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powers. >> this is quite the opposite. we advised the u.s. not to do such absurd things as ukraine approaches the one-year anniversary of the invasion, the secretary-general tells cnbc that they are monitoring the situation carefully. >> we are watching what is going on in ukraine and that will impact their position how to behave in the area. and right now, the eu is discussing billions of euro in additional purchases of weapons for ukraine as the foreign minister tells me the conflict is far from over. >> i will be satisfied when this will be the day i will be able to say who did what and what went wrong and what was good don't get me wrong we are grateful for everything done we did not get satisfaction

until we win. european and asian equities move higher and thin holiday trade with wall street closed for presidents day ahead of the latest fed minutes and core inflation reading due later this week. u.s. and china ties have been trainestrained after speecn a closed-door meeting at the munich security conference all since america accused china of spying using a balloon. china's top diplomats are saying the cold war mentality is back beijing will follow through until the endif they insist on talking advantage of the issue the chinese foreign minister criticized the response to the

balloon sightings. >> translator: this approach of the united states does not prove the united states is powerful, but the opposite we advised the u.s. not to do such absurd things because of the domestic political needs we ask they show sincerity >> meanwhile, blinken told cnbc what he said >> i can tell you there was no apology, but this was an opportunity to speak very clearly and very directly about the fact that china sent a surveillance balloon over our territory violating our sovereignty and international law. i said that was unacceptable and can never happen again >> blinken also accused china of considering sending weapons to

russia >> china is having it both ways. p publicly, they present as a country striving for peace, but as we said over the past months, the provision of non-lethal assistance that goes directly to aiding and abetting the russian war effort and further information we are sharing today and i think will be out there soon indicates they are strongly considering providing lethal assistance to russia to the best of our knowledge -- >> what form is that >> as we are sharing -- >> in what form? >> chuck, i don't want to get into the details in this moment. there are various lethal as assistance they are contemplating providing to include weapons. >> what else would you describe as lethal assistance that wasn't

weapons? >> again, i'll let the information that we have and we are sharing speak for itself the main concern is material support to russia's war effort with a lethal effect >> the material support. i understand you want to let it speak for itself can you give me more that is a huge charge. that is an -- we're at another level of escalation here if our two biggest rivals are now in cahoots in a war with the west >> chuck, we see china considering this we have not seen them cross that line i think it is important that we make clear as i did this evening in my meeting with wang yi this is of deep concern to us. i made clear the importance of not crossing that line and the fact it would have serious consequences in our relationship something that we do not need on top of the balloon incident that

china's engaged in the u.s. has formally accused russia of committing crimes against humanity in ukraine. vice president kamala harris said there was no doubt and warned that those who carried out the attacks will be held to account. it is expected to further isolate the kremlin and could urge international courts to take action. ukrainian president volodymyr zelenskyy says his counter part president emmanuel macron is wasting time trying to establish dialogue with russia changing attitudes is impossible and it was the kremlin's decision to isolate itself macron saw no alternative to bring vladimir putin to the negotiating table. the eu could pull billions to the supply to ukraine they will make a final decision

next month as supplies on the ground dwindle hungarian vice president previously refused to send weapons to kyiv accusing it being at war with russia because of the military support. the war of ukraine and topic of support dominated the security conference over the weekend. hadley is now joining me you had various discussions with the decision makers in the space. has anything tangible come from this >> reporter: joumanna, one thing that is surprising to the folks attending the conference were how many fault lines were evidence not just about the u.s. and china relationship and those con vargs -- conversations with blinken and the counterparts, but the

war in ukraine itself. there is support from european governments and the west for this war effort. at the same time, there are questions about corruption and the amount of money going to ukraine and weaponry going to ukraine. i asked kubela about that specifically listen to what he had to say >> we are clear when it comes to the use of resources proufvidedo us by our partners this is why we are openly and quickly agree to receive this delegation and mission from the united states that is reviewing the use of resources we have nothing to hide. we are absolutely open and transparent on that. it will always be people claiming corruption and making various points pursuing one goal which is decrease the level of

support to ukraine >> aren't they just following the money which is what responsible governments should do >> responsible governments should understand one thing. whatever the price of support in ukraine is, the price of fixing the situation if ukraine loses, will be much higher. >> yeah. >> this is why there is so much support coming to ukraine. also, because we are not, you know, i think give me another country that has not asked foreign soldiers to come and fight for them, but everything we are asking for is weapons we will be doing the fighting. >> reporter: ukrainian foreign minister is pushing back on those questioning the money spent to keep the country going. i had the chance to speak to a number of other key european

voices one was the nato secretar secretary-general. we spoke about china and we spoke about the ideas that more weapons would go to ukraine and how quickly that could take place. we also spoke about the spring offensive that president vladimir putin is planning in ukraine. listen in. >> it means they are mobilizing to produce more weapons and ammunition to launch the offenses in ukraine. there are no signs that president putin is preparing or planning for peace he is preparing for more war and offensives and troops and the russian economy on the war offensive and reaching out to north korea and iran to get more weapons. >> how long can he afford to do that >> what we have seen is that russia is actually willing to pay a high price for this war.

>> economic hardship is will not deter him? >> that is not the case. we have seen russia has no leadership, but they lack in quality, they try to compensate in quantity and en masse they are sending in more troops to compensate for the fact they have less quality of forces. >> do you see more sanctions on the russian economy? >> they implemented a lot of sanctions. >> they have not stopped. >> our assessment is they will implement more sanctions the important thing to do is make sure ukraine gets the weapons and ammunition they need to push back the russian in invaders and liberate the land and ensure ukraine maintains sovereignty. >> reporter: the nato secretary-general giving his readout of what is happening with the russian war effort.

he is saying they are sufficsufficering from low morale and political leadership and military tactics and he is saying this is a war machine that can be defeated interestingly enough, we talk about the subject of money and i had conversation was the imf managing director and she told me that there is a bright spot on the horizon for ukraine weeks from now, the imf will have a pledged program in place to help ukraine. listen in. >> from day one from the 24th of february has been engaged to provide advice to the ukrainian authorities and how to move toward protecting the economy at the time of war. it is now we are seeing this year the prospect of growth resuming in ukraine after the

country typically shrunk 30% last year. this is the central bank and ministry of finance with remarkable people working the institutions. >> how quickly will we see that? >> we will be moving fast. we are not talking about a long period of time why? because the foundation is built through the intensive engagement speaking of the ceessence, we wl come to conclusion not too far into the future. i cannot say any more today. i know time is not ukraine's friend in this extraordinary condition of war we talk about a number of weeks, not very long period of time >> reporter: since the beginning

of the conflict, we had multiple conversations with eu leaders of how and when we could see russian assets frozen, repurposed, if you will, not just to have reparations to rebuild ukraine and the fight against russia itself. switzerland came out with a ruling last week they will rule out confiscating russian assets they have $8 billion of russian assets frozen in the country i asked if ursula von der leyen was upset with that decision. >> indeed, we have to have the political twill that the perpetrator has to pay whether it is the oligarchs or the russian central bank, i

think it is unthinkable that in the end that the international community will reconstruct ukraine and russia does not contribute we have to have the political will that russia has to pay for the reconstruction of ukraine. >> what happens in your mind after there is a peace between ukraine and russia we heard from the folks gather in the congressional delegation that there needs to be training now for ukraine's stability after the conflict not talking about training on weaponry like jets >> we are training ukrainians armed forces, 15,000 this spring, and up to 30,000 this year we have to step up our military support. therefore, i'm planning to work with the european defense industry that we scale up and speed up the standard production of ammunition which is needed in ukraine and actually to fill our

shelves again, too all these things we have to step up because we know it is existential for ukraine and us >> reporter: as you heard, she commented on the post-conflict architecture will look like with systems and troop presence in ukraine. guys >> hadley, thank you for the coverage we will come back to you to discuss other issues i want to bring you flashes on the company ericsson. the company is planning on cutting 1,400 jobs in sweden they plan to layoff thousands more in other countries. particularly in the americas worth pointing out where i spoke to the ceo in davos and we talked about the challenges in

the telecommunications industry given the cost of living crisis and people are pulling back on the network spend and challenges of the rollout of 5g and it is expensive on costly for the countries to take on that with other priorities >> i wonder if they felt the increase spend as well that was put through in the covid times as well and how much that may be at play through all this we will follow this story and get a sense of how things are faring. coming up on the show, we look at energy markets and how it has changed one year after russia invaded ukraine

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welcome back to "street signs. let's catch up on the markets. we have been open for an hour in terms of trading there is lighter volume because the u.s. is out for holiday. it is presidents day stocks and bonds markets are closed over there. in asia, we saw a risk on. the stoxx 600 is 8 basis points

higher building on the positive week last year. it was up 1.4% last we're. we are seeing diversion of the u.s. markets which ended the week softer against the european markets. up 1.4%. in terms of individual markets, this is the picture. they are trading in the green. slightly mixed now dax is down .8% cac 40 is down the cac 40 stormed ahead up more than 3 points in trading last week, but today is a pull back one stock we had last week which did very well during the week last week. the ftse 100 is back above 8,000. five points higher right move with the health indices which is flat on the month which is the lowest since

records began. something to keep an eye out for the home builders in the uk. ftse mib is up .8% and we are watching one stock being held for trading with the activity on that front let's get into sectors and see the breakdown. up at the top, basic resources up 1.3%. we will get earnings out today in the likes of bhp will be reporting after close. chemicals is up .60% autos is showing at 0.5% and the french auto parts maker is issuing a solid outlook for car parts in 2023. on the down side is luxury and tech leading the declines today. a quick look at oil. we are bouncing around the 75

range. we had a fall last week on back of the macro concerns. we spoke about it in the context of the u.s. with the hot inflation prints sending people wondering if the fed is done with the hiking cycle and how much more they will go and perhaps restrictive for longer today, people are talking about better demand coming out of china. wti is shy of $78. now russia's war in ukraine up ended the energy markets as some countries tried to reduce the gas and oil. in the interview on cnbc, the executive director explained where he saw uncertainty >> the markets are balanced, but we see the difference with china and the biggest answer in the energy markets in the next months is china.

last year, china oil and gas consumption declined for the first time in 40 years china's advantage will be with the oil and gas markets. if it is a strong rebound, it may increase oil production. >> if there is a strong rebalance, is there a strong indication they will get the numbers on the table fast enough >> there is about spare production capacity and i believe this increase could be met by the opec plus countries and other oil producers. >> eu vice commissioner told cnbc he did not see a sense of urgency from world leaders when it came to addressing climate risk >> we have to be careful to tinker with market mechanisms. the electricity price took us 30 years to put together in europe.

of course, we need to change it now because the components of the determination of the price are not comparable to each other. with the high gas price and low price of renewables doesn't reflect the market situation something we need to correct i don't think we should become in market terms interventionists once you start down that road, you then immediately get confronted with the question who gets one gas and electric. if you take the market out of that, you create a complicated situation which the chinese tried for once and they had blackouts because of it. we have to be careful not to go down that road conn corrections will be necessary. don't throw the baby out with the bath water is my plea. >> you don't see price caps in the future >> our leaders decided to

establish a price cap and i'm not a great believer in that, frankly. if you have a 100 bcm hole in the market, a price cap will not bring the price down the only thing that will bring the price down is reducing energy consumption and speeding up transition to renewables. so, i think that is the real answer to this at the same time, what irks me is that we are just seeming to be prodding along. da-da-da look what is happening in the arctic what is happening there now will have a huge effect on us in three or four or five years. we cannot afford that and have that continue to happen. what happened in pakistan is not a one-off. that is where we are now at 1.2 degrees. can anybody imagine where we would be if we let it go to 2

degrees? this is where i sometimes despair that i don't see the sense of urgency in industry i don't see the sense of urgency in many governments. we have a war on, so we have other urgencies. the climate crisis is not halted because of another priority. i hope we can -- there is a sense of urgency in our society. we need to take that to a wider economy. i agree so much with robert. it is not a matter of money. it is a matter of priorities it is a matter of risk taking. a matter of wanting to invest in the transformation you know, if we don't do this, there is no doubt in my mind that my kids, my grandkids will be fighting wars over water and food it is no doubt in my mind. if we are at a security conference, take that angle into the discussion as well why are we doing that much more?

climate is a security. it is the same thing also coming up on the show, strong earnings in europe with more companies set to report this week. we'll have more on that after this break

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welcome to "street signs." i'm arabile gumede >> i'm joumanna bercetche. these are your headlines >> china and u.s. are trading barbs over the chinese spy balloon. >> this was an opportunity to speak. >> this approach does not prove the united states is powerful, but the opposite we advised the u.s. not to do such beabsurd things in foreign exchanges. and ukraine approaches the one-year anniversary of the invasion by russia as the nato

secretary-general speaks out. >> we are watching on what is going on in ukraine. if putin wins there, that will impact decisions on how to behave in asia the eu discusses billions of euros for the purchases of weapons in ukraine as kuleba says the conflict is far from over. >> i would like to say who did what and what went wrong and what was good. don't get me wrong we are grateful for everything done and we cannot get satisfaction until we win. european and asian equities move higher with thin trading with the u.s. holiday.

let's look at the markets now. we kickoff with the asian market picture which has turned positive today this is on the back of the news happening out of china we did get the people's bank of china keeping the one year and five-year prime lending rate unchanged as expected. the market mosving higher. shanghai is 2% to the good gains across the asian front were marginal. defense stocks were mixed. this does come after north korea did fire missiles into the eastern waters which was earlier today. and the nominated bank of japan governor will appear in parliament on friday expectations as well going into that goldman sachs has come out of the report saying the china index could be up 24% by the end of the year. that is off the back of the

theme, economic theme in china, shifting from reopening to recovery some upside perhaps in the market picture out to europe. positive picture we saw a lot of flat line stance and now you see it is turning negative it is still only slight with the ftse 100 just below that flat line smi holding on to some gains as well in this picture the big talking point will be the fmoc minutes from the u.s. later this week. oil and gas stocks led the losses last week that may still be a factor this week, of course, marking one year of russia's invasion into ukraine. auto as well as mining stocks leading the charge today those are just marginally higher it looks like things are turning south, but not for one bank a lot of green on the board for

bmps you see it is up 9.5% in trading. just an hour ago, shares were halted after rising 6.5% they resumed trading up 9.5%. year to date, bmps were up 30% it is huge out performance from the stock. also, many people see it as a valuation play we are coming out of the earnings season and the italian banking has come out with strong positions and low loan loss provisions all of that has been positive for the sector bmps is right there with the new ceo who introduced a positive story playing out which is why the stock is up in trading today. earnings season has boosted

optimism in european markets this year. in particular, the banking sector which out performed the index after a number of lenders beat expectations. lloyds group and hsbc will post results later this week along other corporates with energy companies engie and rio tinto as well a lot to get through let's get to the first guest on the show the strategist from ubs global management good morning to you. if you had to give a scorecard for the european earnings season is going, how would you rate it so far >> i would say okay and absolute and good if you compare where we have come from in the u.s. most european earnings beating expectation. growth ahead of expectation. if you contrast that to the u.s. where we saw declines year over

year earnings and beating expectations by less than usual and we think this is setting up a picture where european stocks were better positioned at the moment than those in the u.s. >> that is an interesting position to be in. the macro community for so long has been negative in europe because of the macro caters. as the macro indicators have been less expected, it appears the earnings are less than anticipated. can i ask your view on the banking sector i was talking about the sector which out performed. a lot of tailwinds have come through. >> this is similar diffiverging picture as well. we see the european central bank will continue with rate hikes in the balance of 2023 which will

add additional tailwind and coming out of the weakest point in winter which should be helpful to reduce loan loss provisions we feel the outlook is relatively in a decent place in contrast with the u.s. where there were higher expectexpecta but they did disappoint in earnings season. >> kiran, let's talk about inflation as it is right now you have seen a lot of the other side with companies let go of staff. is that the reality now finally hitting that jobs market which may be waning particularly on the u.s. side? that may reflect a weakness in the economy at some stage later this year although there is resilience right now and a worse off recession? >> i think we need to contrast headlines we are seeing from the large tech companies and

significant is job layoffs we have seen the aggregate data in the jobs market we had more than 500,000 jobs added in january and unemployment at a record low when it comes to markets, i think markets would be quite happy to see a slowdown in the pace of jobs growth and increase in unemployment because the big fear is that jobs growth stays too strong which means inflation doesn't come down quickly and the fed is forced to hike beyond 5% that could mean a much worse recession further down the line. >> seeing we don't know where we might land because the data is mixed. does this give a greater sense of uncertainty to the market this year than last year >> yeah, i think investors are looking for some are sort of landing. there is discussion at the moment of soft landing or hard landing. at the moment, we are in no landing where jobs growth is

strong and inflation is elevated markets will look for resolution to this and until we see clearer signs of inflation falling back to 2%, we are in the uncertain environment particularly in the u.s. we think the picture for europe and the markets is a bit clearer because you have the china reopening with a clear acceleration there and europe coming out of winter with a clearer exaccelerating story there. >> kiran, you have laid out your thoughts well. what are you recommending your clients to get involved in >> we recommending defenses and cyclicals. germany is a cyclical market which is exposed to the china reopening. we continue to like the energy sector we think oil prices will move higher and that should benefit the defenses, consumer staples

and healthcare those are hedges against a further slowdown in the u.s. cyclical exposure to the economies starting to recover and also some of the defenses to hedge against the risk of u.s. in recession later this year. >> kiran, thank you for joining us stra strategist from ubs. let's look at wall street and how it ended the week on friday a mixed bag. the dow managed to eek out gains. up .40%. you can see the nasdaq ended the session down .60%. s&p down .30%. this on concerns that the hot inflation data that came out last week and cpi and ppi and jobs report the week before all will cause the fed to take a restrictive approach on future rate hikes that is not a positive for the sector as we saw in some of the

price action on friday today, u.s. markets are closed for holiday. investors will wait for the fed's meeting minutes due on wednesday. recent comments from fed officials suggest there could be rate hikes this spring after inflation came in higher than expected last week the fed will pay attention to the expenses price index the pce index. a mouthful to say when you read it the fed's favored inflation is expected to rise by 0.5% month on month the biggest gain in five months. if that does happen, it would just be yet another data point showing that inflation in the u.s. is still running hot. all right. u.s. hedge fund elliott investment management is considering financing a takeover bid for manchester united. according to reuters which says the funds that declined a full takeover of the club

two bidders have been confirmed so far in the race for a majority ownership of the club this is certainly a deal, joumanna, that could wind up in the biggest sale of a sporting club in the world. the price is estimated to be right now on the stock exchange of $4.2 billion. the price could go up to $6 billion u.s. >> this is a bidding war >> because of the bidding war. the people that are involved and they may look to ramp it up to that and considering they bought it for $790 million u.s., that is a big gain for them a lot of that is still based on debt >> you are a man u fan >> i am. >> the fans and you don't have to speak for yourself, but the

fans do want a change away from the glaser ownership >> that has been a long standing relationship when the family came into the club back in 2003, they really put that purchase based on debt and only put it on $190 million u.s. of their own. $500 million was based on debt the club was strangled that meant they could not invest in the club. the stadium has now declined and they really are bank rolling the club for their benefit and is not helping it grow. it needs money that is for sure one we will continue to watch for you and give you the latest on how it is faring. coming up on the show, we will bring you more coverage from the munich security conference as russia's invasion of ukraine approaches the one-year mark.

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has committed crimes against humanity and i say to all of those who perpetrated these crimes and to their superiors who are complicit in these crimes, you will be held to account. let us renew our commitment to accountability let us renew our commitment to the rule of law. >> that was u.s. vice president kamala harris saying that the u.s. has formally determined that russia committed crimes against humanity in ukraine. swedish prime minister has warned against the decoupling the country nato membership from

finland. speaking to the financial times, he said it was important for the nations to join the alliance at the same time for strategic reasons. he added finland and sweden are security providers with capabilities that nato could benefit from speaking alongside the u.s. vice president, she said it was her ambition to join nato alongside sw sweden >> it is important we are here together at the munich conference and we are all speaking of ukraine. the help and support that ukraine needs. it was inspiring and very important what you said earlier that whatever might happen in the future in the united states, that you will continue to support ukraine. that is a powerful and clear message. i want to thank you for that and also for your great support in our nato application path.

hopefully both countries will become members and china's top diplomat wang yi has arrived in moscow for possible discussions for peace. it does not accept pressure or co coh cohersion. a russian victory in ukraine would see how the conflict is going on and they will decide how they will bring on their support. let's go to hadley with more

>> reporter: joumanna, really, china's words on trying to find some peaceful solution to the conflict echo the message from the global south which has been one of why why has there not be a peace conference held for ukraine? it was interesting to sit with jens stoltenberg i have spoken to him many times. he said to me over last several years that china is something that nato is concerned about and watching listen in to what he had to say. >> we don't see china as an enemy or imminent threat china is growing in economic and military power it is a challenge to our security and interests and values that's the reason why we are stepping up our cooperation with our partners in the asian pacific. countries line japan and

australia. security is global what happens in ukraine matters for asia beijing is watching what is going on in ukraine closely. if putin wins there, that will im impact how they behave in asia >> were yyou surprised they launched spy balloons in the united states? >> china has stepped up the surveillance capabilities with plane platforms. cyber, satellites, and other types of platforms to spy on and to gather intelligence from nato countries from north america and europe the balloons are one of many platforms. >> do you anticipate there has to be a nato-led response?

>> well, nato allies are already working closely together to protect air space and cyber networks and infrastructure. this is part of what nato does every day. that is to air police for instance and surveillance to protect air space. >> reporter: nato secretary-general jens stoltenberg saying that when it comes to china, they are all very aware that the west's response to the war machine of putin is under review. it is something that beijing wants to understand and they are watching it. of course, all of that really does go back to the conversations in thesouth chin sea. an area where billions of dollars of trade takes place frankly where the lines in terms of the energy situation are very much in focus as well. the conversations surrounding what could happen next with taiwan a lot of things on the agenda at

the munich security conference china was front and center just as much as russia's invasion of ukraine. guys. >> and hadley, so many fault lines emerged throughout the course of the weekend. conversations you had. thank you for your coverage at the munich security conference. the polish president has called on nato to provide post-war security to ukraine this comes ahead of the visit of u.s. president biden he urged support for the nato collective defense which is article v. we have brie jackson with more ahead of the president's trip. this is the second time he has visited poland brie, what is on the agenda? >> reporter: good morning, joumanna president biden is expected to meet with nato allies and deliver remarks and reaffirm

commitment to ukraine. the u.s. is expected to announce another large military aid package for ukraine in the coming days. that is not expected to include the f/16 fighter jets that the ukrainian president and others pushed for president biden's visit is concern to provide lethal aid to russia the u.s. has already sent tens of billions of dollars in aid to ukraine and the biden administration is pledging on support for the country and condemning russia's actions. the biden administration has or the white house officials said they determined that russia has committed war crimes and the administration is expected to announce new sanctions against russia soon. joumanna >> brie, thank you very much for that report. we are watching the visit over the next couple days closely

don't forget, friday is the one-year anniversary to the day of the russian invasion of ukraine. we will be covering that event throughout the course of the week steve is on his way to warsaw right now. he will provide coverage the next couple days from poland a look at european markets. we are in the negative we started off in positive territory. we now dipping below the flat line of course, macro concerns and some of the corporate stories we mentioned have been driving the price action we are still in the middle of earnings season. more to come this week >> we will seokeep you abreast the data that is it for the show. i'm arabile gumede >> i'm joumanna bercetche. stay with cnbc

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