♪ good morning welcome to "street signs." i'm joumanna bercetche >> and i'm julianna tatelbaum. happy friday these are your headlines the rally grinds to a halt with the european majors closing on a downbeat note after jay powell strikes a hawkish tone leaving the door open for further rate hikes >> we are not confident we achieved such a chance inflation has given us a few

head factkes along the way. if it is appropriate to tighten further, we will not helsitate. and the shine comes off after the swiss group posts a miss on the first half profit. diageo turns off the tap as a cut to the growth forecast for the next half puts it at the bottom of the stoxx 600. spanish prime minister sanchez strikes a controversial deal with the acseparatists sparking protests across the country. good morning happy friday yesterday, julianna and i were talking about our producer david, and his reflections on the market and price action. it is moderate but momentous in terms of gains

guess what all that turned negative after powell's speech indicating that the fed is still somewhat hawkish. warning that interest rates may have to climb further. what we saw was a negative action wiping out the eight days of gains now after powell's comments the hand over from asia is negative as well that set the tone for europe the stoxx 600 is down .70% lots of red on the heat map this morning. still very much focused on earnings as they come thick and through. we had a lot from france today let's talk about european markets in more detail e every indices is down this morning. dax is down .60% the negative session for velando. and insurers are doing well after yesterday's report card.

cac 40 is down .80%. lots going on today. i want to draw your attention to richemont. we will dive deeper into that into the course of the show. ftse 100 in the uk is down this morning at .30%. on the macro front, we had data come through with gdp better than expected at 0.2% for september. the uk economy has been s stagnating in line with the comments from the bank of england suggesting that the uk momentum has been slowing. in terms of stocks, one stock in focus within the ftse 100 is diageo the spirit maker is down double digit at this point in the trading session. sharp reaction this morning. week to date let's see how the stocks have

done for the week. the ftse 100 is down .30%. the cac 40 is relatively doing okay to the ftse 100 up .10%. dax is also seeing a good move there up .50%. of course, we did see strong rr reaction yesterday in schneider electric the ftse mib in italy is d down .70%. over there, one stock is telecom italia over the proposed selloff can go ahead the biggest shareholder is voicing a lot of concern about that deal. whether or in the it goes ahead is a big question mark let's switch back to sectors. this is what we are seeing insurance at the top which is up .50%. oil and gas with a bit of love coming back to the market

telcos trading flat. d diageo is down double digit. we talked about richemont dragging the basket lower. let's get back to what sparked the downbeat sentiment in the u.s. session. jay powell spooked market as he he left the door open for future rates. speaking at a panel discussion at the imf, powell said he believes the fed faces equal risks of raising the benchmark rate too high or not raising it high enough. he said officials were hopeful with the retreat in prioce pressure >> we are committed to achieving a chance to bring inflation down to% over time. we know ongoing progress to the 2% goal is not assured inflation has given us a few

head fakes along the way if it is appropriate to tighten further, we will not hesitate to do so. we will move carefully addressing the risk of being misled by a few good months of data and overtightening risks. >> all three majors ended in negative territory nasdaq lost 1% the dow jones industrial average lost about 220 points. a broad-based selloff across wall street. putting the moves into context, joumanna mentioned the description of the move higher moderate, but momentous. s&p gaining for eight sessions in a row one down day has reversed that for the week s&p now .25% lower on the week the dow jones industrial average is down 0.5% on the week

we are still in possiitive territory for nasdaq up .30% in terms of the day ahead for investors, the university of michigan consumer sentiment for november and more central bankers to deliver comments. on that note, let's see how u.s. futures are trading. we are looking at a bit of green on the board for the dow and s&p, but marginal. nasdaq looking at a flat open about six points lower at this hour. >> yesterday, julianna, we were talking about how important it is to keep an eye on the yields. here you have the ten-year note at 4.62% we did have a major selloff yesterday. let me walk you through what happened with the 30-year treasury yield curve they all climbed on thursday following a $24 billion sale of 30-year treasury bonds that drew weaker demanded. it was the weakest in two years. direct and indirect lenders were at the weakest left since 2021

that sparked a move higher in the 30-year yield. it has been volatile in the space. let's talk about what is happening with the ceo of richemont. wonderful to have you with us. let's ask about you the market narrative. i think if we had a conversation a month ago, you probably would have told me the market narrative is all about higher for longer and central banks are guiding to keep interest rates higher for a longer amount of time it feels like that has shifted now toward higher so long as something doesn't break. am i correct in that assessment? >> absolutely. i think we heard jay powell just indicating that they are looking to be ready to hike again should it be necessary. our view is that we are going to be in an environment where rates

are going to be high for a long period of time we're not anticipating another hike and we are thinking bond investors with duration are renum rated for the risk they are taking a shift from september and october potentially. we think the ecb and the fed will pause in hiking for the foreseeable future >> let's ask about the price action in bond yields yesterday. despite the u.s. treasury announcing they are pulling forward funding auction toward the shorter end of the curve, we did not see that much demand with the 30-year auction and you say many people are coming to the view that even if the fed is in overtightening, why isn't

there more demand for the auction? >> it is probably still too early to say we see both the rally in bond and equities as a result, both would be driving market dynamics in the coming days and weeks. we believe we are seeing investors are cautious at the moment not only looking at what's going on with central bank decisions, but also overall on the macroeconomics front with uncertainty around conflicting the least and despite the fact we think the conflict, broader conflict for the time being, is not an option. that has dampened risk appetite from investors recently and we think it might continue. >> to dive into the correlation

or relationship with bond markets and equity markets right now, is it fair to say interest rates are the main driver of equities >> it is an interesting question when you look the last couple of days which have been positive, we have seen indices showing positive signs if we look at the earning results, we're almost through the period in the u.s., three of four companies have beaten expectations in europe, the picture is a bit more disappointing although we had very good results overall. we heard the 40% increase on revenue year on year we had good results from bmw and stellantis as well the forecast and the cap ex plans are muted and companies

are being conservative in terms of what will happen going forward. that will play a role. the move you have seen in the indices in the last couple of days are also the result of short buybacks so that has been some of the market movement. our view is that we're still cautious into the risk asset we are still overweight bonds. we were overweight equities, but we are now neutral the interesting thing to watch in the next few weeks and months is whether or not there is an entry point for investors to go back to market equities and small caps those are the segments worst effected we have a maessage from the central bank that we are avoiding a hard recession, that would be very interesting for

investors to look at small caps within europe and the u.s. that offer a huge potential upside. >> what do you see as the catalyst to change your view and go overweight with those parts of the pasmarket >> we will wait to see -- well, go to the end of the earnings season and see how the bond market and the central bank decision still has to listen to any other news i think we are fairly convinced for 2024, one of the main topics is to go back to small caps and risk assets. for the time being, we are conservative in the asset allocation. >> it has a high correlation with the domestic economy. i want to pick up on what you said to julianna about looking for entry points in emerging market equities or equities. which markets are you looking at

here it is very broad in this market. >> we are looking at asia and latin america. we've got strategies that will cover all markets. we're not following the benchmark. our approach is a high tracking error and pick from the top and bottom that we think companies with higher potential are moving that's going back to what we're seeing about the entry points and where investors think should be allocating at the moment. there are still good entry points for strategies. if you look at high quality investment grade bonds, for example, and high yield, there is a good entry point. they are yielding 4.4% and between 17 and 18 in high

yields you can build a five-year portfolio with 5% and predominately investment greade. >> thank you for joining us this morning. back to single stocks in focus this morning richemont down 5.8%. the company posted a 6% increase in first half sales. the cartier owner became the latest to warn of caution among comm customers. richemont shares down 6% this morning. we are red across the board. lvmh is down 2% this morning

richemont numbers are dragging on the broader luxury sector charlotte has been looking at these numbers this morning charlotte, help us understand what has the stock lower today and how richemon it is c-- richemont is comparin to other companies >> we are not going to see the double digit sales growth in the post-pandemic boom that is what we saw are richemont below expectations richemont sales is 5% in q2. it weighed down by the watches with the impact with the sales down 4% for watches. jewelry in line with cartier down 9% on the basis operating profit in the first half was down 2%

again, a miss with an extra element for richemont with tech as they are selling off the stake a year ago they are paid in shares. those shares have been diving the past year. down 80% there is a lot of questions over what richemont is doing and that is coming into play with the negative reaction into the shares going down which is impacted >> we are seeing swatch under performance as well. perhaps a read across from the weakness in watches. let's get to joumanna to walk through the other movers in the equity markets. julianna, it is not just richemont. diageo is down 4.5% this morning. it is reporting a decline for the first half of fiscal 2024

pointing to weaker sales in latin america and the caribbean. the sales are expected to sink by more than 20% in a region that makes up 11% of total net sales. another company is novo nordisk down 1.1%. it is expanding in denmark with local facilities this comes on the heels of eli lilly winning approval for the diabetes drugs it is rare to see novo nordisk is coming under selling pressure down 1% today. and siemens energy has agreed a provisional deal with the german government to secure billions in guarantees siemens was seeking guarantees as much as 15 billion euro as it looks to address issues at the turbine unit stock is down 3.5% today.

and switching to the macro the uk economy failed to grow in the third quarter. the figure was actually better than expected. the market was expected a contraction. gdp grew 0.2% in september and up 1.3% for the year which is ahead of forecast. jeremy hunt is focused on bringing inflation down calling it the single greatest barrier to growth. this is how the gilt is selling off in line with other fixed income markets the ftse 100 is down .90%. of course, a lot of issues this morning. so many big stories in equities we love to hear your view on what is going on with x and tweet us directly @cnbc jou. protests in spain continue for a fourth heighnight in a ro

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welcome back to the program. spanish protests grew violent as thousands took to the streets for a fourth night in a row opposed to the socialist party with the catalon government to form a deal with the failed secession attempt in 2017. the opposition party deemed it a humil humiliation. charlotte, what motivated them to go from the controversy move? >> it has been controversial the contest was a snap election in july with the bruising defeat in the local election in may he wanted to minimize the damage for him and his party. he called that election. the center right came top. they didn't have the number of votes to get the approval.

it was trying to get enough votes for the party. he relies on smaller parties and regional parties, including some independence parts catalonia. one member negotiating with the party that led the 2017 illegal referendum on independence you have him there in brussels in imposed exile it was 7-6 in the spanish parliament where seats will enable or decide the future of the country. that is controversial in itself. the amnesty that came with that deal for the people in the referendum in 2017 is what is really triggering a backlash in spain. we heard people and the protesters are growing in the past couple days the deal was qualified as a

humiliation and blackmail. >> translator: we warned mr. sanchez was willing to do anything to stay in power. time as shown we were right. it went beyond our expecexpectas mr. sanchez will pay with our rights and our dignity >> we heard from the spanish judges association which spoke out criticizing the deal it puts in question the innoce independence and separation of powers it wants details of the amnesty and if it puts a risk of rule of law in the country it was a massive gamble for mr. sanchez. he looks to be named prime minister once again, but you have to question at what cost. >> that is what i would say.

in addition to the damaging comments, other members of the pp say they wrote a blank check. what precedence does this set in providing amnesty is a normalization of these political parties and there are many within spain unhappy with the events unfolded post-2017. >> this is a result of the fragmentation of the spanish comments suddenly there was a fragmentation of smaller parties with the far right and regional parties. the argument for the socialist party is we need a stable government in the country. this is the majority they did not manage to get that majority with this deal, we have to wait and see and we heard from one analyst this morning who said

this is a really constitutional crisis in spain for the coming weeks and months it is a question how can they govern the country with the reliance on so many small parties with big conditions on the support. it is an issue although the spanish government is doing well, but this has the potential to open doors. >> something to keep an eye on it was the bright spot in the economy in the last couple years. coming up on "street signs," israel rejects calls for a cease-fire, but does allow pauses in fighting we'll provide an update after this

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policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. welcome back to "street signs. i'm julianna tatelbaum >> and i'm joumanna bercetche and these are your headlines >> the rally grinds to a halt with the majors on beat to close on a down note jay powell spoke out >> we know ongoing progress to the 2% goal is not assured

inflation has given us a few head fakes along the way if it becomes appropriate to tighten policy further, we will not hesitate to do so. glass half empty diageo with the worse performance since 1987 shedding from the market cap and now sees net sales in latin america and caribbean dropping more than 20%. the shine comes off as richemont drags the luxury sector lower with the 5$500 million miss on the first half profit. and israel agrees to a pause in fighting to allow gazans to move south, but prime minister benjamin netanyahu rejects calls for a cease-fire israel has agreed to daily four-hour humanitarian pauses in

northern gaza according to the white house in order to allow safe passage for people to the south. prime minister benjamin netanyahu rejects the ideas of a cease-fire and says pauses s wil not be the issue let's get out to our reporter out in jerusalem for more. >> reporter: we know u.s. president biden has been working hard with the back-room talks to try to get the humanitarian pauses confirmed to get humanitarian aid in and allow civilians to flee. i think there is a different interpretation between america and israel on this point we heard from the idf yesterday that there would be no cease-fire until hostages are

returned, but they also say there has not been a change in tactics. they say these humanitarian pauses are limited in time and areas, too that's despite the fact we heard from the white house yesterday who were clear in saying there would be four-hour pauses and three-hour warning and taking place daily. i think it is not yet clear here how frequently they will take place and the level of commitment from the israeli government you get a sense of the ongoing tensions in the meantime, we see fighting in gaza city we hear reports of tanks outside children's hospital. we know joe biden has said he has been trying to look for a longer humanitarian pause beyond

three days it is taking, he says, longer than he hoped, but they remain committed to try to impress upon benjamin netanyahu that they need to get more humanitarian aid in we wait to see if they achieve that >> we are, obviously, keeping an eye on the number of casualties mounting for israel where the death toll stands at over 1,400. the latest released by the palestinian authorities is 11,000 palestinians killed my understanding is what is the objective at this point? do we have a better understanding on what they are actually looking to achieve in order for this war to end? >> reporter: yes, i think there's been a lot of confusion this week about what their intentions are in a post-conflict gaza, if we can

talk about that, which seems some way off benjamin netanyahu did do an interview with the broadcaster yesterday where he said they don't intend to try to control and occupy gaza, but nevertheless, they believe there is an interim period in which they need to have some kind of influence or some kind of presence i think the problem is you have a community, a population, that feel neglected and alienated and a conflict playing out in an int intense form we have to wait and see on tactics and strategy it is a very live situation. as we talked yesterday with the humanitarian pauses with the camera trained in the south in

sderot with intense clashes on the ground. >> thank you for the latest from jerusalem. now pro-palestinian protests are expected to continue to prevent the march on armistice day. police drafted in more than 1,000 officers from england and wales. i'm happy to see lord peter richets is joining us. pleasure to have you with us let me start off with the uk -- both political parties, labour and tory response -- to the israel-hamas war the labour party was subject to criticism because of the reluctance to call for the cease-fire and the british muslim voters go to the labour party.

is this a damaging experience as we head into the elections next year >> good morning. first of all, i think both political parties here are well aligned around the need for humanitarian pauses. aligned with antony blinken and what he is doing in the region and the foreign secretary s calling for that as well and the l l labour party is calling for that that is right because that is the first practical step to get help to the suffering people of gaza within the labour party, there are issues and it has been pro-palestinian rights and there are people in the labour party who think it should go further and make an outright call for a cease-fire some senior figures like the mayor of london say he can't have done that i think i'm not a politician, but he is looking ahead to the possibility he might be on

downing street as prime minister in years time and he is striking a statesmanlike stance >> let me take you to the last 24 hours that braverman's job could be at risk because of the comments directed at the london metro police is it your view that her job could be in a precarious situation? if that is the case, is this another headache for the prime minister as herefocus the strategy ahead of the election this is not another time for a cabinet reshuffle? >> i'm a former diplomat i try to stay out of the parties and political squabbles. it clearly is the case that the foreign secretary's position is more fragile now my feeling is public figures have to be careful in the choice of words in a situation where he

is -- where emotions are running high and sensitive see demonstrations to be held. on sunday is the focus of commemoration of all those killed over the decades. the police have the right and responsibility to ensure that they have freedom of expression and legitimate protests take place. that's a very difficult judgment it is a judgment left to the operational offices of the metropolitan police. i call on all public figures in the uk to be measured and careful with the language they use. >> lord ricketts, good morning let me take you to the broader picture in israel and ask your view on the off ramp and what it looks like for israel. how do you see this conflict coming to a close? >> it's the absolute central question, isn't it all the focus has been on the

immediate and on netanyahu trying to secure his objective of, as he says, destroying hamas and getting the hostages free. those are difficult to do. he may be able to destroy the hamas military capacity, but hamas is a religious government. it will come and all wars in the end wind down into some cease-fire i think that the g7 countries are beginning to think about that the critical question is what happens after that mr. netanyahu said israel will have overall security for a time, but what follows is it going to be a palestinian-led administration in gaza? how can they ensure safety in that case?

if it is palestinian led, israel need to help make that possible. it is a solution with higher fences and stronger walls and occasional military operations that is not a long-term solution somehow this needs to turn into an opportunity to get back to the track that western countries have been on for years to get to a two-state solution with israel and palestinians can live in peace alongside each other it feels a long way away, but a crisis at this level provides opportunity. >> it feels a long way away at this point some critics of the west argued the west hasn't been sympathetic enough to the palestinians and have failed to defend the interests of independent palestinians i'm curious how you support ukraine and if the west jeopardizes their efforts and

risk alienating other countries they are trying to engage diplomatically for support in ukraine. how are the two conflicts linked in this way? >> we have to recognize in western capitals that this is a very difficult convergence of crises as seen from third world countries. in the aftermath of the russian attack on ukraine, we lobbied strongly along the capitals for russia's action to be condemned and russia to be sanctioned. they then saw the awful attack by hamas on israel and civilians strikes in gaza and we had western capitals asking people to understand that israel had the right to defend itself and it was acting because it had been attacked. they found those to be square that we were looking to condemn russia and supporting israel in the right of self defense. they think that is hypocritical.

i think it can be squared. it is awkward for the west there's another interaction between these two which is the israel-gaza crisis is drawing political energy and military equipment away from ukraine as it faces a difficult winter to the gaza crisis. there is much paid attention to that and volodymyr zelenskyy should be worried we are finding it difficult to cope with two major crises >> indeed it does appear to be that case. lord ricketts, stay with us. let's run through key market stories. nat west will withhold 7.5 million pounds from ex-ceo rose after the de-banking in the statement, no finding of

misconduct has been found against rose. and looking at equity markets trading lower across the board this morning for context, europe closed up yesterday before we saw the heavy selling stateside. perhaps a catch up after wall street ftse 100 is down .10%. cac 40 is down .90%. swiss market down 0.5% the direction of travel is south for equities turning to fx markets. reaction is where we stand right now. sterling trading weaker against the greenback at 122.11. the euro is flat against the dollar at 106.70 a lot of the action yesterday started with bond markets. we saw u.s. treasury yields move higher you had the ten-year bond and 30-year bond increase. the 30-year bond most of the 15

basis points higher on the day not a lot of a pause after the moves yesterday. in terms of european bond markets, they were moving higher yesterday, we saw bond yields rise more than the treasury. the european trading session mirrored wall street, but a muted version. let's look at futures today. we have the dow jones industrial average and s&p in positive territory, but only ever so slightly for the s&p actually i call that flat. nasdaq is looking at a modest pullback at this stage not a lot of movement at this early hour from wall street. coming up on "street signs," u.s. treasury secretary janet yellen warns of the decoupling of china we will have the latest after this break what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is

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welcome back to "street signs. janet yellen says the decoupling with the u.s. and china would be

disastrous she had a meeting with the vice premier ahead of the apex summit yellen told the chinese vice premier that stronger communication is crucial >> the united states will continue to take targeted actions to protect our and our allies national security we are also committed to communicating clearly about these actions to prevent any misunderstandings or miscalculations. we welcome more clarity on china's thinking and actions >> lord peter ricketts is with us thanks for staicking around. looking forward to your views.

when it comes to measuring progress with relations with china and the u.s., china and the west more broadly, how should we be measuring it in terms of outcomes from the meetings due to take place next week or other ways to assess how things are going >> i think we have to get used to living with complexity with china. at the same time, we need to be very tough on our national security requirements and very tough when it comes to chinese espionage and stealing technology secrets from western countries. equally, we have to work with issues on climate change and global health where we cannot ignore the country a size of china and maintain the economic and commercial relationship with them i think what janet yellen was saying reflects where the uk and other european countries are on china. we need to maintain a

functioning commercial relationship despite the stresses and strains there are small signs that china sees the need to work with us. one is the chinese representative came to the a.i. summit that rishi sunak organized in london last week. there was a global conversation there about keeping a.i. safe as it develops. we do need to find ways of working as well as protecting our security interests >> how do you do that? how do you make the most out of meetings like the one that is due to take place next week with president x i? how do you get the most out of him and meeting your objectives as a western leader? >> you have to concentrate on areas with shared interests and objectives we share one planet. we do share one cyberspace we do share one digital world. it is in the interest of everyone that there is a degree of order and predictability in all of those areas there will be areas where they cannot agree, of course, the war

in ukraine where china has taken russia's position and israel-palestinian as well it is note able that the one country that is putting major diplomatic effort with the israel and gaza is the u.s it is antony blinken doing hard miles of shuttling and no signs of easing there. in terms of global security, america is a key player and china, i think, will need to talk to the americans about these issues concentrate on where we can make common cause and be very clear about where the red lines are. >> very clear on that point. i guess china doesn't have the historical links to the region like the u.s. does i was reading the pathossage frm the house of lords one line stood out to me recognizing the uk limited influence individually with the government said the uk aimed to work with the allies and partners to encourage china to

contribute transparently one thing is uk acting alone has limited influence and the other is the uk needs to work with others to exert this influence on china which block should it be closest to europe which is more realistic with the approach to china or u.s. which has been more come pat combative in recent years? >> the wars in the years after britain left the eu, perhaps could be an aninfluence country. i think life is showing that is not the case whether it is covi or ukraine or china. britain is effective when we work with friends and allies there is a good degree of coordination with the u.s. policy toward china and european

policy we are naturally closest with the americans with everything to do with national security and defense and intelligence cooperation. where it comes to customers relationships, our interests are as a medium-sized economy like other european countries, to maintain a relationship with china i see coordination with america and china. there is an interesting u.s.-eu technology council which is coordinating on technology policy and supply chain policy and resilience toward china. uk is talking to america about the issues i'm not sure there is a difference at the moment maybe the changes of the political guard in the u.s. will change for the uk. for the moment, we are allies to america and we are working toward that policy. >> sir, we will leave it there thank you for the perspective on

the politics and uk's role within the political paradigm around presidethe world. lord peter ricketts. let's turn to markets and see how it is shaping up on the final trading day of the week. dow jones industrial average is opening higher at this hour. nasdaq is looking to a flat start to the trade today after the selling pressure on bonds drag stocks lower with the s&p closing down 0.8%. the first decline in nine sessions a turn in sentiment yesterday. >> as for the week as a hole, the nasdaq ending the week so far in positive territory up .30%. the rest in negative territory that tells you, julianna, how moderate the gains were. the s&p had been positive for eight days in a row. longest streak since 2021.

a ninth day would be the biggest streak since 2004. one negative session and it wipes out the gains for the week. >> analysts have been talking about the fed speak which wasn't important now because they were confident pauses were the future for the fed. that wasn't the case yesterday powell shaked markets up the next move could be higher. >> he shook twitter up with comments about closing a certain door >> i need to check out these comments i still don't know what it is. i know what i'll do when the show is over. >> we will not close the door here that is it for the show today. i'm joumanna bercetche >> i'm julianna tatelbaum. "worldwide exchange" is coming up next.

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it is 5:00 a.m. here at cnbc global headquarters. here is your "five@5." we start at the end of the road for the nasdaq and s&p win streaks. the futures are suggesting it may be a bump in the road. the selling coming as fed chair jay powell is keeping all of the options open including more rate hikes. more on the comments coming up. and a hack attack as the biggest lender gets breached with global implicatmplications. and in