we all need a little more dreaming like that, a little more-- keith morrison: little more nancy in us. billy clayton: little more nancy in us, yeah. [music playing] welcome to the third and final hour of "squawk box" in europe. welcome to the viewers stateside. markets picking up on the red ink and re-pricing risk with the treasury market and expectations

that the fed could be on hold in may and could be cutting the rest of the year. that changing the scenario for those high growth areas of the market. namely technology with the nasdaq up in front. contrast to the story is lingering concerns with the banking system and credit suisse. the market on this side of the world with caution going into the friday session. a heap of central bank meetings. investors closely eyeing if there will be a different view on this side of the world where the fed could still see further rate hikes over the course of 2023. let me take you to the benchmark. .40% south. the broad based picture here with every sector in the red. at the top is food and drinks and at the bottom is banks. that sector trading down by

1.3%. now big name banks. barclays weaker and soc gen in the red. some of these huge banks with reversal and going with the likes of financials. tracking down .90%. ubs down 4.3%. again, fresh news around that bank. oil and gas is .80% in the red. we have had a bit of an event for oil trading this week. this is the bounce back for the trading week. higher for wti. the sector seeing early gains. just not in session today. construction and trav-0 leisure are weaker areas. autos down 6%.

chemicals in decline. technology is weaker. one topic is the treatment of tiktok and if it will be banned in the united states. a big story for the sector. telco is .30%. food and drink down .20%. a bit of green in heineken. household goods down .10%. media names is top performer. .10% in the red. the ftse 100 was down .90% yesterday. it is continuing to trade down and right now down .60%. and retail sales numbers with the french market is below 7,000 points with the protests in bordeaux overnight. other major markets in decline.

the italian market shedding 200 plus points at the open. .70% in the red. similar picture in switzerland. lockstep this morning. u.s. features had been giving us a sense of green which indicated higher. we are chasing 71 on the dow at this point. across the board on nasdaq as well. that is not having a bearing this morning in europe. >> quite good numbers from the spanish economy. spain gdp expanding 5.5% in 2022. that was in line with preliminary estimates here. the final fourth quarter in 0.2% quarter on quarter. in line with the forecast. plus 2.6% on the year on year comparison. 2.7% with the forecast. basically nothing to worry about in terms of the spanish growth story at this stage as far as

that fourth quarter figure suggest, karen. >> the banks here with ubs tracking down 6.4%. fairly steep fall for the bank at this point. across, soc gen down and the other hard hit is deutsche bank. you see the major names in europe. let's see what is going on elsewhere. ubs is another one on the radar down 5%. the latest news around credit suisse and ubs and both under scrutiny by the department of justice to avoid oligarchs from justice. the fixed income managers from the u.s. and canada decided not to take legal action against credit suisse over the at-1 bond write down.

we talk about regulators and both of the banks under the same banner. it is not easy for regulators to go on the allegations. and a look at the retail sales. 122.65. a solid performer this week. the ftse 100 is tracking weaker. that is extending losses down .75%. uk sales beat expectation in february, but rising 2.1% per month pre-pandemic levels. in a separate survey consumer confidence continued with the rebound from record lows. data shows shoppers to expect financials to decline over the analysis from the retail numbers. volumes were not that strong.

discounting is where investors piling into the retailers spending money on the products that were discounted. this is the look despite what we are seeing in the retail space. it feels like risk off across the board. we are not getting response to the numbers. we are down on the card 2.5%. king fisher is down .8%. >> karen, this conversation is right up your alley. we will talk about all things. we start with ron who is manager director who is here with us. karen will bound to get involved. lovely to see you, raj. >> thank you. >> the original idea is the stocks will suffer in high

interest rate environment and the risk profitability is compromised. yet, you are quite excited about growth stocks? >> yeah. absolutely. >> tell us why. >> the broader context of what we are seeing and all of the things we are talking about now and the economy is likely to keep slowing. policymakers will keep going until they achieve what they want to achieve which is slow growth environment. that is how you reduce inflation pressure. in that environment, investors will find a stronger and structure growth companies attractive. we are coming out of a terrible 2022 growth stocks. i'm not talking about the faangs. the growth stocks of the next five years or ten years will look attractive to investors as the economy slows down and more cyclical parts of the market. >> raj, you are right and you

are wrong in my head. it is not binary. i've used this so many times. the book i read last year, blah, blah, blah. they know that maybe as 80% will not make it. what i think you are saying to viewers and you will correct me 100%. go for it. this is where it is. i get where you are saying. i love the technology. i don't love the business model model. >> you are better doing it through venture capital funds. 9 of 10 fail. the one that succeeds makes up for the losses. we are listed equities and looking for companies that hit an inflection point. they are breaking out and buyers

with enterprise or downloading apps on the phone or medical companies or hospitals around the world and the buyers are coalescing around the products or service. then that is probably the most profitable part of the growth curve once a leadership service or product breaks out. that is not the vc world. a bit premature and established than the vc world. >> a few months back, we hear about the app which means if you are a large company and technology, you did everything. it feels like those things have changed with meta cutting back in areas where mark zuckerberg wanted to chase. the scrap heap and focus on the call for the organization. we have seen the death of the super app in the monetary policy cycle and wash up of silicon valley bank.

>> the reason we are not optimistic about faang and other acronym companies is it is highly unlikely to be the high growth company for the text ten years. super apps and developing into unrelated areas is a function of success and cheap money. when you look forward, the big effort growth is more likely to be new applications in cloud computing. a lot at the moment of a.i. we think it is the application of a.i. it is embedded in other applications. that is where the growth will be. there is also other areas beyond technology. if you think about the global epidemic in diabetes and obesity. healthcare is exploring innovation. there is a low structural growth built in the next few years if you get the right products in

the right companies. >> we were talking about a.i. and it was super expensive to be invested and required deep pockets and companies were positioned at the front of the a.i. race. that has changed and chatgpt shown us technology can be turned into something for the organization. how do you think of maximizing the a.i. opportunities in 2023? >> you are absolutely right. one of the key advances we had over the last few years is the competing power has increased dramatically. chip capabilities the companies are using are more powerful than three years ago. it is not much more expensive. it is a good tradeoff. how toharness that is integrating a.i. into services people want. if you fast forward, you would

not think about a single a.i. company. it is not a.i. inc. a.i. will feed into the web search, but it could be a number of other applications. it could be as simple as mass market companies using a.i. to deal with customer complaints. expensive process. it can be done efficiently. >> unsatisfactory. >> survey after survey confirms that the a.i. applications could change the game. and jump to the sense and look for the companies to harness it and surf the wave. if you surf the wave, you can ride it instead of being crushed. >> can you name names? >> i'm not allowed to name individual names. >> tell us why? >> the view of said lawyers

could be seen as tipping. if a fewer goes off and buys a company i name and make a loss, you could get sued or i could get sued. that would not be good for any of us. i can be specific. some chip companies which produce certain chips can do multitasking. most chips in our lives can do single processes very fast. actually, right now, talking to me, you are thinking about what is next and what the viewers are thinking and what you want to eat later in the day. >> yeah. >> to replicate that in the language programming, you have to have a chip to do many things at the same time. not many companies can do that. the small number of companies that can make that hardware requires competing power and to

do it economically. the hardware suppliers are the bigger winners than the companies leading the way at the moment in the a.i. itself. >> let me ask a question about some of the technologies that we he -- that we thought were going to be amazing. they had a big life in the spotlight, but always hard to figure out who was going to make the most money from them. cloud. we were sold cloud. we were told it would be amazing. trying to figure out where cloud is now and who is making money out of it is challenging. a story we did earlier in the week was amazon laying off staff in the aws business. why is that happening when we are in the foothills of exploitation of that technology as an opportunity? >> only 20% of companies have cloud. >> we were told 5g was going to

be amazing and revolutionize revenue streams. we are waiting for the fat part of the profit curve in that an story. >> it is really important and that is a good question. you consider technology after technology. let's say it was a big thing a decade ago. it is revolutionizing devices we use all day every day. there is no nano technology inc. blockchain will change a lot of things in the world. that doesn't mean cryptocurrencies are the way to invest. you cannot buy blockchain inc shares. when you look at the cloud and microsoft azure. they would have big beneficiaries. what we will see at the moment, i would argue, and this is an assertion and we'll know in a couple years time.

this is the post-covid hangover. look at additional employees aws added or capacity they added over the last few years. it was a bit of a slowdown in the growth. there is still strong absolute growth. just not as fast as it used to be a few years ago. that is, in our opinion, from the bottom/up point of view enterprises. i'm nervous about the environment and moving service on the cloud is expensive. i might wait a year. actually, i would agree. we are still in the foothills. it is still going to be a bigger industry in five years time. it is never lineal. i think actually understanding those short-term cycles and trying to take advantage of them and you point out who will make the most money is crucial. it migrates in the beginning of

the trend. probably by the end of next year, application companies will build entirely on the cloud that none of the current software we're using can do. at the moment, the vc world and just breaking out with valuations. as they breakout and you see enterprises gravitating toward them, that is where the money will go. we believe very much in looking at market share and looking where the people are not analysts or pms sitting at their desks. it is the chief technology officer or consumer. if they are putting their hard earned dollars in the application, i think you may well know where the money is going. >> raj, we have to go. thank you for coming in and taking questions and helping us understand what is next. >> three years since you were here last?

>> yes. >> see you in 2026. >> i look forward to that. >> we hope to do better than that. we would love to have you here every week. we have pmi data for you. french pmi. the composite pmi flash at 54. the composite pmi at 51.7. manufacturing is 47.7. 50, of course, is growth. the services pmi flash is 55.5. the forecast was 52.5. the services stronger than the flash estimate here. we had improvement in france. we will have to see how that is affected by the protests in france during the course of the month when we get to the march numbers. it would appear we are still in

contraction as far as the manufacturing segment is concerned. >> that is a sharp spin to us. the protests mainly at nighttime at this stage. business as usual during the day. well, swift group lifted forecast after the 27% jump in first half profit on the back of 1.5 billion pounds in revenue. the ceo struck a cautious note when he spoke to us this morning. >> as i say, pride go before the fall. things are very strong in the company right now, of course, with the macro uncertainty as high as it is, it begs to speak in measured tone. we have seen over the last couple weeks how quickly things can shift in the macro picture and we can only control what with we can control. we feel good about what is inside the company, but i think you have to be cautious.

>> probably an early pint for this market reaction. 8% higher. the british pub group notches profit after cost cutting. just was noting that the story playing out here with the great british consumer is spending where they can. that is on a pint or meal in the pub. and another big check of how people are spending money. trading sharply lower after a capital increase to repay state aid. the tourism group received $4.8 billion from the government and still has $2.6 billion to repay and a credit line from the state lender. steve. coming up on this show, tiktok ceo is grilled and lambasted on the hill as lawmakers call for action

against the app. more on this ater the breakf.

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look, let's listen to the irish finance minister. >> we must look at the proposals that are brought forward and act upon them and bring to final agreement in the time ahead. it is equally important that we continue to implement agreements that have been in place for some time. that is why it is so important that we go ahead with the full classification of the reform of the european stability mechanism to ensure that the single resolution fund has to support the european union has already agreed it should have. a lot of change taking place at the moment. in the face of all of that change, i do believe we can make the case that the euro and euro area is shown due diligence.

and the year ahead, of course, will be a year with many challenges within us. all of our forecasts continue to point at record levels of employment and also point to growth and acknowledging the growth is low and the growth in the world is important and will make a difference. pardon me? >> as minister, you are looking at the union. >> what we should do is we should implement what we have agreed to do. the measures -- the measures that were agreed to develop banking union were agreed last summer. i do believe they can make a difference to how we can continue to strengthen banking union within the euro area. if you looked at where our

banking system stands at the moment, i do believe that the measures that we have taken in recent years have clearly strengthened resilience of our banks. they are the result of clear and gradual and significant change. we need to continue with that approach. i'm confident that if we are successful in implementing the proposals that are brought forward and the commission will help. it is about implementing what we agreed to do. what we have done in the past, we can see the value of it now and we need to continue with a steady approach and implement agreements were already made. i've got you and you. so i am very confident in the amount of liquidity and resilience our banking system has built up.

i equally believe our regulators and institutions at national and european level play an important role of the strengthening of the banking system. we have the reserve and resilience to ensure the banking system at the moment. that is due to policy decisions that have been made and have worked. we can never been complacent. it is why our regulators continue to monitor developments within our banking system. they briefed the euro group in the meeting last week. >> that is pascal donohoe. the president of the euro group. not the irish finance minister. >> a replacement in that position. >> yeah, yeah. you told me -- it was me.

it was me. i missed that nuance. how can he stay on as the head? >> i love how this is irritating you. >> it is a fudge, isn't it? you have to be a serving member of constituent government. >> blume had the similar problem. former finance minister. >> you almost redeemed yourself. >> almost. >> as we found out with the eu, sometimes the rules don't have to matter. >> right. >> depending who you are and how you break them. u.s. lawmakers clashed with tiktok ceo in the first appearance before congress raising concerns about data security and user safety and influence of the chinese state. shares in rival social media network, snap and meta, rose

after no new response to criticism. some members called on tiktok to be banned in the united states. take a listen to this exchange with the tiktok ceo and the panel committee. >> all u.s. user data is stored by default into our cloud structure. >> any employees in china, including engineers have access to u.s. data? >> congress member, i appreciate this is a complex topic. >> it's not that complex. yes or no. do they have access to user data? >> the answer is no. today, there is still some data we need to delete. look at the german data. the march flash copoite is 52.6. it was 52.7 in february.

if you break it down, the flash manufacturing was 44.4. 46.3 in february. that's not great on the manufacturing side. the services is 53.9 against 50.9 for february which is helping pull up the composite figure here. again, as we saw with the french data here. it is the services side giving support. >> spinning economy in two major companies. let's get back to the tiktok story with arjun. banning tiktok with broad based support on both sides of the aisle. that is not common for policy in the united states. what does it mean for tiktok? >> the lawmakers are joking that tiktok brought the two sides together for a very few instance in recent times. it is not good news for sure for

tiktok. i think they're on the back foot. concerns with data privacy and american data will head into the hands of beijing. from the testimony that shou gave yesterday, there wasn't much new in that in terms of what was learned about tiktok data and privacy concerns. he seshl -- he didn't do anything to assuage the fears. i think it is still on the fence if they go for a ban, but it is not looking good. >> just looking back in history, there was one concern. if there was a splitting of the business, bytedance splits the algorithm. i think they are looking at the

user numbers which are resilient despite the site. >> the algorithm for tiktok is the secret sauce. that allowed it to be so big and keep people on the platform. there was talk about the algorithm having viewing it and spinning it off. i think really the latest is that the committee of foreign investment in the united states told tiktok you need to sell tiktok to an american firm or risk being banned. it is now you are in or you are out situation. there is no between at this point. i think going forward, if there is any resolution, i think it will be something along those lines with the data project idea to bring all u.s. data to the u.s. it still isn't hitting home with the lawmakers. they will look for a different solution. >> arjun, you are making waves with the agencies and with your

tether story. tell us more. >> interesting interview with the chief technology officer of tether. as part of the conversation, you know, i put to him what would happen because it came off the back of the silicon valley bank collapse or stablecoin issuer had $3.3 billion exposure. stablecoins are pegged 1 to 1 with the u.s. dollar. they lost that dollar peg with the exposure. they regained it with the government backstop. i asked paolo. i said was tether in that position and would it be able to stand that expexposure? listen. >> all of the banks failing, you are looking at tether. the real answer is tether has in

this moment dropped $77 billion. tether has the capital to back all of the talk. tether started to work with the people to produce. if you look at them and read them, it is more thorough than any other produced by the competitors. the equity of tether of the company is $950 million as of the 31st of december, 2022. just i will have the final number in a few days. we estimate $700 million more. this money stays in tether in the main company in order to capitalize the stablecoin. you see a pattern where our

competitors are losing money. they lost money for the last few years. tether is making money and banks are failing. >> tether issued a coin which is backed by reserve assets, including u.s. treasuries. it needs to have its assets matched and liabilities. tether had at the end of q4 excess of $960 million of assets. in that interview, paolo revealed that the company is on track to make $700 million profit in the current quarter to bring total reserve assets to $1.66 billionis tether to show the assets. >> let us commend you to the tether story which is on the web side at cnbc.com. go have a read of the exclusive

and breaking story. the contribution to global journalism? >> must read. >> if the oscar committee is looking around. pulitzer. european leaders vow to ramp up ammunition supplies to ukraine as they discuss china's ukraine as they discuss china's role when we started our business we were paying an arm and a leg for postage. i remember setting up shipstation. one or two clicks and everything was up and running. i was printing out labels and saving money. shipstation saves us so much time. it makes it really easy and seamless. pick an order, print everything you need, slap the label onto the box, and it's ready to go. our costs for shipping were cut in half. just like that. shipstation. the #1 choice of online sellers. go to shipstation.com/tv and get 2 months free.

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let's look at european equities. they are in the red. banks are getting a pummeling. ubs. deutsche bank down 7.3%. banks leading the losses in the sharp jump of costs of ensuring against default. this is fuelling concerns in the sector. uk consumer confidence hitting a one-year high as the sales hit a rebound. bank of england governor andrew bailey is upbeat on the outlook. >> we were on a bit of a knife

edge over whether the economy would be stagnant. i'm not saying it is off to the races, let's be clear. i'm optimistic. tiktok ceo shou gets a grilling on capitol hill as u.s. lawmakers threaten to ban the chinese owned social media app. it says it does not operate at the whim of beijing. >> you can say whatever you want as long as you don't violate the rules of safety. we commit to be free of all and any government manipulation. eu leaders gathering in brussels with economic stability high on the agenda. euro group president pascal donohoe says the euro members are strong, but says there are issues ahead. >> in banks across the world and it reminds us of the need to be

ever vigilant and monitor risks as they develop. european stock markets have been trading a half hour so far. we are in the red to the lows of the session. benchmark down 1%. falling more across uk and germany and france. investors are taking advantage of the bank expexposures. the insurance against default has gone up. deutsche bank with a step up. the rate of 173 basis point against 142 basis points a day earlier. that is a large jump. the largest one-day rally rise in that pricing on record for deutsche bank. we just peel away from the broader index and you see what it looks like with the risk-off

move in the banks. at the bottom. down 3%. fairly significant reverreversa. oil and gas as well. we see a correlation with the banking contagion fears. it knocked oil off. energy names are weaker. trading more than 2%. financial services like ubs in that basket which is down 1.75%. elsewhere across the board in the red and similar to where we started. resilient in food and beverage in the green at this hour. that is the only sense. let's look at individual names. red ink falling at deutsche bank as you see. that is selling and stepped up from the start. almost 7.8%. this was a question mark with the treatment of cocoa and banks and on the back of the credit suisse story. we learned about this through

deutsche bank. this industry created on the back of the european financial crisis. it has been a slow story and slow burn over the course of the week. that stock is trading weaker. you know other big names. credit suisse down 7.6% p. ubs down 7.4%. regulators looking at these two companies and, of course, those at-1 bonds. looking to shore up the financial system. a couple of names here are seeing stocks rally. let's more on to u.s. futures. the lows of the session as u.s. futures reverse course. we were up 70 points on dow jones industrial average and now down triple digits. in other news, french protesters set the main entrance

of the town hall in bordeaux ablaze on thursday. this as protests continue in the city as well as paris. hundreds of thousands of people marched on the nith day of protest its. some fired tear gas. the interior minister said 149 people have been arrested across the country. the spain prime minister will discuss the peace plan when he visits beijing next week. speaking ahead of the meeting with xi jinping, pedro said it is critical to know the position on the war and uphold the u.n. rights charter which demands respect for territory iintegrit. sanchez comments comes as the discussion of the role in the war and relationship with

beijing. sylvia, interesting that sanchez is bringing up u.n. charter rights. the chinese have a different interpretation of the sovereign territory of ukraine if they are supporting russia in this war. >> reporter: yeah, that is the 12-point peace plan that the chinese put together. they are accommodating the concerns that the ukrainians have. they want a full restoration of the territory, including crimea, which is not in the peace plan that the chinese put together. we will see how it pans out from the spanish prime minister and what the french president will get with reassurance from the chinese president xi jinping. let me focus on the economic picture in the european union for the time being, steve. that is the main focus as leaders arrive here for the second day of conversations. we just got comment from the president of the euro group.

in the aftermath of that banking turmoil that we have seen in recent weeks saying that the bloc needs to remain vigilant in the financial sector. >> the measures that were agreed to develop banking union were agreed last summer. i do believe they can make a difference to how we can continue to strengthen banking union within the euro area. if you look at where our banking system stands at the moment, i do believe that the measures that we have taken in recent years have clearly strengthened resilience of our banks. they are the result of clear and gradual and significant change. we need to continue with that approach. i am confident that if we are successful in implementing the proposals that have been brought forward with the commission will help. it is about implementing what we have already agreed to do.

>> reporter: so donohoe speaking there. let's see what the irish leader was speaking about here. >> there has to be state aid and focus on training and research and education and on realizing the potential of the banking union of the capital markets union and single market and digital services. i pointed to that last night. i attended the meetings six years ago. i have not seen a huge amount of progress on the banking union and that is disappointing. what has happened so far is communication. so far, we will see more counter proposals. >> are you concerned that the recent introduction of the act in the united states is rolling

back what you see in the polls? >> i think that is a risk. we don't have a large industry when it comes to batteries in cars. we have an industry, but not like other european countries do. i don't think it is an enormous risk for ireland that you could see companies moving investment from european countries like ireland to the u.s. what tends to happen is we respond by matching the subsidies to prevent that from happening. you see a subsidy race where the u.s. and europe keep increasing subsidies and using more and more taxpayer money. it is counting each other out at the expense of the taxpayers. there are better ways to incentivize the green revolution other than the subsidy race. that is why we try to cooperate. we said that here and in the white house and congress last week. i think there are moves in that

direction. >> are there sectors where you have a clear idea of what numbers should involved? what are those numbers? >> well, i don't think it is possible to have a clear or accurate number for a lot of reasons. first of all, people often mix up those terminations. i expect those numbers to be small. i can guarantee judges are reluctant. we do need -- . >> reporter: we have remarks from the irish prime minister. he listened to you, geoff. they have not seen a lot of progress with the banking union. this is as far as the european

leaders going today. they need to do more on that front. they need to see how and when it will shape up. >> we still have the graphic on the screen here. his former finance minister. you love that. >> just to show your knowledge of irish leaders at this point. >> it was interesting. >> second to pascal donohoe. >> once or twice. coming up on the show, same, same, but different. european's central bank joined european's central bank joined the fed i hi. i'm shannon storms bador.

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we are seeing a vicious reaction in banks today. deutsche bank this time down near 8% with extending losses. 8.1%. this as we see reset on pricing

of the 173 basis points stepped up from 142 points a day earlier. the market is concerned about that. you see ubs down 6%. let's look at the u.s. futures. in the past hour, we started higher. now down 116. in lockstep across the board, indices are traveling weaker. u.s. markets week to date have been ahead. particularly tech names. slightly higher gains before the selling this morning. 1.3 up. this is priced around what the fed will do next. the u.s. banks. this is the trade with gains across on the boards with goldman sachs up for the week 7.2%. jpmorgan chase up .8%. first republic down 45%.

following on from what we saw from the kbw index, we have to keep a close eye on the banks. if you are watching, we have to say good-bye to "squawk box." for viewers in the united for viewers in the united states, we hand you over to my name is ashley cortez and i'm the founder of the stay beautiful foundation when i started in 2016 i would go to the post office and literally fill out each person's name on a label

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it is 5:00 a.m. here at cnbc global headquarters. here is the top "five@5." wiping out of billion in market value for jack dorsey's block in one day. and going on the record. ceo of coinbase telling 13,000 listeners his take on any possible legal action from the s.e.c. and fireworks on capitol hill. ceo of tiktok