a whole new future. happy friday welcome to "street signs." i'm joumanna bercetche >> i'm arabile gumede. these are the headlines. >> apple with weaker sales and disappointing earnings from amazon and alphabet sends futures deep into the red. and markets in europe look to close to the back foot with germany's dax leading the declines most of the majors are higher on the week as the new year rally

extends into february. the ecb and boe hike rates 50 basis points and a change of wording sparks stipulation the governor tells cnbc it is too soon to be sure. >> i'm not saying this is it the world is uncertain of that there is an encouraging downward path of inflation in the central projection there is a big risk in the forecast on inflation on the upside we've ever had. and totale energy reveals a $3.1 billion exposure to adani group with investors welcoming the disclosure, but the volatility continues amid the accusations of widespread fraud.

pretty eventful week we had across the board we will unpack parts of it one element is the final pmi reading out of the eurozone. we had other pmi data this week. now getting on to the final pmi numbers for january for t eurozone the flash was 50.2 higher when it comes to the final composite figure there one looks at the final services pmi. 50.8 is the data point from the eurozone the flash was 50.7 higher above the 50.0 mark on that front. when it comes to the other side of the data point with 50.3 and

final services at 50.8 which is for the eurozone the numbers coming out better in terms of above that 50 point mark >> the final pmi coming in better than the initial reading. that is good news. earlier in the week, we had gdp numbers for the eurozone slightly better than expectation. all good news. so far, shows that the eurozone economy is managing to skirt a recession. that has been positive what a week it has been for stocks so much from earnings season kicking off in europe with all that data coming through and the key central bank decisions we had yesterday from the bank of england and ecb. the reaction today is negative you see the heat map behind me is in the red. stoxx 600 down .50%. for the week, up 1.5%. the theme has been stocks higher

and yields much, much lower for the most part of the week. we are seeing a reversal of that stocks trading lower and yields moving higher. let me flip over and talk about the european markets as a whole. all indices trading in the red dax is the out performer this week the dax is up 2.4% for the week. it has been a strong week. the cac 40 is down .60%. s nar sanofi is missing on earnings on the disappointing vaccine sales. that is the drag on the cac 40 the high levels are digesting what the ecb came out yesterday. the central bank with a 50 point hike yesterday and another hike

expected in march. the reaction was very dovish we saw a strong reaction in stock markets and yields anything with credit rallied after the ecb announcement the expectation is they may be nearing the end of the hiking cycle. it may not be the message they wanted to convey in the uk, the ftse 100 trading up a little bit today. we are seeing home builders suffer after the bank of england hiked 50 basis points and removed the forward guidance of acting forcefully and moving to a data dependent situation many people are focused on the growth situation in the uk which is why the expectations are doing that as well as they may near the end of the rate cycle we have oil and gas leading the gains. up .20%. we did have strong earnings come through this week from shell that is giving a boost to the

sector food and beverage up .20%. defensive play at the bottom, real estate is reacting to higher interest rates and financial services down 1.3%. i mentioned european yields. look at how things are trading today. we saw a monumental price action yesterday. today, the 10-year bund is up 2.3. we rallied about 25 basis points in total yesterday deutsche bank. jim put out a note yesterday saying this is the biggest rally for the 10-year bund since the day that former ecb president mario draghi has become president. 10-year gilt rallied 30 basis points giving back today. and 10-year btp. yesterday, rallied 44.0 basis points after the ecb meeting

we have come off a bit today really significant moves there in european yields that is the picture across the board, arabile, it has been one of stocks higher and that is reversing a bit. j >> joumanna, you had the news from the ecb with the hike moving for march and replaced by the ecb president christine lagarde. we have news from peter kazimir who said the march hike which has been put in place won't bring us to the peak interest rates yet. he believes the march hike will not be the last and the ecb will decide how many more hikes will happen after that. still not at the top of the

hiking cycle, joumanna, and they fear core inflation may stay too high. >> he is the hawkish member of the committee. what is significant about what he is saying is march hike is not the last ecb will decide after that so much of the conversation has been about how much more can the central banks hike and less of how long will they keep rates high for and very interesting to hear the hawkish member of the ecb say once they stop hiking, they will stay restrictive for longer that is something to keep in mind hawks are coming out after the ecb rate decision yesterday. probably not happy with the market action yesterday. let's turn to u.s. futures because we had some major moves yesterday in the tech space. of course, looking ahead and

markets are watching out for the non-farm payroll prints. expected 185,000 exin the sessin yesterday we did get major tech earnings, arabile. >> those tech numbers were interesting. a few misses across the board. apple missing expectation for what is its first fiscal quarter relate revenue profit and sales. over $117 billion in revenue a lot of was dragged down by disappointing sales in the holiday period tim cook blaming a weaker dollar and production issues in china and uncertain macroeconomics environment for the results. you can tell there is a miss across the board here. questions will be asked if that will be something that will continue or if this is just a one-off.

alphabet missing on the top and bottom line posting $76 billion in revenue for the quarter struggling with weaker ad spending and that impacted youtube and tiktok alphabet will take a charge up to $2.3 billion related to layoffs that were announced last month. interesting to note that the tech counters are looking for more efficiency from the market. the cuts have been interesting to note. amazon also reporting better than expected revenue for the fourth quarter the company reporting $149 billion in revenue as the advertising segment beat expectation. the company's cloud business web services missed estimates amid a wider slowdown in business spending first quarter guidance came in weaker than expected let's get into these numbers and

how difficult things have been ben is the chief analyst at ccs. ben, thank you for the time. no surprise, i suppose, in part, particularly for apple with the supply chain issues. fortunately, they can't wean themselves off china >> those factors were an issue for apple. the supply issues during the lockdown which hit in november and december which is almost unprecedented for them the strong dollar is a huge issue. the broader macroeconomics climate. the reality is that no company is immune from that pressure the addiction to china is the central place to provide supply and manufacturing of products proved to be a headache. it has been a topic of conversation for a few years the company is entrenched there. it may diversify

doing that is not happening any time soon. the lockdowns exposed that risk. >> is this something we should look at and think it is a one-off? whine is -- china is reopening now you have the job cuts and that makes it more efficient and focused in does that help >> i think that is the case for apple and what it is hoping. this is the best for class for apple. they have a long track record of knocking it out of the park. as far as i'm aware, apple hasn't announced any specific job cuts we have seen those across the board with meta and amazon and alphabet and others. so, it can't be ruled out. i think apple has some other positive things to out perform the market it is in a strong position the sheer number of products in

people's hands is the envy of the ivals. they revealed, interestingly, the headline they have over 2 billion apple products in active use. that is the products in terms of active users, that is over 1 billion now. could be 1.3 billion or 1.5 billion. given customer loyalty to apple devices and propensity to buy another device after one device, that is a positive sign. people are not refreshing their phones as they used to >> speaking of phones, i appreciate your back drop. a lot of gadget phones they are larger than the ones i have myself. one other thing about apple to note is i think it is significant that out of all of the big tech companies, they are the one that has not announced layoffs. is that a positive sign or will they play catch up in that

space? >> i think it is a possiitive sign that is the way they run the business they have always been careful in the way they grow the business we have seen the huge access ration -- acceleration of the recruiting it is similar with the dot-com bubble there was a labor shortage, that was across the board that was impacting economics, and they were trying to hire people the danger is you can recruit people who are not exactly what you need and you have to have a reset. of course, if you are under pressure with delivering results, you have to do cost cutting. if you are an employer, like apple, there is a comfort in the fact that hasn't happened yet. nothing can be ruled out apple runs a tight ship. if they need to make changes, they will. >> something that struck me as interesting. we were talking about alphabet

and amazon w alphabet ad revenue has dropped, but amazon ad revenue has gone up is it the reflection of the competition in the space amazon's gain is alphabet's loss >> i think the conclusion you are drawing could well be correct. we have seen apple stranglehold with the measures in place to protect the users to control advertising which has hit other tech rivals. we saw that with the snap earnings for example and meta has had challenges with some of the properties like facebook advertising remains strong i was drawn to the fact with the amazon earnings that they had a good fourth quarter. despite the malaise, it shows

the people in the fourth quarter had money they could spend challenge is will we have a nasty hangover in the first quarter? that is something that apple needs to consider. they had supply issues in the fourth quarter can they make up some of the losses in the first quarter now supply has normalized? >> ben, just to round up the discussion, i think this earnings season is telling because it feels these tech stocks for so long have been untouched by the market are going through a period of reckoning. cost efficiencies and keeping expenses under control and head count reduction, et cetera does this make you less bullish going forward or does it tell you management has it under control and they are on the right path >> i think we are entering a period of realism among growth everybody has to take a tight rein on costs. i think apple's challenge is

despite the company riding high and consistently delivering is not immune from the broader macroeconomics and geopolitical shocks for apple in particular, the covid situation in china really hit them hard. it wasn't just that. there were the other elements like broader macroeconomics challenges and loss of confidence in the consumer and the dollar dragged them down the considered and careful approach among the tech companies is what we are expecting for 2023 >> very fair ben, thank you so much for joining us ben wood speaking of tech, meta shares surged 23% in what was one of the stock's best days in almost a decade. the facebook parent beat the fourth yquarter projections and announced a $40 billion share

buyback. mark zuckerberg confirmed a renewed focused on efficiency. tania is joining us to discuss the conversation i know you discussed many things the highlight for the week was the stock performance of meta. strong rebound >> absolutely. beyond any expectation i was talking about a new initiative at davos this year ahead of world cancer day which meta is a founding partner of. i asked about the reaction for the earnings for meta in the fourth quarter. >> 2022 was the critical year because we were able to demonstrate we didn't just have a plan, but the plan was working and we have proof points to show it especially around investment we have made in ai and machine learning they really starting to payoff

we saw 20% more conversions than the prior year we are leaning in with advertisers to get efficient about the investment in the ai powered products this is an area that we are going to be doubling down on we're doubling down because we know growth and efficiency are the things that are top of mind for advertisers. you know, we are combining that with the new way of operating. all of this together is an enormous step change for the company. >> of course, mark zuckerberg has come out to say 2023 will be the year of efficiency what does that mean for you? >> he is very much talking about what i was saying. we changed our organizational structures it also means, you know, in terms of where we are making our investment that actually over 80% of our investments are spent on a core family of apps and

services on investment in ai and on things like reels and investment in business messaging as well. >> i was talking do nicola she was diagnosed in 2016 with lymphoma this initiative is a pledge that puts a structure in place for employees to go to their employer and tell them without fear of their diagnosis and that the company will support them. already over 30 companies from bank of america to unilever to walmart signed up. meta is a founding partner she shares her own story when she was diagnosed in 2016, she went to her then boss and got incredible support from them she wants to share her story so

other people won't be frightened over 50% of employees don't want to go to employers to tell about diagnosis. this is what she had to say. >> it is something that matters to me personally because like so many p people, i have been impacted by cancer i'm honored to be signing the working with cancer pledge on behalf of meta often companies have good cancer policies and provisions in place. actually people don't know about them so, one of the things we're hoping to do with the campaign is actually spreading awareness about the resources and tools out for people who need them also because when you have to fight something like cancer, the last thing you should worry about is what it means for your job. >> why do you think there is sigma about the cancer diagnosis? do you feel employees are

fearful to tell their employers? of course, you talked, nicola, about your diagnosis in 2016 did you feel that you could go to your bosses and at the time it was mark zuckerberg and sheryl sandberg. what was their reaction? >> there is still stigma and having cancer and relating to work i know this in talking to people in other organizations outside meta i cannot imagine how difficult it would be to go through something like cancer treatment with all that stress and no one that you work with every single day and not knowing about it it is awful. that is not the experience i had. you know, the telling and sharing with mark and sheryl in 2016 was instinctive and first people i was telling i know many are not as fortunate.

how can we support you we hope with the pledge that so many other people and companies and organizations will turn around and say there's more we can do and we want to help people in some of the most stressful times of their lives and take that stress away from them >> as we were talking about cancer, it is far too prevalent in our world 1 of 2 people will get it in their lifetime nicola is helping so many. she is an inspiring leader >> that comes across the important cause. it was personal as well. inspiring for people to listen to her story thank you for bringing us the interview. >> there will be more next week. >> brilliant we look forward to it. coming up on "street signs," adani shares face fallout in the market after the hindenberg

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welcome back shares of adani group companies shared of 50% of total market happen since hin denberg accuse adani of fraud the day of trade has fallen 50%. trading to the upside a few minutes ago. you see they are 1.2% to the good india's stock exchange placed three adani companies under surveillance including adani enterprises. totalenergies exposure to adani is 2.4% of the total capital the company has invested in the series of entities with adani which it says are managed independently of the group now this becomes an interesting

story in total because the number coming up with adani enterprise and the share price going up higher could be on the back of totale exposure is not as one may think as some thought. they are saying the investment in the business was done with the right measures put in place. they come out with that statement and really giving a resounding yes to the way they invested in adani and trusting the process. >> i think if investors were more concerned, we would see a bigger stock price in totale you have an indian come nglomere which has lost $100 billion in exposure we know it has a sprawling empire and more exposure in asia

and australia which they are present as well. it is certainly significant that it has managed to lose that much and contagion has been limited there is a story in the ft today that the british company which is run by boris johnson's brother and you see ties to adani. it issing iis interesting that contagion is limited the indian government has been quiet so far remember when adani issued the reb rebuttal, what they said is we rebuke everything in the report. an attack on us is an attack on the government they made it a national thing. the government itself it has quiet. we know the indian stock exchange is satisapplying more

surveillance on adani. there has been so much volatility. >> it has been p you can't understate the significance of adani to the entire exchange. at its peak last year, $1 of every $10 of indian equities was going to adani group or adani company. earlier in the day, we had the european final pmi we get the uk pmi. those are higher than the estimate estimate 47.8. final number is 48.5 you are seeing a bit of a spike in the pound on the back of that no surprise there. the final services number also came in higher than the flash. 48 was the flash

48.7 for the final services. good news on the flront of the uk speaking of uk, the bank of england raises rates by 50 basis points governor bailey says the economy has turned a corner. we will have more after the break.

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welcome to "street signs." i'm arabile gumede >> i'm joumanna bercetche. these are your headlines. >> apple posts the first earnings miss in seven years with weaker iphone demand with supply snarls. it sends nasdaq futures deep in the red. markets in europe look to close the week on the back foot of the dax leading the declines. most majors are higher on the week as the new year rally extends. and ecb and bank of england hike 50 basis points and a change of wording sparks speculation that rates are at or

near the peak. >> i'm not saying this is it, we're done, because the world is uncertain in our case. there is an encouraging downward path of inflation in the central projection there is a big risk. the biggest risk in the forecast on inflation on the upside we've ever had totalenergies revealed $3.1 billion exposure to adani with the investors welcoming the exposu exposure with the accusations of widespread fraud continuing. welcome back to the show the bank of england hiked rates by 50 basis points bringing the base rate up to 4% highest since the global financial crisis gilt yields tumbled as andrew bailey said they have seen the first signs inflation has turned

a corner and the upcoming downturn will be shorter and shallower than previously expected i sat down with governor bailey and asked if the markets are right to think the boe is at or nearing the end of the hiking cycle. >> we said if the economy i evolves as we think it will, rates will have to go up further. we used the word forcefully which a lot of people picked up on you see we have not said that today. that is intentional. however, i'm not saying this is it we're done the world is too uncertain in our case there is an encouraging downward path of inflation in the central projection, but there is a big risk we have the biggest risk in the forecast on inflation on the upside than we ever had. >> you have downgraded your

inflation forecast which is interesting. you cite some signs labor demand is beginning to slow if average private sector wage growth slows down, would that be a signal that your work is done? >> i would say private sector wage growth is an important part of the evidence that certainly i'm looking to see by the way, we look at inflation as a whole the profit sector has been an important part of the thinking of what is shaping up as expected they have been above what we expected in recent months. there is evidence now and both in terms of the shorter term path of reporting settlements and the surveys and what i hear from thing ate agents when i gon the country. we can't say it firmly enough with the evidence. >> when you see the monetary policy and you see that with the statement you put in

what sort of lag are you returning to >> it is not a new statement because the transmission mech mechanism. that feeds into the market up to two years or some longer than that the way it feeds through is depending on the mortgage market and structure features it does happen with a lag. one of the important questions is we raised interest rates substantially in the last 12 months there very substantial not a lot. we expect quite a bit of the effects to come through. we want to see the evidence of that. >> there is no push back of what markets are pricing with interest rates this time around. we had push back in november markets with the rate of 4.5% and for it to drop to 3.25% in subsequent years you have inflation at 1.5% points in 2024

is there another way to rephrase that monetary policy is too restrictive? >> that is what my central projection is. unfortunately, there is a big risk on the upside i gave an example actually we've had to switch because of what is happening in energy markets in some of the pricing policies that have been in energy markets we switched assuming energy prices are constant going forward. that means we have a rapid downslope in energy prices if you ask me the question, yes. if you go back to the previous assu assumption, it would add 1% to inflation. there is material uncertainty at the moment on that path. >> the question on growth. you upgraded your growth forecast this year from minus 1.5 to minus .5

is there a risk of growth on the data out of europe and china reop reopening? >> there are a number of reasons we moved our growth forecast up. falling energy prices. lower interest rate curve is another. a few that we revised unemployment forecast down quite a bit actually we think there will be -- the firms are telling me -- they want to retain labor as much as they can and shorten hours rather than redundancy if that is the case, then that gives people more confidence in jobs that will put a bit more demand on the economy those are the things that contributed to our revision of the forecast for growth. >> just final question when the likes of the fed start talking about nearing the end, you have other central banks

signaling they are approaching the end of the rate hiking cycle. is there global coordination going on here? >> let me make two points here we do not coordinate in that sense across central banks we are each setting monetary policy for our each setting. do i talk to other central banks? yes. we talk a lot. we talk about what is happening. i have all of that in my head and my colleagues have to set rates for the uk just as my colleagues do with their countries. >> andrew bailey there with the interview. i have our guest here from bnp i want to ask about the market reaction we had yesterday. you had the ecb saying we will hike 50 and another 50 and keep hiking rates and do what is necessary to keep inflation

under control. then you had bond yields rally enormously the 10-year bund was down. what do you make of that >> i think i start off by concurring completely. we watched bailey yesterday. we saw really value. the bond market is almost above territory. the move is very intense and can be understood in the context of what has happened in the last three months the remove of the fat left in the distribution of outcomes in other words, as recently as three months ago, many market participants were fearful we would have a fed and other central banks really having to ramp up interest rates perhaps 5% or 6% to get inflation under control. that risk has ebbed away

the tone from central banks and the markets heard a confirmation of that. it is the removal of the fat >> removing to a high terminal rate >> exactly and savage recession >> right today, we have the non-farm payroll print from the u.s it feels no matter what happens, the market is, again, pricing in dovish reaction out of the fed that is what the market wants to hear and see if we do get a surprisingly strong number, do you think that changes the calculus at all? >> i think given the moves we saw yesterday, the eye-watering moves, i expect the market to be reactive i think looking across the big investment banks and some have really good ai data are actually quite meaningful of the consensus. 300 or higher. i think in that environment, you could expect a reversal,

perhaps, of some of the moves. i think a bigger picture, joumanna, is what we are seeing in inflation broadly and what we are seeing in the eci which is the data earlier this week employer cost index. that is the broader measure and one that the fed focuses on. we saw a negligence in the decline. we saw it consistent with core inflation. wages really do hold the key for central banks. that is the last shoe to drop. margins, food, energy all has come off it is about what happens in the labor market >> is it a fair reflection from the ecb and perhaps a theme across the board from central banks as governor bailey said they don't coordinate. a clear sign p that, you know, f

they hiked 50 basis points in the next meeting, which is in place, so to speak, that it would not be at the right level still because inflation would still be too high and it needs to continue hiking the hike beyond march could still happen >> i think central banks are walking a tight line here. i think they are trying to move policy from backward looking, which it needed to be last year with inflation, to more forward looking at a time when forward looking and backward looking data are telling you different things if we look at the forward looking data, it says inflation is coming off. inflation is coming off quickly. if you look at the backward looking data, it is less clear it is a difficult balancing act for them i would say that i think in the u.s., we probably have a bit more confidence that inflation is behind us

>> over hike rather under? >> in the u.s. >> in europe >> in europe, it is in a slightly different set up. i think inflation is sticky. labor markets are more rigid it is early in the hiking saying the. our economists believe the ecb has further to go to get to restrictive territory. >> maya, that is all the time for the discussion which is a big one, actually, which we could continue for a while thank you for joining us the global head of multiassets at bnp paribas. we will hear from stefan ha rrk tung from bosch. that interview is coming up next

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welcome back bosch has reported total sales of 88.4 billion euro a 12% increase from the previous year the company expect the energy crisis to drive demand for new

technology forecasting the demand for the heat pumps to grow 40% we have ceo stefan hartung with us thank you for the time good morning managing to pick up revenue and profits in a really trying time even for competitors as well and still making headway would you say the growth is paying dividends >> thank you for having me 2022 was lots of challenge we are happy we extended our forecast we had a 12% growth. 2% is exchange rate. a healthy 10%. it is important we extended our margin of 4% in the ebita class. that is okay for 2022 with the growth acceptable for the next year we want to grow further and extend higher. >> the growth is based on the

r&d. you will increase software development job numbers to 50,000 if not beyond what challenges are you hoping to unlock? >> we are in a transformation. the green transformation is bringing new business opportunity. many in the electrification technology which is linked to software a lot of issues here which is mobility because of the lines are new which brings a unique opportunity. car lines are modified and given a new shape and set ups and put in place so new electronics and software is put in development the heat pump is changing the game >> stefan, i like to ask about

the margins. you like to get back to the 7% margin target. it came in at 4% for 2022. is that a function of rising costs? >> this year was important we didn't falter in margins because over this year, 2022, a lot of cost increases happened. we are still from the start of the year with the supply shortage in semiconductors was haunting us through 2022 and it is still there in 2023 it is getting softer that hikes costs obviously with the war in ukraine bringing a huge wave of costs with materials and products came to us which had to be digested in the food chain. that was a major impact that we can absorb and we have a stable margin on a high growth scale. >> what is the outlook for 2023? is there a sense the pressures

may start to subside >> you have seen inflation is still there and hefty. that is dangerous because that is the long term harming demand. right now, you see the central banks raised interest rates to 5% inflation that is good we have to get rid of it we have to balance supply chain. for us, that means the forces are at work. some demand has not been fulfilled in the past from last year maybe the recession will be milder we still have to get rid of inflation. for us, there is a growth opportunity. transformation is going on demand is shifting transformation which we see is industrialization. >> i want to ask about the china investment i see you are doubling down on the commitment to china. you will spend $1 billion to make electric vehicle components

talk about that opportunity and to what extent the china reopening is a tailwind for reopening? >> china is important for the economy. we will have a trough in the u.s. and in china. now china has an opportunity if it accelerates and restarts, which it has come from zero from the new year events and before the change of covid policy means the plysupply will come back. it is necessary for us to fill the market most of our production in china, 80%, stays in china. we exttend the portfolio with th supply portfolio to the u.s. and india andother countries where we are smaller than our heavy footprint in europe and china. >> stefan, you are getting into semiconductors if we remain in the similar theme.

is this blamed on the chip shortage and even nhancing the supply chain >> that is part of it. that is linked to the anenometer that is in every device we have right now. there is another thing coming which is in high demanded. power semiconductors of carbide. these are important for us and we have a program going forward with the $3 billion to extend footprint in semiconductors. >> stefan hartung, thank you the ceo of bosch coming out with the earnings and targets in a difficult environment. we are capping off an eventful week. so much going with tech earnings and european bank earnings there is one more data point we

are watching for this week that is u.s. non-farm payroll. the last data point we are watching for the expectation is it will come in at 185,000. i spoke with maya earlier and there is probably a risk to the sup upside there a quick look at u.s. futures as we head to the numbers you see the majors are pointing negative after the mixed day yesterday before the close with nasdaq ending in positive territory. almost in a bull market. tech earnings picture has clouded that somewhat. >> exhausting. that is the week, joumanna. >> i know. finally done >> good-bye from us. have a good weekend. "wlddexcchmanna bercete. orwi ehange" is coming up next.

it is 5:00 a.m. here at cnbc headquarters here is the top "five@5. from the tear to the tumble. the nasdaq takes a ride. set to open up sharply lower this morning and a trio of trouble in big tech headlined by apple tdoing something for the first time in years. and alphabet and amazon adding to the sour taste. and gamestop and bbby and now aaron cohen has a new shar