that's all for this edition of "dateline." i'm craig melvin. thank you for watching. [music playing] good morning welcome to "street signs." i'm joumanna bercetche at cnbc we are live in westminster and the trading floor as the markets brace for today's autumn statements these are your headlines uk chancellor jeremy hunt prepares to bring in his budget. bank of england governor says the country's credibility has taken a hit. >> we didn't think the uk would do this.

>> you are talking about the mini budget? >> yes it would take longer to rebuild that reputation than to rebuild the gilt curve. siemens on the turn and the c ceo says he is bullish despite the outlook. and defending the move that sparked the downfall of ftx as the head of binance speaks out >> he lied to investors and regulators and users and there has been misappropriation of user funds i think all of those things happened in my definition, that's fraud. and investors find an explosion in poland was not part of the deliberate attack from

russia it is important to keep the pressure on moscow >> it is not a question of saying if we do nothing it will go away. it's not going to go away. these reality. well, the countdown is nearly over. today, the uk chancellor jeremy hunt will make budget announcements after forced to review and revoke the mini budget he is set to raise taxes for everyone in the country and trying to reassure the markets and plug a financial hole estimated in the tens of billions of pounds this is the highest level of inflation in four decades for england and the longest recession on record. the fiscal tightening is after

the bank of england enacted the largest rate hike and speaking to lawmakers in parliament, andrew bailey said more needs to be done to restore trust in the uk economy >> we have damaged our reputation internationally at the imf financial meetings. the g20 and g7 and so on people said we didn't think the uk would do this >> are you talking about the mini budget? >> yes it will take longer to rebuild that reputation than the gilt curve. >> before the announcement, we have seen the turn around from gilts. before i came on the show, i looked at the 10-year gilt and the post-mini budget

we have rallied more than 150 basis points since the fallout of the mini budget the bank of england intervened they stopped buying the market we had a change of leadership at the political level. so much has happened in the last couple months. you have to wonder from this point on, how much austerity or tightening would be delivered for the gilt market. 3.14% for the 10-year gilt 3.33% for the 30-year gilt investors look ahead to the next bank of england meeting and wonder if it can go for a 75 basis point hike again that is another theme for today. as for the pound, what a ride it has been 1.19 remember, post-mini budget and the asian session, we got to the 0.13 handle the monday after the

mini budget. we climbed 16 points since then. you see that clearly this is the weekly chart over the course of the last couple months, the pound has climbed. you could say that some of that is on the back of the weakness of the u.s. dollar certainly a lot of that is the credibility premium taken out of the pound market let's look at equities this is how ftse 100 is trading today. slightly down .40% it has been stable somewhat. if you go back and plug the ftse 100, we have not fully recovered from the losses after the mini budget a lot of that is in tune of what is happening with global markets. now geoff is monitoring the price action into the autumn budget you join us from the trading floor at barclays. geoff, we talked about the foreign exchange and gilts which are pronounced what about equities? i believe you have a guest to

give us further color. >> reporter: joumanna, absolutely it has been a fantastic morning as we roam the asset classes two things keep coming up in the conversations on the trading floor at barclays. one is credibility how does the government restore credibility in fiscal discipline the other is conviction and how much conviction there really is at the moment to want to own uk sterling based assets given we have come through a train wreck of a mini budget there is a lot riding, i think, on the government's decisions today and how it intends to restore the image of the uk and conservative party for fiscal discipline let's pick up on that equity issue and anita tanner is we me here at barclays she sits on the trading floor.

anita, nice to see you thank you for giving us your time let me open up with a question on the back drop the uk equity market is gradually pulled back on the ftse 100 you had the sense of the lack of conviction of wanting to own the uk give us your sense of what is riding on the budget announcement today >> absolutely. what we actually have seen in the last four or five weeks is the risk on in assets. whether the pound or gilts or compression in gilt yields or move actually more so in the ftse 250 which is seen as a representation of the domestic uk environment we have seen that risk rally come through that is partly to do with the construct coming into this this bearish positions and partly to what you highlight

with the mini budget in the last month or so, we have seen stabilization and upside and bid to risk assets that is around the new chancellor and plans outlined thus far which provided stability and hope to see more reinforcement of that today. >> what does the austere budget mean for the components of the ftse and 250 >> it is tricky in austerity and how it plays to risk assets. in the short-term, the austere budget might give credibility to the point you mentioned earlier to the fact that things are in order and stability will be reinforced and the risk rally we have seen does have the potential to continue. that plays out more so in the 250 than the ftse 100. as you say, when we think about austerity, that has medium-term consequences as well essentially how that bite into

the economic growth broughtly and consumer and corporates as well there is something to balance here short-term with the medium-term. >> we look at the weakness of the pound. that encouraged foreigners to come into the uk market. that is primarily around dollar earnings or foreign currency earnings and ftse. if we see the pound continue to make gains up through 120, how much of that undermines the argument for buying those companies? >> it is a relevant point and on point theme in focus because we have seen the risk rally play out in the ftse 250. that is in relation to the pound str strengthening. that will play to the upside and dollar assets and equities and

we are talking about ftse 100 which has been an out performer. world indices and year which is to the point you are alluding to with consumer staples and health care we also have energy which is obviously benefitted from the geopolitical environment >> the london markets been unl unloved for a long time. anybody with a long menl mory w look at the levels and see we have been barelydecade is there await to put in with the assets does the wait continue >> you are right in last year. we seen out flows with the equities and record valuation for the uk market versus the s&p for example. that valuation difference is very much in focus it is worth breaking down in the

composition of the ftse 100. it offers dollar earning exposure and exposure to energy which as i mentioned plays into some of the geopolitical environment we have seen and potentially a longer term structure argument around energy independence and diversification. there is a constructive argument to be made with the ftse 100 in the environment with which we're operating. >> you mentioned sectors here. it finally feels like the ftse or the uk market have sectors that are more attractive right now. spend more time with us on the sectors that you think have the potential to out perform >> there is a lot there. when we think what we have seen on china in the last couple weeks, we think about china reopening and headlines with liquidity in the property sector and things about travel restrictions being loosened at the margin essentially china related assets and whine china released equitiy

into the ftse 100 beautifully. others to consider when we think about the inflation narrative and the rates narrative and how that plays into the banks. there is something to talk about with interest margins and upside to be balanced with the economic reality with which we face for the consumer and asset quality risks. >> let me ask another question our audience often asks us to ask analysts like yourself what will we get for the rest of the year will 2023 be a positive year for equity markets >> that's a big question in the short-term, we have a lot of sympathy for the idea that it is always a fomo feel. fear of missing out on the value squeeze in the ftse 250 and the euro stocks and as i mentioned

the china related assets and china related stocks and equities we have seen yield compression the u.s. cpi number came in weak versus expectation last week with the goods components and services coming in weaker than expected one data point doesn't point to infl infl infl inflationary trend if that was to happen, the gilts and treasuries could continue. if it does, there is a potentia for growth at end of year. that is short-term in the medium term, we think defensively at barclays. we are in an inflation environment and rates environment and that bites into

growth we have seen little signs of that thus far. going forward, that could be a n issue going forward. >> will it be a crack in the labor market >> it could be we are thinking about the comp components we have seen weakness on the good side. almost consistently now. we are starting to see that play through on the services side shelter is the one lacking it is a question of time at the moment, we are looking at lag data does it reflect the rates environment and the rate increases that we have seen of late perhaps not. >> anita, thank you. anita tanna, head of equity sales here at barclays joumanna, back to you. >> thank you, geoff. pass my regards to anita i know her from a previous life. on a programming note. a special show for the autumn budget that will be presented by

myself and arabile and geoff watch for that one as well. taking a look at european markets. yesterday, the wall street was negative across the board. the focus for the investors there has been on the retail sales numbers. came in better, but if yyou dril down to the details, the focus was on target and that stock was down 13% after issues a rather grim holiday outlook that sets the tone for the u.s. session. overnight in asia, mixed bag focus in china has been on further covid lockdown restrictions here we are in europe leaning toward negative. we started the day in positive territory and now slightly below the flat line. down .80 again, here, we are focused on earnings

that autumn budget let's switch over. uk as we have been talking about with geoff and his guest has been weaker into the budget that is coming out in a couple hours time .50% we have been getting gains over the course of the last month we have recovered a lot of ground since the mini budget the focus is on the individual measures whether it is an impact on the likes which will affect individual companies that is something to watch out for. cac in france is up .20% we had a bit of luxury earnings the last couple days that is a reason that sector is trading under water today. dax is up .40% the stock we are watching is siemens at the top of the stoxx 600.

switching over sectors basiic resources are lagging down .60%. construction is down .40%. up at the top, the defensive food and beverage up .20%. industrials up a similar amount. i mentioned this with siemens with a beat in the fourth quarter profit at 3.16 billion euro that is a rise of 38% on the same period of last year a anne annette joins us for months, we have been talking about how dire the state of the manufacturing sector is in germany. siemens is breaking the mold here >> exactly it is astonishing how robust the

outlook is for 2023. so to sum it up, earnings was beating expectations for the fourth quarter that is mainly because they are riding on the digitalization wave they are very big investors. especially one area which they actually accentuated as well is data centers this business is doing well in the united states. and also in other areas. demanded for the products. the only weak spot which we have been seeing a couple quarters in a row is mobility. here, the outlook is positive for next year. they are expecting to grow the business again not only flat lining with the previous guidance. it is a strong number and that is reflected in what we are

seeing in the share price reaction today very rare that a share price of the company is surging so much on quarterly earnings. of course, one big market next to the united states is china. this is a very crucial market. of course, attached with loads of uncertainty when i spoke to the representative today and talked about chinese outlook and the outlook for the german business. >> you have our markets and we are very strong in the automation play. there we see a continuous demand we know in the five-year plan of the government high tech is on top of the agenda this is what we can provide to large companies and small and medium companies we have a strong rapport from

that market. china is going to go more into renewables coming back to the data economy. this is another one which is on. we see that in many products we can support as well. overall, the picture is lower growth in the real estate market, but more in the commercial side which is not so much affected than residential >> everybody here and as well in other countries talks about high energy prices. in germany, especially, talk about the risk of the decentralization of the country. how are you dealing with those high energy prices and do you think there is a risk that germany is actually losing its

competitiveness? >> so i would say we are -- we are little bit worried, but concerned about the high energy prices not siemens. i say it is a low energy company. we are buying electricity almost all green and our consumption of gas is very low. our customers which have a high energy dependence and chemical and glass and steel. and we really have to look into the way we are manufacturing and producing. you can turn it into opportunity, too if you go for high energy use and technology makes us depending the more energy intensive markets. there are some which might think about moving to other countries because they cannot afford high

energy costs in the long run i would say start thinking about the opportunity to take technology and solve with which would help us also to reduce energy consumption and support the fight against climate change >> so in a nutshell, joumanna, it is a strong number set and the outlook is surprisingly optimistic given the economic headwinds the company must be facing in the united states and asia siemens seems to be quite robust and they are sticking to their target and optimistic for the weak spots in the company and what they were saying as well is they keep investing a lot of money in innovation. >> a surprise for the investor community. the stock is up 7% today also coming up on "street signs. we are live in westminster with more ahead of this morning's autumn budget.

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welcome back to the show uk chancellor jeremy hunt is set to make his second fiscal intervention in as many months in the autumn statement, he is expected to raise taxes for every person in the country. we have arabile joining us with a guest this morning a lot is riding on this budget announcement >> reporter: certainly a lot of issues at play here. stunted growth is one key element on one side. on the other side is fiscal constraints. markets may be the key discussion point here. will they be apieced by the statement to be delivered by jeremy hunt? i do have a guest with us who can help unpack a sense of what is to come, perhaps. treasury spokesperson joins me now.

sarah, i appreciate your time. let's talk about how important this message is for the markets and deliver the sense of stability or a sense of right direction from here. >> you are right this is going to be a very important moment for the british economy and british people at large. what we are hearing from jeremy hunt in advance of the statement is in the region 22 billion of tax rises and then budget cuts so much of it is necessary because of the mess with the mini budget announced by the then prime minister and then chancellor which obviously caused great consternation if t in the financial markets we is seen record numbers of inflation. a lot of today is providing that stability to the markets i think taxpayers and people

will finding having to pay extra tax from those on the lowest incomes to the highest earners it is all to pay for the mistakes the government made with the handling of the economy. >> is it done at the behest of long-term growth if you are trying to solve this problem, are you letting go of long-term growth >> that is everybody's big concern. the prime minister rishi sunak this week in bali was saying the prime goal of today's budget statement was to stabilize the markets. it is not about growth any long longer it is not about fprotecting the vulnerable we slash public spending we are really threatening our prospects for long-term growth we have record backlog

i have been speaking to my constituents telling me they are struggling to manage budgets if schools and hospitals done see increase in budgets, they will struggle. what does it mean for the long-term prospects and what would happen with infrastructure spe spending >> the governor andrew bailey spoke about how there may be, you know, the risk sentiment coming through from the september 23rd statement it may have been made better in a way because it has come off slightly sterling perform better off from the market at 103 it also says that maybe a little more wiggle room in terms of the risk sentiment dissipated. does that give the chancellor a little more space to not make the kind of cuts when it comes to spending and tax hikes he

needs at this point? >> he obviously has himself a tricky line to tread he needs to be doing enough as it were to reassure the markets. a lot of the market stabilization you have seen with governor bailey was talking about was in anticipation of what jeremy hunt is going to say today. he has to the follow through as it were on those well trailed announcements. obviously a feature of today's statement is it is accompanied with the office of budget statement. that was half of the problem so a lot of decisions will be made today will be based on forecasts on the obr statements. that is highly uncertain outcomes we don't know what is happening in ukraine and no doubt the war in ukraine is driving the inflation we are seeing. we don't know how long we have to have high interest rates for. there is a lot of uncertainty around the forecasts so it could well be he feels he needs to make deeper cuts and

the forecasts aren't required. we are acting in an environment of great uncertainty so much is down to the damage with the mini budget >> the importance of sending the right message. we have spoken that to the markets. we have, you know, britain saying you made another plan or you say you are making another plan to stimulate the economy which ends in april. how big a plan can he make? the bigger one was meant to be pro stimulus that has gone out the window. >> absolutely. as i say, the key goal now is stabilizing the market they forgotten about growth and forgotten about the worst off. that is a real concern i feel there is probably a lot of crossed fingers in the treasury that wholesale gas prices are coming down

we are starting to see that. we are seeing the wholesale gas prices are not as high as back in summer. we had a really unseasonably arm november which has been, you know, a blessing in a way. it has meant we had less gas usage among households than expected that will have reduced the government's liability on the energy price guarantee that might provide a bit of wiggle troom we are pushing for more. >> sarah, a lot in that statement. i think the markets will ask how far will he go and if not very far, where he places himself in the middle thank you for the time sarah olney. treasury spokesperson joining us the budget statement off the back of the cpi number the highest since 1981 growth prospects teetering on

the recession. it is a lot that jeremy hunt will have to put fires out from, if you want to call it that. we will be looking out to that >> arabile, thank you. i thought it was interesting to note she says this autumn statement is about paying for the mistakes of the prior government. interesting statement there from the spokesperson. also coming up on "street signs. binance ceo has strong words for ftx sam bankman-fried. we will bring you the latest after this

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anywhere for less a lot less get our special tv offer a 4-week trial plus postage and a digital scale go to stamps.com/tv and get started today welcome back to "street signs. i'm joumanna bercetche and these are your headlines jeremy hunt is looking to the statement to fix the fiscal hole he says the country's credibility has taken a hit. >> i didn't think the uk would do this.

>> you are talking about the mini budget? >> yes it will take longer to rebuild the reputation than correct the gilt curve binance ceo changpeng zhao talks about the downfall of ftx and talks about sam bankman-fried. >> there have been lies to employees and investors and to regulators and to his users and there have been misappropriation of user funds. i think all of those things happened this to me is fraud. sales surge for siemens and the ceo tells cnbc he is bullish despite the macro outlook. investors find the explosion in poland is not a deliberate attack by russia

it is important to keep the pressure on moscow >> it is not a question of apeasement it will not go away. that is reality. welcome back to the show european markets are now tilting toward negative this after the attempt to open in the positive early on we are shifting lower now in sentiment. ftse 100 in the uk is down .60%. all eyes on the autumn budget set to come out later this morning. we will be looking very closely at the composition of tax cuts to spending cuts earlier in the show, we had the treasury spokesperson saying this chancellor is likely to lean more toward spending cuts definitely we are in for austerity budget how much in a couple hours time. cac in france is down .40%

dax is up .30% which is due to siemens which is up today. in the foreign exchange, you can see the pound has now given back some of the earlier gains. 11 118.70 is where we are now far from the post mini budget fallout. we got to around 103 we are now sitting closer to 119. we have come a long way. euro is sitting shy of 104 103.60 the dollar strength is transpiring. u.s. futures this is the picture for wall street mixed bag after the session yesterday. the u.s. was focused on the retail earnings coming out target was in focus.

that stock was down 13%. m macy's down as well. footi locker down as well no a not a good start for the season with these retail stocks switching to crypto. binance ceo changpeng zhao has strong words for sam bankman-fried. he asked him over the tweet in which he congratulated the binance boss for winning >> only a psychopath can write that tweet i'll explain why number one is i never -- he never told me i was his sparring partner. i'm not sure if that tweet is tweeted at me or us. >> whoelse

>> can you imply you can guess. we never view other exchanges as sparring partners or competition. it is not a boxing match >> he told dan it is important for the industry to get to the bottom of what happened at ftx >> it is important regulators look at the records. i hope they are still there and trading from alameda to ftx to see what happened there. i will not speculate we don't have that information it is paramount for any industry to dig into the problems when that happened, regulators did their job. there were other issues that happen in every industry our industry is not unique when problems happen, people should look into it. it makes the industry healthier in the long term >> the fallout is continuing crypto bank genesis is

suspending loans the bank said the ftx collapse had sparked the mover. a few hours later, gemini confirmed it would pause withdrawals saying it would not be able to meet customer demands. sing singapore's deputy prime minister said allegations against ftx amount to fraud. his remarks come after temasek holdings would write down the entire stake of $275 million in ftx. the singapore state investor said the trust in sam bankman-fried was misplaced. i caught up with him on the sidelines of the conference in london he told myself and brian

sullivan shows that crypto has been an unregulated bubble >> this is an example of greed and fomo if i'm a little glib for a moment and speak as though there is a collective mind that controls these things. when it came to crypto, why did everybody flood into crypto? during our lifetimes, we saw the equity bubble. people such as myself, wasn't a short seller, but skeptical at the time i said this doesn't make sense it's different this time turned out not to be retail easily bought equities. they learned a lesson. houses people like me said this is different this time. that blew up there needed to be an enormous bubble and a new asset class that nobody could say this has happened before. to get this kind of bubble and trust charletons like sam

bankman-fried, you have to have a suspension of disbelief. it needed to be an asset that barely has any value nato said the explosion in poland that killed two people was likely caused bit ukraine air defense. the secretary-general said the missile was not part of a deliberate attack. there was speculation russia was responsible, but moscow denied involvement. volodymyr zelenskyy asked to be included in the investigation into the incident. sylvia is in warsaw and joins us sylvia, what do we know about where the missile and where it came from? >> reporter: that is the big question mark t. is one of the big things we need to monitor as we look at what's going to happen next, joumanna.

he cesseessentially these invess are about to start there are questions if the ukrainian officials will join the investigations here what they are trying to do is answer that question. where did this missile come from and how did this happen? there are other things for us to keep monitoring over the coming days one of the things, of course, whether poland will receive further help from nato we actually heard that germany is prepared to send air support to poland. we know that poland actually has one of the strongest nato presence near thhere in the cou. we are talking about 120,000 polish troops on the ground on top of 11,000 from other nato allies the presence in poland is quite strong for nato. this could be stepped up in the coming days. the final thing for us to keep

an eye on is on whether the eu will actually go ahead with further sanctions against russia there is already a lot of talk in brussels about a ninth package of sanctions i started my day yesterday over in brussels and i spoke with the european parliament spokesperson about this she told me the eu needs to do more and that definitely means more sanctions let's take a look. >> sanctions are necessary as a tool in order for the circle around putin and his immediate collaborators to tighten i would also to continue to insist on the full implementation and enforcement of the sanctions they are not fully implemented or fully enforced. there are countries willfully

not plimplementing it is a reality we also have to explain to our citizens and especially in those countries where the impact is felt more. i would also say that without preempting what the content of the ninth package would be is that we have an excellent presidency of the council. that is working hard with the governments in order to agree on the next package there are lists of persons that could be placed on that sanctions package within that package. that has already been presented to the other institutions and we are awaiting response from that. it is always incrementally difficult. >> reporter: now we also witnessed an important issue

with nato. of course highlighting they were meeting and we saw that happening yesterday. from european perspective from the commissioner for competition also told me it is important to notice that nato seems to be on top of everything. >> i don't think one should make any conclusions at this point in time already in these many months, it has been, you know, an absolute top priority to do what we can to enable the ukrainians to win because this is a completely pointless aggression of war against ukraine and that, of course, has been the spirit of the commission of course, of invasion and concern before >> reporter: so there is still

plenty for us to monitor in the coming days, joumanna. so far, there are mixed feelings here on the ground with some polish people saying they are more concerned about the invasion of ukraine than now at the start of the week whereas others say this is an accident that can happen when you have a war happening so close to your border >> a reminder how close the war is and a scary moment for polish people thank you for bringing us that report sylvia also coming ups on "street signs. fisker's electric suv has been rolling off the production line. we'll tell you more in moments sm to mail and ship? stamps.com is convenient you get the services of the post office right on your computer stamps.com saves you money with great rates from usps and ups mail letters ship packages

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welcome back to "street signs. fisker's first ev will roll off the production line today. fisker said outsourcing manufacturing will allow the evs to be more competitively priced.

phil lebeau is joining us from austria. phil, tell us more >> reporter: a huge day here, joumanna we're here at the plant in austria. the first day of production. start of production for the fisker ocean this is the work done on the fiskers rolling off the line in the next several days. they will slide one of the mainframes into the scene here you will see the robots putting together the frame of the oceans for fisker, this is the beginning of a huge move in terms of their development here. here are their plans fisker ocean will go into production and you will start to see deliveries in europe and in the united states by early next year how many vehicles do they plan to deliver next year production of 42,000 they have reservations of 62,000 this is the suv that they are building the next model, built in the united states, will be the pear. that begins production in

northeast ohio in 2024 it has been a rough near for fisker and the other startups. look at the stock and how it has been under pressure like rivian and lucid. when do we see a path to profitability? i talked to henrik fisker. he believes that begins now. they will start delivers early next year. joumanna, it is a ramp in production they plan to build 42,000 ocean suvs here in austria next year that is an increase in production dra matically. we may have a better sense of when fisker will go from losing money to making money. joumanna, back to you. >> thanks for the report, phil i'm interested to see they are rolling out with an suv. it feels like we have right now a lot of options in non-suv space. how much of a market niche are

they tapping into with that rollout? >> reporter: that's the idea here there are not many electric suvs on the market. there are a few. what they believe is that is the sweet spot of the market especially in north america. they are popular there are not many ev options. we see them coming from ford and gm and other automakers. rivian will have an suv next year henrik fisker said come out with an suv and base price of $38,000 in the u.s the second model pear, is designed for mass sales. we are a way from that happening. here we are at the start of ocean production for fisker. >> phil, looking forward to seeing it roll out and what it will look like in real life.

phil lebeau in austria. the picture here is negative as we head in the opening of the u.s. session falling from the negative session yesterday focus on the retail stocks from target down 13% after issuing a grim holiday outlook into the holiday season also today is a big day in the uk and on a programming note, do not miss our special show for the uk chancellor jeremy hunt autumn statement that is with geoff, arabile and myself you can catch that from 11:15 gmt. for today's show, that is it i'm joumanna bercetche "worldwide exchange" is coming up next.

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it is 5:00 a.m. at cnbc global headquarters. here is your top "five@5." a roller coaster week for wall street as they are pulled with earnings and comments from central bank officials bankrupt ftx is looking to distance itself from the former ceo as sam bankman-fried tries to tell his side of the story in a tweet. and london putting