craig melvin: that's all for this edition of "dateline." i'm craig melvin. thank you for watching. ♪ good morning welcome to "street signs." i'm joumanna bercetche today, someone is joining me >> we're back together i'm julianna tatelbaum these are your headlines >> the rally continues into the european open with germany leading the way with the strong session stateside with the stoxx

600 above the 4,000 mark. the eu banking authority says it will not deviate from writing duown creditor assets. it will always write down shareholders before bondholders in the wake of the credit suisse collapse >> we will follow the hierarchy. we want to tell them clearly to avoid to be misunderstood. with no choice not to respect the hierarchy. this is what we want to focus on for investors. spanish inflation is 3.3% in march, below expectations. the chairman joins us this hour. and fast fashion giant h&m surprises with a profit of 320 million in the first quarter as

cost cutting takes hold. welcome to the show. let's catch you up on how markets are faring it has been a lot more subdued in terms of trading volatility in the last 24 hours a lot of green on the board. we saw a broad base pull back in some of the u.s. equity stocks s&p is doing well. the headlines with the s&p closing above 4,000. looking at the quarter, it has been a strong quarter for tech stocks nasdaq with the best quarter since 2020 some normalization is coming back hand over from asia was positive the stoxx 600 is up .75% again, more and more green as attention focuses away from banking stress, we are now looking at some of the

macroeconomics data coming out today we are talking about inflation data i want to take you to the spanish index. ibex is up 1.3%. we had spanish inflation data come in showing it did drop in the headline prient, but core i sticky this is showing how quickly the inflation rates are dropping and how much pressure maintained on the core inflation print with food cost. that seems to be an emerging theme. later on, we get the german prin print. that is at 1:30 p.m. british time the dax is up 1% you see the ftse mib is up .90 cac 40 continues to struggle with the unrest.

we continue to see resilience come through throughout the banking sector let's look at european banks first one in focus is ubs. up 1.8%. the stock closed up 3% yesterday on news that the former ceo is coming back to lead up what will be the combined institution of ubs and credit suisse. when asked by cnbc, he said it was a call of duty deutsche bank is another bank we have been watching closely up 2% today. it continues to claw back some of the losses toward the end of the week last week let's talk about the broad reaction of the week let's show you how things have done deutsche bank is up .90% ubs is up and all of the sector has done well since some of the lows we got to the lows we hit were on friday

since then, we have seen a rebound. haven't fully recovered the losses from friday the resolution board chair has told cnbc in an inn tear you have -- interview that the regulators are vigilant as the sector recovers. the block would follow the write down and always write down shareholder assets before bondholders. different from the swiss government handled the collapse of credit suisse we have sylvia with us the collapse of credit suisse and the writedown of the bonds has taken the banking sector by storm. what specifically did the eu regulator say about how they will look at bonds moving forward? >> reporter: as you mentioned,

it has been some doubt and questions about how resolution authority and regulators will be dealing in case of a failing financial institution. in the aftermath, of course, of the deal with credit suisse. i have to say from the european perspective, they see it clearly. first and foremost, they will writedown the equity side. they will respect the traditional hierarchy in the context. that was repeated by the chair of the single resolution board who wanted to send this message clearly to all of the investors out there. >> i think there is no reason to violate the hierarchy in the european banking they clear legal framework what we want to say to investors at the moment is in the context of the banking union, the members of this banking union

made of the supervisory board of the authority and the single resolution mechanism and we would decide to respect because this is the reality or pecking order for absorbing losses we mentioned the swiss authorities decided upon was not exactly the resolution decision. what i can tell you is here in the european context, we would follow the hierarchy we wanted to tell it clearly to the investors to avoid being misunderstood. with no choice not to respect the hierarchy and resolution this is what we wanted to quote to investors >> reporter: you have never written down at-1 bonds to start? >> we would have been able to

write down at-1s, but after the full equity stack. >> reporter: i want to get a clear message from you there is still fear among at-1 bondholders that they will be caught up in a similar situation in the eurozone. under no circumstance will you write down that asset? >> here i'm representing a resolution authority as a resolution authority, i can tell you i will respectfully and entirely the framework in resolution, when adopting the resolution scheme, i will respect this hierarchy starting by absorbing the equity stack and the at-1 and the title and the rest >> reporter: so he is the chair of the single resolution board and making it clear that this is the law.

from the european perspective, they would respect the traditional hierarchy in case of a collapse of the bank in the eu it is upon to keep in mind that european perspectives think the banking system is solid at this stage. they recognize a lot of work has been done since the global financial crisis and sovereign debt crisis. they are also benefitting from the regulation that was introduced since then. having said that, he made a point they need to remain vigilant and there could be further roles down the line particularly when it comes to non banking financial insti institutions keep a mind on what the regulators are doing with the banking systems in the broader context and turmoil in the banking system >> sylvia, so good to get that

interview and the at-1 write down of credit suisse was weighing on people's minds interesting to hear the perspective of the regulator and trying to rule out again let's get to johan schultz to talk about the banking and banking sktress. johan, great to have you with us what i thought was interesting is look at the market action which was fickle with the price action the first couple days of the credit suisse bailout or acquisition by ubs, we saw positive reaction from the banking secretorsector. that turned and people were picking on deutsche bank now things are moving in the right direction again as more and more people say it is an

idiosyncratic event. where do you stand in the debate is the market right to focus on potential next weakest link? >> i think, you know, we have always kind of been surprised by what we saw with the sell down in the european banking space. you know, european banks are capitalized and sound liquidity and profitability has increased compared to what it has been for the past decade on the back of high interest rates and wide interest margin. european banks are probably in the best place they have been for a decade so, you know, the sell off we saw was the sentiment. that is the challenge with the banking space being highly

entities they are subject to market sentiment. i think that's what we saw over the last two weeks or so >> as is often the case, regulators are back in the spotlight again. perhaps for a different reason with regulatory oversight and in switzerland with the capital structure. i have been speaking to a lot of people the last couple weeks and everyone tells me this is not a 2008 repeat because of the capital situation of the banks is so much better and there aren't as many assets that will have to be written mark-to-market at lower levels than on the books. all of that is looking positive. could you not say, then, at least from european banking perspective that the regulators have done their job? they have made the system more resilient by requiring the levels of capital and liquidity? >> i think that's a very good

point. i do think it has been a glass half full/empty situation. i think it is relations which has improved the health of the european banking space and it prevented a wider contagion from taking place i think where regulators may be slacking is they could not go into the resolution framework to resolve the credit suisse issue and it still needed some form of government intervention to solve the resolution of credit suisse. >> johann, good morning. julianna here. let me ask you about credit suisse and ubs yesterday, the big news that shifted the market and joumanna and geoff talked about it yesterday on the program the fact that sergio is returning to ubs and run the

joint bank and lead the bank through the massive integration of credit suisse how do you think the leadership will be different under the chair versus keliher he is known as a powerful leader in the banking space running morgan stanley through the banb banking crisis in 2007 and 2008? what is going to happen going forward? >> i think he was brought back to replicate what he did earlier at ubs and wind down the investment bank. i think the contrast to be going between the two would have done and this is moving to a more focused ubs and that is a number

one priority which is to bed down the integration of credit suisse and to try to stem revenue attrition. that is the biggest challenge that he faces. >> what kind of bank do you see ubs coming out as in five years time medium term? >> you know, i think the fortunate thing for ubs is it is a bit of overlap between them and credit suisse. you know, i think that target is to create a very similar ubs in terms of revenue mix and asset mix before the integration, but so much larger and absorbing credit suisse within that. >> i want to go back to something you mentioned at the beginning which is the pressure we saw in deutsche bank at the end of the week last week. a lot of people saying the catalyst was the widening in the

credit swaps and subordinated debt very strange and outside move on thursday afternoon exactly a week ago this has propelled the narrative toward the use of the instruments with credit default swaps and some regulators have been trying to push toward central clearing then other people are saying these are actually essential instruments to hedge risk. where do you stand on what role the market trading played in the price action with deutsche bank last friday? >> i think it clearly had a big impacts. i think it is cds presented has become the go-to metric for investors to look at in terms of trying to ascertain if there is any stress the bank is facing. you know, i think the challenge

is maybe one of greater understanding on the part of investors in terms of exactly what cds is mm meant to do and a sharp deviations in the cds process. you know, i think investors also need to be aware that obviously the cds references different underlining and that can give you a different signal a greater understand from the investors part is what is needed >> johann, thank you very much for joining us today johann scholtz from morning star we have a ruling out from the court today which is whether four employees of gazprom will

raise from the swiss accounts by one of vladimir putin's closest friends. sergei was on that sanction list four bankers who helped vladimir putin's friends set up a bank account were lacking diligence in the transactions. these accounts were linked to vladimir putin himself if convicted, the bankers face suspended jail sentences up to seven months all right. also coming up on the show, the market rally moves on. we rewcap the latest moves from europe and the u.s. coming up next 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 part of it to coventry for cash. even a term policy. even a term policy? even a term

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welcome back to "street signs. as promised, we check up on the market action. we are seeing the fears about the banking sector subside to the rear-view mirror markets are focusing on the macroeconomics data coming out

we had the spanish cpi print come out a while ago showing a big drop in the headline number at 3.3%. core remaining sticky at 7.5%. that dislocation is something to watch for in the spanish sector up 1.5%. also in focus is the headline for german inflation print at 1:30 our time. cac 40 up 1 point. the ftse 100 is up .50%. a lot of focus on switzerland which has been the defensive index. up .30%. some positivity coming through from ubs after the announcement that the previous ceo is many coming back. t this is the breakdown. real estate up 3%. a bit of a balance and what people might call a dead cat

bounce given how much this index has dropped in the last couple weeks. stark numbers from real estate companies in germany today, the index is rebounding a little bit it has a long way to go to recover the losses from the last couple months. retail is in focus h&m is rebounding. we will talk about that coming up and food and beverage down .20%. as for individual names, h&m is up at the top. on the down side in the uk is drak which is down 5%. that is dragging on the ftse 100. the games in europe come after a strong session on wall street yesterday let's look at the markets. s&p gwaining 1.4%.

led by the semiconductors and autos and real estate catching a strong bid yesterday the nasdaq rallying 1.8% now set for the best quarter in 2020 here is the look at the quarter for the tech heavy index one of the key outperforming parts of the market yesterday was the chip maker and micron with the update. the inventory problems are improving. it jumped 7% leading to a broad rally. the index is up nearly 14% looking at u.s. tech overall, the look for the key trech name. meta up as well as apple that is up 25% strong gains for the tech sector we will get into the reasons for that in a moment a look at the u.s. futures first and how it is poised to open

this morning we have green for all three indices. the global rally is continuing is it a dead cat bounce? we will have to wait and see one question out there for us. tom coming back to the tech rally. it is astonishing how strong the tech stocks have gained. it is coming after a major re-pricing in the tech space there are a number of reasons for it one of the big drivers we have seen over the last two or three years is really fed policy it seems a lot of the rally has to do with rate expectations with the fed as any idiosyncratic tech specific reasons. >> it is simplistic. we have been saying growth stocks have, by and large, performed in what interest rates are doing. if you look back at the last couple weeks, the bond market was the bellwether of the market

of the banking stress and how bad it would get the 2-year treasury rallied 100 basis points 200 basis points lower than where we were at peak market interest rate expectations that tells you that because of everything that has gone on and the u.s. regional bank issues and silicon valley bank and signature bank, the market is saying the fed will have to stop before there are more issues that pop up in the system. the recent remarks out of various people suggest that they are less concerned about what this means from systemic standpoint and will press on with their intent to get inflation back to target >> if we take that view that the central banks will not relent on the fight against inflation, is this the opportunity to fade the

rally if you held on to the u.s. tech names year to stdate should you think about selling them now or will the turmoil lead to central banks taking their foot off the gas >> i think we'll get the core pce data which we know is the metric that the fed likes to look at. if that is a hot one, we will r re recess. rtrspsming up on the show, two panehi to develop the offshore wind policy we will speak with the executive director coming up next.

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go to shipstation.com/tv and get 2 months free welcome back to "street signs. i'm julianna tatelbaum >> i'm joumanna bercetche. these are your headlines >> the rally continues into the european open with germany's dax leading wait after the strong session stateside with the s&p closing above the 4,000 mark the eu banking authority says it will not deviate from the hierarchy in writing down

creditor assets. telling cnbc it will always write down shareholder investment before bondholders in the wake of the credit suisse collapse >> in the mwake, we would follo the hierarchy and tell clearly to the investors to avoid being misunderstood with no choice not to respect the hierarchy and resolution spanish inflation eases to 3.3% in march coming in below expectations and rising at the slowest pace since august of 2021 we will hear from ignacio, the ceo, shortly. fashion giant h&m with the are profit of 3125 million swedish pounds in the first quarter as cost cutting measures take hold.

european businesses are gathered in brussels today for the third annual clean energy summit securing energy supplies for next winter is at the top of the agenda as the russian war in ukraine stretches into another year sylvia joins us that is right. we have the executive chairman with us. thank you for your time today, sir. i want to ask about the recent announcement with amazon to provide the company with gleaner energy going forward do you have any further deals to ann announce >> i think since a long time, we are ready with the united states and amazon has been our customer for many years and extending

now also in europe and our agreements with large companies with renault and volkswagen and mercedes-benz. in our case, in spain, 80% of electricity is here. from 2 years to 20 years, and we are dedicated fully for the solar power plant. i think that is something we m make this is a global thing we start in germany and we are including in australia this is a global consumer customer to provide the green electricity coming from different countries. >> reporter: given the pipeline is looking so good and the business is looking so good, why did you decide to fight this in

spain? can you give us an update? >> it is simply profit it was already signed in britain. it is room for profit. extra profit for consumers and shareholders in our case, this is our electricity at the prices and we are not able to produce as much electricity with the process, we are forced to buy electricity. the fact it is 90% less than previous in brazil and the united states, we saw things that were very,

very good. >> reporter: you think the government in spain is understanding your side? >> i think we explain the we have to defend the position to the shareholder we will continue to defend for the shareholder. >> reporter: now, i would like to look at some of our potential expansion plans. i saw your profits in america increased. you have made recently comments on how the inflation reduction act is supportive to business as well do you plan to, perhaps, grow further in america in the coming years? >> it is improving this is not a big change on that one. i think the tax credit and

support to renault a number of times. we are providing productivity. no knowing we will have access to the credit the numbers can provide it like before they are offering possibilities. globally, our decisions to invest is $47 billion of november last year was based on the number of years there. 80% of our business is open in the united states. it is transmission and

distribution we are already providing a service. and we will move after 2025. for the future, we will like to mention this for europe. europe has made the process more >> reporter: you have the argument of more green funding if you look at some of the recent decisions, we saw them revisiting the agreement from the past in terms of the sales

of cars from 2035. the parliament was having long discussions of renewables included in the packages going forward. what are you witnessing in the u.s., is europe still att attractive >> there is no doubt here, we have too much bureaucratic decisions than in america. here, we have to pass through many things. for instance, hydrogen pioneer the facility i think november of 2021 is when wit we approved.

we are still not at the process. we want to know when the planning is done what will they do? that is the difference here, the leadership of europe in terms of the green technology and you continue the point is how can we move forward? how to become more energy independent? all of those issues from the authority is a decision for the parliament to avoid future crisis >> reporter: i want to ask about the outlook for next winter. this situation this winter was better than expected how are we looking for next winter do you think europe will struggle again in getting enough

energy >> i think nobody knows what will happen. certainly the situation is better than we thought we are already demonstrating and able to diminish our energy demand i think we will continue with technology with the necessary means in terms of production and management and other things going on i'm optimistic it will be better in a few years who knows? my feeling is the situation it will work out. >> reporter: thank you for your time today the executive chairman at iberdrola. we will have more from the

summit later on today. >> sylvia, thank you we will stick with spain and talk about the macro inflation came in at 3.3% for march. that is down from the 6% read in february it marks the slowest annual rise in spanish cpi since august of 2021 charlotte is here at the desk with more. charlotte, i guess, firstly on the numbers, what is the reason for the pullback in inflation? it is extremely low. why is the macro so important in spain this year specifically >> as you say, the numbers were much better than expected. a bit of a worry from the eurozone that the numbers were down too low with energy prices compared to last year. that reflects the comments from

spain with the 3.7%. what is interesting is to look at core inflation. that is quite high 7.5% 7.6% in february that is not moving as much with the food prices which stay very high that is very important in the context. it is an election year in spain. that is taking into consideration in the context the government cutting food staples to try to protect consumers from the price hikes particularly food prices remaining high in spain. again, foreign travel is particularly important for the next year with the election and general election at the moment, xi jinping will talk about the asian investment

and talk about the free trade and fair trade with the two continents take a listen. >> i believe in free, balanced and fair trade which is essential. we want stability and prosperity for all. a fragmented world dominated by protectionist tendencies is a return to the past it leads to uncertainty. we must continue to deepen this cooperation. we have to do that with the respect of each country and respect of rules >> the meeting with sanchez and xi jinping tomorrow comes after the visit from xi jinping to moscow ukraine will be a hot topic. sanchez is taking on the international role all of this as we see him like macron trying to leverage on the

foreign element policy in the election cycle and raising his profile. >> we have elections coming up in december as you and i have been chatting about. talk about the landscape from a political polling perspective. it has a lot of popularity in the polls with the party how is that being reflected versus what we are seeing in the economy? has the state of the economy and cost of living crisis impacted the ruling party popularity? >> it looks like for sanchez it is not clear if he can be reelected or not the cost of living crisis is impacting consumers. the spanish economy is 5.5% last year and it was 5.5% the year before that is below pre-pandemic levels a lot of the economy is under

pre-pandemic levels. the government is showered the economy with support cutting the food prices and free transport or half price transport. capping rents in the country they are aware of that you have also the taxes on banks and utilities which has been part of the discussion this year they are under pressure. there is a regional election in may where we may see the regions led by the socialists and left and whether the central left may make begins. -- gains we did not have them like in france like the far right the last couple years. it is interesting to see the dynamic in the right wing and central and far right and if they make alliances because they are breaking slowly like in france 10 or 15 years ago.

there are the dynamics at play there is a vote of no confidence that did not go through in spain last week. this is entering the dynamic of very much in the election mode we will see handouts from the government as they appeal to the left wing. >> fascinating context for the visit to china this weekend. charlotte, thank you for joining us. coming up on "street signs," h&m surprises with profits we will discuss that next.

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sometimes- you just want to eat your heroes. the subway series. the greatest menu of all time. welcome back to "street signs. we are keeping a look at the retail sector. you see the update from h&m with the operating profit of 725 mil

swedish krona. the retailer says the secondhand platform boosted earnings despite weaker demand amid high inflation. richard chamberlain joins us head of the consumer equity research richard, great to have you with us looking through the results this morning and i did not know about the secondhand platform. the secondhand clothing platform h&m has. talk about the strategy and how the fast fashion and push back against fast fashion is evolving >> sure. good morning thank you very much for having me on. this is also a tough quarter is q1 for h&m the cost savings program doesn't kick in until the second half.

they lost the high growth and high margin russian business as you say, the results were not as bad as feared they booked a profit rather than a loss even if you strip out the revaluation gain from the online resale platform, the loss was lower than we expected that was primarily due to a better than expected gross margin performance gross margin down 210 bps in the first quarter. we are looking at 300. they have taken more price in the first quarter. that has offset. they see the benefit of the lower sea freight costs and the pound growth was flattish. good control of inventory. in terms of the strategy, they are trying to pivot ex-ppansion

away from russia and china and develop toward americas. they are trying to catch up in digital initiatives which have been a problem for h& sm in the past you see a sign of a shift and focus on margin. they have a pretty clear 10% operating margin target for next year that looks demanding to me. that is obviously giving you confidence that they might achieve that which is a clear reason for the share price today. >> what is the read across for the broader retail space from the h&m results this morning >> i think the read is probably mixed. it is a positive read with the resilience of margin and ability of retailers like h&m to defend the margin in a difficult period

in higher input costs. the march trading on the soft side was up 4% in terms of sales and local currencies that was against a soft underlining comparable we are coming into a period last year where we saw a lot of consumer euphoria after omicron with consumers getting out and about. more mobility in the economy and people looking to refresh spring and summer wardrobes the march trading is disappointing, but what carried the data is the better than expected margin results. >> richard, how is this impacting overall performance and who is winning in the retail space? before the pandemic, we talked about the retailers who had a stronger online presence were able to weather the storm than those that didn't.

primark suffered because they were relying on footfalls. now the tables have turned what does the landscape look like and now you have both channels present >> as you say footfalls has returned in the last three or four months. we see that on high street and in shopping malls and return of tourists you have seen companies like primark to rely on store foot th footfalls see a recovery in sales trends having said that, that is a strong omni channel player that will bounce. you will see a growth with online and store online will accelerate again we are seeing a polarization between fashion and price at the moment the strong fashion players are doing particularly well. they had an exceptional period

of trading the last couple months you are also seeing the strong price players with primark which is performing strong >> richard, we have been talking about real estate and how a lot of the commercial real estate is under pressure is that translating to lower rent for retailers >> yes, it is. it depends on location you are seeing rental reduction on the whole they can be up to 30% to 40% in areas. h&m is turnover related and operating in prime sites they would not get the rental reduction. there is a general trend still

forward rental cost savings and that is helping to offset cost pressure elsewhere and in particular from rising wage growth and rising minimum wage growth in the sector. >> richard, thank you so much. richard chamberlain. head of consumer research at rbc. a quick look at european markets. we are trading in the green. all indices trading in positive territory. retail is leading on the back of the h&m results. we are seeing positive sentiment in the banking sector. as for u.s. futures, wall street will continue to see the gains. nasdaq and s&p and dow with a higher open. jobless claims are coming into focus today. that is it for the show. i'm julianna tatelbaum >> i'm joumanna bercetche. "worldwide exchange" is coming up next.

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it is 5:00 a.m. at cnbc global headquarters. here is the top "five@5. we begin with buyers back in charge looking at strong gains as tech says something for the first time since 2020. no sign of slowing down. layoffs from media to fintech as companies look to slow down bloated payroll. and the white house is set to unveil rules for banks as it lo