i intend to do that. you know, with god's help. [music playing] good morning welcome to "street signs." i'm joumanna bercetche >> i'm arabile gumede. these are your headlines. >> european equities rally as investor sentiment is strong on the day after october cpi print sparks wall street's biggest gains in two and a half years. futures also point higher. china adjusts covid controls cutting the period for close

contact as beijing looks to help ease measures. and softbank willhave to write off the investment in ftx as it is $900 million of bad debts. the problems are not limited to softbank >> almost all of the investment we have made is not showing a good performance our vision has suffered, but not only us, but investors around the world is also seeing the same situation. >> now ftx's sam bankman-fried is looking for $9 billion to rescue the chain gary gensler says he is failing to comply with clear rules >> this is significantly non compliant. it has regulation and the regulations are often very

clear. good morning welcome to "street signs." yesterday, we were talking about the cpi print and what a print it was it sparked a global rally. the u.s. dollar is having an implication on markets today the softer cpi print produced a 1,200 point rally in the dow nasdaq and s&p up higher historic moves with the risk on sentiment over novernight. and then the news from china. baby steps toward the easing of covid restrictions also adding to the risk on sentiment overnight. the handover from asia is strong you see the stoxx 600 is trading positive not as positive as u.s. and asia

counterparts un .20%. we are very much focused on the earnings season. to give you a flavor of that, 60% of the companies beating an earnings growth of 32 percentage points year on year. a lot of earnings growth is coming through as for individual boards a lot of positivity. not as much as u.s. and asia overnight. the dax up .70%. the final inflation print coming in at 10.4% today. leaning high in contrast to the u.s. cac in france is up 1% one name we are watching is flying high today. and ftse 100 is showing c contraction for the quarter. better than expectations, but the beginning of a long recession in the uk.

as for sectors, we have real estate up at 2.7%. that sector is doing well. the home builders catching a bit of steam today cyclical nature to that. financial services up 2.4% tech sector also up 2.3% now as i said, the uk economy contracted 2% for the quarter putting it on pace for a he recession. that number is still below the 0.5% decline that economists expected the chancellor jeremy hunt warned of difficult decisions ahead. this is the picture for ftse 100 and then germany has confirmed the highest inflation print since 1951 with inflation rising for october. the main factor driving price

hikes continues to be the surge in energy costs. the picture behind me he for the dax is pretty positive leaning on the positive sentiment overnight. let's zone in on the u.s. market and see how things are faring we saw the jump yesterday in the u.s. numbers of course the cpi print being significant to that. a few big jumps from the dow and nasdaq coming off the cpi print which rose 0.4% for the month. that is below the 0.6% increase. it did jump 7.7% for the year. the first time it has risen by less than 8% annually. the move could tempt the fed to temper aggressive rate hikes at the next meeting which could

happen in december let's look at how things exactly were looking in that market. you saw the massive rally with that soft cpi print coming in at 7.7% year on year basis or jump of 7% for the nasdaq the tech heavy nasdaq getting in the gains. said to be a positive week on the whole. the dow was up on the weekly basis. the nasdaq and s&p up as well. it gives you a sense of how broad based that possiitivity w felt in the market we could see the fed increase interest rates by less and may become a stage of wait and see also on track for positive month for the three indices. some of the stock market moves

movers, meta, amazon, alphabet jumping over 4%. out performing the broader market as well you can see microsoft, 8.2% to the good netflix gaining 8% tilt. meta, 10% gain over the trading picture yesterday. positivity coming through following the cpi print. although we are waiting for the rest of the midterms, it seems the cpi print is the most critical and important part. now let's look at the currencies you will see there is some strength coming through. particularly from the euro with weakness from that dollar. it hasn't necessarily held on that front the pound held the gains against the dollar from yesterday into today and against the euro holding the major currencies to

account if you want to call it that uk gdp data shows the uk economy shrunk it is better than the 0.5% than was expected let's get a sense of how things are faring joumanna >> let's bring in steven isaaks. great to have you with us. investors reacting well to the softer than expected c pi print yesterday. is this the start of the bull market >> i do think it is. a couple of things you have to be reminded of if i read your commentary this morning. still extraordinary amount of negativity markets were one of the fourth most bearish positions a couple of weeks ago across the board. positioning is favorable for a

sustained rally here if one looks at the fundamentals, it wasn't the print, but trend starting to soften if you dig more deeply in the numbers, the stand out gain was the energy which has been diverse. as we go into next year, we will see softening of inflation and held to high figures in the q1 this year. investors need to ask if inflation is coming down, the fed has already told us clearly it will be watching the data and we'll recognize the plan with the cumulative effect with the tightening already that means we may get 50 basis points in december i think very much that is likely to be the top in terms of fed funds rate that is my view. this is not just one part.

this is part of a trend. investors are under position i see a very substantial rally going into next year the other longer term is wage inflation. it is very positive for equities i appreciate the challenge for central banks, but if you look at nominal growth and nominal sales, those high wage growths across the world will be translated into money spent in shops. that's one thing again if you look at the figures for the uk and listen to the press coverage, you will see we are going into a savage recession and depression the press coverage could be more negative there is some contraction. it is minor. i think one of my standout picks for the uk. >> the really interesting point from the macroeconomics perspective. it is interesting what you say

about wages. a lot of people say wages are increasing, it will compress company margins. i get what you say on consumer spending when it comes to the investment opportunities, you say your favorite market is the uk. in terms of individual sectors, we talk about the drawdowns we have seen in the tech space. would this be the right time to get back involved in the areas that have been pummeled so much in the last couple weeks >> well, there will be the immediate beneficiaribeneficiarm not actually sure. you remember faang that was last bull market story. that incredible rally in mega tech stocks. i'm not sure that will be the news story of the next bull market there i think investors need to look at durable and industrial and

more old-scale companies i particularly like real estate. if you look at the reits they have been sold off substantially this year at 20% or 30% largely raising rates on the fear of recession. i think on both those fronts, i through think there is a slowdown i think we will not see the big hit. my picture on reits and tech stocks they get down to a single figure if you look at the ratio for amazon next year before the rally. 80 or 90 or 100 times. these companies have become very bloated in that massive bull market i'm still not sure that's the way forward.

>> steven, good morning. arabile here a lot of what you are saying is based on this inflation figure which is softer and more room to maneuver the positivity which could come through for the tech counters in the market getting into a bullish run a lot of this will be depending on a sustained downward trend as you made note of how quickly does inflation get down to the 2% figure? is this something we can look to and say the fed is right in their estimate >> sure. we're in the business of making forecast i think it wasn't just one figure it should be obvious that inflation is the lagging indicator. it has been enormous unprecedented 40 years we have never seen anything like this i think the trend going into q1 next year will be for softer

inflation. i think one can assume that. one doesn't know tomorrow. that is a strong assumption on my part. that is driving the market will we see inflation at 2%? will we go back to the 2010? no, i don't think so i think we are in a medium-to-long-term environment. inflation will stabilize in the 3% to 5% level that is bullish for equities and reminder that really defensive strategies are getting hurt by your money eroded. >> are you saying it's perhaps not helpful to have the expectation of 2% inflation rate or is that just the medium-term picture and in the longer term we could still head down that road >> obviously, month on month, you can get hblips in numbers i think the explosion in wages and realization we are a

deglobalized world and demographic changes and there is a war in eastern europe. those may come out and bring inflation different to what it has been for several decades for the next ten years, my forecast is we will see 4% to 5% average inflation. that reminds me you have to be invested in the markets. this is a good entry level this is not the bottom, but close to the near. we had a proper correction with the bear market. this is the time to say let's get fully invested. >> that's a great place to leave it now is the time to get invested. steven isaacs. in the company news, shares are higher from richemont after better than expected first half results. 40% rise of profit from continuing operations which was held from the small recovery in

asia it had a net loss in the first half with a $2.7 billion charge related to the exit from the online retailer. going forward, richemont warns demand could be lower as the cost of living crisis is hit this is one of the stops for luxury stops richemont leading the charge and others in the green as well. up 2.3% points. coming up, china eases covid restrictions and gains in hong kong we will have the latest after the break. why do nearly one million businesses choose stamps.com to mail and ship? stamps.com is convenient you get the services of the post office

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welcome back to the show our other top story today is china. easing covid restricts as case numbers hit the record in the

capital. beijing is now easing quarantine restrictions for travelers and close contacts it wants to cut the number of people living under covid control measures we saw a tremendous rally overnight in some of the asian markets. you see the likes of the shenzhen up. shanghai is up as well brushing off the weaker hong kong economic data this is definitely something to watch. definitely setting the tone for european markets today hang seng up 7.8% in overnight trade. as for the yuan against the dollar it is .88% firmer. now at a seven week high versus the dollar the trend over the last couple months on this chart has been

one of weakness. we are slightly beginning to drop that has been manifested overnight. let's get to evelyn chen in beijing. evelyn, give us a sense of the covid measures which have been introduced loosening of measures. >> reporter: thank you the measures signal a good start in positive direction. encouraging. if you think about it, the biggest change is the reduction of two days in the overall quarantine time. this is helpful and they are thinking about seven days in centralized quarantine area and three days at home now five days in centralized quarantine and three days at home the other good thing is they canceled the provision that meant flights in and out of the country. we hope to have more flights to

come in and out of china they emphasized using home quarantine than centralized quarantine. that will be good for millions living in the country from the mental health standpoint and analysts say it is not necessarily the best way for centralized quarantine as these are relatively small steps, the markets have a long way to recover from june hang seng index is down 20% from those highs and the shanghai composite down 10% from those june highs as well lots of questions about the level of implementation and people still have a hard time traveling within china and in and out of beijing lots of details we need to watch as we see the policy move in this direction back to you. >> evelyn, thank you for that report

let's move to the managing director at orient research. andrew, this is almost a buckling if you want to call it that three weeks ago, xi jinping talked about taking on the third term and he certainly set firm on maintaining the zero covid stance now it seems like that mold has broken are we too positive in the market front we have an increased number of covid cases in asia. especially in china. >> well, it is quite significant. as you said, xi jinping was holding a hard line on covid up until the party congress now we have come out of the party congress, it looks like he feels comfortable with his position politically to start playing at the margins of opening up on covid. i think this is fairly early days there's a huge problem that

china faces going forward which is they have to switch from a testing mentality to a vaccination mentality. remember that about 87% of the population is vaccinated, but 51 i 51% of those over 80 which are likely to die from covid the ones testing and paying for this are running huge deficits to go to the next step to start vaccinating would be difficult particularly a sense of the testing going on in local governments were ways to prove to the leadership that they could get promoted by march. once that march date with the national people's congress happens, that will go away >> it is the thought i had you did see how the travel related stocks here see a boost. that comes from the fact there

could be more travel happening in and around the economy as well does that push the economy into better growth figures when it comes to forecasting those as well does it look like it won't be as bad for as long for the world's number two economy >> obviously if you have some opening up after several years of lockdowns, you will be optimistic going forward i don't think adding a few flights will add up to a hill of beans for investors. others are pulling out there are political reasons for that given the hard line from the party congress and the covid restrictions which are still not gone i don't consider the flights could be meaningful, but sym symbolic investors look at one baby step and make an assumptions about

grabbe grand steps. >> they actually cannot go a full reopening so long as the elderly population are not vaccinated how do you take the 50% figurer to a higher figure which would be 80% plus which would be analogous to other countries >> if china can do the testing and lockdowns, they can impose other issues they turned down the biontech vaccine because they felt it wasn't a domestic vaccine which was a mistake in policy. going forward, if the governments spent a fortune on testing, it is not clear they have enough to do vaccinations my guess is china will do baby

steps. maybe they will take one city and lock it down and start vaccinating and opening up i don't know how that or what that means for travel for nearby provinces. but this may be a way to keep the death rates down while they start to do vaccinations >> and adds to supply chain pressures. one of the effects of the china lockdown is that there have been supply chain bottlenecks do you think the baby steps will aid to easing some of those? >> yes at the margins with success in the ports and keeping the trade flows going. they have methods for handling that the supply chain shock will continue i have talked to a lot of people out of hong kong the political risk and variable and policy, many are switching to india

i don't expect supply chain to end just because covid is gradually being released >> andrew, i appreciate the time thank you for that insight really helpful a lot to chew on there andrew collier u.s. president joe biden and his counterpart xi jinping will hold their first in-person meeting before the g20 summit in bali next week according to the white house, president biden will bring up competition and mutual challenges that are facing both nations and discuss regional issues with xi the president comes amid -- the meeting comes amid high tensions after xi jinping won his third term and chinese leader. coming up on the show, sam bankman-fried making a plea to investors as he scrambles to

keep ftx afloat. we will discuss that next. 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 just like that go to shipstation/tv and get 2 months free you need a bed that's smart enough for both of you. the sleep number 360 smart bed senses your movements and automatically adjusts just like that 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 smart bed. ends monday.

bankman-fried.

welcome to "street signs." i'm arabile gumede >> i'm joumanna bercetche. >> investor sentiment remains risk on the day after october's cpi print sparks wall street's biggest gains in two and a half years. to china which has adjusted covid controls cutting the quarantine period for close contact and easing restrictions for inbound travelers. sources say softbank will have to write up investment in ftx in a series of bad debts ceo son says the problems are not limited to softbank. >> almost all of the investment we made is not showing a good performance. our funds have suffered, but not

only us, but investors around the world is also seeing the same situation >> ftx says sam bankman-fried is courting investors seeking $9 billion to rescue the exchange gary gensler says they are failing to comply with clear rules. >> this is an area that is non compliant. it has regulations and those regulations are often very clear. now we are seeing a few red flags after the cpi print yesterday. we did see the markets go into some positive territory across the board. we have the ftse 100 and ibex in spain going down ever so slightly gains across with the cac 40

up .7.75% cpi suggesting that inflation has gbegun to peak which the fe may look to cut down on the hikes. the 75 basis point hike may now be out of the question the key is china reduced its regulations a little bit when it comes to covid let's look then at the u.s. futures which have headed into positive territory expecting this positivity to perhaps continue headed on after yesterday's cpi which has pushed up markets with a 1,200 point gain for dow jones industrial average. not as high today, but looks to be headed higher soft bank with a 1.29 billin yen loss in the first quarter. it is looking for losses at the

key unit vision fund totaling 1.4 trillion yen in the second quarter ceo maysi son says the vision fund was not the only one that suffered major losses. >> regardless of the private securities, almost all of the investment we have made is not showing a good performance our vision funds suffered, but not only us, investors around the world is also seeing the same situation because of the damage of the equity market. the story we're watching closely is ftx which needs to raise $9.4 billion to stay

afl afloat sam bankman-fried has discussed inve investments. some have marked down stakes in ftx to zero making further cash injections unlikely. sb sam bankman-fried said he is doing all he can to raise funds. a sister company of the crypto operator could halt trading in the coming days and urging users looking to close positions to do so immediately deposits have been halted and withdrawals remain open. the security regulator in the bahamas has frozen the digital market this is a huge fall from grace for sam bankman-fried. he was heralded as the crypto platform he was known as the white

knight for other companies going into insolvency and now issues coming to light. customers withdrawing funds and they don't have liquidity to meet withdraws and margin calls. as we spoke with one of the guests on the show yesterday, this really does feel like it is the end for ftx. the bigger question is what ramifications in the crypto industry and what does it mean for investment >> the last two points are why people won't necessarily be looking to help sam bankman-fried on this one. he is saying he messed up twice. put out these stream of apologies on twitter saying he needed help. when one considers that ftx or

binance looked at it and according to our due diligence, it is not worth getting into others will won't want to stick their fingers in this pie. it is the end and the broader crypto space you have seen bitcoin drop off does that mean everything else drops off in that way? is this one of those crises that just keeps on hitting and hitting harder now 17,000 for bitcoin yesterday, a year ago, we saw the high of 68,000 >> i think it is telling actually on the risk-on data for broader markets. bitcoin did get a bit. if you are an institutional investor, it is high hurdle to get involved if you are a retail investor, you know somebody in the social circle that got bit on this. a high hurdle to get involved.

i really think the last week in crypto has been very significant and from a negative perspective for anyone who is looking to get involved in that space the regulator is on it as well u.s. house speaker nancy pelosi told delegates democrats and republicans have to work together in the fight against climate change she has convinced skeptics will change their mind. she was speaking ahead of joe biden's arrival later today. and the envoy said president biden will demonstrate u.s. leadership in the fight against climate change >> the president will arrive to the environment with a lot of energy and momentum toward addressing the climate challenge. the president will get a chance

to talk about the steps the united states is taking beyond what is going on in the negotiations to accelerate action and pioneer and demonstrate pathways toward cooperation in addressing these inner related challenges food security, energy security, development, livelihood. that's why the united states is putting forward a number of new initiatives with early warning systems to help out resilience $8 billion in investment to climate start innovation through the climate platform $12 billion worth of purchase commitments to purchase low carbon materials these are things the united states can do with leadership going forward in addition to what we are doing at home with the inflation reduction act and investment we are making in clean energy in the united states >> hadley and dan caught up with the ceo of the bio-tech group

who called on officials to update climate regulations to better reflect contemporary business needs >> we are living in a world with a paradigm of regulation that is based on the past and for it based alternatives that is our history. that hinders the speed of penetration of what is already available which creates no value for anybody. let's give you a couple of examples if you look at agriculture, it takes two years to certify and get the solution that enhances the yield and replaces fer fert fertilizer in europe, it takes seven years. why? the benefit of nobody. it hinders the speed of penetration. if you look at alter innatives o replace chemicals for healthy and plant based. the speed and process we have to go through are based on the chemicals.

that makes it much, much slower for necessary benefits for the society and consumers. >> we spoke to annette in the conference in berlin she asked how long she believes the european energy crisis will take to resolve? >> this year is the year we got the impact and that normally takes two years to get sorted out. then there are two questions one is the volume question do we get enough energy which is the most important question. if you don't have enough energy. it is severe for connectivity. the second is pricing. we see the strategic pricing of where we are in 2024 until then it is a question of getting enough gas or electricity. politics have a lot of things to do right now we will have to see how it turns out. hopefully positive hopefully. you see that actions to pricing

and the company sustained this big shock in the first moment and first months which we now have then we have to sort it out on the long term. >> let's talk about the effects this energy price that will have on companies going forward we see the so-called wise man and woman of the german economic council warpning of the risk of decentralization in germany. how deep is the scenario >> that depends on the pricing targets that will be reached right now, pricing is irregular. that leads to sky rocketing of prices that's not possible forever. the key thing for strategic decisions is what happens after. after supply, is that competitive in the global landscape. that sorts which industries

would have to make decisions or not. so far, i would say let's keep things calm and go through the severe phase of the crisis and ask the questions and solve them and talk about the strategic issues which are there >> i want to bring lines from the bank of england governor andrew bailey. this is on the day of the uk gdp at negative for the quarter. andrew bailey is saying efforts to bring inflation under control will take 18 months and two years. he adds that more increases to interest rates are likely in the coming months. this is what they indicated at the last conference. then he is adding a line saying it is quote sensible for firms to direct pay rises toward the lower pay. those are some comments coming out of the bank of england governor they have guided to further interest rate hikes. he is noting that on the day

when the uk gdp print has come in negative territory for the quarter. coming up on "street signs." we speak with the ceo after the italian lender reported profit growth in the third quarter and called for more in the period. we'll be right back. when we started selling my health products online our shipping process was painfully slow. then we found shipstation. now we're shipping out orders 5 times faster and we're saving a ton. go to shipstation.com /tv and get 2 months free. snoring keeping you awake? the sleep number 360 smart bed lets you gently raise your partner's head, and it senses your movements and automatically adjusts. don't miss our weekend special. save 40% on the sleep number 360 special edition smart bed. ends monday.

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welcome back to the show illimity bank has a third quarter profit up 2% year on year net profit for the full year is expected to reach at least 75 million euro with growth expected to accelerate in the fourth quarter we have corrado passera, the ceo of illimity. talk about the challenges presented in the third quarter although net income is up. i wonder whether some of the political headwinds and macro h h h headwinds derailed the momentum that was in place before. >> good morning. thank you for the invitation first of all

yes, the third quarter was strong and we expect a strong year actually, in four years, we have 5 billion balance sheet and at least a 10% boe. very low risk and high capitalization your question is about the scenario the scenario was difficult we had to go to pass through a second the first was covid and now the war. i will say the amount of uncertainty that we had months ago has partially disappeared. from the political point of view, the situation in our country is more clear. at the same time, the figures of our country are better than expected in terms of growth and expert and there is a structure point that makes the country beat less vulnerable than other

countries which is the total debt of the country. we have have high debt, but we have very low household and low corporate debt >> interesting you say that. if you look at the picture broadly for the italian banking system, it appears to be better capitalized today than four or five years ago and more discerning about the credit quality that is undertaken the lending activity that takes place at the italian banks when you look out at the macro outlook, do you get concerned you will start seeing a pick up in terms of defaults or distress or people unable to pay back some of the borrowing they would have secured over the last couple years >> you mentioned very intense work that has been done in the last two decades in our industry it was a very political, public

kind of banking industry today is 100% with exception private industry it used to be fragmented more than 1,000 banks. today we have less than 100. at the same time, capitalization has improved significantly and the quality of the balance sheets of italian banks has improved dramatically. i would say we are ready for whatever happens at the same time we have to be aware that the new wave of at least gdp will arrive and we have 300 billion stage two positions on banks balance sheets it's all part of them. almost automatically we become

as i said, the industry is ready to bear that kind of effort and let's say the professional word of the credit in our country has become a strong industry yes, we will have to face a new wave of stress credit, but we are more than ready to work on them. >> how do you weigh up that in your business growth you contintcontinue to get requ keep funding innovation or other projects how do you weigh that and ensure your growth as a digital bank is sustained or do they work together >> the dynamics of the sme word is really impressive a good part of our activity has

to do with sme financing the demand for acquisition finance crossover and restructuring financing is really high also because most traditional banks are not that happy to serve also the closing of the branches make companies like ours more fit to escort smes through the restructuring that is needed in such a period let's not forget the three crisis have strongly selected the players on the market. now a lot of smes are resilient companies ready to invest and grow and to consolidate.

the answer to your question is we simply have to be selective there is certainly not a lack of request of financing by smes it is a matter of selection. the stress credit as i said before, also the request is high we also see some sort of reduction in competition because at least for the time being, maybe italy is less interested in other countries for traditional investors. >> it is still a risky market. it is one you have to keep your ears on the ground quite extensively. are you still getting the bang for your buck that you feel is needed to be sustainable or profitable in this market? >> it is theoretically riskier, but not if you apply the right rules. for example, when we finance

smes, we also apply what we call the future approach. we choose an expert in the industry that is well known in that segment of the economy. this person supported thebank and analysis of the company and evaluation of the credit worthiness then remains connected with that monitors phase we develop a very strong relationship with the company we finance. this is probably the reason why we have such low mp ratio. below 1% that is certainly one of the best in the industry >> and certainly something to speak about. we are going to have to leave it there unfortunately. we appreciate you coming on "street signs.

corrado. i want to bring you flashes. treasury secretary yellen was asked about whether she thinks inflation has peaked she does not know. the fed will continue to raise rates. future policy is up to the fed she also says it was good to see u.s. consumer price data suggesting inflation pressures are easing before we head out this is a quick picture leaning toward the green not as much as we saw in the u.s. this is the picture for u.s. futures after the strong session yesterday. that is it for our show. i'm joumanna bercetche >> i'm arabile gumede. "worldwide exchange" is up next. stay tuned

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it is 5:00 a.m. at cnbc. here is your top "five@5." a blockbuster day. s&p 500 with the biggest rally in more than two years. the stocks are not out of the woods yet. why carl icahn is remaining bearish despite the rally. easing covid curbs china scaling back the measures around the virus we are live in beijing.