that's all for this edition of "dateline." i'm andrea canning. thank you for watching. ♪ go morning. welcome to "street signs." i'm joumanna bercetche with julianna tatelbaum in loon with steve sedgwick and dan murphy join us from the p-28. here are the headles. egypt handing over the keys as the climatehange conference gets underway here in dubai. thisll over issues with the host country.

the world onomic president sets out the agenda. >> we are expecting them to increase 1.5%. that's not a very optimistic start. >>european equities are on pace to end the month on the front foot with the stoxx 600 on trk with the best monthly performance since january. while u.s. majors eye the biggest monthly gain of the year. and abb raises its target as we speak to the ceo bjorn rosengren this hour. and blackmail money? go [ bleep ] yourself. but go [ bleep ] yourself. >> elon musk launches a tirade at advertisers boycotting his

platform after his anti-semitic posts. warm well come to "street signs. the cop 28 is set to take place in dubai. u.s. president joe biden and xi jinping will not an behind. the host scrutiny. the special envoy for climate change is the eo of the oil company and faced allegations to use the event to pitch oil and gas deals. so much to talk about and angles

here at play. steve and dan are at the cop summit with more. good morning, guys. >> reporter: good morning, julianna. i want to put something out to the last sentence. the truth of the matter is the cop president has denied he would use the position as cop president to push for the oil and gas deals. it is important we get both sides of the story. i'll sum up quickly with dan with our conversations here. people are excited about the science and renewable industry and what can happen with more money going into it. they are dismayed at the same time by the pollicization of the process and the global stock take, a gst, they like an acronym. we are mibehind the 2% temperate

rang >> this obal stock take is critical in helping understand where countries stand. it is a key element of the cop28 summit. steve, you are right about the oil and gas taking place at the conference. he said it needs to be a practil cop and those players will be in the room. are we going to see the commitment on methane and will we see a phase out of fossil fuel? >> if there is a commitment made, that will go a long way of s satiating. dan and i have been busy in speaking to industry leaders here at cop28 in dubai and asking about their thoughts on the grn transition.

>> to meet the paris goals and 1.5 celsius track means we need reduce the global emissions by 7% every year. this year, we are expecting them to increase 1.5%. that's not a very optimistic start of the meeting. let's see if we can move that extra going forward. >> we see some improvement and acceleration in renewable. there is some hope we can turn around. it is still a long way to go. >> the support from the government was strong. they are very clear what needs to be done, but they need to find the right ways to frame it and to get the budgets approved again. i'm optimistic this will be solved. >> so many interesting c conversations on the ground

here. steve, we had a chance to speak with the co-founder over where he sees the energy transition moving and what it means forhe jobs and skills. >> companies are doing the hiring. they need to commit to re-skilling employees and commit to skilling new emp employees w they come on board. they need to draw from the people who have the skills initially. one thing that is important about the transition into the world of green economy is normally when you make a transition to a new role, 50% of your skills are actually ones you practice in your old job. in the world of climate, it is only about 20% of your skills. so the transition is actually much higher in the world for climate related jobs. this is largely because so many skills are so new. it does slow down hiring because employers look for previous

experience in order to hire at somebody instead of looking at skills. >> i thought it was back in london. it is me and you. if the science was there and technology was in place for the transition, that was sobering. the fact that the founders of linkedin is saying we don't have the right skill set which is extraordinary given that we are not in the foothills of the sustainability of the technology. this has been going on for the century. it is extraordinary that the skill set is still missing sdpmissing. >> it is interesting to see that with the climate change directly responsible for those jobs.

what will we see, steve? there are conversations on the ground here. the first is climate finance and the other is renewables. we are looking for commitments on money. the question he is where is the money going to come from and how will it be deployed. climate finance is a conversation. we are looking for a tripling of the renewable energy target. >> there is an underwhelming amount involved in cop28. $100 billion a year from the developed nations to emerging nations. it is only this year that it will hit that target. the problem is the need for the figure to be ramped up to a huge multiple at $30 billion a year, for technology and loss and adaption and damage. there is a host of area where is the finance has been promised

and paul pullman was talking about it earlier. a fraction has been delivered. it is all well to see the promises again, but there has to be meat on the bones. joumanna. >> brilliant. guys, the interesting part of the production notes the middle east has put out just to flag what steve and dan were talking about, 90% of the funding needs to come from the private sector. we are not talking about the climate transition. we are extenstanding at the end month wall. this is the picture this morning. slightly in the green. we are coming off a stellar month for november. this morning, the hand over is positive from asia and markets are focused on continuing what the central bank will do with

interest rates next year. the markets are myss are pring points of cuts. we are paying attention to the french data this morning which was lower with the expectations. that was in line with spain and germany. as for the month as a whole? it has been a strong month. look at it. dax is up more than 9% today. we saw a bounce back in the industrials. that is interesting with siemens energy with the guarantees. that is one of the major performers. cac 40 is up 5.6%. a strong month. we did see a downward pressure on the luxury names in the last 30 days. ftse 100 is up 1.5%. a relative underperformer.

pay attention to the commodities with oil dipping at 3%. commodities under pressure impacted the ftse 100. spain is dealing with the political back drop. the confirmation of the government and appointment of pedro sanchez. let's talk about the individuals stocks. you can see the reverse reaction in adyen. it is an under performer, but it is up 70% throughout the month of november as investors cheered on their latest results and being mo realistic about what they can achieve in terms of growth potential. a big bounce with infineon. siemens is up 30%. the food delivery company

delive hero saw a bounce. that is in contrast to hello fresh which is at the bottom. there you go. the worst performing stockn the stoxx 600. that is down 33% . it has been a volatile month. hello fresh stood out after the profit warning. and bayer stock came under selling pressure after they he had to cancel late stage trial in one of the therapeutic medicines. that caused some of the selling to begin. obviously it has been under perp forminthroughout course of the year. you can see spiritsmaker, diageo is down as well. julianna, it is a mixed bag. it has been a strong november overall. >> that strength in europe has been driven by the strength

stateside. let's go to wall street and the moves over the course of november. growing hopes of a dovish pivot from the fed and soft landing is what is pinning the stock and bond markets. more than 8% higher for -- we have an issue for the nasdaq and s&p. all three of the majors are higher on the month. let's move on to the tech sector. you can see what has driven the strength. that is the tech sector. it led the gains when you look at it sector by sector. netflix up 15%. you have meta up 10%. microsoft has hit several records over the last couple weeks. up 12% for the month overall with the openai saga for the com the view has been satya nadella has ended up stronger and microsoft stronger after the back and forth with sam altman and the back and forth as the head of openai.

earnings have been resilient across the tech sector. hoping to boost the opt miss i am woptimism with the growing rates expected next year. citigroup up 16%. jpmorgan chase up 10%. strong performance with the banks. and the laggards here as you see. joumanna, with the strong performance with stocks and bonds is what brings on the ga gains for 2024 is what has been priced in? >> everyone was saying we will see margin compression, margin compression, margin compression. that was october. now people in november are talking about the macro.

november was the month where vo started thinking about not just hi higher, but what happens when something breaks? the central bank is not ready to talk about rate cuts and the market doesn't care. they are pricing in 100 points of cuts mennext year. that is the catalyst for the strong performance in equities for the month of november. whether that continues or the central bank can continue on the rate cuts will be a big question. >> to the extent to which central banks push back against the market against the potential rate cuts because the relationship with financial conditions loosening and markets moving higher and what the fed actually does and central banks around the world as well where the other central banks are following the fed although things are different in different jurisdictions.

this could counter what the fed is trying to achieve. >> we had a picture up of the tech stocks. for the most part of the year, the bulk of the returns in the s&p 500 have been driven by the magnificent seven. a lot of that again is on the back of what has happened to yields. it not just about rates and expectations on the front end, but the ten-year yield and how far it traveled. we had a notable person in the industry saying these rates will go up to 6% and 7%. now the ten-year yield is closer to 4%. the bund is heading back down to 2%. that is taking pressure off global stocks as well. >> a lot to think about as we head to year end. let's zoom in on what is expected today for the final day of the month. we have green across the board. we will end the month on the

high. dow jones industrial average with triple digits. the cop28 kicks off and the opec plus meeting is also in focus. >> that is today. it was superseded by the cop. let's head back out to steve and dan to tell us what is coming up. guys. one thing that i personal have followed here and everyone in the newsroom knows i do is food systems. what needs to be improved there? it is a huge part to have carbon emissions cut with land and fertilizer. that and new technology on the horizon for the shipping industry. that is a conversation we will have with the gentleman with us. the ceo of yara. that will be live from dubai after the short break.

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next guest is we can talk with shipping and food systems. we start with the former. yara international joined with north sea container line and yara will deliver the first container with ammonia to deliver clean fuel. for norway and germany, the possibities, are they endless? we will speak with svein tore holsether, the ceo of yara. i get excited when i see the technology especially wi the ton of co2 emitted by the industry at 700 million plus per year. how with the yara plus provide the template for a wider rollout? >> it is a huge percentage of emissions. we need to demonstrate what is possible to do and react. that is why vehiclewe are excitt

this. we can show we can use clean ammonia. it is a close distance fro norway to rmany. are opening it to others to transport need to go from words talk to action >> how possible? we saw a virgin ple the other day with 100% of sustainable fuel as well. it says it hashallenges. how clean and scaleable is amm ammonia? >> we have the interesting inastructure. we have a global infrastructure in place so we can use that and be part of the energy transition. who thoughyara fertilizer is part of the energy transition? we are available to make this

today. >> this is in a hard sector, but it is just one ship for now. what's next? how do you bring this to scale and ensure the rest of the industry follows through and brings on the new technology and an amm ammonia-driven vessels? >> you see others with fuel ships and ammonia is part of the solution. a lot of that is happening. it is about creating the environment. we are able to do the ammonia ship because we are creating that value. in yara, we need incentives in place. a lot is happening in europe to create the demand. the first collection with the world economic forum and u.s. state department to create value chains is happening. i wish it would happen faster. i hope yara will serve as an inspiration for others to move

faster. >> when we decarbonize the supply chain and take the problems out of the sector with the energy transition, what does is mean for food systems when you start to take the carbon out? >> that's the beauty of the solution that you can do a lot at the same time. it is carbonizing shipng, fert fertilizer. we have done a lot from 2005 by ducing emissions by 35 weave taken more low-hanging frt and we are going after the hard production. it is about carbon capture and storage. we will do 800,000 tons and store it under the north sea. it is about green hydrogen and ammoa. i look at the total emissions and 78% of them are really in

scope. it is the downstream part of it. we need to do more upstream like right now, but we need to work with the farmers and workers and regulators. >> you mentioned working with the world economic forum. we have been on lots of panels abouted ed food systems and la usage. the concern of the quality of the soil and the forest industry. how reversible are these trends and what can cop do by putting it more pointedly on the agenda? >> it is devastating. i have seen it first hand. i spent a lot of time with farmers in the last few years. you see the impact of climate change. one of the occupations hardest hit by climate change is working in nature. the solution is in the soil. by adding the right nutrients

means it is more resistant at climate change and giving better nutrition to the plants and bigger yields and better food. by focusing on soil and measuring and having it data driven means we are working hard through the field identity to measure soil quantity. >> and adding to that is bio-diversity. how do you face down the industrial scale farming and factory farming. it is well worrying about small farmers, but the fact of the matter is we can't feed the world unless we factory farm. how do you respond? >> we don't need miracles or breakthrough innovation. we have the pieces. it is regenerating agriculture. we have scale and incentives in

ace for the farmers for being rewarded for farming in a right way. it can be done in a short timeframe. this requires the system that rewards the farms. if you focus on tons of crops, you will not get where we need to be. if you think about the other issue is how youocus owater consumption and bio-diversity. i believe it is poible to bring a lower cost to the planet. >> lovely to see you and giving us the breaking news about the eda. >> we have three founders in ra. the industrialist and now the financing family. >> yara-eida is bett. >> one by one. let's see what we come up with next. >> i'm pleased.

thank you very much for yo time. svein tore holsether, the ceo, of yara. >> great announcement to be broken on "strt signs." interesting development in cop28. we will hear more from steve and dan over the next 24 hours. coming up, we will speak to bjorn roshsengren, the ceo of a coming up next. my name is ashley cortez and i'm the founder of the stay beautiful foundation when i started in 2016 i would go to the post office and literally fill out each person's name on a label and now with shipstation we are shipping 500 beauty boxes a month it takes less than 5 minutes for meo get all of my labels and get beauty in the hands of women who are battling caer so much quicker shipstation the #1 choice of online sellers go to shipstation.com/tv and get 2 months free

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drinkcirkul.com. welcome back to "street signs." i'm julianna tatelbaum. >> and i'm joumanna bercetche and these are your headlines. egypt hands over the keys to the uae as the cop28 gets you were wunderway in dubai. >> this year, we are expecting them to increase 1.5%. that's not a very optimistic start. european equities are on paceo end the month on the

front foot with the stoxx 600 with the best performance since january. abb shares move higher after the group hikes sales and profitability target and hints at ak ri significancecquisition. we will speak with bjorn rosengren shortly. if someone is trying to blackmail me with advertising, go [ bleep ] yourself. but go [ bleep ] yourself. >> elon musk launches a fo foul-mouthed tirade over the anti-semitic posts. european equities are looking to end the month on a

high over what has been a strong month for both sides of the pond. investors are looking for a dovish pivot. among the outperp formers is the spanish market. a lag in the swiss market. smi up 10 basis points. the dax is up .20%. we do have the flash cpi for the euro area for november coming up this morning. that is a key focal point for investors. that is central to where the ecb goes from here. speaking of the ecb, this is where the yields stand ahead of the inflation data. the ten-year btb at 4.16%. ten-year trade in france at

4.2%. here is what we know, the french november was well down from october and below expectations. this comes a day after spanish cpi eased. the numbers are due at the 11:00 cet this morning. turning to u.s. bond markets. we are looking at the best month in 40 years. not a lot of movement in the treasury curve. 30-year trading at 4.5%. two-year at 4.64%. as for the stock market, we are looking to end the strong month of november on the high stateside with the dow at 175 points higher at this stage. nasdaq out performed through november and looking to add 35 points with the s&p looking to edge up 6 or 7 points. abb has raised the long-term

financial target and seeing revenue growth between 5% and 7%. the company said it is aiming for a small acquisition next year. it has been mostly positive with the stock today. up 1.8%. recovering from the dip back in october. i'm happy to say that bjorn rosengren, the ceo of abb joins us on the line. let's talk about the announcements you made at the capital markets day. the market has liked what you have to say with the revenue growth of 5% to 8%. where has this confidence come from? >> it is in combination of a lot of things in transformation to a more sustainable society. abb is looking to specialize in

the trends. especially with electrification and automation. it is a combination we have transformed abb to be a more fit company today. we see many of the divisions performing better and going into what we call getting a growth mandate. i would say it is a combination. >> so the reaction to the stock price was negative after the last earnings release. we have fully rebounded back from that, but at the time there were concerns of the comments over growth and demand coming out of china. what is the latest on that particular topic? do you see any green shoots emerging within the chinese economy and demand perspective right now? >> iould say china is a very important market for abb. in our latest quarterly report,

we show china was down 3%. not massivy. still healthy market. on the other hd, i say you should never underestimate china. you know, if you are looking at many of the so-called green technologies which is necessary for the transformation that is taking placeoday, close to 70% of those are being developednd produced in china and unrelated to solar and batteries and wind and ev cars and so on. i think china will play an important role in the future. julianna here. morning. i want to talk about the rgins. in the previous guidance, you managed to achieve that target earlier than expected. you have a bigger one.

16% to 19% from over 15% previously. margin improvement?ive that >> i think we had a very strong focus on getting our operation in fit and making sure we are getting paid for the value that we are creating to our customers. that's been the basis. our operating model, the abb way, has been very efficient in dring through the accountability and moving it down closer to the customers to our division. we see a dramatic improvement that you see more like 500 basis points during the last three years. we see it continuously you saw our q3 report. we actually reported 17.5%. well in line with the new target. i think abb is a much more fit company today than historically.

>> let me ask you about the acquisition strategy. revenue growth through the cycle. 1% to 2% growth on top of that througacquisition. what are you targeting in term of technology and geography with the m&a strategy? >> we moved the accountability with the m&a strategy. we are scanning the market for the technology that are in relationship with our positions. we should see acquisitions in the technology where we are today, but also some of the new challenges. also in combination with the m&a part. we started the investment in minority shares in startups.

you knowletting the equity market finance a lot of what we call research and keeping ourselves aware of what is happening in the market. that is lping us. we have done more than 20 minority investments in the last two years and gives us aood way to control technology in the market. >> sir, we have spoken in the past about abb being a company that stands to benefit from the move to a more sustainable future and lower carbon emissions. as we speak, cop28 is taking place in dubai. what tangible results are you looking to come out of the conference? think the train has left the station. i think we look from allur stakeholders. investors, customers, employees expect abb to be relevant in the

future. of course, in line with our purpose, we have a good opportunity to help our customers to take this journey. we believe that is already there. of course, the cop28 is a lot for politicians and others setting the standards in the market to drive. i think stakehders today have decided this is the journey we are going and that's what they are befitting from tay. >> very clear. thank u so much for joining us today on the show. good luck with the capital markets day. bjorn rongren,eo of abb. if you want to get in the conversation, you n tweet us @cnbcjou. you can can threads us as well. i'm getting in the habit of using threads.

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welcome back to "street signs." elon musk raised eyebrows at the deal book summit in new york as he hit out at advertisers decisions to leave his x social media platform because of the amplification of anti-semitic content and a special message for disney ceo bob iger. >> don't advertise. >> you don't want them to advertise? >> no. >> what do you mean? >> if somebody is blackmailing me with advertising -- blackmailing me with money, go [ bleep ] yourself. but go [ bleep ] yourself. is that clear? i hope it is. hey, bob, if you're in the

audience. >> a slew of the world's largest advertisers have paused spending on the platform amid his comments including one in a post of accusing jewish communities pushing hate against whites was the actual truth. comcast, cnbc's parent company, paused spending on the platform. i think, joumanna, elon musk is trying to capture headlines. he must have known what he was doing coming out so boldly. i wonder if he is playing to his fan base. some like to hear him push back. >> you give him credit for having thought of the strategy of what he was saying. he is shooting from the hip f i'm honest here. if you are a sound businessman, you treat your customers with the respect it needs. before it went private, they reported $1.75 billion in

revenue. 90% of revenue from advertising. that is a key component of how twitter generates revenue. we know many advertisers in the past couple months paused or left the platform. including the likes of disney and ibm and apple. what does he stand to gain from launching an expletive from e executives which have been key partners and stakeholders for twitter? it makes linda yaccarino's job diffult. >> if he is focusing on that, it is true. andrewoss sorkin pushed him on this. the advertisers are the life blood of x. he pushed back and says if x fails, it will fail because of the advertisers. >> it is almost and it is diffult to understand what is going on in elon musk's mind here. he is willing the platform to advertisers rather tn take e

responsibility for the actions which caused advertisers to pull out of the platform. why am i still using the x platform if i'm not welcome here? we are seeing more and more people look to u other platforms. it will hangover the company for a long time. it is difficult justify as ceo wearing at the biggest customers. >> clearly, coming back to the opening point. he knew he was being divisive. he wants to be. it seems like it. speaking of another ry divisive topic. bitcoin is flat today after the cryptocurrency touched $38,000 on wednesday and investors ving away from the fallout of binance troubles and focusing on the spot etf.

argen caught up with the latest. >> i look at this in two ways. the first one is, yes, it would be amazing if there was a lot more regulatory and framework for ypto to flourish in the u.s. rather than abroad. i think that generally is true. as far as we're concerned, we're happy to build on bitcoin. that has clarity and has bn clear it is not a security and as such, large institutional players are holding bitcoin and launching to bitcoin spot etfs and the like. bitcoin has a regulatory advantage because it has the clarity that is required for large regulated entities to use it. >> interesting from david marcus.

arj gen joins us. >> there are two topics. crypto and a.i. the investment case here in europe with ted pearson. ted, talk about the investment landscape for a.i. in europe. what thing we have seen is a number of companies which raised large sums of money with little product on the market. are you concerned we are centering a bubble phase within europe? >> it is the same thing with every new technology. the world realizes there is something new that has the power to change a lot of things. when that happens, there is a new stack being built up. you start from the bottom with the infrastructure and the the tooling. you come closer and closer to applications. when there is something new, it doesn't happen in a vacuum.

everyone knows that and it is a lot of people who are there for a quick buck and others are in it for the long term. this is the next big thing with the tech industry in general. i'm excited. >> how are you viewing the a.i. landscape? so much from the application layer. where do you see the promise with the investment point of view? >> it is just like the job in general. sorting through the volumes to find the ones that could make a real dicfference. it would mean a lot to the infrastructure. those enabling foundational companies on the infrastructure side which could be the next generation of cloud providers which are a.i. centric or large language model centric. it could be on the model side.

people creating bespoke for biology or law. the things that openai will not get to any time soon. there are interesting applications layer companies out there. that will take time. most applications layer companies are more like concept car or prototype to show the way of what we can see in a couple of years when we get there. >> what about europe's compe competitiveness? a lot of focus on openai and microsoft. some of the big chinese players. not many on what europe is doing at this point. are the european companies and can europe compete with the big u.s. and chinese tech giants? >> i disagree. generally speaking, europe has been the dark continent within

silicon valley and china. in openai, we have the research coming from europe. if you look at the research in germany and with people living in new york with one-way stability a.i. there is news about them right now. the european company and deep minded folks in europe although it is a global organization. there is a lot happening here. coming out of research is a geopolitical play as well. >> in what sense? >> when you start thinking about what this can become now with large language models, but if you project forward and say will we reach toward artificial intelligence and you start thinking about what implications will this have on the world and

nation states across the world are starting to pay attention to the implications of this. we have data security. i think after what happened the last few years, the world is less collaborative and europe is one arena for that. >> a lot has been made of european union push to quickly try to regulate the development of a.i. and particularly the large language models as well. there have been a number of kmenerkmen comments that put the u.s. behind. what is the push? >> i think we are dealing with very potent technology. we should also manage it in a way that you manage technologies. at the same time, too much regulation would put us behind

and similar discussions in the u.s. with effective acceleration. too much regulation will play to the benefit of china. it is believing in the market forces and believing in regulation. we have done this before with many important technologies. >> thank you for the insight of european a.i. firms. that was ted persson. he says europe has a role to play in the a.i. arms race taking place. a side note, joumanna and julianna, i've asked five people on the ground about the elon musk story. no one heard of it. everyone in a bubble focused on the next startup. i'll have more people throughout the day. >> it seemed busy behind you. >> incredible. >> i'm surprised no one is

talking about it. they are doing proper work. let's look at european markets before we head out. it is a positive start to the day today after a positive month for european stocks. most of the indices posting almost double digit returns for knock. dax up 10%. span ish index up 11%. joumanna, we haven't mentioned the pce data due out this afternoon. here is a picture of how wall street is trading in the lead-up to the release. we are green across the board. we will be here tomorrow to review it. i'm julianna tatelbaum. >> i'm joumanna bercetche. "worldwide exchange" is coming upext. it's hard to run a business on your own. with shopify, you have everything you need to setuyour oine store, to connect with customers, and to bring your dream business to life. because when we work togeer, the future is

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