that's all for this edition of "dateline." i'm andrea canning. thank you for watching. welcome to "street signs" on this wednesday morning i'm sitting in for joumanna bercetche who is covering the credit earnings in milan these are your headlines nissan and renault finalize their new terms, agreeing to invest up to $660 million into its french pier's e ve unit, double ts in first quarter profits. we hear exclusively from makota uchida straight ahead.

luxury reports its euros, but it's starting to plateau following years of covid big spending. unicredit gets a lift from rising interest rates and raises its net target for the year after posting a second set of better quarter results the ceo tells me exclusively he's confident in the company's unlocked strategy. >> for 2024, it will be less supported, we're going to see it continue to converge and inflation will have its full effect, but we believe the lock will plug it up. and higher rate environment with santender there's a near 30% fall in second quarter profits.

>> the environment, looking forward to the balance of the year, should remain about the s same, perhaps improve slightly so we're optimistic about the path forward meanwhile our top story, nissan has hiked its full year outlick by 6% to 550 billion yen on the back of a bumper of a first quarter earnings report, that is, the operating quarter almost doubled up 124% or the net income up 124% amid higher production on a weaker yen the japanese auto giant did flag some weakness in china, though, there were headwinds from the pandemic and intense sales competition made asia the only region to see sales volumes overall fall on the year the earnings beat comes after the automaker finalizes its

terms with renault, putting two companies on a more equal footing. along that note, i'm pleased to say we're joined by mr. ma makota ushida to discuss their future plans it's great to have you in the show thank you for your time. i want to talk about the terms and conditions as you renegotiate the terms. are you happy with the structure? >> yes we're very happy we're able to finalize our agreement with our partner for the alliance. >> i do want to understand in this new structure, are you really putting past behind, and have longstanding tensions between nissan and renault been addressed once and for all

>> what i'm happy to report as we mentioned in february, we are doing this, bringing the next transformation into alliance in the new era. so if you look at the work today, you know, we have a lot of the different speed on each market, and what i always think is we cannot do the continuous past for future growth we need not to think about the past, how we can transform ourselves to prepare for the business environment that we are already facing from that point of view, that we made this deal, different agreement with our partner, including the high value creation of the project together including the planned strategy and the principal cost of holding. all of it is this is part of

nissan's vision. it supports our regional strategy, which is a core for our long-term strategy. >> indeed it is, mr. uchida. i want to get your sense on the initial investment is this the initial investment would you ramp up more, or would there be greater participation in your end. >> we're looking at this as the completion it makes sense to participate in the ecosystem with our long-term alliance partners, investor. we did decide, ourselves, to invest up to 600 billion euro. it's consistent in securing it and advancing the scale to cost efficiency and improve competitiveness. so this is what we have already decided and now we need to build

together how we can make first the nissan strategy in europe and how does the alliance, this good asset, can support that to lead us to be a sustainable growth in the respective market. >> but how do you position uche u.s. and europe? >> i will put it this way. again, the market disruption is so heavily happening and we need to have our differentiation, how we can demonstrate i have to admit we have not been outstanding on the scales and everywhere, but let's not forget we've been deal for the last 13 years with selling the e ve. we came to the conclusion to sell the battery, and we believe

this is a game-changer and this will help through our strategy. >> i want to understand that point forward. you talked about how you face a big challenge in china, given the big drop in first quarter sales. you have already decided to launch multiple new energy models in the country from the next financial year onward, again, very competitive market how do youaddress these challenges on demand and look to grow in the region >> okay. so in china, i was ahead of it and i know how the market is evoked the speed is coming much faster than we anticipated maybe due to

the covid situation or the business situation in our environmental. our strategy is to maximize, use the existing local asset, and carry out necessary lead form with speed, and this is one of my -- i already commented that our focus is particularly on the customer who have been a nissan user for long years with a high-value product that are as competitive as those of fast-growing local brands at an attractive price is what we need the key is our business that encompasses the entire value chain, including the parts sourcing, designing, development, production cesalesg and aftermarket sales. this is a key time to market i once again want to emphasize that how we can enable those to make the nissan brand for the growth

in the market knowing the circles we are facing. >> oh, absolutely. we wish you the very best with your business plans there. i also want to talk about -- i just want to touch upon the market you mark it as a potential to expand in. you know, how are you looking at how ev-ready it is from an infrastructure standpoint, and how much scale are you expecting from that market >> well, in india, this is a part of our partner with renault, which we already have announced about the $600 million investment in supporting six new models to be made in india, including two electric vehicles, additional r & d activities to create jobs and for the china factory to become a carbon-neutral plant we have to be steadily ready do

that with our partner renault and how we can make sure or presence can be further demonstrated with that high potential market like in india. >> but as you look to integrate tesla's charging plans into your ev in canada and the u.s. in 2025, i want to understand what the sales markets are like for north america and that whole region. >> we finished on strong sales, up to 44.7% from the previous year, and after that, 45.4% in the retail it led to strong performance at the end of the month we are further going to make our stratification in the u.s. i don't think it's not easy in knowing how the u.s. market will

evolve, but we need to make sure we can make our value to be a presence on that particular market so i am very optimistic at this moment we have to do a lot of things to create our strategy. i'd like to emphasize that is a vision of the way we want to go, but we need further to demonstrate that through the midterm plan which we are building now and expect that to be -- aimed to be announced at a later period including each respective market with the u.s., japan, what will be our strategy china announced it a little bit, but it has to be in our ultimate plan. >> what does this mean for your pricing because your margins expanded during this release i wonder what you're planning to do to maintain margins at these levels or expand it given the

pressures that you're seeing. >> i think the cost side is very challenging, knowing that everywhere in the world today what is happening and we have to be careful or we have to be part of a partnership with our supplier in order to have the competitiveness be restored. pricing is another thing because we always think about what is a value for the customer, so we would like to have the value where the customer's willing to pay and how we can first optimize the cost side czech enables the profit to be something to become healthy, and our new product is showing that momentum of making the auto profit by each vehicle, but, again, i will not underestimate the situation of the cost, knowing that the inflation and all this environmental we are facing we need the foundation to support that this is what we're also trying to build in 2024 -- sorry, 2023

will be the most important year for us how we can continuously use it and how farther we can demonstrate how to grow in each respective market under such difficult business circumstances. >> thank you very much for joining us, and we wish you the very, very best for the future your stock is telling the story. all the very best with your future plans >> coming back to the markets here midway through the week and gearing up for the second half, we're looking at wednesday markets in europe, seeing more negative breadth more declines to the advancing the heat map is showing things are not looking that great from an individual market perspective, but the indices, let's mark that for your viewers. we're look act most markets being fractionally lower or higher the cac, the french market is in

profit-taking right now given earnings results coming out in the region and the german market is also under pressure, down by nearly half a percent. on the flip side the italian market and spanish market are moving fractionally higher they're bracing for the ecb's decision and stateside for the f fed's decision later breaking it down, sector by sector, we're looking at travel and leisure. there's nothing standing up. household goods seeing profit-taking. it was up in the two sessions of the week, the first two sessions of the week. basically sources also, i think, pairing back from the gains we saw earlier this week. telco's also under a bit of pressure, but let's really drill it down to the big earners this morning. it's been a long list.

unibank, santander, and others echoing the same thing the luxury exporters are facing. unicredit up about a percent and a half what are we seeing with deutsche bank the ultimate performance did beat expectations on the downside the profits fell 27% year on year you see deutsche banks down by only 0.6% and porsche down by 1.5% and a we mentioned, sales of lvmh was boosted by china. that offset the weakness in the united states. the group saw revenues rise 15% organically in the first half of the year with net income coming in at nearly 8.5 billion euros i'm pleased to say charlotte joins us with more on this story

to talk about lvmh's earnings and also the fact that channel demand is a real pressure point for the business charlotte. >> it's the largest luxury group in the world we've heard from others we see the rebound of china benefiting these companies, but certainly a softer demand when you look at the u.s. that's what we saw there with lvmh q2 sales, up the u.s. was down 1% and the cfo said last night it was the aspirational level that was falling, whether higher priced goods were falling the return of tourism is benefiting their sales 19% in europe looking at the divisions here as well, the legend of growth, they were up 27%.

it was slightly below expectations there in that part of the business. they're performing quite while we saw pharrell williams present his first men's collection watches and jewelry up 13% remember they acquired tiffany's years ago. this is having excellent momentum they just reopened their fifth avenue store, their landmark there. that's 10% of their sales. they hope the return of the reopening of the store will boost sales. sail sales of pharrell performing well the only one that didn't perform was wine and spirits they went down 8%. we saw a lowering of cognac.

what we heard is there will be no further price hikes they had to adjust them because of the strong euro they won't do this despite hiking them by 4% in july and 5% in june. they approach the second half with confidence and optimism while remaining vanilla lent we see a reaction because of the slightly softer than expected in fashion and leather and, of course, that softening of the demand in the u.s., but at the moment, china still offsetting this, and, again, the numbers are quite good, and it's a stock that's performed about the 22% one final word, just one year before the paris 2024 olympics today, they just announced on monday there will be a premium partner of the games, and so they will be making medals for the games. they will be addressing the french litigation as well. it's probably a very big

investment, but it will give them visibility, something to keep in mind going forward as lvmh is trying to rent paris. >> a lot is looking up for paris, but it's just not their market thanks very much for running through the numbers. coming up on the show, our next guest says it's set to reach its targets. we'll discuss more after the break.

my name is ashley cortez and i'm the founder of the stay beautiful foundation when i started in 2016 i would go to the post office and literally fill out each person's name on a label and now with shipstation we are shipping 500 beauty boxes a month it takes less than 5 minutes for me to get all of my labels and get beauty in the hands of women who are battling cancer so much quicker shipstation the #1 choice of online sellers go to shipstation.com/tv and get 2 months free

earnings enagas improved, boosted by the stakes of its mexican gas firm it's on track to meet the annual net target of 320 million euros. i'm pleased to say i'm joined by the management of the business, the ceo arturo gonzalo aizpiri joins me to give us a sense. it's good to have you on the show thank you very much for your time i want to start out on the assessment of the earnings and the one gain you reported.

of course, it helps you meet your earnings target for this year, but what about next year and going forward? what's the outlook >> indeed as you mentioned, this sale in mexico has given us a significant capital gain, but the company's doing very well in the rest of the components of the strategic plan we are balanced very much to be the leader in the development of the hydrogen market and economy in spain and in europe our large european infrastructures are moving forward, i think very successfully we are showing a lot of success in our efficiency plan i think we are showing that enagas is very well protected against inflation and the rise

of interest rates, and we are already making a reality the plan for improving the security of supply for gas in spain and europe for instance, we have just put in an operation the seventh recertification lng plant in europe so we think the company is showing the strategic plan is going forward even better than expected, and that shows the reality of a growth prospect for the company in years to continue. >> and the gas supplies you're talking about extending out to europe, how are you funding it >> you know that our main hydrogen infrastructure projects have an estimated capex of 2.5 billion euros in what we call

one of the names of the hydrogen corridors that have been initiated in europe lately and you know that we are working to have those projects included in the european projects of common interests that's a prerequisite to be able to apply for european funding, and we hope and we are convinced that our projects will be reachable for connecting the european facility. so this is a very ambitious capex plan 2.5 just for the international connections, but we are seeing very good prospects to be reachable for having very significant european funding for those interconnections. >> right and just on that subject,

speaking about hydrogen, the focus on hydrogen infrastructure, you're saying that spain will be reachable for funding. where would it be, the magic numbers, that the europeans could extend out to you for your hydrogen ambitions >> you're absolutely right it's true that this interconnections can apply for between 30 and 50% of the capex, but we need to finance the rest as well. we think that we will have to find funneling sources the first is europe. there's the cross border cost allocation processes that means those countries that are going to benefit from the infrastructure will have to put part of the cost as well in this case we are especially watching germany because germany is going to be the main green

hydrogen import market in europe to supply the german industry with renewable competitive hydrogen so we trust that germany will finance part of the infrastructure, and, as a matter of fact, the german government has announced an interest in being part of the process. and the third funding source will be an open system mechanism for end customers and consumers to commit fair end capacity, very similar to what we have done with the trans ooceanic pipeline we know very well how to launch and carry out this europeanwide open systems scales, and one of those will be also put in place

to help financing these very large european infrastructure. >> right mr. aizpiri, thank you very much for joining us and giving us details about your plans for going about your business. let's head out to joumanna. >> that's right. unicredit is one of the best-performing stocks in the stoxx 600 this year. the momentum continues we're going to bring you our exclusive interview with the ceo in just a few moments. we're live from the unicredit headquarters in milan. we'll be back in a few minutes

when we started our business we were paying an arm and a leg for postage. i remember setting up shipstation. one or two clicks and everything was up and running. i was printing out labels and saving money. shipstation saves us so much time. it makes it really easy and seamless. pick an order, print everything you need, slap the label onto the box,

and it's ready to go. our costs for shipping were cut in half. just like that. shipstation. the #1 choice of online sellers. go to shipstation.com/tv and get 2 months free. happy hump day, everyone welcome to "street signs" this wednesday morning. i'm in for joumanna bercetche who is covering unibank earnings in milan let's get to your headlines. nissan and rehn nault agree to invest up to $660 million into its french peer's ev unit.

ceo makoto uchida tells cnbc this will be a pivotal year for the business. >> 2023 will be the most important year for us, how we can continuously use the momentum we build on it and how farther we can demonstrate ourselves to go in each respective market under such difficult business circumstances. meanwhile lvmh reports more than 20 billion euros in sales in the second quarter but shares drop as the luxury giant indicates the sector's starting to plateau following years of false forward big spending unicredit gets a rise from interest rates after posting better than expected second quarter results. ceo andrea orcel tells cnbc why he's confident in the bank's unlocked strategy. >> in 2024, the macro will be

less supported, and inflation will have its less effect but we believe unlocking it will plug the gaps. and premarket better than expected revenue and profits driven by growth in its cloud unit, but microsoft turns red as guidance disappoints while snap also sinks unicredit has reported its second dwquarter earnings it increased almost 6 billion euros. as i've been telling you, my good friend and colleague joumanna bercetche has been in europe giving us a plan on how things are shaping up and the strategy going forward

joumanna, take it away. >> it's always a question of looking back at how the quarter was, but also looking ahead and what the guidance is looking like in the second half of the year, and on both of those accounts today, unicredit has been doing really, really well just to give you an overview of the numbers, going into today, the analyst community expected for us to see a dip in revenue in fact, we did not just get a dip. we got a plus 24% increase year on year in that top line number. that is really a reflex of how much the business is growing but also how well the bank is gearing toward higher interest rates. remember, we talked a lot about the upcoming ecb meeting there's something else set to happen tomorrow. because of the interest rate hikes that the central bank has introduced, it's been a tail wind to many banks unicredit has looked at their increase on the income when i was speaking to the ceo,

he said even though they pencilled one more rate hike, possibly two, from that standpoint, net interest in the tailwinds may start to subside but the business as a whole is still in a very good position because of the amount of time they've spent on their unlocked strategy so this is a strategy that the ceo introduced a couple of years ago and intends of restructuring the business, trimming the business down, streamlining, and reducing the costs in an inflationary environment the fact that they managed the beats on both the top and bottom line, even though the business is growing at a top line level, they're keeping their cost under control. let me bring you a little more as i sat down with the ceo and why he's so confident about the bank's numbers from here onward. >> in 2024, the macro will be less supported we're going to see the best two continue to converge, and inflation will have its full effect, but we believe the

unlocking will unplug the gaps so we will continue to keep costs flat or down we will continue to prepare the price of the revenue line that are beyond a.i. through the investments that we're doing and all of these things together should be in line in 2024 to what we have in 2023. >> there are lots of impressive numbers in this set of results one number in particular that stood out to me is your return on intangible numbers that puts you in a very enviable position versus other banks, your peer group. why is that number so high >> the 21% is adjusting for the excess that we carry, which is almost 10 billion now, otherwise, we're at 17 why is it so high? because this bank is now completely different from what it was in 2020, meaning if you look at the kpis across the

regions, every single one of them has improved. costs have declined and are going to continue to decline revenues are increasing and they're going to continue to increasele our custom risk is now structurally lower than what we had in the past six or seven years, half actually what we had in the last six or seven years because the quality of our portfolio and the level of provisions we have allows us to have a lot better amex than we've ever had then we're quite confident going into the future if we have, as we will, have an increasing cost of risk, we will be able to keep it down through the overlays that we have but if you look at all the lines, revenue, nai, fees, cost, cost of risk, profitability, they're all going in the right direction. and the other thing i'm very proud about is the team has delivered in every single business there is no business that is lagging. all the businesses are unlocking and progressing.

>> that was the ceo andrea orcel there saying all aspects of the business, whether it's revenue or costs, all of them are going in the right direction, which has given them ample confidence to not only raise their guidance, but also their distribution target and this is a key for the investment community. the stock is up almost 70% year to date, and part of that is because of the huge returns. unicredit have a policy of paying out 100% of their profits. now they're guiding to a payout of more than 6.5 billion euros for this year. so no wonder investors have reacted quite positively to the set of results we've released today, no doubt cheering the quarter as being strong but looking ahead in the year and it's very strong ite e one of the best performing stocks in the stoxx 600, and

there's reason for that continue. >> absolutely. the return is 160% thank you very much for breaking down the earnings for us. deutsche bank reported a first half profit of 3.3 billion euros, up 2% on year, despite absorbing nonoperating costs of 744 million euros. that was its highest first half figure since 2011. net revenue draws 8% on year to 15.1 billion soours. i'm pleased to say we have silvia amaro on set. w what do you see? >> on one hand we saw investments up, and on the other hand, revenues were down 11% on the year if we take a look at how the shares are trading so far this morning, deutsche bank shares

are down about 1.5% and some of this price action might have to do with the costs. this was one of the big headlines really from the set of results. costs were up on this quarter, and the whole management team really has made comments that this will be their focus for the coming months to bring down those costs to continue with their cost-saving plans, and it's particularly important due to the high inflation environmental we're seeing across the eurozone. i also had a chance to speak to the cfo and ask him about the fact that they're also seeing lower loans across the euro, asking whether monetary policy has reached a point where it's already too restrictive on the real economy. >> obviously the goal of the tightening policy rate environmental that we've been in to slow down the economy and it's absolutely the mechanism we expect to see.

that's something we even seen in our business so loans were down particularly in the corporate bank, although, some of that represents our own discipline around the use of the balance sheet for the highest return opportunities but we've seen some slowing in loan growth and some decline in our balances our sense is that will be temporary. there's an adjustment going on to the highest rate environment, and as borrowers find -- the floor finds their footing, we expect that to settle and set sbool a growth pattern from a new base. i'd just like to get your thoughts as well on the german economy because recently there's been quite a lot of negative data really. the imf is more negative on the german economy what is your outlook for the domestic market for the rest of

the year >> look. for the last two or three quarter, it's been bouncing around the zero growth line. we're perhaps in a technical recession in the winter months our view is that represents sort of areas of the economy that are clearly recessionary you know, the building sector of the economy, the real estate, has been recessionary. there have been other areas that have been stronger until quite recently, i think industrial order books were reasonably strong. the service sector has been recovering from covid. a mixed picture. our view is that we should continue with a degree of stability in the coming quarter. so 5.5% growth for the full year would imply about the same performance in the second half, but like your question about loans in the rate environment, we think we're getting to a place where there should be sustainable growth after we've worked through the impact of

interest rates and some of these recessionary aspects in the economy. a lot to look at in terms of data around export growth and the like, but there's this balance of forces that we see as basically happening at the moment. >> now, deutsche bank also announced it be be repurchasing shares, up to 450 euros by the end of this year and according to commentary by nalls, this is something received as good news. so let's see how the stock will continue to trade for the rest of the day all in all it seems the deutsche bank is in a very good condition compared to a couple of years ago. >> absolutely. that's not showing up in the numbers and the market is excited about that. moving on, santander reported a second quarter net profit, beating analysts' expectations

the spanish lender says higher rates boosted its line and it's on track to meet its full-year target. i want to touch on lloyds bank they've lifted their guidance despite the first quarter results. it boasted profits up 800 million pounds on the year to one of our other top stories, natwest's ceo resigns over nigel farage, the bbc journalist arabile is breaking it down. arabile. >> you see the stock go down it's one of the lowest stocks overall. we thought we'd give you a quick rundown how the sequence of events has happened. the uk's former leader nigh gel

farage said his bang account had been closed for what he deemed was serious political persecution. he thought there were political reasons put forward. why that has not been confirmed yet, he said that was happening. we then got word from bbc on the fourth of july, they pointed out the key reason for this coming through from a serious source then, they had reported that farage's account had been closed for falling below the financial limits that was on the fourth of july they cited that senior source saying that senior decision was a commercial one, not a political one, and they offered him an alternate account on the 18th of july not so long ago, farage's views at odds with our position as an inclusive organization that's what they came out

saying, clearly stating it indeed was for his political views ans as the former leader the independent party and they didn't think that continuing bank with him was compatible with coutts given his publicly stated views at odds with being an inclusive organization. we then got word from the prime minister rishi sunak who said it's not right for financial services not to be available for anyone for their right for free and lawful speech some of that was the sentiment coming through from him having been asked the question by the former economy minister in parliament the very next day the treasury decided, well, we're going to tighten the screws a little bit and come out with restrictions a little bit better. we're going to in plea meant rules that it's going to be the case the bank would have to give a reason for closing your account. secondly, it would have to give you 90 days before it does so so

you can actually appeal the decision those regulations were put in place to try to make the situation a little tighter we then found out who the bbc's senior source was who said this was the case and that it wasn't for political reasons but commercial reasons that was the ceo of nat west, dame alison rose who said yesterday she had made a serious error in judgment of discussing that with the bbc. that, of course, led to alison rose resigning earlier today, which, of course, is the big news stoirk bringing down the shares of natwest, one of the banking ceos across europe. >> thank you very much, arabile. all the twists and turns leading to alison rose's resignation. the fed chair prepares to announce its latest decision we look at what to expect just ahead.

(woman) what would the ideal weight loss program look like? no hunger, no cravings, no isolation, more energy, lasting results, and easy. is that possible? it is with golo. these people changed their lives with golo without starvation dieting. whether you have 100 pounds to lose or want to shed those final 20, try golo for 60 days and never diet again. (uplifting music) when we started selling my health products online 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.

let's focus on earnings. alphabet kicked off with better than expected quarter earnings results, $74.6 billion while ebs also topped estimates by 28% over year and ad revenues rebounded increasing on an annual basis for the first time in over 12 months. shares are higher in the premarket seg as you can see on your screen, popping 3% as you can see. snap getting pretty much hammered out of shape, 18% in the premarket. microsoft shares, talking about that, are in the red despite a beat on the top and bottom lines after the software giant issued lower than expected guidance in its cloud business microsoft rose to $56.20 billion

while revenue in the first quarter is expected to top out at $54.8 billion i have just the person to talk about these earnings, review them for the earnings. arjun car pal joining us on set. >> they've spoken for the last six months, seven months a lot of investors were expecting this to be a big quarter. they delivered pretty solid numbers. that was a slowdown from the 27%, by about a percentage point from the previous quarter. those comparables are difficult because we were seeing a lot of the demand bulling pulled forward last year given this sort of rise in companies trying

to move to cloud postpandemic. you look at the market, looking at $53.8 billion to 54.8 billion for revenue. i think it was those two factors why it was a bit of a disappointment but all in aushlg a pretty solid outlook. cloud continues to remain resilient while the market is cutting things the company is saying, yes, a.i. is something they're working on, but you're likely to see more impact on the revenues come next year that's what they were targeting around the a.i. would take longer to feed the result. but certainly in terms of the trends, certainly different. alphabet, different kind of business the key here for alphabet really was to deliver earnings that showed that the core was

resilient in what again is a very difficult macro environmental with businesses cutting spending on advertising. we saw that. google's business up 3.3% year on year. advertising revenue biting expectations youtube, a very key product because it has faced a lot of competition from others like tiktok and, of course, the double whammy for google really was the fact that cloud revenue grew 28% year on year so that was another positive for the company. >> does it seem like the market has so far given a premium to stocks like microsoft as well as nvidia, but a discount to alphabet and that is what the stock is catching up to right now? >> to some extent. i think that's a fair analysis when you look at the way the share prices improved, massive, massive premium. but as investors look around, i guess, the value stack for a.i., when you come to the chip space, come to -- one of the companies that are going to be supporting

a.i., microsoft is one of the key ones, not only because it has cloud product that is sells to other companies but the fact it owns the infrastructure behind that. the cloud infrastructure that's going to be another key part i think investors are looking where they're going to to find key parts of a.i. going forward and the market has been identified as one of them. >> very quickly, the stock price reaction, we see it as profit-taking because valuation seems so stretched. >> absolutely. a big run-up, around 46% this year perhaps there were a few surprises. why isn't a.i. being a bigger deal to this earnings quarter? >> i think it was a.i. around microsoft disappointed investors. arjun, thanks for walking us through the numbers. later today the u.s. federal reserve is expected to announce a 25 basis points rate hike taking the benchmark rate to its highest level in 22 years. you heard me right

investors will be watching out for any commentary on the fed for potential soft landing as inflation in the u.s. continues to cool. i want to cover the u.s. markets very quickly we're going to be looking at earnings reactions coming in from microsoft and alphabet, snap as well, but overall the implied opening is suggesting we could be in for a wobbly start g given the run the market has seen for 11 sessions >> that's it for today's show. thanks very much for watching. "worldwide exchange" is up next. stay tuned to 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 go to shipstation/tv and get 2 months free

it's 5:00 a.m. at cnbc headquarters and here's your "five@5. the fed's next policy move, one that can raise interest rates to the highest level in 22 years. and we have amazon on alert as federal regulators are said to file an antitrust lawsuit against the tech giant shares are falling in the premarket on that report and we're seeing snap selling off with its year to date gains set to be cut in