presidential election a month is a lifetime in politics we have a lot of time between now and 2024 tonight's results will highlight how the country feels about the current state of the economy and

politics >> one can imagine that joe biden would feel done if the democrats did not keep the splits here. he achieved so much. the semi semiconductor factories those are big wins are they at risk now if he does lose the house or senate >> no question republicans will go in on day one if they do achieve victory in the house and senate and push back largely on the policies that the democrats have been pushing forward. you will likely see investigations launched in the house toward the administration. i think in the end, this is all about where the voters are and they are feeling the pain with gas prices and feeling the pain

with inflation this election will be how the voters feel in the pocketbook issues that will not go away with the key driver not just for this election, but the up coming elections nationwide between now and 2024 and the presidential cycle. i think in the end, many argue it creates questions around the president and decisions in 2024 and what republican candidates look for in a nominee. >> matt, have you heard enough about policy although the economy and inflation, all of those issues are top of mind, it doesn't seem like a midterm election based off policy issues. it feels a lot more like it is a personal swipe across the board. that has been the case for some time now this feels more so than the past >> certainly where politics are today, you are seeing

quote/unquote swipes and that is where our politics are many would argue this election has been voters saying we're less concerned about the dynamics about the candidates on the ballot voters nationwide have been arguing this election doesn't come down to all of the issues many issues that voters care about from abortion and crime and other issues that are taking shape in our nation. in the end, voters are focused on the economy and inflation and many would argue that democrats haven't campaigned enough on the issues right now, many are claiming that republicans' momentum is they are narrowing in on the economy and inflation and sky rocketing gas prices all of the data largely showing that's what voters care about. they may not agree with the statements or social media posts. when it comes to what voters are looking for, they are looking to solve problems in the economy and inflation. that's where voters stand in the

elections. >> the announcements or pronouncements or tweet from elon musk. how much does that add to the conversation do you think that alters and changes minds a little bit particularly in the race to shift toward that republican sentiment as elon musk has pointed to >> certainly you are seeing big voices that are weighing in fro elon musk and former presidents. former president obama trying to fire up the base of the democratic party i believe in the end, you could have all of the circus in the world and all of voices, but voters are focused on the issues what will ultimately drive this election is the issues and then elections in the end are about the candidates you could have the surrogates and voices champion the policies and candidates they care about the candidates and what they stabbend for the candidates need to get

across the finish line. >> all eyes on the candidates particularly in the swing states and those really potentially difficult areas. matt terrill, thank you for your time unpacking the midterms there polls opening later today. let's look at the markets and how they are looking in europe we have shifted a bit more positive on the market although we are awaiting the midterms that is perhaps nervous sense from the market. in just a couple of minutes, we are expecting retail data for the eurozone to offer how bad the consumer is feeling. and with regards to the recession and how close we are particularly for the consumer. on to the market front .25% for the ftse 100 and the cac in france. key information with the earnings front we have with

munich coming out with confirming guidance and restructuring around 100 million euro the dax is up .25% with other major markets headed in a positive direction the pound seems to be moving into some positivity earlier than yesterday that might be falling off slightly for now, we are seeing the dollar out perform well against the swiss frac the pound is softer following monday's recovery after the price action suggesting the uk currency is taking its cues from global drivers the cpi number this week will be a key factor to look out for weakness in the sterling. and confirmed guidance for 2022 after delivering a

encouraging third quarter for schae schaeffler the auto parts company will restructure with the aim of saving 100 million euro in fixed cost and overcapacity per year the ceo told cnbc the company could adjust plans in response to the u.s. inflation reduction act. >> the inflation reduction act has protection elements we are aware of we are in favor of a level playing field for everybody. for sure, we will consider our footprint in the future. this is not short-term this is more long term we see that through this act and see how this continues to develop. in particular, the u.s. consumers, but also the u.s. customs put more weight on mobility than in the years before we will adjust for that and make sure we capture that opportunity. dhl raised the full year outlook on the back of strong

earns in the key divisions the german logistics giant is expecting 8.4 bill euro. the diverse portfolio makes it resilient amid macroeconomics uncertainties. >> we have a very balanced portfolio. we are in housing and distribution which is normally very stable in recession we are not owning shipping ve vessel shipping rates came down rapidly. not unexpected i never understood people said we will see high rates forever we will go back in normal times again. our business is more robust and resilient as we said several times. we are in the air freight business that makes us resilient. that is the reason why we

believe we will have a very good year this year bayer has a rise in third quarter earnings by 17% which was boosted by seed and pesticide. the company confirmed the full year guidance, but said it expect cost increases to continue that's going into next year. third quarter sales at pandora above expectations it has not seen a change in consumer behavior amid rising inflation. the company said it expects 2022 organic sales growth of between 4% and 6%. the ceo told cnbc earlier this morning that the u.s. market is healthy, but it still needs a reset. >> we are always saying this influx of money is not going to be repeated this year.

we always assume the market would reset a bit. if you look at that and there is some impact, of course, if i compared to 2019, the last clean year, we are still up 56% for the quarter. i think our business is healthy in the u.s it is resetting of the marketplace taking place that is no surprise to us. coming up on the show, the eu says it has serious concerns eu says it has serious concerns over the u.s. inflation ation ss so much time it makes it really easy and seamless pick an order print everything you need slap the label on ito the box and it's ready to go our cost for shipping, were cut in half reductigo to shipstation/tv and get 2 months free

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welcome back the european union says it has quote serious concerns over the newly introduced inflation reduction act saying breaches international rules. it is currently finding a solution with washington

we have shave sylvia with more. sylvia, countries should be very careful with whatever policies in place and ensure they should not be discriminated i suppose that i.r.a. is to look inward the u.s. is looking inward the fear here from ngozi okonjo-iweala is that could spread globally. that is the point of the execution today. >> reporter: absolutely. she made the comment that south korea and eu raised specific concerns about the u.s. inflation reduction act. arabile, we are seeing the emergence of the trade dispute with the eu and the u.s. in this case, i'm in brussels following the conversations among the european officials i have to say the european finance ministers are gathered at the moment and the topic they are debating is the u.s. piece of legislation as you mentioned before, the eu

has been vocal and clear they have very serious concerns about it the idea of it being the fact there is incentives in this legislation that could harm european companies and could harm the broader european industry several of the finance ministers made comments to me within the context saying they are concerned. this morning, i got to speak to the eu trade chief he was clear they need to work a solution with the united states because as it stands, this piece of legislation could breach international trade rules. let's look at what else he had to say >> like to offer solution which actually does not discriminate european companies in terms of access to provisions including subsidies of the inflation reduction act. we are also looking to see what

can be done through the implementation stage with lots of imminen mplementing issues ur preparation. >> reporter: you heard from dombrovski he from the comments i've gathered from the finance ministers, this is clearly high on their agenda. you know, arabile, we were talking about france and germany not seeing eye to eye on the matters at the moment. when it comes to this, they are both on the same page. the french finance minister said this is a matter of major concern for the french government and the german finance minister is concerned about the u.s. inflation reduction act. >> we are concerned about the consequences due to the inflation reduction act. it has been created a task force

of eu and u.s. administration. they have to analyze the consequences for our single market and our common approach should be that value partners should stay preferred trade partners we should do everything we can to avoid a tit-for-tat scenario or even a trade war. we need more partnership between the united states and the european union not less >> so all in all, just to sum it up, the europeans do acknowledge and appreciate the efforts in the united states to reach carbon neutrality and tackle the climate change the way this piece of legislation has been designed has clear problems from the european perspective they want to address that in the coming weeks the u.s. officials. at moment, as you mentioned in the show, u.s. officials are

focused on those terms let's see how the negotiations between the eu and the u.s. will unfold plenty of uncertainty here arabile. >> sylvia in brussels. that conversation will continue. thank you for that broadcast we continue to get coverage from brussels and what is the latest there. let's look at the u.s. futures ahead of that open later today. slightly positive. cautious stance. the mid-term elections with polls opening soon and what that means for the u.s. and, of course, the democratically held white house. it will be significant with that, that is it for today's show%

i'm arabile gumede "worldwide exchange" is up nextr

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it is 5:00 a.m. here at cnbc here is the top "five@5. we begin with stocks and kicking off the trading week with a strong note. the second straight day of gains. this as the outcome of the mid-term elections as democrats and republicans fight for control of congress. washington looking at the key races. sticking to the plan of curbing inflation. comments from one fed head on the central bank's efforts to tamp dow