nothing left to fight for. that's all for this edition of dateline. i'm craig melvin. thank you for watching. good morning and welcome to "street signs. we are live from davos and london i'm joumanna bercetche, and these are your headlines japanese stocks surged and the yen sinks as the bank of japan stands firm on its yield control fund while the bank says they'll not fail to ease further if needed. y unicredit says things could be

brighter and there are reasons to be optimistic. >> my view was a mild recession for this year, but since then, if we look at all the indicators we see, we probably see a risk on the upside. so we're looking at something that could be even no recession. >> he's in favor of targets at state aid but avoid policies that cause risk defragmentation. >> what we decide is the differences. we share the same currency, and we can't afford to have two deep differences. ukraine's internal minister is killed in a helicopter crash along with 16 others russian vladimir putin is fighting a losing battle, he

says. >> we're not doing nearly enough we've indeed done enough to blunt them through the help that we've been provided, however, in order to beat them, we need so much more help. >> and i'm julianna tatelbaum. janet yellen tells the two vice premiers they must manage their differences and not go into conflict. hello and welcome again. this is day three of our davos coverage we have so many interviews coming up later in the day for now let's get to the main issues that happened overnight the yen is sharply weaker against the dollar after the bank of japan surprised the market by leaving its yield tolerance band unchanged this is the ycc policy the yield retreated away from

the 0.5% on the upper end having traded above that for five straight sessions. japan's central bank kept things unchanged. no doubt there's going to be a lot more speculation about the bank of japan's next move. as for other central banks as well i've got my guest joining me good morning to you. lovely to have you on set with me today. >> good morning, thank you. >> let's start with your outlook on monetary policy it looks like 2022 was the year we really started seeing this hiking cycle get into full force, and i think people were surprised how aggressively people had to get to control inflation. do you think we're getting close to the peak now? >> i think we're getting closer, but we're not there. monetary policy will need to continue hiking interest rates until inflation shows signs that

it is disintegrating at a sustainable manner and converging sometime. i think this is the case in the united states and united emirates and the united kingdom. i think when it comes to the summer we'll see a stopping of hiking, and we'll have a period where interest rates remain stable or in some cases there may be a chance they may be reduced before the end of the year we should not hold high hopes that the reduction in interest rates is going to be happening very early in the second half of the year. >> something to be cautious about. also it feels like the market narrative has shifted from hiking interest rates to the impact it's going to have on growth what is your assessment for 2023 >> i think the narrative is

changing last year the feeocus was on inflation this year it's focused on the slowdown and growth, which is slightly caused by the monetary policy tightening that we're seeing but also other factors. i think that even if it's true that for a whole year we're going to see sort of a deceleration of growth, i think that the year is going to be marked by a couple of very different factors. in the first half we're going to see the negative economic consequences of the tightening of monetary policy contributing to the deceleration of growth. but in the second half we're going to see the stopping of the increase of interest rates and consequences with the reopening of china and we'll see a much better second half second half much better than the

first. we're also seeing a contrast between the east and west. the east is going to be doing much better than the west. asia and middle east are going to be the main drivers. >> i was going to ask you about the china reopening. i thought it was interesting he said they're going to focus on the economy and also think about providing support to the property sector. did you hear that and think, okay, 2023 is going to be a great year for the chinese economy then >> i think china in my view is not only going to have a good year, but they're going to surprise us on the upside. the opening after covid is going to open quite fast the good news is maybe covid

will be over soon so that in the second quarter we might seeing different signs and there'll be a pickup in the second year. i think the chinese economy is going to be on fire, and it's going to be very, very important for the rest of the world. this is not coming from the real opinion from covid but also from the support the government is providing with the fiscal policy, support to the property sector, which is extremely important, and also reducing the intensity of regulation or the regulatory crackdown on some sectors like the i.d. sector so i think all of those things are going to be important. >> in yesterday's framework they laid it out as a long-term plan rather than a short-term plan, so sort push aside concerns there will be a laeg torrey crackdown. look, stanchart is a very

important bank last year was a year of significant monetary tightening and also the strength of the u.s. dollar. i was a little surprised how relatively resilient some of o the eu economies were. do you expect that as well or do you expect it to continue? >> not all emerging markets are the same. >> yeah, that's true. >> they have different exposures to the higher dollar and higher interest rates coming to the united states. those were affected more negatively, those that have falling currency there are low income countries and lower middle income countries who have definitely gone into difficulties, but for the vast majority, things are going well again, if you look in particular to many emerging markets in asia, of course, immediately they're benefiting from the oil

price increases, but in asia, they're doing quite well if you look at india, it's been a great year for india if you look at some of the economies that are more affected by the tighter tension from the feds in the past, they're doing very well. i think the improvement in the fundamentals of the emerging markets, better economic policies, better governance, all of that helps with confidence and this is a big plus for them. confident overall. let's talk about the uk. it's been touch and go people were talkinger their growth capabilities. the fiscal books came under a lot of supervision in the latter half of the year there's a new fast in place. obviously they understand the importance of keeping the fiscal books in order but what are you seeing in the uk and are you optimistic?

>> i'm confident the government knows what needs to be done in order to address the situation, but the situation is difficult the uk's going through a combination of factors, both short-term and long-term, which is creating problems this year the uk will be in recession territory. the cost of living squeeze is something that everyone in the united kingdom is feeling. but i think that the best way to go through these is to maintain discipline in the fiscal policies, to maintain confidence in terms of providing a good environment the private sector to operate and then there are things which would help like an improved relationship between united kingdom and the rest i would think those would be ending on a positive note.

and i also hope that there can be a better relationship between the two -- uk and europeans as well. >> i'll be speaking with the finance minister, so hopefully we'll get more positive sense there. final question to you. stanchart has been targeted as a potential acquisition for some other banks around the world is this something the board would consider >> we have learned about it by reading it in the news, i can tell you, so that's it we don't comment on the thoughts that others may have we're very focused on cuting our strategy, which is working very well we're very happy that as a result we have been one of the tomorrow performing banks in stock market in the past year, and, again, we're focused on

delivering high returns, high values for our shareholders and st stakeholders that's our main objective. people are buying shares because shares are going up, but we want to remain committed to what we're doing in an independent matter. >> excellent, sir. lovely to take to you today. a very comprehensive discussion about what you predict will be happening in 2023. that was jose vinals of stanchart. now, we're told the european outlook could be to the upside. >> our review was a mild recession for this year, but we're probably looking at something on the you uupside, so

there may not be a recession there's always a lag from the impact of raising rates, so we don't know how the rapid rate rise would impact the economy, and there is probably one of the biggest shifts in value chains and in geo politics that we've seen since world war ii. and for more from that interview, head to our website that is, of course, cnbc.com now, eu commissioner for the economy tells cnbc he supports targeted state aid, but warns tit will damage their compe competi competitiveness. >> it's also looking to its own response what is important, i think, is

first, you look at the differences. we share the same currency, and we can't afford to have too dee differences. this is the matter of the state aid, how much you lose for state aid, and this is something we are discussing. >> just to be clear, you're not in favor of the state aid rules being relaxed. >> i'm in favor if this is very targeted and limited i think if the loosening disrupts our model, our model is based on competition, openness, of course, we have to take stock of the fact that the situation needs in some decided sectors some rules when i was in italy, we had problems to support semi-conductors companies

because of the risk they were too big in the european single market they were very, very lit the global market. so, of course, we had to relax in some sectors. but this is not a green light for state aid, because in this case it would increase the divergence the other point is do we have a common response adding to the national responses i think we need the common response, but it is not only a matter of solidarity it is a matter of scale. if we want to be competitive, we need to do so with a scale of a single market of 450 million people even germany, which is the biggest. and turning to geo politics, russian foreign minister sergey lavrov is claiming the u.s. is waging war on russia in you crate while poland tells cnbc

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edition of "street signs" this morning. we've got some fresh news out of the iea, the international energy agency with this new report they've just put out. a really interesting commentary about china. they're set to boost global demand to a new record this year in terms of what they're expecting, china is set to account for half of the 2023 oil demand growth after this reopening. on the supply side, cap sanction on russia could accident supply. we're looking at world oil supply growth in 2023 to slow to 1 million barrels a day led by decollides in russian exports. in terms of oil demand, they have noticed oil demand has slumped in the past year i think the key takeaway here from in new report, the china reopening is going to push 2023 oil demand to a new high,

according to these forecasts joumanna >> and, of course, julianna, i'll be speaking to him later on this morning for now i want to bring some headlines we're getting from the russian foreign minister sergey lavrov who's on the tapes. he's saying the humiliation is unacceptable russia will have to take cr corresponding measures in case finland and sweden help out. interesting comment coming out of the foreign minister. he adds that europe switched to liquefied natural gas lng will lead to expensive production, so taking aim he also adds that the most

tragic word in 2022 was the word "war," but "victory" is reassuring he said relations with the middle east are up. tragic news has come in from ukraine. the interior minister has been killed in a helicopter crash the first deputy minister and state secretary were also killed they are among the 17 people reported to have died including two children another 22 people are in hospital. the russian president vladimir putin is a tyrant who wants to enslave ukraine that'saccording to the polish president andre duda who told cnbc that although a diplomatic end to the war is unlooig likely, halting russian influence remains qcritical >> translator: today what will

happen in ukraine will be determined by the level of support granted by western nations. so broadly speaking, the eu countries. but not just them. alts the united states, australia, canada, all nations are a part of what we call the free world vladimir putin wants to enslave ukraine and expand his regime across ukraine and take away their freedom. they want to be part of the european union, they want to be part of nato this has been broadly discussed. myself, but not just me, other experts as well, state very clearly putin first invaded ukraine in 2014. it's a means of halting this process of ukraine and other countries moving to being free do we allow countries to be

enslaved by tyrants like putin who wants to tearrise and enslaiv others to their own benefit or do we think the free world can progress if that's what we believe in, we have to defend ukraine. >> so this isn't just about russia's war in ukraine as you just said. this is also about russia's war in europe as you in poland and the baltic nations have warned for a very long time if putin is not stopped in ukraine, he'll look for further territorial lands elsewhere. is that your message now >> translator: yes, of course. we like to remind ourselves. he stood on the main avenue

where crowds were standing he said it could be georgia today, the baltic tomorrow and my country we're aware of the fact these behaviors are emerging he wants to kol onnize others, take away their freedoms, exploit their resources. he wants to reduce other people's potential, economic potential, natural resources today that's what's happening in ukraine. it will be the same for other countries. russia wants to extend its sphere of influence and exploit other nations. that's always been the case for centuries. poland was partitioned for 2,300 years. so we're perfectly aware of what's happening, so that's why we defend ourselves. if someone says russian world or russian peace, we say absolutely no anything but russia, anything but the russians' fear of influence.

and there are no winners in the trade war saying the eu needs to work with the u.s. on tackling inflation. >> we need diplomacy and not any kind of war or competition between the united states and european union who can afford to pay more subsidies there will be two losers, the european union and the u.s i understand president biden wants to look at it and i understand with regards to the people's republic of china, but we have to negate the side effects on the european union and our bilateral trade relationship this is why we need to consider how we can mitigate the negative

effects on the european union. this is why my proposal is talking about free trade among the u.s. and european union and avoid any kinds of competition or even a trrs in controversy ie policy. >> i'm confused. please help me understand. at the same time you say this, the german government would like to relax state aid rules for industries within europe now, that is not a view that everybody within the eu or the eurozone agrees with they think that this is another way of supporting german automakers or german manufacturing businesses through the back door. how can you relax state aid rules and have a level playing field on trade

>> well, we have the next innovation program with about 800 million euros, and in my eyes it needs to be more agile we don't need more public sector money, but we need to use this mo money in an agile way. not about paying subsidies for german car manufacturers they are competitive they don't need subsidies from the german finance minister. what we need is improving framework conditions from our businesses we need supply side policies in the european union we need to make further efforts to deepen the single market, to make progress on capital markets union. so this leads to more competi

competitiveness, not paying more subsidies. >> let me ask you a question about the coalition that's governing at the moment. there are a number of policy areas that are in disagreement with the coalition obviously the departure of the defense minister has come about as concerns have been expressed about the effectiveness of germany's response to the war in ukraine. you are bulldozing turbine fields and replacing them with open cast ignited mining to get you through the energy crisis. again, it's something the greens are not particularly happy about. how robust is the coalition these days is there a risk it breaks apart over the policy questions this year, and why not given that they're so fundamental to different parties within the coalition? >> well, we have responsibility to lead germany through this

crisis, and we have a responsibility to organize society and the economy in germany, and we're making amazing progress in the past it two decades to build a new airport. in the states we're able to build two new lng terminals in recent months. we have to find more effective and less bureaucratic procedures, permitting procedures we have to modernize our labor market we have to make it less bureaucratic to see qualified migration. we have to look at the field of education and research and nobody saw before that this coalition, the two left wing parties and my liberal party,

would be able to deliver a relief package for society, which includes massive tax cuts for the middle class and so it's not easy every day, frankly, but i think we are doing well. >> well, lindner also said he does not believe further funds are needed to support the economy. >> we don't need it. as i mentioned, the next generation of eu and these fundings are not yet used completely to say the least. we need to strengthen competitiveness on the supply side we don't need more public sector spending we need private specter sp spendings. and with the people i have talked with today, i have seen the same response.

improve our business framework conditions make progress on capital markets union with the deepening of the single market. we don't need more public sector money. we already have a lot of public sector money, which is already not used. well, it is winter after all. up next we're going to be talking about the crypto winter. we're going to be talking with the ceo of ripple. that's brad garlinghouse 'lbeayun wel right back.

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your first set for just $24.95. that's 50% off at adoreme.com. signs," everybody. we are live from london and davos. i'm joumanna bercetche, and these are your headlines japanese stocks climb and the yen sinks. the governor says the bank will not hesitate to ease policy further if needed. unicredit ceo andre orcel says the outcome could be

brighter than expected and there are reasons to be optimistic. >> our review was a mild recession for this year, but since then, if we look at all the indicators, we see -- we probably see a risk on the upside so we're looking at something that could be even no recession. >> but stanchart chairman jose vinals says we may have to wait until the second half of the year. >> hopefully the european and u.s. economies having left wars behind them will see a much better second half. and european economy commissioner paolo subsequent loney tells cnbc he's in favor of targeted state aid but says european nations should avoid policy that risks fragmentation. >> what we decide is not increasing differences along the

eu and euro area we share the same currency, and we can't afford to have two deep differences. well, the top story in crypto space that we've been monitoring very closely over the last couple of weeks or so, ftx says significant shortfalls remain in the u.s. and businesses despite crypto exchange falling the firm says its holdings of customer funds are lower than think should be based on internal accounts. arjun joins me on the set. look, you and i have spoken a lot in the studio about what's happening with ftx as the dig goes on, we talk

about potential mismanagement that's gone down in the institution. >> absolutely. this's really key. as this story plays out, where are the stress points, is there further contagion, or is there further damage that's what i've been speaking to people here at davos. after the big wide plan last year, they have very few crypto firms on their platforms certainly we're looking for the next stress point. 've been asking participants i asked jeremy allaire of circle and here's what he had to say. >> clearly there are firms that are going to struggle to raise capital or are not going to be able to survive, and i think like other major corrections in

technology margins, historically that process can take up to a couple of years. whether it's specifically contagion of loan books or other things like that, i can't say, but i do think there will continue to be businesses that shut down. >> well, let's continue this conversation about 2023 and what's in store for the crypto markets with brad gar ling house, the ceo of ripple brad, we've been spieneaking to lot of people. they say there may be more stressors in the market. as you look at the broader market in crypto, are you identifying any areas where there's the potential for concern? >> first of all, it's great to be here, a little cold i think it is indyk active of a crypto winter as you have just suggested that's changed in tone in terms of the last davos there was a lot of hype and noise around the last davos, and i think seeing the change -- and actually it's a really healthy

change -- there's more focus on utility. they're solving real problems. i think to your question, i think there are companies solving real problems with real customers and they're going to continue to grow regardless of the environment. obviously you hear noise with what's going on. it's hard to know. it sounds like that could work out in a constructive way. i think all of this has not been great for crypto at large. but if you focus companies, ripple had a record 2022 we'd rather see crypto do well at large we had a great year, signed up more customers going through our payment rails. >> in terms of your outlook for 2023, we've seen a bit of a bump for the crypto markets are you expecting that to continue, or is it a little bit of false hope? >> i try to stay out of the short-term price prediction. i'm long term very bullish

because i think these are technologies that can solve problems real scale. when you have new emerging technologies like, frankly, the internet and the dot-com bubble, the hype comes into reality. we shouldn't forget, not that long ago, 21 years, amazon during the dot-com bubble almost went out of business the fact you're seeing changes in the crypto world can be healthy in terms of the long term of the industry. >> and yet ftx appears to be a very high-profile case of fraud. there are serious auditing gaps that went on with that institution. at the same time so many people have been critical for sbf having a close relationship, the fact that he visited gary gentzler so many times where do we draw the line? you need regulation and oversight in this industry, but how close should the relationship be between your peer group and the regulators who are looking at these

institutions >> first off, i think you're exactly right. we talk about this as a crypto problem, but really this is just fraud. in some ways it's not dissimilar from bernie may dove when bernie madoff occurred, we didn't think about oversight of hedge funds. clearly in that case also the s.e.c. had to look into bernie madoff i know the s.e.c. had met a bunch of times with sbf. i don't know what types of specifics and oversights they were applying. i view this as a fraud, not a crypto problem at large. to your point, regulatory clarity globally is important. we're seeing a lot of countries. we're in davos it's clearly one of the countries leaning in the uk, japan, switzerland, sorry, singapore the u.s. is notably absent from the list and in some ways the

regulators in the u.s. have added confusion to the crypto market. >> let's get a check-in with what's going on with that lawsuit and the s.e.c. and ripple are you planning to set well the s.e.c. >> well, we have always said we would love to settle but it requires one very, very, very important thing it's clear srp is not a security. the s.e.c. and gary gentzler has very outwardly said he views almost all crypto as a security and that leaves very little room for a settlement the case is now briefly before the judge. the judges take however long the judges will take we're optimistic this will be resolved in 2023 and maybe in the first half i feel very good about where we are relative to the law and the facts. >> are you going to wait for the judge to come out with a decision on this one >> i'm very optimistic and absent some significant change in posture, i can't imagine we

won't have resolution from the judge. something i've heard here at davos repeatedly is how important this is not just to how ripple goes forward but also really the whole crypto industry in the united states i keep reminding people, crypto is still thriving, ripple is still thriving, and we need to make sure to engage non-u.s. regulators as well. >> so many people have lost a lot of money speculating and the key word is "speculating." back at the peak there was a lot of talk about institutions being involved given the price action, the drawdowns, the numerous amounts of fraud cases that have gone on in this space, doesn't it feel like the hurd sl extremely high if not possible now to get institutions involved in if you were sitting on a board of a pension fun, how would you justify you would get involved in cryptocurrencies? >> i think it depends how you

define it. i'm thinking about those using our technologies to solve across-the-board payment problems they continue to grow, and so i feel good about that look, i think any time you have this kind of chairchl, people take a moment. i also think and pointed out in one of the sessions at davos yesterday, we talk about crypto is down 65%. tesla is down 65%. facebook is down about 6 57. no one is saying, hey, we shouldn't invest in tesla or facebook i mean, clearly, i would much rather not have the volatility we've seen in 2022 but also look at it in concert with other growth investor areas. most has been speculation. if it's just speculation, i don't think that's long-term sustainable. >> brad, great to see you. thanks for joining us and giving

us the latest on what's happening in the industry. that was brad garlinghouse you can read more on what crypto is saying and the mystery of a bright orange bitcoin car. still ahead we're going to still ahead we're going to be speaking toleg for postage. that interview is a first on cnbc wo 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.

new technologies including 5g are changing the way we work and communique, but telecom's giants are facing additional problems including disrupted supply changes and inflation. we spoke with the ceos about where they see things heading. >> 5g continues to grow and it's really being driven bin capital things one is the growth in traffic it has to be accommodated. 5g technology is going to have

to be knee deep in order to give the consumer experience. that drives a large part of the deal down. >> it's such an important part of your life we see we're able to get prices without seeing any effect of that in asia, it's different. however, what you have seen through many years and many crises in asia, you see that. >> sustained inflation would clearly be a concern the supply chain sign as we said in q3 is easing up and the economy is weakening there is no more semi-conductors available, which is as po active thing. it could turn out to be worse

than expected. >> jose maria alvarez-pallete lopez joins me what's interesting is i've had conversations with various ceos across the spectrum over the last couple of days that even though there are obvious setbacks in the last couple of years coming out of covid, the energy crisis, the push is still very much present, siisn't it >> good morning, yes, it is. it's been accelerated. it's like a time machine things that were supposed to happen five years from now is happening as we speak. technology is massively disrupting everything. >> when you think of the outlook, how does it look for the next few years i spoke with some of your peers and it feels in the short term things are looking a little less

secure. >> i think it's unstoppable. there's a brand-new generation of networks. it will be a nation of fiber and 5g and 5g stand alone technology is here. it's going to be changing everything when you combine fiber plus 5 b, the result is no longer a t telephonic swachlgtituation. >> where does it sit i thought it was interesting to listen to the european president yesterday. they were talking about their potential response to the u.s.'s i. rchl a. thinking about perhaps watering down some of the state aid rules and potentially raising further funds to push for investments in clean tech, green tech, and so

forth wrchlt does the fiber adoption, 5g adoption fit into the european policy, and is it ambitious enough >> the first message is there is no climate transition without that they go hand in han. in fact, we are crucial to be part of the strategy of reducing emissions. the fiber network consumes 17 times less energy than copper network and so does 5g i think it goes hand in hand europe is ambitious. but in order to be ambitious, they need to change their regulatory approach. it goes hand in hand we understand the need for european autonomy. it requires industrial revision and a new landscape. it goes hand in hand the ambitions there, do we have

the means, we'll see. >> there seems to be signs that the regulation is moving in the right direction for the industry, one of the potential tail winds in the years to come. >> it's seen to be seen. it's seen to be seen i think our industry is being ruled with the previous century. this is brand-new world, a brand-new network. it's not the tradition at regulation it's not applicable anymore. so we need to see that next. >> can i ask you about your streaming business, movie star plus i'm interested in how that landscape will pan out we're seeing so much competition. we're seeing the likes of netflix, disney, u.s. companies get involved in other markets as well what does that do to your business and your own home market >> we're doing pretty well the need is there.

the demand is huge it's very complementary with our con neck actively offer, so it bundles really well. we give our customers the option if they want to bundle or not. we'll see how this flies per se on a standalone basis. for the time being, we're doing very well. we are growing in fact, we have decided to increase our ambition this year in terms of local production. >> how do you compete with the content spend when you have the likes of netflix putting billions of dollars every single year to create more traditional content and the fact there's more competition does that put pressure on you to produce more content, better content? >> sure. but there's no way we can compete with the huge budgets. we're being very select irv. i can tell you local production, things that are close to our

customers' mind matter as much as big real world productions. so we're not aiming to compete in terms of budgets because there's no way we're going to be able to do that. but we're pretty competitive in the local demand, and that's working. >> this final question to wrap things up. i've got one minute. how do you think 2023 is going to look based on the macro indicators we're getting right now? it seems like the ceos are slightly less bearish. >> i think the second half of 2023 is going to be better than most people think. the second part of the year is going to become better and i think that for our industry, this is a brand-new world, brand-new network, brad new operation. i'm cautiously optimistic. >> where do you think the fastest growing areas are going to come from >> when you open up the availabilities for the system,

it's a brand-new territory keep in mind we talk about cloud computing. architect computing is coming. >> that's a great place to leave it thank you so much for joining me and the panel hosted by my colleague jeff earlier in the day as well. that was jose maria alvarez-pallete lopez, ceo of telefo telefonica also coming up is takes takeshi niinami, ceo of suntory. that's coming up later. but stay on with cnbc. much, much more from davos

hopefully cash flows will be

okay they'll be terrific in 2024 and the outlook will be bright. >> you don't have a claim of any asset. >> keeping politics out of this portfolio is extremely important for the 2 million members that we serve. >> we're prepared for anything, but we want to get stronger no matter how inflation and the economy play out it is 5:00 a.m. at cnbc global headquarters and here's your top "five@5." wall street trying to get back into the win column after a mostly lower session yesterday investors trying to brush off recession-wary comments from the likes of brian moynihan and jane fraser now, back to the friendly skies, united out with the latest results and a bullish outlook for the start of the new year. first it was amazon and sale salesforce now another tech giant is preparing to cut costs and staff potentially as soon