i'm ready to roll. i got plans for this eyesight. ♪ good morning welcome to "street signs." i'm joumanna bercetche and these are your headlines s.a.p. comes under pressure as the software group misses second quarter revenue and an cloud revenue guidance the ceo says the cloud is the key growth driver despite revenue. >> operating property is up 28% which is very important to show

we are accelerating cloud growth momentum the earnings coverage continues. we hear from hydro and thales this hour. the dow looks for the tenth straight daily gain extending the longest win wning streak, bt waning tesla and netflix ahead of apple and meta next week. and rishi sunak is dealt a double blow as the court has the largest swing since 1997 they avoid a total wipeout clinging on to one seat. and the snap election gamble comes to a head this weekend with the voters looking to come out for the party's key leader

good morning let's take a look at markets and how they are shaping up. it has been a couple of stellar days if i had to breakdown this week into two different narratives, i would say the first one is to do with the disinflationary theme uk came in under expectations under the data from the u.s. last week. this is the major narrative for investors whether or not the drive will continue. the second theme which emerged is the tech earnings which have come out and the fact we had a pullback in the stocks that have come out with the report cards the likes of netflix, tesla, s.a.p., ibm. tech names under selling pressure in the last couple days has set the tone for the tech sector the narratives together are

combining to create the price action we have witnessed the last couple trading days or so as for the stoxx 600 this morning, we are dipping eight basis points we are still positive for the week switches to european index, let's get a look of the breakdown. we have the dax down .60%. one stock in particular is s.a.p. we will talk more on the show about that the software company is down more than 3% this morning on the disappointing earnings that came through last night cac 40 in france trading at the flat line. 2 points higher on the session today. again, we are watching thales. that stock down 3% ftse 100, a lot of focus on what is happening in the uk the last couple days. of course, we have been talking about the strong reaction and

interest rate sensitive stocks in terms of data, we had stronger retail sales in june. that gave an upward surprise on the political standpoint, we have the elections which handed a defeat to the conservative party. perhaps not as big as a defeat as people anticipated. at for the week to date with the european markets take a closer look ftse 100 is up 3% for the week 2.8% is how far we have traveled again, some of the performance there can be led back to the interest rate sensitive real estate sector. we saw a big performance with the home builders. cac 40 is up .20%. we were talking about the drag from the luxury names which is a theme throughout this week as well as we look to some of the weakness coming from the china activity data. germany as well is not immune to

some of the forces happening especially with china. you see the peripheries had a good week. eye titalian index up .60% and spanish index up .60% as we head to the elections this weekend. we have media up at the top upu up .80%. food and beverage is up as well. oil and gas with a turn around on the flip side, basic resources down 1.3% for the week mining is down 2%. it has been a drag on the stoxx 600. the tech sector in focus as i started talking about the walls. tech is in focus, but not for the right reasons. a negative reaction to the earnings which have come out of the key names this week and europe is not immune to that that sector down 1.2% today.

as for u.s. futures, all of the majors seen opening up positive. s&p up 9 points. dow is 50 appoipoints as well the jobless claims falling more than expected. another positive sign for the u.s. economy as we head into another big week with earnings next week and macro with the big fed meeting coming up. let's talk more about earnings hydro raised guidance for 2023 to 20.5 billion krons. revenue topped forecast. really happy to say that paul, the cfo, of hydro is on the

show good to chat to you, paul. talk about the number. 7.1 billion crowns still down from 11.6 billion from a year ago. where have the headwinds come from >> one year ago, we had the highest aluminum prices we have seen in decades. it was the peak of the commodity cycle we experienced over the last few years since then, we have really seen the effects of the inflationary pressure and energy environment impacting the demand for a alu aluminum if you look toward our business and we typically are down in most segments between 15% and 20%. the only thing holding up in current market environment is automotive and other segments which support. >> very interesting. i want to pick up on what with you were saying one year ago and

things have been in the commodity space with the war still raging on. because alum new inum is an ene intenseive material, you had to reconfigure row production >> you have 50% curtailed and that is driven by higher energy costs. we have 130,000 tons it is not large, but we have not brought it back to market yet. we have not seen the demand pick up to where it should. our markets are struggling with a lot of russian material. it is still finding its way into the marketplace after discounted prices due to the fact that companies have self sanctioned and a lot has not and that is

impacting the environment. >> i remember speaking to your ceo in davos about the particular phenomenon. what is the issue with the policymakers listening to you and valid concerns of russian aluminum still flooding the markets? >> well with, time passes and we see a lot of commodities which have been sanctioned aluminum contributes some percentage of total russian to energy it is not in a larger complex. i think we heard some concerns about sanctioning this metal due to tight market balances and not enough metal available that is more or less not the case any more. i think the overall picture has changed since last time. the other thing as we expected that the amount of russian metal has increased significantly. it used to be around 10% of

metal inconveniconvventory is rn metal. it is challenging to buy without getting russian material as a producer and consumer which is self sanctioning, that is an issue. we sent a letter asking them to reevaluate the decision because now we are feeling the relevance of the marketplace >> the pushback from the lme, what have they said? this is a conversation going on for months i wonder what the justification is for them. >> there has been concerns around availability of metal in general. i think that is not the case any more the last time this was a discussion, stocks of russian metal wept nt that high now it is time for a new response and evaluation given

the developments since last time we will see the response this time >> very clear. in terms of broader supply chain disruption, how would that picture look do you still see disruption in the space or are things better since we spoke >> if you look at aluminum, there is less because the industry curtailed we have seen a couple go out this quarter, but more volumes i think the biggest change in the aluminum space is you are seeing more capacity coming back in china you may remember there was a drought situation with the smelters having to curtail with energy availability. that reversed a bit. at the moment, markets have moved into oversupply for 2023 >> now in terms of your capital

expense, you are guiding toward 20.5 billion crowns. how much is that due to aluminum metal? >> it is included in the 16.5. we have 13.5 billion in guidance excluding that acquisition the increase is mostly related to the movement in the currency markets. we are a company that reports in krona, but we are exposed to dollar with euro and krona has been weak during this year it is a transition effect. we did a large transaction this year selling parts of our refinery assets in brazil to glencore part of the capital increase is the reallocation from the proceeds from that transaction >> paul, thank you for your time today. the cfo of hydro s.a.p. has paired back the cloud revenue guidance after

missing second quarter forecast. the group will strengthen the push into a.i. after announcing it will invest in three artificial intelligence companies. speaking on "mad money," the ceo said they are accelerating despite the numbers falling short. >> this quarter, we delivered good numbers when you look at the cloud backlog is up to 25% to 11.5 billion. that sets a very strong foundation for future cloud revenue growth our operating profit is up 28% which is important to show we are accelerating cloud growth. >> let's get to annette. we are seeing reverse action in the stock as the ceo was telling jim cramer that the backlog is conducive to more orders in the

future perhaps investors are miss interpreting the -- misinterpreting what the ceo has said >> reporter: it is a brighter future for s.a.p if you look at the valuation of the stock, it is trading 60 times pe that is a huge gap with the valuation of oracle which is trading higher than 30 perhaps the valuation was as well a reason for that disappointing market development now given the cloud revenue is a little bit shy of expectation that the ceo is reiterating where the outlook is quite good. s.a.p., ever since mcdermott left the company is a mixed bag because clearly the investors don't really buy into the messaging from the company that the head of the competitors.

if you compare to the biggest come ppetito competitor, the gap widens with the customer solution and management tools which both companies are offering to clients. here, s.a.p. is behind tremendously that is seen in the valuation of the shares up 70% year to date for the competitor and s.a.p. up 30% let me run through what s.a.p. is saying that the future they are seeing in a.i. related cloud products compare the moment we are currently into the watershed moment like the introduction of the internet of cloud computing as such. a.i. related products will be the future for s.a.p that is what christian klein is saying they are putting their money up

with $1 billion in a.i. tech companies which should enable them to offer products to clients which would make a difference a.i. related data processing is the key here and that is where s.a.p. is saying there is still a lot of ground to cover their competitors are not there yet. it is a fast-moving market, s.a.p., as with the shares year to date up 30% more than the general market, but behind competitors christian klein is trying to convince markets they are not behind the curve compared to the competitors. >> so far, they traveled a long way. today, reaction has been negative annette, thank you for the update on s.a.p.

if you want to get involved in the conversation, we are across all social media platforms of the tweet me directly at cnbc jou. coming up on the show, the uk ruling conservative party holds on to boris johnson's old district t -- district in the ectnsleio we'll discuss coming up next pr tn our shipping process was painfully slow. then we found shipstation. now we're shipping out orders 5 times faster and we're saving a ton. go to shipstation.com /tv and get 2 months free. ah, these bills are crazy. she 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 the show the uk governing conservative party suffered a blow in parliamentary elections with the party overturning two majorities in the test for rishi sunak's premiership ahead of the general election next year this despite holding on to the seat held by boris johnson by just under 500 votes i'm happy to say tony travis is joining us good morning, sir. how much of a blow is this for the prime minister >> i think it is a blow despite

holding on to the election in west london as you said. the other two were lost to the labour party in north of england and south of england these were huge votes. the opinion polls show labour up15% to 20% with the party which suggests conservatives are in a series of challenging positions. >> another issue which emerged particularly in the north is a swing in favor of labour less mobilization for the conservative party voters. is this a sign, do you think, of what's to come in the general election or reflection of the fact these are considered to be less interesting elections for many parts of the populous

>> i think elections in any country allow voters to free vote and complain about the government in power if they want to do that that's happened here the right to highlight the election in yorkshire in the north of england is an area where the conservatives did very well in the 2019 general election and one that boris johnson, as leader and prime minister led and conservatives did well in labour heartlands in the north of england this suggests that labour has a huge shift the votes away from conservatives and concern for many conservatives looking at the bad results. one in the north against labour and one against the liberal democrats suggests they are under fire on two fronts the tactical voting, people voting as it were for labour or

liberal democrats in different parts of the country against the conservatives. even if it is not their first nava natural vote. >> let's talk about the democrats. does that complicated path for labour to maintain majority at the next general election? >> not necessarily the uk has the particular so-called first postal voting system which you see in other countries like the united states and india in varying forms this means that in some places the conservatives face labour and labour faces conservatives elsewhere, conservatives facing labour it is okay for labour if the liberal democrats do well in some places because that will weaken conservatives for those opposing parties

labour, providing the liberal democrats, it is okay for liberal democrats to do well against conservatives in places where labour does less well. sorry, that is complicated. >> is there anything the prime minister can do to turn this around there is talk of reshuffle there is a focus on the data with the numbers turning south if the inflation or disinflation momentum does continue, does that give a boost to the conservative party popularity? >> one would expect so cost of living and impact on real living standard is an issue in the united kingdom. it is driving down living standards for many households. there was a bigger than expected fall this week, but against the back drop against the fall of the previous months. the fact that many of the uk's comparative countries have

actually got much lower rates of inflation. you are right. most politics is denominated inside one particular country. inflation drops and it's better news with the government having a better piece of news with the investment of the battery factory in the southwest of england helping car i mports in the longer term. as we move to the general election which will take place next year in 2024, more good news could well narrow thepollsy widely >> going back to what with i was saying about the potential -- what with i was saying about the reshuffle of the cabinet how impactful is that going to be >> there is expected to able shuffle of rishi sunak's cabinet. reshuffles of this kind are an

opportunity for the leader of the government to give the impression they are moving on or turning a page or cliches that politicians use to move and change and it will all be different from here on there is much speculation about the future of the defense secretary ben wallace. he wants to step down apparently i would expect some refresh of the government or reshuffle relatively soon. there is a question of timing whether it is now or when the political system starts again after summer break it is inevitable >> i just want to go back to the results from overnight because the prime minister is putting on a brave face other leading conservative party members saying the fact they held on to oxbridge is not a bad sign and could be a good sign to

go back to win the general election next year let me ask how much of the ability to retain the seat was on back of not necessarily positive endorsement of conservative party politics, but the fact that many people were upset with labour politics and the mayor says khan's decision >> the massive results for labour and liberal democrats assert well outside london and contrast with london there was a swing from the conservatives to labour of 6% to 7% in london as you rightly say, the mayor of london is in a labour mess and extending the ultra low emission zones. this operating in central and

inner london in the outer london boroughs where it is less prevalent and comprehensive, this policy which is yet to be fully implemented is proving up popular for people who have to pay a charge for vehicles not compliant against that backdrop, the oxbridge doesn't tell us much about the politics of uk, but it does about outer london. labour has done well in recent years. conservatives are still powerful you are right. i do think the curiosity of the west london oxbridge result tells us less of national politics than the other results. >> very clear. tony, great to have you with us. tony travers professor. coming up on "street signs,"

spanish voters go to the polls this weekend to choose the next government we will hear from bosco ojeda after the break.

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welcome back to "street signs. i'm joumanna bercetche and these are your headlines s.a.p. comes under pressure weighing down the dax index as they miss second quarter expectations and pares back the cloud revenue guidance christopher klein, the ceo, talks about the demanded >> the profit is up 28% which is very important to show we are accelerating your cloud growth momentum the dow looks for the tenth straight daily gain. its longest winning streak since 2017, but disappointing that's and netflix weigh -- tesla and

netflix guidance weighs on the sector. and the double election blow as it reports the largest swing since 1997 rishi sunak says winning boris johnson's old seat is a boost. >> the labour party is acting like it is a done deal it's not no one expected us to win here spanish prime minister pedro sanchez's snap election comes to a head this weekend as voters head to the polls with the rival people's party is tipped to come out ahead. european markets are mixed this morning you see the dax in germany down .50%.

dragged lower by s.a.p. as we have been talking about on the show that stock down 5% today in trading on disappointing revenue in the cloud business. that is one of the names in the tech sector which has been beaten down in europe. the handover from the u.s. has been negative as well. a down trade yesterday from the likes of tesla which is down 10%. netflix is down 8% ibm. a lot of names reported this week are met with adverse market reaction big week ahead coming up for the tech earnings with the likes of meta and alphabet reporting. we have yet to see if that tech momentum continues cac 40 is up .10%. we have been watching telhales. we will speak to the ceo today a drag on the french index

the ftse 100 is slightly in the green this morning up 4 points. on the macro side, retail sales data for june come in stronger than expectations. politically, as we have been speaking about, we looked at the results of the elections which handed a bit of a defeat to the conservative party losing two of three seats up for grabs you can see in switzerland, up 2 points again, earnings coming thick and fast there the ftse mib is up .80%. this is the picture on the foreign exchange the pound continues to slip. off 130. that is where we were a couple trading sessions before the cpi data came out. now down 15 basis points do dollar/yen through 140 moving 1.2% against the yen. this is on back of higher cpi numbers which have come in it has come in in line with

expec expectations, but above the 2% target all eyes on the bank of japan meeting next week and if we will finally see a tweak in the policy the euro is trading sideways at 111.30 in terms of yields, we are moving back down in yields 10-year bte is 4.08. again, seeing strength come through the spanish bond yield at 3.48 ahead of the elections this weekend something to watch the 10-year bund is 2.45 we have seen a lot of movement this week, not necessarily in european yields, but gilt yields 10-year gilt is ten basis points lower on the week. in terms of u.s. futures, this is the outlook for today the three majors are opening up

in positive territory. s&p is down. nasdaq is opening up in the green after a mixed session yesterday. we had the pullback for the nasdaq yesterday the nasdaq fell 2% to finish the session at 14,000. biggest decline since march. tesla and netflix dragging of the in -- dragging. for a look at the weekly performance, nasdaq is down .30% for the five days. s&p 500 is up .30% march dginally in the green dow is up 2% for the week. the longest winning streak since 2017 the highest close for the dow since march of 2022. let's hone in on some of the key tech stocks i have been talking about. this was a picture for the

nasdaq yesterday we closed 2% lower you can see that tesla ended the session down almost 10% yesterday. 9.7% weaker as people were concerned about the squeeze in margins on the back of the price cuts despite revenue doing well on back of the expanded sales. netflix also ended the session down 8.4% despite managing to pick up subscribers in the americas and international market strong reaction in netflix and tesla yesterday. tesla earnings posted weaker margins, but one plan for the future of the company is getting a analysts excited find out more on cnbc pro. morgan stanley revealed the global stocks that the rest of the market is missing out on

you can see the latest on cnbc pro. the qr codes are there on your screens. voters in spain are set to decide on the next government in the general election this sunday ahead of the vote, a number of european leaders expressed support for prime minister pedro san sanchez. his socialist party is set for a battle against the popular party and far right vox. charlotte is joining us with more of the she has been following the coverage >> reporter: the final day of campaigning in spain before the snap election vote on sunday pedro sanchez is trying to limit the damage after the defeat his party suffered in may when the left wing lost most of the

regions. they tried to stay in power with the latest polls showing the right-wing is short of majority. still a lot of uncertainty i'm pleased to say we have a guest here to help read the situation. bosco ojeda, head of reach from ubs. thank you for joining us talk about president spanish economy and on appaper, things look good. can you give us your impression? >> thank you, charlotte. spain suffered during covid. gdp was down 11% one of the worst in europe now things are catching up recovery situation tourism was hit very hard. now that is recovering we are thinking the outlook for spain looks quite abgood there is public debt public debt is very high there is a need to combat with

reforms. >> reporter: that is the key data is 130% of gdp. fiscal consolidation is on the way for whoever wins >> public deficit is too high. popularity party will focus on the track record on that front is good. we think any party would focus on combat controls that will take a little bit of growth, but european friends are coming in. that is an issue which is underestimated by the market and that helps the economy to grow 2% in the next three years that is higher than europe >> reporter: i wanted to ask about that spain is the second largest b beneficiary of the economy how much of a boost is that? >> it is massive

the secure of the funds have been lagging now this will come in and for the next three years, we will have an impact that will offset higher rates and issues that might take away the global growing slowing that is offset there are sectors where the impact will be relevant and companies with a positive factor to offset weakness for budge bun c -- budget controls. >> this will work? >> yes we will see the execution with spain dealing with the complex issues the reality is half of the funds are needed and the other come at a 1% cost. >> reporter: from the investor point of view, how do you play the election how do you see it? >> gorman seems to indicate with

the banks benefitting from the stable economy spanish bank is healthy. a stable environment could be favorable for some banks high dividend yields some of the utilities with a switch extension of the nuclear plants could be favorable for some. if that doesn't happen and current policy of the current government wants to close the plants there is a big difference there. some utilities could be favored some of the consumer oriented or stocks with a benefit from the european fans. there are a few there with a good impact and that could be an interesting situation. >> reporter: the current government put windfall taxes on companies and banks. a few days ago, they would not

be scrapped. there was disappointment in the market what is your view? >> scrapping them may be difficult. the reality is maybe uncertainty around policies with sectors with special taxes on banks and utilities. that doesn't happen anymore. stability on earnings at a time when the economic environment improves it could take time if the un underlining drivers could be a positive. >> when it comes to taxes, what is the difference to what is offered and proposed by the popular platform >> we have seen in some regions cutting taxes and creating inflows from wealthy areas of spain. that is one of the differences of the especially taxes. we have seen special taxes on utilities. also the certainty over

regulatory changes we have seen strong regulatory changes. stability could mean a change. >> reporter: whatever happens in the election in any case, it will be difficult for a 2024 budget all of this is addressing fiscal consideration and they have to carry on with the budget as it is because they may not have time to negotiate government and government in place to have a 2024 budget. >> we see teaming iming for that in the meantime, budget control will be a bit more strict. i think the market is pricing in lower interest rates driven by the fact that budget control could be tighter we have seen the spread against germany below 1% that is a good sign. i think the market is pricing lower financial risk despite the budget >> reporter: it looks like the snap election has reduced the

uncertainty of having the drag into the election in december of the -- december. snap election was good news? >> banks went up 4% or 5%. the changing of government so far with terms of pricing and investors are willing to price in lower risk. for spanish assets at the moment, snap election proves to be positive. >> reporter: what is the biggest risk that could come out of the election >> the risk is spanish families are the mortgage side are vulnerable they will feel the cost of that. if budget is not under control, spreads could go up. we have seen it years ago. this time is different that is the big thing. south of europe needs to take this seriously that could turn out to be serious if the global situation turns more difficult times it is seen as more risky

where investors are on the opposite side. >> reporter: bosco ojeda, thank you for your insight here. joumanna, we will watch the final day of campaigning here in spain. the polls look tight the right-wing seems to be in the lead, but too close to call. a lot of uncertainty we will watch closely and bring you at analysis and results on monday from madrid joumanna >> it will be a big weekend in spain. coming up on the show, thales lifts the full year revenue forecast we will speak to pascal bouchiat coming up next a first on cnbc. shipstation saves 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

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welcome back to the show thales lifted full year revenue forecast after the first half beat expectations with the strength in the digital identity business we have pascal bouchiat joining

us on the show you raised your full year sales growth guidance. what is underpinning momentum? >> it is twofold first is the weak demand from the civil business there has been strong demand this will continue throughout 2023 second is also the momentum that we keep seeing in the digital identity and security business in particular, we see bio-metrics segments recovering quite a lot. everybody is traveling again we are taking advantage of that. bio-metrics devices. also the production of securities if you combine the two, there is a strong level of demand

>> how has defense and security trends changed since the start of the russia-ukraine war? i wonder if you see an uptick of activity as the war rages on >> this is more of a long-term cycle business the good thing is we see a level of demand that keeps going on the defense. it is not just a spark in our view it is a long-term trend of defense spending in most countries. we have seen most european countries and more possible which is the case in the middle east and asia. more and more governments are spending more on defense yes, we keep seeing a strong

level of momentum in term of de demand from the revenue tandpoint, as you know, defense is about making quite complex systems and it takes more time for us to ramp up the overall production capability it is also reflecting a bit of tension on the supply chain. also a challenge for us to keep ramping up the overall production in order to meet the level of demand which, overall, has never been so possible this is possible in most of our countries. >> what is the knock-on effect of the order book? how is it -- what is the distinction with the orders coming through from governments, large orders, versus the smaller civil aerospace orders that come through? >> as we disclosed, the overall

ordering book and the input from small-to-mid size orders which can come from the civil and aeg business and this is growing quite a lot in the last 12 months of the when it comes to more larger orders, this is where it can be a bit more bumpy. we can see up and down there this is in particular for defense, but truly what is important for you to understand is that overall with the long term, it is not just for 2023, but for the long term and next three or four or five years. we expect a trsteady growth with large orders from the defensive markets. that means we discussed this

with the identity and security and whether we discussed defense and security we will see a progressive bump of demand and other intake this bodes for others. this, regardless of the short-term as we communicate on the quarterly basis. >> just as we wrap up this discussion, quickly on your side, i'm curious if you are still seeing supply chain disruption or whether that is largely the story of the past now. >> that is a top challenge we facing overall, we have two challenges. one is about equipment and eventually becoming more efficient. we have 11,000 people at thales.

probably more in 2023. the second point as you mentioned is more about supply chain. here, we are seeing difference getting better particularly in terms of availability of electronic chips however, we see more and more tensions and this time more on the mechanical parts with all of the other devices. this, in many countries, we see supply chain loss. it is ramping up the overall capabilities to fuel the demand we are asking for. >> sir, thank you very much. pascal bouchiat. thank you for joining us today that wraps up our show for the day and week i'm umjoanna bercetche "worldwide exchange" is coming up next.

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it is 5:00 a.m. here at cnbc global headquarters. here is your "five@5." the dow doing something for the first time since 2017 and futures higher in the pre-market. is the rally at risk the stocks could start a major inflection point to derail the tech run up. and in washington, president biden pushing for a.i. safeguards who has the biggest players in the space signing on. china tries to boost the consumer