keith morrison: i think shed be pretty proud of you. max farver: i hope so. good morning welcome to "street signs." i'm joumanna bercetche >> i'm julianna tatelbaum. these are your headlines. >> european equities accelerate losses after factory inflation comes in hot on both sides of the atlantic with u.s. and german ppi topping forecasts. mercedes moves higher after the 63% surge in quarterly profits. the ceo tells cnbc the aut automaker's $4 billion buyback plan is the right move.

>> we believe in the potential of the company we think our stock is a good investment and with the net industrial liquidity position and cash flows over the coming years, we feel this is a vote of confidence for our strategy. air france klm posted a surprise profit and moved back into the black we speak to the ceo benjamin smith at 11:45 cet. beijing pushes back at president biden's call amid spying accusations the foreign ministry cannot ask for talks while escalating the crisis happy friday warm welcome to "street signs. german producer prices rose in january, but a slower rate than the months before.

a sign inflation could be moderating industrial prices rose 17.8% year on year driven by higher energy prices. the two-year yield rose to the highest level since 2008 inflation increased to 7% in january. on the month, prices rose 0.7% the action is risk off this morning. you see all of the indices are in the red dax is down 1.2% this after taking the cue from wall street overnight and the session ending deeply in the red. asia is now on concerns that good news is actually bad news because what we saw is better than expected ppi numbers from the u.s. yesterday we'll talk more about those in a moment the implication is the fed has to stay restrictive for longer and possibility lcontinue or rap up we had bullish comments from

mester and bullard kindicating a 50 basis point hike may be a consideration. now pricing in more than a 50 basis point hike at the next meeting. that is a solid risk-off action with the tech stocks and growth names subject to interest rate expectations let's talk about the ppi numbers. 0 0.7% jump in january and notching the largest increase in june headline ppi increased 6% and elevated which was off 11% peak back in march. it is more evidence of the u.s. economy running hotter than expected after beats on cpi data and last week's job figures. >> two feds say the central bank should have gone for a bigger rate hike two weeks ago and say

larger hikes are necessary to bring inflation down to target low rec mester says they should do enough neither mester or bullard says it should be viewed as restrictive. the nasdaq and s&p and dow with steep losses more than 1% lower for the indices led by the tech heavy index. as for week to date movement, we had a little more volatility the turn yesterday really standing out when we look at the course of the week week to date, the nasdaq is higher 1.2%. the s&p is flat. the tone is set by yesterday's session and that is continuing today as you saw european markets trading lower

and asia markets selling off yesterday, we saw out performance. joumanna, i think it is worth pointing out that european markets closed out before the hawkish comments from the fed. to me, it evncapsulates that inflation is here longer and we may have more hikes from the fed. >> i was reminded by the maya angelou quote. this is exactly the situation i think we are finding ourselves in with the central banks. they say we are watching the data and if the data is stronger, we will keep with the rate hikes at the beginning of january, the market got in its head and the

rest of the community would have to start cutting in the second half y -- half of the year the market is now realizing that, yes, inflation is moving in the direction, but we are far from 2%. you get a week with a stronger than expected jobs data print and stronger than expected cpi and stronger than expected ppi and all of a sudden, they may not only have to pause, but continue with the rate hikes and we are far from the zone where the central banks will take the fight off the accelerator and say we're done we are not there yet >> you look back to q3 and q4 last year and the banks ceos said they thought recession was coming this year they paved the way for the bellwether for the u.s. economy. that was the reason that the

market believes the fed was wrong and we would end up in a soft landing was not possible and we would see the fed retreat and cut rates. you speak to corporates and i came back from switzerland yesterday and the nestle ceo is saying that the u.s. is strong they are pushing through 11% of price hikes and volumes came off a little bit, but not really >> it is interesting to get the anecdotal evidence the likes of some of the consumer companies and able to pass off the prices to the consumers. less in europe europe is a different situation. i think we are seeing a bit of reckoning because markets did tend to get a bit ahead of itself if you look at bonds, we are back to bond yields moving higher and stocks moving lower again. bonds aren't being an efficient hedging tool on risk-off

recession. the 10-year treasury yield is up 50 basis points. people's expectation of the central banks got stretched. >> i think adding to that and what is interesting is this is across bond markets. you look at bond markets and yields are moving higher across europe and u.s they are on different paths, but moving in lockstep >> let's look at european sectors. you have tech leading declines in europe. down 2%. chemicals down 1.5%. oil has been volatile as of late the iea upgraded the forecast for demand by 2 million barrels a day. the complex is coming under pressure on some of the demand concerns further out in the year autos is the only sector doing

well mercedes-benz is doing well after fourth quarter revenue surged to 41 billion euro with the 60% boost to net profit that came in over 4 billion euro they proposed 5.20 per share a annette, a rare bit of green autos higher what are the highlights? >> reporter: the highlights is the record profitability despite a challenging environment last year we all know that high inflation and increased in interest rates and supply chain problems and the issues with china. nevertheless, mercedes managed costs efficiently. if you look at unit sales, it is flat lining, but they did manage to raise revenue by 12% and

profitability is actually key. never before has mercedes been so profitable like under the ceo. the strategy to concentrate on the luxury space seems to pay off. of course, a lot of these h headwinds from 2022 and uncertainties are also there in 2023 when i spoke to him early this morning, i asked him what are the main problems and challenges for 2023 and the outlook take a listen. >> we were grappling with the semiconductor shortages and a bit of a stop and go in china due to covid if we look at 2023, we think we will see a gradual easing of th. we are not out of the woods yet.

we hope it can get better. we hope to put covid behind us we are vigilant about the macro environment. interest rates are rising. we need to watch what the economy will be doing in the main markets >> reporter: in addition to lifting the dividend to 5.20, they announced a generous buyback program. they are up since the beginning of the year by 18% the valuation, when it comes to pe, they are currently roughly at the six times earnings. that is more than bmw and volkswagen, but not more than the general market the key is the question and whether china is going to reliably reopen and raw material prices will not spike and, of course, the interest rate environment. i thought that was an

interesting point because clearly even the luxury space is depending on the interest rate environment. 50% of their sales are financed which is dependent on higher interest rates 2023 is bullish, but there is uncertainty around today has a positive share price reaction. >> annette, thank you. we will take a quick break, but when we come back, klm has global flight numbers pick up. we will discuss those numbers after this when we started selling my health products online our shipping process was painfully slow.

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or, ask how to get up to a $750 prepaid card. complete connectivity. one solution, for wherever business takes you. comcast business. powering possibilities. the airline says bookings are almost back to 2019 levels let's get to charlotte with more on the numbers charlotte, everything i read about the airline sector has just been incredibly positive. the sector looks pretty robust to what many have been expecting. >> reporter: absolutely. air france back in the black after two tough years. two years of heavy losses

because of the pandemic and traveling stopping they have seen travel reopen last year and benefitting from this and operating profit at 1 . billion euro looking at q4, record revenue at 7.1 billion euro above 2019 levels. travel has been coming back. a lot of americans are coming back to europe over summer one other thing that people have been watching at air france is repaying the debt. they took on loans to go through the covid crisis tparticularly from the dutch government. the debt is down by 2 billion euro, but still stands at 6.3 billion euro at the moment they said that as of april, air france klm expects to fully exit the restrictions that come with

the state aid, which includes acquisitions overall, they also have a new fleet coming into place and they start to get the first flu planes this year mega orders placed at the end of last year from airbus. new jets coming in places. they expect to have capacity between 90% to 95% in the first quarter of 2023 and back by full capacity by end of 2023. the reopening of china is very important for airlines and how that will come into play they are looking at medium-term operating margins at 7%. they will have 2% in q4. we have a chance to discuss all of the aspects and some issues with the airport in amsterdam for klm airline.

issues have been impacting the business we will discuss the topics and reopening of china and et cetera with the ceo benjamin smith who will join us at 11:45 cet. stay tuned for that interview. >> charlotte, really looking forward to that. we continue more with alexander. thank you for being with us. let me talk about the robust performance with the number of the airlines this quarter. it looks as though demand has held up better than many feared. how long can the party last? >> it is hard to say people are still looking and flying for q2 and q3 they used the limited visibility for winter in 2023 and beyond. as long as possible, we're all

hoping for this position you are worried about the macro headwinds and inflation. it doesn't seem to dampen travel demand. >> alexander, we want to talk to you about the sector i'll go to norwegian as an american living in the uk, i have felt that transatlantic route. i know the implications have been vast. can you detail for us the impact of norwegian's exit from air travel and pricing structure and what it meant for the other airlines >> absolutely. the air shuffle was a huge presence for the long-haul model running up until the pandemic. now that is gone with the restru restructuring. some have come back, but it is a smaller space. and the impact was largest with

british airways and norwegian is about 8% and 9% of north atlantic capacity from london to the u.s. it was compressing yields on the routes where they overlapped they got a healther s ier struc. the u.s. carrier controlling 75% of the north atlantic. healthy market structure without the competition. >> so interesting. alexander, i want to come back to something a bit more macro. that is the cost of oil. we spend a lot of time on the show the last year talking about the direction of oil at one point we did break through the triple digit levels. we are below that. i wonder from the hedging perspective which airlines are better equipped in 2023? >> many airlines follow a

similar hedging policy on this side of the atlantic u.s. majors do not hedge fuel. generally speaking, stop putting hedges on 18 or 24 months out. you add those on the day before departure. a similar profile on the major airlines with the hedging and starting again its moves back in line with the rest of the sector what is important to remember is what you toend to see is the capacity costs the fuel prices funnel through with the higher ticket prices. you can't push prices up because people won't pay to supply >> lower capacity is how it transpires on the flip side, what about the demand that the knock-on effects of the demand coming from asia with china opening up its

economy? are we see the impact with the other european airlines? >> yes, we will once the flying ramps up 30% of europe to asia capacity at the moment. i would expect that to grow as planes are out of storage and routes on sale and flying ramps back up. we take lufthansa group with flying to east asia from 2019. that helps the corporate business going to and from and frankfurt. the capacity points to north and south america. that varies airline by airline >> alexander, how are investors feeling about the sector how would you describe positions and are they encouraged by robust performance that we have seen or are they steering clear?

>> i've had more conversations about it than a year ago we are 20% to 50% depending on the airline which is the risk-on attitude with the airlines so far. as long as that positive news flow comes and so far it has with the investors considering airline portfolios >> alexander, i see your top pick in european aviation. >> wirzz air is the fastest in european airlines. lowest cost in european airlines and trading cheap compared to historic multiples 10 or 11 times on pe now 16 times >> thank you for joining us today. alexander irvin at bernstein

allianz is operating at 13% profit for the quarter which tops expectations with the largest insurer with the life and health business unit bump. the ceo told cnbc about the outlook for the year. >> the slienvironment will rema tough, not just geopolitically that will not go away any time soon higher rates are very good for us very good for us you see that in the strong profit we had record revenue and record operating profit very strong returns for share shareholders yes, the environment is tough. yes, particularly for us, higher rates are really good and we will take benefit of that. swiss re posted better than

full year results. the swiss reinsurance group says it was aiming for a rebound in profit thanks to higher interest rates and fewer covid claims the ceo spoke to cnbc about the expectation fors for the year. >> as we move forward, the ex ex expectation is on the yield side and we get higher net income this is the flip side of inflation. the other thing that makes us optimistic is the significant increases in pricing we got at the renew. we renew half of the business in january. the renewals are better than last year. catching up with what we need in terms of good pricing. coming up on "street signs," chinese says the u.s. cannot ask

for diplomacy and dialogue while issues over the balloon spying we'll discuss after the break.

welcome back to "street signs. i'm julianna tatelbaum >> i'm joumanna bercetche. these are your headlines >> inflation comes in hot on both sides of the atlantic. and mercedes has a surge in quarterly profit the ceo tells cnbc the buyback plan is the right move >> it believes in the future of the company. we think our stock is a good investment with the net industrial liquidity position we have and the cash flows over the coming years and we feel this is a vote of confidence for strategy air france klm with a price profit swinging back in the black on quarterly revenue we speak to benjamin smith, the

e ceo, at 11:45 cet. and we have chinese authorities saying the u.s. cannot ask for talks while escalating the balloon crisis. welcome back the story we have been following closely. chinese foreign ministry says the u.s. cannot ask for dialogue as they escalate the balloon spying biden said there is not evidence of a link to the spy program and it will distinguish with those posing a threat and those that do not the u.s. leaders say they continue to engage with beijing and did not set a timeline for talks and he would not apologize for shooting anything down

>> we put restrictions on six firms that support the pla the aerospace program. that includes the airships and balloons and denying them access to u.s. technology we briefed our diplomatic partners and allies around the world and we know about china's program and where the balloons have flown some of them have also raised concerns directly with china our exports have lifted components of the chinese balloon payload off the ocean floor. we will continue to engage with china as we have the last two weeks. as i said from the beginning of the administration, we seek competition, not conflict with china. we are not looking for a new cold war i make no apologies and we will compete. we will manage that competition. the munich security

conference kicks off today almost a year to the day since the russian invasion of ukraine. hadley is in munich. you have a couple days ahead which will be busy, but a couple of things absent with the conference one is russia and the other is iran with the invitations. how dominant is the ukraine war expected to be >> reporter: the ukraine war is front and center at the conference we are talking about the bigger issues you mentioned china. the chinese foreign minister here fresh off the trip from paris. there are questions if he will meet with his american counterpart antony blinken i'll speak with the secretary-general and the ukrainian foreign minister they will focus on not just the nato alliance and questions

facing those in finland and sweden and if turkey will ratify membership to the nato alliance, but what is happening with the united states and europe i had the chance to speak with chris coons from delaware. i asked about the trade relationship he said it is not a good idea that the united states and europe are at odds over tariffs when they need to be at one with china. >> and the sending the spy balloon has elevated the amount of concern and anger with the members of congress. we have one of the largest bipartisan congressional delegations here in history. we are here to talk about ukraine and pulling together sustaining the nato alliance and work of part fners and allies

against the aggression of russia on ukraine and we are here to talk about the consequences around the world. >> we don't have any representation here from russia or iran. are we a danger of being an echo chamber of thought >> we will work together to make sure we can sustain what will be a challenging year for supporting ukraine success on the battle field and sustaining the population and millions of refugees that are spread throughout europe. if that is an echo chamber, tha is the focus of the conflict >> there is a disconnect with the opec plus policy or thoughts of those in india saying this is not our fight.

>> there are representatives from the skoouth here and important to be heard with the delegation i am here with and will go to five countries in africa for that region we need to better engage with those who have refused to engage one way or the other whether in the u.n. or on the world stage or providing support or engaging the sanctions and say we are still recovering from the pandemic we are seeing an impact on costs and food with the russian invasion of ukraine. we would rather stay out of it we need to engage and we need to show they have options and they have partners and they have a better path. >> tell me this, when you think of what is happening with the u.s. relations across the african continent and i was speaking with the u.s. special representative on energy a few weeks ago, he said the united states is behind when it comes to the fight for minueral

resources. all of those things important to technology and a.i. and blockchain >> the united states has proposed a partnership for critical minerals with a number of southern african countries. has made investment with the inflation reduction act. signed into law last year and attracting investment in mining and processing we need to connect those two in consultation with the european allies here in munich. also in partnership with countries in southern africa specifically zambia and mozambique and south africa with mineral resources and significant need for investment in human development and security and stability and democracy. >> reporter: that was chris coons, the democratic senator from delaware. he hopes there will be a meeting with u.s. and chinese foreign ministers. he also told me, guys, in

response to the question whether or not ukraine will get the $84 billion from the imf he says he has no doubt that money will get to the ukraine government that needs it desperately. he hopes there is cohesion about the leaders here for what is right and what is necessary in terms of the global dialogue he said in terms of international relations, he is hoping the conversation here is one that is profitable for ukraine and all parties. >> hadley, thank you for the set up that leads to the next guest matthew kendrick thank you for joining us people sometimes call the munich security conference the davos of defense. you are getting a meeting of minds from all over the world. it is interesting that china's top diplomat is going to be

representing china in the environment with rising tensions with the west and u.s. specifically iran and russia are not there. can i ask you tangible results will we get anything concrete that will be taken at the summit or is it just a meeting where people come together and discuss ideas? >> thank you for having me i think as far as the concrete results, there have been conferences in the past, one in which the nuclear treaty was signed and concrete decisions have been made i find it unlikely that the chinese foreign minister will seal some sort of concrete agreement at this particular forum. if for no other reason the relationship reset that the united states and china had intended to pursue with the visit from secretary blinken to

beijing last weekend which was thrown off by the balloon issue. the chinese, you know, have their own perspective on whether or not it is all right for the united states to raise a fuss over the balloons. unfortunately that is a major impediment toward signing a concrete agreement with the united states and china or between western allies and the united states and china at this particular conference. >> matthew, to go back to the topic of ukraine which is presumably front and center at the discussions there. what assistance, if at all, could be agreed at the summit given it is not just nato allies, but other countries that are not part of the nato alliance and haven't been providing ukraine with military assistance >> a lot of countries in latin america and sub-saharan africa have p come down to the

conference they are the countries suffering the most severe economic ramifications with the trade and oil and energy trade that have come about as a result of sanctions from the west on russia i think if the western leaders are able to communicate as well and come up with concrete plans to offset the effects that sanctions have had on these smaller economies and perhaps more dependent on russian sources and energy and more politically inclined to take a neutral stance, that is count as a success. >> matthew, thank you for your views and we love your adorable cat in the background joining us this morning. >> sorry, she escaped. >> don't apologize we are happy to have her joining. let me take it back to china it is interesting what you have to say about china's role in the

geopolitical landscape right now. it feels like beijing had been on a charm offensive at the end of last year as its economy reopened and it took as hard a line as it had on russia although it has gone back and forth about its relationship and response to the war in ukraine this aggression has put it back on the floor what is china's strategy right now? >> in the last year, it has become isolated on the world stage. i think the effects of the isolation are becoming scary particularly when we look at the military rearmament, or reforms. they are attempting to push through the attempts on the south korean president to deepen

relations despite the historical tensions in that relationship. i think what the view from beijing looks like is all of the countries around you are suddenly getting more serious about china's military threats in the region. when your only real geopolitical friends are russia and iran, it may feel to beijing they are tied to two corp corpses as a result, after the decision to roll back zero covid policies late last year, the chinese diplomatic corps has been on a mission to reengage with the world and show china is open for business again and china is a relevant political player. to an extent, they are trying to press this message that china represents a different

development model and alternative to the united states world order. they are doing some in the softer and friendlier tone they already damaged their reputation in the united states and we can see something as harmless as the balloon incident totally derail efforts to reset that relationship. >> and tougher with the bipartisan support within the u.s. it triggers a huge reaction across the aisle lastly, i'm curious your take on europe and european leaders looking to get out of the conference what would a successful munich security conference look like to scholz and macron? >> i think that is a question that applies differently to each individual leader. in macron's case, he has started moving toward a harder line. earlier this week, he told french reporters that his goal at this conference would be to

discuss quote ensure russia's defeat that is a striking turn of phrase from a guy that has been more ready to say things like we need to give russia off ramps and maintain the dialogue with russia it seems like the french president there is hoping that europe can come together on a harder line. something he has not advocated in the past. scholz, on the other hand, hoped to roll out the big national security strategy at the conference as you know, since the war broke out, he has attempted to put germany on a new path militarily speaking with investment in the armed forces and increase the role in the european security. divisions within his coalition have prevented that from coming together as far as scholz wants from the conference, he would like to p come out with a minimum of criticism of germany's sometimes

delaying role when it comes to providing armament to ukraine with the tanks and some other heavy weapons in the past. he would like to have a low-key conference that ends on the note of cooperation and other european leaders see it differently italian leader prime minister meloni is coming to the conference hoping to establish she is one of the top three leaders in the eu and as she said last week when president zelenskyy met with macron and scholz without her and she needs to be at the table when these top level discussions are happening. i think as we get into smaller leaders, each individual smaller country will have their goals. >> great to get insight into the

motivation there matthew, wonderful to have you with us. both of you. matthew kendrick reporter at morning consult. portugal says it will end the golden visa program for property buyers as it tackles affordable housing those who already own homes need to prove they own their homes to renew existing permits this caught our attention this morning when it came out it is so interesting this golden visa program laid out quickly golden visa for investment you buy a property for 500,000 euro or more and it gives you the right to live in portugal. eventually, that means access to the eu it has been a huge program for a lot of wealthy individuals it brought in 6 billion euro investment in the country. it is coming to an end >> yeah. i think what happens with the golden visas and we have a screen shot showing the countries in europe who

introduced them. they last as long as the political willingness is there the second the political appetite changes, they get rid of them. the visas are exclusionary it is just for people who can afford to spend that money on the house. 300,000 euro plus for the golden visas. number two, it takes away housing opportunities from existing residents and at some point you will get political backlash where interest rates are rising and so many countries are having housing affordability issues this is the situation that portugal finds itself in there has been backlash. many local residents say we can't an fofford to get on the housing ladder and these internationals are scooping up the property and not living here they modified the rules and

saying we're scrapping the visa. you can only keep the visa so long as you live in the property or put the property on the long-term rental market. >> this has been around for a long time. portugal tried to be more corporate and cut down on visa where housing was expensive and inaccessible for others. it is also worth noting where portugal is in its economic story that the golden visa came into effect when they tried to bring more money into the country. they are on more shore ure foot. for the brits and post-brexit world, this was a golden opportunity. it is not there any longer. >> the pun has not gone

unnoticed, julianna. coming up on the show, when is a recall not a recall tesla recalls hundreds of thousands of vehicles over fears the self-driving software could cause crashes. mr. musk takes offense at the "r" word we'll be right back.

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welcome back to "street signs. u.s. futures are lower after the thursday ppi figure came in higher than expected steve liesman filed this report on what it means for markets >> equities taking a hit from the hotter inflation numbers and hawkish fed speak. jim bullard saying he would not rule out a 50 basis point hike at the meeting in march. cleveland's loretta mester says it could raise up to 25 basis points both support a hike at the meeting this month the cpi suggested more inflation pressure up the pipeline that could make its way to the consumer and joining the cpi on

tuesday and showing inflation not coming down as fast as expected that with the retail sales re reports, the markets are expecting the fed would be done in may fed funds future is a 53% of th rate hike. that is pointing to a rethink about how weak the first quarter gdp would be in january, cnbc forecasters saw a 0.2% outlook that number is now 1.5% and some at 2%. a 50 basis point hike is a possible response, officials seem likely to use quarter point hikes from here on out to allow them to move more slowly in response to the data and take a count of the risk of overtightening and the policy lags to the economy. steve liesman, cnbc business news. tesla is reporting 362,000

vehicles across the u.s. and musk refer they did not use that word regulators say flaws in the self-driving software could cause crashes. the model s and model y vehicles in 2023. the model 3 as well. the ev maker is planning an over the airs software update i never heard that. >> it is funny you say that. i called it online yesterday if you a follower and said it is not online it is over the air i feel like the lingo is something we have to learn. >> it is significant they produce 1.2 million vehicles a year. they did last year that 300,000 plus number is a big portion over the course of several years. obviously, that was the reason

you had an inverse effect. if you are a tesla investor, what you care about are two things vehicle deliveries for 2023 and musk is optimistic they can keep that growing by 40% by the end of the year. number two, profit margins at a time they are cutting prices, it isdoesn't bode well. >> to take it back to investors, i zone in on the idea of being what a recall is and the new car worlds this is where elon musk took issue. recall is wrong. it can be addressed with the software update. it is not like a traditional recall where cars go in and get fixed in the shop. in a way, it makes it easier to fix things like this on the other hand, it is a huge number of cars affected. important to get people to act

and take action to resolve the issue and do the update that's necessary. >> one of the old finance exp expressions is you can't put lipstick on a pig. they need to comply with safety requirements whatever you want to call it that is what is happening here. a quick look at european markets. we are trading deeply in the red today. some of the losses led by natwest. in addition to markets pricing in a stronger rate hiking cycle from the central banking community. >> a look at u.s. futures. all majors pointing to a weaker start and losses set to continue that is it for "street signs." i'm julianna tatelbaum. >> i'm joumanna bercetche. "worldwide exchange" is coming up next.

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it is 5:00 a.m. at cnbc global headquarters. here are the top "five@5." stocks under pressure to end the week after another hotter than expected inflation report. fed hawks circling again floating the jumbo sized rate hike in march. in china, the ceo goes missing and now its shares are sinking. details straight ahead. the 24-hour strike in germany has thousands of would-be travelers