odnough. craig melvin: that's all for this edition of dateline. i'm craig melvin. thank you for watching. [theme music playing] good morning welcome to "street signs." i'm julianna tatelbaum and these are your headlines european equity markets are in awaiting pattern as jay powell is giving testimony. and china ratchets up the rhetoric and xi jinping is blaming the west for the country

development and the diplomat says both countries could be on the verge of conflict. >> firmly oppose the cold war mentality and confrontation and acts to contain and hold back other country's development. china imports and exports pull back as the country exits from covid. and carlsberg trade slows as the ceo will retire by the end of the third quarter warm welcome to "street signs. it is a big day in terms of monetary policy. we have jay powell kicking off the two-day testimony before congress where he will try to convince lawmakers the ability

to cut inflation taking the benchmark rate between 4.5% and 5%. in the key report on friday, fed policymakers expect ongoing increases in rates wall street chiefs, however, don't feel the same as jamie dimon expect a down turn on the horizon. dimon told bloomberg a soft landing could be possible, but the fed will have more to do brian moynahan suggests the corporates are likely to feel pain chris rogers is joining me now to help us understand what to expect from jay powell today thank you for being here, chris. >> nice to be here. >> does powell have much to show for himself with the testimony growth isn't slowing to a great degree in the u.s.

inflation is still a problem >> i'm sure that he will feel the need to continue to talk tough. no doubt about that. inflation still needs to come down a lot absolutely true, the most recent job numbers were above expectation. there is live ife in the econom. the fed will not pull back until there is relief in the job market and it starts to tail off. >> what is talking tough mean? do you think powell could talk about 50 basis points on the table? >> i'm not really into short-term forecasts we can look into 50 basis points for the foreseeable future for me, we are approaching the tail end of the process. there is ample evidence that the economy is slowing down. the jobs market is the last shoe to drop. it is always a lagging

indicator. >> it feels as looking at the leading indicators, you see that >> there are plenty of indicators that are alarming in some ways. of course, market strategists are pointing to the inverted yield curve. i think we are going to see perhaps a mild recession it has been postponed, if you like we had good news on weaker energy prices in the last couple quarters commodity prices have eased off. some of that pressure in the supply chain is going to be ea eased. reopening of china is boosting growth in the near term. that has taken the edge off the slowdown the slowdown is visible, particularly in interest rate sensitive sectors such as housing. >> when it comes to the inverted yield curve, it is often a

matter of timing with the recession that may be proceeding how do you think about using the inverted yield curve as a predictor with the recession on the horizon? >> i would never use it as a predictive measure it makes you alert to a host of other indicators as well given the track record, it would be childish to ignore it >> something to keep in mind it has raised a yellow flag at least. you take this to markets and talked about the interest rate sensitive markets being vulnerable right now what is your strategy when it comes to markets >> markets are always looking forward. it is possible to talk in one phrase about the slowdown that we're expecting, but it would be perfectly normal to look throug

that a lot of issues are earnings which need to come down further than they have at the moment that won't be an obstacle to continuation in equities at the same time, if the investors are sure we are at the peak and inflation will continue to fall, rates start to fall next year and they will look through the weaker earnings. >> then the question is how do you call the bottom? when do you get the inflation point? how do you go about that when is it time to buy >> i'm confident we have seen the bottom in equities that was at the beginning of the fourth quarter last year at the same time, i think the surprise has been that bond yields have backed up virtually all the way. i think in the short term there is better value in the bond markets with the 10-year treasury at 4% which is a steal. if you look back on that in a few quarters time to appreciate

that fully i think equities have gone forward in quite a sudden move i think we may need to pause it a little bit without a shadow of a doubt, i think we are in a gently improving situation for markets from here on >> fascinating equities have bottomed to be clear, u.s. equities or european >> i think global equities u.s. is clearly key and the fed tends to lead other central banks or other central banks or investors look to the fed. it won't be over until the fed has declared that effectively. i think this probably is a few more meetings to go before they signal with any degree of sureness the markets are prepared for that >> interesting you think markets are pricing that in already. talk about portfolio construction how you advise people with

portfolio bonds and equities >> from the investment standpoint, there is a lot to like at the moment markets have effectively normalized in valuation terms. what we saw last year in response to the higher inflation and rapid timing with monetary policy is a bursting of bubble in bonds particularly. ever since the global financial crisis we burst that bubble negative to the low bond yield were absurd. there was a normalization. we had that. investors should welcome that. growth stocks bear the brunt of the selloff with the long duration as we stand today, the valuation of equities and bonds are considerably safer, if you like, for long-term investors to go back in than was the case nine months ago >> any sectors particularly stand out to you >> an equilibrium of sorts

there was a growth dichotomy of last year. that largely washed through. there were those extremes. i think this is natural that investors stick with quality at the same time, the good reasons why you look at cyclical stocks in the current environment as interest rates anticipate low interest rates nine months from now as you look at cyclicals. >> all right we will keep that in mind with the earnings season to come. chris rogers head of investment and risks. back to the world of central banking. reserve bank of australia hiked to 3.6%. its tenth consecutive hike the rba governor saw the hawkish tone over rate increincreases. the rba's softer message sent the dollar lower against the

greenback. later on in the program, we will speak to julia gillard as part of the equity and opportunity coverage that interview is coming up at 1 10:45 cet. chinese president xi jinping is accusing the united states of he suppressing the development. xi said western countries were deliberately bringing severe challenges to beijing's development according to state media. relations with the united states have quote left a rational path and warning of conflict and confrontation if washington does not hit the brake. in the first press conference since foreign minister, he accused the u.s. of guilt with the balloon incident this year

china is pursuing stable relations with other countries, including russia speaking this morning, he said beijing will continue to advance its own interests. >> translator: we will take it us or mission to defend china's interests. we oppose any forms of power politics and firmly oppose a cold war mentality and confrontation and acts to contain and hold back other countries developments we will safeguard china sovereignty and security and development interests. >> chinese exports declined in the first two months of the year falling 6.8% compared to the year earlier imports declined by 10.2% which was more than analysts expected. sam baddas filed this report >> reporter: pressure for the chinese economy in 2023 according to the data from the customs bureau the country continued to import and export further goods to

kickoff the year pointing to the slowdown in the economy and weakness domestically. january and february data is combined to strip out distortion of the lunar new year holiday. exports which had been a bright spot in the economy throughout most of the pandemic continue to fall in the first two months the result was better than the marketexpected the performance was expected with the manufacturing expanding at the fastest pace in over a decade and delivery times picking up imports fell more than expected and continuing decline from 2022 which speaks to the productivity and demand story in china. particularly in the property se sector that brought the trade balance to $116.9 billion ballooning from december. the trade figures highlight the challenges for the chinese

economy which clearly can't continue to export its way out of slowing growth. it supports the case for setting a more modest around 5% gdp growth target and the need to rely on consumption to drive growth this year in singapore, i'm sam baddas back to you. a group of bipartisan u.s. senators will provide a bill to block tiktok mark warner told fox news it is accusing tiktok of taking data from americans and not keeping it safe. it is continuing pressure on the platform with 45 states attorneys general demanding investigations further. and coming up on the show, totalenergy is halting in some

industrial action. we will have the latest after an the break.

welcome back to "street

signs. let's get a check of european equities the stoxx 600 trading at 0.3% higher this morning. we saw the dax and french markets advancing. ftse 100 is losing ground. basic resources under performing on the back of the modest growth target setforth by china we got hawkish comments from the ecb yesterday. the known hawk came out with the hawkish comments and that led to the most hawkish market pricing for ecb rate hikes today 150 basis points of further tightening by year end the summary by jim reid pointin that out turning back to equities here is the split with the r regions. broad base higher ahead of the testimony before congress from jay powell stateside

the cac 40 trading .25% higher ftse mib is gaining ground a broad based rally in europe. from the sector per specific t - perspective, this is the split banks trading lower. retail also catching a bid up .80%. healthcare and real estate a mixed picture in the market. turning to energy markets. we are looking at wti and brent coming off this morning. each lower by one-third th this as the opec officials discuss at the ceraweek conference in houston. occidental petroleum ceo said the constraints are reflective

in prices. >> the mid price of oil is close to $80 maybe 75 to 80 i believe the mid cycle price used to be 60, but it is different. i think in that price regime, i think we can balance the supply with the demand over time. i do think toward the end of the year, we have a little bit of supply issue versus demand by the end areof the year. >> what about refilling the spr? that is something that will move prices >> i think we should have more storage in the spr i think over time the administration will buy that storage back and start to refill it will be hard to do any time in the next few years. >> a couple years? >> i believe we are in the scenario where prices will be higher because of the lack of supply lack of invesinvestment you know all about that.

i do think they will have a difficult time >> let's say occidental will refine more oil. do we have the ability to produce more gasoline? we don't care about the oil. we care about the finished product. >> we don't have anymore capacity than pre-pandemic times. we are limited to 18 million barrels to 19 million barrels a day. we can import and export we can the balance the oil that the united states needs by importing the heavier oil and exports lighter oil. we can provide the blend p in terms of refinrefining, therl be expansion >> pioneer ceo scott sheffield says they are eating into the

ability over capacity. >> wti bounced between 73 and $80. the question heis when does it breakout after china's congress ends, april demand expected to increase in china. 800,000 to 1 million barrels a day by the end of the year if you look at u.s. production and what it has done, everybody said it will add 1 million barrels a day this year. eia came out with december of 2021 and december of 2022. we added 500,000 barrels a day in u.s. production >> that is frustrating the whit house. isn't that your job? >> our model has changed we have service costs up significantly. you look at the free cash flow our estimate was $8 billion. the number is $4 billion at $80

for 2023 inflation is up. oil prices are down. people don't have the capital to continue to grow >> if i'm playing the devil's advocate and i'm in the white house and saying scott, you are printing free money. record free cash flow. you need drills in the ground and bring down the price of gasoline i address that do we have the refining c capacity >> we don't have the refining capacity secondly, we get back in the same cycle the last ten years. if we all had more rigs, service costs would go up another 20%. it takes away free cash flow secondly, we don't have the inventory. most companies are drilling tie 2 or tier 3 production we may get back to 13 million

barrels a day in three years at a slow pace. totalenergies warns fuel deliveries at the french sites have been halted due to industrial action. 64% of the workers are on strike protesting against the government's pension reform. charlotte is joining us at the desk with more on the story. charlotte, when you joined us several months back, you told us this would be a hot topic in france what is the scale of the pushback the government is getting in. >> it is getting hotter, really. it seems the pension reform presented in january and this is the sixth day of mobilization against the reform strikes and protests before. 1.3 million was the most and was a record since the early 1990s today will be bigger

totalenergy numbers with 300,000 people striking. you don't need a lot of people to block the country just a few that is the sentiment. a new phase in the movement. that is the message from the unions with eight unions on the same page that they want to keep on with the movement and block the country. that is the message. bring the country to a standstill and ready for rolling strikes. getting on a new phase after a break with halftime holidays and they didn't want to impact people because public opinion is on their side. they are in favor of holding the country at the moment and in favor the strikes. the question is how long are they on that side? that is the key here for the unions and what is at stake. after schools and transport shutdown, that is when the public opinion turned around a lot of issues for the unions they expect record numbers to

protest today. for the moment, the government is keeping quiet they keep going. there is more today on what is the next phase there will be rolling strikes for weeks. >> it is an interesting point about whether this could be a nail in their coffin of the protesters if this is what ultimately changes public opinion and moves the public away from protesting against these reforms. where do the reforms stand right now in terms of the government >> it was debated in the na national assembly by the mps and it was a failure. they could not go through the protest specifically, but now it is in the senate the senators are debating it the senate is led by the center

right party which has been in favor of pension reform. they have not on board totally with this one. they should support it it is unclear if they will once they agree, they will go back to get the final word the small number of center right would be key in getting this through. the government thingsks it willg through. whether the strikes fizzle out as a result. that is at stake here. can it be a block of the country for weeks or will it go through and fizzle out that is the position of the government and unions to keep the pressure on. whether students start striking as well? some left-wing parties are calling for young people to join the movement once you have the youth in the streets, as they say in france, you're in trouble. we will have to keep an eye out. >> we will

charlotte, thank you for the information and analysis shifting gears to in focus this morning carlsberg ceo will retire by the end of the third quarter this year that announcement happened this morning and the search for replacement is ongoing. hellofresh expects profits to come in below adjusted earnings you can see hellofresh shares under pressure selling off nearly 4%. henkel sales jumped 9% in 2022 boosted by price increases. the consumer goods company post a ed a 13.7% decline the group warned it expects to fall in 2023 as it battles consumer demand. online fashion retailer zalando is at the top of the

stoxx 600 despite the cautious outlook for the year ebit dropped to 185 million euro which was in line with expectations. coming up on the program, tesla slashes prices on the key models again as the ev maker aims to speed ahead of the competition. we bring a round up of the latest stories from the mm&a space. we'll be right back.

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welcome back to "street signs. i'm julianna tatelbaum and these are your headlines european equities are in a holding pattern ahead of jay powell's congressional testimony with the u.s. futures mirroring as brian moynahan and jamie dimon is cautious on the outlook for the u.s. economy china ratchets up the rhetoric on the u.s. and blaming the west for the country's development and a top diplomat

warns both countries could be on a course for conflict. >> firmly oppose a cold war mentality and confrontation and acts to contain and hold back other country's development. chinese imports and exports slump as slowdown fears and price snarls shadow the country's exit from zero covid. last order as the carlsberg trades low as the ceo steps down at the end of the third quarter. meta is set to layoff thousands more employees according to bloomberg citing people familiar with the matter. meta ceo mark zuckerberg has been pitching 2023 and the year

of efficiency and presviously announced 13% layoffs and limiting projects. tesla cut prices on the cars model s and x for the second time this year the price cuts come after musk said they saw a small price changing with a big effect on demand tesla shares climbed higher after plunging in 2022 arabile is joining us now. musk said it is all about affordability. what is this strong strategy and driving this price cut >> you pointed out that the desire for people is to own a tesla. that desire is high. the limiting factor is the price. really speaking as well for the

last couple of months that the price is what they are going to work on and this price adjustment at tesla vehicles overall with models s and x have been shifted for the second time this year. a 4% to 9% shift in price lower. the aim is to get back at the competition which has ramped up with the production. let's remember the byd in china is producing the batteries that was a battery maker now they are able to maker their own electric vehicles. that price is cheaper and they offer a greater range when it comes to these vehicles. you want to really ramp up the ability to get more sales. 2022 delivers did not get to the range they wanted. they wanted to see a 50% growth in the number of deliveries for tesla. that became a 40% increase in

those deliveries wanting to really increase how much is taken in by the market really trying to factor in the pricing and really trying to increase from 1.3 million deliveries from 2022 >> it begs the question as to whether the demand is effected by more and more alternatives on the ev market or it is an affordability issue. what is the analyst and investor community think about the strategy to cut prices to drive demand is it something they want to see? do they want to see tesla cutting prices to boost volume or is it another perspective >> if you look at the share price as well, just this year, year to date, share price is up 80%. remember the fall they had as well that we have seen when it comes to that share price on, you know, 2022 alone

this year, as you can tell, 24% on the up is giving a clearer sense of investors liking the move to lower price are in order to assure demand gets met for the most part. remember that consumers are struggling with higher interest rates. that impacts how much people can afford rivals offering options as well. if you missed the targets you set, you have to find some other ways if you can't necessarily do that by decreasing costs, which they have managed to do over the last number of years, it is how to ensure you boost sales and continue to compete with rivals. this is the mainstay of the elon musk business. he want to sure the competition is left behind. >> he would love for that to be the case at the same time, he wants to see the ev market grow overall arabile, thank you now canada's largest pension

pun fund and u.s. silverlake is making a stake in the firm after buying it for the $8 billion five years ago and list in the u.s. in 2021 they offered a 6% premium on the friday closing price since it was looking to sell its stake. it is a busy morning for deal news. altria is buying e-cigarette maker njoy the manufacturer ditched the last bet days ago dropping the stake in juul which it paid $13 billion for in 2018. here is an interesting one weight watchers is set to buy digital health company sequence for $130 million

moving the company into the obesity drug prescription business obesity drugs spur analysts to reveal the sector is worth $50 billion of sales by the end of the decade this is an extraordinary piece of news. somewhat because of the individual story and what it means for weight watchers. shares down 9% on the back of the news more broadly, this is an incredibly exciting time in the pharmaceutical space we are looking at a brand new class of weight loss drugs on the market pioneered by the pharmaceutical giant and other players jumping in here. we have a whole new way to treat weight loss. a series of drugs that are known as glps. they suppress the appetite you take them on a weekly basis via injection.

the results are staggering discovered as part of the diabetes drug development program and now we are looking at the drugs used for weight loss and the estimates are truly staggering we will dive into the story over the coming weeks clearly a number of companies are racing to get a piece of the pie and you look at the company like weight watchers and what it says about the existing business model and some say admission of the current program wasn't working. it is a testament to how much potential there is in the obesity treatment. the company is looking at noro and pfizer and eli lilly. and meta shares are higher after the company could cut more jobs this week you have meta shares looking to open 1.6% higher this morning. it seems investors are encouraged by the efficiency gains in the pipeline. still ahead on the

program -- >> lectured about misogyny by this man not now, not ever. >> we will be speaking to her around the set as part of the spet special international women's day coverage and breaking the glass ceiling and so much more stick around

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welcome back to "street signs. international women's day looks to create more awareness of discrimination the world economic forum agenda report says it will take more than 130 years to close the gender gap united nation secretary-general gutteres says it will take twice as long to achieve and women and girls are left behind in key sectors, including science and technology tanya has been leading coverage this week and is joining us with more >> thank you i like to welcome our special

guests, julia gillard to "street signs. thank you for joining us. >> thank you for having me >> those figures how shocked are you by those >> unfortunately, i'm not shocked because i'm familiar with the figures we shouldn't just get comfortable with them. they should be a rallying cry as to why we need to do more for gender equality. i think there is a bit of a sign out there that people are fatigued we have been talking about this a long time. it is easy for people to overestimate the amount of progress being made. we still have a lot to do. no nation on earth has achieved gender equality. women are still behind in economic empowerment and political empowerment and in many countries in health and education status >> julia, you broke barriers in australia. we talked about the famous speech over ten years ago.

what changed, do you think, since then if anything? >> i think some things have changed for the better when i was prime minister, it was fashionable for the media and commentary to say she's being treated exactly the same as a man would be treated. i think the scales have come off our eyes around that now and we are very knowing about the gender treatment of women in the public eye that hasn't happened by accident it has been pushed by the me too movement and women's activism and women's organizations which i'm proud to chair here at kings college london what is definitely got worse is the social media environment social media was becoming a bigger and bigger thing when i was prime minister it wasn't as ubiquitous as it is now. we know from the research that it is a toxic environment for women. >> on that note, how do you

describe attitude to gender equality there are so many types of equality in the world and there is a growing resistance to gender equality given the other issues that require a lot of attention. >> yeah, i think you've picked a trend and we can put some figures around this that will be tomorrow releasing on the global institute in partnership with the very noted global polling company ipsos. we will release gender equality numbers. there is more concern about calling it out and the backlash you get if you called it out there are more people who think that gender equality has been achieved orego gone too far ande are being discriminated against.

i think all of that is telling us there is toxicity in the environment. some influencers and figures on social media who are making it their business to appeal to young men. we need more research about what that means i do think there is fatigue factor we have to be out there it saying there really is more to do and gender equal thity is a better world for everyone. women and men. it leads to more options. >> julia, we have seen the recent restignations of the prie minister of australia. what do you feel got to them >> i think the pressure of being a political leader today is intense. no matter who you are here with

the social media and media cycle is corrosive on everybody. the warp speed of media and the slower political is brought on day-to-day there are certain issues on women leaders like jacinda and nikola would have seen death threats every day. we only really give women political permission to lead if they manage to bring together the special combination of strength and empathy the research shows this clearly. if they fall one side or the other too strong, we think they are not likeable too empathetic, she is lovely, but doesn't have the backbone to lead staying on that tight-rope day after day brings on that emotional labor.

we don't do that with male leadership we don't require that empathy. >> a different judgments and expectations let me come back to what you said about women being scared to speak up and you are seeing this in the numbers and survey you described. that speech you gave ten years ago, i'm sure, took a tremendous amount of courage. what advice would you give to women who are looking to develop that courage and speak out >> i always joke if you looked up on the bus or coffee room at work and started giving a speech like that, they would look at you oddly. there are issues with the parliamentary culture which is hard hitting i would say human beings change things by talking about them if we never name it, if we never pull it out for conversation, it will never been changed. it is in all of our interests to

do that together for a woman who thinks she can't do that herself, to look for another woman or sympathetic man or group of them would do it with her >> have you spoken to tony abbott >> i have run into him we never had a heart-to-heart conversation about the speech and i wouldn't expect. >> i wanted to ask from your experience and it is our top story this morning of the reopening the china. in 2012, you had a state visit with xi jinping. what impact will the reopening have on the global economy >> i think people want china to come out of the strict lockdowns and be fully reengaged the geopolitics will be very complicated. since the days i was there, both china has changed and the u.s. has changed. that means the nature of the dialogue between them.

the public dialogue can be harsher and words spoken more hard hitting versus the days with president obama we will see ups and downs with global relationships and keep thinking about >> finally, julia, what would you like to see the u.n. and governments and private sector doing to close the gap >> it will take all of us. i would say to everyone look at your own backyard first. look at your own organization. get the stats of how women are being treated. i think many will find mid level and top levels where they are losing women and not enough women and what you can do to change that. then share that best practice. share what you learned if we all learned from each other and there is a dynamic

about everybody trying to race to do better and better and better, then arethat will encoug act activism >> you are a role model to many around the world who was your model >> i did not have the luxury of looking at australian politics and seeing women by the time i was of university age, a great friend at university, his mother was the first woman to lead the state of victoria the first woman premier. because of my connection with the family, i got to watch that from the inside. she was an incredibly inspiring role model to me almost everything that later happened to me, happened to her first. i got the opportunity to learn from that. >> julia, thank you for joining us this morning on "street signs. >> thank you a real pleasure. >> for more coverage on the gender inequity, go to cnbc.com.

all eyes are on jay powell ahead of the days on the hill with testimony steve liesman has more >> reporter: he has to tell the u.s. congress that a year into the rate hike cycle and the fed is not on the road back to the 2% inflation target. powell is likely to suggest the possibility of rates that would go higher than the 5.13% he could suggest rates to remain at peak level for some time to come and indicate some, but not sufficient progress with inflation. the big trouble for powell is the economy not cooling and inflation not showing it is headed to target rubeela farooqi spoke out about monetary policy knotting having

the effect on prices or the labor market or the economy. farooqi think there is is little to do to slow service sector because it is driven by higher wages and pent-up service like travel powell can be expected to affirm the market's hawkish outlook on the fed and sees a rate of 5.45% by october he could do more for easing this year and more easing next year the fed chair might be a little cautious here to keep options open in case the jobs report on friday shows some signs of loosening. as it is, wall street looks for 225,000 and the unemployment rate at 3.4% steve liesman, cnbc business news >> steve, our fed watcher, made the point yesterday that powell doesn't have a lot to show for inflation fighting so far given

growth is not slowing and inflation is very much alive and well of course, there is a difference with the lagging indicators like payrolls and labor market indicators over forward looking indicators with pmi and ism. a lot to play for with jay powell as he kicks off the two-day testimony. as for markets, a positive start. we were in a holding pattern now we have green across the board. yesterday, we had a rally fade into the close after europe closed equities with little change on the day. in terms of european markets, it is similar you have modest gains. dax out in front up .20% ftse 100 here in the uk was the under performer yesterday losing ground with the dax and cac 40 actually appreciated in value. today, ftse 100 trading in line with the broader european market

a little bit of red on the board for ibex 35 in spain as for currencies, the dollar strength. euro down 18 basis points to 106.58 sterling down 10 points to around $120. dollar trading firmer against the swiss franc. the dollar getting lead up in the testimony expected today from jay powell. and a look at yields before we hand over to the u.s. yields are lower across the board. german 10-year bund trading at 0.66%. that is itorstetig." f "re sns i'm julianna tatelbaum "worldwide exchange" is coming up next. 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. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or

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it is 5:00 a.m. here at cnbc global headquarters. here are the top "five@5." investors bracing for comments from jay powell when he heads to capitol hill making the case for more rate hikes in 2023. technical recession. that is what brian moynahan lays outs for the future of the u.s. economy and how long the downturn could last. plus, mark zuckerberg's meta cutting costs again. handing out thousands more pink slips as soon as