it still blows my mind. now that's all for this edition of "dateline." i'm craig melvin. thank you for watching. good morning and welcome to "street signs. i'm joumanna bercetche with julianna tatelbaum we are live in london, warsaw, and stockholm. these are your headlines european equities accelerate losses while u.s. futures swing in and out of negative territory after wall street sees its worst trading day of the year. meanwhile russia resumes a nuclear test or at least threatens to and suspends a landmark arms control treaty with the united states amid

tensions with the west, this as the u.s. president biden promises mar in warsaw more steadfast support for ukraine. >> our support for ukraine will not washer, nato will not be divided, and we will not tire. putin's lust for land and power will fail and ukrainians love will prevail. >> the u.s. urges turkey to essentially urge their approval to boast the country nato's membership i spoke with the swedish minister and he said the ball is in turkey's kourts. >> we have work to do. now it's a time for turkish parliament to start the process and we believe that's the right and proper thing to do. >> and stellantis surges despite

sluggish supply chains good morning, everybody, and welcome to "street signs." german business morale has heightened the index coming in at 91.1 versus 91.2. it's risen in february but come in a touch light versus the expectation. in terms of current conditions, that index came in at 93.9 that was also light.

and the expectation consensus, that came in at 88.5 versus the forecast of 88.4 pretty low when we look at the expectations index what does that mean in terms of the outlook from here? we're going to get the insight, get the view from robert lamin thank you for joining joumanna and myself yesterday there was a lot of focus on the flash pmis which ultimately came through and showed that the german private sector has returned to growth territory for the first time in eight months how do the ethos results tally >> we hope so. i guess the news is pretty good given the expectation component. we expect a rise in the coming

year, however, the news on the business expectations are not good at all so we might think that germany will be in a mild but not severe recession in the fourth and first quarter 20623 >> what are you seeing as a key focus? christine lagarde stress the bank is look at negotiating wages very, very closely. >> we expect that the wages are not that high and currently given our figures from the survey, there seems to be no spiral of wage increases and price increases. nevertheless, given the high inflation or inflation is pretty high in germany, we expect that the ecb will raise their interest rates within the current year. >> i want to turn to part of the reason, the rationale for the upswing we're seeing and perhaps this lends itself in the rise and consumer business confidence

that we've seen in that there have been notably very long lead times for a lot of the deliveries that have been nation many german ompanies we spoke about it with a guest yesterday and one of the reason production is sticking up is because production is working through the order books. what indications do you have that it's going to continue and how long do we expect it to go on for >> the orders are quite high in germany. they're productive for the last fo three or four months, however, we have observed the global economy is slowing down a bit, however, we're surprised the delivery bottlenecks are not that strong anymore. we hope or guess given our figures that the german manufacture producers will have

something to produce within the year 2023. >> what are the actual forward looking indicators look like right now? >> given the new orders, they are a bit worse compared to the previous months, and given the federal statistical office from germany, there was also a sharp decline in new orders especially from foreign countries in december, and this is what we looked at, that the manufacturing business cycle will slow down a bit however, the stock orders are quite high. >> robert, again, taking it back to the ecb because over the last couple of weeks we've seen markets raise their expectations for where rates are going to go and the ecb is actually seen as being fairly hawkish when you look across the central bank landscape. what does it mean for the german economy that we do see the rate for the ecb rise toward that 4%

level? >> yeah, ultimately we will see specifically the construction sector will remain in a very bad face of its business cycle so we currently see that orders go down, prices increase, and then given that the interest rates will rise again, this puts very much pressure on the construction sector, however, on the opposite side, the german government always propagates that we need to build new buildings, especially for family, so it's going to be a very hard situation for the construction sector within the course 2023. >> and, robert, we haven't discussed the bottleneck are some of these companies still citing supply chain bottlenecks as a possible headwind >> there are still firms that tell us that they have supply bottlenecks, however, given our new figures t pressure goes

down nevertheless it's compared to a historic level it's just high however, the pressure is getting down. >> robert, what impact, if any, are you seeing from china's reopening? >> i guess for the short-term development, there will be no, today, measure of what will happen for german firms. nevertheless, we have to wait for what china is doing in the next month as you know, they're a very important trading partner for germany. yeah, for sure, if there are some things that happen in the future, this will trickle down to the german economy regarding exhorts. >> thank you so much for coming on "street signs." robert lehmann, thank you.

the euro number has come in at 10.7% close to 10.9%. this is not the eu harmonized one. it's come in at 10%, again, a smidge lower than original preliminary estimate on a month-to-month basis, up 0.1%, again, below the estimates of 0.2% again, another indication that inflation has seemed to peak across all of the countries but started to move dow, but in the case of italy, it's still in double-digit territory. >> that's very interesting from a growth perspective, this would put into context what happened yesterday across the eurozone, not italy specifically, but across the region, growing much faster than

expected in february it doesn't mean the eurozone is out of the woods as we heard from christine lagarde yesterday, the real focus for the central bank, wages, looking very, very closely at how wages are evolved. more important is what's happening on the wage front, jou joumanna. >> let's turn to the stockmarkets what day yesterday we saw all three majors pull back 2 to 2.5 percentage points. it was a handover from some of the key indices. the stoxx 600 were down 0.7% and it is, of course, not just equities reacting. saw an uptick in bonds u.s. yields, 10-year yields getting up there we're moving higher in yields. stocks are moving lower again.

this is, again, on the inflation concerns coming in from the u.s. and concerns less about the recession but about hot inflation and what that means for the interest rates going forward as they continue out of the feds and other central banks. that has been weighing on sentiments in terms of individual indices, we have a lot of company earnings that have come out that are driving performance. i want to start with the ftse 100. below 8000 about 0.8% weaker. we are seeing a big down day for some of the mining stocks. this is a continuation from what we had yesterday lloyds bank also a focus, one of the stocks that has been lagging on that index today. the cac down

we'll talk more about stellantis, the car company, later. and in germany, the dax is down. one focus there, down 7 percentage points after issuing a weak outlook for the rest of this year. so it is not just the macro driving performance, but also system of the company earnings as well. in terms of sectoring we've got media leaning toward the green everything else is trading in the red. minors down 1.8 percentage points oil and gas suffering, down 1.2% or 1.3%. don't forget, many equity investors real estate basket, that's going to have an adverse impact let's talk more about what happened in the u.s. session yesterday because we did see

quite a dramatic move. here you have it, the nasdaq down 2.5% points, s&p down, the dow also down 700 points the dow crossing its moving day average for the first time since january. so definitely a risk-off sentiment. one of the key performers, home depot losing 7 percentage points after posting a weaker-than-expected revenue for the fourth quarter remember, we are getting toward the tail end of the earning season for the season. there are only 50 companies that still have to report, but the retailers like home depot and walmart set the tone yesterday. let's switch over and take a look at how things are looking today. it looks like things are peaking up a little bit. s&p and dow and nasdaq in the

green. investors who have been watching out for central bankspeak, definitely keep an eye on that. we're going to take a quick break, but when we come back we'll dive in to stellantis as the carmaker announces a $1.5 'ldiion share buyback. wel g into the numbers next. it's hard to run a business on your own. make it easier on yourself. with shopify, you have everything you need to sell online and in person. you can have your inventory, payments, and customers in sync across all the places you sell. it doesn't have to be lonely at the top. join the millions to finding success on their own terms. start your journey with a free trial today.

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signs" fresenius reported a rise. the 2023 outlook is tough but they've announced a new restructuring program. it will also cede strategic control. it expects around $1 billion instruct ural improvement by 2025 now michael sen has more. >> the company needed a reset. there was a felt urgency in looking at the past numbers.

this is what i said. i'm going to listen to shareholders and employees and many other stakeholders, and we came up with this stringent course, clear direction for the company. three themes were very important for us it was structural simplification, enhancing performance, and sharpening our focus, and this is exactly what you see. >> danone has reported a growth, beating expectations they fell to 2.7% sales of the year as inflationary pressures hit in the second half of 2022 the french group said they were able to raise prices between 3% and 5% as you see there, shares were up this morning, up about 1.5%. in the auto sector, stellantis's profit jumped.

the carmaker also announced a $ 1.5 billion euro charlotte joins us at the desk to what does this carmaker owe the strong performance >> despite shipments being down 2%, so, of course, they had the price strategy, they said they suffered some supply chain issues you see the impact there they had raw material cost that had a negative impact of 6.5 billi ion euros. they say they've reached a net cash synergy of 7.1, two years ahead of the $5 billion target they had thanks to the pricing strategy as well, they say they have

margins at 13% above expectation there. of course, a big push to ev, allowing the higher margins there. they launched their first jeep all electric they have 25 evs on the market they're going to present nine more they're looking at what's rolling out nicely in europe it's in a very small portion of the market s stil stellantis is one of the companies. evs is up 1 pn.4 on the market they're pushing up from the strong performance and that's sending their shares up. >> yesterday we had european's registration numbers come in for europe as a whole, it was up, in double digits, a surprising result when we talk

about market recession and slowdown, et cetera. was there any more color as to which geographies are performing better. >> that's one of the markets that have been doing well. what's interesting is some say they could be in a sweet spot. despite the supply chain issue and helping them a little bit, there is still demand out there, there's not a lot of supplies. so it's helping them they can put the prices higher at the moment. there's a question how much they can continue. >> to your point, we had an analyst on the show yesterday and he was saying over the last couple of years, the world has produced 20 million, 20 to 25 million, too few vehicles relative to demand so in his view, there's going to be an upwashington, d.c. rising pressure compared to in contrast with others like tesla very interesting that they see strict strength in the u.s.

market now moving on to a tech story we've been watching closely, microsoft has announced it will bring its xbox and nvidia games to the streaming service after they talk with eu officials over the company's planned vision for activision it's prompted criticism from governments around the world with the uk's competition and markets authority the latest to say it opposes it. microsoft says the deal will be good for competition arjun joins us from brussels there has been so much scrutiny of this proposed deal namely because it's a vertical integ integration. we're not talking about a horizontal merger or conglomeration, in fact, going on, but we're talking about microsoft getting their hands more involved in the video gaming world what is the viewpoint from where the regulators are standing arc jd what is the likelihood that they do get the go-ahead for

this deal? >> reporter: well, the european commission is concerned about a few things firstly it's concerned that this acquisition will reduce competition in the video games market they're concerning microsoft may taking aty vision games such as cal of duty and make it exclusive only to microsoft's platforms. microsoft's feeling is this will increase competition, that microsoft is still so far behind the likes of sony and activision that it will help them catch up and they've tried to make muvgs moves to allay some of those fears. microsoft tried to defend the deal, and it's come out with two big announcements yesterday, which it hopes will allay some of the concerns. firstly, it signed a 10-year contract to bring the call of duty platforms to the same and

also said it will bring xbox claims to the g-force now cloud gaming service and if the deal closes, it will also bring activision games to the platform this is interesting. microsoft has managed to bring nintendo on its side and nvidia, but it still hasn't quite convinced the eu regulators. i happened to catch up with brad smith t vice president of microsoft, and how things are going and whether he's managed to bring regulators on his side. let's listen to what he has to say? i can't speak for the dm commissioners, but i think today's a good day around the world. together this will make these games, especially call of duty, available to 150 million more people around the world. i think if you're a competition regulator and you're focused on the interest of consumers and competition, today was a good day.

>> and sony, you know, that's obviously the big competitor here you've not managed to sign any agreements with sony as of yet have you gotten any closer to getting sony to any kind of agreement? >> i live with the hope that we'll come to terms with sony. i think that would be great for consumers around the world we're not there yet. but i do think as we make progress with others, if we can get a deal done with nintendo and nvidia, it should create a path for others like sony who can build on it as well. >> you've got the case with the ftc, the u.s., the ck, how is it given the large number of regulators still very much against the deal >> i think we have a clear path to get this deal done, and today takes us a huge step forward i think for regulators to be able to look at this deal and recognize that it brings a game like call of duty to 150 million

more people, that has to be good for competition and consumers, but more than that, i think these two agreements together really provide a model for regulators, those that want to have regulatory controls in place. we've been equally clear, we're open to doing that i think that's the path forward. >> the ck in the uk, arguably perhaps one of the toughest opponents here, they've offered some sort of remedy. one of those is suggesting to divest the business associated with the call of duty games is that something you're considering right now? >> we really don't see a feasible path to sell off the call of duty game. it wouldn't be inexpensive it isn't something that seems to be lining up far better in our view to bring call of duty to 150 million more people the only reason to sell it off is the cma's potential concern that if we buy it, we won't provide it to others as broadly.

i think that concern should be dispelled by the two agreements we've signed today. >> reporter: the message here, we're willing to work with all gaming companies and provide games to the other platforms you asked at the start, joumanna, how likely is this deal to go through there's still so much to be done here at the european commission but also in the uk perhaps the biggest hurdle for microsoft here, telling the company they need to come up with some remedies, wu of those may be selling off the call of duty business. he said that's not feasible. they also have a case with the ftc in the u.s., and, of course, sony, its biggest rival, still very much in the deal. brad smith held up a contract saying we're ready to sign a similar deal with nintendo and nvidia, but sony has yet to sign

such a deal yet. microsoft has a really big task on hand. regulatory pressure in the u.s. and in the uk and in the european union, microsoft going on a charmed offensive, but still a number of hurdles to overcome and, of course, from its fiercest rival, sony back to you. >> microsoft has certainly got its plate full we were talking about chatgpt over the past few weeks and i just remembered that activision blizzard is a huge part of it. coming up on the program, u.s. president joe biden reaffirms support for ukraine, but his russian counterpart accuses the west of turning the war into a global con flingt we'll have administrator on the ground from warsaw and staothers after this break

welcome back to "street signs. i'm julianna tatelbaum with joumanna bercetche these are your headlines european equities struggle as the ee tthos institute says gern will not avoid a recession and

after wall street sees its worst trading day of the year. >> russia threatening to resume nuclear test and resent an arms control treaty with the u.s. president biden promises steadfast support for ukraine. >> our support for ukraine will not waver, nato will not be divides, and we will not tire. president putin's lust for land will not prevail. the finnish president is at a security summit as the u.s. urges turkey to green-light. the administrator has told me the ball is in the court of turkey. >> we have fulfilled everything.

now it's time for the turkkish parliament to start the replication process and we believe that's the right thing to do. stellantis surges, despite a semi-conductor shortage and sluggish supply chains u.s. president joe biden says the u.s. and nato allies will continue supporting ukraine, adding the war has hardened western countries' resolve to defend democracy. at a speech at the warsaw cap tool in poland he said they stand strong against the aggression president putin who accused the u.s. and the west of turning the war in ukraine into a global conflict he announced the u.s. started

the war and announced the withdrawal from the nuclear arms control treaty with the u.s. also in his warsaw speech biden reaffirmed his commitment to the nato alliance, calling it solid. >> he thought we would roll over he was wrong the ukrainian people are too brave. america, europe, a coalition of nations from the atlantic to the pacific, we were too unified democracy was too strong instead of an easy victory he perceived and predicted, putin left with burned out forces and tanks in disarray. he thought he would get them he thought nato would fracture and divide

instead nato is more united and more unite than ever before. >> that's from stoke home. let's just pick up on the remarks from president biden the natoization of finland and stockholm and sweden, the key here is the succession of sweden there have been holdouts especially from turkey what is the latest on the holdout from sweden and would they do it on a standalone basis without finland? >> reporter: what the minister told us earlier today, joumanna, is they're still working under the assumption that sweden as well as finland will become full members of the nato in july and to the big summit that nato will be having in a couple of months' time we know, of course, this is actually quite ambitious because there are two countries as you mentioned out of 30 that are

currently into the alliance that have yet to rectify or approve their memberships, and we're talking about hungary and turkey hungary has highlighted they're ready to do so, discuss this, and hold a vote as early as march, but then when you look at turkey, there's still a huge question mark when the country will actually approve these two nato accessions. now, we know that from the turkish side they're ready to resume conversations with both sweden, finland, and the rest of nato in the coming weeksful let's see how that will unfound. but for the time being, one thing is for sure in sweden, the fact that russia has indeed escalated their rhetoric yesterday, putting an end to that nuclear arms threat with the united states. here's the foreign affairs minister explaining why joining nato has become more important than ever.

>> what putin's illegal aggression on ukraine has done is it's broken the security before we're not going back to that again. russia has shown very quickly there's nothing they won't do in order to use military means to reach political goals, and this is when sweden and finland are deciding on whether to join nato this is after 200 years of not joining the alignment, but this shows how serious it is. there's nothing to stop them from doing more. have to look at poland we have to look at the baltic states also very close to russia, and we're in the neighborhood together with them and sharing the same kind of security concerns that they do. >> there's also quite a lot of talk in brussels about having the eu as a whole jointly buying

ammunition to support ukraine. what's the time line for this? when do you expect the eu to be able to do that? >> ammunition is very important for ukraine at the moment because of the huge amount of shells being used in the battlefield, and it is only by lifting the battlefield this will end by russia being militarily defeated and ukraine havinging its territory and ig integrity restored that brings to question delivering more ammunition i can't say a timeline at this moment, but we are at this moment ready to see that we come together and do everything we can in order to facilitate the buying of more ammunition and delivering more ammunition to ukraine. >> reporter: earlier in that interview, the swedish interior minister says they've done their part to join nato and now the

ball is in turkey's court. let's see how this will unfold, guys for the time being there will be a security summit happening later on today in sweden with both finland and norway. we'll be speaking to the foreign affairs minister of norway there as well. stay tuned for more coverage out of sweden. >> sylvia, thank you so much for that report and bringing us that interview. now, u.s. president joe biden spoke of his support in his speech at the warsaw kals he said putin was wrong to suggest weakening support for kyiv. >> one year into this war, putin no longer doubts the strength of our coalition, but he still doubts our conviction. he doubts our staying power. he doubts our continued support for ukraine. he doubts whether nato can remain unified

but there should be no doubt our support for ukraine will not waver, nato will not be divided, and we will not tire president trump's crave and lust for land and power will fail, and the ukrainian people's love for their country will prevail. steve, very clear what biden's message was yesterday, that the u.s. stands with ukraine, but he didn't really give any insight into what a possible off-ramp looks like, and that seems to be the obvious and overhanging question here. even if we were to get some kind of cease-fire in the coming weeks or months, it would leave ukraine with a serious set of territorial losses i mean any indication of what a possible off ramp looks like, steve? >> reporter: absolutely not. none of the leaders i speak to

are these i've heard from in the last few days and weeks and months we've seen another set of dignitaries, i believe, part of the polish presidency here they're going into the president's palace behind me where they're going to hold the bucharest-9 meeting later today. there's very little clarity on that at the moment, and mr. zelenskyy t ukrainian president, has been dismissive in the efforts. mr. bind made it very, very clear yesterday, look, if ukrainians stop fighting tomorrow, then ukraine disappears as an independent sovereign nation if the russians stop fighting tomorrow and go back to their own borders, that's the end of the war, and as far as the hopes and concerns, it happens when russia leaves sovereign international territory. anything less than that is

unacceptable as well so it's all having a diplomatic solution, but while russia is claiming five regions plus crimea, then there isn't much hope of an off ramp. how does this war end? president biden said the west is not wavering, is not tiger he said while he is president of the united states, he hinted about key decisions that need to be made in the next five years they're going to determine and shape our lives for decades, the choice between chaos and stability as well. he was clearly alluding there to potentially a run at a second term as president that would cover, of course, that five-year period again, looking for off ramps for others because i'm looking --

there are other potential dignitaries headed this way. i did say to the president of latvia when i had an extensive interview with him last evening, how can this conflict end, he was very clear how the conflict can end. >> the conflict can end when russia will go back to their own internationally recognized border without that, the con dpflict cannot end it's very clear on the one side there's an aggressor and on the other side is the victim the aggressor and the victim, there cannot be something in the middle it's clear russia zbhould back obviously by force ukraine will ultimately push back russia, and after that, there could be a peace

>> reporter: so levits, the president of latvialatvia, talkg yesterday. you have the nine countries all meeting in the presidential palace behind me today with the u.s. president and the secretary-general of nato to discuss a mutual assistance. and, indeed, i'm sure some of the members including mr. duda who has mentioned as much as well about permanent u.s. presence and increased u.s. presence in this region to not only support ukraine, of course, but to face down the possibility of an attack on the eastern flank of nato as well. it was a point, actually, that was pretty unequivocal from president biden where he quoted article 5 of the nato treaty,

saying the attack on one is an attack on all and we're rock solid to protect nato nations. back to you. >> thanks, steve we're going to keep an eye out for any reports that you mention. that was steve in warsaw. also coming up on "street signs," u.s. housing sales fall to their lowest level to more than 12 years in january we'll discuss coming up next

welcome back to the program, everybody. u.s. home sales knocked their 12th monthly drop in a row in january following 0 pmt 7%, the lowest level in more than 12 years, signaling that the downturn could be nearing a bottom we're joined at the desk wonderful to have you with us this morning the story in markets over the last couple of weeks has been all about the return of the interest rate volatility, clearly the real estate sector highly sensitive to the rate environmental. how would you characterize it right now? >> it's a great question because

obviously the rezi markets have been directed by the consumer sentiment, and the consumer is feeling the pinch of high interest rates i suspect it's starting to show some volatility, and i think we're going to see lower applications for mortgageages, not surprisingly interesting willy on the commercial side we're noticing there's been some stability and these encouraging some to come back we're seeing some signs of stabilization in the commercial market i think the resi market will be a little more choppy. >> looking at the commercial market a little more closely one story that's gotten attention, one specific to new york, but with the post-pandemic work environment changing so much, there's now essentially a number of commercial buildings that are being converted to residential, and i would imagine that's a trend we could see turn

up elsewhere hows that the post-pandemic working environmental changed the demand picture for commercial properties? >> so offices are a very polarizing topic right now it's interesting i think you're seeing a strong takeoff for offices. i think you're seeing a lot of people going back to work. i think the challenge for offices are those that don't have those credentials that are older, obsolete, that don't meet the new requirements think i you're going to see that dichotomy open up for offices particularly, and you've seen it play out in los angeles, new york, and chicago, where you're seeing some of these iconic office towers struggling because of the issues i've talked about. other offices in austin, houston are doing much better because, a, they have a stronger return to work sort of situation, but also the office assets there are

newer, shinier, and attract people pack. >> you've got to be more discerning i want to broaden now to perhaps a more macroquestion whenever we talk about real estate or public equities real estate, people see it as a proxy for what's happening with the interest rate in the environmental. when interest rates go up, they tend to perform, vice versa. is there a success lar story to be told here or is it dominated by what's happening in macro >> i think macro is clearly driving the bus because it is so interest rate sensitive. we believe there are strom structural drivers for real estate demand which we should focus on when you look at demographics and globalization, we believe they're drivers for how real estate does. for example, you look at how well they can do under different

scenarios is data centers. data centers, i wouldn't say it's recession-proof, but it's certainly kind of cyclical because if you look at how the world has evolved in the lav five or ten years, useful data has grown. that's the story where -- >> sit more of an offshoring phenomenal, data centers don't tend to be located in the uk, u u.s., and tend to be offshore? >> actually that's not true. >> okay. >> you can be so far away, you can impact lay senn tency, so we're seeing increasingly a large number of data centers onshore. >> fair enough thank you for correcting me on that one let me go back to a phenomenon we saw in the fourth quarter of last year. there was a question on the well known real estate investment funds.

i wonder whether the hurd toll get new investors to get involved in real estate is a lot higher than blfr because of the question of liquidity? >> i think what we're seeing right now, there is a process of price discovery going on right now in the pricing markets you asked the question earlier the market reacts quickly to interest rates that's exactly what we saw happen last year when rates were moving up. reits sold off as a reaction to higher rates the private markets didn't see much that has started to change in the last quarter and continues so i think as long as the process recovery continues, i think you're going to find a sluggish appetite for real estate, particularly among institutional clients, so i think until it plays out, it's really hard to put a finger on when the investor afppetite is

going to come back. >> thank you for joining us this morning. let's take a look at european markets what a day we had yesterday on wall street. europeans waking up after what was the worst day it has spilled ore into the european session we've got red across the board fairly contained in magnitude relative to the selloff we saw on wall street yesterday ftse down 0.9% as for the u.s. markets, here's a picture of how we closed up stock yesterday, the tech-heavy nasdaq suffered losses, about 300 points the dow jones down about 700 and the s&p 500 dropping 2% as well now, as for u.s. futures, this morning we've been teetering around the flat line

you've got all three of the majors pointing to a little bit of a rebound, but, joumanna, clearly, we are hovering around depressed levels, and the question i've heard asked over and over again in the last 24 hours is why now why did we see yields pop and fed funds futures break out yesterday when a lot of this momentum around the strong u.s. consumer has been building over the last couple of weeks what was the catalyst for the selloff? >> remember, the last time you and i were sitting around this desk chatting, we were talking about markets and investors got ahead of themselves, pricing in the possibility of a fed pivot many people got long fixed income positioning got a little bit stretched, which is why we have had such a substantial selloff and when rates start moving higher, it ooh going to have an effect all of that occurred in the last couple of days

the term rate now is closer to 5.4 percentage points. >> i think back to the end of last year and the conversations we had with strategists in 2023, and many investor portfolio strategists said it was going to be about corporates. now the fed seems firmly in the driver's seat. >> it seems as though until we get to a point where investors are clear that the fed are going to stop, pause, or eventually pivot, this sort of macro discussion is going to continue and continue to dominate discussions. >> it's interesting. we'll see if it holds when the trading begins stateside that's it for us i'm julianna tatelbaum. >> i'mounn jmaa bercetche. "worldwide exchange" is coming up next. it's hard to run a business on your own. make it easier on yourself. with shopify, you can have everything you need to streamline your shipping, returns, and product storage,

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it's 5:00 a.m. at cnbc headquarters and here's your top "five@5. all is not lost. why one of our guests says the market has a pop coming up you cannot afford to miss this advice. and one year off as we look at the energy markets and what a second year conflict could mean for you. plus bucking the big ban