i'm joumanna bercetche at cnbc we are live in westminster and the trading floor as the markets brace for today's autumn statements these are your headlines uk chancellor jeremy hunt prepares to bring in his budget. bank of england governor says the country's credibility has taken a hit. >> we didn't think the uk would do this. >> you are talking about the mini budget? >> yes it would take longer to rebuild that reputation than to rebuild the gilt curve. >>> siemens on the turn and the c ceo says he is bullish despite the outlook. and defending the move that sparked the downfall of ftx as the head of binance speaks out >> he lied to investors and regulators and users and there has been misappropriation of user funds i think all of those things happened in my definition, that's fraud. >>> and investors find an explosion in poland was not part of the deliberate attack from russia it is important to keep the pressure on moscow >> it is not a question of saying if we do nothing it will go away. it's not going to go away. these reality. >>> well, the countdown is nearly over. today, the uk

i'm joumanna bercetche >> i'm arabile gumede. these are your headlines >> protesting across china as frustration flare up over the zero covid policy. the most widespread show of defiance since xi jinping became leader. >>> crude prices slip to an almost two-year low with the worries over the world's biggest importer. >>> and global equity markets and europe following asia in the red and wall street poised to open lower on the first full day of trading since the thanksgiving holiday. >>> black friday online sales topped $9 billion as consumers flock to buy now pay later platforms to offset soaring prices. >>> widespread protests erupted in cities across china over the weekend with people taking to the streets and demonstrating against the communist party zero covid policies protests in cities like shanghai where people called on xi jinping to step down it comes as daily covid-19 cases hit a record high for the fifth straight day topping 40,000 that number is absolutely dramatic in the context of where china has been here, joumanna

i'm joumanna bercetche >> i'm julianna tatelbaum. these are your headlines >> eu hits a price cap on russian oil exports and a ceiling on gas prices split the bloc the energy commissioner says the deal is possible >> so far, all of the different positions in the end have been allowing us to reach agreements on previous proposals. i do have hope that they will not be different. >>> the bank spikes rates and warning more monetary tightening may be necessary to stem rising inflation. >>> china tightens covid restrictions as the cases high temperature a record high. >>> and sinking to the bottom of the stoxx 600 as the drinksmaker warns of slower growth in the second half. >>> a very warm welcome to "street signs. great to be back in the studio >> great to have you back. >> we have fresh information out. for the month of november, the ifo has come in at 86.3 of the slightly better than expected. of course well below the 100 level. in terms of the breakdown, the current conditions index at 93.1 the expectation is 80. that is a weak number

simple job today, joumanna, keep it simple. by the way, well done coping with that weather out there. >> reporter: a lot more challenging than bailey's job. when it comes to the interest rate hike, the market is set on the 75 basis point hike from the bank of england today. the market went as high as 100 basis points after the mini budget turmoil they have to counter the fiscal stimulus coming. since then, you have the new chancellor and prime minister. the physical outlook is still uncertain. the expectation going forward the fiscal stance will be more expansive. that is something for the bank of england to bear in mind the number one thing they have to focus on is the mandate that is price stability. when you have headline inflation at 10.1% and core inflation, they have to do something which is why they are coming out with these rate hikes which had been getting bigger and bigger. the expectation is for 75 hike however, the flip side is it is also coming at a time when growth has actually started showing very strong signs of

i'm joumanna bercetche >> i'm julianna tatelbaum. these are your headlines >> jpmorgan chase cuts the chinese growth forecast in half after macro data disappoints markets rise with online sales with hong kong tech stocks rising double digits. >>> infineon agrees on the long-term targets as it clocks 30% rise in 30-year revenue and seals a chip product global competition will be in a more robust industry >> life in the uncertainty in the world and we are very supportive of all of the governments activities it is good for us. it is good for the industry. it is good for the supply chains if we make it more resilient >>> credit suisse finalizes the sale of the product group to u.s. asset machininager apollo they look to make good on the restructuring policy. >>> and ftx financial collapse saying there could be more than 1 million creditors in the bankruptcy filing as they look to down play the contagion fears. >>> good morning warm welcome to "street signs. let's kick off with energy forecasts from the iea raised the 2022 oil demand grow

i'm joumanna bercetche >> i'm julianna tatelbaum. these are your headlines >> european markets with a muted start, but after six week of gains after rising covid cases in china weigh on sentiment. >>> and a report of production at one of the key factories is set to fall 30% this month amid unrest over covid restrictions at foxconn. >>> and german yield curve at the deepest level of inversion in years after the economy rose more than expected in the third quarter. >>> and retailers brace for the busiest shopping day of the year european shoppers face a down turn >>> let's start with news from china overnight. authorities in china have reported a fresh record high of covid cases prompting cities to tighten restrictions beijing and shanghai and guangzhou are reporting a rise in cases reuters is reporting that over 20,000 employees in zhengzhou left over unrest and unfair pay. and shipments could fall 30% in november according to the report it claims the recent unrest is the primary factor with the weaker outlook for the major apple supp

i'm joumanna bercetche that is it for "street signs." "worldwide exchange" is coming up next. >>> it is 5:00 a.m. at cnbc global h5eadquarters. here is your top "five@5." breaking overnight disney ousting bob chapek as ceo and bob wiiger takes the spot of the. >>> and china sparking fears of restrictions and lockdowns with covid deaths. >>> aftx exposing the billions t

i'm joumanna bercetche "worldwide exchange" is coming up next. a lot more analysis of what is happening in china and the response from the authorities there. stay with the chan'll. channel we're told that success is all about making it on your own. the truth is... need some help? c,mon, get in. nothing great gets done alone. that's why there's shopify. with shopify, you can set up your online store; you can sell on social media; or, you can sell in person, with our point of sale system. it doesn't have to be lonely at the top. join the millions to find success - on their own terms. start your journey with a free trial today. 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 me to get all of my labels and get beauty in the hands of women who are battling cancer so much quicker shipstation the #1 choice of online seller

. >>> let's head out to joumanna who's at the conference then joumanna >> hi, guys. well, this is the first time i've been back to this conference since 2019. er earlier in the day we were talking to multiple investors in the equity space and stress credit when we come back from break i'll speak with the managing director and we'll talk about all the opportunities and what their clients are looking for in this environment stay with us we'll be back in just a couple of minutes snoring keeping you awake? the sleep number 360 smart bed lets you gently raise your partner's head, and it senses your movements and automatically adjusts. save 50% on the sleep number 360 limited edition smart bed. only for a limited time. >>> welcome back to "street signs," everybody. i'm julianna tattle bam. >> and i'm arabile gumede. here are your headlines. >>> a missile kills two people in a polish village in ukraine president biden is cautious that the missile may have originated from russia. >> we'll see >> uk inflation surges to a 41-year high, topping 11% a day ahead of the government

joumanna bercetche is in london with the latest there. good morning, joumanna >> that's right, dom we have seen a rebound in chinese equities stocks overnight and not because of the change in the covid policy, but because regulators loosened the property sector to raise equity financing. this led to the jump in property names up 10% in the shanghai composite. up 2.3% total. the profperty sector up is 2.1%. and the pboc cut the rrr providing extra liquidity. we are seeing a recovery in the tech names in the hang seng. food and service up 8% to 10%. in europe, the picture is mixed. we started off in positive territory. now dipping to negative. ftse 100 in the uk is the bit of green up .60%. commodities and minors leading there. dax is down .20% in germany. we are keeping a close eye on the german preliminary pci numbers coming out today the numbers have been disappointing which is a surprise spurring a rally in fixed income the swiss index as you see is down .20%. one stock we are watching is credit suisse. the stock is now at an all-time l

i'm joumanna bercetche >> i'm arabile gumede. these are your headlines. >> european equities rally as investor sentiment is strong on the day after october cpi print sparks wall street's biggest gains in two and a half years. futures also point higher. >>> china adjusts covid controls cutting the period for close contact as beijing looks to help ease measures. >>> and softbank willhave to write off the investment in ftx as it is $900 million of bad debts. the problems are not limited to softbank >> almost all of the investment we have made is not showing a good performance our vision has suffered, but not only us, but investors around the world is also seeing the same situation. >> now ftx's sam bankman-fried is looking for $9 billion to rescue the chain gary gensler says he is failing to comply with clear rules >> this is significantly non compliant. it has regulation and the regulations are often very clear. >>> good morning welcome to "street signs." yesterday, we were talking about the cpi print and what a print it was it spa

bercetche is outside the boe and joins us now joumanna, good morning what can you tell us about the expectations it is pretty much baked in what will they do? >> reporter: that is the question a 75 basis point hike is priced in if there is a price, it would be a dovish surprise and 50 basis point hike 75 points is the highest the bank of england will deliver since 1979 this all with the pressures in the economy. headline flinflation at 10.1% wage pressure at 6%. the bank has the price stability to set inflation at 2% these numbers are making them feel uncomfortable af this is all after the mini budget turmoil i would say, dom, one of the bigger issues here is the bank of england attempt to restore credibility in themselves as an institution. the whole country has been going to the credibility crisis not just because of the fiscal outlook, but concerns of the bank of england's handle on inflation given how high inflation levels are running in the economy. yes, we will get an interest rate hike today. similar to yesterday, they want to see what happens going forward and how willing th

cpi >> joumanna, thank you >>> let's get a check on some of the morning top stories. silvana henao is here with those. good morning, silvana. >> seema, good morning president biden confirming the face-to-face meeting with president xi jinping the president said he plans to meet with the chinese counterpart on the sidelines of the g20 summit in indonesia. he plans to bring up how the u.s. and china can avoid conflict he added he won't make concessions on critical issues if it takes place, the meeting with biden and xi would be the first face-to-face between the two leaders since biden took office. >>> and hasbro cfo will retire once a successor has been found. deborah thomas has been at hasbro for 24 years. 13 of which in the cfo role. this comes after chris cox took over at ceo. >>> and twitter's pay for verification system facing a wave of fake accounts. elon musk's social platform rolling out $8 a month for blue service yesterday and so far spoof accounts of lebron james and aroldis chapman and connor davis have been ususpended. a spokesperson for twitter did not im

i'm joumanna bercetche >> i'm arabile gumede. these are your headlines >> apple warnings production of the iphones as covid restrictions ramp up beijing doubling down on the zero covid stance. >>> ryanair flies high the largest ever post-tax profit other low-cost airlines will struggle to compete. >> ryanair is lower cost than we went in. everybody has to come out with a higher cost base fleet is operating we own all of our fleet. they have higher labor costs and airport costs. they will have to find a way to play the game. >>> unicredit shares slump as the dividends slash with payoffs. >>> cop27 kicks off here in egypt where folks are calling for more action on climate listen in. s>> tough times and tougher tims ahead. there is also good news for the green position we are forced to be more energy efficient. >>> welcome to "street signs." let's get to the data overnight. chinese exports falling for the first time in more than two years in october coming in at 0.3% weaker. that is a sharp miss on expectations on 4% growth. we had

i'm joumanna bercetche with arabile gumede in london and julianna is live from greece as the european commission announces a gas price cap proposal these are your headlines >>> european equities hold near three months high as a downturn in the german economy could be starting to ease. >>> credit swees shares losses after the trouble lender expected to take a hit in the fourth quarter >>> shares give up gains after a report that gucci director is said to leave the brand after seven years. >>> and the eu proposes a gas price cap of 275 euros per megawatt hour, but greece's energy minister tells me the price is too high. >> the price cap that the commission is proposing is not, in fact, a price cap a price cap at 275 euro is not a price cap. >>> good morning we have a packed show for you. let's get to it with the pmis. we have the pmis for november coming in at 47.8 higher than the consensus estimate of 47 and shows an improvement somewhat from the print we had in october at 47.3. so it is beginning to show some signs of turning a corner here remember we had the german pmis a short while

i'm joumanna bercetche >> i'm arabile gumede.hese are your headlines. >> christine lagarde pledges to follow through in. ecb even it if it means curbing growth >> the shocks triggered by the pandemic and the war, created a new global map of economic relationships. in this environment, it is uncertain whether a seamless expansion of supply and how global demand will be affected >>> and europe risk over demand and the block must not make the same mistake in banking as energy. >> nobody should take this lightly. losing financial stability for europe would be as bad as the energy dependence that is causing us so much pain right now. >>> the ceo of commercz bang talks about the economic conditions. >> we must do what is necessary to get this under control because of thepopulation has a difficult challenge. we need to speed up. the americans are ahead of us fighting inflation >>> uk retail sales beat expectations in october remaining resilient for a prolonged recession. >>> welcome black to the show. let's get a check on the markets. w

joumanna joins us now as we look to unpack this joumanna, one thing is for sure.he down turn is going to be broad based and seems to be global as well >> that is one of the take aways so far from the conference we spoke to the chief european economist. the global economy is in the midst of the slowdown. we are in position to talk about the impact with the businesses with my next guest i'm happy to bring in the co-head of the capital group at ubs. wonderful to have you with us. my colleague, arabile, was talking about the difficult macroeconomics view we are in. when it comes to m&a it is challenging. >> it is cais challenging there was a steady stream from europe, but q3 has been quiet. we expect q4 to be quiet as well >> you are here at the conference you work at ubs. i believe you are hosting a panel called private equity. is this the beginning or the end? can you give us a summary? >> without revealing too much because my panel well know much of the content it is challenging and we are dealing with the political costs. for private market, the story is different

joumanna bercetche, as you see, is standing by in the london newsroom good morning, joumanna >> dom, the mood from asia is negative overnight you see all of the indices trading in the red shanghai down .4%. hang seng is down due to covid concerns which is front and center beijing ordered people to stay home today guangzhou announced a five-day lockdown they will test for inbound travelers entering the city. big impacts on covid kospi is down as well. as for europe markets, this is translating in negative outlook. some minors or basic resources with exposure to china trading in the red dax is down .40% this is after a better ppi number at 35% year on year versus expectation those numbers are beginning to move in the right direction. dom, elevated levels >> joumanna bercetche with the latest on the market action in europe >>> now to the breaking news and shocking shakeup at disney silvana henao is here with those. >> shocking it is. disney's board announcing bob chapek is out. it is reappointing bob iger as chief executive immediately. this marks the end of the three-year term of chape

frank, back to you. >>> thank you, joumanna bercetche. let's get to the top stories with bertha coombs >> good morning, frank apple is warning of ongoing covid restrictions in china are hurting production of iphones. the company temperaorarily scald back the production of the iphone 14. the factory where the pro and pro max models are made is operating at a significantly reduced capacity the company says it will likely ship fewer devices and customers will face longer waiting times all of this coming amid the holiday sales period for apple. >>> berkshire posting a big jump in operator earnings the third quarter results. that figure totally up $7.76 billion. the company suffered a $10 billion loss on the investment during the quarter due to the ongoing market turmoil berkshire revealing it spent over $1 billion over share buybacks bringing the total to more than $5 billion >>> employees at home depot store in philadelphia overwhelmingly rejecting a plan to become the retailer's first to unionize. the national labor relations board reported

i'm arabile gumede >> i'm joumanna bercetche. these are your headlines. >> hong kong tech stocks slump as china shuts parks and malls as cases in the capital hit a record high. >>> crude prices remopobound af saudi arabia denies the report of opec plus is looking to increase output. >>> and italy's biggest utility looks to slash its debt and reduce to six countries. >>> and bitcoin is below $16,000 for the first time in two years with crip ypto lender denies its on the brink of bankruptcy >>> good morning what started off as a muted session for the stoxx 600 has actually reversed course are in the last hour. we have all of the indices in the green as we head to the end of the holiday week in the u.s liquidity has been drying up overseas the focus overnight on what is happening in china with further covid restrictions and lockdowns. in addition to the property measures announced by the central government the take away is on one hand the central government is providing economic support, but on the other, the covid situation is actu

i'm arabile gumede >> i'm joumanna bercetche.hese are the headlines. >> near the flat line as investors await the results from the midterms and who will take power in the house and senate. >> regardless of the final tally of the elections show and counting is still going on, i'm prepared to work with my republican colleagues. the american people made clear, i think, they expect republicans to prepare to work with me as well >>> issues beyond our control or ability to help. binance backs out of the deal to rescue ftx leaving sam bankman-fried's empoire on the verge of collapse. >>> the ceo of astrazeneca says beijing's zero covid policy is an outlier. >> they are having an i am po impact on the company. we expect the policy to change and people return to normal life >>> all eyes on the cpi for october and hopes for continued easing of inflation. >>> here is the market picture in europe. it is slightly to the negative getting a hint of the ftse mib going higher some of the results from the midterm election from the united states wi

seema. >> joumanna, on that note, to our top story. unrest in cities across china amid countries over increasing covid lockdowns and restrictions in an unusual show of defidefia democnstrators are calling out for xi jinping to step down. we have eunice yoon with more. >> reporter: it is rare to see them in so many different cities, seema. the security is extra tight today here in beijing and shanghai after the protests really showed a very strong sense of defiance among the people here. arguably the most resistance we have seen since the crackdown on tiananmen square in 1989 protests held in beijing and shanghai and guangzhou and chengdu and other cities the focus of the public anger was mainly directed at the covid controls there were indications that people were angry about other things as well in fact, people were holding up white paper which they were saying is a protest against censorship some calling for xi jinping in shanghai to resign now the leadership here as signalled for the most part it is sticking by the zero covid policy

let's zero back on the european coverage with joumanna >> the bank of england went for a 75 basis point hike. two members opting for 25 and we got 75 one line that stood out to the market participants is what you went over. further increases may be required for a sustainable return to target this was an explicit verbal intervention from the bank of england saying the market pricing got ahead of itself. it is something that many market prices picked up on yesterday. i thought it was interesting that recently we have seen diverging actions. you have the fed with the higher terminal rate and the bank of canada beginning to slow down with the pace of rate hikes. namely because of the sensitivity of the markets and mortgages in their economies when i had the chance to sit down with the governor yesterday, i asked how the bank of england is thinking of the sensitivity of the mortgage rates to higher interest rates from a base rate perspective here is what he said. >> ultimately, you look at price stability and that will have a big impact on what future mortgage rates will be that's important

joumanna, thank you very much. >>> to some of this morning's top corporate stories with silvana henao. >> former ftx ceo sam bankman-fried is telling his former employees his own mismanagement of company assets and risk position is what led to its sudden and spectacular collapse in a letter seen by the financial times and bloomberg, bankman-fried says he, quote, did not realize the full extent of the margin position, nor did i realize the magnitude of the risk posed by a hypercorrelated crash, adding, quote, i deeply regret my oversight failure. the letter comes after lawyers for ftx blasted sam bankman-fried's management in u.s. bankruptcy court yesterday, saying the former billionaire ran his company as a, quote, personal fifedom and spent money on items unrelated to the business like vacation homes in the bahamas. >>> unrest in china's iphone city overnight reports of hundreds of employees clashing with security personnel over ongoing contract disputes, strict anticovid controls and poor living conditions an unverified social media post, workers can be seen pulling down fences and

joumanna cardash is tracking the latest.is not able to stop these protests. >> reporter: it's really remarkable, whitney, what has been going on in iran as these protests enter their third month. the iranian regime has not been able to suppress this popular uprising so far and they have unleashed everything. you have this violent crackdown with a rising death toll. according to one group, iran human rights, they say at least 370 people have been killed in the country since september. and you've also got thousands of people who have been arrested so far in the past week, the regime is also issuing death sentences for protesters. at least six so far have been sentenced to death in what human rights groups are describing as these sham trials. but what the crackdown seems to be doing, whitney, it's making people angrier, more defiant, more determined to continue protesting and demand regime change in the country. and a lot of concern right now for what is going on in the western part of the country as you mentioned in the kurdis