onet to come. that's all for this edition of "dateline." i'm andrea canning. thank you for watching. [theme music] welcome to "street signs." i'm arabile gumede let's get toed headlines this hour s.a.p. announces job cuts in the fourth quarter the software company is benefitting from the diverse range of products. >> we clearly have a portfolio around the core essence and supply chain management and procurement and hr that are really highly relevant for

companies. and equipmentmaker nokia riding a wave of 5g contracts. we speak with the ceo pekka lundmark at 12:30 cet. and shares of diago drop as u.s. growth comes in less than half the expected level as first half sales beat forecast the ceo tells cnbc he is hopeful for the year ahead >> the company's executing well. we're investing and focused on coming out of the volatility stronger and these results demonstrate that tesla shares turbo charge after hours as the carmaker gets the beat on record demand.

the market certainly moved a touch positive today .50% better. stoxx 600 and earnings numbers coming to the floor and taking to the top part of the index going up 8% for salbadel and the likes of nokia as well getting up 5% in the trading picture. as we noted, there are a few that have gone down. not then making the cut. unfortunately bad news with diageo and we will discuss what happened with those. the likes of going up 2% in the trading picture off the back of the defensive stocks moving positively on the back of germany agreeing to send the leopard ii tanks to ukraine with

the united states also agreeing to follow on its measures as well sending the abrahams to ukraine as well. in the defensive move for ukraine, president biden saying it is not necessarily a front attack on russia, but defensive move on the part of ukraine. that will be interesting we will discuss that later on in the show let's check on the european market picture and be where things are moving in the positive or negative picture positive across the trading floor. ftse 100 doing well up 1%. as we note, general sense of positivity on the earnings news to moving markets forward. all sectors moving into green numbers. markets with the general sentiment of positivity. the efos numbers from germany. the pmi numbers look like things

are getting better still in contractionary territory. on to the sectors. i made note of the defensives which are moving positive. good gain for technology stocks at the top of the stoxx 600. good numbers on those. nokia doing well adding to the gains there. food and beverage losing a bit there going down around .30% the head of the public markets is joining us now for this market picture t arc tatiana, the defensive stocks on the rise that is key with the earnings picture. it looks like the worst is over. is that the case that the companies are showing us alongside the other economic data >> i think it is a bit too early

to call the worst is over. i think it is not as bad as some people anticipated as you pointed out, the macro data points to that. particularly in europe as you pointed out a few minutes ago. europe is doing much better than been feared. i think that turn around is what is driving the markets we need to reevaluate the recession risk, especially in europe i think it is receding a bit >> how is that how big are you seeing it? >> definitely not as significant as we feared all of last year. we clearly see with the warm winter and the energy storage that europe has managed to achieve which gets it through next winter as well most likely. we have already secured two winters. that was really all that drove

the recession risks. when you look at the fiscal spending with defense and climate change which is boosting the strength of the economy and the continued shortage of labor supply which should keep wages strong we are quite -- we are quite sanguine about the strength of the economy. >> if you look at the counters, likes of technology stocks at 1.1% to the good and especially those held by those on the earnings front is this a sense there is bullishness in the counters particularly in europe >> some of it, but i will also caution a little bit to the extent that may be driven that we are thinking we have reached peak interest rates andwe already know exactly how many

more raises we will get. there may be fewer than what has first been feared. we are still in the camp that we think interest rates will stay higher for longer. that is especially as we are thinking the economy is actually doing better than what we anticipated. to think we continue to have a strong economy, but inflation coming down rapidly to the level is very difficult to see that you can have both. so to the extent this is driven by lower rates and the rally and long-term rates and inversion of the curve is a hedge for recessionary risk. if that risk is receding, we think that could upset the apple cart a little bit. >> going into this year, we saw valuations, particularly, out in europe looking a little better

than some thought as perhaps giving upside room in europe if you want to be more specific and in the uk really you saw more valuation growth that was possible in the counters is that the view you are sharing? a little more greater upside when one looks at the european market as opposed to other markets? >> absolutely. we have been moving back into europe during the second half of last year. that was just because we thought that companies are duly punished for the proximity to the war in ukraine for instance and energy concerns we said energy concerns are retreating and will continue to go on. so far, you know, we still see it is located in ukraine as we pointed out earlier, defense spending in that regard with the fiscal spending is

helping the european economies and u.s. economy as the u.s. economy, it is just valuation. valuations just look outright cheap with the u.s. which has rallied and fed out performed the u.s. >> you've spoken about rates and my question is really around not knowing where the end is when it comes to the rates we don't know how far they will go with the hiking cycle of course, it is very data dependent as they let us know and the fight against inflation still has to continue. how big a risk is that rate profile to the equity front? especially to the bond market which does begin to come off a little bit when there is so much positivity in markets like we've seen this january? >> exactly that's a good point.

we feel that the curve inverted both in the u.s. and europe and the long end has rallied too much to the extent the economy is in good shape and the curve is indicated that we would think this is a reflattening of the curve. so we caution to be invested in duration >> i appreciate the conversation it will be an interesting market to look at the bond market is one to focus on as well we hope to get you in on that conversation the head of public marks at muzinich & co. it has been a host of corporate news s.a.p. with the 30% rise of the cloud business in the fourth

quarter. the software giant said profit grew 30% it will cut by 3,000 jobs in the com company. the ceo defended the company's move to cut jobs >> we are not talking about broad based restructuring. we are guiding in 2023 to double digit profit growth as we always committed. there will be only a moderate one from the restructuring program. we will have 2024 and going forward with a more pronounced impact of 300 to 350 million euro what this is about is a targeted effort to streamline the portfolio apparend concentrate h decisions which are never easy we will work on treating the employees with the respect and a

measure to lean into the strengths rather than cover up weaknesses. chip maker stm posted a fourth quarter sales beat by strong demand from auto and industrial customer base $4.4 billion for the time period it plans to raise capital expenses up from $3.5 billion in 2022 that share price up 8% really sitting at the top of the stoxx 600 in particular which is up nearly 5% on the 12-month basis. doing well is st some other news. nokia reported a profit beat boosted by 5g contracts. demand remains robust. sales for the fourth quarter growing 16% to 7.45 billion euro

operating profit rose to 1.15 billion euro on the programming note, we will speak with the ceo of nokia. pekka lundmark's interview at 12:30 cet. that share price managing to gain 5% thus far. now sabadell shares posted 149 billion euro in net profit for the fourth quarter a 7.5% boost on the year as the british unit notched a 6 million euro loss. it was forced to pay a 50 million pound fine in december over the i.t. migration that went wrong five years ago locking millions of customers out of their accounts. nova has reported sales growth of 11% in the fourth quarter. the bio-tech firm expects growth

in the first quarter based on sales in its food and beverage unit the ceo told us the company has been able to pass on price increases to customers >> we have been on a journey on price bringing in pricing a stronger growth. we have seen incrementally pricing as having a positive impact you have to take into expectation of value the value of the solutions is strong we continue to bring solutions that enable healthy solutions and lower chemicals and emissions and energy use you price by value, it leads to the combination of bringing price as an enabler of growth, but volume growth.

let's head to the stoxx 600. diageo hit the sales on the spirits. the spirit maker saw the jump of 9.4% the share price is 4.6% weaker today. losing and going to the bottom of the stoxx 600 the ceo told cnbc that people aren't drinking more, but drinking higher quality spirits. >> the resilience we are seeing in spirits growth and premium is enduring through the times we believe we will navigate through the consumer pressures because people are not spending a lot on products. what you drink and what you serve your guests or order at the bar is a special moment.

that's where premium has its resilience in the category you see it in the numbers we've just posted. on to the airline business wizz air says they doubled in the third quarter with passengers increasing to 12.4 million. the budget airline posted a 2.8 million euro loss for the period the wizz air ceo told cnbc that volatile energy prices impact cost >> the fuel goes with the market it is a cyclical nature. if fuel prices is up, you price up for it. when fuel is down, you price down against that. idon't think the pricing environment and industry pricing everything

surely at the moment, we are impacted by the negative trends. coming up on the show, tesla shares are on the charge as eev maker gets record demand we dive into the numbers with arjun just ahead

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welcome back tesla shares are sharply higher in pre-market trade. the ev maker reporting record revenue in the period quarter and beat on top as well as bottom line. the ev maker expects to produce 1.8 million this year. 2 million would be possible if operations run smoothly. as for the price cuts, affordability would be necessary for tesla to grow into a company that sells millions of cars a years. that appears to be working with year to date orders being the strongest ever speaking to the investors, musk explained the company's

production target. >> our internal production potential is actually closer to 2 million vehicles we are saying 1.8 because there seems to be some fricking force majeure some place we don't control earthquakes and pandemics, et cetera >> we have arjun with us this morning. nothing to worry about is what he is saying 2 million is the production number that could go if nothing bad happens this year. that's a fairly good number. >> good number the market believes some of it if you saw the share price reaction tesla has been ramping up production capacity across the factories in austin and berlin

and shanghai at capacity plenty of production potential there. the demand going into the report was given the broader macro uncertainty, will people still buy cars elon musk says so far there has been record amount of orders you are seeing demand there according to musk. the price can't seem to be working for now. it is a long year ahead. the macro environment still remains uncertain. we saw a pop on the share price. you see rallies on the back of positive statements. i would say that there was a pop, but i think there is a bit of caution around the tesla story. not just with tesla, but the other issues that musk talked about. >> the pricing is one element he spoke about. despite the pricing, actually t

has worked out well for the business and created greater demand which is bringing about the numbers. clearly, i suppose, a plan that is working >> yeah, to some extent. i would say from what we see from the tesla strategy is one about trying to grow market share. at this moment at the sacrifice of margins the auto margin came in 25.9%. the lowest in five quarters. you see that trending down the battle for tesla is going to be about reducing prices at the cost of margin or to grow share with the idea as this ev market continues to ramp and if tesla has this large base already, this can help it grow when elon musk starts talking about new models and when elon musk adds on software and other services

that the company could monetize. that is the strategy that the company is going for of course, it is a balancing act. tesla doesn't want to dilute the brand too much this is still a premium offering at the same time, maintaining a healthy margin for profitability. there will come a point where musk will have to balance price cuts and aim for the mass market and increase share at what expense will that come that is a balance that needs to be struck. >> can you maintain a sense of growing and maintaining ahead of the comb -- competition? price has gone down. you begin to dilute as you say, but because there is so much competition, you enter the fray that well are in already >> i think china will be a tough

market going forward you have byd and warren buffett backed company you add in hybrids and it is bigger than tesla globally that is a challenge with byd and startups coming in with competitive prices china with 23% of tesla sales. that is a critical market. that is where you see the toughest competition areas in europe and the u.s., tesla can maintain that brand. it would be interesting in a year or so whether we see prices go back up as perhaps the macro environment gets better and tesla maintains or tries to maintain that premium. it will be market by market. it will be a delicate line that elon and tesla will have to tread here that is key again. keeping an eye on the auto margin which is a figure the market and wall street watches

closely. >> you will join me again tomorrow >> i hope so. >> you have been here all week >> earnings season >> let's do it again arjun will join us later on. the earnings news continue shares of ibm falling in trade despite beating on quarterly estimates. it will cut 3,900 jobs in the plan to diffivest assets. the cfo says they are still committed to hiring for research and development. $663 million loss for the fourth quarter despite the rebound in aircraft sales for boeing the supply chain challenges weighed on results leaders were hesitant to ramp up

on production. boeing reported the first positive cash flow since 2018. it expects to generate between $3 billion and $5 billion in free cash flow this year the ceo david calhoun told cnbc he is confident despite the bumpy year ahead >> the conversation about recession gets lost. you could get two recessions between here and then. i think the industry is concerned about supply chain constraints and trying to get the oar in the water as quickly as they can. >> that is the earning news for now. still coming up on the show, ukraine is expected to receive battle tanks from the u.s. and germany. we will have the latest after this break

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quarter. the ceo says the software company is benefitting from the diverse range of products. >> our supply chain management and areas of procurement in hr are relevant in the current environment for companies. nokia posts a fourth quarter beat riding a wave of 5g contracts. we speak with the ceo pekka lundmark at 12:30 cet. diageo shares drop as u.s. growth comes in less than half the level as overall first half sales beat forecast. ceo tells cnbc he is hopeful for the year ahead >> the company is executing well we are investing and really focused on coming out of the volatility stronger and these results demonstrate that slowing, but not stalled

slowing growth forecast at 2.8% for the fourth quarter the gdp numbers are looking out for signs of diffistress amid f tightening all right. quick picture of the european markets are faring we pointed to a host of positivity coming through. the likes of diageo at the bottom of the stoxx 600. considering the numbers that have also come out, it is the earnings news that is really taking care of the share picture as well today. they are up 8% sitting at the top of the stoxx 600 today along with st as well. and more than 8% gain. nokia gains 5% earnings news on that front. still up 2.7% on the tanks to

ukraine with the defense sector doing well. that continues to trade at some of the highest numbers in a few months european picture is seeming bullish. financial services is a big gain as well on that front. on to the yield picture. higher today is what we are seeing that is because the european bond yields dropped yesterday. the latest data showing strength in the german economy. we are seeing a pick up in the european bond market the 10-year gilt at 3.3 with the yield out of germany 10-year bund trading in the middle of the range. the last data with the strength of the german economy adding to the assets it comes ahead of the key number

of meetings next week with the fed and ecb and bank of england coming out with their interest rate decisions next week it will be interesting to see how they plan to fight against inflation which is still relatively high and is indeed coming down. on the forex front, we are seeing a little bit of strength perhaps for the u.s. dollar here and there. depending on which market you are looking at here. european market is weaker with the british pound and euro strength for the u.s. dollar still hanging around those eight-month lows there is gloomy u.s. corporate earnings numbers recession fears adding to that traders on guard ahead of the central bank meetings next week. you have gdp numbers as we noted for this week. that number is 2.8% for the

fourth quarter which would be lower than the 3.2% which was experienced in the quarter before that. avoiding a recession is perhaps the name of the game you have u.s. jobless claims numbers and durable goods and home sales numbers from the u.s. it will be interesting to see how the dollar reacts to any of those. we will certainly get into the news story as well very interesting out on that front. we just had news coming from international monetary fund. this speaks about the policy proposal on japan. saying that the bank of japan should allow bond yields to more more flexibly. the bank of japan will not continue to change things which was the statement. the current governor kuroda said we tried move in lock-step and sure of the decisions we made. no mistakes what we put forward.

imf saying significant upside inflation risks materialize, then bank of japan must withdrawal stimulus by raising short-term rates that is according to the imf latest statement policy proposal on japan it is saying the possible boj options include widening the yield band which it hasn't done in the latest meeting which was the one of key interest, of course it could raise the yield target according to the imf and target shorter yields the boj exits the low rates and the imf says it needs clear guidance on gradual change to the policy rate and the bank of japan remains appropriate as inflation is likely to hease inflation risks are pronounced sitting at on 40-year highs. the use of the foreign currency

should be limited to special circumstances as disorderly market conditions. that's the stern warning coming through from the imf and budget policy proposal which follows annual consultations with japan. saying the intervention to help lower volatility, but effects are likely to be temporary only be used in disorderly market conditions. that's the policy proposal coming from the international monetary fund on the bank of japan. allowing bond yields to move mor defensively. and these are the numbers from germany and the u.s. offering to send more tanks to ukraine. rheinmetall trading to the

upside to the defense counters right now. the u.s. has confirmed it will send 31 abraham tanks to ukraine hours after germany announced it will deliver 14 leopard ii tanks. olof scholz says his government would also approve european allies request to shiptanks to ukraining paving the way for countries like poland to supply ammunitions. ukraine welcomed the decision as it prepares for a spring counter offensive. the kremlin called it a dangerous escalation u.s. president joe biden says the tanks will help ukraine defend its territory and pose no offensive threat to russia. >> beabraham tanks are the most complex in the world we are giving ukraine the parts and equipment necessary to sustain these tanks on the

battlefield. we will begin to train the troops on the issues of sustainment and maintenance as soon as possible >> german chancellor olof scholz says the policy shift was uneasy for some >> translator: there are many citizens in the country who are concerned over such a decision and dimensions the tanks entail. i like to say to these people, trust me trust the federal government we will continue because we are acting in an internationally coordinated way without risks of the country grow in the wrong direction. >> ukraine president volodymyr zelenskyy celebrated the news. >> translator: i thank chancellor scholz and all public figures for their willingness to strengthen europe. h this is a powerful statement by the united states.

i thank mr. biden personally and congress and every american family for the strength of american global leadership the key now is speed and volume. the speed of training the military speed of supplying tanks to ukraine. amount of tank support we have to form a fist of tanks and fist of freedom to not allow tyranny. >> reporter: in a major shift today, president biden announcing the u.s. will send 31 of the most to sophisticated ta to ukraine to defend against russia. >> it is not an offensive threat to russia. >> reporter: it comes as germany is sending tanks to ukraine and allowing other european allies to send their own german-made tanks.

>> we are united america is united and so is the world. >> reporter: the biden administration previously balked saying they were too difficult to maintain and operate. now including the necessary training and supplies. the reversal comes after diplomatic talks moscow calling the move dangerous. throughout the yearlnearly yearg war, analysts predict a russian offensive this spring and it will take months for the tanks to arrive, europe can move quickly. >> there will be a significant nato supplied tank force >> reporter: ukraine president volodymyr zelenskyy grateful for the support.

assistance he and western allies hopes to bring an end to vladimir putin's deadly war. there will be a senate foreign relations hearing tomorrow on countering russian aggression. there is widespread bipartisan support for ukraine in the upper chamber and house republicans have shown hesitant. in washington, alice barr, nbc news. the research analyst at iss. thank you for the time did any ofthe nations have a choice at this stage and time? it felt there was continued pressure ukraine needed the help. especially germany who didn't want to take the lead in the fight against russia specifically was there any choice

>> unfortunately , if we want t support ukraine and russia loses, we want to make sure ukraine has the tools to do it again ourks -- if they want to sell tanks, they might have to deal with the responsibility it is a good problem to have for the industry one of the things ukraine needs is infantry fighting if we want, again, if we want, that is a political choice, supporting ukraine victory or at least helping russian defeat, we need to make sure we provide in the way that will be european

responsibility >> this is the first time particularly since world war ii that german battletanks will fight on a european battlefield. how badly could this escalate the war? >> i don't see any real reason for escalation european partners are really more adequate with the defense systems. poland helped a month ago. i don't see why these tanks are western made that would make a difference there is no technical reason to make an escalation if there is an escalation, that is because russia wanted that to happen >> you also get a sense that around 100 tanks would still be required in total. could this now put pressure on the likes of france which has

agreed and pledged to send surveillance vehicles to ukraine. so far, stopped short of sending their heavier tanks and vehicles does this put pressure to put those back into the mix? >> you know, we mentioned a need more hundreds of the same kind of main battle tank. we are trading problems. that also goes for the equipment in those cases there is not enough of those to be received by ukraine in a significant number to avoid the logistical problem of managing many, many different kind of equipment at the same time at the same time, there is a question of how far do we want to go and do we want to lose the

capacity to still have tanks on our own in order to help ukraine. i think this is the decision to be made and it is also political. on a technical angle, it will be better for france to deliver all of the equipment rather than for the sake of delivery >> how important was it for the west to show they are still aligned and united and put a move together like this? this was really them saying we are still united in a way. >> yes, it is a way to show we all are part of the same group helping and supporting ukraine in a way, i'm sure part of the european union and nato should be enough for france to share its responsibility and risk.

unfortunately, some span the political debate again, if we just look at the technical angle of that question, as long as everybody supports as best it can and not everybody has to contribute in the same way and i think ukraine will be better off with that help quite simple, if france decides to deliver fighter jets to ukraine, they will deliver 20 fighter jets or should france focus on 10 or 15, knowing that france cannot go further than that, we are -- you know what i mean it is ais a question of balancig as long as they all contribute, they are all part of the same

help it might be better to elevate the political debate >> there will be an interesting balancing act we are looking out for and see how the west will continue to play this one out. yohann michel, thank you research analyst at the iiss coming up on the show, u.s. gdp data for the fourth quarter is due out later today and investors expecting a slowdown in growth on the world's largest economy. it's hard to run a business on your own. make it easier on yourself. with shopify, you have everything you need to sell online and in person. you can have your inventory, payments, and customers in sync across all the places you sell. it doesn't have to be lonely at the top. join the millions to finding success on their own terms. start your

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talk to our switch squad at your local xfinity store today. welcome back now let's look at the u.s. futures and see how the u.s. market is expected to open a mixed picture. looking to move higher as analysts are looking at the corporate earnings with tesla moving 7% in pre-market. levi picked up for revenue as well with earnings per share ibm dipping 2% initially. on to the u.s. economy,

growth is expected to slow in the last quarter of the year gdp figures are expected today it is expected to be slower than 3.2% from the previous quarter remaining steady on the back of demand the fixed income portfolio manager joins us now robert, thank you for the time it has been a few questions around the u.s. economic prospects of futures and the prospect of recession. if that number of 2.8% comes through, does it certify the notion that recession is going to be very hard to come by this year >> well, let's face it gdp is a backward looking number as we move forward, it is not impossible to put the u.s. in recession, but if we get one, it will be mild the structure of the u.s. economy is such that it is quite

difficult to really put the u.s. in major recession absent a lot of leverage like with the gfc. >> expectations on the dollar on the back of the data what does that look like in your front? >> so in terms of expectations for today, we are looking at two things one is shift of purchases from goods to services as we know goods purchases have been slowing. the second is happening with th core pce the inflation number for the fourth quarter and the fed the fed raised the forecast for the fourth quarter for 4.5 to 4.8 year over year if it comes in at 4.8 or below, that is the first time in some time that the inflation numbers have been too high with the fed forecast what it means for the dollar, potentially is a continuation of

trend of softer dollar >> that is one to look at. do you think the fed could get a bolstering to hike its rates marginally by the 25%? specifically the 2.8% figure today or higher? >> right the fed is almost certainly looking to go 25 basis points in february the debate centers around march and may. the fed likely to go in march and then may becomes debate. between the fed meeting next wednesday and meeting in march, we get two employment reports and two inflation reports. those will weigh more on the fed in those meetings. in addition, we get projections in the march meeting those items may carry more weight to the extent we get higheri growth today, that could mean

higher hikes in march. >> it may push the fed and other issues in another way while markets could look forward to the data as well if it does come out slightly off and doesn't reach that 2.8% figure, does it perhaps offer a little bit of negativity to think another way of how growth may not be as good as we thought it was right now >> correct growth is going to slow in the u.s. this year what with we are talking about is the slope of that decrease. how quickly does growth decline? the fed will be on watch for that we have seen a number of fed speakers in the last month cite that and reasons for taking the pace slower. the wait and see how the economy develops after the rate hikes and large rate hikes they made in 2022. >> robert, we have run out of time this morning. a conversation we will pick up on tomorrow as the numbers come

out. robert dishner joining us this morning on those numbers as we said, u.s. futures pointing to a mixed picture. we look at tesla in pre-market, that has been the interesting one. 7% to the good on this one it follows on from the numbers that have come out just yesterday. beating on some with a cut in those prices have actually helped the company move and may help it going into the rest of the year that's it for the show today still a lot on the earnings front. we have nokia later. i'm arabile gumede "worldwide exchange" is up next.

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it is 5:00 a.m. in washington here is the top "five@5. ready to run tesla reporting the highest quarterly profit ever as price cuts eat into margins. some say it could be the end of the stock slide. big profit for big oil means big returns for shareholders the news from chevron. and tightening big blue. ibm cutting nearly 4,000 jobs. plus, weeks after twitter,