and that's all for this edition of "dateline." i'm craig melvin. thank you for watching. "street signs." i'm joumanna bee julianna tatel london. joumanna bercetche is at world bank. these are your headlines. central bankers from the fed and ecb strike a dovish tone striking that it's nearing the end. they tell ecb they could be finished bar any unpleasant

surprises. >> any single shots we don't see coming, of course, we'll be done. that's my interpretation of the decision in september. >> we'll have more coverage throughout the morning. the governor is sitting here with me. that conversation is coming up shortly. shares in ldvh is going down. and knova manyshares. and israeli forces on the ground ready. the death toll tops 2,100. u.s. president biden condemns it, supporting israel. >> it's an act of sheer evil.

we stand with israel. we will make sure it has what it needs to take care of its citizens, defend itself in responding to this attack. welcome, again, everybody, and welcome to "street signs" live from mary cash. they're debating the health of the global economy at these meetings in marrakesh, this following tuesday's release of the fund's world economic report which slashed growth forecast for the area in china while the u.s. economy continues to be a bright spot in the global economy. really happy to discuss this and more with the first deputy managing director from the imf. i'm really glad to have you with us. there are many of them

essentially that you forecast growth to be growing around 3% of the foreseeable future. while it's not in recessionary territory, it's also not great either. should we get used to these lower levels of structural growth? >> at 3% growth, we're well below previous levels. if you look at the average over the last couple of decades, growth was around 3.8%. this is going into the medium term. i don't think we should be settling for this at all. it's very important for countries to undertake reforms that help to raise growth. there are some dynamics weighing on growth, which is aging, reproductivity growth, but with the right measures, we should be able to raise reproductivity growth and this a's the way to do it. >> there are two paths you can go down, but for governments

thinking about going down the fiscal route, it's also a very chamging time because their debt has ballooned so much over the course of the pandemic and because of the higher interest rate are environment. >> this is a difficult time. we have record-high levels of debt. at the time interest rates are much higher than they've ever been in the path. growth is not strong. that makes it a really strong come bin about nation, but there are certain kinds of investments that pay for themselves. when you invest in education, health, critical structure, the digital transformation, all of that can raise growth and through that raise revenues and pay for themselves. that's the kind of spending that will be needed including on about the climate transition. >> what is the advisece to poli makers? what should be the priority?

borrowing to invest more productiverty or bringing down debt to more manageable levels? >> we're seeing an increasing share of revenues governments get that goes to debt servicing, so that space has shrunk. but there are very important investments they have to do. it's a multi-pronged approach. they need to make sure they get the right revenue they need, loopholes, make sure you close it and about collect revenues. there are a lot of discretionary measures put in place during the pandemic and energy crisis. those will have to be rolled back. >> what ababout low income countries? out of the $650 billion sdur

release in 2021, only $225 billion went to emerging developing markets and only $21 billion went to low income countries. should the imf be doing more to help low income countries with their financing? >> we're doing a lot to help low income countries. what you said is right because of the way it gets allocated, but since then, we've made a big push to have rich nations that don't really need these extra reserves to rechannel about $100 billion of reserves to low income countries. we've gotten 87% of the way there. it's moved in that direction. we've done lending to low income countries to concession rates which are basically zero interest rates at record levels. we're working on multiple fronts to them. it's not just in terms of money, but in terms of policy and capacity development that we

provide. it's not going to be everything they need. these countries also need to rely on their own domestic resources to address their developing goals. they'll require help in aid and grants from the international community, not just loans. there's a lot to be done, also on the debt restructuring front. but we're here, making sure we have enough money in our growth trusts to be able to help these countries. >> let me turn back to just sort of a big feature of the global economy right now, and that's the shocks that have come through from inflation, the post pandemic surge. a lot of that has come out. again, there are signs of consistent inflation measures around the world. what is the imf measure. we are seeing inflation coming down, but our message is the job

is not yet done. it's important for them to remain focused on meeting their goal of bringing inflation back to target. otherwise we cannot have durable growth and resilience in the economy. they need to stay in the pod. they have to be data dependent, of course. we're seeing it more two sided when it looks like it was going up. it's more two-sided. but we're in a-year-old wo of tremendous uncertainty, the events we're seeing really rekreppletly, really tragic events. all of that can have implications for prices. it's important to follow the data. >> just to circle it back to what you were saying about global growth from the beginning, how much do you think can be pointed back to restrictive monetary policy and the tightening we've seen in credit conditions? >> recently what we're seeing in terms of growth slowing down has to do with the fact that policies are becoming tighter as

they should. monetary policy has tightened to bring inflation down. that's the type of growth we should see. that said, despite the large increase in interest rates, we're seeing a lot of resilience, too, especially in the labor markets. >> again, one of the big things we've spoken to many of the central bankers already is taking away the higher than longer regime that's going to be with us for your a while. how you do think of that and how it can be for the stabilizing economies? >> yes, we're seeing long-term interest rates go up. we're moving out of a decade to one where interest rates are high for a reason, to bring inflation down, and that is going to take some time. interest rates will stay high for a whiegt.

le costs are going about to go up. financial markets grew up in in an environment that was close to zero interest rates. in terms of spillover, currency plays another important role. this is why it's important for all parts of government, central bank, fiscal authorities, financial regulatory authorities, keep your eye on the ball, because we're in a very uncertain difficult conjunction. >> finally to round it up, i want to ask you about china. one of the downgrades is on the chinese economy. i was speaking to a head of asia yesterday. to what extent do you think china is going to be? it's not just china slowing down but the back of the whole region. >> china is a major economy and

it has been growing at a fast rate. if you've seen projections, we've had growth of 5%. it will come down to 4.5%. and over the median year, 3.4%. the growth is too slow. that's implications for the region. when growth in china slows by one percentage point, on average over the next five years, it reduces growth in many of the other countries. it varies depending upon your trade ties. this is meaningful. it's not a given china has to go in that direction. they have this policy space. with the right amount of reforms and reaction, that can be reversed. >> so interesting. gita, always a pleasure to chat with you. gita gopinath with the imf. it's interesting to hear and the message to policymakers on the

fiscal front. we'll have a lot more coverage here in marrakech. i'll be speaking with jose in just a couple of minutes. yellin is taking the podium. let's listen to what else she has to say. >> the challenges on the global front and the financial system also continues to shape our approach toward our relationship with china. as we protect our national security interests we see a healthy economical relationship that benefits both sides and cooperation on debt restructuring and global challenges like climate change. following my visit to china this

summer, we announced economic and financial working groups. a further significant step will further deepen our communication and i look forward to meeting with people's bank of china to discuss macro economic and financial issues while in marrakech this week. throughout the week we will also be focused on advancing our work to evolve -- >> that was the u.s. treasury secretary janet yellen speaking in marrakech. we're going to take a quick break. when we come back, we'll be looking at the shine of lvmh as

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welcome back to street signs. let's get you a check on market action. i wantle to bring about you a fresh line. u.s. policy rates may need to rise further. so slight contrast to the more dovish comments we've heard in the past couple of days. yesterday we had the atlantic president bostic saying i don't think we need anymore. it could be equivalent to another rate hike, now they're striking a more hawkish tone. a mixed start to trade. the cac 40 is down 0.8%. we've got a little green on the ftse board and fmi. all of this after the stoxx 600, the main benchmark, had its best

day of the year yesterday. let's get this context into our minds as we look at the other market moves. what's driving the losses in france? really loud and clear we can see the household goods as the stark underperformer. let's dive in as to what's going on. it is the luxury sector that's under pressure, this as lvmh sales slowed in the first quarter. lvmh down 6.7%, and this is weighing on the broader luxury space as well. it's not just lvmh that's down sharply this morning. it's every name in the luxury sector. here's a look for you at what we're seeing. christian dior down, burberry.

le charlotte, why the sharp selloff? >> lvmh is the bellwether. they're trying to take a temperature of where we're going. we know the sales in that sector have been selling in the past few months and what the numbers gave out is well over for luxury. the sales growth is slowing. it is slowing. that was a little bit below expectations. in fashion and leather, which makes the lion's share of revenue for lvmh, we're up 9%. closer to 11%. watches and jewelry missing expectations, up 3%. that was the best quarter in china last year where the sales and the u.s. and europe was very strong. we see in u.s. the desperation of shoppers is under about pressure of inabout flags and higher interest rates. so in the u.s. we're up 2%.

we're down 1% from the previous quarter. a little bit of recovery. we're up 7% and asia up 11%. here, again, the impact of the uneven economic recovery and uncertainty in china. we've been talking about a normalization and consolidation on the luxury sector, there's certainly the question of how much of a soft landing we're really getting for that sector. we just saw the sales sector is selling out. lvmh is still one of the favorites in the sector. there have been a lot of price revisions lowered. because it was the first reporting on this season, it's sending all the other luxury stocks down. >> charlotte, thank you so much for the breakdown. lvmh has proven to be a sector darling. let's turn our attention

about to pharma. gsk up 0.6%. it reached a confidential sentiment. the drug case zantac will be dismissed. nordisk says it will go on. there's a very early indication of the success of the drugs and the shares are responding very well this morning. turning to the european banks, this is what we're seeing as investors digest a number of comments. we're trading marginally lower. cnbc has been speaking to eb governors at the imf meetings in

marrakesh about the policy course. let's head back out to joumanna who's joined by yet another. >> additional shocks we don't see coming, of course. we'll be done. that's my impression. >> everything will go well if that happens. but this thing that's behind it if additional shocks come and about if the information we have proves to be incorrect, we ma i have to hike another time or perhaps two times. and so -- that's also a message given to the market. we're not talking about the first decrease. we're still in the period in which we don't know how long it will take and whether we have to hike more. >> well, let's now head back out to joumanna who's joined by another guest. joumanna.

>> i was already to go, julianna. i'm with you. i've got to say you're the first banker i've spoken to. it's early in the week, but it's good to get a banker's perspective. first of all, i want to ask you, i feel standard charter is able to give us a good indication of what's happening on the ground specifically with china. what are you picking up there on signs? it ha has been a major theme and they have downgraded their estimates for chinese growth. what are you seeing in terms of activity and sequential activity throughout the course of the year? >> thank you very much. it's a pleasure to be back here with you. in terms of china, it's true the imf has reduced their forecast. they're still forecasting a 5% growth for this year. we are also forecasting a little bit higher than about 5%.

but that's still a pretty -- this number, even if it's significantly weaker when china started opening up after covid, i think that china is really a tale of two economies. you have the old economy where you have to think about the real problems anned then the economy with electric, solar, and many investments, where you have many new economy firms. and when about you go to china, you can see the vibrancy of that. i think you have something that's not expanding a lot because it's quite stagnant, in some cases going down, like the real estate sector.

>> as a bank, are you looking to capitalize on those opportunities within the so-called china new kmg? >> absolutely. we're very well-positioned to support our, you know, corporate lines in china with international operations. this is where our compartment advantaging is in helping chinese companies grow their international business. et we thrive on the opening up of china, and the good news is they're growing their exports in the new economy, so we're helping them. >> do you feel a political pressure to reduce your footprints in china given some of the rhetoric being exchanged between u.s. and china and even the eu more recently? >> i can tell you we haven't been subject to any direct

political pressure. people talk about the role of banks and banks in china. i can tell you that from the point of view of the united kingdom, we haven't had any moral situations coming even if there are sometimes voices in parliament which express some concerns about engaging business with china. but i think you cannot write off china from the goal of the economies. the second largest economy in the world is to facilitate the business of international companies and financial institutions want the business in china. so we stick to very professional business orientation in what we with do because i think it's important at a time when there's fragmentation, you have connectors. you have bridges.

stanchart has bridges across. >> i think one of the traps we fall into is we spend too much time falling on the first and what's the change? china still this year is going to grow around 5% next year, 4.2%. would you say that china, india, the asia-pacific region is still a bright spot in terms of where you as a bank see growth opportunities? where else are you seeing the opportunities? >> i think the opportunities are huge and remain huge in asia. you can also see the middle eastern region is part of the recent news that -- sad news that we all know about. but they're having a very -- you know, very expansive period because of the oil prices, et cetera. but going back to asia, it

becomes the highest kb est grow forecast. it's far higher than. it's far higher than what the advance economies are doing. in asia, you have now not just one engine of growth but three. you have china, which still given its scale and the growth rate, not as high as in the past, but it's important. you have india, and then you have the other region, which is more and more interconnected. again, it's another source for the region and for the world. >> i want to take you on a slightly different tact. i've also spoken to your ceo a couple of times at the decarbonization conference. i know it's a big theme for the bank that financial medias play in this green transition.

but recently there has been a huge amount of backlash at any company trying to be too aggressive with their esg policy stance. are you detecting that in your own shareholders? is there a bit of a backlash in some of the things stanchart is saying? >> no, i do not. i think they're very supportive of the strategy that we have. we actually submitted to our shareholders the net zero plan in 2022, and it was endorsed by an overwhelming proportion of the votes. we continue moving ahead. so we haven't had that backlash. of course, we want to make sure that the steps that we take are consistent with the realities in our markets, and given thatle the immersion markets are the ones that need an adjustment so the movement toward net zero is

accompanied by the -- continues the economic and social developments of the countries that you make sure that things happen during that decision in a way which is sensible. but we have taken bold steps, for example, regarding coal. we have taken bold steps regarding the objectives we can establish for reducing absolute emissions for the oil and gas sector. but still we're doing this which is consistent with the realities of the markets. >> i'm going to have to leave it there, but i really appreciate your thoughts on everything from the global economy and, of course, esg as well. that was jose vinals with stanchart. a lot more to come, julianna. we'll be coming to you right after the show as well. a lot more interviews with central bankers and key policy makers, so stay with us. >> i look forward to it, joumanna. just ahead, it's debut day

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welcome back to "street signs." i'm julianna tatelbaum and these are your headlines. there's a suggestion that the hiking cycle is nearing an end. but they tell cnbc there is still work to be done. >> our message is the job is not yet done. it's important for them to remain focused on meeting the goal of getting back to target, otherwise we cannot have resilience in the economy. shares of lvmh has tumbled, riding into interest rates and purchasing power. birkenstock is stepping out. the german foot wear maker is

world around $9 billion. u.s. president biden condemns the hamas attack, pledging steadfast support for israel. we're a few hours away from the wall street open. let's get you a check on how the u.s. futures are looking at this hour. following the march hire we saw yesterday, u.s. futures are looking at a fairly steady open. we've got green on the board there, but, of course, the mag any attitude quite contained at this stainless. yesterday we had the s&p 500 gain 2%, dow, f%, and nasdaq, 0.6% of a percent. most interestingly from a narrative perspective. the narrative on wall street on stocks seemed to have been boosted by a fall in treasury

yields. let's take a look this morning. yields lower once again. we've got the 30-year bond yield down 11 basis points. we were above 5% not long ago. the 10-year down aund 4.5%, 5%. a lot of the action we've seen in treasury markets and in turn in equity markets has been driven by fed officials. they're continuing to weigh in on the u.s. economy with president bostic issuing a dovish tone warning that a lot of fallout from higher rates is yet to materialize. quite dovish. meanwhile it's been stressed it's too soon. he said more hikes may not be needed as higher long-term yields may do some of the work for us. >> and that's not all. san francisco fed president mary daly also weighed in on the impact of higher yields saying the fed may not now need to do

as much. she also said the risks are roughly balanced between overtightening and undertighten abouting. as for european markets, there's much more tightening. we are looking at a downbeat start to the session. however, it's the luxury sector weighing heavily. a little bit of an idiosyncratic tone there. that's driven by a 7% drop. the xetra dax is down 13 basis points, this as german inflation eased in september since the start of the conflict in ukraine last year. consumer prices rose 4.5% year on year, down from 6.1% in august. this has got to be a pretty encouraging development suggesting that we are starting to see a dent in inflation.

>> yes. that could be a dent. it could also be only temporary. it all depends on what they're going to do over the period. i think that's the big elephant in the room for ecb and also germany. if you look at what the estimates are for inflation,er for example, imf, that inflation is not coming down below 3% during the course of next year and that match the negative of the german economy next year than the german government. so what is clear, i guess, to everybody, that germany is going about to be shrinking this year and that's the only economy among big industrial nations which is actually shrinking, and that's not only down to its dependency on gas. when i call up with joe, i had

to ask him what happens now from the political side of things that things actually get speeded up and the mood as well among companies is going to change to a more positive attitude. take a listen. >> i believe there's a lot of good intent to make the economy work. you have to overcome the energy pr prices. we can see it happening into reality. so the execution, i think, is something which has some potential for improvement. >> we've been talking about the lack of execution for a long time in germany, so what do you reckon is the pressure now getting so big that eventually also berlin has to move in terms of employing friendly economic

policies for businesses? >> look. i mean the two state elections last sunday, i think, have september about a clear message that they need to get together in terms of execution and emphasize the market economy more than the social and sustainable part of the market economy, and i think that's something to hope for now, that the execution will become faster. >> we've been proud of seeing the growth engine of europe for quite some years and now the mood seems to have shifted completely to the opposite. so where do you see the biggest challenges for the country?

>> first of all, i believe the country needs to get its energy act together. we lost a lot of opportunities there. it was a shock because germany was pretty much relying on the russian gas. i think they did an okay job of getting out, but they do not have a long-term energy plan which covers more than a few years, so that's something which needs to be worked on. but also, you know, the reforms in terms of making markets in germany, there is a tendency in the government to not just set the framework for what needs to be achieved, but also to tell the companies how they need to achieve it. and i think that's a fundamentally complicated way of looking at things. et in our view, in the company's

view, you know, you have the government who basically sets the flavor saying, look, this is what i want you to be in x years from now as a result. but don't leave it to the companies and the economy and the people and the players on how to get there. >> so the company seems divided. if you're talking to entrepreneurs, ceos on the ground, they all stress making business or doing business in the country is quite difficult given all the challenges. there's loads of red tape, there's high energy prices. there's not a lot to push it in the right direction from the economy industry, for example, with the renewable push, they're still waiting on accurate legislation for an onshore wind park, which is a huge problem for the industry because if they don't get started, they can't invest because they don't know how the rules are going to be. that's one side of things, which is really very negative, but

then on the other side, there's loads of innovation taking place. germany is still a very innovative country with very small and medium enterprises being activated on that ground. i guess the jury is still out. business has dipped for the german economy or we're back where we were back in the early years of the 2000 years, 2002, 2003. >> annette, thank you for the context and the interview. great stuff this morning. sticking with germany, footwear maker birkenstock has priced its stock at $46 and is coming in at $9 billion. it has enough demand to price at the top of the range.

thanks for being with us this morning. let's kick off the valuation. there's been so much hype. we're looking at a near $9 billion valuation, the middle of the indicator range, not the top. what do you think? >> i think it's always smart to leave some money at the table when going for an investment. i think it's absolutely the right time for birkenstock to go through with the ipo even about though they have this huge volatility currently and the negative news from lvmh this morning because i don't think that there will be a time where they have more hype around the company than they currently have. so i think it's the right move to price at the middle of the range, but still pricing at the middle of the range is quite expensive from a valuation perspective. >> i think it's precisely that hype you described that has a lot of investors nervous.

there is the view out there, the bearish view, that they're pricing this ipo at peak height. i mean birkenstock's are all over the "barbie" movie. clearly they're hitting their stride when it comes to popu popularity, but it will prove to be hype and trendy, rather than a product that has lasting power in the market. >> it's a concern exactly. it's interesting when you look at the company itself. what the ceo said a couple of weeks ago, they never went after the fashion trends but the fashion trends went after them. they didn't move toward being trendy, but rather they became trendy because of a change in consumer sentiment. but they will have to prove in order to be valued at what they are currently valued at that they can actually keep consumers engaged at this level, and we we

are quite skeptical about that as well. >> how do you judge that? i think looking back at the last couple of years, the standout is a company where the stock is down nearly 100% since it came to market. it's really fallen off the market. how do you make that story? >> the difference is really that birkenstock has more history behind it and is actually a company that's been around for longer, so i think they have more staying power. but i am also skeptical about whether they can keep up that current market positionand the growth they've had over the last two years. >> let me ask you about the lvmh

connection. you alluded to it in your opening comments. the company that owns it they're interesting in purchasing shares of ipo. why is birkenstock of such interest to lvmh? >> because of the way they have repositioned themselves in the last two years. if you think back to the '80s when birken about stocks were worn mostly by people in the peace movement, now they're in the luxury segment, higher than those of lvmh. that's probably making a good fit for lvmh themselves. i think it's smart for birkenstock to be listed because of the high end market that can be achieved at least in the

company direction. >> you're joining us this morning from frank further. t this is a german company. their headquarters are still in germany, yet they're listing in the u.s. why have that i opted to list in the u.s. beyond the obvious fact that the capital markets are obviously deeper in the u.s. than any other place in the world? >> i think it's a two-folden aring behind it. first of all, what you just mentioned, better capital market access, and secondly, most of the revenues are jen about rated in the u.s. actually. way over 50% is currently generated in the u.s. market, so you can also generate some publicity there and list in the u.s. and make -- and use the ipo as a marketsmarketsing stunt. a few weeks ago another company that produces stuff for military

tanks, they decided against an ipo. so capital markets in germany is really weakened. >> fair enough. we were standing by to cover that ipo, and that was all ready to go when it was pulled. we're quite familiar. thank you for sharing your views on stocks. on a programming note, birkenstock's ceo oliver reichert will be speaking to cnbc later this afternoon. don't miss that interview at 4:15 cte. still ahead on the show, the death toll rises as israeli forces prepare for a ground defensive. we'll bring you the latest e next.

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. the death toll from the israel hamas war is approaching 2,200 people. as israeli military -- an israeli military spokesperson confirmed the deaths more than

1,,970 died in the west bank. the defense minister says forces are on the offensive adding that what was in gaza will no longer be. "sky news" joins us now with the latest on the developments. alster, good morning. >> reporter: good morning. more air strikes as the u.s. is saying on the gaza strip. significantly they've taken out two of the three communication lines in aza, meaning there's only one left remaining. that will severely hamper the ability to use mobile phones an ld internet connection as well. it will impact the civilian population but is designed to obstruct any communications hamas may be trying to have among each other. some ghize gunfire has come out but no casualties.

we're in this period where we're waiting to see what the next phase of the operation will be. every indication through the language we're hearing from the israeli defense forces and israeli government and what we're witnessing on the ground in terms of troop buildup, the land invasion is imminent. i think the bombing campaign at the moment is designed to push hamas back from those initial attacks that happened over the weekend but also to soften up the ground in military terms before a land incursion happens. then you have a lot of diplomatic and political circles moving in the moment, the west coming in very, very firmly in behind israel to support them. >> allister, thank you for the latest. you're joining us from jerusalem. can you give us a sense what it's like on the ground in jerusalem, the atmosphere among

the public? >> reporter: yeah,er sure. i was remarking to my colleague the roads are slightly busy. i live in jerusalem. i know it extremely well. it's been so quiet over the past few days. i've never known anything like it. only in the days of covid when people were in lockdown can there be a comparison. shops are closed, schools are closed by order of the government. it had that feeling on saturday morning people retreated into their homes, locked the doors, and haven't dared to re-emerge since. but signs of more life coming about, i think, as the days wear on because, you know, this country has been through quite a traumatic experience, but they're going to want to get back to some sort of everyday life as soon aza can possibly do that. when that will be, i really, really don't know. there's tension. there's tension here because behind me is east jerusalem. this is west jerusalem over

here. it is a divided city. it is a city that often sees violence and tension and we are expecting that to happen. >> allister, i really appreciate the insight. that is it for "street signs," but do stay with cnbc. we're going to have more coverage from the if world bank meetings. we'll be hearing from gas par and tothers. that is all coming up today, so do stay with the channel. i am julianna tatelbaum. "worldwide exchange" is coming your way next.

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it is 5:00 a.m. at cnbc global headquarters and here is your "five@5." the small caps do something for the first time since july. what it could mean for the market's next move. also a busy day for fed speakers operates ahead of the november meeting, why some people say the markets are doing jay powell's work for him. a big win for novo nordisk. we have a li