good morning welcome to "street signs." i'm joumanna bercetche >> i'm julianna tatelbaum. these are your headlines >> the stocks surging to a nine-month high and the german outlook is better than expected than november. renault is looking at the revolution share holding plan giving six free shares to the company's work force. travelers pour into china as

they lift quarantine rules for the first time in three years. and hundreds of people are arrested after supporters of former brazilian president boribo lrk sonaro stormed the presidential palace. good morning happy monday welcome to "street signs." equities starting off on a high note the stoxx 600 up 0.4% this morning. building on the rally we saw last week. friday was particularly strong for europe and the u.s we saw market sentiment really get a boost from the non-farm payroll report which was solid and raised hopes of a soft landing from the federal reserve. we got fascinating data. european inflation to the down

side at the regional level and individual country perspective perhaps the central banks have a handle on inflation. that is a big debate right now breaking down by region. worth noting, the ftse 100 last week put in a strong performance on friday, hitting a three-year high boosted by minors and energy stocks we know relative to europe and the united states. interesting to see the gains continue for that index. we are sear broad based gains. dax up .20%. swiss market in positive territory. under performance from the spanish trading down .10 basis points and financial services is catching a bid up 1.5% basic resources is performing

well up 1.4% china reopening the borders with hong kong over the weekend a real sign of the reopening getting further under way in china. on the down side, defensive is food and beverage and telecom and healthcare turning to bond markets. one feature of trade last week is both equities and bonds surged across the continent. we have yields moving higher across europe. we have the german 10-year trading at 2.216 joumanna let's look at price action in the u.s. markets. we saw the best day for the u.s. stock market since november 30th this is after the data julianna highlighted. non-farm payroll with reaction it seems the other notable

catalyst was the weaker than expected ism services number which also catpulted rates higher let's talk more about the print because the number increased more than last month rising 223,000 ahead of the 200,000 expected unemployment rate was lower than expected edging down to 3.5%. wage growth moderated more than expected with the average hourly earnings rising 4.6% on the year and 0.3% on the month. steve liesman filed this report. >> the bond market showing a low inflation pressure and fed officials with a hawkish take on rates. the two-year yield fell sharply and again with the weak ism services index and combined 20 basis points off the yield

a big move for that security headline payroll growth at 223,000. above expect expectations unemployment rate fell to 3.5% the number was revised down at 0.3% participation rate rose bringin more people in the labor market. revisions to 28,000 off prior months overall, the market saw a modest jobs report. ism services index was a miss falling to 49. well below 55 expected dropping below 50 for the first time since coming out of the recession in 2020. it is now in what we consider contractary territory. more evidence of lower inflation. the market thought it should add up to less fed raphael bostic in the interview

on cnbc says he is still full steam ahead of hiking above 5%. >> what i think is important is to hold there and stay there and let the policy stance grip the economy and make sure the m momentum is fully arrested to get to a place where demand and supply start to come more into balance. >> in fact, multiple fed officials speaking after the numbers came out steve liesman, cnbc business news. and the picture overall today is still positive. less than the price action on friday s&p opening nine points higher let's take a look at the dollar. we did see a market selloff in

the dollar on friday it was down 1.1% today, you can see that some of the weakness is continuing the euro is shy of 107 the pound keeps moving higher. 121.60 the dollar/yen is flat so much to discuss let's bring in the next guest. the managing director of fx strategy at rbc. great to have you on the show. we are going to talk about the non-farm payroll print and the impact on the u.s. dollar. it feels one of the major stories we have been talking about is china reopening that is the focus on markets for the next couple months at least. what are your clients saying about the reopening trade and is there any specific trade that captures that best >> a lot of people have been

putting that trade on for the last couple months you see the tight market and korean bond starting from the cheap. it is currency we still like when it comes to euro, you will see less of an impact. china released restrictions yesterday. a lot of european countries with testing requirements from the tourism perspective, asia is benefitting the most >> the yen is an interesting one. it moved about 16 percentage points since the dollar in october and november we got as high as 152. now trading down to 130. the language out of the bank of japan has changed moving away from or widening the band of the yield credit control what do you think this reveals for the strength in the yen? >> it is a really interesting

question my answer would be contentious it feels like long yen is one of the favorite trades for 2023 whether it is people playing the change from the bank of japan or the fact that we expect recession slowdown and global economic growth. the fact it was weak in 2022 everybody looks for the yen to streng strengthen if the fed is not cutting, costs will remain elevated a lot of people could get caught on weakness in the back half of the year. >> let's talk about the fed and if they cut rates in the back half of the year or what they will do. last week, we got data and joumanna highlighted the non-farm payroll report, but the ism was weak it looks like investors are emphasizing negative influence rather than negative signals

with the strength of the u.s. economy. what was your take on the data and your best case for the fed >> it is interesting it is not just ism, but average hourly earnings that steve mentioned earlier. people are looking for wage growth and inflation and hoping for softening so the fed can return rates to neutral levels that said, it is premature we had a couple of cpi reports that were softer, but still core inflation firm the fed concern is they cannot ease off too soon. it is premature. >> we have jay powell due to speak tomorrow in sweden and data later this week the u.s. cpi what are you watching and what advice would you give investors? what data points are important from here? >> it feels like after a year focusing on inflation or pivoting back toward jobs. if you think about the fed minutes, they highlighted

services inflation that is a function of the job market and how much we are seeing in terms of wage growth that is what i would watch going forward. >> you know, you were talking about the sticky core inflation of the u.s we have not seen that situation in europe as well. lower than expectations. core is continuing to creep higher obviously the ecb has turned hawkish in the last month. is that the reason the euro is doing well because people are pricing in a hawkish outlook from the ecb >> i think that is helping you have the equity performance with the u.s. and euro which helps. the fact that the winter has been milder than anticipated from the energy perspective, things are positive. a number of things coming together in the euro favor i think as we go to the back half of the year, it will be challenging. for now, current levels are reason able reasonable

>> elsa, thank you the european central bank expects to see strong wage growth in the coming quarters. central bank sees wages lag behind inflation leading to a decline in terms in the article, the ecb said firms are beginning to adjust wages with price pressures leading to fears of high inflation. despite concerns in the short-term, the article says, expected economic slowdown will limit wage growth moving forward. coming up on "street signs," china welcomes tens of thousands of non-quarantined travelers for the first time in almost three years.

welcome back to "street signs. top story is china set to announce private corporate g guidelines according to the

financial times meaning food and beverage could be ineligible on the hang seng. a yellow light may be in the works for the companies dependent to finance expansion and jack ma will give up control of the company his shares of voting rights falls from 50% to 6.2% this following the regulatory crackdown of ant's $37 billion ipo in 2020. the fintech giant has no plans for an ipo. china reopened the border with hong kong travelers poured in by air, rail and sea over the weekend the requirement to quarantine has been removed emily tan has filed this report. >> reporter: the borders reopened to travelers. for the first time in three years, they are allowing

quarantine-free travel this is one of seven border check points that reopened there are 14 in total that are used in hong kong. the government says it will be reviewing this initial reopening before it increases numbers. there are three land borders and they are subject to 50,000 you have to register online and take a pcr test within 48 hours of date of travel. you have to register online and get the pcr test there are no caps on numbers, but you still have to take the pcr test the airport or ferry terminal here for the first time in three years, we were able to take the ferry to macau this is a critical time for travel we are ten days out from the

lunar new year people will want to see their family they they have not seen in three years we are watching the spike in covid cases in china and how that infection will be coming into hong kong reporting from the border near china, i'm emily tan in hong kong >> that is moving forward with the reopening in china as for the china stocks in europe, we have a firm trade from the luxury names a lot of this is already priced in given the reopening we have green on the board across the luxury sectior we have green across the board and contained with the magni magnitude. we are seeing more outsized moves in the mining stocks this morning. you have basic resources out performing as you saw in the initial sector breakdown we are seeing an overall bid fo

the cyclical names glen core is trading firmly at 2% higher. let's switch and talk about germany. the industrial output rebounded in november rising 0.2% on the monday the country's factor sector beat expectations after contracting in october and desppite rising energy costs let's get to annette the price of gas dropped so much in germany is a remarkable achievement. >> it is remarkable. you have to look behind the scenes a little lbit. the speculation is that the companies are working down the order substantially. if you look at factory orders,

they are slumping. down 5% for the month of november that is a continuing trend since the onset of the war in ukraine. factory orders are a leading indicator for the industrial production i guess what we're seeing is solidly holding up production. that could be actually disappointing numbers ahead. if you look at the segment, it is interesting the construction sector is contributing theleast to the numbers. it is down by more than 2% in the month of november. it is kind of a seasonal affect. at the same time, the higher interest rate is a severe weakening of the real estate sector corurrently here in the country. what is holding up is capital

goods which is up by more than 1% in the month of november with production and to consumer goods being down 1.4% as i was pointing out, we are seeing an effect on the german economy or industry from the easing of supply chain con str constraints on one side and the future might be uncertain given that we're seeing those slump in factory orders the orders will be crucial to monitor when it comes to predicting how the try will fare during the course of the year. >> annette, a helpful breakdown. interesting data it is question how forward looking it really is thank you. happy new year. thaesla owners demanded

rebates after missing out on price kutsz. this -- cuts tesla cut twice in three months in china this morning, it announced discounts to singapore buyers. >> can you imagine if you were a buyer of an existing customer and then a month later they announce the price cuts sd. >> it is different with clothing, but a tesla? >> that is a myriad of issues. continuing with the auto sector renault is coming forward with the renaulition plan under half of the staff with shares of the price of 22 euro and 2 cents. the automaker is 4.76% owned by

the work force and hopes to be 10% employee owned by the end of the decade. goldman sachs is planning to cut over 3,000 jobs this week according to bloomberg one-third of the cuts are set to come from the bank's trading and banking unit goldman resumes the cutting program from late last year. and twitter is laying off more from the misinformation and hate speech division twitter confirmed the cuts to bloomberg, but denied they were targeted in the areas reported salesforce ceo marc benioff warning more layoffs could come. this comes days after it announced 10% cut in jobs. he expressed concern of

productivity and half of the account executives brought in more than 95% of deals. amid of wave of job cuts in the tech sector augmented and a startups were at the consumer electric show. julia boorstin has the report. >> reporter: the gadgets did not have a great year in 2022 and last year ar and vr head sets saw a 12% decline in sales from the year earlier right now, there are two key reasons for hope the first we hear from companies is the expectation that apple will launch augmented reality headset in the spring and that could drive an increase in demand second, there is the expectation of continued growth in the enterprise space business use is the focus for

the high-end quest headset i was able to assemble a virtual building magic leap with the augmented reality headset. they partnered with cisco with the virtual meetings they have tools for surgeons to use in the operating room. >> this was the first entry point that made sense for augmented reality. there is actual use case today that customers can find value with and we narrowed it to areas like healthcare, public sector, manufacturing facilities, training eventually that will broaden more and circle back to consumer. >> reporter: looking to add more of a dimension to smell, ovr gives users smell experiences to

help with relatxation >> when apparle releases their device, it is a tipping point. apple releases excellent products >> reporter: other gadget makers like haptics companies send tiny electric shocks to make you feel you are in a virtual battle. many of the makers are waiting for consumer demand and meta experiences to takeoff and in the meantime, they are finding other uses the haptics maker is cpairing with video games julia boorstin, cnbc news, vegas. and coming up, alzheimer's drug is giving some patients hope for the future.

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signs. i'm julianna tatelbaum >> i'm joumanna bercetche. these are your headlines >> european equities rally with the stocks surging to a nine-month high and german output is better than expected. renault finalizes the revolution the share holding plan giving six free shares to each of the company's 95,000 strong work force. travelers s pour into chinas it lifts rules for the first time in three years adding to the rally in equities. hundreds are arrests after former brazilian president bolsonaro ransacked the presidential palace. everybody, let's check in on hue european markets are faring. we had a strong week for the

stoxx 600 with the index up 4.6% in the first trading week of january. that marks the strongest since last march we really started off the year on the strong foot for european markets. the handover in asia with the china reopening and very strong surge in u.s. stocks we had on friday after that non-farm payroll print and weaker ism services number. that led to wall street up 2%. today, you see all of these indices with the exception of spanish, is trading positive dax is better than expected. ftse mib is up .40%. today is a big day in terms of the meloni meeting and immigration plan cac in france is up .10%

we talk about renault today. that stock is down toward the bottom of the cac. ftse 100 is leaping higher as well .10% higher over there we see a bounce in glencore we will get a lot of results from the retailers that is something to watch out for in the uk basket switching to fx. we saw a dip in the u.s. dollar. that weakness is continuing today. the euro is a quarter of a percentage point firmer against the u.s. dollar. the pound is moving higher .60% firmer. 122. shy of that. dollar/yen, we spoke with elsa earlier, saying dollar/yen is the space for longer term.

we will continue to see if this has legs and the yuan with the china reopening. it is also stronger against the dollar to the tune of .5%. as for u.s. futures, all of the futures are opening up in positive territory dow up 70. nasdaq up 50 worth mentioning friday was the best day for u.s. markets since november 30th. let's take a closer look at the pharma sector. a new drug approved for alzheimer's patients to slow the rate of decline in early stages. the drug developed by biogen is one of the first of its kind for alzheimer's, but could be difficult to access with the cost of over $26,000 per year. astrazeneca is looking to buy cincor it will take $26 a share

more than double the $11.78 friday closing price. healthcare is front and center with the jpmorgan chase healthcare conference kicking off today. this is shaping up to be a good year for big pharma. we have emily with us from barclays good to speak with you again especially with the conference stateside. let's kickoff with the themes of the pharmaceutical companies this year. >> thank you the sector developed last year and it did not have a lot of exposure on input cost or demand for products we saw concern with the inflation reduction act in the united states with the u.s. regulation a concern for

european investors in particular however, it is an exciting catalyst for european pharma with a lot expected in the oncology space that is keeping investors excited. >> emily, i want to ask about a preferred names. novo nordisc this drug called wogovy a miracle weight loss drug i have been reading about it in the u.s. it seems to have taken hollywood by storm the drug discovered through research through diabetes which is the novo nordisk. >> wogovy is exciting for

investors. it has had issues with the supply all of the issues have been resolved and it is back on the u.s. market selling wogovy how big can the market be? we are really just at the beginning of obesity considered as a medical condition as a disease. not just diet and exercise novo has a product behind that and eli lilly should get on the market with their obesity drug later this year. i think that is really just at the beginning here of obesity being a very, very large pharmaceutical market. >> emily, just to go one step forward with wogovy, what are the catalysts to watch and

whether it reaches that 11 billion in sales level you just described? >> so there is a very important trial update that we are expected from novo nordisk in this trial, novo will accept whether treatment prevents cardio impacts the trial is expected to ho hopefully show 17% benefit on the cardio conditions. we think that success in that trial is the key to unlocking other markets outside of the u.s. for which you really do need to see a bit more data beyond the weight loss to get government payers to buy in. >> emily, i want to ask about another recent breakthrough in alzheimer's space. on friday, the fda approved a

drug which has proven to show that it can reduce cognitive decline. how big of a breakthrough is this and what does it offer to the companies involved with the manufacturing? >> great question. alzheimer's has been one of the most difficult spaces for the pharmaceutical industry. seeing this approved is a great achievement for the industry and for patients obviously, with biogen, there was cost issues and limited by the united states government we are expecting broader access and we will also be getting updates from the drug from eli at the end of the year these are certainly steps in the right direction toward treatment that modify the disease being

able for alzheimer's patients. >> emily, just a final question. are there any potential covid vaccine tailwinds that you still see for some of the western companies? specifically in light of china looking to open up and moving in that direction are you looking for china to field the western vaccines >> so china in terms of allowing mrna developed by western companies has been an open question for some time i don't think we have new insight into that. regarding covid treatment actually as at least for astrazeneca, the vaccine has been receding in terms of financial importance they have a novel variant and

looking to work on the next treatment there. i think investors are sort of not expecting much if there is upside from china, that would be an upside surprise i don't think that is part of most people's baseline expectations. >> emily, super interesting comments look forward to the next conversation emily field at barclays. coming up on the program, thousands of supporters of former president bolsonaro storm the palace

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home internet shouldn't be a luxury. everyone should have it and now a lot more people can. so let's go. the digital age is waiting. welcome back to "street signs. kevin mccarthy has been elected to the speaker position in the house of hrepresentatives on the 15th ballot. he is giving a single house

member the power to call a vote to remove him as speaker what a concession. mccarthy's election followed tense scenes after the 14th vote on friday with a heated discussion with matt gaetz on the house floor and mike rogers restrained as he confronted gaetz. >> astonishing scenes. thousands of supporters of former president bolsonaro stormed the congress and supreme court and palace on sunday unrest follows the leftist president desilva who defeated bosonaro in october. he has not conceded defeat. shares of petrobras is down in trade with the fears of unrest after the company stepped up security at the refineries against threats of assets according to the report from

reuters. a lot going on in brazil let's get to the head of america's political research i think i was not alone in watching the scenes evolve over the weekend and being reminded of the events in the u.s. capitol on january 6th to what extent what happened in the u.s. inspired the insurrection we saw in brazil? >> of course, there are many similarities between the events of this weekend in brazil and what happened in the u.s. two years ago, but also the movement of former presidents trump and bolsonaro. the events in the united states happened before the new government took office in brazil, we have a new government sworn in over a week ago. it is institutionally a very different situation. we do have a very fractured

country. the question now is whether president da silva is delivering on the promise to take office on unifying brazil and the coming days and how he goes about reacting to the events of sunday will be crucial in that respect. >> talk about former president bolsonaro's response so far, he has not conceded defeat he did put out a comment yesterday saying peaceful demonstrations within the law are part of democracy. invasions of public buildings like we saw today are not within the rules. could we expect to see this activity so long as he doesn't concede defeat >> our expectation is this will continue and former president bolsonaro's response has been tepid on purpose only after the result. yesterday as well. during his four years in office, he was very careful to always,

you know, toe a fine line within constitutional and legal boundaries and pushing against the boundaries he did tepid condemnation of the events yesterday, but he has fallen short of condemning the camp that remains outside with military outposts demanding a coup and forceful removal of the president. it is playing within the constitution and his supporters are demanding to break with the democratic order and constitution of brazil to reinstate him in office. >> i was going to ask what you think this moment's end game is? is that what his supporters want >> that's what they claim and have been calling for since the election results if you ask me, it is quite

ironic to demand to break with democracy to reinstate what they believe was a democratic outcome. the argument is they believe the elections were fraudulent. former president bolsonaro indeed won the election and they are denied a second bolsonaro term against the will of the people if we think about breaking with democratic order and what it means no in latin america, it ms the protest they are carrying out is outlawed. civil rights are heavily restricted under military rule the main question is whether these camps will now being removed from outside the military outposts by the lula administration because of the threat in brazilia and other states who have links to

bolsonaro may be unwilling to respond like in brasilia yesterday where we saw the tepid intervention >> this is a business show, after all, so link for us, if you can, the impact that the saga may have economically on the country and what this means for market participants who invest in brazil >> well, of course, you know brazilian assets particularly state control enterprises had been suffering losses in the market since lula took office because of the statements his administration had been making about the role they need to play in bringing down inflation in the country over the coming years. now we're likely to see assets being hit again as markets officially open in the country particularly the actions taken with petrobras

protests have been targeting the company. the other question is the economic impact more broadly if demonstrators move again like they did in november to block roads and choke supply chains across brazil. we are likely to see some impacts over the coming days and weeks as a result of yesterday's events >> thank you so much for joining us and talk about the implications head of the political research at verisk. i want to switch gears and take you back to alibaba as ant group founder jack ma will give up con ttrol of the company. alibaba opening higher we have an indication of a 5% jump in u.s. listed shares of alibaba as jack ma prepares so

cede control of the affiliated ant group and end share of voting rights falling from 50% to 6.2%. this follows the regulatory crackdown after the cancellation of ant's $37 billion ipo back in 2020 the chinese fintech giant says it has no plans for ipo. let's turn back to europe markets. it is a positive session trading with the risk on bias after the strong week last week. the stoxx 600 up more than 4% for the week last week that was its best weekly performance since last march march of 2022. we are starting off with the strong footing today is leaning green slightly more moderate performance. you see dax up .25%. german output is better than

expected on the month to month basis given the gas consumption reduced within germany cac 40, we are watching renault. it is at the boughttom after the share split. the ftse 100 trading the flat line it is shaping up to be a big week for the uk retailers with the results expected later in the week. as for u.s. futures. this is the picture here leaning more positive. s&p and dow and nasdaq opening up in the grieen. on friday, they had their best day since november 30th. it is set to be a big week for corporate earnings and economic data. industrial data from germany is due today. output due this morning. and tomorrow is the presentation of the french government pension reform plan and u.s. banks

kickoff earnings this week thursday is the cpi reading from the united states and fresh inflation data from spain and france on friday joumanna, so many things to pick when it comes to what i look for this week. i would say the bank earnings are a focus for me and investors. particularly because they give a lot of insight into thing strength of the u.s. consumer and back in the autumn, the view from jamie dimon says we would see recession in six to nine months. >> we spoke about earnings in september and what jamie said to you about the banks. they are holding up with the consumer spending. at bank of america, brian moynahan said spendingshowing signs of resilience because people held on to the pandemic savings and interest rates

hadn't started to bite yet you have to see how it evolves i think it is interesting as well to talk about just the slew of inflation data we had we will get the u.s. headline cpi number on thursday given wage growth on friday with non-farm payroll weaker than expected it would be interesting to see if that is also followed up with the one-two punch of the lower headline cpi and core. in the eurozone, we get flash numbers for january. again, as we spoke with the analyst on the show and the headline is dropping, but in europe, core is moving up. that is a problem. >> fascinating it was interesting to see that follow-up from the eurozone inflation print last week. looking at the jobs report friday from the u.s. and showing wage inflation is slowing. there is more optimism in the air that the economy might see a

soft landing just to throw into the mix, we are looking for jay powell to speak tomorrow in sweden to hear his language and how committed they still are to raising interest rates and combating inflation as wage inflation appears to be slowing and headline inflation may be easing or if he focuses on the core. >> the question for the fed that we will find out in coming months is how fast wage inflation needs to slow or what is the level it needs to get to for the fed to say we have done sufficient work here particularly because monetary policy works with the lag. it will take a couple of months to figure out if they have done a sufficient amount of monetary tightening in order to bring wage growth back to desired levels impressed the unemployment rate at 3.5%. it is going to be a major week for markets with corporate earnings and inflation data and uk with that data.

what is interesting in the uk, so far, a lot of the retailers are holding up okay. >> markets are positioning for more positive news flow or news flow that suggests we are on a positive path. gains have been strong equities and bonds rallying hard across the continent in europe s&p 500 climb 2.3% on friday it seems there is a lot of risk back in the market if there is any disappointing news, we could be in for seriously volatile trade we will be here for it that's it for the show i'm julianna tatelbaum >> 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." investors brace for the latest read on inflation due out this week futures are higher. 15th time the charm. kevin mccarthy sworn in as next speaker of the house why concessions made could undermine his power. in brazil, thousands storming the country's congress building over the weekend demde demanding moving of da