that's all for this edition of "dateline." i'm andrea canning. thanks for joining us. profit boost on lower prices ♪ all right, good morning, everyone let's get back to our top story. take a look at this. a record $30.3 billion it fell short of expectations as

the lenders took a $3 billion impairment charge. as you heard in the headlines, take a look. shares down to 6.8%. that's the biggest one-day fall since march of 2020. the ceo took cnbc through that write-off. >> it makes no difference at all of any significance to our capital of 14.8% and it has no ability on our impact on dividends and buy backs. there are no impacts of capital. i want to reiterate we're still very confident about the chinese economy. we also believe this does not

change our status with them at all. we recorded a growth of close to 10% in china, so despite a challenging economy, at that point transitioning out of covid into recovery, we still reported an increase in profits in mainland china we've clearly taken some losses. we feel we did well on our provision in the real estate sector, so i think we've gone beyond that point of concern it will now take the chinese real estate market a few years to rebuild itself now that it's hit the bottom, but i do believe we're starting to turn we'll see a cycle turn in the next two to three years.

i think what we're doing is transitioning from one economic growth model from the last four decades to an alternative economic growth model, which is really led by a growing consumer business and demand. i just want to draw attention to the amount of organization taking place in china. a huge amount of economic growth over the next two to three decades as gdp starts to grow over the comingyears i think we're still in a transition phase for the global economy out of covid into recovery, higher inflation, higher interest rates moving so lower inflation, lower interest rates, and i actually see a transition curve coming in the next 12 to 24 months where you start to see a reboot in economic activity. clearly, half of the world is going to through elections over the next few months and i would have to say where that change is

local, economics, overall it's got the ability to drive growth as activity picks up. >> i want to put that into a little bit of perspective this morning. if you take a look at the commentary this morning, it's not bad at all citi coming out with a note saying, yeses, these are messy fourth quarter results they say the outlook is weaker than consensus but broadly in line on costs, impairments, and return on intangible equity. jeffries is coming out with a note, the focus today should be on the commitment for 2024 and the $2 billion buyback reload. so, again, from an analyst's point of view, really not a bad set of numbers, but obviously the market seems to be spooked

by those impairment charges currently down 6.85% when it comes to the uk listing. we'll get more from the leaders later on today don't miss our u.s. colleague's exclusive interview with bank of america's ceo brian moynihan coming up at 1500 cte. let's get back to earnings glencore earnings have on the back of prices with an adjusted eat dadjusted ebitda coming in with shares breaking lower the dragging resources are off by 5.6%. glencore, keep in mind, they've seen a share price decline over 22% over the last 12 months or so or maybe more than that 29%. wow. let's stay in the sector

they met its profit expectations as it works to offset prices in aluminum they posted nearly $12 billion in underlying earnings the company said inflation pressures have eased but some lag effects are expected shares off by a little more than 1% now, completely different story for carrefour. it's worth 7.4 million euros after they recorded a record cash flow of 1.6 billion what stands out to you >> those numbers better than expected up 10% in net. they're looking at the details the key market there, the sales up almost 5% for the year.

it's been a big of a negative note, just up 1% people are still cutting on nonessential items the second largest market, brazil they're working on what they acquired back in 2022. so they're working the footprint in brazil. things still a little difficult in q4, but better than q3, so they're working on there all eyes were on margins they were a little lower this year, 5.5% all eyes are on the payout the dividend of 55% to 0.87 euros per share. they say they should benefit from most favorable market conditions in europe with lower inflation and, of course, customers having a bit more purchasing power in 2024. >> charlotte, let's stay with

in we know carrefour had a run-in with pepsi at the beginning of the year who's winning that battle? >> look, it hasn't hit their revenue. so customers are still going to carrefour even though they're not finding pepsi products they're trying to get market share to the second highest player in front of carrefour they're working on their own brand. people are turning to supermarket brands as well as other brands they have a chance of reaching 40%. they've reached already 36%. that's how they're trying to attract some of their customers and pointing the finger and saying the reason the prices are high is food processors are not shrinking their prices they're looking at the battle

with pepsi that battle is still very much ongoing, but they're trying to attract their customers. >> see, i always thought you had to choose between pepsi or coke and not the store brand because the store brand doesn't taste very good. >> no. different types of vendors say some customers are happy to switch and don't know the difference. >> i'm e going to ask you off air whether you're acoke or pepsi person we're not going to do here on air. thank you so much for that, charlotte. now, presenius rose health care expects that to inprove for 2024

we caught up with them and asked how thaw plan to utilize ai. >> it's clearly embedded in our strategy but digitalization, especially in our care delivery business, it's already happening as you speak. when you go there as a patient, you'll log into a portal and your company is on the way i see great potential with deploying ai imagine a diagnosis of radiology, mri, ct, he or she has to read up to 7,000 pictures a day. in order to augment that, we're looking at better diagnostics or better critical treatment. >> moving on, wolterss can

kluwer races its guidance. >> we do expect improvement in our adjusted operating profit going forward. in 2023 we had better interest rates. we earned income on our cash deposits with the interest rates coming down, we expect that to be less in 2024. and wienerberger rose. the austrian building company said it was confident in its plan to buy a roof maker

this will be approved in the first quarter. the ceo said he's looking at a difficult time of the year. >> we were down last year by 35% all year in europe and will be down a little bit this year because the first half is going to be difficult. but we all hope the second half will be a little better. still coming up on the show, stellantis tells cnbc the affordability of've lick vehicles remains a key issue ct'll have much more on the auto seor next. we'll be back in two to duckduckgo on all your devie

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rules on orderly trading now that comes as they look at the broader market they vow tightening of kwabltd daytive trading. it may be why trading is higher. >> chinese stocks are rallying today, the blue chip intex powering ahead the u.n. tracking early on what's behind this what's driving the gains the rate is set to be one of the reasons. it's the latest in one of the more aggressive moves to try to shore up the property sector it didn't initially look like the century bank was getting much moovgs but it's relying on more fiscal measures with the

consumers shifting to the upcoming meeting in bay shick. one portfolio manager recommends tourism could be partly behind the gains as well after they reportedly broke past prepandemic levelis last month the security watchdog is pledging to revive the stockmarket. it's been holding seminars with market participants in recent days one of the proposals is top of scrutiny with company listings and fair trading environmental and harsher punishments for wrong doers. it could be partially the work of a national team after a notable surge of assets in assets >> now, that positivity coming out of china didn't necessarily lift european markets because take a look at the stocks a

little more than one hour into the trading session. we're still down by 0.3% remember yesterday we saw slim losses at the close, and that meant that european markets broke a four-day winning streak. again, some negatively coming through here i roy. to show you the markets one by one. the ftse is underperforming today to the tune of two-thirds of 1%. 7,760 is the level we talked about it at the top of the show we've got the hsbc effect dragging things down the cac 40 holding onto the flat line, marginally in positive territory and the xetra dax down once again inching closer to those record-highs let's show you the sectors again, you won't be surprised to find basic resources is leading the sectors lower today 1.5% that's the glencore effect autos, on the other hand, they

up bear with me food and beverage, real estate seeing nice gains, banks off by 0.78%. before we talk about autos, i want to show you what u.s. futures are looking like at this point in time. still a couple of hours away from the start of the trading session on this wednesday. it's a big day, of course. nvidia earnings, and seema is seeing it off by 10 points or so the dow jones is off by 75 and the nasdaq is set to lose 70 points we saw back-to-back losses the nasdaq was down by 0.9%. finally we're talking about awe toews. stellantis says the affordability of electric issu vehicles remains the main issue. they're committed to their plan

to commit 50 billion euros until 2030 but warned they will not sell hybrids in all electric cars at a loss he told cnbc he hopes the company can retain its place as the leading carmaker in the future >> in the world there will be around five big carmakers in the world. stellantis will be one of them congratulations to them. >> let's get some analysis on this with the senior analyst of european transportation at bernstein research what do you make of tav tavares' comments that only five will survive and who are going to be those names? >> good morning. i'm not sure it's going to be five what is true is the rate is

getting to a $20,000 e v is on. >> we look at january car registrations that came out yesterday. overall they're up by 12% driven by double-digit gains in germany and italy, but we saw a big decline when it came to the e.v. says what is this down to even though penetration isn't high yet is it the affordability, the absence of certain subsidies what is it >> it's a combination of all of the above, right europe sold about 100,000 e.v.s. affordability is one

remember, germany grasped its scheme in mid-december quite hastily there's been quite a few changes, so a combination of low incentives, matching affordability till now, but also look at the last couple of months october was very weak. november, december again was stronger, so i'm not quite sure we're in a full e.v. window just yet. >> but what does this uncertainty that you're outlining for, daniel, what does it mean for the carmakers? let's say a year ago everyone went all in including the u.s. players, the german players. and now over the course of the last six months or so, we've seen a big pullback on the part of the consumer. again, it's down to afford

about affordability. who's set to different yates who's going to be apart from the rest >> europe regulation is still one of the things. until that changes, none of them can afford to slow down their development. in europe, the oems are on the hook they need to convince them to buy more evs or convince the regulators the question is how costly does this get for the european oem. in the u.s. we do not have that lending transition there you see ford, gm being a little bit more cautious, maybe pushing it down a bit. so we could see the development slowing in the u.s., but given the landscape in europe, i don't

think they can afford to go any slow sneer we're looking at china and they're looking to skportd t export that capacity to europe the landscape is getting even fiercer in europe. can you make money with evs in europe >> that's a tough question i'd say you need to look at three big sources. we've got the incumbent oems that are converting into electric vehicles. we've got new startups you mentioned in china and others pushing into europe. but we need to consider the consumers of the world who might also want to get into this game sooner or later. so there will be a special on the other sector as a whole and on evs we think this will force oems to integrate faster and be cheaper

by the end of the day. but margins are at their peak and we expect it to go back down to 4 or 5 by the end of the day. >> evs cheaper to manufacture by the end of the decade. what's the short-term outlook for the end of this year p are earnings expectations too high for europe >> the interesting part is expectations have come down over the past 12 months everybody has been worried about a consumer slowdown in 2024, so expectation has been really low, and for your the past couple of weeks, you've seen investors have been positively surprised by the guidance the company has been giving. margins are a little lower, but cash flow remains resilient until we've had positive surprises from lower expectations in 2024 if you look at the sector, they're forecasting it down

across the board about 14% that is by now i would say pretty in line with the market and so now it's up to companies to convince that there actually may be a little more upside in 2024. >> daniel, before i let you go, any favorite names here? >> look, i look at the mass markets in the united states capital is a billion they have a lot of lower priced vehicles for affordability and those are the two names we're most interested in at this time. >> daniel, great to get your analysis on this thank you. meantime the ceo of chinese maker has told the sector it's cutthroat. we head to cnbc with more on the

battle. still coming up on the show, u.s. futures ticking lower as inve investors expectations are due later today and what we can expect after this short break. we'll be back in two ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com.

hello, welcome to "street signs" and i'm carolin roth. there's a write-off in the stake of china's costs, however, hsbc's noel quinn talks about the chinese economy. >> i see economy repositions growing ahead. >> chinese stocks bound after a market regulator promises to step up supervisions while the shanghai and hang seng forces a crackdown. wall street posting back-to-back declines led by

losses of nvidia after the chip stock has gone lower and europe's largest retailer sees a profit boost on lower prices all right, good morning, everyone if you're just tuning in, a quick check of the european market, we're seeing a mixed picture. the ftse 100 is leading in the declines off by 50.2% we're seeing the cac 40 eeking out a modest gain on the back of earnings you heard in the headlines, stronger than expect xetra dax is up by 0.2%.

overall european markets still close to their two-year highs. not that much difference let's push on and show you what's happening in the ur can ency space we're seeing a little bit of dollar strength coming back specifically against the japanese yen the euro/dollar is just a tad lower at $107.93 all eyes on trading later today. when it comes to the european bond markets, we've seen gilt yields i'll tell you why in just a second currently sitting at 40.66%. we saw euro data down for the fourth quarter but back to the bi oe.

governor bailey outlined his position on market bets to lawmakers. >> i'm comfortable with a profile that has cuts in it. i'm comfortable with that profile. i was also comfortable with other things we have had an upside risk on inflation that has do with persistence, and the nature of that might be we're being more shaped to the sort of profile with the risk in it than not now we're moving on to more than an event risk. i'm happy to wait to see what happens on that front. if it crystallizes, i'll respond. that's an important difference where we are i'm comfortable with a profile

that has cuts in it, but that's not to say when or how much. >> by the i roy, investors now pricing in three full cuts by the boe this year. now, moving stateside investors will be watching out for minutes from the fomc's meeting. expectations for a march move fell after fed chair jerome powell warned that the central bank will not be in a position to cut rates at its next meeting. a quick check of treasuries this morning, on the short end, we're seeing the yields sitting at 4.59% long and 4.27%. let's check in with daniel great to have you around the desk we got the hotter than expected inflation reports

cpi and ppi, the market has to get it out of its system it saw a lot of jitters. do you feel from here on out the market is going to be a lot calmer because it's now more in tandem with what the fed is projecting when it comes to rate cuts >> i think that makes sense. we were always skeptical when you had six or sen separate rate cuts how much more, of course, is the question but now that we've taken the cuts out, it should be smaller from here. in the past we've seen the fed market push back, but now that the fed is more realigned, they're like, hey, you know what, the cuts are coming, the volatility is very normal. how do you expect fedspeak to

change from here on out? >> we're all waiting to see if the pce, personal consumption data, if that changes. we'll have to wait till we see it. >> there's one card, a potential black swan i don't know if it's a black swan, but it's the commercial real estate sector we've seen the jitters here and there, and that could, of course, move up the schedule when it comes to rate cuts how big a risk is that we saw stuff happening in the private debt space, but not necessarily the big banks. >> it's not something you're going to dismiss and not worry about at all on the one hand we've talked about this for a long time there should be big surprises

coming certainly it's something there particularly if you do have a scenario where u.s. growth might slow down more than the markets expect, of course, it's all how much the u.s. growth has been, it might be a combination of more problems than expected in the commercial real estate and if we do get banks reducing that to credit provisions, household provisions may get a bit of a credit crunch. >> i don't know if youwere worried by that recent financial times report that they have overtaken a loss at the biggest u.s. banks it worries me. did it worry you >> particularly when you think about what happened post pandemic when initially you had a big loss in the banking sector provisions were taken that weren't needed and so that boosted profits. we don't seem to be necessarily replaying that scenario at this time. >> there's a lot of uncertainty or lack of visibility when it comes to the u.s. consumer, u.s.

markets. we don't know if there's going to be a blowup and then, of course t big ones how do you want to be positioned in the markets right now >> we're neutral equities, which i think to me reflects this idea we do expect positive gains, but do we expect above average gains? do you want to be above or below? not necessarily. valuations are high, not a bit extreme. i think we got through a good earning season we can talk about expectationings for earnings ahead for the tech sector more broadly. but in general we don't see a particularly high risk for the allocation we would have for equity. >> neutral on equities why not more positives all the big banks in the u.s., they're trying to jack up their forecast for the s&p 500 that's sort of almost out of consensus that neutral equities use. >> that's maybe not so bad

it's going to be relative to what in particular now where we see where treasuries are also real yields are high and what's our perspective for the year no matter what, it's going to be the fed cutting policy rates we think about the risk/reward trade-off here and the return on the volatility we think it's a better bet to be overweight in the u.s. we've already had a lot of good news and a lot of strong performance. >> no, absolutely. what about cash though at the turn of the year, everyone said, you know investors, that high cash piles because of all the uncertainty there was cash because itpaid you a lot. it's still paying you a lot. >> it's certainly going to be a story that will develop over the course of the year but right now you need to pile into equities. probably the coupon yield is still pretty high. that money is going to have to

go somewhere that's going to be the big story for this year and the end of next year, but certainly for a lot of investors it makes sense. >> geographically, can i ask you? the numbers out of the u.s., they have been fantastic for the most part. they've been really stellar. even some of the big tech companies, they're growing up, paying dividends, returning cash to shareholders, wow, in europe, we've seen some reports. it's still a patchy picture. the relative growth, nowhere what we're seeing on the u.s is that going to be constructive on the u.s. or do you think because of the valuation gap it's time to dip into more european equities and european positioning? >> i think you're right. it's always the case the u.s. earnings were better than europe earnings you've had several quarters where europe disappointed already low

expectations now they beat. so that's good nonetheless, you still have a pretty significant gap between the earnings growth forecast and actually we're also quite concerned if we see the ecb waiting until the fed cuts before they do when you alreadied have a closed session and maybe that's too high for too long and is that going to cause another slowdown in growth, so we're actually underweight on equities. >> so you're saying there could be a policy mistake and e contribution b could be waiting too long there's no way they're going to wait for the fed >> there's always the risk of a policy error and that's the one we see potentially with the ecb. now sources have confirmed to cnbc the blog has approved a

principal 13 sanctions on russia a formal adoption has yet to take place. still coming up in the show, nvidia is due to report earnings, fresh from having overtaken alphabet as the third largest company in the u.s we will be discussing what to expect next. shopify's point of sale system helps you sell at every stage of your business. with fast and secure payment. card readers you can rely on. and one place to manage it all. whatever the stage, businesses that grow grow with shopify.

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now an approval has been made for an australian offer more than a dollar above the share price when the stock was halted on the back of a 17% gain their share price is modestly lower on the news. home depot beat quarterly earnings despite a nearly 3% fall in quarterly sales. the home improvement retailer says its still remains optimistic about the forecast ahead.

staying in the u.s. walmart staying on top the company also announcing it would acquire smart tv maker vizio. they told our u.s. colleagues the big box retailer has succeeded at keeping prices neutral. >> people are always looking for value, and so we want to offer that to them across our entire assortment, food, consumables, general merchandise, apparel, everything, and we also want to do it with private brands in additional to brands we think it matters, and we think we've done a good job of keeping our prices within range and providing rew e leaf to our customers that they've been experiencing. amazon is expected to replace walgreens in the dow jones industrial average next week that's prompted by the pharmacy retailers decision to split its

stock. shares of amazon jumped on the news while walgreens slid into the red. it will be the first addition to the dow since 2020 when companies including salesforce and pfizer joins. nvidia is expected to pacific northwest a surge in revenue amid a hot chip and do dee panhandle. they replaced tess lo in stock after becoming the third most valuable company in the u.s. the revenue coming in at over $21.6 billion while earnings per share is seen at $4.95 we've got our resident nvidia watcher with us, arjun kharpal arjun, briefly walk us through the top line what can we expect >> carolin, they're looking at very, very big revenue, up 240%. year on year, the increase will

be seven-fold. the risk is that not only that nvidia doesn't exceed them but hits them in a big way they've beat market expectations by at least 10%. >> all right stay with us we want to talk a lot more about nvidia and what to expect specifically against those very lofty expectations i just want to show you or tell you about the market activity. that signals a potential big move to the tune of 10% and that's no small change given that this equals roughly $200 billion. so there's a lot at stake here not just in terms of the actual stock, nvidia, but for the overall market let's get out to the founder of musketeer capital margins. arjun also joins us in this conversation good morning to you in miami expectations like every year are s sky-high can we make them >> thank you so much

it's great to be back on the show i appreciate it. i think it's all about the guidance like you mentioned, the expectations are sky high and that's a result of all of the hyperscalers what we've seen from meta and others all throughout the year expectations are high and crowded. what they want to see is over $25 million on the revenue guide for the april quarter. consensus is sitting at 23 to $24 billion. so expectations are ready that they guide ahead of that including this is a high bar in addition, the difficult thing for nvidia is if they blow out the guidance too much, you're going to have them come in and say, look, this was a peak quarter, it doesn't get better than that. they want to see that they clear

that guide by enough but not too much so that there's still further upside to go we just think that at this point nvidia is crowded and expensive and a bit aof a healthy pullbac would be nice. >> josh, let me pick up on that. the valuation obviously a big concern to most investors out there. right now nvidia is trading on expected profits you could also argue that's very cheap compared to the fact or considering the fact it's going to quad ruple its revenue. cowe look at it, get in, and enjoy the ride >> no. look, i agree with you if you look at something like a

p. e. g. growth, you look at the earnings and they're able to be raced pretty much every quarter, and i think it's more difficult for them to surprise penal, but like you said, yes, this is a market leader. no matter what happens this quarter, there's a positive catalyst coming up in march as is the conference coming up in march where nvidia is going to introduce a new chip here. i think the pull back of the stock over the past day, yesterday and whatever we see today, it has the risk a little bit. you know, the valuation is high but not absurd and that's what marks the difference between nvidia now and something like a tech bubble we saw in 2001 so, you know, it's not a crazy

number, but it's like a little overbought in the near term, so that's where i think the profit-taking fear comes, but i think they'll consolidate and take a leg up any way based on the growth you also arcticulate. >> arjun here, good to see you again. on the china front, is the market discounting too much, the risk that china is posing? we've seen continued action from the u.s. government to cut off nvidia chips from the china market is that a big risk >> hey, arjun. we talked about this before. w when we look at what apple did, there's clearly macro issues in china. clamping down on regulations is something. toward the end of the year, you're going to have them coming

out. it definitely is a risk, you know, over time, but i think that so far nvidia has noun, has been working around the china issue in kind of a reasonable way. so, you know, i don't think like you're going to see a whole or air pocket in the china issues right now. it's something that could come up with an issue, i think, later in the year, but i think this quarter you're going to see the beat the people want in the current order. the guide is the question. what is the magnitude of that guidance, and if it's below 25 billion, that's where we expect there will be a consolidation of the stock. if they're able to guide at 26, 27 billion, yeah, you could see the stock going back to the mid- to high 700, you know, by the peak next week. >> and you talk about nvidia's moat for cpus. is nvidia's moat as strong this

year as it was in 2023 >> i mean that is the key question it's a great question, arjun you know, no is the answer you know, they were a first mover. they definitely have a technology for the advantage and it's difficult to crack, however, like you've seen, a and b is kbroeing. how about sam altman who's raising money in the government. he's talking about trillions of dollars to spend for new chip factories, you know. there's going to be a lot of capital investment over the next few years. the first mover comes in, creates the chips, you have the pricing advantage, right but if the market is really that robust for those chips, it's going to attract new capital it's going to bring down prices across the board as the

competition kicks in so i think the answer to your question is that the value to entry that they had last year is still present. it has been weakened, and i think over time as more capital comes into the industry around them, right, that will continue to kind of soften as some of the competitors take a share in the market but at least for now, it's big enough and growing fast enough that there's something there for everybody to need in the near term. >> josh, thank you so much for your insights. j josh koren. and we have an interview coming up with pat geisinger at 1900 cte.

the xetra dax is up by 2%. hsbc, glencore, some of the minors coming under pressure here when it comes to the u.s. futures, we're expecting a downward move. dow jones off by 70 points yesterday we had that performance anxiety from nvidia. what will nvidia do today and what will fomc look like for today? that's the big question. "worldwide exchange" is coming up next. i'm carolin roth we'll see you tomorrow, same time, same place, bye-bye.

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headquarters and we start with "five@5. futures are currently under pressure. and today it's aulg about nvidia the chipmaker set to report fiscal fourth quarter results after the close. investors are taking some profits ahead of that report we're going to tee off the numbers you should be watching. speaking of tech, we're watching amazon and big news for the e-commerce giant that could create a new wave in investor interest in that stock. plus citi