company and outside the company that are still actively being investigated. >> narrator: special agent durgin wants it to be perfectly clear. anyone that is involved in this fraud should expect a visit from anyone that is involved in this fraud should expect a visit from the secret service. -- captions by vitac -- ♪ good morning welcome to "street signs." i'm joumanna bercetche >> and i'm julianna tatelbaum. these are your headlines this morning. >> profits plunge 40% for aramco the oil giant proposes a bumper dividend and says supplies will remain adequate ass saudi arabi continues the oil path. and end of hiking after steep losses and u.s. futures point to an upbeat open as

cooler numbers marks the fed has reached the end of the hiking cycle. and siemens has a net quarter loss the ceo tells cnbc it will take years to work through the challenges >> keep in mind the charges are provisions for the future. we expect this over the next year to evolve and it will take us two-to-three years to work through this of and berkshire jumps to $150 billion with warren buffett posting a 7% rise with chevron paying off for the oracle of omaha.

very warm welcome to "street signs" and special because it is the first time in over a month we're back together. >> we calculated it. five weeks we haven't done the show together. >> i missed you. i missed the show. >> it feels good >> with that, i guess we should talk about aramco. >> a hard pivot. let's get to it. the earnings do continue to roll in this time from aramco with 40% plunge in second quarter net profits with low oil prices with refining and chemical margins. dan has been pouring through the numbers. dan joins us now dan, it looks as aramco weathered the period better than the western peers. >> reporter: you are right great to see you both back

together welcome back to your own program. thanks for having me we have looked through the earnings and the ceo sounding upbeat on the outlook here we have seen aramco beating expectations in the second quarter modestly despite the 40% decline in net income. we saw the number at $30.08 billion in the second quarter. that is down significantly on the year with aramco with $48.4 billion in the second quarter. that driven by weaker demand and weaker oil prices since the spike following the russian invasion of ukraine. -- has been navigating on the issues the stock is popping 1.2% in

saudi trade because aramco has doubled down on the perfo performance-linked dividends it will payout with profits declining. here is the ceo on the earnings call moments ago. >> we continue to drive forward in the first half of the year despite the economic headwinds we see signals that growth demand remains resilient and supported on the ongoing recovery in the sector as one of the most reliable lowest cost producer was one of the lowest carbon emissions, we hit in the second half of the year that we are on track to help deliver reliable, accessible and more sustainable

energy >> reporter: that was ceo nasser there. we will have a distribution of $9.9 billion in the third quarte quarter. it is the leading payer in dividends. with the reports we have combed through, with bp and exxon all announced payouts despite the fall in the second quarter payouts. they are keen to keep the shareholders on side as we look at weaker oil prices moving forward o forward. what we will see with the production cuts from russia, is oil prices increasing. the top forecast from goldman is calling prices at 90 by the start of next year we will see the market tighten

and perhaps that is helping to boost aramco results here with future dividend payouts. the other thing we are looking ought for on the earnings call is the cap x aramco will continue to invest in oil and gas assets. that is not necessarily new, but something we have been hearing for a while given the underinvestment it continues to see in the sector of at the same time, you get the sense aramco is suggesting that we are seeing profitability decline in the short term, but this is not a long-term trend. the suggestion on the call is we will see profitability increasing in the coming quarters something to watch as the oil market continues to tighten from h here >> dan, thank you for the overview the production costs is lower from the other companies you mentioned. i want to pick up on the points with the macroeconomics outlook. just a few minutes ago, the

aramco chief said chinese demand is expected to continue to grow and to support the current market recovery and still room for aviation recovery. what does aramco look like to the saudi national level especially in light of the agreement last week to extend production cuts further by 1 billion barrels a day until september at least perhaps they could remove them in september given what we hear from aramco today? >> reporter: it is an interesting question of the result of the opec group is production cuts to stabilize the market we have seen saudi arabia announcing this plan to extend production curb through september. that is the reason the oil prices have returned to the 80 usd handle it helped to offset the narrative with china, right?

the macro data on the mainland suggested that stall in the overall economic momentum and recovery there that is bad news for the oil market because china is a top producer of oil and top consumer of saudi oil it has been impacting the market and something aramco watches closely. it is something nasser talked about on the earnings call that is something to watch in terms of the saudi economy, we have seen saudi arabia really out performing in recent years the best performing economy in the g20 last year. we know it is revised to the worst performing economies because of the decline in the oil price. never nevertheless, aramco's profitability is aimed at the saudi government and the

government will still see the payouts which means the crown prince can continue with the agenda no real impact there perhaps the increasing may result in higher growth to come, but that remains to be seen. >> dan, thank you so much for a look at the aramco earnings this morning. super important to watch in the commodities space. let's get to nicholas hyatt. you were with us for that segment. i want to ask what we learned from the oil and gas companies the last couple weeks. profits are down bp was down. aramco was down 40% today. the shareholder distribution is a focus for the companies. all of that together, does that increase your appetite to get involved in the space or is your view that because of the softness in the oil prices mean it will be difficult to perform

here >> it is hard to look at the results and not think it is in a good place the headline for bp and profits is looking painful underneath the surface, bp is doing well you have cash flow which is positive in the last 12 months, bp used that to buyback shares that means they have increased dividends 10% without increasing costs for the company. that cash is not only used to pay back shareholders which is great if you are an investor, but it means future business which is up for business in bp's case, you have the americas for this quarter and expand the electric charging and convenience network. also wind energy in germany and hydrogen which is an area that bp is putting money.

not much more than seven times forward earnings that means bp in particular, but generally, the picture is positive looking at the aramco specifically, it is in a better position the great thing about the producing oil at $5 or $6 a barrel, changes in oil prices are marginal, really which means aramco is down 40% and majors are down 50% actually, you are looking at a sector which is out of favor, but fundamentally, it is looking strong >> we will pick up the conversation next time thank you, nicholas. if you want to get involved in the conversation, you can access -- i would say tweet, tweet us @cnbcjulianna

>> that's the first time x us >> x us. >> don't x us. all right. coming up on the show, markets start the week on a positive note after the s&p and nasdaq have the worst week since march. we'll be right back.

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welcome back to "street signs" everybody let's see the heat map behind whe w me it is evenly split between the green and red. the u.s., of course, was watching closely with the payroll prints on friday it will be softer with the headline level and higher on average with hourly earnings something for everybody. the take away is the investors are pricing an 80% chance or 20%

chance of the fed hiking again in september markets have come to the view the fed is pretty much done with the part of the hiking cycle on the back of that, you see equities trade sideways. the hand over from asia was muted. we have macro data coming out. u.s. cpi coming up in europe things will build up as the week goes on of in terms of the indices, it is split. ftse mib is leaning positive up .40%. the defensive swiss index as well dax is under water down 7 points below the 16,000 mark. we are pointing to the german industrial orders which were disappointing today. minus 1.5% month on month over

expectations some industrial data from germany continues to surprise to the downside cac 40 is trading flat in france ftse 100 is down .25% as well. as i noted, we will watch out for macro data in addition to the earnings coming out this week as well in terms of sectors, this is what we are seeing leadership in healthcare up .50%. tech up .40% despite the weakness last week some of the chipmakers got hit stood t toward the close last week that is something we can park in that basket. on the flip side, basic resources down .80%. that is linked to the data from china. on that front, export numbers and trade numbers to watch out for tomorrow on wednesday with, ppi numbers will be watched from china

an indication whether or not that economy is still in deflationary mode. travel and leisure is down as well on the macro front, i touched on this earlier let me give you more information with respect to german industrial production because it did come in worse than expected in june. output fell 1.5% a full percentage worse than forecast you can see the key german chipmakers in that space it is pretty mixed it tells you the industrial back drop in german isy is not constructive siemens posting 3 billion euro for the third quarter after technical problems at the mesa unit the company expect to post a net loss of $4.5 billion euro per

year we are seeing a marginal reaction in the stock today. a lot of the bad news was priced in the ceo told cnbc the challenges will take several years to resolve. >> we have assessed the situation and it is not based on all of the information on the rough technical analysis this is what we are looking at in the moment in terms of fixing the issues keep it mind, the charges are provisions for the future. we expect this over the next year to evolve and it will take us two-to-three years, obviously, to work through this. however, the charges we have to take now and we have to work to the different elements over the next couple years. u.s. non-farm payrolls were lighter for july rising to 187,000 on the month that is compared to 200,000 estimate the unemployment rate was lower than expected at 3.5%.

hourly wages rose 4.5% this adds to the sign that the u.s. economy is cooling and the markets are putting the chances the fed will keep the rates steady at the september meeting at 86% nicholas hyett from wealth club is still with us nicholas, let's pick up on where u.s. markets stabnd s&p and nasdaq posted the worst trading weeks since march. that is with the non-farm payroll reports on friday which boosted the expectation the fed may achieve the soft landing why the weakness on wall street? >> i think what we can figure over the last week and we saw it with the results over the weekend is that the u.s. co consumer is looking a little bit weak we saw it in beverages with the companies posting the weak margins and applie also

suggesting that market is weak i think the u.s. economy, at large, is looking like it will deliver a reasonably soft landing, but there are signs there isa lot of weakness underneath that. we are looking backwards the next quarter is uncertain. >> let's dive into the details and where the weakness may come from earnings season stateside and last week was the busiest season the key is the earnings which was the driver and earnings had been better than expected. it beat 80% for the s&p companies that reported. is that going to start to eat into demand in a more significant way? if so, what are the sectors to avoid stateside? >> i think we are already seeing that if we look at beverages from

last quarter, we are seeing massive decline in volumes missed in single digits and high single digits offset by price incr increases. that is a key revenue factor the cost pressures are hitting the bottom line. the slightly premium consumer products superior branded beers and syrups or if you look at apple, you see a real stress in the products of the business it is not in trouble, but it is not growing the way it was six months ago that is particularly in tech by increased profitability. these are more in services and subscriptions for the consumer in apple, the products are the business with the gross margin

up 30% you are just looking at the bottom line with that switch i think it is the high-ticket item people are avoiding. >> nicholas, i guess in a similar veain, we have been poring through the data. year on year, the reported earnings showing a decline revenue is seeing a marginal decline. we are seeing analysts downgrade the earnings forecast going into q3 and q4. which parts of the market will be more immune to some of the declines that we talk about both on earnings and expected margins and on some of the expected macro headwinds as well? >> services part of the market seem to be doing much better there is probably a reason for that they occur regular monthly

spend. discretionary is coming under real pressure. you are looking at areas of the market that are slightly better and defensive areas with the consumer staples which should do well there is no reason to think there is fundamental weakness in the market and more service driven businesses. i think probably netflix is in a better position than apple it is not got that regular big-ticket expense that apple has built into its business model. >> speaking of service, disney is coming up this week what are you watching for there? a lot of decision making that bob iger has made since coming back to lead the company what are you looking for in that earnings report? >> i think we're expecting a modest improve m ment -- improvement in revenue

that business is a real area of focus in general it is a big-ticket item. it is discretionary item that you might not consume if you are feeling the pinch. i think we are hoping the path will continue the momentum i expect to see weakness there the other thing to look out for is how the subscription with hulu which have good numbers with others like alphabet and youtube. that netflix has done well in the last few months, disney struggled and stood still in q1 on subscriptions it could have a strong quarter with the cable cutting is strong

i think that is now unavoidable trend for disney they need their direct-to-consumer subscription business to deliver for them. >> nicholas, we will leave it there. thank you for joining us nicholas hyett from wealth club. berkshire hathaway posted a growth of 6.6% growth in the second quarter with the insurance business boosted by higher interest rates. berkshire reported near record high cash holdings which could grow in the coming quarter after warren buffett said the company will continue to invest in short-term treasury despite the downgrade. we have been poring through the numbers with arabile >> joumanna, all of this is on the basis of higher interest rates and rising stock valuation. the earnings impact of those higher interest rates on investment income has actually insured we have been able to go beyond the slowness or slowdown

that we have scene of the very same interest rates on the economy. it means the operating earnings pushed up to $10 billion u.s that is up 6.6% from the 9$9.42 billion we saw a year ago. it tells you things have grown a lot of entities have been pick up on what has been pushed through with the likes of bnsf and berkshire hathaway energy put in quite a bit in the business the insurance business, geico managing to make more money and berk berkshire making money the $80 billion after the loss in 2022 in the second quarter to the $37 billion loss for the

quarter. investment gain is $26 billion a lot of that coming from apple. they may have disposed some of the stock, but the bet on apple has gone to $177 billion that debt is helping considering how far apple share price has grown. what does it mean for the share price of berkshire hathaway compared to the s&p 500? well, berkshire hathaway has gone up 14% year to date when one compares that to the s&p 500, which has grown 17%, yes, it is a slight laggard, but they are doing everything they can to grow similarly in that market on the back of some of the gains coming through, of course, from apple with good, does come bad in the portfolio, apple gained 40%, but the laggards have been chevron. they let go 9 million shares out of chevron you look at the top five shares.

chevron at the bottom of the list having dropped 11%. s&p 500 having gained 17%. not moving in lock-step there and not helping the overall portfolio. guys >> arabile, thank you for the breakdown. for viewers, we hear from an investor who says warren buffett is the inspiration coming up on wednesday. guy spier will talk to us. you can subscribe to the qr code to access that conversation. and coming up on the show, uae player rings the bell at the u.s. open marking the green bond issue. cfo niall hannigan joins us next

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the oil giant posts a bumper dividend ass saudi arabia continues the oil tightening >> we see global demand remains resilient supported with the ongoing recovery in the asian sector. european equities fall on flat note after the u.s. losses. the job numbers have the markets banking on the fed reaching the end of the hiking cycle. siemens cuts revenue outlook and posting a loss of 3 billion euro the ceo christian bruch says it will take years to work through. >> keep in mind, the charges are the provision for the future we expect over the next year to evolve and it will take us

two-to-three years to work through this of berkshire hathaway jumps to nearly $150 billion as warren buffett's company posts a 7% rise in earnings with the oracle of omaha investments in apple and chevron paying off let's get a check on the european trade this morning. we are an hour and a half into the treaading session. you see equities lower following the downbeat despite the job report giving confidence that the fed may be able to achieve the soft landing it has been trying to achieve for the last year plus. now, we have ftse 100 down .50%. the dax down .30%.

cac 40 down 20 basis points or so a little more resilience in the defensive smi, swiss market down 12 points. turning to forex markets, the dollar has been trading higher against the currency sterling is weaker against the greenback at 16 points 127.27 and euro against the dollar is keeping below the 110 level. do dollar/yen is up .80%. and wall street suffered steep losses last week s&p and nasdaq logged the worst week since march this morning, we have a rebound. all three majors in the green at this stage and what is a big week for data with the u.s. cpi the highlight stateside to look out for here and one company which was at

the london stock exchange at the market open marks $760 million green bond issuance. the clean energy projects tied to the green framework i'm happy to say niall hannigan is joining me at the desk. you will be at the london exchange to mark the green bobo bonds. tell us what you will do with the revenue raised and how it tie into the strategy of the company? >> we raised $50 million in the green bonds and green finance framework. under that framework, it is the use of proceeds framework where we made it clear that money will go into the darkest of dark green projects

new greenfields. solar winds and battery storage projects many for developing countries. what we are doing is accessing a new pool of capital which enables us to deploy that capital into new capacity in new developing economies around the globe. >> you have the summit in dubai in a couple of months. one criticism directed at the uae is how can it be this country is one of the biggest producers of oil in the world and same time trying to be taken seriously on the global level with sustainable and green i inve investment is it possible to be clean green and invest in hydro carbons? >> i think masdar has been around for 17 years. we were born from the vision the uae had to take a role in

climate change and renewable energy when i look at masdar, we have a significant role to play and abu dhabi in the energy transition we announced a global strategy to grow by 2030 and green hydrogen production by 2030. if you look at the announcement, the president here for us, set a target by 2030 for renewable our strategy plays a role in advancing not just abu dhabi by 2050 target to net zero, but the other areas of the. >> did the uae continue to invest it is a trend we are seeing

across the western world as well with oil companies investing in traditional alongside renewables is that the right balance? should the gulf states invest in the traditional fuels at the same time as accelerating projects that you are leading, for example? >> we have the energy transition and in the energy transition, you have that combination with new sources of funds with that energy in the rehe newrenewable, we lon deg -- look to address the grid capacity and intermitancy and the battery storage to address the challenges to integrate more and more renewables into the grids. you are in a transition and in a tran transition, there needs to be

transition to introduce capacities into the grid and at the same time, making sure the grids continue to function in an effective way. >> can you give us color into the investor base? who is buying into the green bond and the pricing level >> the interesting outcome of this for us and when we look at the green initiatives, we have been successful at 5 times subscribed our group at 4.2 billion on the $57 billion issuance 87.5 is international investment base of t base that is a mix of pension funds and private wealth funds investors have seen a value in masdar as a business of they recognize the sustainability and recognize the role we have to play as the uae

renewable energy champion with the uae achieving the 2050 target and global energy transition we have seen investment appetite which is a positive outcome. >> absolutely. very interesting that so much was international investors. one thing that stood out to me from the first response with the proceeds and where they are going, you said some of it is i invested in it developing nations. one challenge is getting them on the grid where does the company like masdar come in to bridge that gap? >> introducing renewables into the economy? we have done the bond issuance one with issue which is has been raised between growth north and south with global financing.

you have the green bond issuance is the investors are raising capital from new pools of investors to deploy in the developin developing economies they are taking masdar risk. we are dipping into the pool of liquidity and allowing that to flow into the developing economies and challenged countries without investors exposing themselves. they look at us and masdar and look at our financial sense and see the partner to make it work. >> niall, thank you for taking the questions. congratulations on opening the london stock exchange. cfo of masdar. morgan stanley named three high conviction stocks in the asian pacific region

you can find out more by scanning the qr code on the screen coming up on "street signs," we will discuss the ukraine talks coming up next all of the implications for ukraine and what it means going forward.

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welcome back to "street signs. security sources have told cnbc that russia oil tanker has been blown up with the kremlin officials confirming a ship had been hit by a ukrainian drone in the straits. neither nbc or cnbc has been able to verify the claims. on x, formerly known as twitter, there will be no more safe waters in the black and azov seas. china would be willing to attend further talks ending hostilities in ukraine according to the financial times in

jeddah the notable exception of russia which did not attend speaking at the meeting, the ukrainian president volodymyr zelenskyy said attendees may have different approaches to world affairs, but united by the priority of international law. we are getting fresh lines from the foreign ministry that talks in saudi arabia on resolving the ukraine crisis helped to consolidate international consensus. analysis shows western chips in phones and computers are continuing to enter russia for military use despite russian sanctions. $2.5 billion of chips in 2022 reported karen has been following this story and joins us this morning. karen, great to have you on the show great piece of reporting i had a read of it this morning. give us an overview of where

exactly these chips are coming from and why russia continues to access them? >> i have been diving into this. the western technology, the chips and u.s. micro chips have been finding their way into russia for use in the military equipment. now this is in china and turkey and united arab emirates according to the areas i have been digging into and it is not complex technology you expect. these are found in our phones and laptops. they are able to funneled through other companies into russia let's take a look. >> this is a military radio. encrypted russian radio issued to russian troops. >> tell us about the components. >> sure. once you start opening it up and digging inside, you start finding, what i explained

earlier, is the chips. >> reporter: in 2022, the year moscow launched the invasion of ukraine, russia imported $2.5 billion of semiconductor technology up from $1.8 billion in 2021 >> russian military has been acquiring and stockpiling a different type of systems, including electronics. >> reporter: in fact, analysis of 58 pieces of critical russian equipment recovered from ukraine fields recovered 1,000 foreign components western semiconductor technology they suggest china is, by far, the largest consumer of russian chips and technology found in battle field items more than half of the goods were not manufactured in china, but produced elsewhere and shipped to russia by chinese and hong

kong-based intermediary. >> we have seen 80% of this shipment happening by china, hong kong for this specific use of durable goods >> we can see the main countries cited as responsible for importing these chips into russia what is interesting is the fact they are not domestically produced technologies. they are western technologies which shows the reliance on the superior pieces of tech. one of those pieces of research of military equipment recovered from the battlefield suggest 2/3 of the projects originate from u.s. companies and others from western allies like japan and germany. to what extent where the products are ending up is still to be determined. >> one thing from the clip we showed is how complex the supply chains are here and this is a big conversation we had the last couple years of how companies

and countries are rethinking the supply chains. you could be a company manufacturing this chip and not realizing it ends up in the hands of russia. >> that is the difficult thing the products manufactured in one country and distributed in others and shell company is formed as research has shown and distributed to russia. some companies i've reached out to said so much to clean up the supply chain, but analysts say it is not enough particularly with the military and civilian applications means there needs to be wide ranging sanctions to target these supply chains. >> these are not advanced chips. these are basic. we talk about the chip war was the u.s. and china, in particular, it is advanced chips. the u.s. is increasingly using national security as justification as restricting the

export of chips. this example here goes to show you the power with the basic chips. >> it is incredible to think the chips are able to withstand ba battlefield environments even with the restrictions and decoupling from china, it makes you think some of the chips are in existence and maybe good enough. >> we encourage viewers to look at the pieces up on dot-com with the video and article to read if you are interested now back to results. the bulk of earnings season may be behind us, but plenty to digest this week with the oil giant aramco results released today stateside will get numbers from disney on wednesday and softbank and alibaba reporting.

we get headline inflation numbers from germany on tuesday and china on thursday. joumanna, last week was a big earnings week, as you know you were on "squawk box" talking about the results last week. putting it all together for the u.s., i mentioned in the earlier interview, 84% of s&p 500 companies reported and 80% of those beat ex-pectexpectations is that because earnings are strong not really expectations have come down into earnings season. >> it was coming off a low base. the surprise earnings going into the report cards looking ahead this week, u.s. cp p i is a focus the market now is banking on only a 20% probability of the fed hiking again in september. there is a dominant view that

the fed is pretty much done with the part of the hiking cycle i'm keeping a close eye on the signals from china we have trade numbers coming out overnight tomorrow and then china cpi later in the week. as we know, the numbers have fallen into negative territory one big question into the second half of the year is to what with extent will china be a force for the rest of the world? >> it is a great play in light of the industrial data from germany today. the industrial picture in europe, which is highly tied to the china macro outlook, has been weak. so far, european markets have been resilient yes, we had a down week last week, but it doesn't appear investors are pricing in a meaningful recession in europe if we start to get weaker signals from china, does that change the narrative for european markets >> also what does that mean in terms of the policy response out of chinese policymakers? typically, once the numbers

disappoint, you get to stimulus. in this case, it seems to have fallen flat a little bit because it has been so targeted. policymakers go back to the old playbook of stimulating at any cost this is not going to be -- we're not going to get stimulus, big stimulus, go into the construction and real estate like in the past you have to wonder if some of those consumption supply side reforms will make an impact on the economy. >> absolutely. even though earnings season is winding down, a lot at play this week speaking of china, on the programming note, do not miss our conversation tomorrow with ha hayman capital kyle bass interesting to get kyle back on. european markets here with the picture. we are firmly in the red we dipped a lot throughout the course of the show all of the majors are trading

down about .50%. highlighting a lot to watch out for with the end of earnings season and macro data coming up as well. turning to wall street here is the picture of how wall street is poised to open last week, we had, of course, the u.s. stocks end in the red after reversing early gains and trade on friday. 9 of 11 sectors were negative on the day led to the downside of technology stocks. consumers did lead we will see if the gains hold from wall street when it opens that is it for the show. i'm julianna tatelbaum >> i'm joumanna bercetche. "worldwide exchange" is coming up next.

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it is 5:00 a.m. here at cnbc global headquarters. here is the "five@5. stocks with the worst week since march and now looking at a new wall of worry. futures are higher in the pre-market. higher we are talking oil prices. pain at the pump is causing alarm at the white house we discuss. beijing is warning economists not to talk about the economic trends. what it means for businesses heavily exposed to the world's second largest economy. and higher interest rates and surgin