he was sentenced to life without parole plus 5 years. craig melvin: that's all for this edition of dateline. i'm craig melvin. thanks for watching.

good morning welcome to "street signs." i'm joumanna bercetche >> and i'm julianna tatelbaum and these are your headlines >> investors tension turns to the ecb after the fed announces its tenth straight rate hike and signals it is could be ready to pause. jay powell then told rate cuts could be imminent. >> there is a sense we are closer to the end than the beginning. as i mentioned, if you add up all of the tightening through various channels, we feel we are getting closer or maybe there. shell the rallies after reporting a forecast beat of $9.6 billion net profit in the first quarters and unveiling a $4 billion share buyback

airbus warns of supply chain issues, but warns the production target is smaller than forecast decline in core earnings. and novo shares says it reduces the doses of the wegovy drug as it struggles to keep up with demand. welcome to the show. it has been a busy 24 hours for the central bank community, fed and ecb coming later we just got the central bank decision from norway as expected, they have hiked interest rates by 25 basis points they raised the key interest right from 3% to 3.25% this is interesting. they are actually guiding toward further interest rate hikes. they are saying the policy rate will be further raised in june this is coming at another time

when other fcentral banks have removed pressure on the economy and currency pressures, they decided to hike today and indicated further hikes are to come in the future. even though the economic back drop is similar to other countries. the growth signals started to flow, but inflation pressure are still there. >> the norway currency is a big factor the norwegian crown it is an issue. it was among the central bankers with the terms of the comments with the policy rate likely raised further in june if the crona remains weaker or pressures persist and an a higher policy rate than

envisioned earlier may be needed the future path will be determined on the economic devel development. the labor market is tight. wage growth is set to be higher in 2023 than last year joumanna, the inflation story is a global one. >> absolutely, julianna. let's take stock of the markets with the information we have been processing the last 24 hours starting with the fed decision they did go for the 25 basis point hike it was a dovish hike because they removed the forward guidance and talked about the resilience of the banking sector we know there continues to be a lot of pressure on the u.s. regional banks yesterday, after the close, we continue to see more pressure on u.s. regional banks. that is what people are focusing on now we are not out of the woods and that is setting the tone for the global markets today we had the dovish hike, but

markets are still very, very nervous about all of the tumultuous takeovers and price action with the u.s. regional banks. here in europe, we are digesting earnings and looking ahead to the ecb meeting. will they go for 25 or 50? the indicators suggest 25 basis points is more appropriate they may surprise to the upside. we will talk about that more on the show stoxx 600 is down .30% let's switch and look at the board with the ftse 100. down 30 points big day for local elections. we'll an eye out on how things transpired that could be a leading indicator for the next general election how much of a lead the labour party would have. in terms of earnings, shaell ha reported better than expected

results. trading to the top of the ftse 100. cac 40 is seeing total energy bounce and picking up steam based on the shell earnings. bnp reported yesterday with a little bit of green atop cac 40. airbus is lagging down 2 points. charlotte will be on later to talk about that. dax is down .30% mercedes is a laggard there. it is being pulled down. in terms of sectors, let's break it down. not a lot of green oil and gas on back of shell leading the gains up 1.2%. banks trading flat unicredit is an outperformer there with green on the board. you can see the rest of the sector is deeply in negative territory. media down 1.7%. autos tend to be cyclical. down 1.4%. healthcare is not shown here

a lot of focus on novonordisk. one of the under performing stocks of the stoxx 600. let's talk about the earnings that have come out today and novo should be here. down 6%. this is on the back of the supply chain issues they are facing in neameeting the demand the u.s. market wegovy weight loss drug. you know julianna has spent time talking about wegovy and the noro dprofile. other stocks is germany and uniper leading shell as well and hugo boss with disappointing results today. let's get back to the fed.

the federal reserve raised interest rates 25 points yesterday. taking the target from 5% to 5.25%. jay powell said they will make a meeting-by-meeting basis looking for a pause. he said such a move to cut is unlikely this marks the tenth consecutive rate increase in over a year here is a picture of the u.s. markets and how we traded. a negative session all three indices closed lower with all 11 sectors negative in the session which led to the down side by energy. fairly contained in terms of the magnitude. less than 1% of losses for all three majors in terms of treasury markets yields moved lower in the session. you see we have yields lower this morning as well the 10-year treasury trading at 3.36%. it was another rough day in

regional banks stateside yesterday. there is the picture of u.s. futures. let's take you to the regional banks. we saw another major sell off overnight. pacwest plunging 60% in extended trade yesterday. falling more than 60% right now. down 43% the regional bank has been approached by several investors and including $2.7 billion in lender finance loans the company says cash and liquidity remains solid and exceeds under secured deposits concerns over the banking sector bled into other sectors with western alliance dropping in extended trade along with valley national and comerica. >> a lot of focus on what is happening with the u.s. regional banks. in europe, we are watching the ecb. it will announce the latest rate decision at 1415 cet with

markets split over 25 or a 50 basis point hike interest rate futures are pricing 25 basis points. headline inflation rose to 7% in april despite the hiking rates by half a point at each of the last six meetings. core inflation is 5.6% which is muddying the jooutlook for the block. annette, headline inflation seems to have peaked at this point. >> reporter: that could be one interpretation in the recent drop in core inflation we don't see a huge drop to be fair it is a slight lower reading of core inflation whether this is like peak or not, it is one of the topics i'll discuss now with the head of the europe macro research in

frankfurt. thank you for joining us >> good morning. >> we discussed the drop in core inflation can be declared like we have seen peak inflation here and that segment of the inflation rate what do you think? >> i think we have seen peak inflation, but certainly it is too early to declare victory here things could look differently in a couple of months we think the trajectory here onwards is downward. we expect core inflation to be below 5% and by the summer that is a forecast for now it is not a hard fact. >> what do you think the rate is inside the ecb with the trajectory of inflation and what it means for the interest rate hiking cycle >> i think the large majority as well going forward and headline inflation and core inflation will trend down. that is what is in the forecast and i guess most people expect the question is how quickly

given they can't wait a very long time to get back to target. i think this is where the discussion is and the risks surrounding from the wage side with wage pressure increasing further and you need to see corporate margins to decline and will that happen there is uncertainty around the space of core and headline inflation. >> i think the corporate inflation is a margin and inflation is driven because many corporates exercise pricing power and margins have grown what can be done about this? >> well, corporates could increase margins because consumption was very strong. it was strong because it was pent-up demand and revenge spending after the pandemic. that changed in q4 when inflation dropped .9 in previous

quarter. we don't have q1 data yet. retail sales points to further weakness that is a necessary condition in my view for core inflation to decline and margins coming down and consumption for the time being remains weak that is the re-balance of the economy. >> if you look at today and we were saying the market is pricing in 28 basis points hikes rather than 25 where are you? >> we expect 25 basis point hike having looked atall of the mos recent data, we think this is the most likely utcome that yo can get the broadest consensus among the governing council members. i wouldn't rule out a 50 basis point, but 25 point is more likely. >> will we get news of higher pay with the quantitative tightening process >> i don't think so with this meeting. we believe in the second half of the year it will start for the

app. i don't think we will get any hint at this meeting. >> what does it all mean for yields on the sovereign debt side is there room for them going up in your view >> it is a potential, but not on our forecast the fed today or the signal is to expect the ecb to hike three more times, including today's hike we are closer to the terminal rate and the market prices that in and cuts already. given that, lower rates on the long end of the curve are more likely. >> thank you so much for your time >> thank you >> reporter: guys, back over to you. 25 basis points is probably the dominant call for today. the rate decision here at the ecb. >> thank you, annette. it looks sunny in frankfurt. let's see if they have a sunny outlook in a few hours time.

do not miss ecb decision time. back to earnings viola posted a growth in first quarter revenue and ebita up 8%. the company maintained the full year outlook we have estill here with us with results. looking through the rulesults, e have comments pointing out 2023 has started perfectly for the company. a look at the price trading lower this morning how did you manage the perfect start to the year given the uncertain macroeconomics back drop >> thanks for invaiting me i guess it is a sunny paris, too, following the result in 2022 you are right. we are moving at full speed and

launch another year of very strong growth of our results it is the first 20% of revenue in the first quarter to 12 billion euro 14% of ebita i can confirm that we will achieve guidance for the year. how do we do that is the question there it is an element of the solidity of our business model which is protecting our margin with inflation high and largely eu cycles. as unique positioning of the transformation which is fueling the growth for this quarter and for a lot of quarters to come. we are in the transformation momentum now >> you talk about the importance of protecting margins. if we enter a period where inflation moderates, which is the expectation, or if we enter

a deflationary environment, will you protect the margins? >> the answer is yes our revenue is growing at the same pace of the cost base thanks to 70% of portfolio of contracts indexed and the other 30% just dealing with the price increase this is super protective against any inflation going up or if it were to go down again. >> i'd like to pick up on some of your sector performance what i think also is coming clear through the earnings is that your water business is exhibiting good growth, but the waste business is slowing down it is still positive, but the rate of growth has started to slow down. can you give us color on how you

see things panning out on the waste side >> all of our business is water and energy which enjoyed between 5% and 10% growth each in terms of revenue for the first quarter. all of our business is growing all of the lights are green for veolia in terms of the waste business, we enjoy very, very strong demand in the services of hazardous business in the u.s. in particular and in europe as well as far as the business, the volumes are quite flat, but the same trend as what we have seen in the second part of last year. we don't see any change in trend. in the trend in volume, we are cost plus 8% another demonstration we are very largely immune to the economic cycles. >> last month, the french

president emmanuel macron visited chinese president xi and a handful of companies went with him. veolia went with them. why is it important to go on that trip and have you come back with any actionable points >> you are right i was in china three weeks ago and then australia in both cases, you can see what i mean by the momentum we are looking for the transformation the business is about recognizing and you can imagine china is very much about greening the economy they need our service and the discussion along the lines is how can you help us with your technologies and your know how to transition to a greener mix of local energy or to look to

other issues i had a discussion with customers in australia where we will open the first two energy plants where the fuel instead of the usual call will be waste the transform mation is here. this is fast growing and we are the leader of the market and the leader as well in many, many countries. >> it is interesting what you are saying about the economic opportunity in the context of geopolitical tensions which arisen many american companies are cautious with the exposure and footprint into china with concerns oversharing too much technology know how. how do you way the benefits of getting in and tapping into the chinese market versus the

potential of chinese competitors gaining your technology know how in that space? >> we are not anxious about the installment of technologies. this is not how things work from veolia what we are doing is delivering results to our customers i was with a manager and we helped restore wetlands. that is a local business which is very different from the conversation you are referring >> estelle, i can talk about the suez merger? you have started accumulating synergy. >> the overall space is going

full speed we are now more than 42 billion invested and investing 220,000 across the globe and we acquired very key positions in the ecology transformation business. everything is going very, very well in terms of synergy, we are ahead of the plan with 500 million with the merger and on the operational and on the human front. you know, the level of engagement which measured year over year with the worldwide survey is amazing at veolia at 89%. it is the same with the employees. that is a testimony of the merger going super well.

in figures as well as hearts and minds because this is the way to produce the good results i'm showing today. >> estelle, thank you for joining us. coming up on "street signs," cap geminin exceeds the growth o mi ui talk to the capgemin cecongp next us so much time it makes it really easy and seamless pick an order print everything you need slap the label on ito the box and it's ready to go our cost for shipping, were cut in half just like that go to shipstation/tv and get 2 months free

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welcome back to "street signs. i'm julianna tatelbaum >> i'm joumanna bercetche and these are your headlines >> european markets track wall street lower as investor attention turns to the ecb after the fed announces its tenth straight rate hike jay powell then hopes cuts could be imminent. >> we are much closer to the end of this than the beginning as i mentioned, you add a up al of the tightening through various channels, we feel we are getting close or maybe even there. shell rallies after reporting a forecast meeting $9.6 billion net profit in the first quarter and revealing a $4 billion share buyback. it faces criticism amid the cost

of living crisis. airbus warns of supply chain issues, but reiterates the production targets as it posts a smaller decline in the fourth quarter. and novo shares shed weight and the drugmaker has to reduce doses of the wegovy obesity drug as supply struggles to keep up with demand. here is a look at european markets which are trading lower today on the big earnings day here in europe of course, we are continuing to digest the fallout from the fed decision to hike another 25 basis points yesterday it opened the door for a pause at the next meeting. today is ecb day a combination of earnings and monetary policy driving the trade. it is lower across the board as

you see. let's dive into the big names reporting this morning shell has delivered net profit of $9.65 billion for the first quarter beating expectation. it kept the dividend unchanged and announced $4 billion of share buyback. mersk notched a first quarter beat the shipping giant flagged this quarter will be the best of the year amid the sustain fall in container volume s. cnbc spoke to the ceo about the fall of price earnings. >> we have seen a normalization of prices which started in the fourth quarter last year and first quarter this year. container shipments are like what it was before covid normalization of pricing that process was expected.

it seemed to have stabilized for now which is positive. it means also that for us, it allows us to see this normalization so far has unfolded as we expected with the first quarter reflects that and us making guidance is a sign we see that this will continue for the coming quarters. ab inbev posted a beat on the earnings at $4.76 billion. the world's largest brewer penned this on rising price and premium beer and non-alcohol drinks lineup. shares are sluggish this morning hovering around the flat line nfrline in the auto space,

volkswagen reports a jump of 22% in the revenue growth for the first quarter. anne annette is reporting on more >> we have revenue and operating profit improving significantly our revenue is up 20%. our margin before theevaluation above the margin guidance. we saw it 140,000 evs. we hhave auto bank in europe alone. as you remember, when we released targets for 2023, they were ambitious we got the feedback and based on the solid first quarter of 1.8 million cars in europe, we are confident we will achieve the financial targets for 2023

>> sticking with the auto sector, bmw with better margins in the first quarter the margin came in over 12% despite 50% drop of earnings before tax bmw continues to expect slight growth in europe a near 40% fall in first quarter core earnings for airbus, but still beat expectation. the plane maker said supply chain issues weigh on production, but backed financial targets and production goals for the full year. we are seeing a bit of adverse reaction charlotte? >> the results were below what we saw last year they were above expectations all eyes on the deliveries for the full year. the number of deliveries crucial. it delivered 127 planes in q1. net orders for the quarter

they confirmed the target of 720 planes for fthe full year. they are trying to come back to the levels they have a lot of demand. trying to deliver the planes with a backlog of 7,000 planes. ten years of orders. they are trying to deliver the planes the target of 720 for this year. that is dealing with the supply chain issues and tension will remain for the rest of the year with the raw materials they are trying to hire employees worldwide for this year they confirm the production ramp up with the best selling plane which is a-320. reaching 75 by 2024. the second assembly line with

emmanuel macron traveling to china will help them reach the financial target they announced the financial target in february with 6 billion euro one thing they said is delays in the first a-350 freighter jet they announced a year ago. they hope to deliver the first one at 2025 or 2026. airbus with a lot of demand and numbers better than pictexpected they talked about the tensions and struggling with meeting the targets. maybe a bit of that adverse reaction on the trade. >> it is interesting to see in most industries, the supply chain issues popped up it is lingering in the airline industry one reason the stock is

struggling today charlotte, thank you for bringing that to us. fr capgemini posted 5.76 billion deuro of revenue.eoutlo for the year i'm happy to say the ceo of capgemini is joining us on the show aiman ezzat is with us i want to say what you are saying about clients clients are looking for a wait-and-see approach. what are the clients flagging? >> sure. when you look at the last transformation program building with clients and planning with the clients and what we see is the economy uncertainties means

they are delaying decisions two or three months. it is not all clients. some have the wait-and-see attitude over the economic cycle and start of the end of the inflation cycle which is bringing uncertainty for them. they don't like to start programs in the middle of the economic uncertainty again, it is not all clients a number of clients in auto or aerospace continuing and you see the difference with the europe and u.s. from the market perspective. more reactive in the u.s >> it is so interesting. when you and i spoke in davos, i

talked about the manufacturing segment which is holding up well there is an understanding they need to push to digital. the factors lagging were retail and financial services and banking. how does that look three months forward? >> for retail, the luxury segment is strong. in the middle, the big heavyweights with slowdown and cost cutting attitude. on the tech sector, it is definitely affected and we see the slowdown financial services is stronger than expected in the first quarter. we see the slowdown coming there has been a bigger attention to cost consolidation. we see a bit of slowdown in the next couple quarters before growth coming back through some of the consolidation that we expect to win. there is a bit of down cycle for

financial services driven by banking in north america and uk. >> aiman, good morning it seems to be one of the key sectors which has trailed in the quarter. what are you seeing from tmt companies? we are curious what is happening at the tech giants. >> tech and telco are under pressure yes, firms have been cutting head counts and laying off of course, they are slowing down some of the projects we are doing from them. we expect to rebound at some time in two or three quarters there telco is under pressure in europe we see pressure in north america on the telco sector which is interesting. manufacturing on the other side and public sector is holding up well and showing resilience. >> looking beyond the quarter,

how are you forecasting longer-term spending expectations fa clearly this is a secretor wher you have to budget how are you budgeting on that? >> wearing moving to a digital and sustainable economy in which technology plays a bigger role we have to surround our clients with their customers and how to build products which have large digital components we talked about supply chain is issues we have technology spend across the value trend of clients we are positive with the trends. for us, in terms of growth over the coupling year with the appetite of spend for technology. >> some of the buzz words we talk about in the context of

technology with a.i. and growth in cloud computing how that is translating to demand in your space >> it is the fundamental pillars of transformation today. it is the move to the cloud and you have to think about the backbone of every evnterprise ru in the cloud private and public pick and choose. from products to customer relationship, it is running on clouds it will continue to increase in the economy and the backbone of operations for firms on the business side, data and a.i. is driving the decision making and innovation and o optimization that is where we invest massively to help clients make the transition

>> just specifically about the new chat bots which are a.i. powered. chatgpt and others in development right now, how do you think about that as a threat to your business and what it can mean as a tool for some of your clients? >> it is an important issue. every new technology stream is forss -- for us, a potential revenue stream a.i. has been developed the last couple years wit we have a new generation which is more public friendly or more vis visible. it provides more power and enables us to do more things from the opportunity standpoint, it is an opportunity we see improvement of productivity for software engineers. that will help us address some

of the challenges we expect to see as growth re-accelerates that enables us to move through the economy. for our clients, it is around content relations and customers relationships. we will have chat bots with more services and more intelligent services to customers. we will see an improvement there. also, in terms of the development with the new molecules with the luxury space. we see potential opportunities we have put in place what we call a generative a.i. lab where we work with institutes and universities and clients with developing use cases to help apply the new technology to be able to really provide value for clients. we try to stay away from the

hype that is there and focus around how to create value from the new technology. >> so interesting. really enlightening to hear a ceo perspective of how you adopt the a.i. technology. aiman, thank you for joining us. ceo of capgemini it is a business discussion. we talked about chatgpt and a.i. technology and if it increases prod produ productivity if you want to get involved, we love to hear your views. tweet us @cnbc jou and if you think it will increase produ productivity >> i would love to hear views on the next topic after the break novo the pharma giant beat quarter expectations

we will talk to the company ceo afr isre teth bak

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this week is your chance to try any subway footlong for free. like the subway series menu. just buy any footlong in the app, and get one free. everyone loves free stuff chuck. can we get peyton a footlong? get it before it's gone. on the subway app. welcome back to "street signs.

novo nordisk has beat first quarter over the obesity drugs shares are down 7% this morning. the cfo of noro joins us thank you for joining us this morning. we have been tracking your story for years now. it has caused excitement in the market so much so that you are struggling to meet to keep up with demand for your new blockbuster obesity drug wegovy. i think the question on everybody's mind is what is going on with supply of the drug in the u.s.? >> good morning. thank you for inviting me to th show wegovy in the u.s. we announced to safeguard continued care in the market we reduced how much we supply in the market this is not a problem with manufacturing output this is a problem continuation

of patience. -- i'm sorry i'm having echo in the sound. this is about safeguarding continued care for patients. we want to start patients with the amount of product in terms of continuing on therapy you should see that in light of the significant demand in the u.s. market. >> karsten, we appreciate you dealing with the echo. we hope it improves in the next couple minutes in terms of what you are doing to remedy the situation to increase supply, i see you have already a second and third contract manufacturer in place when can we expect the supply issues to be resolved or when can we expect you to ramp up supply enough to meet demand

that's out there >> we are ramping up supply every day. we had the first two contract manufacturers up and running and they are producing as we speak the third is to get online later this year. we have further plans in the years to come. we ask any suppliers this is a production of the market and need for safe and efficacious medication for patient use for patients with obesity. >> sir, the next milestone is the select study which is due out this summer with results this is important because it could unlock the potential of the drug to be used for prevention of cardio disease and heart disease and other ailments are you optimistic on the study

results and when can we expect them >> so, we are optimistic about this select trial otherwise we would not have started it and taken the investment the intention about the select trial is a lot of scientific paper s have mentioned we have proven wegovy is safe in terms of reducing weight and bmi. the select trial is sent to document risk reduction terms of cardio risk and pre-diabetes as an example this is important in terms of documents the importance of righting obesity with the agent like wegovy. >> clearly there is so much excitement around the wegovy drug one of the challenges, i think,

is on the healthcare side. talk us through how youare looking at surmounting that in changing the health care regulators over this being solely a weight loss drug. >> there is a lot of stigma around obesity treatment obesity is a recognized medical disease which is young compared to many other diseased we are doing a lot of information as treating obesity as a chronic disease there is one piece of evidence there in terms of showing if you have an efficacious product like wegovy, trading obesity will help cardio or pre-diabetes.

>> brussels published revised guidance of pricing. how much of a headwind is that to yous bur business, but the sr as a whole in the coming years >> the proposal from brussels, we agree with the incentive or objective to broaden access of medicines across europe. that can support we are concerned about how it is laid out because the premise and way it is laid out, we believe, will reduce the attractiveness of pursuing innovation in europe as a sector, if this passes, which we have to see, but as a sector, this will make it less attractive to innovate in europe that is why we are counting on the proposal and working with

the industry association in terms of communicating about the consequences of this proposal. >> just sticking with the theme of what is happening outside of the u.s., when can we expect you to launch wegovy in countries outside of the united states we know it has been approved in the uk beyond that? >> yes, it is approved outside of the u.s. and as we put in the announcement, our strategy is to pursue a launch sequence we like to launch as fast as possible, but at the same time, we are careful not to launch faster than we can scale supply base we don't want to launch into markets and get into a supply squeeze. as you see today, with us reducing the dose of the wegovy in the u.s., we don't want to pursue major launches elsewhere if that restricts patients in

the u.s. from getting the product. >> thank you for taking the questions and dealing with the echo you can watch my special report on novo nordisk online at cnbc.com >> and many options. multichannel platform. >> check it out. >> i agree i concur it is a good video we have ecb coming up. you will get more of myself and julianna in a couple hours time for decision time at 1:00 p.m. >> that is it for "street signs. i'm julianna tatelbaum. >> i'm joumanna bercetche. here is a picture of u.s. futures. "worldwide exchange" is coming up next.

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it is 5:00 a.m. here at cnbc headquarters here is the "five@5. we begin with the regional bank reckoning. another bank confirms it is speaking with partners and investors. also, the tenth time is the charm. the fed eral reserve raises rate again. possibly signaling the end of the fastest tightening cycle in decades. what it means for the economy and markets and investors. and it is not just the fed another major central bank is set to release the policy decision later this morning. we have a live preview from london in a