her name in my car and cry. [theme music] ♪ the stock markets in europe are opening for the start of trade. welcome to the viewers if you are tuning in today in the u.s. a lot of action on the back of gains stateside yesterday with a terrific rally for stocks as investors judged the language from the central bank that perhaps we really are at the plateau with the interest rate hikes. there may not be many more. as a result, the earnings with the outlook adjusted for the next quarter has given way to

confidence with monetary polpol. the gains we see from the united states market are very strong. particularly the s&p up 4.9% for the week. stocks elsewhere participating in the rally. we see it across the asian markets today. european stocks bounced 3.25% before the session begins. m more green moving on the charts behind me. let's look under the hood to see where the sectors are trading. a lot of earnings to digest. stocks are key. basic resources at the top. that is the story with monetary policy. we have.90% there. food and drink under per fornling, but positive. some big insurance names

beginning to report today. media stocks up .20%. still a green arrow. oil and gas is accelerating. industrials with the basket of stocks up .30%. a modest start for instrudustri. we had the wash up from apple. the supply chain in europe reacting up .30%. household goods up .30%. volvo has moved toward the top of the basket. it is the margins we are watching closely and the response to the bmw numbers that could be key for the auto basket today. leading the retail basket of stocks is up 1.7%. if you look at the sector and this is the interest rate response with the sensitivity in the basket over the years with real estate stateside.

we have seen an appetite in europe as well for real estate. a pop of 1% for travel and leisure. let's take stock of how strong the gains have been. the ftse 100 has been up more than 2% today. don't forget the ftse 100 gains yesterday which put in contributions of 1.4% yesterday. topping up on that at .25%. up .20% on the french market. we are back through the 7,000 point mark with the gains yesterday. we are starting with the dax with the german stocks up .40% for the core market. improvement from the italian stocks. the health care names not helping out the swiss market today. let's get into the earnings reaction here.

soc gen posted a third quarter net profit of 295 million euro. that was topping forecast as the recently appointed ceo looks to overhaul the french lender. charlotte was pointing out the stock moves earlier in the year. the still down 7.6%. charlotte, not helping out the negative narrative on the stock year to date. >> that is the one challenge the ceo named to the top of his agenda. at the moment. it is lower. on the back of the q3 numbers with the red and green and mixed numbers. net income down 80% at $295 million. they had write downs with the businesses outside of france and

provisions for tax assets. that is hitting the bottom line. looking at the different part of the business with french retail weaker with bnp stating revenue down 17%. net income down 65%. they had short-term hedges which reached in q3. the net income was flagged in capital markets in september which was held by the ceo which was the reset for the division after 15 years under the previous years. it was seen as a bit underwhelming from the mana management. one thing they gave for the year is the cost of risk is below 20 basis points for the full year. the previous guidance is closer to 30. certainly, there are better than

expected numbers here. the return on equity is 3.8%. below the target they gave with the capital market. the new ceo is trying to up the share price was the come p pet t -- competitors there. karen. >> thank you, charlotte. i'll push on with the numbers. maersk will cut more than 10,000 jobs in the face of the normal of subdued demand. the giant sees profit for the year coming in at the lower end of the range. the stock is down 30% year to date. large falls today, sylvia, give us a sense of what is playing

out. >> it is a negative message from maersk this morning. i want to breakdown the numbers looking at the third quarter earnings. in terms of revenue, they are down $10 billion year on year. that tells you a picture of how we're doing in terms of global shipping. the capital expense has been reduced for 2023 and 2024. actually, the big headline from the results is the company is accelerating their cost cuts. with that in mind, maersk announced it is reducing work force to below 100,000 employees from the current 110,000 jobs they had from the start of 2023. in total, they are expecting by doing so, they will have savings

of $600 million in 2024 compared to this year. the fact that the company is focusing on cost cutting tells you a picture of where they are expecting to go in 2024. i would also like to share with you the comments from the ceo vincent clark who is relatively new in the job. he said the industry is facing a new normal. this new normal is accelerating several cost containment measures. a lot to digest from the numbers, guys. all in all, the company is, perhaps, focusing on the positives. cost cutting for sure that the markets will enjoy. when it comes to guidance for the global economy, the picture is negative. >> there is a lot to muse through the numbers. the forecasting ability for the

sector is really odd. ocean volumes increase 5% on year. very much out of the money. when it comes to the rates, 14% was the size of the dedecrease. it was a surprise all around by the volumes and pricing. >> if you look at all of the divisions of the company, they are all down. they are all down. this is why i was surprised to read the results this morning. i had the chance to speak with the ceo in september. he said bearing any negative surprises, we withould hope for slow pickup in 2024. the picture has deteriorated since we spoke in september. the conflict in the middle east has been mentioned in the results as one of the geopolitical risks they are facing. that could bring further instability in the oil market. they are mentioning higher rates a lot in the results. the high interest rate environment across the world

systemis impacting this business. >> i think the buybacks for the corporates and dividends. this is an early warning signal that all is not well with the buybacks that investors have become accustomed to. >> absolutely. you know, you are looking at the market moves at this stage. this is a very important one that the markets are monitoring. let's focus on esg. we are talking about the negatives of the results. when it comes to esg, maersk is one of the leaders for the shipping industry. they are focused on that. if you are looking for a little bit of a brighter side for the results and this stock specifically, perhaps it is where you have to look. i'll come back to the aboar

for the other stocks. thank you. stellantis reached a deal with the uaw to see the pickup truck maker pump $18.9 billion into the u.s. through 2028. that comes after the month of labor strikes with stellantis, gm and ford. it includes a 25% pay hike for stellantis workers and improved retirement benefits and building a battery plant and factory. it heads to union members for ratification. you see the listings across europe which is higher for stellantis. bmw here with a bounce of 2.2%. it is reported a third quarter margin before interest and taxes in the auto sector. the german automaker saw revenues rise to 38.5 billion euro. it said supply chain issues have e eased. terrific numbers crossing. there was an upgrade to the

margin nos in the auto industry from 9.5% to 10%. if you strip out the one-off with the jv from china, 10.8% on the margin. topping the august expectations as we talk about the sector. let's push on it to siemens. it is mulling options for the diagnostic arm to fitch 8 billion euro in a sale. revenues sliding 20% for the unit. the start of the investigsession for the real estate sector in europe and it is coming back in the united states. vo vonovia sees a $3.81 billion loss for the first nine months of the year.

the real estate group expects funds to be lower next year as higher taxes and rates wane. and axa is matching analysts expectations for the first nine months of the year. sales from january to september rose 2% on the year to 79 billion euro. boosted by higher premiums at the property and casualty division. the cfo has told cnbc he is confident about the demand outlook. >> what we see for the time being, as i said, good demand for products and people realize that they need insurance. we see volume growth. when it comes to price increases, it is dependent on inflation. as inflation is coming down, probably you will see less price increases in the coming months and years. that is okay. we don't want to increase prices

for the sake of it. we just want to make sure we maintain profitability. jobs growth in the u.s. is expected to slow in october with the uaw strikes against the big three automakers in detroit. dow jones industrial average is forecasting 173,000 jobs in the key non-farm payroll report. the unemployment rate is expected to stay at 3.8%. >> john joins us now in studio to unpack the markets more and the data as well. john, thank you for the time. the non-farm payroll number may lead to those. how significant do those become in the bigger scheme of being data dependent? is this meant to be? the data point that matters most? >> i think the fed is data dependent. jay powell said as much. i think it will be important particularly given the reaction from jay powell's speech.

didn't see a change in tone really, but markets leaned into the narrative that may be peak rates are in and we might start to see rates starting to fall and reaction we saw in equities was quite dramatic. >> can it be too data dependent? any small move can move in a different direction and react differently. >> the biggest risk is the yield markets. if it falls too soon, that is a concern for jay powell. he mentioned rates will be high for longer, not necessarily higher for longer. if yields continue to fall, there is the equivalent of a rate hike or another rate hike. i do think the fed has become too data dependent. my hope is that eases off into next year given the election

cycle and the geopolitical issues at the moment. my hope is in 2024 the fed is quieter. >> i pick up on the words that the market lengthened to powell's comments. i think others thought it was a mixed reaction with the momentum in the equity market which was stunning. we had a fund manager on this morning who did not buy into the rally. what do you do after what has been a decent move? >> i don't think i fully buy into the rally we have seen the last few days either. it pays to be early. if you go back to the mid '80s, if you bought equities in the week of the last rate hike, good equity returns across the board as well as bond returns.

if you bought in the three months precedipreceding, okay r. if you waited for clarity, the returns are far less compelling and there is more down side. the markets are hearing what they want to hear. if you look at the economic data, it is a bit more of a mixed bag. we saw the ism manufacturing numbers at 47. that doesn't look particularly good. conversely, the s&p manufacturing numbers were around 50. it is a little bit uncertain there. if you were looking at the bold case for equities, the increased on non-farm payroll was positive. the update in communications from the treasury regarding issuance which was less required was positive as well and the communication about the treasury general account coming down by 100 million which would be a bit positive. to your point earlier, apple beat expectations, but the sales numbers were lower than this time last year. given the magnificent seven led the markets higher over the course of the year, they are

already looking tired. given the reaction in the markets, we are not out of the woods. now is not time to lean into the risk. the quality factor is a good place to play. minimum volatility out performed and now seems to be in the resurgence. we would rather take equity plays within conviction. i think japan is a bright spot potentially. we also like energy commodities. within that, we have highest conviction in uranium miners which is niche and under owned. there are compelling narratives evolving in that space. >> energy is a mixed bag over the course of the week. yesterday, the strong rally led sectors up 3%. the narrative around consolidation and some of the companies throwing off cash is a strong one relative to what we

see with the offshore wind market which is a calamity with individual players. how do you and navigate that st over uuranium? >> we have the ongoing conflict with ukraine and middle east. >> you don't seefadfading? >> no, the leader of hezbollah will speak later today. there is a sentiment aspect and reality on the ground. unless the conflict were to broaden, we might not see a mana manageable increase. i don't want to lean in on the uranium play too much. i find compelling at the moment with the wind farms is the dynamics. there is a move to achieving net zero. there is a realism to deliver

consistent energy which is nuclear. we are seeing china building 10-to-15 year reactors every year. we see macron fly to kazakhstan to talk about how they can secure uranium. there is a huge government-backed and utility demand for uranium within nuclear reactors. >> what is the key to the growth of that sector and that stock? is that what you are saying? >> yes. >> it has to have government involvement for the most part? >> we are seeing that come through. at the same time, we have the large pickup in demand. going back to fukushima and moving away from nouclear, ther is a supply in the market. there is regulation driven by governments. this is driving the price of

uranium to $74 a pound now. it is really compelling story. i think that will drive the sector going forward. >> just quickly, you don't see the geopolitics disrupting the nuclear. we don't have that at the moment. >> there are pros and cons to every trade. you make a valid point. that is a slight concern in the space. markets are volatile at the moment. i think the key is to place risk appropriate basis and deploy cash with the greatest strategies. >> john, i appreciate the time this morning. thank you so much for joining us as well. slightly different conventional strategy with uranium mining. cio of titan investment. coming up, apple issues disappointing dguidance for the

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welcome back. apple is lower in pre-market after the company beat expectations for the fourth quarter earnings, but did issue disappointing dguidance for the season. the sales in the holiday quarter are expected to be similar to last year when wall street was expecting the company to guide to a near 5% increase. elsewhere, the tech giant has seen lower demand for ipads and watches in the last few months as well as macs which sales dipped on the year. arjun is joining us. the wearables are interesting. i thought sales would have picked up. >> we see the result with the weak consumer spending. if they are not buying phones at this point, wearables are the

last thing on people's minds. it is symptomatic. the wearables market is growing. apple leads the smartwatch market. it has done well to tie the watch into the iphone. >> it fits the entire environment. >> that is the key strategy for apple. you know, it becomes a point people are not forking out for iphones and they may not necessarily fork out for the additional apple watch. that is part of the story. i think in terms of the wearables, it was a lot of excitement around it and it did not have the explosion of growth at that point. there is a little bit of questions of do i need an apple watch or is it necessary? should i pebuy a cheaper fitnes tracker? >> you are not talking about me? just checking. >> conversations i had with

people. i think that is part of the story around the wearables. the iphone in particular, to get a bit of growth in that was the positive for apple. d guidance for december is no growth. management said it is 13 weeks in the december quarter this year versus 14 weeks last year. a little bit of playing with the numbers. >> does it make that much of a difference? >> apparently so. can we talk about services? more and more are using apple pay. we know that it has a ton of subscribers. there's been subtle increases around the cloud offering. subtle adjustments. this matters with a huge number of subscribers. >> when you have a user base of more than 1 billion users, $1 here or there makes a difference. a huge difference. that's what apple does.

that's why services and many investors look at it as key for apple even in slow sales. apple can generate business. >> sticky revenue. >> exactly that. that recurring revenue and the fact that apple has the user base there is key. that is why services is increasingly important to the apple story going forward. particularly in tough times when hardware is not selling well, investors say this is still bringing in money. >> quickly on the china market. you were talking about the offering from huawei and how competitive they were going to be for the likes of apple. do you think we have gotten to the point where the chinese consumer needs the device? >> not yet. i think huawei made a splash with the phone for the quarter. fastest growing smartphone for the quarter. that phone, while huawei having

w 5g, is still increased technology. it has done enough to worry apple to rethink about the china market. the company was trying to allay fears. it was a 2% sales decline because of ipad and mac and september had a quarter revenue in china. the market will be looking first. if the resurgence of huawei turns into something more serious, they can come back with the cutting edge technology and that could become a problem for apple. >> arjun, i appreciate it. apple has a lot of stories to it. in some ways, priced for perfection. we will continue to check in on this one. coming up on the show, under five hours, that's all it took for the jury to convict sam

bankman-fried, but the saga may not be over yet. we'll bring you the twists and turns from the final showdown after the break. hi. i'm wolfgang puck when i started my online store wolfgang puck home i knew there would be a lot of orders to fill and i wanted them to ship out fast that's why i chose shipstation shipstation helps manage orders reduce shipping costs and print out shipping labels it's my secret ingredient shipstation the number 1 choice of online sellers and wolfgang puck go to shipstation.com/tv and get 2 months free

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shares of maersk slide to the bottom of the stoxx 600 after announcing of 10,000 jobs cuts and the new normal. volvo rises to the top of the stoxx 600 after the sales at the automaker rise in october thanks to the high demand for electric cars. bmw backs the annual forecast as margins and revenues rise in the third quarter with the carmaker flagging supply chain issues are easing. sam bankman-fried is found guilty of all charges. the ftx founder facing a sentence of more than 100 years in prison. >> sam bankman-fried perpetrated one of the biggest financial frauds in history. the cryptocurrency may be new and players like sam bankman-fried may be new, but this kind of fraud and corruption is as old as time.

markets here in europe have been open for half an hour so far. another fascinating session. we are picking up on the gains from the united states. the hopes that the fed may be done with the rate hikes. that's carried wall street forward in session again yesterday. a lot of appetite spinning across to this part of the world. there is a ton of earnings reaction. a feature of the market all week with the prices moving to the upside. the price discovery has been significant over the earnings season. you can see on the benchmark stoxx 600 for .30% gain on top of the fairly decent performance for stocks in europe. we have moves 3.25%.

when it comes to the core markets, we have .25% in the uk, france and germany. let's look at the sectors. oil and gas and healthcare and insurance names declining. the insurance companies starting to report today. to the upside, awutos up 1.7%. travel and leisure up 1%. de dea delving into the moves of the stocks on the upside. volvo out with a gain of 10% in the sales numbers in october. that is 59,861 cars sold. fully electric cars rose and hybrid fell. forecasts were electric vehicles. that has moved the needle on volvo cars.

siemens energy is up. the down side moves are axa on earnings. the company out with numbers. swiss re and munich re on the tape today. novo nordisk with the supply chain issues being a feature. that stock is down. exaccelerating to the down sides maersk. it missed expectations on the volumes and freight pricing. question mark over the share buyback program for 2024. the stock suffering. the one that is accelerating to the upside is 5.7% higher with silverlake reporting to buy this nexi company. there is something interesting with the i want my money back from the ipos. 9 million euro is the number of the purchase price.

it has been dispoappointing wit the stock price down 17% year to date. the german insurance technology wefox raieaised fres funding. you can check out the full story on cnbc.com. the verdict is in. ftx founder sam bankman-fried found guilty on all seven counts of wire fraud and money laundering. it took four hours for the jury to convict him after a month-long criminal trial in new york. the 31-year-old former cryptocurrency billionaire was convicted of two counts of wire fraud conspiracy and two counts of wire fraud and one count of conspiracy to commit money laundering as well as conspiracy to commit commodities fraud and

conspiracy to commit securities fraud. he faces more than 100 years in prison. he will be sentenced in march. cnbc's kate rooney has been following the trial from the beginning and filed this report after the verdict. >> reporter: sam bankman-fried was found guilty on all seven counts of fraud and conspiracy. inside the courtroom, his father had his head buried in his hands as sam bankman-fried was stoic when they read the guilty verdict. it wraps up a month-long trial. the prosecution alleged that sam bankman-fried siphoned $8 billion from the cryptocurrency exchange to alameda research and spent the money on real estate and celebrity endorsements. they said he knew what was going on and criminal intent was key.

the jury said sam bankman-fried knowingly committed fraud and guilty of all seven counts. it wraps up an emotional roller coaster month of testimony. sam bankman-fried found guilty. once a billionaire on "forbes" list. today, found guilty in the southern district of new york. his defense team will keep fighting. no word on the official appeal. the government will go into sentencing in march. kate rooney, cnbc business news, manhattan. >> for more, check out cnbc.com. the market for environmental, social and c corporate governance, esg, is

facing challenges with turmoil and regulatory concerns. that has led to a decline in investing. the next guest says investing in the united states has been weaponized. >> thank you for inviting me. >> you believe esg has been weaponized in the united states. do you see any change to the narrative? >> we see that change of narrative and if you look beyond the pollicization, there was a decline in esg investing in the u.s. in 2022. if you look at numbers and there are new studies from morgan stanley, the study on esg in 2023 increased to $3.1 trillion. there is a readjustment. i think what happened is a lot of the previous conversations made investors realize we have to stop using this term and that

was the first to say blackhawk was it and it has to stop using esg. now they use impact investing or value creation which is another way to say we can still invest in attractive companies with positive impact on the society. esg is still really a political issue where a lot of us tend to drop. >> is it mainly the "s" part of esg? that is pushback by republicans with the so-called "woke" capitalism. >> the "s" is clearly a big part. if we look at some of the main criticism in esg in the united states and other countries, they also criticize the fact that a lot of managers were dealing

with the new esg rules on the duties and that could be difficult for them to choose investments. i think it is not just on the diversity and inclusion, but we saw politics could influence some of the fund managers. they wanted to make sure this was not the case. at the same time, if your fund manager is understanding that good diversity practice and inclusion in your company can also be an issue for the companies to under perform then companies with better diversity practice out performs. this is the mixed bag. we will see how it goes. >> it has been a story of declining flows into esg. just according to the u.s. esg

funds declining from 339 to 315 from september to october. has it led to higher returns for businesses? that was put forward. you could still make higher returns while following esg principles. now, it feels the term may be struggling to find any sense of sustainability. >> morgan stanley published a study to show if you look at esg funds globeally, it out perform private equity. in 2022, in fairness for every asset manager, esg was a challenging year. i'm not sure we can still make

conclusions about esg with investing showing less returns. i think there are some really good fund managers which have been out performing in europe and in the u.s. >> how do you call it sustainable investing in a broader sense? how do you ensure that is not about writing your own narrative with the carbon intensive entities which are reporting more on the concept to ensure they looked good as well? >> there are two things there. you are right. i think there was clearly some green washing and some companies were making exaggerated claims. i think it is important that we all review this and the fact we have the regulation, particularly in europe, is more serious and disciplined. we encourage less green washing. on the deals aside, yes, it is

true. you have this industry which has a better reporting and show investors they can have higher returns. >> let's talk about cop-28. the next big stop for esg. we have a conflict playing out in the middle east which put energy security back in the forefront which steers us off course with renewables. the other side, the macro environment. credit costs are still high. the message from the wind sector is inflation is steering them off course. what can be achieved in cop-28? >> that's a good question. i think you are right, karen, this is opening the doors at the worst time. it will be difficult. also, the cop-28 is happening for the second time in the middle east. now it is the negotiations which

is run by the representative and he is running the largest fuel company. at the same time, what will happen and what will play there is the fact that leaders, governments invest and private investors have to return to pragmatism. we have to all agree to the climate crisis is enormous. we see that everywhere with the floods and storms happening everywhere. we have to solve this crisis and transition to a net zero economy. at the same time, we have to keep flexibility for investors and government to protect our energy security. that plays for gas and fuel which we discussed and uranium. the french and other governments tw want to invest to protect in

that energy. we see the push and pull dynamics at cop-28 where we have the balance with esg priorities and solving the climate crisis. we also have to realize we have to protect our energy security. >> thank you for the time. i appreciate the discussion which is fascinating. >> thank you. >> huge execdiscussions. the partner at calibre one. coming up on the show, swiss re has the outlook. we will talk about the full-year outlook in the next couple minutes. we unpack that discussion with the cfo john dacey coming up next.

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welcome back. swiss re reaffirmed guide ance r the year after swinging to the post for the first nine months of the year to $2.47 billion for

the year profit. john dacey joins us now. run through the nine months of the business. has it really been as good as the numbers point in some instances? >> yeah, i think it has. we've managed through the nine months with absorbing real losses. natural catastrophes with $421 billion in the third quarter. the investment income has been positively supportive by the rising interest rates. we invest at 120 basis points above the current return on investment. we are looking very positively into the year end, but also into 2024. >> how are you looking at margins with the natural catastrophe insured losses hit the highest since 2011 earlier this year?

how does that make you relook at things and reconsider the rest of the year? having said that, you are also maintaining your guidance as well? >> the reinsurance industry was able to provide enough information to our primary insurance clients that the rates for reinsurance had to rise significantly at the beginning of this year. those rate increases continued through the entire year and we look to build on that as we go into 2024. we are getting adequate premium and most lines of business. not all, but most lines, to be able to continue to deliver a strong margin. again, the investment income on the back end of this with the funds that we receive from premiums invest on our own behalf have been helping us get to the $3 billion target. >> john, pnc re, a u.s.

liability and the market honed in on a precaution provision. what is the provision for? >> in general, the u.s. casualty market has seen a trend toward ultimate loss costs materially higher than when people wrote the business. this is not necessarily business this year, but rather a decade ago. in that context, when we see the large jury awards and when we see the amounts of payments that corporations are being held responsible for, whether in commercial mode or product liability, we need to think about our alternate costs are for covering the claims. that is what you say with precau precautionary. we refer to this insurance as not reported claims, but based

on the assumptions of the worse outcome than we might have thought, we will provision additional funds to be sure to have them when the claims do come in some time in the future. that is where we stand. we're comfortable at the current level of reserving. we monitor this very closely. >> john, can i take a look at premiums? up 4.2% in the first nine months. what are you seeing in the ability to continue to increase those premiums? are they still going up from here, but at a slower rate? >> they slowed down a little bit in the third quarter. our expectation is the demand for reinsurance from the primary insurance companies remains very, very he robust. they suffered large losses in a substantial set of nat cat events in the first nine months of 2023. our team, the swiss re

institute, estimates above $80 billion losses year to date and on track for another $100 billion loss year. if that context, the primary companies will continue to look for cover. we are extraordinarily well capitalized. we will continue to grow the business out in the natural catastrophe lines and across the world. it is not depending on a single market like the u.s., but across europe and asia with opportunities of further growth. >> john, 20 seconds left. the storms across the u.s. having any exposure? >> there will be some exposexpo. exactly what those losses are is to be seen. the importance is how much the primary company lost. we paid pay in the third quarter.

>> right. >> for material losses. >> john, we are short on time. thank you. john dacey, the ceo of swiss re. a quick look at the week on markets already. that is all. happy friday from the "squawk box" team. up next is "worldwide exchange."

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it is 5:00 a.m. here at cnbc global headquarters. here is the "five@5." we start with wall street kicking off a new trading month with a bang. futures in a holding pattern this morning as investors await the latest jobs report and what impact it may have on the fed's hawkish pause. also moving the markets this morning is shares of apple. sales slowdown shows no signs of breaking up. and breaking news, the trial of sam bankman-fried is over. guilty on all co