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

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 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 arabile gumede these are your headlines european markets trade ahead of the mid-term elections asresident biden says democracy is on the ballot >>> u.n. secretary-general lost the opening of the cop27 with a stark warning to global leaders saying the world is losing a fight against the climate catastrophe. >> global temperatures keep rising and our planet is approaching tipping points to make climate chaos irreversible. we are on the highway to climate hell with our foot on the accelerator. >>> renault announces plans to spin off the ev unit and eyeing an ipo for the company as early as the second half of next year. we hear from cfo thierry pieton. >>> and the eu warns that the u.s. inflation act breaches trade rules. the european trade commission telling cnbc there is concern about the impact on business >> sources would like a solution which actually does not discriminate european companies in terms of access to provisions including subsidies of the inflation reduction act. >>> marginally down day for the stoxx 600 across european markets. we have a sense the midterms are the ke

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 julianna tatelbaum >> i'm arabile gumede. these are your headlines >> chinese president xi jinping arrives in bali ahead of the meeting with u.s. president joe biden as the world between the two biggest economies deteriorate. >> we will know in the next two years. never any miscalculation of where each of us stands. i think that is critically important in our relationship. >>> german economy minister defends blocking several high profile investments telling cnbc that berlin must diversify its economic partners. >> all eggs in one basket politics is wrong. with the war in ukraine, what seems to be very soon turn out in one >>> the collapse of ftx sends shockwaves through the industry as binance pulls tokens and urges other to follow suit a few bad actors do not reflect the whole industry >> the industry goes through ups and downs. we have more bad players in the industry the industry is still growing. >>> the democrats defy a red wave holding on to the senate with wins in arizona and nevada and republicans hope to secure the u

looking to put liz truss and her failed fiscal policies in the rear-view mirror today we have arabile gumede with more arabile, this will replace the mini budget we saw from truss. how optimistic are britons over what this will lead to >> reporter: they certainly aren't as optimistic from some of the words we heard. i got to speak to a treasury spokesperson not long ago, dom dominic. the budget today will prove how britons are paying for the past mistakes from the previous government it is essential for the growth of the uk economy. we are seeing cpi at 11.1% you saw growth go down which was negative 0.2% for the third quarter. that means we could see recession in the uk. the bank of england governor andrew bailey said we could have the longest recession on record. if that is the case, then jeremy hunt's statement will have to ease markets which may be the first call and then look how exactly you can stabilize the debt hole the government sits with the treasury spokesperson i spoke to said the fiscal hole sits at 55 billion pounds. that is a massive hole to try to fill which will be done thr

for wti were $120 a barrel both down this morning >>> let's get a check of trade in europe with arabile gumedelondon newsroom. a switch here, arabile all eyes on politics in the u.s. instead of the uk. >> a mixed picture from the market asian trading higher off today a little bit of issue from the bank of japan from the meeting the monetary policy committee meeting deciding to keep rates on hold the last time out. the european front started off mixed with more negative sentiment. things have gone positive. it is a cautious optimism as we head to the mid-term elections investors are worried about which direction things will go economy and inflation key elements focused on in this election if the democrats lose the house and senate as well, that will be different. we heard from elon musk weighing in on the election saying a republican congress would really help the tech sector that is the sense we are getting from his tweet as he said many should be voting republican. although he has voted democrat in the past. really interesting market picture. mixed for now. it points to positivity. the midter

. >>> a check of the action overnight in asia and early trade in europe with arabile gumede in the london newsroom with the latest there. happy friday morning, arabile. >> happy friday, dominic the market out in asia kicking off the day's trading with mixed picture here we are seeing shanghai go down .20% on the close of that trading picture with the hang seng going down to .30%. very interesting to note that the japan market did come out with some interesting data the core cpi index there rising to 3.6%. very important data because that is higher than expected. also the fastest pace for core cpi. the last time it hit that figure was 1982 leaders are heading to the economic summit apac they are getting a sense of what espe else is happening on that market all green across to this point from europe. we got comments from the st. louis fed president speaking about the fund rate moving between 5% and 7%. it sparked interest which means does that mean rates will go higher from here james bullard spoke about raising interest rates and curbing inflation. more needing to be done. a similar sentim

. >>> first, let's get a check of the action with the trade in europe with arabile gumede in the london newsroom. good morning, arabile. >> dom, the question and big story out of asia and impacting market trade i restrictions the government has put out few more measures in china that is on the back of the increase in the number of covid cases and three deaths around china as well. we are seeing a lot of grumblin with the hang seng falling 1.3%. the tech stocks were the ones feeling the brunt. you are seeing losses there. the rest of the market is a mixed picture and seeing a sense of positivity. to the european picture. we started off seeing a bit of negativity for the european picture. it is faring better. .90% higher for the ftse 100 others aring moving on the lockdown from the asian region .50% for the ftse mib. and still a lot of interest being put on the covid-19 restrictions in asia which will be the basis liquidity will dry up toward the thanksgiving holiday for the remainder of the week. dom. >> arabile gumede in london with the latest thank you very much. >>> let's get to the t

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

. >> 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's budget announcement prime minister richie sunak says inflation is his top priority. >> it's the number one thing on their mind, opening up emails, rising prices, and that's why it's right that we grip it and the prime minister will set out a plan. >> blockfi preportedly prepares to file for bankruptcy. >> any time you have formal stages of an industry, it draws all kinds of interesting people, charlatans, potentially crooks crypto has never been sunshine and roses. i think crypto needs to mature. >>> we have fourth quarter forecasts, but the group holds back after a widening net loss with troubles at its turbine command center. >> we see often the challenges in wind and we see obviously ourselves confronted with the supply ch

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

and for that, let's bring in cnbc's arabile gumede who joins us live from london. p a little bit, we saw a little green on the board as investors look ahead to the fed meeting minutes. tell us what we should expect. >> yeah, so that sentiment from the fed minutes is really going to set the tone for what could be expected when it comes to those interest rate hikes will they begin to slow down. is that the kind of message that was put forward, it does seem that way initially, but this will give a much clearer picture to what exactly the fed thinks they'll have to do when it comes to interest rates and how much more that is dependent on the inflation number which dips 7.7%. which is good news for the economy whether that's a sustained approach is going to the key question mark so that is what will be looked out for in the fed minutes. if one takes a look at the asian markets you do see a sense of markets going into a little bit of a mixed trading picture. europe has also moved slightly positive as well. we did get pmi numbers coming out of the uk, not getting dramatica

for that, let's bring in arabile gumede live from london.p off environment sore slightly this morning. so we're expecting those u.s. stock markets to head into a negative direction. that is, of course, on the back of the s&p 500 just last week notching up some of the really, really good gains there. it's biggest weekly gain in five months last week on the back of that easing of inflation data. that has also helped the european markets as well. they moved a little high they are morning with only the market out in switzerland. perhaps moving into some negative territory. that cpi, easing cpi number was significant impact into the local market in europe as well. even asia seeing positive trading as well. the big question marks are around whether the fed will continue to hike interest rates at what pace is perhaps the key element of the key question mark put in place. in europe then, key question this week, it will be around whether the uk entered that recession and what happens with the budgets that uk economy set to put out. that statement exp

. >>> time now for business, for that, let's bring in cnbc arabile gumede. from london.>> yeah, good morning. the rate hike, you can see nudging higher. expect a 75 basis point hike by the federal reserve later today. it will be the fourth time in a row, they have gone that way, of course, they're trying to fight inflation. and to be sure that comes down to certainly levels closer to 2%. the expectation, though, is that because of growth which may set to dwindle and go down low, that they are expected to have dropoff on their interest rate hikes headed off to december. but hints of that is what will be expected from jay powell's address later today. >> yeah. we'll be watching that closely today, of course, so will the markets. the world's largest oil company, saudi aramco has reported a $32 billion profit this year. tell us about the role that surging royal and gas prices play there, much to the dismay of customers across the world who are paying more? >> yeah. so, everybody else's bad news, of course, on the arab news with great news on that front. a 39% rise in that ne

cnbc's arabile gumede live from london. thank you.grown to $1.5 billion. jackpot is now closing in on the biggest prize ever won in the game. it was just under $1.6 billion shared by three different winners back in 2016. the next drawing is saturday. the odds of you winning that one, folks, 1 in 292.2 million. if you happen to hit it, don't forget your favorite 5:00 a.m. host. coming up, moving back to politics and president biden's speech on our democracy. speech on our democracy. [coughing] hi, susan. honey. yeah. i respect that. but that cough looks pretty bad. try this robitussin honey. the real honey you love, plus the powerful cough relief you need. mind if i root through your trash? robitussin. the only brand with real honeyand elderberry. laundry truths: the bargain jug. ♪♪ that's a huge jug of detergent. yeah, isn't it a bargain? you know that bargain detergent is 85% water, right? really? it's this much water! so, i'm just paying for watery soap? that's why i use tide pods. they're super concentrated, so... i'm paying for cl

let's turn to arabile argument me gumede arabile. >> good morning.om, that mixed picture coming out of asia, we have seen some flows out of there with europe following suit the key question mark for european trading, which has been around two hours or so today, is really around poland, that missile that has hit poland unfortunately, causing a sense of political turmoil markets are in a little bit of a skid for now somewhat, asking the questions, askingthemselve the questions as to what actually happened from here on clearly that russian invasion of ukraine is beginning to spill over in other parts as well. poland now feeling that impact with a few people dieing there as well. so you're seeing that the european markets are in red territory for the most part with the ftse 100 perhaps stepping out of sync with them. the ibex in spain losing as well speaking of the ftse 100, we move onto the autumn statement or medium term fiscal plan that's set to come out of the united kingdom tomorrow. you saw inflation in the uk hit the highest levels since 1981 with

. >>> let's go worldwide with arabile gumede in the london newsroom with the overnight action in asia and how europe is set up right now, arabile? >> good morning, seema a lot of green across the asian market picture you pointed to the semiconductors which moved in the higher fashion as well then the hang seng up 4% as well today. positive gains across most of the asian region interesting, however, to note in the economic front china did come out with some economic data. three data points all missed economists estimates we saw retail sales following from a month ago it grew for the first ten months of the year and grew by 5.8% on that front that was a touch below estimates. industrial production growing by 5% as well that clearly gives us a sense of the chinese economy which is not doing well jpmorgan chase coming out with the growth for china it will drop to 4% from the initial 4.5% it is languishing in the chinese economy. >>> to the european market this is flat across the day's trading. ftse 100 is one gainer along with the cac 40 and switzerland. negative with the dax and in spain

ethereum and xrp moving to the higher xrp moving as you see me circle it >>> we will now go ahead to arabile gumede with the trade in the london newsroom. good morning arabile. >> good morning, frank mixed to begin the day we saw the hang seng gain a bit there. chinese rumors seem to be that we may see an opening of that economy. that is boosting the markets out and particularly the chipmakers with positivity there. we are expecting the market to continue to move higher. some green is in the mix the european markets mostly higher this does follow from the bank of england decision yesterday with hiking interest rates 75 basis points you could see a recession according to the bank of england governor andrew bailey things are tight including the labor market which is tight and growth is still expected to drop off .75% this year alone with the longest recession for five quarters. you have the energy crisis the ftse 100 is higher up more than 1% today. of course, it has been a busy week for central banks and it follows through the market picture from the fed plus we have the october jobs report expected

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

arabile gumede is jaoining us with more on that from london. >> seema, the markets in the green so far today up 1.5% for the ftse 100 in particular that is the key attraction that we will focus on today today is test day. the bank of england selling off assets as you can see, yields dropping off. it makes the central bank a test case for how quickly markets can shift away from what is easy money policies that we had over the last couple years. let's remember that the uk central bank was buying government bonds as recently as a few weeks ago. that was aimed to soothe the markets after the mini budget which roiled the gilt market in september. the boe stepped in now it will be auctioning the first 750 million pounds in the short securities that is $860 million results are due at 3:00 p.m. local time trying to reverse the easing program that helped to prop up the economy through the financial crisis and pandemic of 2020 andquantitative easing pusd interest rates to near zero and the hopes that easy money would give investors confidence and foster growth. the governor of the boe hoping tha

i'm arabile gumede with children choe john fetterman flips the pennsylvania senate seat giving the president's party a big fight for control. >> every county, every vote. every county, every vote that's exactly what happened we held the vote we held the line. >> the republicans are in control so far of the house. >>> meanwhile investors await clarity with the european markets trade broadly lower. ftx's coin falls off a cliff over $2 billion in value after the rival binance steps in to buy the business amid a li liquidity crunch >>> to the midterms and key senate seats georgia and wisconsin are too close to call while arizona and nevada are too early to call meanwhile in a closely watched senate race, nbc predicts jd advance has defeated tichl ryan. and it's plea digited john fetterman will flip the seat from the republicans meanwhile it's estimated the republicans will win the house the projection has shifted between 218 and 220 in the last hour it currently sits at 220 the estimated margin of error reduced from 13 to 10 seats, the party will require 218 to control the chamber. >>> and in the

. >>> let's go worldwide with arabile gumede in the london newsroom with the look at the overnight trade in asia and early europe >> good morning, seema things have tilted to positive trade. you have gotten a sense of positivity in the trade this morning which stems from the cpi number from the united states yesterday which was softer than expected if we kick things off in asia, you have a big boost there the hang seng index jumped 7%. that jump came through as you got hints from chinese regulations that perhaps the chinese economy may beginning to ease up with the covid-19 rules and reducing the number of covid-19 days you have to remain in quarantine. that easing has meant that the travel count stocks have moved higher that has filtered to the european market with the ftse 100 and ibex in spain sitting with some negative tilt. speaking of the ftse 100 in the united kingdom, data out this morning. gdp for the third quarter is negative 0.2% which is the figure that has been put forward. that is better than expected than the 0.5% contraction. it is the question mark of the longest recessi

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we send it out to our own araair bee arabile gumede good morning. >> the markets have been trying to weather the storm hong kong's hang seng was actually halted after gaining that 2.1%. that halt in trading coming after a warning of a tropical cyclone. the shanghai composite also then managing to get some gains today and reverse some of its losses from the week while the cost was fractionally higher. this cos off south korea's inflation did inch up to 5.7% in the month of october in stock news, we did see sony group raised its outlook this was helped by what was a weaker yen and solid sales in the music publishing business, which made up for some lackluster momentum in its gains and business sense of business of course, that does help apple quite a bit. the group has sold 3.5 million gaming playstations. over in europe the investors are focusing on the u.s. federal reserve's policy meeting the dax and ibex are in the red. health care stocks did add almost 1% to lead gains as most sectors did enter somewhat of a positive territory total utilities slipping around 0.5% a quick one. they

let's bring in arabile gumede who joins us live from london. good morning.s morning? >> yeah, good morning, jonathan. look, the markets are looking at it with a cautious optimism by the look of things. there is a slight tinge of green coming up. the midterm elections the key element to look out for as the markets sort of give a sense of what will happen there to congress. will the house and the house of representatives flip both ways or will it just be the one? so key areas will be looked at to kind of detect which way the market could certainly go. and which direction then congress will also go. so key element there's to look out for. that will be the election. of course, you have that inflation number expected out on thursday. which also is an element to look out for. certainly the mid terms occupying the most important part of the investors minds this afternoon. >> so twitter's new ceo and owner elon musk came out yesterday endorsing republicans for the midterm elections. telling voters to cast ballots for gop candidates for congress. a lot of democrats w

arabile gumede, thank you. >>> one specific issue now just a week from election day, we'll dig into thatr new york city mayor bill de blasio. he'll join us when we come right back. sin honey. the real honey you love, plus the powerful cough relief you need. mind if i root through your trash? robitussin. the only brand with real honeyand elderberry. every year, millions of people find a health plan at healthcare.gov during open enrollment. ♪♪ so they can enjoy more visits. ♪♪ have more meet and greets. and have less to worry about. with the new law, 4 out of 5 customers can find a plan for $10 a month or less with financial help. feel like a million and find your plan during open enrollment. healthcare.gov is here for millions. like you. (vo) what can a nationwide 5g network from t-mobile for business do for your business? during open enrollment. unlock new insights and efficiency-right now. allow monitoring of productivity at remote job sites, with next-generation bandwidth. enable ai cameras that spot factory issues in real time, using next-generation speed. and deliver ultra-capacity 5