that's all for this edition of dateline. i'm natalie morales. thanks for watching. [dramatic music] ♪ good morning welcome to "street signs." i'm joumanna bercetche >> i'm arabile gumede. these are your headlines >> u.s. futures near the flat line as investors await the results from the midterms and who will take power in the house and senate. issues beyond our control or ability to help. binance backs out of the deal to save ftx leaving sam

bankman-fried's company on the verge of collapse. and astra's bumper quarter is a covid outlier >> they are having an impact on the company. we are hoping in the first half of next year, the policy will change and people will progressively return to a normal life all eyes today will be on the u.s. cpi for october with hopes for continued easing in stateside inflation. well, control of the u.s. senate is undecided with the georgia senate race heading to a runoff neither raphael warnock or

herschel walker got the 50% necessary to win the runoff will take place on december 6th arizona and nevada votes are still be counted if democrats win both seats, they could retain the senate we have cnbc unable to project which party will win democrats have so far exceeded expectations holding off the red wave that many republicans were hoping for house minority leader kevin mccarthy spoke with president biden and announced he will run for speaker of the house in anticipation of a republican win. and joe biden plans to run for re-election in 2024, but won't make a final decision until next year. biden celebrated the midterm results wednesday night.

>> we are also handling it better than most other advanced nations in the world we are lowering gas prices we are taking on powerful interests and lower drug costs and energy bills after 20 months of hard work, the pandemic no longer controls our life it is a concern, but no longer controls our life. our economic policies created a record 10 million new jobs since i came into office unemployment is down from 6.4% when i was sworn in to 3.76% a near 50-year low we lowered the deficit by $1.7 trillion. a lot of jittery in the market and investors wonders what happens from here hoping to have the republicans with the red wave across the mid-term elections in the united

states the back drop forced the wall street to hit in negative territory yesterday snapping a three-day winning streak with the nasdaq being the biggest loser at 2.5% weaker on the back drop still looking forward to the cpi and if it comes in hotter, that is expected a few more questions about whether the fed will begin to not necessarily slow down on the hiking cycle, but perhaps stay where it is and maybe have to do more let's see what this has meant for the futures which have certainly moved in negative territory of late. for now, we seem to be headed in a positive stance with the dow jones industrial average set to move a little higher as well 40 points to the good is what we expect on that front key significance is the midterms

and where to go from here. let's chat with the global economist who joins us right now. it is a time when it will be immensely important to get clarification on what happens with the midterms and cpi coming out at a similar time. which is more significant or perhaps more important at this time >> to be honest, i'd say not to split hairs as we are with election coverage, but 50/50 i say for a couple of reasons. on the inflation front, the fed is at a turning point. they signalled the last meeting at the beginning of november if inflation doesn't come down in the next couple months, they could be in for a much longer tightening cycle than they predicted. even said that back in september. we are at a decision making point where we could see inflation -- interest rates going above 5%

somewhere even the fed didn't think we would get to. the next two months are essential for that that, of course, will have the biggest impact on growth or indeed, recession, if interest rates keep rising. the midterms equally important for policy and questions where we are heading from here >> the conversation seems to have moved it is no longer just about the size of the hikes, but really about the duration and destination. your take on that one. is 5% the supposed figure? >> i think at the moment we're expecting the peak rate to come in below that. the fed said at the september meeting at 4.75% there are a couple of reasons that is still likely that is year on year inflation will be very high. the year on year figure will come down and that will give the fed scope to pause

we have to remember that what was worrying us, particularly about this tightening cycle was not necessarily the end point, but just how bad the fed was raising interest rates actually, we saw over the course of march to march. 2022 to 2023, we expect to see almost 500 basis points of tightening that is double the rate in the tightening cycle that preceded the global financial crisis. it didn't cause the global financial chris, bcrisis the pace is what we potentially believe is what the economy will bear if the fed slows that down and has smaller increases, that worries us a little bit less with interest rates above 5%, that will push the u.s. into a mild recession >> i want to go back to the politics here and one of the things that has emerged in the last 24 hours is a split within the republican party we saw a huge win for the likes

of ron desantis in florida meanwhile, at the same time, any candidates or a lot of candidates with the public backing of former president trump didn't do as well as the polls as anticipated does this put desantis the next leader of the republican party and possibly the next presidential candidate >> he is certainly on track. that is a major thing to come out of the election before we know the actual outcome of the balance in congress. we do see a bit of a shift in terms of the republican field that up until this point, real wasn't conceive able we have seen the split become more apparent after the presidential transition and riots in congress in january of 2021 we saw a bit of a movement there and some sense that maybe donald trump's sway over the party was

starting to lessen over the months of the campaign for the midterms, his endorsement didn't carry the same effect as previously. we had no evidence that would be the case until voters went to the polls. i would say a lot of candidates who were endorsed by trump did well and the one who did poorly, are the ones who are outsider candidates people inexperienced in politics like mehmet oz in pennsylvania or other ws who hold strong rig views like new hampshire's candidate who did poorly that tells me trump's end endorsement is not powerful anymore, it is not enough to carry really unkconventional candidates into office it is not a blank check. the party base is splintering a bit and we see con scentration

emerging around desantis. >> interesting to see how it plays out. one final thought on the pain topics that came up. it seems when voters went to the polls, the topics they were concerned about were not crime or social issues, but inflation and abortion the fact that abortion rights have taken a huge step back under this constitutional court is one that resonated with voters i think it was also notable in the environment with inflation close to double digit territory and talk about recession, the democrats still managed to hold on to so many seats. what is your take away >> i think that's why we saw such a positive press conference from biden you would not expect the party to lose the house.

you would have a split congress and then basically a victory lap. it really was a strong outcome for democrats based on what polling was suggesting would be the case democrats pulled head in the polls in recent months the republicans have taken a step forward based on the idea of inflation and crime would be the top things that drive voter behavior as you said, in reality, it did not play out that way. we did see key social issues like abortion rights we can project that to other key social rights with big cases facing the supreme court in the next two years that really drove voters behavior, but par partic participation. we saw strong rate of turnout especially for a midterm which tends to be quite low. it shows we reached a new level of voter engagement in the u.s. as either party sees candidates not a viable option.

>> thank you for obeing on the show let's look at global markets. we had a red close for wall street yesterday all of the three majors ending in the red as the market continues to digest the results from the midterms and we are not going to get clarity on georgia until december 6th there is focus on the macro data coming out we have the headline cpi print to watch out for today the core cpi is expected to slow from round 6.6% to 6.5%. will that be meaningful enough for the fed to slow the pace of rate increases that is a question that is looming large. and finally the markets are looking at what is happening in cryptocurrency a story we will get to later on

in the show. european markets here down .75%. for the whole, most trading in the red with the exception of ftse mib utilities reporting today and a lot doing well given the pricing of electricity which is so high right now. ftse 100 in the uk down .25% there are some of the real estate companies lagging in early trade. this is the breakdown for sectors. utilities and power companies stronger earnings this morning insurance is doing well up .60%. real estate is down 1% as we continue to head into a higher rate environment retail is struggling down 1.4%. coming up on "street signs." we are live at cop27 where the edn has announced a new carbo crit plan.

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welcome back to "street

signs. the u.s. has unveiled a carbon trading program for private investment in clean energy projects in developing countries. john kerry told delegates at cop27 says this will involve the buying and selling of credits with money going toward paying developing nations to shutdown fossil fuel and invest in renewable sources. u.s. president joe biden will attend the cop27 summit on friday he will arrive with scrutiny over the inflation reduction act which several countries are criticizing the technology at the expense of global competition. hadley and dan join us from sharm el-sheik they have been there all week long over to you, hadley and dan.

>> thank you, arabile. it has been a fascinating few days you hear commitment in the billions of dollars for the developing nations with the climate action you have to remember the war with ukraine and inflation and recession and higher dollar and the people are you speaking to on the ground raise serious objections in the sense to how much we are going to see by the end of week two. we had the ceo of baker hughes and we asked about the inflation reduction act and the $11 billion he wants to put to work every year that he will need both houses of congress to agree to in order to get that done listen to what he had to say >> we know greenhouse gasses needs to be tackled. how do we introduce technology to enable a step down to achieve net zero

the inflation reduction act actually is a good step toward that you look at the incentives to green hydrogen and the 45q taking up the c02 eficial to reduce the carbon greenhouse we have to work together the oil and gas industry and other industries are necessary for that >> you heard the ceo from baker hughes we look ahead to this week that is president biden arriving in the resort city of sharm el-sheik in egypt on comments regarding his climate ambitions in the united states and export of climate diplomacy around the world. hadley, this comes as the president is in the throes of the mid-term elections

he will be arriving in egypt with a spring in his step. that is despite the criticism raised toward the plan that john kerry announced with the criticism being this would allow companies to finance the reduction in emissions for other businesses rather than tar good evening targeting their own. this has been interesting to watch. on the one hand, president biden had liked to stop oil drilling to advance his climate goals on the other hand, only a couple of days later, saying oil companies need to pump more to alleviate prices domestically. this will be closely watched when president biden arrives on the ground here. >> no doubt about it the united states the last couple decades has had a spotty record depending on congress

action with climate action that will be reflected as we move farther here. and you have to take a step back and wonder how much support she will have with the broader european union for the continuing climate necessities as they call them. we are seeing push back across the board. >> it is not just the europeans, but uk as well earlier this week, rishi sunak was on the ground doubling down on the 11.6 billion pound pledge to fix the climate the big issue is and question is where is the money going to come from and to your point in the face of the multiple global challenges, getting that money from governments and the private sector as we will be a serious challenge moving forward >> guys, back to you >> the necessity, but expensive one. thank you so much for the coverage the last couple days. now 2022 net guidance to 2.4

billion euro the gas operator will boost gas storage and infrastructure in the country. ceo of snam said gas prices have changed the dynamic of global lng demand. >> we have seen reduction of 10%. as a matter of fact, it is not full reduction in use, but some of them switched to other fuels like combined gasses or other petrol chemical products i think the reduction in demand f from china we see the first time in 20 years and largest import of lng

in the world to japan. that is, i think, in this specific period of time, the major effect on the global balance. german power company rwe confirmed outlook for the year on the back 4 billion euro which is a 72% jump on the year. this comes on the back of higher price and surge of demand in europe and the company called strong commodity trading we will speak to the cfo at 11:20 cet. it is a first on cnbc. astrazeneca beat the fourth quarter profit boosted by the cancer drugs drugmaker reported $11 billion in quarterly revenue and raised guidance for full year c ceo told cnbc it will relax the

zero covid rules weighing on the business. >> we hope sometimes in the first half of next year the policy will change and people progressively return to normal life you know the last two or three years, a lot of people speculated as to when the policy would change so far, there is clearly no change we had up to this environment and actually we have beeni able to operate well. it is an issue, but we manage for now. merck posted a rise in third quarter ebitda and beating estimates. it saw strong revenue with the weaker euro driving the exports. the cfo told "squawk box" inflation is the number one challenge right now. >> it is a toxic cocktail of pressure on raw material costs

on the one hand, but also soaring energy prices and still logistics costs on the elevated level. the last couple weeks, on the logistics side, we have seen relief that means at least it is plateauing and not further increasing zurich insurance expects a $550 million hit from claims related to hurricane ian which hit the u.s. in september. it is sticking to the targeting with the rising rate premiums. inflation is a major headwind for the insurance industry. >> you look at the loss for florida which is less than expected given the market share. the big challenge continues to be inflation we are seeing it come through with property and auto and consider insurance particularly in retail and you will see the markets down relating to that next year. you will see a strong price

increase in commercial and weakness in retail next year, the retail market will respond to inflation. the natural catastrophe topic, given the increase and severity over the last several years and no sign it will slow down. avon has a net loss for the third quarter driven by the non economic loss on rate hedges in the u.s. switching to the banking sector credit agricole fell in the third quarter. the net income beat estimates coming in at 1.35 billion euro it saw growth with loans and consumer finance as rates continue to rise you see quite the adverse reaction in the stock today down

4.5% coming up on "street signs." binance abandons the pursuit of ftx. we will have all of the details after the break. as we do so, let's go to some pictures of a nasa satellite launch from california they have postponed it a couple of times this is the joint polar satellite system one of the latest generations of nasa's polar orbiting satellite. the goal is to monitor weather events we'll be right back. you need a bed that's smart enough for both of you. the sleep number 360 smart bed senses your movements and automatically adjusts to help keep you both effortlessly comfortable. our smart sleepers get 28 minutes more restful sleep per night. don't miss our weekend special. save 40% on the sleep number 360 special edition

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welcome to "street signs." i'm arabile gumede >> i'm joumanna bercetche. these are the headlines. >> near the flat line as investors await the results from the midterms and who will take power in the house and senate. >> regardless of the final tally of the elections show and counting is still going on, i'm prepared to work with my republican colleagues. the american people made clear, i think, they expect republicans

to prepare to work with me as well issues beyond our control or ability to help. binance backs out of the deal to rescue ftx leaving sam bankman-fried's empoire on the verge of collapse. the ceo of astrazeneca says beijing's zero covid policy is an outlier. >> they are having an i am po impact on the company. we expect the policy to change and people return to normal life all eyes on the cpi for october and hopes for continued easing of inflation.

here is the market picture in europe. it is slightly to the negative getting a hint of the ftse mib going higher some of the results from the midterm election from the united states with control of the house and senate is still up for grabs so far with democrats gaining around one seat particularly in the senate negative tilt for the most part across the european markets. cpi number is going to be in focus. having come off weakness of late for the dollar today, it is a bit back up there particularly against the swiss franc. you see that coming through the euro it is still set to near that one mark as well sterling and dollar at 1.13.

awaiting the numbers coming from the midterm results. investors awaiting some of the cpi data expected later today. eyes the election results. of course, we saw the dow jones industrial average drop nearly 2% yesterday with the s&p 500 shedding quite a bit declines coming amid the midterms with questions around those. fr binance walked away from e buyout of ftx leaving it on the brink of collapse. the liquidity issues were beyond the ability to help. this is a day after the firm stepped in to help the sam bankman-fried company. now bankman-fried says he

suggested to finance his firm with customer deposits in a message, the ftx chief apologized and said he is exploring all options. on wednesday, he told investors the firm needs up to $8 billion in funding to stay afloat amid a surge of customer withdrawals. the crypto chief may have trouble finding backers with ftx under investigation by the securities and exchange commission as well as the department of justice over its ties that is according to the report from the wall street journal where the s.e.c. is probing other companies as well. let's bring in the co-founder of smart media technologies and you were one of the co-founders of tether

plenty to digest here. let's start with ftx many are saying the house of cards has fallen this was an exchange that took on the role of being the white knight a couple of months ago buying up other exchanges. in the past 48 hours, it has come to light the emperor has no clothes. a lot of the business model that ftx was undertaking was not backed by significant enough reserves or liquidity to withstand the volatility in the markets and the customer withdrawals have not helped at all. is it all over for ftx >> well, it is interesting the crypto news is just as much as a roller coaster as the crypto prices. especially the last few days is it all over for ftx the fact that binance is pulling out? it seems to be the case. it doesn't seem anyone else will step in. a lot of issues there and they

do due diligence, more will come to light. >> there is having a knock-on effect from the cryptocurrency industry as a whole. what is the appeal for anyone to get involved in crypto given how much money you can lose? there are thousands, hundreds of thousands and possibly the millions of retail investors sitting on significant losses here it is going to be very difficult and very high hurdle for any investor to get back involved knowing they could lose all of the capital invested >> well, what i say is crypto is not about the price. there is so much enthusiasm and investment in the space. the technology is revolutionary. they are continuing to innovate. there are firms to turn to that are regulated. look at the firms that are based in the u.s coinbase and circle. they have always been held to a higher bar ftx is an offshore unregulated

exchange it will take place with more regulations and the s.e.c. and u.s. government will provide more regulatory clarity. >> you just spoken about the companies that are still ones to look at. you know, british financeer rothschild says the time to buy is when there is blood in the street is that time now is that what we are saying this might still be the right time to get into crypto and this is the first crisis or finance crisis era if you want to call it that. >> the difference between the crashes in the past where it was mainly bitcoin with the price going up and down. this is more systemic because of the advent of defi

the technology and now the industries, defi, the next generation of banking has been built and a lot of the first versions are failing look at the bank and financial crisis investors threw tons of money in highly regulated banks the government bails them out and new laws and banks get better and more sure t secure. there is a lot of internal policing i always believe bitcoin is a good time to buy t it is funny to see people buying bitcoin at the all-time high now it is at $16,000 people are too scared to buy it. so it is a very strange thing. >> very interesting that today exactly a year ago is when bitcoin hit the highest mark as

well around $68,952 or so does this mean that zhao is the most important and most powerful man in the crypto space now? >> it really does. so i think we should all implore him to take that responsibility to heart which i believe he does be an can example. hold himself to a higher standard he has more reach and more power and influence than anyone in the industry if he brings to bear proof of reserve and really showcases he is a good steward of customers' money, it will help the industry the recent events have really had a very crippling blow to the industry and knocked us back a few years. hope nully some great developments will happen so it is not too crippling of a blow to the crypto space. >> the heart of the issue is

many appof these crypto exchang were operating without reserves. that is the key distinction with the regulated ones versus the unregulated ones to that effect, since you were one of the co-founders of tether, why is tether obscure about the reserves >> you have to look at the history of tether. it started in 2014 when we started it, people didn't know what the word cryptocurrency meant and there were no regulations at all it grew and all of a sudden exploded now it is highly scrutinized by countries. internally, i believe they are doing all to ensure they are the stable place for people to store cash and take crypto tokens and why they don't have more reserves the global regulatory landscape and it makes it challenging.

i can't answer that question more and more companies are coming out and they will be held to a higher standard tether has published many reports of aweudits. i believe it is the most solid token in the industry. >> well, let's see time will tell thank you very much for coming on the show. the co-founder of smart media technology now control of the u.s. senate undecided with the georgia senate race heading to a runoff as well as nevada and arizona still being counted. if democrats win both seats, they could retain control of the senate without awaiting represe

hangs in the balance nbc's brie jackson has more. brie, let me ask you what is perhaps a 2024 question. you have got ron desantis winning early on that was easy to put forward on the other side, the democrats could say they had gretchen whitmer for them does that mean you have two possible candidates for presidency one on the republican side and the other for the democrats? >> reporter: well, what we are seeing right now is people eyeing 2024. as you mentioned, florida's governor ron desantis, that is a name that comes up a bit he won his re-election in florida by a landslide he gained a lot of national attention. it is important to note that former president trump has yet to announce whether or not he is

planning to run. he has teased he will talk about his political future next week that is another factor that could come into play on the democratic side, you have people like michigan's governor whitmer who could possibly run and yesterday, president biden during the conference, where he talked about the midterm results, he was asked about his political future president biden said he does intend to run for re-election. he says his focus right now is moving his agenda forward no matter who gains control of congress the president says he will likely make a decision about his re-election plans whether or not he plans to do so in the early part of next year. >> brie, it is all coming down to geoazaeorgia again we know that is going to a runoff on december 6th what is the latest in arizona and nevada

>> reporter: the races remain tight in all of the races you mentioned. of course, georgia is going to the runoff election in december. arizona remains too close to call right now senator mark kelly, the incumbent, holds a slight lead over mark masters. nevada is interesting. they are continuing to count mail-in ballots. officials expect to do so and continue to collect mail-in ballots through this weekend it could take time before we know the results of that race. all of this means that the senate remains in the balance until we know how these races turn out republicans are still hopeful they can grab the senate seats and possibly gain control of the senate while democrats are hoping to hold on to arizona and georgia as well as nevada so they can keep control of the chamber.

>> i guess we'll find out. brie, thank you for that report. brie jackson from nbc news in washington. coming up on "street signs." inflation is top of mind nfor american voters. we will discuss what is to be expected for the cpi print after the break. shipstation saves us so much time it makes it really easy and seamless pick an order print everything you need slap the label on ito the box and it's ready to go our cost for shipping, were cut in half

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welcome back meta is laying off more than 11,000 employees as mark zuckerberg doubles down on the metaverse. this comes after aggressive hiring after the pandemic. zuckerberg said he was left with no choice as the firm shifts resources to high priority areas. meta employee impacted by the layoffs provided a video of the portion of the zuckerberg call with staff to nbc news >> i want to say up front that i take full responsibility for this decision and i'm the founder and ceo.

i'm responsibility for the health of our company and our direction and for deciding how we execute that. including things like this this was ultimately my call. it was one of the hardest calls i've had to make in the 18 years of running the company >> the tech job cuts is spreading to the finance sector. citigroup laid off 50 trading jobs this week and cutting 200 positions cut from barclays. they join microsoft and snap and peloton which have also announced deep cuts. the economy is front and center with one-third of voters saying inflation is top of mind. the october cpi reading is due in a few hours ahead of the last

meeting for the fed on december 14th headline annual cpi has shown cooling in recent months, but far from the fed's 2% target very far from the fed's target let's bring in the cio of muske t musketeer capital. i gave you a headline number if you look under the hood, goods and price inflation has started to come down you see it with the used car vehicles shelter and rent remains sticky and still on the upward trajectory what does that do to the core cpi print? >> first, thanks for having me on the show. that makes sense if you think about it. we know the demand situation is coming down in realtime. if you think the last time

inflation missed in a real way, when was that? after the deep bear market we saw in equity markets in may and june when you saw the rebound in equity markets in the middle of summer, we saw inflation spike up again coming into today, the demand side of the situation likely came down significantly due to the erosion of wealth effect we have seen globally because global asset prices hit the floor. you know, this should transfer first and foremost to the goods and services which we expect to come down a bit today. like you mentioned, the housing situation is still sticky and we think that is more of a lagging effect to the wealth effect. if you think about it, people go and spend less money on goods. you see that impact first. as people continue to live life, they spend less on houses and shelter and car effect comes

later. to your point, those are the sticky categories, but show a downward trajectory. we think today will show the downward stretch with the core goods and services >> for so long, market participants have been hoping and praying for a headline print, peak in the headline inflation print. we might not get it today. the question is when the inflation prints drop, how quickly will they drop >> we think you can start to see, you know, some meaningful deceleration if you think about it, now as we move forward, inflation will get harder as we move into 2023. we have the big numbers from 2022 to that given the wealth effect is coming down significantly, and the supply chain situation was not changed, we are rolling off covid restrictions and as china, if china starts to move away from covid zero and in a more

meaningful way like some speculating in recent days, that will help us with the supply situation. we think when you move into 2023, you have wealth effect down and supply situation easing and comps getting difficult which makes the headline numbers decelerating as we move into next year. in somewhat of a meaningful way, the market will take note of it. >> josh, we have seen the movement where the sense is for now to be a sense of let's wait and see how much this has changed things along and what the impact will be in the future if we do have a print that is a touch higher, it is still forcing the fed move in lock-step with how they have of late do they still remain as aggressive or is it still a case of wait and see? >> we think so for example, today, the 6.9%

expectation and it came in at 6 6.6% that means the fed will not do much different whether the small move in the numbers or not will not change the fed's goal we think now if you look at comments from chairman powell from the past couple weeks and other fed speakers, they are more concerned about doing too little than too much they think it could fit and overtightening situation, but undertightening situation extends the problem for inappropriately longer and that is the worst-case scenario we think whatever the fed's plan here now means you need a difference in what the actual inflation is relative to expectation for that plan to change in a very meaningful way. you know, with that said, the fed is taking note of the deceleration and the fed missed

and lower and that could lead to december to 50 points rather than 75. the fed has a pretty high bar. >> if they go for the slower for longer path, what does that mean for equities >> when it comes to equities, what we have is an interesting situation. the only good thing for equities is position. meaning barely anybody owns them if your plan was to come to year end, you probably got it already or you are behind the game from a hedge fund perspective, the consensus trade is on the short side given the fact people are very light, long stocks across the institutional landscape, a lot of retail has been significantly shaken out and you have hedge funds position short with the

market that is over sold and asset prices that we haven't seen on marquee names since seven years ago when revenue was 20% of what it is now. you know, that's what is positive going for equities. we are back around the bottom of the bear market. i think that the upside is because any positive catalyst at all will be a good reaction upward in the markets. >> josh, thank you so much for that unfortunately we have to leave that there that is it for the show today. "worldwide exchange" does follow us next with the positive look at the market for now.

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it is 5:00 a.m. here at cnbc here is the top "five@5. stocks snapping the three-day winning streak as the investors turn to the report on inflation. ftx is still the big story on the brink of collapse after binance walked away to rescue the platform the latest on the developing story. control of congress still up in the air as several key races remain undecided president biden looking ahead to 2024 wall street hit with more layoffs as