lavish lifestyle, but bottom line, he's a guy who couldn't make it on his own. i don't think anyone's feeling one bit of sympathy for steven palladino. he got exactly what he deserved. it's a long sentence. he should be serving a long sentence. -- captions by vitac -- ♪ good morning welcome to "street signs." i'm joumanna bercetche >> and i'm tjulianna tatelbaum these are your headlines >> european equity move lower to start the week as bayer cancels a blood thinner trial. the ceo of microsoft says ousted sam altman is in.

argentina elects a new president. the new head of state talking about economic shock therapy >> we have the fiscal accounts in check we have the ability to fix the problems in the central bank we have to put argentina on its feet. and jeremy hunt pledges not to announce inflation tax cuts in the ouautumn statement there is a path to lower tax for the economy. >> i think it is important for the dynamic economy that you motivate people to do the work and take the risks that we need. happy monday, everybody.

let's get you caught up with the global markets as a remireminder, we had a bige last week. wall street up 2.5%. investors started pricing in the possibility of rate cuts a huge amount of rate cuts in the fed and ecb. more than 100 basis points that was a good signal for investors and bond yields tumble as the risk-on sentiment overnight in asia, we are seeing a better and positive hand over with the hang seng up 1.9% let's get into it in more detail each european market shows the picture this morning it is somewhat of a mixed bag. the dax in germany down 14 basis points a lot going on in germany. let's draw your attention to the top of the index of siemens

energy at the bottom is bayer the stock down double digits i'll get to that in a moment cac 40 in france is 0.2% higher in trading today we are seeing a bounce in the stocks that got hit last week. we are seeing one perform well in the last section. and we will talk about the uk budget later this week that comes out on wednesday. what will the chancellor offer will it be a good signal for businesses and corporations? we will get into that with silvia later on in the show. we telco is up .40% this morning. luxury putting in a good session so far on the flip side, healthcare is down .80%. financial services is down .40%. as for individual gainers, this

is where it gets interesting at the top is diploma in the uk up .60%. and bayer held a late stage blood thinner trial which casts doubt over the project they hoped the drug would generate 5 billion euro in annual sales the company may be forced to pay out $1.5 million over a jury who blamed the drugmaker round-up weed killer. the stock is down 30%. huge task for the new ceo. there is a lot of talk of restructuring and breaking apart the key units. no doubt the price action today will reinforce some of the

speculation of what he will do with the company let's switch to the commodities complex. a positive move in energy. wti is up .40% brent up above 80$80. this as the opec plus meeting is coming up. there is speculation that the saudis are looking to extend output cut that is a possible sif si signi positiv move for the market. we have been talking about the tensions in the middle east and this has not derailed the price of energy from continuing to drop that is why there is incentive for the saudis going into the opec plus meeting to curb extension further. keep an eye on what happens to the price of energy the next couple days. sticking with markets, it has been a tepid year nor for t

ipo market including arm and inn sta stcart among them. it takes the win out of the markets. our next guest is expecting sector recovery into 2024. we will talk about what sectors he means gareth mccartney at ubs. thank you for coming in and joining us this morning. i'm curious of your take on why ipo market hasn't picked up in 2023 >> all the headline pre-conditions for the market have been good there global markets up 10% to 20% the vix, the benchmark volume activity has been at a low. we would see a pick up in significant. the reality is the market is fragile with the big market

questions where u.s. rates peak. for a long duration project with five weeks with an ipo, it is challenging to get the deals done in the environment despite the headlines. >> given a lot of the h high-profile companies which have come to market have not performed well post-ipo, are you pressuring companies with valuations >> we have been closed for best part of two yearsexceptions. i think you are right. the positive was we had a window post-summer and some deals got done the temperpid market has pushed those ipos to 2024.

>> the speculation going into this with a lot of talk and you had the prevalence of key investors who are vocal they would participate in the deal. is this a new paradigm for the large ipo listings is it necessary to have the large anchor investigator for ot invest investors to get involved? >> we saw a lot in the boom in 2021 with those named in the pros prospectus that is helpful. i think as we go into next year, we would expect a normalization of the market. we will continue to see that process in place primarily as a exercise. >> let me ask about interest rates close to 5%. how does that change a company's

calculus of where they want to be issuing do you get a sense there is less appetite to go down the debt >> i think that is a great question it is broader than the ipo market we had a re-pricing of interest rates. we have a big debt wall coming in 2024 and 2025 there is $1.5 trillion of corporate debt that needs to be refinanced it has to be right that corporates are asking the question is my debt equity balance the right? our expectation is more is being raised to offset that ratio. >> let me go back to joumanna's question t corp orates that got involved i the ipo market that is capturing the attention of the tech companies trying to take a stake in arm to build up partnerships in the future this morning, open a.i. is

changing the story if we see open a.i. come into that, will more tech giants get on the stage >> that has transcended the tech market i would expect more strategics coming into the ipo or the private p cocompanies where the supply chain is relevant from the capital markets, we need to be creative with the investor base in the projects. you have to look at fund flows we have seen a lot of the money going into passive funds they are not necessarily big ip projects some longer duration capital can help the market. >> the spac market was all the en vogue for the companies who

could not get access this is an area that dried up in line with the broader public ipo market do you see a possibility for the spac market to come back or is that a phase that is one and done >> it sis always a feature for the market spacs have been around for a long time. we saw it through 2021 it was a response to the amount of liquidity in the system and interest rates more normal level of rates, we would not see that repeated. that is very select cases. we would continue to see spacs happen, but not at the levels in that period of time. >> gareth, thank you for coming back in. we hope to have you back in the new year gareth mccartney at ubs.

coming up on "street sig," m altuvman is back in a job we'll have the latest after the break.

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let's get to the top story this morning microsoft cceonadella announced that sam altman is now joining the team after he was ousted by the company's board on friday. here is the check on microsoft shares they he aare now up 2.3% after altman is being named ceo of open a.i this is reaction in the news that has come through. richard windsor is joining us now. founder of radio free. richard, i'm sure you have been

watching as the rest of us with the development of open a.i. my first question is because it altman was ousted from the company. how critical was he from open a.i. >> two things really firstly, he is critical of the technology and the face of the company. when you have the brand well known across the word ld and you have the chaotic event, it greatly undermines the confidence that people will have in the company you know, from that perspective, he was extremely important i suspect if open a.i. would have been lifted, it would have fallen half if not more. >> extraordinary to think that if this was a listed company, it

would have lost that much value. what do you think of the appointment of emmett shearer as the new ceo >> i don't know him particularly well what is relevant is what will happen to the company now? it looks like she may well now leave as she was expected to be the ceo. some research indicates she was the brains behind the gpt products if she goes off with sam and the others to join microsoft, what is left of open a.i. not much >> richard, let's talk about microsoft. again, building up from what press wrote over the weekend,

na nadella is actually hiring sam altman and opening up an a.i. focus research center at microsoft. how big of a coup is that for satya nadella and how does he view the investment in open a.i. >> i look at it as damage control. microsoft has got $11 billion invested in this company as a result of that, a large amount of value is tied up in the founders and engineers in the company. more open a.i. starts to move to microsoft and it will follow sam altman there he could view this as stage one of what i always speculated would happen which is a complete acquisition of open a.i. by

microsoft. stage two is it acquires all of the agolgorithms left behind. >> the foundation of the hype with artificial intelligence going back a year ago when microsoft disclosed this stake and now that there is some much going on within the company and could co-founder left and going microsoft and what does this mean for open a.i. which was seen as the trailblazer? >> i don't think it means enormous amount. the technology of large language models are fairly established. open a.i. still has a significant lead in making high quality large language models.

open a.i. was the giant in the industry if it implodes, it leaves a huge vacuum there are other companies and other players who are happy to move in and take a piece of that space. in many ways, you might get a situation where there's greater competition and more level playing field which is better for a.i. in the long run >> richard, coming back to what this means for microsoft and i know there was a lot of uncertainty around how strong or how connected the relationship between open a.i. and microsoft could eventually be because of anti-trust concerns. it was an open relationship. now sam altman and greg brockman on board, could this be a coup if it was damage control that

brought the combination together >> i actually think the relationship with open a.i. has been very close. let me give you why that is the case if i'm microsoft, i have just based almost all of my revenue generating products on open a.i. technology that is not the kind of risk you would take without having a great deal of influence and control of what is happening with that technology that is why my view has been the end game for open a.i. was always acquisition by microsoft because it could not allow that risk to be out there what has happened is that risk has materialized sooner than microsoft can do anything about it it will have to deal with it now. i suspect it will hire as many from open a.i. and then potentially furtherdown the

road acquire as many >> what does this mean for the future of open a.i. and emmett shear does not have a lot of experience in the space. he was not necessarily in artificial intelligence. he has got a very big task to fill coming up in the future begin that so many people have started leaving as well. what do these developments over the weekend mean for open a.i.'s future for the company >> i know it is not impossible you could say open a.i. has imploded and not able to continue in its current form you know, from that perspective, you know, i think chatgpt will continue the question is, how will it get better if all of the people who made it great and better have all left the company, how will it improve from here?

it is two scenarios which i see as that microsoft helps stabilize the ship and continues to do chatgpt, but most goes to microsoft. you get a vreversal of the situation with microsoft providing the technology with open a.i. to give you chatgpt. at the moment, the future for open a.i. is bleak indeed. because you had the fundamental conflict which has blown up spectacularly. >> that is a good place to leave it richard, fascinating richard windsor, founder of radio free mobile. for more on the future of open a.i. check out cnbc.com. let's turn now to spain where we are all watching the aftermath of pedro sanchez reappointed as prime minister returning in what was a messy few months and return for the prime minister this morning, according to

government sources, spain's prime minister has reappointed nadia calvino as the new economy minister >> silvia asked about it at the imf. she was persuaded to stay on that was a given with the spanish market and economy the last few years >> interesting she would take up the role as pedro has come back into office. we are in for a busy week. let's run the highlights we have fmoc minutes on tuesday and cooling inflation data and nvidia is set to return. we have the uk statements from jeremy hunt. wall street will be closed fr.

thank for thanksgiving holiday if you watched on friday, you know my views on black friday outside the united states. i'll look forward to it from here. >> i was going to ask of all of the things you listed, which is going to be the most market moving of course, you want to go to black friday i would say to take it back to markets. fmoc minutes will be interesting. the big narrative as we talked last week is investors have changed views of where rates were headed. we were setting in on the higher for longer theme and now which central bank will cut first. many are forecast to start cutting as soon and spring next year is it the big question which is who goes first and huge rally in the indices and bond rally >> dramatic change in narrative

over the last couple weeks driven by the fed. i'm looking out for nvidia earnings for similar reasons the last results were what catapulted into the tech stocks and drove the recent leg higher in the tech sector similar to the fed, obviously being a key driver of the market narrative, the nvidia earning could have a dramatic impact on the market. >> we are also looking at microsoft given everything that happened over the weekend with open a.i. and sam altman is moving over. so far, that stock is opening up in positive territory. another big week for the investment community. coming up on "street signs

tosigns" today, milei makes it as they take a sharp shift to the right. we will have details coming up next

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welcome back to "street signs. i'm julianna tatelbaum >> and i'm joumanna bercetche and these are your headlines >> ousted ceo sam altman joins microsoft as twitch founder em emmett shear takes his place. and bayer takes a hit after cancelling a blood thinner trial. argentina turns to the right electing libertarian ertarian mi promising to shake things up. >> we have the determination to

put argentina on its feet. and uk chancellor jeremy hu hunt promises not to announce new issues for the economy >> i want to bring down our tax burden i think it is important for a productive and dynamic economy where you motivate people to do the work and take the risks we need let's turn attention to the middle east. u.s. and israeli and hamas negotiators are reportedly closing on a deal for the hostages that is according to nbc news which says nothing has been finalized yet. we have our reporter from jerusalem. dom

dominic, bring us up to speed on the latest deal with the potential release for the hostages >> reporter: the latest is more optimistic noises from the qatari prime minister who is also the chief negotiator in the mediation efforts with israel and hamas. we are hear from the prime minister from israel that a deal is in the offing the deal is for the women and children held in gaza. israel believe there is are 70 hamas is believing there are 50. that is the reason for the talks. the expectation is, how many there are, will be exchanged for up to 150 being held by israel palestinian women and children that will be an exchange of a three-to-five day cease-fire

there is difference over the numbers and logistics to get the hostages from where they are and held by different groups around gaza not just hamas the logistics are an issue what also is at issue is the differences of opinion of camps between the political wing of hamas which is in qatar leading negotiations and the military wing in gaza on the hawkish side, israelis believe this is not the moment to give a break to the enemy because of the momentum is such they want to keep pressing home the advantage. those on the other side say this is the opportunity to get the women and children out of gaza i think there are a number of dynamics on both sides and issues with the details and logistics. we are not there yet as close as we have ever been. the agony goes on for families,

but growing optimism of the chances of a breakthrough which will lead to a cease-fire which will change the conflict should it happen. >> dominic, thank you for bringing us up to speed. that would come as a relief as a humanitarian sperspective. turning to paspain, 170,000 people protest on saturday leader of the opposition party was there as well as the far-right party sanchez which agreed as part of the coalition deal to secure another term as prime minister reuters is reports that calvino has been appointed as the economy minister and milei wins presidential

runoff speaking after his victory, milei promised to focus on the problems facing argentina's economy. >> we have the determination to put the fiscal issues in check we can put argentina on its feet today, the idea that the state is spoils to be shared among politicians is over. today, we return to the path that made this country great >> imf director posted on x

saying she is looking forward to working with him as a reminder, argentina is the imf's largest debtor with $44 billion of outstanding debt. i'm happy to bring in our guest. that was quite the result. people were skeptical that milei would win it what does this tell you about what the argentinean public want at this point? they chosen somebody with radical ideas and little experience he only joined politics in 2021. >> it was a big surprise the margin of victory of 11 points no polls were predicting that. polls got things wrong in the course of the election it shows how people are fed up in argentina they are disillusioned with the

outgoing government and they want to see change the fact they voted in a complete outsider who was essentially a tv pundit until a few years ago. he entered politics in 2021. it shows the level of disenchantment there is with the status quo >> you look at the policies he is putting forward which are rad radical. he talked about abolishing the central bank and radical cuts to p public spending. my question is how much of this is implemented you have to distinguish between the president versus the actual political party support that goes along with it his party has eight seats in the senate out of 72 less than 40 in the lower house. what is the actual likelihood?

>> governing will be tough he has made alliance wit senate right that should give him moreleewa in congress. the street is going to be tough. his core vote is 30% of the electorate everything else he won yesterday, if you like a borrowed vote, and if he really goes through with a shock therapy that he is talking about, then we expect to see public appetite for that dpin to begin to wane quickly. dollarization, i think they will kick that to the long grass. he talked about blowing the central bank up.

his schtick is he takes the chainsaw some of that is not realistic. >> not realistic because he is partnering with the center right party with the history of governing. let me ask you when he it comes to the relationship between the street and the president, one of the targets of the campaign run by the economy minister was that if milei gets leelected, he will cut welfare checks and pension pay payments despite that, he was elected today. when will the public perspective change

>> massa did carry out a fear campaign, if you like, addressing public workers and sort of tapping into the fear of pensions and would people lose their jobs it didn't work because massa is the man who has been presiding over the economic crisis inflation at 142%. so, you know, the real question is going to be that dynamic between the former president and how much influence he can wield over milei and whether they can land realistic policies and more achievable set of deliverables which satisfies people without the drastic cuts to the size of the public sector and to the size of the state.

he originally talked about all that we will see more moderate milei. there will be a question about his temperament. he is erratic and emotionally unstable how will he deal with setbacks or coping with compromise? >> assuming we get a more modest version of the proposals he put out in the campaign, what is the base case about what this means for the economic outlook in argentina? are we going to see inflation come down? we have not seen a mhuge move in the peso this morning. that is not a reflection of how things are on the ground with the black market for the currency. >> argentina has a public holiday today. we will see the local market reaction tomorrow, tuesday we could be in for a roller coaster ahead. >> not necessarily see inflation

come down? >> inflation might go up the distortion in the balance in the economy is intense and widespread that addressing one thing means creating problems somewhere else >> there is no magic wand to fix a 10% fiscal deficit and fix the external debt. >> what happens with the imf the program is off track as you said in the intro, this is the imf's biggest program it has. it is a special case they need to steer this toward something more workable. >> huge challenges ahead let's see how it plays out thank you for joining us on "street signs. if you want to get involved in the conversation on anything we talked about from open a.i. to the argentina elections to the market, tweet us.

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welcome back to "street signs. after a strong week last week, european equities started out on a mixed footing. a muted start to trade stoxx 600 gained 2.6% last week. here is the picture this morning. cac 40 is .20% higher. the spanish market is up .70%. meanwhile, a bit of red on the board for dax. the italian and swisscoming int wednesday. for fx markets, the british pound is trading against the dollar back up to 124.8124.86

we have traveled back from where we were a few weeks ago. do dollar/yen trading on the back foot on to oil, markets are trading higher market for brent and wti brent up $81.40. expectations of further opec plus supply cuts are on traders' minds this morning on to bayer. the stock is down 20%. a dramatic downfall for bayer. it is on pace for the worst day ever after having to cut short its late-stage trial for a blood thinner. obviously more dramatic piece of news than early stage trial given the optimism around the drug potentially being

successful bayer has been ordered to pay in the round-up weed killer trial. >> remarkable. 20% down moody's lifted italy's debt delivering a surprise boost to the government it left the soften sovereign de rating one notch above junk. moving to the uk, the chancellor jeremy hunt will not imminent tax cuts to fuel n inflation. he told sky news that he will un introduce measures to bring down inflation. public debt is up 100 pounds in

the time the opposition labour party is running in double-digit gains. silvia is joining us at the desk a lot to unpack here what i would say is the talk of tax cuts is interesting. the last time the conservative government went this route, this was extreme. >> exactly it wasn't that long ago. there is really a very tough balance here for the chancellor at this stoage. there is pressure to deliver tax cuts, but recognition of fiscal the sustainability going forward. referring to the episode last year, the markets will watch for what he says carefully in terms of tax cuts, the school of thought of yes, there will be an announcement on that front, but the chancellor will actually wait for march when he delivers the spring budget to actually

announce bigger moves on that front. that will then be much closer to a potential election it is important to keep in mind that political context you mentioned moments ago that the conservatives have a 20% difference of the labour party here there is a lot of work for the uk government to do if the conservatives want to gain more ground let's look at remarks from jeremy hunt over the weekend >> i'll not talk about any individual tax cuts. >> taxes on what >> here is the principle there is a big dividing line with the parties because lower taxes are essential for a growing economy. we want to bring down the tax rate, but we will only do so responsibly. we halved inflation.

the one thing we won't do is any kind of tax cut that fuels inflation. we have done the hard work we are not going to throw that away >> jeremy hunt there, the c chancellor of england, speaking there. we will keep a close eye with that we will have speculation with the rate cuts here. >> they are taking the credit for the inflation halving to 5%. for getting it is the bank of england mandate. a big chunk of the reason why we see inflation drop is because of base effects 2/3 of the drop we have seen can be pointed back to energy and food prices. i wonder how this positive feeling toward where inflation is headed will play in to the public psyche. it has been on top of mind for many of the public this year as we talk about the cost of living crisis that could be one tailwind that

will play into the government's favor next year. >> you look at the measures on wednesday and a lot of focus on the change in the tax because that could be seen giving more to the wealthy in the country and not addressing the cost of living crisis. when it comes to the specific measures, huge focus on how much will be given to address the cost of living crisis. for that, we have yet to see it. >> to your point, if they make changes to the tax which is seen as a benefit to really have an outsized impact on the wealthy. who are the tories targeting they will try to use this as an opportunity to shore up support within the conservative base let alone outside of it. are we likely to see measures that do benefit the core

conservative supporters which may include the staplemp duty as well i know there was speculation that could come into play here. >> and potential changes it is hard to say at this stage. the idea is to get as many votes as possible. when you look at some of the announcements from the uk government so far, if you remember the comments from the u.s. they have to attract some of their members while trying to cater for pressures across the country like the cost of living crisis there is a different dynamic at play here and it is really hard to figure out which one the government is going to focus on at this stage. there are so many. >> one thing i want to point out is when you think about the reaction to markets, we talk about the public borrowing that will be a big focus and that

impacts people's perception in the uk that is why we saw the upward move in gilts. the uk public finances actually have come in better than what people were expecting and actually borrowing has come in lower than what the market pencilled in how much headroom does that give jeremy hunt? >> a lot of room there is speculation because net borrowing has been 20 billion pounds lower than what they expected in march, that gives them more fiscal room to deal with it. the question is how much will he use this time around goldman sachs was saying he will have to leave the biggest fiscal room for march that gift for the voters will be more present as they approach

the polls. >> david cameron's appointment this week gives them more dry poured >> lord cameron. >> i'm looking forward to your cover. silvia will be reporting live programming. let's around up the show and looking at the european markets. it is mixed today. we had a better hand over from wall street and asian markets overnight. hang seng doing well the picture for europe is muted. we have been talking about single stock with bayer at the bottom of the stoxx 600. down 20% in trading after ending the trial of one of the blood thinner drugs. we are keeping a close eye on the markets. the opec plus meeting with the speculation they may offer a deepening of the output cuts

a lot to watch this week. let's look at u.s. futures we have green across the board all three majors looking at a modestly positive start this week after a strong week last week which saw the thnasdaq 2.4 higher it will be interesting to see the reaction in tech stocks. microsoft with the pre-market indication is opening higher after the changes to open a.i. and sam altman joining microsoft. we will keep an eye on that stock and impact on the broader sector that is it for "street signs." i'm julianna tatelbaum. >> i'm joumanna bercetche. "worldwide exchange" is coming up next.

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it is 5:00 a.m. here at cnbc global headquarters. here is your "five@5." we start with stocks coming off the longest win streak since july, but searching for direction ahead of the open. a whirlwind 72 hours at open a.i. and sam altman joining microsoft and former twitch ceo takes his role as interim ceo. and no end to the turmoil at x. calls for linda yaccarino to step down an