josh mankiewicz: a soul lost at sea who found her way home. good morning welcome to "street signs." i'm joumanna bercetche. >> i'm julianna tatelbaum and these are your headlines >> european equities rally, but still set to close out the week in the red investors stateside hopes strong job numbers recover losses the apple of my eye. shares of the iphone maker trade 2% higher as quarterly sales

decline. the company boasting a beat on the top and bottom lines thanks to strong iphone demand. adidas shares move after the failed yeezy partnership leads to a build up in inventory. and hsbc bosses brace for a showdown as they fight back against an activist call to split up the lender's asia business welcome to the show. what a week it has been. so much data coming through. a lot of price action in markets. in the u.s., the focus continues to be on the fallout in the regional banks yesterday, the kre index down 5.5% we are seeing volatility creeping higher. the vix moving above the 20 mark

for the first time in a couple of months. all of this has meant stock markets have been trading sideways and negative territory. we are capping off the losses. we are coming from a position of strength this week was a week where we saw deep declines in the indices. in europe, the stoxx 600 is actually up .25% we have a lot of green on the heat map some of the strength from earnings today a bit of a bounce from the sectors which got hit. basic resources and bankswith good start to the day today. in terms of data, we are still digesting the ecb interest rate hike of 25 basis points. there is still one more data point to watch out for this week that is the non-farm payroll number which is expected to show

moderation of job gains. in terms of the indices, we have all trade in the green with the exception of the swiss index italian index up .80%. dax up .40%. adidas is up cac 40 is up .40%. the ftse 100 is up .40% as well. a bit of a rebound in commodities. glencore is doing well we have hsbc happening in birming birm birmingham with arabile breaking it all down for us it has been a challenging week for the majors ftse 100 down 1.76% for the week cac 40 in france down 1.6% the dax is relatively out

performing down .80% it tells you it has been a challenging week because of the concerns of the banking sector with the earnings that have come through. we have seen a pull back in banking stocks which translated to negative performance. this is what is happening today in the sectors seeing a bit of a bounce in oil and gas. a torrid week for brent. the sector is up 1.6%. real estate is up 1.2% we are seeing a big rally in fixed income inversely related to that, real estate is doing well travel and leisure is down .70%. food and beverage is down as well in terms of u.s. futures, the mood has shifted positive overnight. you can see those three majors are seeing opening up in positive territory after negative close yesterday concerns still swirling about

the state of the u.s. regional banks. potential more bailouts. we have to see what happens over the weekend there. in terms of data, the markets are watching for that payroll print. let's dive into the apple story. the giant with the boost in iphone sales appl apple forecasts revenue growth similar to march iphone sales remains the revenue growth rising to $51 billion thanks to the sale of the pro models key services businesslike apple pay and apple tv rose 5.5% to nearly $21 billion let's look at apple and how it is trading pre-market. we are looking at further gains pre-market up 2.5%.

frankfurt listing up 2.25% arjun is joining us on set with more arjun, we spoken about this many times. dan ives is out with a catchy way to describe erarnings. he said it was a lebron-like earnings stellar set of results >> i would slightly disagree i think the message that i've been saying to the tech earning season is this expectations have been low for this whole tech earnings season. even with apple. the company telling ipads would be bad and investors were looking at this as not a great quarter and you look at revenue growth down 3% on the quarter, that is not great. iphone sales are up. not that much. not that great the key is resilience. that has been the theme, i think, through the quarter

we saw it with alphabet and microsoft. not massive growth, but resilience in a difficult macroeconomics environment smartphone sales are plunging across different device makers and across the world apple with revenue growth. this is not a blockbuster quarter that we have seen in prior quarters from apple. certainly it was one that continues to demonstrate the strength of apple and its iphones and stickiness of the consumer base and the 2 billion plus iphone users. >> one thing which is relatively new is apple identified a growing opportunity in india julianna and i were speaking about that a couple of weeks ago. we were surprised why it took them some long what are they saying about the opportunities to grow in that particular market at a time when the rest of the world with sales

beginning to decline >> the dynamics are shifting the reason they have taken so long to push forward with iphone sales is because this is a market accustomed to buying $200 smartphones from chinese players or lower samsung range you are seeing an appetite for the higher price models to the likes of what apple is selling they see a growing middle class and consumers willing to spend more on smartphones. they say tim cook on the call with a record quarter in india strong double digit growth year on year. there is growth happening. it is important to recognize a small market for apple with a tiny revenue the market share generally in india is 6% or so versus the bigger players who still come nature that market -- still dominate that market. it is not just iphone sales in

i india, but manufacturing and increasing that manufacturing as they pivot away from china with the supply chain issues and fragilities for that last year it is about iphone sales and manufacturing. >> arjun, excellent analysis we will continue with richard windsor. richard, great to speak with you this morning we had debate around the desk. i don't know if you have been listening of how we should think of the apple numbers you think this is a strong set of numbers from apple. not a case of as bad as feared, but flawless what is your case here >> in the smartphone market with the conditions, the smartphone market will decline 10% this year if you look at the supplies of the smartphone market, they had

a pretty difficult q1. what apple has done is executed well in the emerging markets and made the most of opportunities available to it and particularly iphone ref nvenuerevenues. the results speak for the themselves >> you were having issue over how they answered questions with a.i. why? >> they were more vague and evasive than usual and when i look back at apple's history with a.i. and this is the sector we have covered for six years, apple has been weak in a.i. for a very long time the answers that he gave kind of giv give me an impression there is not anything there they are not taking siri to the next level if you look at it in the medium

term, it is not that important for the next couple years or so. certainly, if you want to think about this long term and think a.i. is really important for apple's outlook, this is something to be concerned about for sure >> richard, i want to go back and talk about the division sales. smartphone sales in that area. if you look at other consumer goods. ipad sales down 13%. w wearables down as well what does that tell you about the health of the consumer goods market >> it tells you the consumer goods market is having a difficult time bear in mind particularly for mac and ipad that the year of competitor is difficult because you had a bump of shipments with the chips and bump in battery

life performance it tells you the consumer market overall is having a difficult time look at intel's difficult set of numbers and amd's numbers. the message is there clearly it is not until the macro improve that you will see the situation turn around. >> i was going to pick up on what the chip makers were saying qualcomm shares trading lower on the back of disappointing smartphone shipments it seems to me that perhaps this strength in apple this quarter is an anomoly. >> it is an anomaly of the company doing well in the emerging markets it is a view that everybody wants to buy an iphone, but not everyone can afford it

the changes are sensitive to macro conditions the macro outlook is pretty bad. i don't think this is something you can rely on to drive apple the through the rest of the fiscal year and through 2024 that's why i don't think it the will be repeated in the coming quarters. >> richard, what is the take on the opportunity in india we were covering the launch of the new apple stores in india ana couple of weeks ago in delhi and mumbai could this be big fr. or apple some stage >> that is unlikely. if you draw p comparisons to ina and china, yes if you look at india's per

capita and china's per capita, there are difference indians would like to buy the iphone in terms of total numbers that can actually afford it in india is probably going to be a lot less than china. in terms of looking at penetration in india is possible, one needs to take tha carefully. >> richard, thank you for joining us >> pleasure as always. >> if you want to get involved in the apple results, tweet us @cnbcjou. >> we want to hear your coronation plans as well coming up after the show, we will talk about hsbc which is staring down some activist pressure at the agm. we will get a preview coming up next ah, these bills are crazy. she

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the profit came in at 60 million euro it took a hit of 400 million euro as it struggless to offload the yeezy trainers. and in the airline space, iag is lifting the outlook for the year it expects profit to rise above 2 billion euro and air france reported a 42% increase of revenue for the first quarter. the group scaled back capacity outlook for the full year as it continues to battle a shortage of workers, particularly pilots. in the banking space, hsbc shareholders gather at the

general meeting today in birmingham the board urged investors to reject the proposal to spin off the business arabile is joining us with more. talk through the key resolutions that are on the table at the agm. >> a significant number. 18 resolutions is the number for the meeting set to kickoff at 11:00 a.m. this morning. just under two hours to go until shareholders vote. these resolutions are the same as you expect from agm the reappointment of auditors. that all being part of it. resolution numbers 16, 17 and 18 are the ones shareholders brought forward. 17 specifically about a strategic review that entails the spinoff of the asian business for hsbc.

that conversation was brought forward by chinese insurance company which owns 8% of hsbc. they believe there is a lot more value to be able to unlocked out of hsbc at this time that spinoff should happen they long requested this and said there should be a differen policy in place. hsbc has come under shareholder ire of late considering the fact they withdrew or didn't have a pandemic-led dividend. because of that, they have a few claims against them to reinstate that dividend which did not happen during the pandemic of course, they followed on from all lenders where no dividends happened at that time. resolution 18 policy becomes something as well to really discuss. the board has said they are

hoping that the rest of the shareholders will not actually follow suit and ask not to have this go ahead because that would mean shareholders would have complete lack of certainty in the market quick reminder with regard to the earnings picture for hsbc on tuesday, reporting $12.9 billion pre-tax profit that was almost triple of the numbers there. it follows from the high interest rates it will be interesting to see what happens today in the agm. >> in a couple hours time. arabile, thank you let's get to our guest chr chris, is there any chance that this will be successful? >> not in my view. i can see the logic of splitting hsbc asia from hsbc the rest of the world which is a good logic,

but most of the other investors and management of the bank are resisting this strongly. i can't see a way through this will happen. the largest shareholder does have strong influence. >> it has to be a headache for the ceo. i do wonder if there is merit to the argument that hsbc does have its hands in so many different pockets around the world and so many guyieoggeographies, but soh from the uk and asia is there a case for the bank to be streamlined further if it doesn't mean an out rright splitting of the business? >> the universal banking model has pretty much finished in the

last decade. they are spinning off the canadian business or trying to for $10 billion. it looks like it will happen next year rather than this year. they have other activities around the world which they need to manage. it is a case of how do you streamline a bank that has a lot of loss making roots and some countries versus other countries. that is what ping is rallying the board saying you are making the money in asia to support the losses in the rest of the world. >> the other big controversial resolution on the table today is on the fixed dividend. this is something nowel quinn spoke about. any chance that this passes in a vote today and does this have any merit in your view >> well, the challenge that nowel has which is how to

justify fixed dividends when the bank is digging in with so many challenges they have taken silicon valley bank and made $12.9 billion in first quarter. is that sustainable? it is a case really for the executive team to say how do we support a fixed dividend strategy in a world that is unpredictable right now? when you look at the u.s. banking market with first republic and pacwest and silicon valley bank and signature bank, it is a challenging world. >> chris, you mentioned what has been going on with some of the u.s. banks obviously, hsbc came in and took

over the u.s. arm of hsbc. how is that viewed in the investor base and how is the integration going so far >> it is very early days it is just over a month. i have many friends at silicon valley bank. i'm involved in fintech heavily. it is disappointed over what happened and it was very sudden. actually, the collapse was mainly due to bad decision making by silicon valley bank executive team what has happened is hsbc got a sweet deal they got the uk bank for a pound. it delivered $1.5 billion of profit that's good news in terms of integration, there are many challenges. hsbc is not really known as a fintech or tech bank they are known more as an international or commercial bank for multinational institutions

i i'm not sure how they implement. >> chris, a lot going on in the banking space right now. there seem to be as we speak to people in europe over what is happening in the u.s. with regional banks will have a knock-on effect over here. do you feel that whatever is happening with those smaller u.s. regional banks can be subject only to the u.s. >> i keep sticking with the view that it is not a banking crisis or not one like 2008 which was a more systemic failure of banks what is going on right now is most of the banks failing in the u.s. are the west coast banks like first republic and pac west those issues are huge issues in the u.s. banking system.

it reflects the down turn of technology in the last year. that surprised me. i'm very involved in tech and fintech. we have seen those companies go down 50% to 60% and 80% in the case of klarna we are seeing the re-balancing of the economy post-pandemic we got height with the pandemic investments. did that become the big thing? now we are stepping aside from that i think that's what is really happening in the u.s credit suisse was a different case nothing to do with the interest rates or the exposure to tech. it was much more to do with, you know, basically mismanaging their accounts and auditing. very different cases >> chris, thank you so much.

>> thank you, chris, for joining us on the show chris skinner. also coming up on the show, the uk conservative party comes under pressure after facing a crushing defeat in early elections. as king charles hopes the coronation can bring his country together

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welcome back to "street signs. i'm julianna tatelbaum >> i'm joumanna bercetche and these are your headlines >> european equities rally, but still set to close out the week firmly in the red. investors stateside hope strong jobs numbers recover the losses with the dow erased all gains for 2023. the apple of my eye. the company post ing a beat on the top and bottom line. adidas shares sprint to the stop of the stoxx 600 with

inventory pressure over the failed yeezy partnership. and investors showdown in birmingham as hsbc fights back against calls to split up the asian lender business. we are about an hour and a half into the final day of trade this week. a rebound with equities trading higher will it be enough to erase the losses this week likely not it has been a difficult one. the stoxx 600 pulled back. ecb day yesterday with christine lagarde delivering that quarter point rate hike. in terms of the gains, they broad based. we have ftse mib up .70% the swiss market is hovering at the flat line. every region is trading higher.

turning to the bond markets where we saw movement after the central bank dovish central bank rate hike, but that left investors a lot to deal with. a lot of sweetener for the hawks with the as is set purchase program. putting it all together, investors this morning are looking at yields moving-e high. the bund is trading at 2.37% the italian 10-year is 4.16. not a huge amount of movement. stabilization in bond markets now. turning to fx markets. in the lead up to the interest rate decision, the euro was trading higher against the dollar and plunged with the decision and bounced off the lows we got the hawkish element it's c -- the elements come to the floor. sterling this morning is trading higher against the greenback

up .30% to 126.06 as politics comes back into the spotlight. speaking of politics, the uk ruling conservative party is under pressure after the challenging set of early local election results for the party in england with just a quarter of seats reporting, the conservatives lost 170 seats and lost control of 9 councils. the party chairman told sky news it was a difficult night >> we will say it was a disappointing night and day for the party. the independent academic forecast were coming in showing to loose 1,000 seats a quarter of seats are counted so far we've lost well run conservative counsels it has been a disappointing night. >> let's bring in dr. stuart fox. thank you for joining us on the

show today i want to bring you comments that we just got in from the uk opposition labour leader he is saying we are on course for a labour majority for the next general election. we know that partial results have come through. the momentum is solidly in favor of the labour party. what losses of seats will we see in order for the labour party going in your direction in your view >> the kind of seat losses that we would need to see from the conservative this time around to really make us confident that labour was on course for majority is in advance of the 1,000-seat prediction that the chairman greg hands was talking about a few moments ago. the thing for the labour party is where they have been doing

poorly so far, it is not the labour party which is the ben effi beneficiary, but labour's progress in the areas has been a little more muted. there is no question this is a very good set of election results so far we have to stress that most of the results still aren't in. as far as the labour party is concerned, this is encouraging compared with what we would expect to see the labour party achieving if they were on course to overturn the majority of the conservatives at the last general election, i think we would expect to see them do it better in terms of the votes taken from the conservatives across the country and number of seats they are winning. >> interesting let's see how things evolve in the next couple days let me ask you this. why do you think the british public has turned against the conservative party is ist the self-inflicted

scandals or the vote with the economy going through hard times and cost of living crisis? >> all of the above, i think i think we are seeing a lot of generalized anger and frustration with the conservative government. there is no question that there are many voter whose lost faith in the conservatives ability to govern the country effectively in light of the party replacing its leader replacing the prime minister twice in a span of a few months. the country is going through the cost of living crisis and health service is in deep crisis and has been for some time we are in the midst of the widespread wave of industrial action as nurses and doctors and teachers and university going on strike the polls are saying in most cases, the public agrees with the strikers that the government is the one at fault and has not

done enough to make sure public servants are well paid there is anger out there with the conservatives that is reflecting itself in the local election results many people are not convinced the conservatives got the answers to the country's problems. >> obviously, we don't know the final results yet, but it will be a difficult one and serious losses as we can assume. what can we expect on the policy front between now and the next general election >> i think as far as rishi sunak is concerned, he will say that these results just show the need for the party and government to stick with the remedy that he has set out since he took over as prime minister. he identified five policy priorities for his government that address what he believes are the voters' deepest concerns

to do with immigration and health service and cost of living crisis. we have seen small optics in the polls in the last few months that suggest voters are at least a little bit less satisfied with conservative government performance than when rishi sunak took over. credit to his performance as prime minister and focus on his solution force the problems in the hms and cost of living crisis the last thing the country wants to see is conservatives changing tact or leader again that is something that not all will agree within hi in his par. just try to stick with this idea that the conservatives will deliver and will solve the problems that the country is facing they just need to be given the time to do it and trying to say he has heard the message that the voters are communicating

>> what are the implication of the democrats doing well in the elections? >> the implications of that could be substantial the liberal democrats are gaining in many areas, but hitting the conservatives in some of the traditional areas. many wealthy people in the south of england voted conservative, but dissatisfied with the policies in recent years some opposed to brexit the liberal democrats have been trying to pick up their support to register dissatisfaction. this shows they are having success there. if the liberal democrats carry on building this support into the general election, we will see the conservatives squeezed from two sides

on the one happnd, they will loe votes in the working class c community from labour and others moving to the liberal democrats. conservative find it difficult to appeal to those sets of voters and stave off the threat liberal democrats pose to them this suggests this could be a threat to the conservatives in the next general election. >> dr. fox, thank you for your views. great to get your analysis stuart fox we will continue to follow the election results and bring you take aways on monday. rehearsals are under way and royalists are camping out at buckingham palace ahead of the coronation of king charles more than 7,000 members of the armed forces are set to take part in the ceremony which will see charles and camilla escorted

in a gilded coach. thousands are expected to fly in for the weekend. tanya caught up with the master of university college oxford to talk about her role in the ceremony. >>ing asking me if i would be prepared to be part of the recognition which is right at the beginning of the service when the monarch is presented to those in the abbey to the east, west, south and north. i am one of those that will be asking those in the abbey to recognize the monarch. it is absolutely amazing to be part of such an historic occasion. >> what does it mean to you to be there and to play such an important role >> a lot of thought has gone into, you know, how do you

update a coronation ceremony which is very traditional and used for a very long time, but use it to reflect modern britain. it means a great deal to me and i think about my parents a lot they have both passed. we all came to this country. we were migrants to now be part of the historic occasion which is reflecting the diversity of modern britain -- it means a great deal. >> here in the uk, there is a cost of living crisis. there are those that don't agree with the spending that this coronation is going to have. >> i think we are very aware there are very different views in britain and also in other parts of the world of course, we have the possibility of the election

coming up next year and i'm sure there was a lot of discussion about, you know, when would be the right kind of time going for this given that cost of living crisis that you have talked about. yes, of course, i understand those who feel this is a cost that perhaps we shouldn't be bearing. i recognize those feelings i also think back over the last couple of years and amount of money that has been wasted by our government on things like ppp. there are things that our government have to answer for in terms of expense and overall spending i think on something like this, which is about our constitutional head of state, i think it will be a joyous

occasion on saturday >> tomorrow is the big day assuming the weather does hold up coming up on the show, we will take a look at the future of nuclear power as attitudes to the energy source diffiverge acs europe we'll be right back.

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welcome back to "street signs. nuclear power has come back into the spotlight after the energy crisis following the russian invasion of ukraine. germany closed the last of the reactors last month and great britain opened a plant in the bid to increase the energy mix i spoke to law makewmakers abou energy mix take a look. >> germany closed the last of the nuclear reactors ending the cou country's nuclear energy britain is looking to increase the nuclear energy as part of the total energy mix why are the two countriesing --

countries moving in different directions >> after the attack of russia on ukraine and after mr. putin used natural gas as a weapon. indeed, we had to bring additional capacity to the market and there was a good compromise to move the end of the coal generation in germany from 2038 to 2030. eight years faster now for the next one or two years, coal generators will run longer this is a huge cut of emissions if you look at the whole picture. >> short-term pain for long-term gain >> yes. >> high capital requirements for construction that can be difficult for the private sector to bear which is why many of them have been built by governments nuclear plants are cheap to run. the expense is in construction

and commissioning. decommissioning for older reactors are high. that is largely because they were never designed to be taken apart. >> my desire to put this video together stemmed from last year when you and i in the middle the of the energy crisis were interviewing policymakers. what surprised me is the extent the german public was against the idea of using or relying on nuclear energy i wanted a video to explain where this comes from. as you know, in april, they shut the last of the nuclear reactors and that's it. you look at uk and it is a huge part of their plan to achieve net zero emissions great britain plant was launched a couple of years ago. they want to get to 25% of the power mix by 2050. it is interesting to see how

they have different approaches to nuclear. >> my favorite part of the video is learning where the opposition to nuclear comes from in germany. i won't spoil it you should check it out. it pulls together the factors that contribute to the german public opposed to this and the green party in germany and why they have been very opposed to the idea of bringing nuclear back and robert's comments. >> if this does tickle your fancy, check out the full report on cnbc.com and on youtube as well that will be up there. check it out in full. let's look at the european markets. this is the picture now for european markets today everything is trading in the green. bucking the trend the last couple days. we have seen a lot of losses on the indices. remember, we walked in on

monday, the u.s. walked in on monday to the news that first republic acquired by jpmorgan chase. since then, it is one thing after the next for regional banks. we have seen other sectors come under selling pressure commodities and european earnings season. this is the picture for oil. you can see week to date, wti down 9%. brent down 7.5%. that is down from the commodities markets. as we were talking about the stock market as a whole which is deeply in the red for the week let's look at u.s. markets week to date coming into today's session. it is red. we have all three of the majors lower on the week. the dow jones industrial average in particular after yesterday's pull back is now in the red for the year the dow jones industrial average has erased all gains for 2023 after falling nearly 3% yesterday. all eyes today on the non-farm payroll report

this is the picture of the futures. dow jones industrial average looking to bounce 100 points nasdaq and s&p also looking to gain a little bit of ground back today. no doubt the apple numbers which came through yesterday are helping sentiment there. non-farm payroll report is expecting to add 180,000 jobs. that is the fewest in two and a half years 50,000 below march's level unemployment is rising to 3.6% average earnings are expected to continue gaining you can keep up to date with all of the latest news and market action by subscribing to cnbc's news letter. this is one of my morning favorites. you can head to cnbc.com or scan the qr code on the screen. >> i love that they put that in. it is actually a great source of information. it gives a good overview of what has happened in the last 24 hours. a lot has happened with the u.s.

regional banks and fed hike and ecb hike earnings and tech earnings the final data print today is nfp. i wonder looking ahead and the fed chair did sound like he was approaching the end of the road moving to data dependency. i wonder how critical today is going to be. >> you think of the data on the labor market in particular a lot of the indicators have pointed to a cooling of the u.s. labor market if this report comes in and shows 180,000 jobs added in april, no doubt, the fed has been doing its job you made this point yesterday with the ecb i thought of it today with the lending survey in europe and showed credit conditions tightening which is concerning, but that is what the ecb wants to happen. the parallel with the fed is the fed's rate hikes are designed to

cool the labor market. if we do get a weak report to a degree, it has to be reassuring. >> i think it is really note worthy the price action we have seen in the regional banks this week is important and the fed has to keep an eye on that it is not the end of the road there. we are sitting here in europe and european banks are in an okay position. i spoke to unicredit ceo this week and he said he is concerned about the smaller u.s. banks the fed really has to keep a close eye and the fed chair talked up the strength of the u.s. banking system. a lot of this is about confidence if there is a continued crisis of confidence, you will see more volatility in the markets and that is something the fed has to keep an eye on so far in europe, we have been more immune to that than the fed have >> i think it is so top of mind

for investors. here in uk, we have a bank holiday on monday. investors will watch phones throughout the weekend because there is not an immaterial chance we could see another bank collapse stateside over the weekend. that is a risk that is talked about among the investment community. something to think about when we get the nfp numbers. >> other people will watch the coronation here in the uk. it is a washout. >> you may start out watching and turn to the banking news >> upside of the rain. >> we hope you enjoy your long coronation weekend if you are in the uk that is it for us. i'm julianna tatelbaum. >> i'm joumanna bercetche. "worldwide exchange" is coming up next.

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it is 5:00 a.m. here at cnbc global headquarters. here is the "five@5. stocks set to rebound after the slide that put the dow in the red for 2023. call it a sentiment shift. bank stocks gets a boost on the week-long skid how one bank executive is taking matters in his hands. and apple rewards investors to the tune of $90 billion and showing surprising strength in one market. and we are counting down to the april jobs report and a look at the one secto