stop, you goofy dog. that's all for this edition of "dateline." i'm craig melvin. thank you for watching. [theme music] good morning, and welcome to "street signs. i'm joumanna bercetche with arabile gumede in london and julianna is live from greece as the european commission announces a gas price cap proposal these are your headlines european equities hold near three months high as a downturn in the german economy could be starting to ease. credit swees shares losses

after the trouble lender expected to take a hit in the fourth quarter shares give up gains after a report that gucci director is said to leave the brand after seven years. and the eu proposes a gas price cap of 275 euros per megawatt hour, but greece's energy minister tells me the price is too high. >> the price cap that the commission is proposing is not, in fact, a price cap a price cap at 275 euro is not a price cap. good morning we have a packed show for you. let's get to it with the pmis. we have the pmis for november

coming in at 47.8 higher than the consensus estimate of 47 and shows an improvement somewhat from the print we had in october at 47.3. so it is beginning to show some signs of turning a corner here remember we had the german pmis a short while ago, also coming in better than expectations. progress being made on the manufacturing side of things the french comp sit numbers not so much of an improvement have shown a contraction versus the 50 level that is the breakdown. let me give you more color on the manufacturing versus services the november services pmi flash number came in at 48.6, so that was versus a 48.3 estimate going into it. and then the manufacturing number came in at 47.3

that was versus the estimates of 46.1 so manufacturing actually doing a little bit better than what people had pencilled in, and i think looking ahead we have a guest coming on the show to talk more about this. but it shows perhaps things are beginning to move in the right direction. and we have to see in coming months but at least some of those price pressures on the industrial sector are beginning to ease just a little bit. >> the positive tilt you kind of needed at the very least, right. but let's check in then continue our european story, euro's growth likely negative inflation remains high, before starting to ease in the first three months of next year. now french and german economic activity contracted in the month of november, the downturn in german eased but the composite pmi came in at

46.1 the fifth straight month of contraction. there was improvement across the board with manufacturing and services pmi both improving and topping expectations the french services contracted more than expected while french manufacturing pmi rose in contraction. there was a lot of data this morning we spoke about a few of those pmi numbers, the imf coming out with a statement from their side saying that china should actually further recalibrate its covid strategy to boost pace of vaccinations and maintain them at a high level. this follows on from that economy said to restrict its economy a little bit more following the increase in the number of covid-19 cases as well as the first deaths in a number of months. the imf saying china must maintain growths and costs in

2022 or rather china is maintaining its growth forecasts. but that is only assuming that zero covid strategy gradually lifts in the second half of next year imf saying that china's risks tilted to the down side due to the global slow down, rise in energy prices and tightening and global financial conditions and china should add to support for property sector with robust, well funded mechanisms in order to complete troubled unfinished projects and project new resale saying the covid outbreak lockdowns and property sector challenges are key for china such an interesting intervention by the imf talking about the risks to china buto over all it was positive

overnight for china. you can see the map is 50/50 eventually split but the index as a whole up ten basis points a lot of focus on the november flash pmis the number came out a minute ago, better than expectations and showing an improvement from where we were in october that is interesting from a macro perspective. also focussing on the european commission gas price cap pro po sols this is still a proposal set at a high level but shows there is at least an intention on the european commission's part to agree to some form of price cap when it comes to gas the individual breakdown, at an aggregate level we said the stoxx 600 is positive individually most trading in the red in european. the ftse also down about .3%

and then the ftse 100 leaning positive we are witnessing somewhat of a rebound in commodity stocks, basic resources. also some of the more cyclical names seeing a bounce in the ftse 100 one thing from the political perspective we'll find out in the next hour or so whether the uk supreme court will allow scotland to go ahead and proceed with an independent referendum without the approval of west minister it's been flying below the radar but something to watch out for from a political perspective the sectors, this is the breakdown in europe. the cyclicals at the top, basic resources up 1.6 oil and gas recovering nicely after the denial of the opec plus report that we spoke about yesterday. the report that saudi were considering increasing production so we are seeing a bit of a boost for the oil sector travel up .4

on the down side we have autos struggling down 1.3% and real estate also lagging i want to turn your attention to european banks one we are focused on in particular and that is credit suisse, they are planningto vote to get some capital stake from saudi national banks. you can see behind me it's down 5.6 percentage points because the bank has warned about a sizable lost for the fourth quarter. the rest of the complex mixed, deutsch bank up .5%. barclays down about .2%. but the big story today is credit swus suisse >> in the united states, a big story is the fed and the minutes coming out what will they do is perhaps the question mark. the minutes are expected later today. so we are seeing a bit of a loss

for a little bit then edging lower for the futures, which could be heading lower to start the day. now the fed, as i said, will release those minutes from its november policy meeting later today. investors said to be watching for insight into rate hiking plans ahead of the central bank's crucial meeting next month. the fed did approve a fourth 75 basis points increase at its last meeting october's data showed a moderation in price pressures with cpi rising to 7.4%. speakers continue, kansas city fed president said the central bank may need to raise the rates higher and keep them longer in order to moderate demand and cleveland's fed president said getting inflation under control remains the number one

priority and g 7 should announce price caps on russian oil exports soon the official told reporters they'll announce a price once the eu consults member states. a decision could come as soon as today or tomorrow following a meeting of eu ambassadors. the energy crisis is expected to push the european economy into recession this winter that's according to a new report by goldman sachs italy in particular is forecast to be more effected by the crisis than other nations with high debt and weaker growth set to weigh on the country. the chief european economist at goldman sachs joins us now thank you for the time appreciate you being in studio with us as well. always a treat having guests in studio the prediction here is for not just, you know, whether we will see a recession or not, it is about how long, how deep it is

projections here are for a shallower recession than normal. just run me through the reasons and kind of what brings that about? >> first of all we think the energy crisis will push the euro area into recession. think it will weigh on production it is going to weigh on real incomes and therefore on consumers. that's why we maintained the long held view we'll see a recession over the winter months at the same time, we think it's going to be a fairly shallow recession, so the incoming data has been better recently we've seen some easing of the gas tensions so i think it's less likely we run out of gas during winter and also more fiscal report. so recession is coming we think but it's a more mild one than usual. >> would the risks be on the down side here that things could escalate and be worse than we initially predict or is there an upside to this as well

>> i think near term there is still probably some upside because we have yet to see that the hard data shows sharply. industrial production and retail sales are still growing. near term, a little bit of upside, at the same time we're not out of the woods when it comes to the energy situation. it's looking better for now but it is possible with a cold winter, another spike in gas prices that this is going to be sharper than we expect so overall risks still to the down side but the news flow has been modestly encouraging. >> the pmis this morning coming in better than expectations but also showing an improvement from october, too i thought it was interesting yesterday the oecd released projections and has europe growing at 0.5% next year. it feels like there's so much dispersion about how europe is going to perform but that's

because we don't have a lot of clarity about the energy situation or inflation situation. let me ask you on that last point. when do you think we'll see a peak in european inflation number >> we think we are roughly at the peak now still a bit of uncertainty given wholesale prices and government intervention and so on but we think we are roughly around the peak at the moment, around 11% we think inflation through next year will slow, we think the energy contribution to inflation is going to dissipate as we go through '23. we think the pressures in the goods market for inflation are beginning to ease. and then the big question i think is around services we are seeing that wage growth has firmed in the euro areas so we think it's going to be somewhat more sticky which is why we have inflation going to 3% at the end of '23 we think it remains above 2% for

some time but comes down. >> that puts the cv in a tricky position you can take credit for getting inflation down to 3% but once it's at 3% it's going to be challenging to get it from 3 to 2, isn't it? >> it is and the ecb faces the tradeoff where inflation numbers are high but growth is weakening. that's why so far they've really focused on the inflation part of this, have hiked quickly we think they're likely to step down, together with the fed and the bank of england, to a 50 basis points pace in december. but we think the job is not yet done and think they will hike all the way to 3% in may because the inflation pressures are still above 2. >> no surprise here but in your note you say germany and italy are most exposed to a protracted energy crisis, it was that way from the beginning italy, i spent a lot of time

there around the elections they have done a lot to diversify energy sources why do you think they're still so vulnerable? also if you look at the new leadership, the commentary, the budget put forward by the government they're not really rocking the boat that much >> when it comes to it, both germany and italy were more reliant on russian gas supplies than france and spain and also italy uses more gas in its energy mix than the neighbors. so we think germany and italy with a big industrial base are going to be more affected by the rise of energy which is why we have them in a more pronounced recession than france and spain. italy is sitting on a large amount of debt, interest rates are going up we do think the situation bears watching as we go into this recession. >> fair enough italy is always the one to

watch. but it just feels, i don't know, since the gof came in for unexpected to the market it's become less of a problem, less than a worry, there are other issues people are focussing on thank you so much for joining us on the show today. shareholders are preparing to vote on credit suisse's overhaul today now under the new leadership, the swiss lender unveiled the strategic revamp aimed at creating a simpler business model focussing on wealth management and the swiss domestic market. at the same time an 82% fall in profits is predicted for prosus.

however the dutch listed firm did say that it was well positioned for improvements in profitability and that investment costs will fall and that is moving forward onto the luxury brands kering has declined to comment on reports that the gucci director is leaving the fashion brand house. saying it is an attempt to boost recovery at the gucci brand. michelle enjoyed success taking over the position at 2015 but has seen a decline in the past years. saying it wanted to offer an improved leather good range, unfortunately that hasn't improved the share price which is down half a percent this morning. >> notice that one person is missing not in the studio today. and that is because she,

julianna, is not in the studio she has the latest on the european gas crisis on location from greece. that's right the moment we have been waiting for since we arrived here in greece is happening now. the l&g tanker behind me as just arrived from ale jeer ya when we come back from the break we'll have the latest on europe's energy crisis

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welcome back to the show the european commission has announced proposals for a gas price cap of 275 euros per megawatt hour, more than double the current price it comes into effect january 1st if approved by eu member states. greece is one of the countries backing a gas wide cap and julianna tatelbaum joins us from lng's only terminal let's talk about the gas price cap proposal out of the eu

good news they've come up with some sort of proposal. but the bad news is it feels like it's never going to get triggered because the price is so high. >> good news if you are a proponent of such a cap but i suppose bad news for others. let me take a step back and talk about lng. lng has been a crucial part of europe's crisis management response a big part of the reason europe has been able to fill the gas storage units ahead of the winter to more than 95%, more than they had been targeting. a lot of the lng has come from the united states, the united states is the largest supply of lng into europe. the problem is europe has been paying up for this natural gas so they have two problems one the supply itself, securing it at prices that are reasonable and number two is having the

capacity to import it and the space to store it. this first part is where the cap comes in yesterday the european commission announced this proposal to effectively prevent transactions from going ahead if they're two expensive. it's a two-pronged mechanism the first is that the price has to be at least 275 euros per megawatt hour for two weeks and the second is a spread condition. you have countries like germany and the netherlands who have been skeptical about gas price cap for fear it could divert to other countries willing to pay more and then you have countries like greece to say this is necessary to control how much countries are spending on gas. i had a chance to ask their minister about the proposal. take a listen to what he had to say. >> the price cap at the level the commission is proposing is

not, in fact, a price cap. a price cap at 275 euro is not a price cap. nobody can standbying gas at this price for a long time we surely believe that the price cap below 200 euro, between 150 and 200 euro would be more realistic. and this is what we're going to try to do. those countries that have concerns, we should put a lower price cap because not -- a society nor the industry can stand it for a long time >> now european energy ministers are headed to brussels to debate this proposal. so stay tuned later in the week

to hear whether they support it or not or whether we could see any changes to the thresholds set out. let me come on to the second constraint i mentioned import capacity we're here in greece, the country's lng fixed terminal and behind me is a tanker that just arrived from algeria this terminal has been running at max capacity and will be running at max capacity throughout the winter taking on as much lng as possible they've even commissioned a vessel, a floating storage unit to take on more lng we're seeing efforts like this as countries try to ramp up supplies to prevent any further crisis in the months and years ahead. >> the boat is traveling behind you, that's for sure but thank you for your reporting there. coming up on the show, credit suisse takes its radical restructuring plan to a

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welcome to "street signs," i'm arabile gumede with joumanna bercetche in london. and julianna, of course, is live from greece as the european commission announces its gas price proposal these are your headlines the german yield curve inverts further with the gap between the second and ten year. the two and ten year yield i should say at the lowest level since june 2008 after flash euro zone pmi shows the economic downturn beginning to ease. credit suisse shares extend losses sinking towards the bottom of the stoxx 600 after the lender warns it expects to take a 1.5 billion swiss frank hit. china was warned to recalibrate its covid reaction and the eu proposes a price

cap as the block looks to stem the energy crisis but greece's minister tells me the cap is too high. >> the level they're purporting is not a price cap a price cap at 275 euro is not a price cap. it's pmi day. >> it is pmi day >> uk pmi numbers are just coming out. >> yep we are expecting those out and they seem to be out now. that flash composite number coming in at 48.3 for the month of november. that is only slightly better than the october figure, which was 48.2 so the uk number 48.3. just off the november flash services

coming out at 48.8, in line with the month of october similar in that context. not too much movement on that front but a stabilization for the most part. manufacturing also sitting at the same it was in october that's 46.2. the flash number for manufacturing in the uk. not much of an improvement but on the whole we're seeing a flat stance here still near that 21-month low as orders do continue to weaken. >> you strike me as a glass half full individual. >> i am. >> not half empty. >> it is contraction territory. >> the bottom line is it is still sitting at a 21 month low in the uk. >> in contraction. >> even though there are signs of us flattening out at the low levels, it's not getting worse. >> yeah. >> so that's the glass half full

comment. >> the good news point on that front. a quick check on the sterling dollar then 118 is where we're sitting, .1% better at this stage for the se sterling that has been of keen interest of late seeing that mark go up to 119 as well >> let's talk about a top story today. credit suisse expects to take a net loss of up to 1.5 billion franks from the fourth quarter it expects losses to continue into the fourth quarter despite outflows reduced substantially from october though they have not yet reversed shareholders are preparing to vote on credit suisse's strategic overall at the extraordinary general meeting later today. under new leadership the swiss lender unveiled the second strategic revamp in less than a year aimed at creating a simpler

business model focussing on wealth management and the swiss market the plans will see credit suisse sell part of its product unit to pimco and apollo global. and a spinoff in advisory markets to first boston, a brand it acquired back in 1990 speaking with jeff last month, the ceo explains why he thought it was such an attractive value proposition. >> opening that up, you know, for capitalists, positioning with a very strong brand of credit suisse is very, very attractive thing not only for our clients but also in particular for our people and talent going forward. >> over the next three years the bank plans to shift billions of dollars of risk-weighted assets from its investment bank to

wealth management and investment divisions which will account for about 80% of its risk-weighted assets by 2025 the bank is also planning an accelerated reduction in costs up to 2.5 billion franks will be cut over the next three years. alongside that, credit suisse is looking to raise 4 billion swiss franks as part of a new share offering that would seesaw dy national bank take a near 10% stake in the firm. speaking to hadley following the annou announcement the saudi national bank chairman said the lender secured the price at a floor price and said this about the overhaul. >> from the plan we saw, i would urge them not to blink, not to hesitate and just execute. the quicker, the better. >> and the ethos foundation told

cnbc this morning that they want to see the bank list its swiss division >> we believe the domestic bank is a key asset of the group. and that's why we -- we have a little bit disappointment that the plan to make an i.p.o. of the swiss division has not been explored anymore it was an idea put forward a few years ago, i think it could have had an advantage and sent a stronger message to the market let's bring in luke hickman from aberden. we are a watching the price the shares today down about 5% points how do you think about the latest developments? >> well, being typical investor i have a very, very long memory.

i was there in 1990 -- not in credit suisse, i was working in the industry, when they did acquire first boston and the share price then was 16 euros. so for your swiss frank now, doesn't seem it's been a great ride however the debt investors, this is how we're thinking about it going forward, the debt investors never had a problem, never defaulted on their debt, i don't expect them to going forward either, which means there are pockets of real value i think in credit suisse but you can get 15, 16%. it's not without its risks for sure clearly they need to get their liqui liquiditied sorted out i agree execution has to be perfect, it has to be quick, and we have to be convinced this time, for the first time in 32 years, there are no underlying problems that are going to come

to the fore that we don't know about already in a big sense. >> it does feel like a real testing moment for the bank in terms of inflection points and how investors look to the years ahead. certain questionable whether they can with stand another crisis with the ones it has experienced over the last couple of years we talk about the business strategy and the plans to sell off assets, units, make further changes when it comes to operations but there's one additional element that is not in their control and that is reputation management but there has been a loss of credibility in this bank, in its management, the decision making that has taken place and i just wonder how easy it is going to be for them to restore the market credibility back in the bank again and restore customers' faith >> absolutely key point, something i'm talking to your colleagues at cnbc for the last year or so, that these changes

that they tried to put in a year or so ago take time. clearly you have to have a point that nothing goes wrong while you're implementing that right now they need to be really clean, building that reputation back again, both in terms of reputation in the swiss piper bank, amazing stuff they've done over that for the last 32 years have gone wrong. i agree, reputation is everything let's be clear, the saudi national bank coming in and helping right now is great but the people they really relied on for the last 32 years have been the debt market. in many ways it reminds me a little bit of liz truss, debt investors here are in a lot of power going forward. you know, we are going to be funding them we're going to be helping them get through this we'll look at their debt profiles for 30, 40, 50 billion

in disposals they have coming up, but also 35, 40 billion of redemptions next year. so we believe in this. we believe in the reputation but it's got to be built and got to be built quickly. >> do you believe in it? you noted how this needs to be so convincing. there seems to be in your voice a lot of skepticism around this sort of reinsstructuring plan you do have a position here and you have to be convinced are you for the better part of the conversation right now >> like you were saying about the pmi, i'm an eternal optimist, recognizing that is a problem. and there's 32 years of history which has told you something else with credit suisse. which is why you can detect that little note of caution in my voice. however, in our recent meetings with management and finance departments they are getting on with this. there is some real conviction

they are getting on, have execution. they have a real will to get through to the other side of this, to the new credit suisse, that's their own words we'll see first boston hit the markets again over the next couple of years, whether anybody is going to be massively interested, probably there is real value there there's a lot of good things coming down the road and it's why i'm happy to hold, but it's got to come through and this is last chance as far as i'm concerned with credit suisse they have to get this right or they are going to find funding really hard. >> luke, what does this say, then, the contagion doesn't seem to be as widespread as one would think at a time like what does this say to others sitting with similar situations and asking themselves if they head down this road it could lead them here and surely there will be less, you know, investors wanting to go down

this road with them? >> because this is a reputation, it's not arraigned quality of assets, which are generally okay in the credit suisse we see today. it's that reputational thing you don't tend to find it bleeds through into other companies into other banks if you will i don't expect really any contagion from credit suisse unless they don't execute and we run into bigger problems and then we start having to really consider what the balance sheet is going to pay you back and i think that's ay, way dow the road let's be very clear about that that's why we're happy to be in the position we are in so no, i don't expect that contagion to come through. it's worth watching. in the meantime, it tells everybody make sure your compliance and risk department are well funded, well resourced, global in their scope. all the things that credit suisse have had problems with over the last 32 years and

cannot be left to foster and boil up into a big problem in many ways, it could be just one of those great times to get into a group like credit suisse in the debt side of things, because it should get better from here. so maybe we should be looking at this glass half full >> throwing it right back at us luke one final question about their cost reduction plans because these are also quite ambitious in my view they talked about 1.2 billion swiss frank by 2023 so that gives 12 months to reduce by quite a substantial amount can you reduce costs insuch a way that also still allows you to grow the business and grow the revenue? >> i think when you're refocussing, so 80% of the business is left in wealth management bit and a little bit in swiss local bank and a little bit of stuff away from that.

that is an enormous restructuring of this bank with 20 odd billion of cost in the bank at the moment so getting that cost out there i think is entirely achievable in some ways not great for the people involved, let's be clear. but their activities in china, where they just hired a lot of people, they fired a lot of people a few weeks later in a way, as an investor, that's what you want to see, they're executing already and getting on with the job we need to see them doing. >> fair enough we're going to leave it there. thank you for giving us your insights on how you think about credit suisse on this important day. luke hickmore. we have been getting different earnings out of chinese tech companies. we're getting numbers, xiamoi has reported a drop of 9 percentage points and net income

down 60 percentage points. the company continues to face lots of headwinds, certain bank deposits continue to be restricted in india. and they've been talking about the resurgence of covid-19 and that has severely impacted their activity in offline operations in mainland china. so very interesting, just in terms of the smart phone revenue, it did show an increase of .6% quarter on quarter and that the shipments reached 40.2 million units, up 2.8 percentage points quarter on quarter but overall net income down 60 percentage points and the stock itself over the last couple of years has pretty mumuch halved. what's been a mixed picture on the market front, we are

getting gains back on the daks the ftse 100 up around half a percent. we did get the pmi numbers out of the uk, still in contraction territory, 21 month lows there but not getting worse those numbers then particularly when it comes to the composite pmi numbers. very interesting to put out as well to get into the fx market we will talk about the pound and the dollar, of course, which have been very interesting there. 119 and does look to be strengthening itself is the pound against the u.s. dollar, the euro as well seeing the euro gain some strength perhaps some more dollar weakness as we await the fed minutes which are expected out later today. but interesting to note, i wanted to add as well. may be on the emerging market front but seven countries, those being egypt, romania, pakistan,

hungary are at a high risk of currency crisis. the contagion in the space is bound to be interesting. what does that mean for the japanese yen a quick look at the u.s. futures board. looking better off now, some positive sentiment before the opening of trade investors as i said looking ahead to the fed meeting minutes for clues into the pace of future interest rate hikes. that will certainly be interesting. 40 points up for dow jones. i know your second love is talking about fmc and pmi. but let's talk about your first love coming up, manchester united's owners open up about a sale of the club after years of fan unrest we'll break it down after the break. hi. i'm wolfgang puck when i started my online store wolfgang puck home i knew there would be a lot of orders to fill

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welcome back now ftx founder sam bankman-fried ran the collapsed crypto exchange as his, quote, personal thief dom.

that's according to the firm's attorneys. stakeholders gathered for the first day of bankruptcy court hearings in delaware yesterday with ftx counsel saying a substantial amount of the assets are missing or stolen and the case is a different

glazer family which owns the

club to look back and say we tried. there's leaking roofs. >> the second thing is, they don't seem to be the only club that are going through these financial decisions. liverpool, there are reports that the owner is also looking to sell the club we know that chelsea recently exchanged hands. to your point it feels like a bit of a moment in terms of potential change of ownership of clubs in the premier league. >> we're talking about what is arguably the biggest known footballing name in the world. and if chelsea could be sold for

2.5 billion pounds the valuation of liverpool around 4.5 billion pounds so manchester united could get anything from that, it's currently valued at around 5 billion pounds too and the people they put in, the bank they asked to be a part of this and help them sell the club is one that got the 4.2 billion pounds for chelsea when they were forced to sell as the ukrainian war was starting so there certainly could be a case for united to get more out of it and you never know this could be a turning point for the club as well maybe took a whole rinaldo to make that sentiment clear. >> i wanted to ask about the rinaldo angle. how much do you think the glazer decision overnight was influenced by rinaldo's public interview and criticism of the owner?

>> it's possible but i don't think it held as much sway i think it came out at a similar time but rinaldo's dy paeparture, wih providing scathing remarks on the leadership, manager, that did highlight a few of the issues and took what is manchester united's beloved son to highlight the issues. it would be the same if you saw alex ferguson come out with similar statements and that might shape things but it was the perfect timing because they needed to do it now. >> bring it back to the numbers, because being a business show i want to bring in an interesting point as well with regards to rinaldo's transfer fee, which was one of the most expensive transfer fees of all time, with the exception of i think neymar's move, but he made the transfer to man u at a cost of 220 million pounds now that that deal has been

broken up, what does that do to the financials >> it certainly clears up a lot of money they needed to give, you know, rinaldo around 16 million pounds as well for the remainder of his contract, they no longer have to do that. so those salaries are gone the amount of money they needed to put into him is gone but you lose a little bit of revenue as well but you have the biggest stadium in the country by a club so that could certainly bring in a little bit for them as well. >> we've been talking about credit suisse all morning as the egm takes place and we have just got word now that 92% of shareholders have approved the 4 billion swiss franks capital raise. 98% of shareholders have approved the second part of the capital raising. and just as a reminder this also means they have signed off on saudi national bank taking a 9.9 percentage point stake in the bank these lines are just coming

through from the egm of course, a huge focus on the managerial level, refocussing the risk weight back to the private wealth management division so that's an important step for the bank and also being reiterated by the chairman who said today's vote is an important step in our journey to build the new credit suisse. that is it for our show today we will leave you on that note. i'm joumanna bercetche >> and i'm arabile gumede. "worldwide exchange" is coming up next. do stay tuned for that

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it is 5:00 a.m. at cnbc global headquarters and here's your top five at 5:00. stocks searching for some direction as investors await minutes from the latest federal reserve meeting and more insight into its latest three-quarters of a percent rate hike. talk about shedding light. lawyers and executives overseeing the bankruptcy for ftx opening the firm's books for all to see, highlighting a massive misuse of customer funds. big tech's hiring head winds, not over for now, as yet another tech giant says it's going to trim head count.

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