that's all for this edition of "dateline." i'm craig melvin. thank you for watching. [music playing] ♪ good morning. welcome to "street signs." i'm joumanna bercetche. these are your headlines. top of the range. a.r.m. prices the ipo at $51 a share with the stock set to

debut today on wall street. >> i am disappointed by that given that it was always dual listed in london and new york. my hope was a dual listing again. i wouldn't rule that out. italian banks slump as giorgia meloni vows to push ahead with the windfall tax as it could stoke weakness in the stock banking sector. and maersk makes waves in the shipping industry and wowing the first green initiative with methanol. >> it is our energy transmiitio becoming reality. not just commitments and hard

work, but something everybody can see. hawkish because or a pause? the central bank weighs what could be a tenth consecutive rate hike along with witupward rev revision. join us for the decision at 14:10 cet. good morning. welcome to "street signs." today is finally the day. it's here. a.r.m. announced it will price at $51 per share for the ipo at the top of the range. the chip designer says shares are expected to be in trading in new york today with the ipo set to close next monday. arjun has been following this story for the last week.

we have been talking about it nonstop, arjun. we finally have pricing. what are your final thoughts for today? >> joumanna, a lot is riding on the ipo for a.r.m. and softbank t. isoftbank. it needs to get this off in a did way and perform well for the company. one from a reputational stan standpoint. softbank needs to shore up the balance sheet as they switch from prudent investing to offense mode where they need to invest in the a.i. companies. a.r.m. is facing a slowdown in the core market which is smartphones. a.r.m. underpinned chips in 90%

of the world smartphones. the company needs to show not only can it navigate, but it has a path for growth. investors need to grapple with a number of risks around the company. including china being one of the biggest. a.r.m. gets 24% of revenue from china through an entity called a.r.m. china which it has no control of. there is politics and rising competition that rival a.r.m. clearly, demand is high. we heard the ipo is over subscribed. the question is did softbank leave money on the table. guys, back to you. >> thank you for your coverage of the story. cnbc spoke to herman howser. our colleagues asked what he

made of the decision to list in new york rather than london. >> i am disappointed by that given that a.r.m. was listed in london and new york before it was taken over by softbank. my hope was a dual listing again. i wouldn't rule that out eventually there would be a secondary listing in london as well as we have support in the london market for a.r.m. we did have great support in london before softbank took over. >> we are excited to welcome james ashton. author of "the everything b blue blueprint." james, it is a pleasure to have you here this morning. we are excited for this conservation. we have been talking about a.r.m. all week.

you have covered this company as a financial journalist for a number of years and now author of the book which charts the story of a.r.m. based on your research, what is the secret to a.r.m.'s success? >> i think the secret is the unique architecture it has which just keeps finding new applications. it has incredible endurance. this was something that was created to improve the performance of a home computer. it was back in 1987. there is a realization it can work for mobile. i think what is key to today and to the next year's success for a.r.m. is can it work or build the market shares in data centers and automotive. the thread is the architecture it has is high performance, but it is the low energy and power

efficiency that works t. it is the reason why it was in the first nokia handset in 1987. you didn't need a huge bag to carry them around. the data centers are eating so much energy. that where a.r.m. can help. >> the technology can be found in 99% of the smartphone market. can you give us insight into that choice to go about selling product in this way and making the product ubiquitous and the royalties and the business model? >> the two as spects to the business model. they sell licenses. i called it a digital road map. there are 4 billion ways they

can configure. the license is something they sell to 1,000 plus partners. every time a product that uses one of the blueprints is sold, they get royalties. in terms of serving everyone, they have become the switzerland of semiconductors. they look to sell to one company in each category. how can they do something in mobile? they thought game consoles was a bigger issue than mobile. over time, it become one in each category and it is not what a.r.m. can do for you, but what you can do with a.r.m. they were clever at thohow they managed to sell that and aggregating, they can make that investment on behalf of ev

everyone. >> one thing that struck out to me is out ubiquitous it is in each smartphone and how de dependant we are on a.r.m. in our day-to-day life. this is a history of a.r.m. if you go back, there are several partners. it was acquired by softbank in 2016. there was an attempted sale in nvidia in 2020 that got aborted. how could the fate be different if the nvidia acquisition had been successful? >> the nvidia deal was announced three years ago yesterday. this is a long journey the company has been on the seven years of softbank ownership and they are monetizing and test th. i thought the nvidia acquisition was problematic. if your business model is built on serving 1,000 plus partners,

biggest names in tech, apple and tesla and microsoft and so on, if you sold into one, all were concerned they would have to go further back in the queue. that is the complaint they made to the ftc and regulators. by that transaction not happening, you know, it has preserved a.r.m. to see if it can make that next growth jump. >> i'm in the sure you go into this in the book, but one concern is the exposure to a.r.m. china. it is a complicated relationship. they have exposure of 10%. 25% of the sales derived from china. how does that complicate the outlook? >> i think the shares have sold quite well today. we will see how they start when they start trading. maybe not the valuation the company wanted. it is pretty good. to get there, investors had to

look past the china ownership which is messy. i think the thing to think of is a.r.m. needs to be in china, but china certainly needs a.r.m. so much of the work in china is built on a.r.m. architecture. the main version vanilla b blueprint is still sellable into china. they are not caught by the u.s. restrictions. they were worked out where they were made. that is made in cambridge. some made in austin, texas, is not sold in china. >> given the importance of the semiconductor industry and chip industry, did the uk government, uk regulator, make a mistaken letting a.r.m. go to softbank when it was taken private? >> i think there are a few things. this industry has always had a

lot of geopolitics around it. you go back to the 1980s when the u.s. and china were fighting over memory chips. i don't think the uk knew what it had in 2016. it was weeks after the brexit vote. this acquisition was cheered to the rafters by the chancellor. this was a great vote of confidence in the uk economy. we prize ourselves in the uk on having open markets. that's why you have international money and companies want to come here. these are not markets that regulators get too involved in. there is grit in the machine now. it is true, other companies would not have sold it so easily. 64 days from the first softbank approach to the deal concluded. >> that is a quick turn around. the architecture was built for the mobile age originally using the low power cpu chips.

to what extent will a.r.m. play a role in the new a.i. age which is powered by gpu chips? >> it is a topic on the road show this week. the two types of chips are significantly different. the central processing unit where a.r.m. excels is the brains of the jutoutfit. the graphics processing unit which these huge a.i. work parallel. if a.r.m. is at the center of the platform, it will benefit about a rising tide helps all ships. we will see. it doesn't feel like there is the explosive growth ahead as we have seen with the nvidia stock up 30-fold. >> on the licensing agreements, just earlier this week, we saw

apple had signed a deal with a.r.m. that extends beyond 2040. is there a risk with the listeli licensing agreements come to an early end or are they captive to the technology? >> captive. there is an interesting usual yo -- issue in the f-1 filing. in this transaction, apple is a shareholder again. it was last shareholder 20 years ago. they have an enduring relationship. i think what happened across the industry, we have seen more companies, amazon, apple, tesla, google. they're all customizing chips. no longer are they buying from intel or others. so they are seeing what they can do in-house. the one bit they are not doing themselves is building and

developing their own architecture. that is difficult and expensive. one advantage of a.r.m. is also one of the challenges ahead. they've got this ecosystem, architecture, they don't charge very much for it. it is not worth anyone's time or money to develop that when you can just spend a few cents with a.r.m. the challenge for the team now is to turn the 1,000 licenses a second into greater profitability. that is an interesting conversation to have with apple the. -- apple. >> we know tsmc has taken a stake in the listing. what is the potential? what could a.r.m. get out of it if more tech giants take stakes in a.r.m.? >> this has been around for a few years. the problem was everybody wanted a piece of a.r.m., but nobody could figure out how to buy it.

witness the nvidia transaction. this cornerstone investment is a pr exercise. not a huge amount of money. $750 million all told. you know, apple's total profit on its own was more than $800 million 20 years ago. >> good context. >> yeah. i think it is just about keeping a hand in for all of the companies. i think to some degree, you know, the tech industry is competitive. there are times when they back each other and help each other out. this is a hope to put a floor under this price and get a.r.m. off on a good journey. let's sface it, the tech industy needs a good ipo with interest rates. it has been a choppy market. wall street needs a good ipo. it is not about shooting the lights out. it is switching them back on and getting more ipos back on.

>> it is interesting with the skin in the game. >> they all need this to su succeed. >> james, absolute pleasure. we can't wait to read the book. thank you for coming on. "the everything blueprint." james ashton. > there has been a lot of hype with a.r.m.'s ipo. you can see more on our web site. what do you think ahead of the anticipated listing ? get in touch with us at x. >> such a bad pun, but i like it. it won't cost you an arm and a leg. coming up on the show, maersk makes waves in the shipping industry. sylvia is joining us from

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welcome back to the show. let's check in on how markets

are faring. yesterday, we were awaiting the u.s. cpi print. it came in hotter than expected. core inflation at 4.3%. the stock markets looked through it and the market is intent on fed not hiking at the upcoming meeting. that is interesting in terms of how the u.s. economy is faring. overnight, we had a better hand over from asia pacific. today, the picture for the european markets is mixed. the spot of green is ftse 100 up .25%. gaining back the ground it lost yesterday. we had weaker than expected gdp figures for july. the hike is priced for 70% at the meeting next week. the lowest amount of pricing since may. something to keep an eye on the. the survey falling to minus 68%.

in europe, we were all watching out for the ecb meeting coming up today. it will be an interesting one. the market doesn't know what the ecb will do. 66% chance for a rate hike today. again, a lot of uncertainty and focus on the inflation forecasts after that reuters report a couple days ago suggesting they will lift inflation forecast and will have to hike. there is key for the european markets from here. in terms of sectors, we have basic resources with the knock-on effect from sentiment in the asian markets. oil and gas up 1.2%. we are keeping a close eye on what is happening in the oil space as the price of oil continues to go from high to high. we are sitting at the highest levels seen since last november with brent trading at $92 a barrel. on the flip side, autos. let's dive into detail into what is going on in that space.

the china commerce ministry hit back at the eu anti-subsidy probe in the ev maker. we talked about this post the state of the union address. the move could have harmful impact on the economic trade relations. beijing is urging the block to call for dialogue. ursula vonder leyen spoke out yesterday. we saw a positive reaction in autos, but it does take a lot of time for the investigations to be completed as much as 9 to 12 months in certain cases. today, we are seeing a drop back in the european automakers. chinese automakers as well down 2% to 3% in trading on the back of the news.

elsewhere, turning to italian banks, the ecb criticized the government's planned windfall tax on banks. the central bank said lenders with weaker capital levels would be unable to absorb risk. giorgia meloni stands by the plan telling state tv in italy that the windfall tax to provide under 3 billion euro in revenue to the government. once again, we are seeing the larger italian banks coming under selling pressure. unicredit is down .70%. on to three stocks we are watching closely today, exor up 5%. it will buy up to 1 billion of shares with the initial offer of 750 million euro. the value provides an attractive

opportunity for investors. beauty and nutrition thg posted a more than 9% decline in first half revenue as the loss per share widened to ten pence. the british group reiterated the profit outlook saying it expects sales to improve for the second half of the year. the reaction is down 18%. and then deliveroo shares rise after the investment firm believes it could be a takeover target. >> a lot of movers in the market this morning. another corporalte in focus is maersk. the first ship powered by green met methanol. it made the 21,000 maiden voyage to the danish point of

copenhagen. siylvia joins us with more. it is great to see you in copenhagen. it looks beautiful out there. he lap elaborate for us why thi meaningful for maersk. >> reporter: good morning from copenhagen. heerp on the ground, i have to say the ceremony of the ship has started. in a short while, we will tell you the name of the special container ship. the reason why this is special is this vessel essentially is a dual engine. it can run with traditional fuels and also run with green methanol. that is an alternative fuel and practically speaking for our

viewers, this means it can emit 200 tons less of fuel. it is charging to neutrality by 2040. here is the ceo speaking out what it means for the company. >> this is a symbolic day of our energy transition becoming reality. something concrete we can demonstrate. not just commitments and hard work. actually something everybody can see. this is the first step for us, but the first step for the industry. the ship was ordered in 2021. she was the first of its find. today, a couple of years later, we have 125 ships ordered by different companies to actually work on the same technology and same energy transition. this ship is really a trend setter for the industry.

>> reporter: when i was speaking to analysts about what this represents, they say this is revolutionary to maersk. they are concerned about the supply of green methanol. what are you doing to address the concerns in the market? >> one of the fundamental points this ship makes is how much you need to mobilize a broad ecosystem to pull the energy transition. when we order the ship, the real question was the engineering behind the engine and how the ship would work. as soon as we had this in place, the next problem is the availability of the fuel at a price that is competitive for us to use. this is the main headache for a while. it continues to be need to scale this up and grow the ship. it is a key focus area we need to have today.

i would say that we are seeing a big mobilization. some of these projects takes place and take time to come into place and that is something we need to continue to work on for a few years. it is a long decision and these are decisions which take a long time to implement. >> can you guarantee to the markets that this plan for the vessel and the one ws ordered f next year use the green methanol and not the second engine? >> the plan is our commitment for 2030 and 2040 as the new ships phase in, they run on green methanol. it is not like every supply is signed up to 2030 and the quantity we are looking for, but we are more con diffident than year ago. we are working to make sure that is the case. >> reporter: green methanol, we need to keep in mind, this is

costly to transport, but also scarce. in this context, it will be important to monitor whether maersk or other competitors will have enough supply to move the vessels in a more sustainable way. i had a chance to speak to the danish minister here in copenhagen and asked why it is hard to decarbonize this industry. >> our view is we introduce the implements which are the most driving factors for the shipping industry as a whole with. the global negotiations have been on the table. we support a global levy as a driving factor with the green transition. as a dane, i'm proud that we now

have the first maersk ship and it is a huge step forward for the green transition for our region and a huge step forward for green transition globally of shipping. >> reporter: so there is a lot of work which has yet to be done to decarbonize the shipping industry. the vessel you see behind me he is -- me is the first concrete step. >> sylvia, you are coordinating with us. >> the color coordination. people think we planned this. this has nothing to do with what are you talking about. >> this show is dedicated to the bumble bee. check out her article online for maersk and why the company could

shake up shipping forever. also coming up on the show, will it be a hike or pause? the b pseto decisoid eliver the latest rate decision. we'll breakdown what to expect after the break.

welcome back to "street signs." i'm julianna tatelbaum. >> i'm joumanna bercetche and these are your headlines. >> top of the range. a.r.m. prices at $51 a share and set to debut on wall street today with its ipo. >> i'm disappointed by that given that it was always dual listed in london and new york. my hope was we would have a dual listing again and i wouldn't rule that out with a secondary listing in london. italian banks slump as giorgia meloni vows to push ahead with the windfall tax.

maersk makes waves unveiling the first container ship powered by green methanol. >> our energy transition becoming reality. something concrete we can actually demonstrate. not just commitment as hard work, but something everybody can see. hawkish pause or dovish hike in investors await the ecb decision as the central bank w weighs what could be the tenth hike in a row. join us for decision time today at 14:10 cet. the big event yesterday was

cpi print. u.s. inflation rose at the fastest pace in 14 months in august with cpi up 0.6%. inflation ticked higher with core prices rising above expectation. the focus on the cpi is big. fed funds futures barely moved implying the u.s. central bank will hold rates next week. a more than 40% chance of one more hike by the end of the year. in terms of u.s. equity markets, here is how we ended the session yesterday. it was the mixed day on wall street. tech stocks marginal outperforming. nasdaq gaining 0.3. s&p ending in positive territory, but the dow slipped slightly. this is the picture of where we ended up in treasuries yesterday. beside me here is the u.s.

10-year treasury trading at 4.26% this morning. the front end of the curve a anan and 84. -- 4.98%. joumanna. on to europe again, ecb is set to announce the latest monetary policy decision today with markets split over a smaller increase or favor a pause in its hiking cycle. annette is joining us with more. annette, the market doesn't know what will happen today. many have been talking about the article that came out a couple days ago stating they may upgrade the forecast. where do things stabnd now? >> reporter: that is a fair summary of things. before the reuters report came

out, the majority of market participants were thinking the ecb was heading to a hawkish pause. it is funny wording. that means pausing, but hiking in the future as well. given the economic data we have been witnessing, especially in germany, that could give the ecb a bit of wiggle room to rethink how the monetary tightening is working through the system. when the report came out that the ecb actually is expecting in the new round of projections which we are getting today, that inflation is about 3% solidly. also in 2024, that could mean the ecb might want to hike by 25-basis points again in september. meaning today. i think the jury is out whether the ecb is going to be very data

depe dependent. inflation is still too high so they have to hike or there is still time and they are still working through the system, especially through the banking channels. that is what they mentioned last time around. we still see a bit of slack in the banking transmission channel. that is one of the reasons why they could actually go for a hawkish pause, but insisting the job is not yet done if inflation was to reaccelerate. that could happen here in europe like the united states. energy prices are on the rise, but also wages are on the rise. we do see second round effects happening in big economies like germany and france, but also elsewhere given that the high inflation rate now also gives

much negotiation room for the unions. recent cpi data shows price pressure still in the system. whether the ecb is going to hike or not is -- everything is possible today, joumanna. >> i'll pick up, annette. anything is possible. what ateaser. check our annette's article on cnbc.com. >> we will bring you the latest on the ecb decision and president christine lagarde's press conference later today. join me at 14:10 cet. we have asset management ceo from jpmorgan chase joining us. are you in the hawkish pause

today? >> after the leak that happened yesterday, i feel it will be more the dovish hike. i feel that is where the ecb is going. they weren't happy with the pricing on monday. it does feel they want to hike. you look at the economic data and it smells of a possibility of policy mistakes. i think they want to be clearer around the fact we are seeing weakness. >> it is extraordinary that the news report came out. if they end up hiking, it would be a surprising turn of events. before the article came out, the market was leaning too a hike. now the market re-priced on the back of the article. that is key. what does that tell you about the state of consensus building within the ecb and the fact they felt they had to take it to the hire last second. what could be quite an informative leak. >> we had a number of hawkish

members of the ecb coming out saying there was still the opportunity to raise rates. the market was ignoring that, somewhat, as it was still more likely we were going to be on pause. i think actually the reality is if you think what the market had been pricing, it had been 4% terminal rate. it was this meeting or the next meeting. the market hasn't shifted that terminal rate. it brought the hike forward now to today and actually the reality is the data which will probably continue to get worse. if you want to get a hike in now, now is the opportunity. the data is pointing it is more challenging. >> what would a policy mistake from the ecb look like at this stage? 12k3w4r >> inflation is coming down. is it coming down quick enough? the ecb has the mandate of keeping price stability under

control. when you look at the growth side with the luxury of the federal reserve, pmi is looking horrible at the moment. services and manufacturing in the 40s. it is not a pretty picture out there. the ecb have that single mandate. they have price stability. prices at the moment are still too high sdplchlt. >> when it comes to the terminal rate, have you changed your view? >> i think the market hasn't either. if they paused, it is a hawkish pause. if they hike, it is more of a dovish hike. they can't be too dovish. we have seen that with other central banks around the world. the first sign of the pause and the reversal or pivot. the stock market and risk market will do well. that is also not what central banks want to do. it might not be that dovish.

i think the risks, if i look at pricing, the risks are a dovish interpretation. >> that was going to bring me to the next question. what happens if they go for a 25-point hike today? is this what you anticipate? >> it is all around the messaging. if we get a dovish message, we can see bonds rally. we have seen under performance in europe the last couple days with the re-pricing and that flattening. the terminal rate to me doesn't change. it is still 4%. i still feel the economic cycle is turning. we are late cycle in europe. we are getting toward the end of central bank hiking everywhere. it is still an opportunity to look th at the bond market and yields being higher. it is an opportunity to consider

it. >> the next question is if the terminal rate is 4% and no change after the leak yesterday, what will justify rate cuts from the ecb? when do you think we could see lo loosening of monetary policy? >> that is the challenging question. it goes back to the bank of england. the table top mountain relative to to the matterhorn. for central bank like the ecb which has the single mandate of price stability, we will need to see prices come down. that is what the key take was from the article yesterday. 3% inflation at the end of 2024. that is just not enough. you have to have ecb forecasts pointing clearly they will meet their 2% mandate before we really get them cutting. >> after that story came out, we saw a widening in the bund spread.

italy is becoming interesting again. they started to slip on the public finance numbers and lots of questions of the recovery fund and if they are going to do the right things. the data has been revised downward. there was a political situation with the banking tax. what do you think of the btp spreads here? >> when you look at btps, they have done well longer term and p beaten most expectation. i think we are likely to see btp spreads wax and wane a bit. we are not going back to the concerns we had over the last few years. at this juncture with the slowing economic environment, i would not be a buyer of btp spreads. it is not number one on our check list of worries. >> iain, thank you. good luck for the decision later

on. the international cio for fixed income at jpmorgan chase. still ahead on "street signs," commission presidents t maiden voyage. we will be back to see that next.

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let's get back to shipping. the big moment on maersk's big day is here. commission president is playing a key role as the shipping giant welcomes the first container ship powered by green methanol. sylvia joins us from copenhagen this morning. >> reporter: good morning. let me run you through the sequence of the events here in copenhagen. the president of the european commission has the honors with the champagne smashed against

the ship. after that, the name of the vessel has been revealed. now we can tell you it is "laura maersk" this has a meaningful symbol to the company. that moment represented a new era for the shipping industry. they are hoping this vessel will also represent the start of the new moment for the shipping industry. running with green methanol, this container ship will emit less c02 emissions. it is aiming to be carbon neu neutral. let me run you through the other elements we know of the special vessel. at the moment, when you look at the containers, most of them are

actually empty. from next month, they will be carrying products across the baltic sea and goods of companies which include amazon, nike and, of course, novo nordisk. the other danish company we have been speaking about given it become the most the valuable in europe. this is an important moment for maersk as we mentioned earlier. let's see how this will unfold in the coming months. this is the first out of 25 maersk has already ordered. they started a trend for the industry in the sense that other competitors like evergreen and costco has a couple of orders for this vessel. let's hope this is the start of something meaningful for the industry. >> the sylvia, thank you for the reporting today from copenhagen. fascinating to hear about the

new ship that maersk is launching. also the background scenes are interesting for our audience. >> i wish we could have heard what they he were singing. >> could have been eurovision. we are talking about the launch of the new ship. it is ecb day today. let's take a look at european markets and how it faring into the ecb day. the markets know what the ecb is up to prior to the reuters leak. the markets anticipating no hike, but now leaning to 25-basis point hike. will they go for it? hawkish? dovish? all of that is to come. the main european indices are under water. cac 40 is down .20%. dax in germany is slipping slightly down .10%. of course, we have been watching the data there very closely. a lot of the pmi numbers have

started to turn south quickly. all of that has to be factored into the ecb decision. ftse 100 with a spot of green. a bounce in the basic resources. better hand over from the chinese session. it is worth noting we got the house survey falling to minus 58%. that tells you the housing situation in the uk is breaking from the price standpoint. >> the out performance in basic resources and oil and gas are the bright spots this morning. as for wall street, here is what we are looking at today. green across the board. nasdaq looking to continue gaining ground about 60 points indicated higher. we have a.r.m. to look forward to. traders are armed and ready. i promise that is the last one. the biggest ipo in almost two years. stay tuned to cnbc throughout the day.

obviously, the big event for markets today is the listing. >> the puns have been thick and fast. >> i say it is the last one. we are 30 seconds away from ending the show. she won't stop. >> if you want more puns, join in later today. we will kick off decision time at 14:15 cet. thank you for watching "so" "street signs." i hope you found interesting to hear from james ashton and how we came to today it with the listing of the company. that is it for "street signs." i'm julianna tatelbaum. >> i'm joumanna bercetche. "worldwide exchange" is coming up next. don't miss decision time at 14:10 cet this afternoon.

it is 5:00 a.m. at cnbc global headquarters. here is your "five@5." bouncing back from the hot inflation read. the wait is over as softbank backed a.r.m. prices at the top of the range with the stock starting to trade today and the biggest listing since rivian. the clock is ticking as union members prepare to walk

off th