welcome to "street signs." i'm arabile gumede these are your headlines central banks push interest rates higher and the stoxx 600 extending declines after mixed economic data across the eurozone. european central bank and bank of england lifted rates by 50 basis points and stressing they may slow the pace of hikes, rate increases will continue

particularly in the new year >> this is not slowing down. we are in for the long game. >> we have to raise interest rates today because we see the risk is pronounced the german yield curve hits the daeepest inversion in 30 years as the warning of recession in the new year. euronex ceo tells cnbc he is confident for the outlook for 2023 despite the volatile year for equities >> we operate now on a euro nex markets in eight markets and an clearly 25% of equities trading on the platform. it gives us strong visibility to observe all of the flows it certainly has been a data

intense week with all of the interest rate decisions coming this week. we have eurozone pmi numbers coming out for you having to detail the state of the economy across the eurozone. that flash composite pmi from snp global at 48.8 against 47.8 in november. still contractionary territory a clear picture that things are not necessarily as bad as they were before, but still contraction is still the name of the game there take a look at the flash services pmi 49.1 versus 48.5 for november. the manufacturing pmi. 47.8 versus 47.1 in the month of november business activity continuing to

fall even if it is supposedly at a slower rate in the month of december all of this on the back of inflation easing slightly across the eurozone giving a lot of central banks room, but maintaining the firm stance to say to fight inflation and bring it down and they must continue the fight against inflation. more hikes still expected going into next year speaking of pmi, we had some from germany earlier flash composite pmi at 48.9 for december that came as a price pressure ease for the record sect month in a -- not record, but second month in a row the retreat does hint the looming recession could be milder than originally feared. meanwhile, french economic activity contracted.

48.1 in the month of december significant and a ha significant. the recession in germany is certain next year. that inflation will be higher than previously thought. the german central bank said the country would see 7.3 next year. that is higher than the 4.5% let's see how markets are faring across the board with the european picture it has been negligenceative acre board. european shares with the worst performance in six months. all of that an on the back of the ecb decision and the bank of england and swiss national bank from the 50 basis point hike it wasn't so much in the rate hike that the problem was. it was more in the detail and,

of course, the devil lies in the detail more interest rate hikes are on the way because the fight against inflation hasn't ended just because we're seeing a tick lower when it comes to those inflation figures. 7.1% in the usa. 10.7 in the uk yes, a drop off, but not at levels we like to see them and there needs to be a sustained drop off you are seeing weakness. today, .80% weaker continues from yesterday's drop. on to the european market. initially this was a mixed market you see all now in red having been good earlier on that is not to be. weaker for the ftse 100. we got data with retail sales

numbers there. drop off in the uk retail sales numbers to 0.4% for the month of november one would, of course, hope you see a ramp up in retail sales as we head toward that festive season that is not to be at this time gives you a sense of how much the consumer is struggling at this point whether that will continue to filter through december and beyond is the question red across the board and cac 40 is the biggest faller. on to the sectors. banks and autos are the only ones in the green. that has started to fall off further digestion of the interest rate hikes from the ecb and bank of england. technology losing 1.6% real estate, of course, following on the hikes it gives you a clearer picture more than 2% loss. on the yield and bond market this has been fairly interesting. particularly when one takes a look at the 10-year bond yield

which did sit at 2.1%. as you can see 2.177ri% right n. it was 2.7 yesterday that was continuing its upward trajectory thus far. it pushed the euro/dollar to levelsthat haven't been seen i around six months. very interesting the 2-year bond in germany is highest since november of 2008 clear pictures with the rise in yields little more risk in that market pictures. the bank of england hiked interest rates by 50 basis points and will continue to fight against inflation. mpc members voted 6-3 which takes the rate to 3.5% that's the highest level in 14 years.

bank of england governor andrew bailey said th warranted the strong route. >> we have seen the first glimmer of the figures released this week when it is not only coming down, but below where we thought it would be which is good news. it is a long way to go we expect that to happen, by the way. we expect inflation to start falling from spring onwards. there is a risk it won't happen that way because the labor market in the country is so tight. that is why we have to raise interest rates we see the risk as pronounced. >> now the ecb hiked the key rates by 50 points as president legarde warned the central bank has longer to go than some of the international peers. the cousin ncil increased the forecast for the next two years and outlined to reduce the

balance sheet and would start selling down from the asset purchase program next year at a rate of 15 billion euro per month. responding to a question from annette, lagarde did say they would clamp down on inflation. >> significant rise at the steady pace means that we should expect to raise interest rates at 50 basis points pace for a period of time the second element that you have in the paragraph is the reference to a steady pace so it's significant and it has to be a steady pace which means that we have made progress over the course of the last few months, but we have more ground to cover we have longer to go and we are in for a long game

>> the portfolio manager at pimco is joining us and what this could mean in market terms. of course, konstantin, it was only one piece of inflation data it is not as if it dropped off substantially. we shouldn't be surprised that the central banks still said they need to march on with this because that's what we asked from them a while ago, isn't it? >> yes, i think that's right the uncertainty with inflation remains high i think what the ecb tried yesterday was to make clear they are stepping down from 75 to 50 basis points and the market would not perceive as them taking a step back and, you know, slowing down the

normalization process con considcon considerably i think the uncertainty remains high it is clear they have more to do where did the journey end remains unclear. >> pre-market pricing would have probably said that 3% terminal rate is not judged sufficiently initially. clearly does need to move higher we saw that in the u.s. where it was 5.1% figure that the central bank came out there. how high should we go on the ecb front? >> i think it is difficult to say given inflation. pre-market was around 10%. after the meeting today, it is a quarter basis point higher 3% to 5% terminal rate

the market is higher and added another 25 basis points on top of that. ireasonable. i have a strong view the ecb will end up little bit up or little bit below what you see currently is pri pricing compared to other jurisdictions to the fed and bank of england. >> are you happy with the rate of qt as well? rather issuing out a few plans with regards to that and it certainly does pave the way and is it slightly too cautious you think? >> i think if anything, it was somewhat on the hawkish side on the balance sheet announcements. we will get 50% reinvestment from march onward. i think the market is probably expected somewhat higher reinvestment initially and

gradual step down. say 75% investment and then downgrade to 50 and then 25. they decided to go 50% out of the gate i think that is reasonable the ecb will monitor how the market takes it because they want to avoid a situation as you see in the uk where the bank of england tried to get rid of bonds for monetary policy. >> we are all doing this at the expense of growth. germany said on their side it is almost basically certain a recession is on the way there. are we saying to ourselves now once we sort out inflation and we will figure out another way to deal with growth? if you will do that at a later stage, would that mean that central banks get involved again by cutting rates which would produce the cycle of problem all over again

how much more does the fiscal side need to play its part here? >> i think we are in the environment where inflation is elevated and has implications for the function of the monetary policy and fiscal priorities the ecb has a fiscal mandate and they are focused on fighting inflation and getting that under control. that means for the fiscal side or growth part of theequation, fiscal is primarily responsible these days given the inflation, it has to do it if an a targeted way lagarde says it has to play out. it is important to say fiscal and be monetary should constitute a sensible to focus on fighting inflation and fiscal has to support growth and does not had to the inflation fire.

>> konstantin, they have to monitor the bad loans on the back of this the rising interest rates and higher inflation and likely recession. how big a risk is that do we need to start factoring that in as pretty much a base case here for the banks especially >> i think banks are very well capitalized here and they are different animals to the pre-global financial crisis and they have provisioned a lot and everybody knew that mild recession is probably coming higher interest rates are obviously extremely helpful for banks. you see it in the results. it is a game changer for banks i think there are certain seeing m -- segments s of the market an think the banks would not be

part of the problem down the line. >> konstantin, thank you i appreciate it. the portfolio manager at pimco unpacking the ecb decision to hike interest rates 50 basis points and inflation rate. in the uk, retail sales fell 0.4% bucking the lead up to christmas. sales came in 9% weaker for the year as inflations eat into household budgets. this may be true as consumer confidence in the country lingers at the lowest sustained level since the 1970s. that is according to jfk research firm. coming up on the show, the final european council summit of the year has wrapped up.

sylvia has the highlights from brussels after this. my name is ashley cortez and i'm the founder of the stay beautiful foundation when i started in 2016 i would go to the post office and literally fill out each person's name on a label and now with shipstation we are shipping 500 beauty boxes a month it takes less than 5 minutes for me to get all of my labels and get beauty in the hands of women who are battling cancer so much quicker

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welcome back worries on corruption scandals in brussels on the final meeting this year. the eu suspended works linked to k kwat amid the criminal corruption investigation the parcel the member is looking to see how lawmakers work with other countries. >> i'm putting together a wide ranging reform package to be ready in the new year. this will include the strengthening of the parliament's whistleblower protection systems a ban on all unofficial friendship groups and review of the policing of our code of conduct rules and complete and in depth look of how we interact

with third countries i can also say we will look into everything we will look into any undue pressure and undue influence that we see that takes place >> the inter nent al change said it may remove the exchange if they go with the price cap a memo said a cap would place a strain on the market they operate the dutch transfer which is the main change for trading and setting the price of gas. eu leaders signed off on the sanctions package against russia with the war in ukraine. leaders discussed a joint europe

response to the u.s. inflation reduction target sylvia is joining us for more from brussels. sy sylvia, it is not all doom and gloom. they may not have agreed on the price cap, but quite a few wins coming from the meeting. >> reporter: that true when it comes to that gas price cap, let me clarify to viewers that the heads of state were not meant to fix this problem at this european summit they gave their political backing to the policy in late october and now it's up to the energy ministers to fix the differences. what we got from the heads of state when it comes to the specific policy, this cap on natural gas prices, is they dialed up the pressure on the energy ministers they put into writing the ministers needed to reach agreement on the 19th of december when they come to brussels here on monday. let me show you remarks from the

french president emmanuel macron outlining their approach to the ongoing energy crisis. >> we have technical discussions and defined the political framework to allow ministers to finalize gas caps. a remarkable job has been done to do this by the 19th of december and we acted on this being the most important and structuring and acceleration of our joint purchases. especially those of medium and long-term contracts. >> reporter: as this was their last european summit of the year, i want to look at what is on the table for 2023 because, arabile, there are still challenges for the eu to deal with next year one is, of course, the tension with the united states that will be proposals from the commission to address this when it comes to the first quarter of 2023.

there is also, of course, inflation here let's not forget that yesterday we got a hawkish european central bank members in italy and portugal are not happy about that inflation is still one of the main topics for the heads of state in 2023. of course, when it comes to the energy crisis, let's not forget that the refueling season will start soon the race to refill the gas storages will start shortly and that is one of the main challenges for the leaders in 2023 as well i'm sure they will be back in brussels in 2023 to cover all of this arabile, happy holidays to you and the newsroom and our viewers. >> thank you so much for that, sylvia happy festive season to you. have a good break as well.

it's been a very, very interesting year across the board. that certainly is for sure the u.s. accounting watchdog gained access to documents on the chinese companies listed in the u.s. easing the threat that 200 chinese companies could be kicked off the u.s. exchanges. the biden administration expanded the crashckdown on the chip sector after a slew of sanctions on chinese companies it focused on firms in the ai sector the chinese embassy in washington stressed it will safeguard the lawful rights of its companies. joumanna is in paris with a preview of what we have coming up after the break joumanna, a lot happening at this stage a lot of conversations that have been put through and a very special guest as well coming up right after the break.

we do have the industry capital partner coo yngve slgsyntad joining us stay tuned for that. leg for pos. i remember setting up shipstation. one or two clicks and everything was up and running. i was printing out labels and saving money. shipstation saves us so much time. it makes it really easy and seamless. pick an order, print everything you need, slap the label onto the box, and it's ready to go. our costs for shipping were cut in half. just like that. shipstation. the #1 choice of online sellers. go to shipstation.com/tv and get 2 months free.

welcome to "street signs." i'm arabile gumede these are the headlines. global stocks pushed back as interest rates are higher while the stoxx 600 extends declines across economic data cross the eurozone the european central bank and bank of england lift rates by 50 basis points and stressed they may slow the pace of hikes, rate increases will continue into the new year. >> this is not upheaval. we are not slowing down. we are in for the long game. >> we have to raise interest rates today. we see the risk is pronounced. the german yield curve hits the deepest inversion in 30 years as the outlook is warning of recession in the new year euronex ceo tells cnbc he is confident for the outlook of

2023 after the volatile year for equities >> we operate now on euronex markets across eight markets and we are clearly 25% of the equities trading in europe with the single technology platform to give us strong ability to observe all those flows. we have had a lot of data come out this week we continue to have pmi numbers. still in contraction territory in the eurozone and germany. we head to the uk flash pmi numbers which have come out. the composite number at 49.0 that is for the month of december that is versus a 48.2 for the

flash compose iite number in november still in contraction territory the flash manufacturing at 44.7 against 46.5 in november a slight weakness out on that one. in fact, manufacturing getting weaker on the month there. when it comes to the services pmi, that number coming out flat on at 50 from 48.8 in the month of november to 50. being separated there in that contraction and growth mark. that is the mark for the uk numbers. that is moderation that downturn moderating for december quick look at the markets faring in europe. we're in the red for today it does fall on from the bad day yesterday where we did see

eurozone post the worst daily performance in months. that continues today with the weakness cac 40 down .70% with the ibex 35 is the biggest loser today at .90%. .30% weaker for the dax. that does follow the eurozone. how do we look for the week? what does it look like week to date some big losses coming through for the cac 40 with 3% loss for the week as well as the dax which lost 3.25% thus far. that negativity continues to be the case it does come through with the statements from the ecb and bank of england and swiss national bank they may continue to hike interest rates markets taking a lot of that in and asking what other terminal

rates, particularly the ecb having heard madame lagarde with significant upward move to the inflation number and recession fears returning to the market. big, big worries there saying there is a grim picture that is likely to come forward then for next year with negatives still in place when it comes to growth the u.s. futures picture follows on the negative sentiment we have there. we have that flattish stance with the futures this morning. investors have responded to the data that elevated concerns of looming recession and looked ahead to the slew of federal reserve speakers scheduled to speak later today. i'm not sure if you will get a clearer sense of the market movement, but you could get more

sense of how much more work needs to be done to quell inflation and how much longer they perhaps could go on for that does give you some sense we could get there. u.s. markets to date weakness is a big part of the market portion the dow jones industrial average with the big losses after the fed decided to cut interest rates there. that move was 300 points for that stage we are down 270 odd points .80% for the dow jones industrial average s&p 500 is 1% weaker bigger losses for the nasdaq. 1.8% down for the week thus far. now industry leaders are meeting at the conference in paris this week to discuss global supply chain issues

joumanna is joining us as she has been throughout the past couple days for a special gift interview this time around the conversations continue to revolve around that structured look at europe how things will fare from here and what needs to be done and especially when it comes to the energy crunch. joumanna >> you said it for me, arabile that is what i was going to talk about. we have been here the last couple days and having conversations with stake holders. right now joining me is yngve slyngstad, coo of industry capital. he brings plenty of experience to the table i want to start off asking you how you feel the mood has been the last couple days how do you think people are feeling about next year? >> actually it is not

optimistic it is more constructive than just a few months ago. >> why is that the case? you know, we said on our show we have many people come in and talk about the state of the global weconomy and recession an consumer is pulling back where is this coming from? >> if you look at it in practice, we have a very difficult situation in europe with the war and covid, et ce cetera given the circumstances, three years back and say we are in this situation, europe is handling it well people are sort of thinking maybe inflation is tapering away a bit. >> i want to pick up on the comm comments you are the coo of the energy transition h how would you be at identifying energy sources away from russia?

>> it still has a lon g way to go 40% of gas was from russia that has to be filled. we have been lucky we can take lng into europe better than expected more coming from the u.s. and we have been able to fill that gas gap more easily than expected. of course, the problem is the next year. >> in tthat is what i was going say. this year is looking good, but we have to worry about next with inter. -- winter. you have to continue to find other sources at the time china will open up do you worry >> it is an important factor first, gas flow in europe for the first half of the year and china is picking up again and then maybe less beneficial europe my have more of an energy crisis next winter than now.

so far, we have been handling it well. >> what do you make of the transition so far toward alternative uses and renewable sources of energy in europe? europe is leading the pack in energy composition i think 20% of european energy source comes from renewables is that high enough and are we shifting fast enough >> definitely not. we have to build faster. policy has to be changed with more incentives. u.s. is moving faster now with the new i.r.a. >> do you think the europeans need to introduce legislation similar to the i.r.a.? obviously there are state rules that hold europe back. would that be welcome in your space? >> it would be welcome, but it is difficult to see how it happens. it is not one common tax regime in europe. you don't have that common state planning like china. europe has more of a problem

with raising incentives. >> will it take opportunities away from europe and go to the u.s. especially in the last month with president macron in france who has been critical of the i.r.a. it promotes unfair competition in his eyes. >> it is more of a long-term issue than unfair competition. we have to get this going anyway incentives are stronger in the u.s. they are bidding on the licenses in the u.s. now. >> what is your view on the space nuclear should have in the space? >> nuclear is more expensive than solar it takes a very long time to build. i think we are in the situation we need all types of energy sources sources. it will not fill the gap

>> i want to take it back to the prior experience you were managing the world's largest wealth fund which put you in the position for decision making for the companies you invested in. now it feels there is a bit of backlash from the anti-esg community. they are saying it is not right that a key set of investors should have so much power when it comes to the strategic decisions at a company level what is your response? >> if you are managing other people's money, you have to be custodian for their intentions and what they want to achieve. of course, they have to look at the bigger purpose it is easier with the wealth fund you can adopt a clear preference from your own. if you are managing other people's money, you have to be

docognizant of putting it together >> we talked a lot about energy. are you confident that inflation can return back to more moderate levels that 2% level that the central banks target >> there is a big uncertainty of it with the pessimism a few weeks ago which changed a bit. it looks more promising now. when you have all of this inflation coming from the energy sector, that is tapering off and global supply chain is coming back and better shape and it is possible we will get to a better state. >> let's hope so fingers crossed. yngve slyngstad. we had so many different inspiring conversations here hopefully the viewers have a better understanding of the energy challenges facing the european continent arabile. >> joumanna, thank you so much fascinating conversations you

have had i appreciate that. thank you so much for your work there. fr now the new york state department of financial services has issued digital asset guidance to state regulated banks laying out what financial information institutions must submit before engaging in crypto related activities banks must detail how it services would impact the bank capital and liquidity. elsewhere, binance ceo changpeng zhao admitted it could have $2.1 billion clawed back as a result of the ftx bankruptcy. cz said withdrawals at this time would not be impacted. >> people can withdrawal 100% assets from binance.

we will not have an issue. 100% of assets withdrawn there is no bailout of banks with the liquidity crunch. that's what we do. it's very simple >> zhao fought back over the comments made by kevin o'leary that binance sought to put ftx out of business. calling yo'leary a liar twitter suspended a number of accounts of journalist ws reporting on elon musk accusing them of his real-time location this move comes after musk threatened the account tracking his private jet. the account was banned on wednesday despite musk saying

when he took over the social net network, this would not happen flight records are public information. coming up on the show, we look at the case for emerging markets as higher interest rates from the fed pushes up the rates on dollar denominated debt all of that coming up after the break. we're told that success is all about making it on your own. the truth is... need some help? c,mon, get in. nothing great gets done alone. that's why there's shopify. with shopify, you can set up your online store; you can sell on social media; or, you can sell in person, with our point of sale system. it doesn't have to be lonely at the top. join the millions to find success - on their own terms. start your journey with a free trial today.

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welcome back to "street signs. we have had a bit of information come through today when it comes to the economic front, but following on from the ecb decision to hike rates yesterday, we saw madame lagarde saying more needs to be done to catch up with parts of the world. we see comments from the policymaker saying 50 basis point hike is likely for february and march it is very interesting it is in lock-step with what lagarde spoke about yesterday with more needing to be done quite some way to go when it comes to rate hikes.

we got word from robert holzmann speaking about choice was between hawkish 50 basis points or dovish 75 basis point like clearly 50 points opposed to the 75 hike. holzmann said he doesn't want to say where terminal rates are at the moment 3.25% at this point in time. certainly things could move. holzmann saying the hawkish statement put forward by lagarde is equal to a 75 basis point like over what could come through. those are the statements what does it mean for the market we see the euro/dollar at 106.

the european market has been in the red and continues in the red this morning sort of staying around the .40% of weakness for the ftse 100 ibex at .90% weaker. weakest so far of the european market falling on the weakness from yesterday. the u.s. markets with major losses for the dow jones industrial average again today it may continue to see red following on from the fed hike as well earlier this week. we also got data coming from the united states which does point to weakness as well for the consumer and retailers as well our next guest believes we should revisit the investment case for emerging markets. arguing there are nuances behind the recent under performance of equities the strategist is joining us for the conversation

let's talk about what these nuances exactly are. one would think, especially the advanced world with europe and u.s., struggling with the inflation read right now where is the gains if you look at the em space which would get hammered in a time like this as well >> thank you for having me look, the paper wrote for the institute was looking at the narrative that emerged for the markets in the last 12 months and they become uninvestable the question is when should i buy or not buy at all? my view is this is a structured opportunity there. the cyclical set up is interesting. there is no euphoria anymore this is in the context of the

end cycle environment you were talking about with the dollar at 35-year high and momentum is slowing and you have the china covid restrictions easing dramatically cyclical set up is interesting the structure is misunderstood emerging markets did poorly relative to the expectations in the past decade. people are disappointed. there is a bit of nuance there emerging markets have beaten equities 20 years and over 70 years of ancient history even in the last 10 years when returns have not been great and russia gone to zero. they out performed china and europe half of the time. that is unless you want to be 100% inn vvested in the u.s. finally, what i would say, there is a straight forward sector

composition issue. at the end of 2011, emerging markets had 50 % of assetss in km commodities. the set up is different. >> the question on the other side is china being the bigg shock to the markets yes, we have to wait for things to pick up if they don't pick up, things will be negative for some time quickly, were there shocks to the market where one thought they would pick up and gone back to normal? >> i think understanding markets in china over the last ten years is key one thing we found is there were these index inclusion events when china ended the indices in 2016 and 2017. there was index inclusion

sharing and ism went down. that was a significant under performance. the shares came in at high valuation multiples. and they needed rating the index inclusion events played a bill role in under performance in china i think the set up is different going forward. there is no euphoria at the moment in china. these stocks are not coming in at 25 times earning. that is difficult to happen ag again. >> this is -- this is a risk-on trade you are making with the statement you are giving out here when you have statement frgom eb saying they are not convinced market pricing of the terminal rate is sufficient that means they are just bound to go higher ems have been following the same

route going about the business and trying to tamp inflation as much as possible they are hiked substantially that brings on the sense that they will have greater recession at that time where is the gain? >> i think the set up for emerging markets as you pointed out is different they hiked earlier the valuations derated earlier as well. you know, when i look at capital market assumptions which is a fancy term for return forecast in the coming decade, nearly every single industry, capital market and emerging market equities and emerging market debt has the highest expected return it is partly because the valuations are so beaten down relative to dm in a calquality company is tradg

at cheapest valuation to high in developed markets. i think it is -- yes, you are looking forward to better outcomes in emerging markets, but the valuations have de-risked. >> certainly a tough one thank you for the time we have to leave it there. the conversation itself has certainly offered a lot of interest, particularly when it comes to that marketm we will see how things fare. thank you for your time. we have come to the end of the show very interestingly, joumanna is with us. she has been in paris for the conference de paris. argentina is playing france in the world cup final on sunday. a tough one for you here, joumanna that kicks off at 3:00 p.m. gmt

on sunday. who are you hootirooting for? >> talk about awkward. yesterday, i was wearing a blue suit they said le blue. no, these are my blues i'm team argentina all the way here is why, arabile i'm supporting messi he has so many achievements. seven ballon d'or and highest top scorer ever for argentina. this would be his crowning achievement. even if they don't make it, he has so much respect and admiration from all over the world. that's not going to take away from him >> i'm going to go le blue and support france we will see how it fairrene week that is it for the show. "worldwide exchange" is coming up next. stay tuned to cnbc

it is 5:00 a.m. on wall street here is the top "five@5. waking up with a black eye after the worst day since september and futures are lower again. big losses for big tech as nasdaq does something for the first time in more than 20 years. elon musk suspending the twitter accounts of half a dozen journalists over concerns for his personal safety. details ahead. shutdown averted for now senate passing a