that's all for this edition of "dateline." i'm andrea canning. thanks for watching. good morning everyone. >> welcome to street signs. >> i'm sylvia marrero, and here are your headlines. abn shares on track for their best day in over three years. after results come in ahead of expectations driven by growth in the us. the ceo tells cnbc the brewer is prepared to respond to. >> your us tariff policy. >> we don't think. >> that we're going to have. >> big topics. >> to discuss during this year. in terms. >> of tariffs. >> that is always like secondary

impact. >> but we are watching. >> this, what the. >> development is. >> and we are. >> prepared to use. >> other levers that we have to. >> offset costs if. >> we have any. >> stellantis posts a 98% slump in. >> adjusted earnings. >> for the second half of the year, dragging the automaker's margin to the low end of its guidance as it continues to search for a new ceo. the us and ukraine reportedly strike a deal over critical mineral resources, raising. hopes for improved. relations between kyiv and the trump administration. we'll hear from ukrainian mp lisa yasko at 930 london time. and asm international delivers lower. >> than. >> expected quarterly orders on weak chinese demand for its chipmaking equipment. with all eyes on results from chip giant nvidia. >> due later today.

>> very good morning everyone. >> we'll start today's show. >> looking at one. >> of the most important corporate stories. >> this morning. >> with ab inbev. >> they beat expectations for its key metrics in the fourth quarter, reporting a 3.4% rise. >> in revenue and. >> 10% growth. >> in ebitda. >> however. >> the brewer. >> flagged softness. >> in consumer conditions in china and argentina, which weighed on overall volumes. the company also highlighted its alcohol. >> free beer. >> category. >> adding it sees significant headroom headroom there for future growth. and juliana joins us. live from. >> leuven this morning. >> to. >> highlight what the company. suggested to the markets today. juliana. >> perhaps just give. >> us an overall view, really, of the message from the company today. >> well. >> silvia, i think the. market reaction says it all. >> investors were. >> really pleased with these numbers, in large part because we saw a. moderation in the volume decline that we've seen across this company, but across

the wider sector as well. so volumes in the fourth quarter pulled back by about 1.9%. look, back at q3, we were down 2.4%. so a moderation there. also, for the full year, volumes were down 1.4%. but if you exclude china and argentina, the two weak points in. >> the portfolio. >> volumes were. actually up 0.9% for the year in 2024. the company also managed to grow ebitda significantly, a massive beat on ebitda for q4. >> at 10.1%. >> ebitda growth for the quarter. for the full year, ebitda up 8.2%. that was. >> ahead of the. >> guidance given by the company. >> the top. >> end was. just 8%. take a listen to what. >> the ceo. >> michel doukeris, said about the portfolio, in particular his comments on the us, which was a key bright point for investors. >> we are always. >> concerned. >> but we are always. >> interacting with. >> consumers, and the reality. >> is that the category is very vibrant. >> there is plenty. >> of innovation. consumers are

engaging with beer, with nonalcoholic beer. which is a growing segment now in the. us with a ready to drink beverages. so we have ready to drink cocktails, we have ready to drink tea. that is. >> a spiked tea. >> and consumers. >> are always. >> like gravitating. around social occasions, celebratory occasions and beer. global is growing in developed markets. we have revenue growth in. >> europe. >> revenue growth in. >> the us. >> revenue growth in. >> south africa. revenue growth in canada. so good. >> good shape. >> of course some. >> headwinds in some markets. >> but we continue to drive innovation and be close to consumers. >> well that was some some different comments from the ceo. but on the us when i talked to him about the overall portfolio development, he said the us is at an inflection point, and this was a key part of why investors were pleased with the results. the increased investment that they've made in the us is

driving momentum. they saw improved market share growth led by the number one and number two volume share growth brands. that's michelob ultra and busch light. so really positive on the momentum they're seeing stateside. and that is key for ab inbev. and also sylvia he had a lot to say about no alcohol beer. we saw in terms of the performance there, they saw some significant growth low 20s revenue increase in no alcohol beer estimated to have gained share globally. corona is a key beverage in this space for them, so a lot of focus on that as well as the traditional beer sales. >> the sector. >> really when we were in denmark, carlsberg also very much focused on that. >> part of. >> the. >> business. >> but more broadly. >> perhaps draw a comparison in terms of what they are. telling us in. >> for the outlook. >> if we think about their. >> price performance. >> over the last couple of months. >> compared to other. >> european rulers, they are not doing as bad.

>> let's say. >> as other companies out there. so what are they telling us going forward? >> are, you know. >> any. >> sort of. headwinds here for the company, particularly also when you think about the investments in nonalcoholic. >> well, so. >> sylvia, in terms of headwinds, there were two key headwinds that the ceo mentioned. that was china and argentina. they've seen weakness in those two regions over the course of 2020 for fairly well flagged to the market. so it wasn't really surprising. i think that's why investors were able to focus on the bright points. but those were two headwinds that the ceo flagged. one other thing i think sylvia, that's worth mentioning is on their cash flow generation, the company managed to see a step change in free cash flow generation or toward the end of 2024. so i asked the ceo about their plans for capital allocation and whether acquisitions are on the cards. i think we've got some sound from the ceo. let's take a listen. >> when we. talk about our capital allocation, we always say that. primarily we want to invest for organic growth. we

continue to deleverage. >> so we are below. >> three, but we. >> still have. >> work to do there. >> we are. >> returning cash to shareholders. >> i just said that the dividend. >> now. >> increased 22%. >> and m&a. >> is one of our dynamic opportunities to allocate. >> if we have. >> any. >> opportunities. >> we always entertain. >> but this is not our main strategy today. main strategy today is grow organically. >> so when i asked the ceo about the possibility of acquisitions and pressed him on it, he said nothing they can talk about at the moment. so it sounded to me like they didn't rule out the possibility of an acquisition down the line, which is a key question mark from investors. so that's certainly a space to watch. sylvia. >> absolutely. >> so more news to perhaps. >> look forward to in the future. >> thank you. >> juliana. >> for the reporting. >> in the meantime. >> i want to take. >> you to. some pre-market moves. >> looking at nvidia. the shares are expected to open 2.5% higher later today. that's to move in pre-market. >> and of course. >> today all. >> eyes on nvidia. >> they're going to be reporting their latest numbers. and it's. >> not just important for the

company but. >> also for. >> the sector. >> because this is actually the. first set of results from the company. >> after all of. >> the development and the announcements from deep sea. so investors have. >> a lot of questions. >> about the outlook here for nvidia. >> and of course, what that. >> means also. >> for other. >> tech players. >> we'll have more on that story later in the show. >> in the meantime. >> auto giant. >> stellantis has. reported a 70%. slump in adjusted earnings. >> for the. >> full year. >> well below expectations. >> the jeep. >> dodge and fiat. >> carmaker reported. >> a 17% decline in. >> net. >> revenues. >> but said it expects. >> to return to revenue growth. >> this year. and coming. >> up on the show, a little. >> bit of monetary policy, we'll. >> bring you an. interview with bundesbank president nagel after this break. >> the fbi calls it house stealing. the latest scam or a cyber thief transfers the title

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>> welcome back to street signs. time now. >> to get a check. >> on how european. >> equities are moving so far. >> this wednesday morning. >> we have the stoxx 600. >> up almost. >> 7/10 of a percent. we are seeing mostly a positive mood within the investment community today. this very much actually. >> continuing what the mood has been. >> so far. >> this. >> year in. >> terms of european equities. >> but when you think about. >> what's happening today, of course investors are still. very much. focused on the economic data coming through. >> but in terms of european earnings. >> a lot of investment. >> a lot of. >> focus on. that as well. >> let me show you the different bourses. >> so we get a better idea of. >> what's happening. >> across the european continent. >> we have a lot of momentum really. >> across the board. but look at the. extra dax. we're up 1%. >> at. >> this stage. >> investors still digesting the outcome of the. >> election. >> thinking that. >> the outcome. >> is actually quite a. >> positive one. >> thus far. but of. >> course, let's. >> see what the coalition. >> talks will deliver and what. >> the formation. >> of how the next government

is. >> going. >> to look like. >> over here in the footsie. >> we have the benchmark up. >> 7/10 of a percent. i want to take you as well to the. >> different sectors. >> let's talk a little bit about the. >> corporate dynamics here. >> basic resources is the best performing sector. we're up almost 1.5%. >> some of. >> the. >> moves in. >> this space are actually related to copper. investors though, are. >> a little. >> bit skeptical about what's going to happen on this front. after reports that the united states is. considering a probe. >> into. >> potential tariffs. >> here as well. so that's one to follow. >> over the next couple. >> of days. >> construction and materials also. >> up almost 1.5% in terms. >> of the worst performing sectors. let's get a check. >> on that too. we have media. >> and. depression here. there's one particular. >> name that. >> is dragging the. >> sector lower and that is wolters kluwer. we actually spoke with the company earlier today. they reported, and so some. >> of these reactions. >> are related to the announcements from the company. >> but they also said. >> that the. >> ceo will. >> be retiring in early 2026. so

a lot of. >> focus on that company today. >> telecoms also. >> tracking lower by about 1.2%. now here's a very interesting piece of context for you. >> let's take. >> a. >> look. >> at the. european markets. >> year to date. >> and here once again. >> i. >> want to take. >> your attention. to the extra. >> dax in germany. >> we are. >> up almost 14%. >> you heard it right. >> 14% for the. >> german market. >> this after. >> a very strong performance in 2024. >> as well. there are different. reasons behind this. >> but all in. >> all. >> you know. investors were thinking that the election. >> could be a positive. >> for the economy. >> we also saw quite a. >> lot. >> of momentum. >> for sap last year. >> that also. >> propelled the german market. >> and all. >> in all, the. >> fact. >> that we. >> haven't seen significant. >> tariffs imposed by. >> the united. >> states has. >> also contributed to some. >> of this momentum on top of that. >> a final. >> point here, that the expectation that we could actually see a ceasefire in ukraine is also boosting european markets. >> year to date. >> but let's discuss this in more detail with.

>> our next guest. >> she's laura cooper. >> global investment. >> strategist at nuveen. great to have you on the show. >> i would like to first get your thoughts. >> exactly on this. outperformance for european. >> markets year. >> to date. >> when you think about europe versus united states. the momentum seems to be here. >> absolutely. >> and you've really kind of pointed out, well, those the trifecta of measures that's kind of driving european equities, whether that's around kind of this benign tariff backdrop, whether it's hopes for fiscal stimulus coming through in germany and that russia ukraine peace accord. but to my mind, those are kind of on on unstable ground really, because it's not clear that we're going to get german stimulus in the near term. and as well, the tariff backdrop still remains highly uncertain. so while from a valuation standpoint, european equities continue to look compelling, i think there's a need to be more defensive and selective in european equity exposures because of those lingering risks. like what? >> well, i. >> think i mean, i think the tariff one is, is one that really is clearly comes to mind if we think about there's so

much uncertainty around whether the tariffs could be implemented. markets have really breathed a sense of relief in the sense that perhaps the tariffs will be delayed and really just used in negotiating tactic. but if we start to see those come through, you know, businesses are already showing signs that perhaps they're curtailing their investment. we're seeing it from consumer confidence indicators that consumers are becoming more cautious on the outlook. that could pare back their spending. and so that will have knock on implications for markets. so defensive sectors around healthcare, around utilities and even energy. but that's really more of a structural long term trend. rather than taking exposures in consumer discretionary more of those retail oriented stocks. >> so i. >> just would like. >> to understand that. to sum up the conversation on european equities, whether do you think this is a. limited upside for european equities. perhaps the expectations. >> were. so low going. >> into the. >> new year. >> that what. >> we obtained okay is not. >> as. >> bad as we thought. >> so is this outperformance. >> in your mind. >> coming to an end? i think what we're seeing is a broad

rotation away from us equities that can continue to support european equities. but crucially, it all it all matters in what happens in the us. we're going to get data today around will this us exceptionalism persist in terms of the tech led gains. we're going to see further signs on friday from inflation data point. if we start to see some of that us exceptionalism narrative crack, then perhaps investors will continue to look elsewhere for opportunities. >> let's talk about us equities. >> then, because. >> there's the market narrative of this at this stage is actually quite downbeat. >> do you agree with it. do you think there's concerns. >> here about the health. >> of. the us economy? >> i think what we're starting to see is investors begin to price in the potential consequences of some of these us policies coming through, and that could have knock on effects from the growth perspective. so the way that we're looking at it, you know, markets had largely priced in you know stimulus coming through tax cuts. and now they're starting to consider well, if we start to see this uncertainty linger for so long, you know consumers are going to be more reluctant to

spend. we're clearly seeing that in the data and that we think will will have less conviction that we can continue to see the magnitude of gains, certainly in the us, that we have seen in recent years. some of the commentary out there was actually asking the question, is this trump recession? what would you answer to that? it all depends on how long we get this uncertainty. it's really the uncertainty that i think is going to drive investor sentiment. if we start to see that, like we had the tax cuts recently approved the extension, if that comes ahead of the tariffs, then perhaps the sequencing matters more and investors will renew their focus back on the kind of inflation that that growth impulse, rather than discussing that r word of recession in the near term. >> of course. >> we're also looking at the market amid all of this volatility and uncertainty as you highlighted. >> i just would like to. >> understand and worth keeping in mind that at the. >> start of this year, we're talking about whether. >> we're. going to see the yield on the. >> ten year. >> at 5%. >> what is the outlook here now? i think what we've seen in recent trading sessions just

underpins. >> our. >> view that we're going to continue to see choppy price action. >> we're still of the view that the. >> us ten. >> year yield. >> can trade around that 4.5% mark through the end of the year, but with a wide band around that. so 4.25 all the way up to 4.75 as investors face this tug of war between potential growth implications that could see a bid for bonds, or are we going to see upside inflation pressures, which will then deter people from going into bonds? so it's really this kind of confluence of factors i think that's going to drive volatility in markets. >> it does. >> seem that. >> there this. >> this year the market talk is the volatility. across all the asset class asset class. >> that's really. >> i would also. >> like to get your thoughts on whether. >> you think the white house is actually paying a little bit more attention to what's happening in the bond. >> market and. >> inflation expectations and so on. >> there are some school of there's. some people. >> out there believing that that's the case at this stage. but we know how donald trump has been so focused on the us stock market. >> do you think there's a shift. >> there also from from himself.

>> and could. >> that have implications. >> also for investors? >> i think it's yet to be determined whether he's going to have the same view towards the stock market that he did in his first administration. i think perhaps what we're going to see is a lower strike price. so allowing the stock market to, you know, have a further drawdown than perhaps was more tolerant of last time. but i think, to your point, if financial conditions tighten to such an extent that we do see kind of stock markets come under pressure, then perhaps we are going to see a pivot. the question is, will the uncertainty, will that depressed sentiment be able to kind of be flipped to the other side and have investors kind of resume their confidence and go into this ongoing us exceptionalism, growth led tech led us rally? so would you say is it too early to. >> say whether this. >> is the end of us exceptionalism? i think it's too early because if we look across a number of the economic gauges, we are still seeing signs of momentum. the labor market still remains tight. we have an unemployment rate that's very

low. inflation has been progressing closer to the 2% target, but it's really the next couple of months that will be key in determining that us exceptionalism story. and as well the equities backdrop we're going to have you know tech earnings later today. that will could be that guidepost. can we continue to see that robust ai trend really be the dominant driver of us equities. >> we've addressed a lot of assets. >> but tell us your thoughts. also in terms of what's. >> likely to happen in credit. so we've been very optimistic on credit. and this is largely coming from a backdrop of higher yields. so all in yields are quite attractive. yes valuations are quite stretched. looking at where spreads are they're quite tight. but any widening from there on the back of this volatility we really see as opportunities to extend credit positions. because you know we're in an environment where yields are the highest. they've been really in the past 15 years, even with rates coming more recently being bid. so very attractive from an income perspective. and as well as staying away from kind of those duration exposures in us rates,

because they're more vulnerable to what we think is going to happen on the policy front. so credit is really kind of where we're hiding out right now. let's talk about the ethics for a moment. perhaps we can show the chart of the greenback, the us dollar a year to date again. volatility seems to be the word when you think about what's happening in fx spaces. do you. >> know i just would. >> like to understand you know amid all of this focus on us policy. what is the outlook. >> for the dollar here? >> and is the narrative. >> around the. >> strength still the right one? i think we're going to see rangebound trading for the dollar for the near term. and that largely reflects this uncertainty. and investors are still buying us assets as a means of a haven bid in this type of backdrop. i think going forward, though, if we start to see cracks in the us economy, if the fed perhaps has to cut rates at a quicker pace than what markets are currently pricing in with those two cuts, perhaps that's when we could see that dollar depreciation become more firmly entrenched. but it's really the uncertainty we think

is going to put a floor on the dollar in the near term. let's see what's going to happen. but great. >> to catch up. >> with you on. >> so many. >> of the different. >> market narratives. thank you for your time today. >> laura cooper, global. >> investment strategist at. >> nuveen elsewhere. global debt. >> levels hit $318 trillion. i'll read that again. so you get. that number right. global debt. levels hit $318 trillion in 2024. >> that's the highest year end figure on record. >> and comes. courtesy of. research by the institute of international finance, which has warned bulging borrowing levels could lead to. >> the. >> return of bond vigilantes as the. global debt to gdp ratio rose to nearly. 330% of gdp. that's the first annual increase in debt ratios since the beginning of the covid pandemic. the imf does say it expects global debt accumulation to slow down in the months ahead. particularly in the first half of the year as borrowing costs

remain elevated but pushes for fiscal stimulus and higher defense spending could. turn that prediction on its head. why does that matter? it opens the door to further bond vigilante activity, like the kind we saw last month in the uk and in france last year. meanwhile, emerging markets face problems. of their own. the us's decision to cut. foreign aid spending and got us aid, as well as the uk's latest decision to. >> nearly halve. >> its own. foreign aid budget, opens the door. to significant liquidity challenges. >> for economies now. in germany. >> the likely next. >> chancellor. >> friedrich merz, has. dismissed imminent reform to the country's state borrowing. >> limits. >> calling it out of the question. merz stressed that there is difficult work ahead in reforming the debt brake, also saying it is too early to tell if an increase to germany's military spending could pass in the on in the outgoing parliament. and of course, we

had the chance also to speak to the bundesbank president, joakim nagel. he has. >> warned the. >> country's economy could. stagnate this year. >> for the third. >> year in a row. nagel also warned of many uncertainties in 2025, adding that the german economy is not doing very well. he made the comments as the central bank posted a ■k719.2 billion loss on its balance sheet, its first loss since 1979. anita spoke to nagel. >> and. >> asked him about potential reform of the country's debt brake. >> it's important. >> to discuss what. >> could be necessary. >> to have. >> such a. >> reform. >> because the. >> world changed over the last. 15 years, since the debt break. >> in 2009 was introduced. >> many new. >> uncertainties, new challenges. so i believe. the debt. >> brake was important and will be important in the future. so the debt. >> brake served. >> as a kind of a stability anchor.

>> and even with the reform. >> of. >> the debt brake, it will do. >> this job. also for. >> the future. >> so what i. >> would like to see is a. >> decent discussion about. >> the possibilities, how we could reform the debt brake, and we will. >> come up with. >> a new. >> proposal in the next during the next. >> two weeks. >> and i. hope that new. proposal will take a lot. let me say. will take up a lot of the discussions we already. >> knowledge of what we what we already see. >> in berlin. >> nagel also flagged the risks. >> to europe. >> and germany from trump's tariff plans. >> the reality is. >> that. >> we are living in a new setup. >> yes. >> and i have this. concerns how the new us government administration might have an impact on europe, on germany, or what i know from tariffs and the whole tariff discussion. i think at the. >> end we.

>> will have losers on both. sides of the pond. so this is this is definitely not good news. we do not know the details on a daily basis. i have the impression it's a very erratic development. so i guess we have to check this. >> and this will. >> also have then spillovers to monetary policy. and this is one of the. >> reasons why i'm. >> saying this meeting to meeting approach. >> is so important. because of this uncertainty. >> and to. >> watch anita's full interview with. bundesbank president joachim nagel, where he discusses the german election and the central bank's annual report. of course, head to cnbc.com. >> and coming up on the show. >> the us and. >> ukraine reportedly strike a deal on critical minerals. we'll have more details after. >> this break. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't

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>> welcome to street. >> signs, everyone. i'm sylvia. >> marrero. >> and here are your. headlines abm bab shares are on track for their best. day in over three years. after results come in ahead of expectations driven by growth in the us, the ceo tells cnbc. the brewer is prepared to respond to us tariff policy. >> we don't think that we're. >> going to. >> have big. >> topics to. >> discuss during. >> this year. >> in terms. >> of tariffs. >> that is always like. >> secondary impact. >> but we are. >> watching this, what the development. >> is, and we are. >> prepared to use. >> other levers. >> that we have to. >> offset costs. if we have any. >> stellantis posted a 98% slump. >> in adjusted. >> earnings for the second half of. >> the year. dragging the automaker's. >> margin to the. >> low end of. >> its guidance as it continues to search for a new ceo. the us and ukraine reportedly strike a deal over critical mineral resources, raising. hopes for

improved relations between kyiv and the. trump administration. we'll hear from. >> ukrainian mp liza. >> in a few. >> moments time. and nvidia. >> shares rebound pre-market after three straight. >> days of declines, with all eyes on the. >> giant's earnings report. >> later today. >> do not miss our special coverage, including a conversation. with the. >> ceo, jensen huang. from midnight london time. >> now. >> tariffs and the. >> risk. >> of trade wars are set to lead the discussions, as g20 finance ministers convene in south africa. however, many top names, including us treasury. secretary scott bessent and are set to skip the event. finance chiefs from japan and the eu have also said that they will not attend, while india, china, brazil and

mexico are also reportedly not sending ministers. cnbc is africa's fiifi peters joins us now. perhaps just explain to us what sort of progress. >> should we. >> expect, given that so many key participants are not expected to be on the ground? >> i think that's a critical question, sylvia. >> and it also. probably explains the show of confidence that the president. >> of south africa appeared at earlier. >> on the morning. >> with the official opening. >> of the g20 finance meetings. earlier on, he. spoke quite a lot in his. opening speech around the importance of collaboration of the g20, the importance of a unification of the g20, and actually went to great lengths. >> to explain. >> to participants and to take them. >> down to history. >> lane, down. >> history lane, as it were. >> on the times, some of the most difficult times in history. >> where. >> the g20. have clubbed together, citing examples. >> such as the financial crisis as well as the.

>> most. recent crisis, that of the covid 19 pandemic. so the president would have known that the key finance ministers, which. >> you. >> have made reference of, were not in attendance. of the meeting. and i suppose. >> it was just a way. >> of assuring that those. >> who were. >> in attendance. that it would still be business as usual, and. >> that the. g20 could still collaborate. >> under south. >> africa's chosen theme, of. >> course, being solidarity, equality. >> as well as sustainability, which have. >> encountered resistance from certain parts of the world, most. notably the us. i did, sylvia tried to reach out to national treasury and get their response on the media reports. about the key finance ministers who were not here. i asked her whether this. >> should be. >> taken as a perhaps a snap of south africa's agenda as south africa, as you would know, has been championing this g20 as africa's agenda. and one of the directives. that the president, cyril ramaphosa, did give to the finance ministers who. were in attendance was, you know, just

to do more to strengthen financing around climate, to do more around the strengthening or strengthening financing around climate resilience in the african continent, specifically, just given the vulnerability of the continent to climate change, despite the fact that it's one of. >> the lower. >> emitters, this sustainability also being thrown in in in the mix. but there are questions as to whether the world is ready to support south africa's agenda. just given the fact that the world is dealing with other issues right now, that you made reference of issues around changing trade dynamics as well as threats of more tariffs, and. >> fifi is there. that's where i would. >> like to go next. >> you know, we spend a lot of time here talking about the impact of tariffs for european economies. what donald trump is prepared to do next. i would like. >> to. >> understand from a south african perspective, how are you looking at these changes in trade policy? and how much of a concern is it?

>> that. >> i'm afraid. >> we have. >> lost the. >> connection to. >> ppe ppe? >> perhaps we can restore that conversation at some point. but indeed, always interesting to see how other parts of the world are looking at these changes in trade policy, particularly as donald trump is making that such an important theme also for his presidency. i want. >> to take you elsewhere. >> and speaking of donald trump, there's another important development in terms of white house foreign policy. ukraine has reportedly. agreed a critical minerals deal with the united states. that's according to multiple media outlets, citing ukrainian officials. the agreement reportedly does not specify any us security guarantees, however, or a continued flow of artillery for ukraine. but according to reports by the financial times, sky news kyiv. agreed that after the us dropped a controversial demand for a right to $500 billion in potential revenue, the us president, donald trump,

seemed to confirm on tuesday that ukrainian president volodymyr zelenskyy will travel to. washington later this week to sign the deal. and here in the uk, the prime minister, keir starmer, has announced defense spending will increase to 2.5% of gdp by the end of 2027. starmer told the commons the move will translate to 13.4 billion pounds in extra spending annually, with cuts to foreign aid helping to fund the move. starmer made the announcements ahead. >> of his. >> visit to washington, where he will meet president trump tomorrow. the uk leader said that the defense decision was, quote. three years in the making but had been accelerated by trump taking office. >> yes. >> it's true. president trump thinks we should do more. and i agree with him. it chimes with my thinking on this. and by more i mean more capability. i mean more coordination. and i need more spending. and we have. >> to learn the lessons of the conflict. >> particularly when it comes. >> to capability.

>> and coordination. >> the war being. >> fought in ukraine. i felt this very. >> strongly when i. >> was there. >> a few weeks ago, is being. >> fought now in. >> a. >> very different way. >> to the way it was being fought just three. >> years ago. >> and i'm pleased to say that as a member of parliament for ukraine and a member of the servants of the people party is joining us now. lisa, great to have the chance to speak with you again. first and foremost, perhaps just explain to us what is. actually happening. do you have a confirmation as to whether there has been an agreement. approved by ukraine and united states in terms of critical minerals? >> well. the last. >> days we all were in very. >> high and very low temperature moods. >> i must. >> say that. >> we don't really know any final information about. >> the deal. we actually. >> hear everything. >> from from the media very often. it comes from from the. us. >> on what is actually.

ukrainian position. and i must say it's very concerning because it looks like the tensions, the mood is going. in emotional direction. >> while we actually. >> need very rational solutions for our. >> security. >> for our economy and. >> in general. >> for our international cooperation and emotions, and lots of different. screaming is not going. >> to help here. >> i also would. >> like to. >> understand whether you would be supportive of a deal, if indeed these reports prove correct and you have a critical minerals agreement with the united states. but there is no clear security guarantees that come with it. >> definitely for every ukrainian. and i. >> really mean it. the question of ukrainian land and ukrainian soil is very. >> sensitive. >> and we believe that we cannot sell our, you know, our land,

our soul, our soil. and it's very it's very connected to us. and unless. we don't see the security guarantees that are very clearly listed. >> in the in the deal. >> when we don't. >> see the respect. >> for our. >> sovereignty, then we. >> are. >> still very. >> very much concerned. i must also say that it doesn't mean that. >> we. >> are against. >> the deal. >> we are pro deal. >> if there are security guarantees. the deal is also very important for. >> us economically because we really hope that ukraine reconstruction will be taking place. >> and we need more and more different foreign. >> investments and sponsorship of. >> different projects. >> and i also believe. >> that it will. >> shape a. >> lot of international. security architecture. >> so it's. >> it is very. >> much everything is very much connected. >> but if. >> we don't. >> name things. >> with their. >> real names. >> it's going to be. >> very. very sensitive.

>> and i think. >> it will not provide long. >> term peace, which we really want. >> to have. so i really hope that. >> respect of our sovereignty and security. >> guarantees will. >> be in the deal. >> it is very important. >> tell us, therefore, given how important it is, what exactly do you want to see from security guarantees? what do you need to see from the united states that you will consider? okay. this is a safe enough security guarantee. >> as i said. >> first. >> it actually needs. >> to have respect of our sovereignty. >> it needs. >> to have this phrase. >> and then. >> it needs to have. >> very specific military. >> programs and very specific strategy. >> for. >> for. >> the future. >> of our. >> security, of the. >> security of europe and in general, international order. what do i mean by that? whether it would be. >> a so alliance or. >> other type of cooperation, or possible foreign.

>> troops. or more and more. >> very specific. >> weapon that. >> will help us to defend. ukraine and also to counter attack russia so that they don't fight again. this needs. >> to be a part of the deal. >> because you cannot make. any business deal. if you are not sure. >> about security. >> and this is the. >> reality we. >> all live. now it's. >> not. only about ukraine, it's about all the world. >> we need all. >> to take seriously. >> the security. >> this is. >> the. main priority now. >> and tell us, what is the mood like at this stage when you know everyone looks at this from the outside, from outside of ukraine, thinking. we are edging closer to a ceasefire. is that the feeling in ukraine? do you believe that the war is actually coming to an end soon? and how do you interpret the pressure on president zelensky to step down? >> as i said in the. >> beginning, the temperature

in. ukraine is. >> very, very high. >> and different. >> edges of. >> the mood. >> where the people. >> are desperate. >> or people are very. >> active and. very motivated and believing that the war will be over and. >> so-called, the west will help. >> to make a deal and. >> to. >> have a. >> long term peace. >> but i'm afraid. >> that because i'm working in a foreign affairs and in diplomacy, and i. >> know what. >> is the. real scene internationally, it doesn't look like a the. >> the real. >> solution is. >> going to come in. >> the next weeks. i'm very. afraid personally that. >> we all. will be left alone with different phrases. >> rhetorics. >> but no real. >> real solutions. as i said. >> the real. >> security solutions. >> we in ukraine. >> don't like like ordinary ukrainians. we don't like when someone pressures us, when someone says that our. president

is not popular, you. >> may not support. >> our president, but but we know that he represents the voice of ukrainian people very. >> very effectively. and this is very important to remember because we need a. >> strong leader. >> and we have a strong leader. >> who is supporting. >> our our sovereignty and. >> speaking out to all the world. now about this. right. and of course, there was a election and he was voted in. and just finally, lisa, perhaps what would you want to see from a potential meeting between president zelenskyy and president trump? what would you want president zelensky to get out of that meeting? >> we want. >> clarity on all possible. us aid in. >> military. >> in weapon. and what. >> would be. >> the strategy. >> and all next. >> steps for cooperation with europe. >> and the world.

>> on stopping russian. russian aggression, which means whether there would be foreign troops. and i'm very happy. >> that this. >> conversation is. >> happening more and more and. >> different countries, including france, including the uk, are very active in the recent weeks and actually. >> offering. >> suggesting. >> recommending next. steps on this. >> we need. >> leadership in different european. >> countries, so i really hope. >> it will be happening. >> next week. >> let's see what will happen. lisa, thank you for your time today. that was lisa yasko, member of parliament in ukraine for the servants of the people party. now in other news this morning, asme, asme, i should say shares. are under pressure today after the chip equipment maker missed expectations for its fourth quarter orders. the company reported ■k7731 millionn fourth quarter bookings, flagging significant market uncertainty makes it difficult to issue a specific forecast for

2025. the group added it still expects full year revenue of up to ■k73.6 billion. this, of course, as we are waiting to hear from nvidia later today. coming up on the show, markets countdown to the big event of the earnings season. we'll take a look at what to expect from nvidia. numbers after. >> this break. >> just cleaned my entire house for $19. >> seriously? >> $19. >> they showed up. >> right on time and did. >> my dishes. my laundry. >> they even cleaned. >> my windows. >> you just pick a date. pick a cleaner. >> and enjoy a spotless. >> house for $19. >> i love. >> using home aglow. and i think you will, too. you will, too. >> i can f (man) robinhood gold members get an ira transfer boost of 2%.

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available now on the apple app store, android, and. >> com a cnbc special report in video reports earnings and jon fortt interviews ceo jensen huang ai strategy, chip demand plus post interview analysis a cnbc special report tonight, 7 p.m. eastern. cnbc. >> welcome back to street signs. time now to get a fresh look at how european equities have been moving this morning. and as you can. >> see. >> on your screen we have green across the board. the positive momentum continues across the european continent. i would just highlight the dax up 1%. but let me take you to us futures because what an interesting

session we've had on wall street yesterday and over recent times. really with the question hanging over whether this is the end for us exceptionalism looking at us futures, however, they point to a positive start to the trading day on wall street. we're going to get new home sales figures later today. let's see how the markets will react to that. but perhaps even more importantly, we get several earnings today. so that's where the focus for investors will be, particularly on nvidia numbers. and thinking about the us equity space. let me give you the latest in terms of some of the corporate moves there. tesla shares dropped over 8% in tuesday trade, sending the company's market cap below the $1 trillion level. the stock was hit by a report from reuters that even maker, the ev makers automotive systems, had disappointed in china and a sales slide in europe in january tell us tesla's market value is now at its lowest level since two days after president trump's

election victory, after a 25% slide so far this year. and trump media shares also closed the day lower. it's seventh down day in a row and its longest losing streak since early september. the parent company of truth social has lost 40% since president trump took office, and overall, that has been the market narrative. looking at the moves since the inauguration, we are down. however, if you look at the numbers for the major indices since the election, that is still in positive territory now elsewhere, i. stocks fell on tuesday ahead of nvidia's all important earnings today. it comes after a td cohn analyst note published on friday said microsoft had canceled leases for data center capacity in the us. nvidia is trading higher in premarket moves after three consecutive days of declines. the chip giant is set to report fiscal fourth quarter earnings after the bell today, with analysts polled by factset

expecting a 72% rise in sales. this despite recent market jitters after china's deep seek released its rival low cost ai model. so let's put all of this into context with. >> our. >> next guest. carl haisley, chief analyst at rise, is joining us today. carl, great to see you. first and foremost, just give us your expectations going into today's results for nvidia. >> good morning. >> thanks for. >> having me. >> look nvidia earnings day is. >> always an important day just given the company's. >> sheer size. and impact. >> on on the index. >> but if we just rewind for a moment to last quarter. >> where we. >> saw blowout numbers from the company and raised q4 guidance, i think that gives us a good sense of what to expect. going into tonight's earnings report, in that only a quarter left in the financial year. it's very much within nvidia's gift to at. least meet expectations. and if you look at consensus, that's

that's more or less what's. >> baked in. >> but where it gets really. >> interesting is when you start to think about what. >> they're going to give in. terms of outlook for the year ahead. and i. >> think there. >> are three key things that. >> investors will pay close attention to, to set the scene for the. >> months and the years to come. i think first is growth. you know, looking ahead, investors are expecting 50%. revenue growth for the year ahead. nvidia typically only guides on a quarterly basis, but. >> order momentum inventory levels will be important. >> their margins. >> 0.2. >> especially with those black wall chips having a slight dilutive impact. so we want to be confident that nvidia can arrest that and continue to have 75% gross margins. >> and then thirdly. >> valuation look, to get to the. current share price, you basically have to believe nvidia will grow 30% or more for the next ten years. so any increased risk around delivering that

growth story makes the stock look expensive. >> i would like to get your thoughts on the outlook here and what else is happening in the space. this is going to be the first time we hear from the company with official results in the wake of deep zeke, how is that, you know going to impact what the what nvidia tells the markets later today? >> i think it's interesting because in the first instance it seemed like okay, well demand for nvidia's gpus could fall off a cliff if things are so much more efficient in the deep sea model. but i think where people are starting to land, and i think nvidia will speak to this point. >> is that. >> in reality, if things get 10% more efficient, what you'll find is that people will attempt ten times more work or ten times harder problems, and so on the one hand, yes, at the. >> margin. >> maybe there's a drop off in demand. but if you look at the amounts of money being spent by meta, by amazon, by by alphabet,

that's only going to increase and. attempt even bigger problems. and overall, i think demand should continue to be strong, not least because the backlog of existing orders is so high. >> and of course, carl will talk a lot about nvidia. we talk a lot about deep sic, but i would like to get your thoughts also on some european chip names here. and perhaps we can show you the chart that compares some of the moves here. you know on the continent there's a lot of conversations right now about competitiveness, about the need to see the continent being more independent from the united states. also, when it comes to chips, is there any sort of real company that could be a champion in this space? >> i think it's a it's a tough setup. i think. >> i wouldn't. >> want to bet against a european company finding a way. but as you just mentioned in the previous segment, you know,

numbers late last night are case in point of the challenges that the european tech space is facing in general. obviously, in that instance, sort of china and blocking sales and things like that, it is an issue. it's less of an issue for nvidia given such strong demand in its local market in the us. >> and talking. >> about us exceptionalism, what do you think the numbers from nvidia today will say in terms of whether this is it for us exceptionalism? >> well, i think the near term for nvidia is incredibly strong. i'd be surprised if they don't continue to beat even on a very clearly guided q4. and i'd expect the first quarter and even the second quarter, to the extent they can give a clue that far out to be strong, just given blackwell chips being shipped in the fourth quarter and an amazingly robust order book to

work through. obviously, the question beyond most of this year and into next is with reports around microsoft cutting spending, although maybe there's some movement there around their partnership with oracle rather than an absolute shift in capex, is can that growth story continue for years beyond. and you have to believe in that, and you have to be able to see that in the numbers in order to justify nvidia's share price, in my view. >> let's talk. >> about pricing as well. what do you think the outlook here for is for chip pricing from nvidia? >> you know, there's not much to suggest much pricing pressure at the moment from a competitive standpoint. nvidia for now at least, is in a class of its own with the new blackwell chips as well. you know, pricing is in nvidia's favor. the supply demand dynamic is nvidia in nvidia's favor. so i'd be surprised if that changes anytime soon. of course, amd other custom cloud providers

could, at the margin start to chip away, but we haven't seen any evidence of that to date. >> right. >> let's see what the company will say and how the markets will react later today. carl, thank you for your time. that was carl haisley, chief analyst at minimize. now in some editorial note, do not miss our special coverage of nvidia earnings later tonight. that's including a sit down with the ceo jensen huang. that's coming up at midnight tonight gmt. and for more on the chip giant's key report of course check out cnbc.com. there's plenty of coverage there. and as we approach the end of the show, here are the four things to get you up to speed ahead of the open on wall street. on the economic front, we're going to get new home sales stateside. the us president, donald trump, is set to host its first official cabinet meeting later today as well. and we'll hear from several members of the federal reserve, including atlanta fed president raphael bostic. and of course, as we just mentioned there, it is

nvidia's day that traders will be closely watching their numbers from the chip giant. of course, due after the closing bell. in the meantime, a final check on the european bourses. let's see how they're moving. at this stage. we have green across the board. even more upside at this stage for the dax, we're up almost 1.2%. significant moves over in france as well, where we're up about 1% to. all in all though, the momentum for european equities has been dominated the stock performance year to date. let's see whether. that's going to continue for the time being. however that is it for today's show i'm sylvia maria. stay with cnbc. worldwide exchange is. >> coming up next. >> in america. you love. >> alien tape. and now you can get. >> two rolls for free. that's right. >> free. >> introducing alien tape. >> the double sided ultra strong

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