and that's all for this edition of "dateline." i'm craig melvin. thank you for watching. good morning welcome to "street signs." i'm julianna tatelbaum >> i'm arabile gumede. these are your headlines >> another blow for credit suisse as the bank delays release of the annual report after a late-night call from the u.s. s.e.c the next domino falls as silvergate is closing down and returning deposdeposits.

deutsche bank hikes dividends and extends share buy back program as revenue jumps 15%. >> first quarter market is the most predictable one, but there are signs that fovolumes are coming back. that is encouraging, but it is too early to celebrate hugo boss says sales will slow this year it tells cnbc the firm is still resilient. >> despite the economic information we had in 2022 or situ situation, we managed through the headwinds with the circumstances and we are very positive and think also in 20 if we can continue with that growth

good morning warm welcome to the program. let's kickoff with the story with credit suisse the bank delayed publication of the annual report after inter investigation of the u.s. s.e.c. it raised questions of the cash statements in 2019 and 2020. the swiss lender statement says the u.s. financial regulator made a late call on march 8th in relation to certain comments about the technical assessment of previously disclosed revisions of the cash flow statements we confirm the 2022 results as previously released are not impacted now we also have from the bank saying the management believes it is prudent to delay the publication to understand the comments received. again, going on to say this does not impact the 2022 results that were released on february 9th of

this year. it has gone from crisis to crisis every time the bank wants to communicate to the market it is moving forward you get a story like this with shares down 3.6% and you have to think harris associates, the last shareholder to exit its stake, and leaving behind the middle east shareholders is the biggest one in credit suisse leaves you the point of why invest of a bank burning cash when you could invest in the other european banks with interest rates raising is it worth the trouble? >> i would be interested to have a conversation with the middle eastern investors and get a sense from them what their end game is here to remain or increase stake and what they think could come out of this.

is this just a case of waiting for the bottom it is just hard to find where that really could be on a longer term basis, the business won't be the same as it always has it will be a shadow of itself in many ways and does that offer up the kind of value you have seen in the bank before considering other banks offer the sense of the kind of growth, perhaps, you want in equities, particularly in the banking stock i would be interested to get a sense from them what they think could and should happen from here >> it does feel like if you are going to get involved in credit suisse that you have a belief things will turn around. when you look at the outlook for this year, as a reminder on february 9th with the results and a loss for this year and

another substantial loss fr. t - for this year. you have to take the view it could become a target and we could see it get involved in consolidation. that doesn't seeming li like itn the horizon for the bank >> rebuilding trust is an issue at this stage. we will see how that continues to go and we will have more on that story. fed chair jay powell pulled back a little on the hawkish tone on the second day of testimony to congress telling lawmakers no decision has been made on how much the central bank will hike rates this month. in advehis testimony, powell indicated one issue on the radar. >> high inflation we are experiencing is related to the tight labor market wages and prices i think that is part of it

>> let's look at equities this morning and how the market is reacting to the comments from jay powell as arabile said, he softened his tone relative to the first day reporting to congress. we are down .50% europe has been more resilient than the u.s. market over the course of the week today is a little change in fortune with the stoxx 600 trading down 0.5%. we saw a gain yesterday of 9 basis points on, but mixed performance across certain regions. we have under performance from europe the red is across the bhe board it is a broad based selloff. from the sectors, we are seeing heavy selling in basic resources. that sector down 1.9%. nearly 2%. next to it is real estate under

performing down nearly 2%. yesterday, stateside with bonds performed well now february's non-farm payroll will be top of mind tomorrow as investors look to see if the tightness continues lending giants have made calls on what the hot data means for the fed of blackrock and goldman sachs all raise terminal rate bets we have jerry howell with us this morning i appreciate it. it will be important to get that non-farm payroll number, but one can look at the previous numbers and how hot that data was as we pointed out and some might say, though, to begin with the fed

being justified in going back to 25 basis points. now having to hold a stance on raising to 50 basis points would that be your sentiment as well or they should not stop hiking at 50 >> the market is moving to the expectation of going back to 50 on the strong data we are always talk about landing. the point is the jenkins are on fire the question is are we five feet from the ground or still 10,000 feet in the air. that is the problem. with the january data, it suggests we are still very high. the growth is still resilient and inflation is resilient core cpi next week as well and it may be justified the fed needs to go higher the question is does europe need to go up >> you speak a lot about how the cheapness may be gone. europe at the beginning of the year looked like it wanted to

get into when you looked at the ftse 100 is that the case with the cheapness gone and why you lead with that notion >> i think the equity market in europe in particular rallied from the point where it was near recession in europe. the leading indicators were already turning. despite the market needing to re-price and the avoidance of recession, europe is going to be the out performer to the u.s. and it shot through that top end of the reasonable range. the level is between 4.10 and 4.60 what is important is look for the alpha which is the performance in china we look at the u.s. exposures in

europe >> talk about how to play it within europe. how do you access the preferred sectors? >> you want banks to be the favorite sector. it still is. we feel rates are going higher and will continue to contribute to the positive earnings they still cheap no one acknowledged if the return on equity for banks is structurally higher now being away from rates, the price to book is a minimum one and we are below that there is room for the banks to rally another 20%. when you get away from the domestic exposures, we still like the exposures to china. the consumer durables are back to neutral they have plenty of upgrades this year. we still like some other sectors like retail and software and services and consumer services se sectors. >> i notice within the tech

sector, you switched to software services there is hype around the chip wars do you think it has run its course >> it was a tactical decision. we have no problems with semi and semi equipment what is interesting about isnl is they invoice in euro. if the euro rises strongly, some european companies, particularly the pharma companies, could end up with headwinds. i isnl prices in euro. >> what sectors would you advise investors stay away from in europe >> the winner from last year the stocks that did well in europe last year were defensive companies with the bear market and those exposed to the strong u.s. growth and strengths of the u.s. dollar. that is reversing this year. it is pharma with household

personal products to the list. those are non consensus. they are crowded positions in the market there are still people hiding in defensive. beyond that, the other big global exposures you wouldn't want is tech hardware and trans p -- transportation >> the earnings season is one to look at. what is your sense of it you spoke about the banking sector which they had to increase reserves as well. what is your sense of the banking sector or earnings season >> it has been a pretty resilient earnings season especially at the index level. we had surprising growth through the fourth quarter in the u.s. to some extent through europe. what we saw with the index level is the persistent of earnings surprises. a persistent index level at the

global growth. it is just the way the indices are weighted with large companies and international exposures do well, but there were profit misses that we think continues this year. >> gerry, thank you for the comments we talked about credit suisse and some are saying it is not worth their time gerry fowler. consumer prices in china cooled on the month in february and 1% higher on the year. it was the lowest rise in 12 months factory prices continue to decline. core annual inflation rose by less than the previous month amid weak domestic demand. sam filed this report. >> writing some doubts about the pace of the recovery d despite e

lunar new year there were some seasonal factors, but economists say it raises questions about the recovery of the economy with other data saying it is holding up well. core inflation fell to 0.6% pointing to weak domestic demand which china is counting on to mitigate slow exports. despite the readings this time around, there is still an expectation with sticker prices rebounding in the coming months as china transitions to learning to live with the virus it is not expected to reach the levels we have seen in other economies and that should continue to give the pboc more room to use more tools at the china factory sector with

economists putting this down to slower activity after the lunar new year holiday i'm sam baddas in singapore. back to you. silvergate is the latest crypto companyo ll tfa details on that still ahead. 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, so you can focus on growing your business. because when we work together, the future is bright. it doesn't have to be lonely at the top. join the millions at finding success on their own terms. start your journey with a free trial today.

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welcome back to "street signs. silvergate's bet on crypto is a bad one. it will shutdown in light of the regulatory developments. in january, it lost $1 billion in a quarter after withdrawals topped $8 billion for the period earlier this month, it disclosed financials were worse. stock price topped $200 in late 20 2021, but has been in a tail spin shares are seen opening down 45% after it has been revealed the company plans to wind down operations very fortunate that arjun ha

agreed to help us understand what this news means this morning. arjun, why is silvergate's collapse important to the industry >> it back the backbone of so many business noes in it the crt world. it started in 1998 and it shifted to crypto. it became one of the biggest lenders in the space and it was key to ftx the collapse of ftx was an issue and what it meant as the bankruptcy proceedings continued and silvergate was a casualty of the collapse the second issue was the way it managed its balance sheet. it took deposits and inn vvested from a number of securities with government bonds and mortgage backed securities. as the interest rate hiking cycle has gone, the value of the

investments declines there was a run on silvergate and they had to sell assets at a loss those are two of the big issues as well. really, i guess, this is a story, one, yes, about the crypto market and collapse on silvergate, but also a tale of bad risk management. one across the crypto industry throughout the entire saga over the past year or so. >> arjun, does it matter that the company understands that winding down all deposits will be repaid in full? does that lessen the doom and gloom? >> it is good for those who have depos deposits we know with a lot of bankruptcies, people get next to nothing. it is certainly good for the companies. we know that companies like coinbase cut ties with first signs of trouble with silvergate the big question here is the

regulatory oversight we always come back to this point. this is a traditional bank that shifted into crypto. it comes under the federal reserve and regulatory oversight. there were regulators in the case this was not a wild west crypto company that started from nowhere. this bank has been established for some time known to regulators that will be a big question going forward and if the regulators tighten any regulation around some of the kind of institutions. >> arjun, i want to switch gears with this story. big news you tweeted every time you tweet, you get my attention. export advanced semiconductor manufacturing. why is this important? >> huge news for a number of years, the u.s. put pressure on netherlands to stop export to china that is home to asml

asml machines make the most advanced leapfrog and make advances in chip tec technology now it is formalized a position that is saying we will stop export of manufacture ri to wh -- machinery to china it will get the machines to china and that will throttle developments in the chip industry it is a big win for the u.s. to get netherlands on their side. it is a lot of issues for china going forward in the chip space. >> the chip space has lot of wars around them technicalities that are moving along. arjun, thank you for that and joining us to unpack as much as possible right now

deutsche bank post dhl raised dividend and posted a share buyback program. the logistics giant says it expects to dip in the current year earlier on the show, ceo frank apel talked about the forecast >> the question is how it recovers will it be a longer downturn if it doesn't recover this year as all, then it is an l. we give guidance what it would mean for our numbers what will happen means we will see in due course. there are symptoms similar to the financial market crisis. volumes have not been dropped as much it is similar from 15 years ago or 14 years ago.

it is quite interesting to see that and if there is still demand from consumers and if it is not dropping, we will count on volume coming back. that needs to be monitored and we want to be clear to investors. we don't have a glass ball that is the reason for the scenarios. hugo boss will expect sales of a net profit. shares are trading down 2.1% the ceo told cnbc he is confident about the group's performance despite the macroeconomics challenges. >> the first two months show us we can be confident in the future and we are up already in all of the channels. however, you always have to put the macroeconomics situation which is not in our hands. i think despite the

macroeconomics information that we had in 2022, or situation, we managed through the headwinds with all of the circumstances and we are very positive and think that also in 2023 we can continue with that growth. however, you never know what is coming up. total's incoming ceo will include two deputy ceos and newly formed committee which has to be appointed on the 24th of may. hsbc will hold an event to outline the implications of ifrs insurance contracts on the financial statements the lender says it expects net interest income to come in more than $2 billion lower this year on an annual basis. we will take a quick break coming up on the program, netherlands imposes chip export

revisions. we'll discuss. plus, women and allies across the globe take to the streets calling for action on gender inclusion we play you some of the in interview with the director general, who comes on as we celebrate international women's day.

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welcome to "street signs." i'm arabile gumede >> i'm julianna tatelbaum. these are your headlines. >> another blow for credit suisse after they delay the annual report after the late-night call from the u.s. s.e.c. and silvergate announces it is closing down and returning deposits with turmoil in the crypto sector taking its toll. dhl hikes the dividend as full year revenue increases 15% p.

the ceo says the outlook is uncertain. >> the most difficult one is unpredictable still. there are signs that volumes are coming back and decline softening. that is encouraging. of course, it is too early to celebrate. and hugo boss drops after signaling sales growth will slow the ceo tells cnbc the firm is still resilient. >> despite the macroeconomics information that we had in 2022 or situation, we managed through this headwinds with all the circumstances and we are very positive and think that also in 2023 we can continue with that growth fr quick look at the market which opened negatively. this is an hour and a half now after the opening bell here in

europe markets still taking in the comments coming through from jay powell who spoke yesterday perhaps coming down on the hawkish tone saying there is no clear number that they looked at with regards -- or no clear decision with the interest rate hike for the month of march. still a note they may need to stay higher for longer mining stocks are some of the biggest losses that we have across the board here. on to the currency picture, the dollar surged with the equity picture being under pressure coming off the swiss franc and coming off against the euro and the sterling it has been range bound with the euro/dollar picture at 105 to 107 mark having to beat the top and

bottom line. not seeing that come through sterling could weaken, but if we see the bank of england not move in lockstep with the fed as they noted that higher interest rates are in play and 50 basis point hike could be in the picture of course, a weakened economy is something to take into account when one looks at the bank of england. on to the u.s. picture and where it will be trading it is looking negative fresh jobs market data is processed. powell's comments in that market flow stronger than expected private payrolls for february reaffirming the strength of the economy. now back to the story in the chip space netherlands announced restricting exports on the chip to protect the security. china's foreign ministry says it

hopes the netherlands will maintain an objective stance and not follow certain countries in abusing export controls. no names mentioned, but they must be thinking of the u.s. it will be in place in the summer and come after the netherlands struck a deal with the u.s. and japan in january to limit sales to china the impact of the reduction act is looking to deliver similar support for green technology take a listen to with a european ceos have told cnbc. >> it means less of competition. it is more how we cooperate with the regions to build out the energy industry which is needed. >> it does really also support green technology we have a strong footprint in the u.s., too. this is our largest market and most of the revenue coming from there. >> on the one hand, we have a gift from the government and on

the other hand, we have a penalty to the companies european companies police officer -- european companies prefer the gift. that is the difference with the acti actions so far >> it is pro business investment tool i think that is attracting a lot of the business in the u.s europe needs to step up its game over the last year, it introduced windfall profits and clawbacks and cap prices that is not conducive to having investment >> we think it is the right thing to do. we very much appreciate that the u.s. government has sent a strong signal in the direction of sustainability. >> anna rosenberg is joining us now. anna, so wonderful to have you

here let me get right to it and ask about president biden's meeting with ursula von der leyen. we see a lot of voices concern that it is unfair, the practices that come on the back of the i.r.a. do you think von der leyen is getting any concessions? >> ultimately, both sides have to show we are committed to the transatlantic alliance we are friends we are in this together. we are standing up against the enemies and rivals in russia, china. that is the main message i expect some positive announcements. most likely there will be a deal around critical minerals ultimately, i do not expect they will be meaningful concessions it is not in the u.s. interests.

the i.r.a. is there to make american industries in clean tech stronger. it is a reality that european leaders have been the winners in the field. for the i.r.a. to make sense, they need to get the european businesses to come set up shop in the u.s. >> were dohere does that leave ? it doesn't make sense to make meaningful concessions what does the commission have to do >> it is a tricky situation. ultimately, you cannot match the i.r.a. they do not make that possible there is no appetite for a big amount of money spent on the i.r.a. they will come up with the small solutions. the obvious one is relaxation of the state aid on the country level. france, germany have done this repeatedly they will continue to do this.

that means some countries that do not have the same financial muscle like germany and france will miss out. they will have a lot of negotiations within the eu which take time. by that point in time, a lot of businesses will have said, we are out of here. we will set up shop and expand in the u.s it is simple and straight forward and it is already there and you are still arguing about it. >> is it too many cooks in the kitchen when it comes to europe? you have to find and combine a deal that works for everyone the united states is just sorting out. you have the green alliance happening with canada. that is something entirely different here as well is it a case of too many people need to get involved in order to certify a deal >> that is the nature of the eu. the u.s. is one big country and the eu is 27-member states with different political agendas and

rea ats. they meet -- realities they meet at the lowest common denominator. when you think about the u.s. and think about the last couple years, covid, war, they have managed to come up with solutions to problems. the challenge is the view is always backwards rather than forwards they mainly react rain ther tha plan ahead >> can i get your opinion on the tech space we discussed it with arjun the move forward with the ability to restrict exports from the semiconductor equipment. he says it is a big deal because it is a win for the u.s. who wanted the netherlands to go forward with this. what is your take? who you agree this is a big win for biden? >> it is a big deal, absolutely. the u.s. has been trying to get the eu to side with its policies to china for a while

it has significantly more leverage over the eu now than it did prior to the war simply because the eu and europe is enterally dependent on the security on the u.s. so, that is a fact the u.s., which is hawkish on china, will continue to pull europe to its side on the table. you have a clear camexample of this european leaders will not side with the u.s. on china it is going to be increasingly difficult and that, of course, carries a lot of risk. >> speaking about china and its invol involvement, we may not have the transatlantic trade war in this sense, but still a war in europe how does that relationship change with china and with the u.s. if china starts sending, you know, military equipment to russia

do you think the relations start to get more sour here from here on >> okay, if china sends weapons, outright to russia, that's a game changer i think we all would have to go back to the drawing table and reassess economic forecasts. that is not in china's interest. the goal for china is economic growth in 2023 they know if they go down this route, they will basically get a lot of sanctions to undermine that grooal. i'm talking about china losing and not weakened which is different. china will have an interest to step in to avoid a complete defeat of russia there are two ways that china can go about this. one is outright sending weapons which would be a game changer,

but they can go somewhat quiet sending dual use goods which would be a different affair. the fallout would be regrettable. it would be a significant increase in tension. the reluctance to impose sanctions drastically on china would be high and still in the context from europe. not from the u.s. >> anna, fabulous to get your thoughts anna osenberg. check out more on the story on cnbc.com the united nations is deeply concerned about the living conditions in afghanistan, especially, women, children and girls and people living with disabilities in a joint statement released to mark international women's day, the u.n. called on the taliban

to pull back on the dire human conditions we asked about the talks about the group. >> when i was in afghanistan, they listen. they met with us they listened. i don't know how much they will act on what we told them they were sure we told them what they need to hear. also, most important for me is we met with a number of afghan women from inside the country and outside the country who entrusted me to bring their voice total the taliban i did. >> across the world, rallies were held for measurable action on bridging the gender gap tanya asked the director general what she has learned from speaking to women in leadership positions. >> many women, leaders, talked about the experience of people

looking at their appearance and not listening to what the words and substance of what they had to say or continuously judging on the way they appeared so, they have to devise strategies so they could listen to the substance many crafted things that were almost uniform you have hillary clinton and her pant suit. if you think of angela merkel, it is the same she changes the color of the jacket, but it is the same you know what she will look like that way when she comes, you are paying attention that was one very interesting lesson >> so, we are joined by tanya who has spoken to quite a few women leaders this week. it has been an interesting week. the sentiment is around less talk now and more action >> that's right, arabile the clear theme which is interesting is talking live on

set with julianna here the other day with julia gillard the first prime minister of australia. as well with this woman is con fwi -- confidence you feel the women in high profile positions talk about not having that confidence i know you met the doctor and you were impressed with her. >> yes it was a conversation we held in high regard. a lot more needs to be done. if we are going to move the needle we started this we'reek with 13 years to get to equal equality >> right it should be 130 minutes i spoke with valerie amos at oxford i started by asking her if she feels that she is a role model

herself? >> in the early stages of my career, i pushed back against the idea i was a role model. h i was working hard as many women before me and will do after me yes, i was getting a certain degree of recognition. there were a lot of women not getting that recognition over time, i have recognized how important it is for young women to see women who look like them doing things that they may aspire to or even if they don't aspire to them, gives them the confidence to recognize that they have talents and contribution that they can make and they will be taken seriously. so, the importance of role modelling or having mentors of opening the door and of talking

to young women one of the things i talked to them is about how we use power because as you grow up, you can see many examples of the ways in which power is used in a negative and undermining way what i want our young women to understand and appreciate is that you can have power and use it in a positive way to make change happen and to support other young women and aim for a change in our society that reflects the important contribution that women can make i think having those conversations about power is really interesting >> valerie, what is the one piece of advice that you were give to inspire others from your own experience >> one thing i would say is take the time to really know yourself and to know what you would like

to do. nobody else should be making those decisions for you. you can look to people for support, of course you can look to people for advice don't be afraid to think about how it is you want to live in the world and the contributions you want to make because i think so often our young people are constrained by the expectations of others and i think it is important they are able to grow and develop and enjoy the things that life has to offer work hard, but have fun, too >> valerie amos there. interesting what she is saying with her piece of advice to everyone just to be yourself and don't be afraid again, a common theme with all of the leaders i've spoken to so far. >> all of the conversations have been fascinating all week. there are common themes that run throughout them.

on the other hand, each woman has brought a different perspective. this conversation brings me to the issue at the desk yesterday. she made the point it is important to get women in top jobs not into the male-dominated fields, but make them into leaders. the importance of role models seems to be a big piece of the conversation >> and also, she is the first director general of the wto and amos is the first woman at the college of oxford which was dominated by males in the history of the college we should ainn't have this conversation in that day in age. we have to work toward the time she is the first it is just natural >> absolutely. the inclusion is the part anof e

conversation she does that well >> do you feel confident, julianna >> i do. thanks to you, tanya >> i'm not always confident. arabile? >> it is interesting to know that so many have gone before us that this can be done. we should accept that and build from that and realize that we should be. this is no need to be gatekeepers in any way whether it is industry or anything on a daily basis. i'm all for it. >> all right ta tanya, thank you for joining us. coming up on the program, it is the oscars this weekend with the film studios and streaming services facing off for the go golden statue. we'll have more after the break.

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let's get to tesla shares which are lower in pre-market trade. the u.s. safety regulator launching an investigation with steering wheels coming off some cars now voting for the academy awards has closed and now several blockbusters and independent films are in the race to win statues this weekend. in the best picture, "avatar" and "top gun" will go up against "all quiet on the western front. films receiving nominations for best actress and best adapted screen play. this is bound to be an interesting weekend. i'm rooting for "top gun."

we have "everything everywhere all at once. another fabulous movie everybody is raving about that i have not seen it dpl i >> it is amazing you have seen "marverick" withou seeing the first one >> i don't need it to see the story line no need to go back i still haven't watched the first film >> it is worth it. the first one was excellent. if we were in charge, it is clear what we would vote for right now. >> 100%. >> our producer highlighted to me that the streamers this year not doing as well as they did last year. netflix last year had 36

nominations. excuse me. in 2020. in 2022, they had 27 nominations. this year, netflix and amazon and apple had 19 total if this is the issue of trying to produce stuff that people will subscribe to watch. i'm curious if that is the strategy or didn't make anything up to snuff. >> i think it would be interesting. the numbers are decreasing as we get further away from the pandemic, if you want to call it that netflix had a highers on s netflix had a highers scar nomination with people being at home more series produced by the extreme str streamers. keeping people in the platforms over creating a one-off movie which doesn't make you stay. >> they want you to binge.

>> exactly interesting. let's look at european equities we have red on the board all of the major regions are trading lower. italy down 1.2%. on to the futures in the u.s. market. we could be headed for a negative opening bell out in the united states. it does follow from fed chair jay powell's less hawkish comments interest rates still having to go higher for a little bit longer that is it for the markets. >> that is it for "street signs. i'm julianna tatelbaum >> i'm arabile gumede. stay with cnbc "worldwide exchange" is up next.

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it is 5:00 a.m. here at cnbc global headquarters. here is the top ""five@5. stocks tracking all week over the risk worries. and credit suisse gets a late night phone call from the s.e.c. forcing it to delay the report also under pressure. silvergate just 24 hours after reports it was exploring efforts to stay afloat the bank now says the efforts have f