i'm silvia amaro and these are your headlines >>> lvmh adds 25 billion euro in the market cap in earlyrade after posting a fourth quarter sales beat the ceo says the group must focus on quality over quantity >> translator: we have so many successful products. we need to produce more. we have to resist that they must be flawless quality. you mustn't be in a hurry. >>> luxury gains helps french lead in the early are trade and u.s. futures point to a negative open despite a strong gdp print. >>> $80 billion is wiped off tesla valuation as shares sink the most in a year after elon musk warns of a slowdown with an analyst lamenting the lack of adults in the room. >>> the ecb keeps rates steady and says inflation is returning to target while christine lagarde is talking about her record the vice president of the ecb trade union joins us at 10:30 cet. >>> good morning happy friday we start today's show looking at the luxury sector. this is because european luxury stocks are higher today after lvmh topped expectations in the fourth quarter results barclays raised its rating for the luxury sect

these are the key markets for lvmh.gether they represent more than 50% of the conglomerate sales. there are challenges ahead. the aspirational consumer is more careful at spending, indulging in big luxury goods. of course chinese travel has not returned to europe quite yet to do luxury shopping. semi limits remain cautious. for lvmh and the rest of the sector. analysts from barclays are talking about slowing brand heat at christian dior. another one talks about profit that might be shabbier than the past year. we will see whether that bodes well for 2024 for lvmh. kriti: those are the numbers, let's talk about the succession story. it is like a european succession if we can. what does that mean exactly? caroline: arnault announced two of his sons taking a seat on the board. only the youngest does not have a seat quite yet. it is a bit suspenseful. lvmh is a big conglomerate, 75 brands. of course investors are always concerned about what succession might mean for the stock. whether the sentiment might be influenced by su

>> i will do my best >> you will do the due diligence to figure it out >> we want to ask you abou lvmhhe luxury sector i was surprised that some of the results that came out here >> yes, when we look at th high and consumer around the world, lots of eyes on that, lvmh is the bellwether they are four times larger tha any other competitors. so, the two numbers that reall struck me from this that we're actually very positive signs for the global economy, on with china sales in china were up 21% i their fourth quarter and when we look at th economic news from china, an i've just been expecting the chinese high and consumer to just crater. and they haven't in fact, they fingerling drawn. so, that was one positiv surprise the other positive surprise wa you know, that was in thei court leather goods. the other positive surprise wa just the specialty retailing which is different many people don't realize lvmh owns sephora it's not really a true luxur brands, by some people but but wellness and beaut category has held up reall well those sales were up 30%. sorry, it was china up 30% the sales w

>> it's the best performing part of the lvmh. many people don't even realize lvmh owns sephora.mpany sephora crushing it in the quarter. >> robert, thank you for the update you can see many names right there. again, interesting strength in china and here as we just pointed out in the u.s. >>> speaking of strength, markets continue to show some resilience as well the s&p is up. nasdaq underperforming a bit there versus the broader market. nonetheless, up as well. we'll have a lot more coverage of our markets and the european markets. that's when they close next hour live market coverage continues right after this a force to be reckon with. no, not you saquon. hm? you! your business bank account with quickbooks money, now earns 5% apy. 5% apy? that's new! yup, that's how you business differently. that first time you take a step back. i made that. with your very own online store. i sold that. and you can manage it all in one place. i built this. and it was easy, with a partner that puts you first. godaddy. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well

don't even break out the total watch sales for lvmh.put a lot of money into making these watches and ain credible amount of craftsmanship and materials but it's a very profitable business, andrew and why they want to grow that part. especially because the women's sector of watches is the fastest growing. >> robert frank. watching a video of somebody i guess was buying ing a cartier on sale for $20,000. brought it over, deciding what watch to buy, they brought over a $600 or $700 bottle of champaign to drink while this was happening. >> how about just give them a $600 discount? >> if the buy or not. thought to myself, there's margin there. pretty big margin there. >> friday night drinks -- for free! >> robert, nice to see you, sir. good luck. i don't need to wish you luck. just have a ball and i'll try to live vicariously. >>> up next, andreessen horowitz partner joining us for a special conversation about crypto and what he makes of the new bitcoin etfs. chris dixon. we'll be right back. ♪ (upbeat music) ♪ ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) -awww. -a

. >>> turning to the world's largest luxury goods maker lvmh is behind brands like vuitton and tiffany is expected to report a profit of $17 billion and sales topping $93 billion. with investors focusing on slower growth, shares are down 20% in the last six months during that time, lvmh was surpassed by tsmc as the hottest company. let's bring in our guest this morning. javier, good morning >> thank you, frank. >> let's start off talking about lvmh they report later today. according to you, the leather goods segment includes the ironic louis vuitton bag this is a bullish sign for the sector tell me in the first half the year where they had 20% growth and now this drop off. what does it mean? >> we know about luxury sector right now is in the middle of the perfect storm with the slowdown in the consumer in the u.s. and we had travel still restricted globally. the chinese consumer is under pressure on many fronts. we have seen a slowdown of growth in the sector as you pointed out rightly with the bellwether stock of lvmh has shown that decline in the last six months i think what the mark

meanwhile, shares of lvmh and kering traded higher. going to get a better look next week when lvmh, of course, the dominant luxury company, reports on thursday. >> all right, robert, thank you. robert frank. what was karen's acronym? >> helm. >> helm. >> at the helm. >> with an m. >> and an l. >> and an l for lvmh. yeah. >> hold on. did you play the game right? >> no. >> i cheated a little. i had health care in there and energy -- >> yeah. disappointing. anyway. >> just failing. but -- >> been here a long time, you should know better. >> i know. i know. what can i tell you? so, louis vuitton. great that they had good numbers. it's not the biggest sector for lvmh, luxury, you know, hand back bags would do much better, but it's good to see, you know, swiss -- they have a different issue, rolex is going away, they're doing their own thing, that's going to be a huge loss for them. we need more momentum. it's been a very tough beginning of 2024 for the luxury space. >> well, i need to point out that the e in bicep is estee lauder. if we hav

jonathan: we have talked about lvmh and intel. lvmh is rallying hard but intel is not.pecting first quarter cells to get around one billion but they have a lot of work to do. he will join limerick technology at around 1:00 p.m. until is in a tough spot. lisa: they were expecting $.34 per share. we talked about this with ed and it's a mix of what your products are. but the dispersion of the haves and have not. the technology that is most leveraged to the current deal in the business world. those dispersions are getting greater and greater which makes it more challenging to have an overall call. jonathan: for until they're just not in the right spot right now. lisa: and they are not getting traction. some of the other chipmakers and -- jonathan: counting you down to a fed decision next week. bob michele writing this, whatever the mirror image of stagflation is thus what we wound up with. given the momentum it's difficult to imagine anything other than french growth ahead. we will not talk about liverpool yet but let's talk about bonds first. after anticipating that hard l

lvmh started with luggage and now they do fragrances.o wider categories. when brands have done it in a way that does not have authentic legitimacy, that is when they will probably suffer the consequences of having overgrown as consumers start to spend in a fashion that is less affected by excess savings and toward the normal course of spending. guy: has been great. hard conversation. alix: we are at the forefront of this. we really are. guy: i might have to go shopping again soon. it is a once every three year event. what are they called, sample sales? alix: the best, huge. guy: i am told are great. fantastic. thank you. i would need help. alix: yes, you would. also, you are over six feet. i do not think you could do a sample. the whole point is they come off a mannequin and you buy them for super cheap. what is the average height for a guy? guy: i do not know, but i am pretty sure i am not. shopping is a struggle. anyway, european stocks. what kind of a day have they had? ftse, dax, cac all under significant pressure today. chinese data

lvmh already owns 10 watch brands. including dennis.e top tier that includes rolex. while overall sales slowed last year a bit, they are already seeing positive signs that 2024 will be a rebound. >> the beauty of america is the cycles are very short. they go through ups and downs and all that. it's definitely on the positive upswing and definitely with good traction within the u.s. markets. >> reporter: today marks the start of lvmh watch week in miami. the top executives are flying in from switzerland and france to show off their latest models. tyler, you are talking about how expensive they are. they start from $2000 and go all the way up to the millions. we've seen watches released that are $500,000 where there is a waiting list. at that very high end, demand remains strong but that is the market that all these watchmakers are trying to crack right now. >> wow. are these collectibles? or are they kind of ready to where? >> that's a great distinction. what they really want are collectible, investable watches. if you look at rolex, tho

she had the backing of the global luxury goods giant lvmh. today, fenty has made rihanna a billionaire, but she's not alone. kyliejenner, one of the most followed people in the world on social media, launched a makeup line and became hugely successful all by the age of 21. the cosmetics industry, its one of the most disrupted out there, as well as coping with covid. it's had to deal with an onslaught of these start—ups, which use the founder who can talk directly to customers on social media to drive growth and create a seemingly personal relationship with them. that's according to one of the authors of one of the most widely read reports in the cosmetic and beauty world. they're not necessarily celebrity driven, many of them are, but often there's a very strong founder story. and that story can be someone who had a skin problem, be it acne, something else, and that they found ingredient or solution that helped them. and then they developed a product and then developed a range of products. a lot of it has to do with the visual nature of it, w

the entire luxury sector moving higher lvmh up 10%. richemont up 4.5%. that's the set up. >>> time now for the big money mover. intel shares dropping on weak guidance pat gelsinger talking about the promable chip unit he is being conservative with guidance as spending shifts. >> we had a good year. an important year of transformation for the company we bring that momentum into q1 on the low end of seasonality has a wide range the products are mehealthy. there is not any particular news we just see a little bit of more conservative in the market >> let's talk about this with matt bryson. >> thanks, frank >> you had a price target of 45 for intel. you bumped that down to $40. that implies a 9% down side. what is the biggest thing investors should be concerned about here >> you know, i don't think the report changed much. certainly numbers go down, but when you look at this year in terms of in demand, pcs pick up a little bit servers pick up a little bit intel's two largest markets. the question is can the transition in manufacturing and progress they are l

lvmh summering 7.33 % right now.ods group that owns louis vuitton and tiffany sees resilient demand if for if high-end fashion. just a week or two the ago everybody was saying, no. nobody's buying purses. investors are hitting the brakes on norfolk southern after the company reported fourth quarter profit below analyst estimates. the train operator said it took a fresh charge of $150 million in the quarter resulting from the derailment in near east palestine, ohio, last february. yeah, it's been almost a year. the georgia-based rail company said it was also hurt by lower e revenue from its merchandise and coal transports. this is the third consecutive quarter that the railroad has missed on estimates. the stock is down 1.5. >>> from the rails to the skies, boeing's safety culture hitting very serious turbulence this week as alaska air is now less than two hours away from returning its grounded jets to service. we will ask passengers at chicago's o'hare airport if they have any problem boarding a max 9 jet. and the av

lvmh is a higher high end name that one hasn't had that real bounce, it rolled over real early and never got to a level where you can say, okay, i made some money but retail, to -- where karen started off this conversation, if people have a job, they're going to continue to spend money and until that softens, you're going to be able to trade these names. you might not be able to be investable, but you'll be able to trade them. >> not as a long-term hold >> right >> that show you do -- >> "power lunch. we don't have power, and we don't serve lunch. but -- >> i've heard you mention the aber com bee and fitch, that's tripled in less than a year. it's not because the consumer is better, it's because they're operating better you have to sort of be careful to the reasons why not that matters if you are long the stock. walmart, they're going to win in '24, and they're within a whisper of their all-time high and i do think that chasm between them and target is going to expand again. >> i'm curious, people don't want to go to indoor malls or that merchants don't want to be in indoor malls? >> wel

shares of lvmh also up on that richemont news next week lvmh, the big leader in luxury, reports nexto understand exactly if there are broader trends or it's very idiosyncratic, i guess what is your sense at this point? >> the broader trend, david, is the must have brands among the sort of highest regard luxury companies of those brands at lvmh, cartier at richemont, h hermes, those are doing great. the not so great, those like burberry where they raise prices on products that don't have an audience, are struggling we see the well-run, well-executed company and the b-brands >> robert, thank you robert frank in the brief time we have left before we hand it over to the next hour, worth taking a look at the magnificent seven, as we like to call them, they have been quite strong. outperforming the broader market thus far today no exception you did get that upgrade at b of a of apple i believe the analyst will be joining "money movers" shortly that stock is up sharply meta up over 2%. nvidia continues that huge run that has up 16-plus percent for the year at this point again, the key here

lvmh reflecting reporting this year. it is ahead in the stoxx 600.to us about the improvement. >> it has been like a tricky start to the year. we started off with a profit warning from disappointing sales as well from hugo boss. we have also seen quit a bit of variation in the sector. they foster their sales beat. it is looking like the higher end of the sector is proving to be a little bit more resilient. his mix of categories may provide a little bit more questioning than those against the recent shopper volatility we are seeing. in the last quarter. things are expected to have been driven here. but also more letdown by one his peers which is like -- likely to continue for some. analysts are not really expecting any gains in the sector until the second half and in the meantime, the players within the sector seem like management will leaking to save that profit going forward. >> this is something i think is extra interesting. for european story. especially because a lot of the ones driving the lives of all this are coming from global investors. it i

lvmh, other names down as well.hat the entities may not be there in the way it has been in terms of deliverance. keep an eye on what happens over the next few days. let's talk about tomorrow. keep an eye on french cpi, german cpi. the decision-making panel out of the u.k., mortgage approvals, a lot of caution around the housing market in 2024 and we continue with data out of the u.s., claims tomorrow the precursor for the big number on friday in terms of the employment report. let's focus on the cpi story out of germany. katie: joining us to do just that is sonja martin, head of fx and monetary policy at dz bank. before we get to the drama of the current market, let's talk about germany. the euro inflation -- eurozone, the inflation ticked higher in december. is that something to be concerned about? sonia: it is kind of a mixture of the two. it is expected to take up and that will not necessarily last, but what it will drive home for investors is that this last elation mile will be hard work. people have been celebr

and lvmh surpassing estimates as wealthy shoppers treated themselves to pricey handbags and champagnecan find all of that on your bloomberg terminal. coming up, a read on the rest aurant industry with michael get help with j.p morgan personal advisors. hey, david! ready to get started? work with advisors who create a plan with you, and help you find the right investments. so great getting to know you, let's take a look at your new investment plan. ok, great! this should have you moving in the right direction. thanks jen. get ongoing advice; and manage your investments in the chase mobile app. personalized financial advice from ameriprise can do more than help you reach your goals. -you can make this work. -we can make this work. it can help you reach them with confidence. no wonder more than 9 out of 10 of our clients are likely to recommend us. ameriprise financial. advice worth talking about. katie: eli lilly was late to the drug business behind novartis but the new shot is expected to be the best selling drug of all time. >> when i look around i can't help but wonder is stkoepl oze

lauren: bigger than lvmh. luxury goods. second european company with a $500 billion european market cap. second one. that's it. their obesity category has high sales and ceo said only a couple million people we're treating. imagine the hundreds of millions of people obese and there's a lot of room for growth for them. stuart: i noticed you said novo nordisk worth $500 billion. stuart: rock well automation manufacturing slow down. lauren: down 15% and getting pmis over a career and under 50 and that's contraction and a lot of inventory and they get new words and have trouble meeting the types to deliver because of disruptions in the red sea and their first quarter profit missed estimates. stuart: phillips 66 and based obstructing cerumen iran. lauren: they're up and shares at new high and hitting high earlier and solid earnings report sustained demand for fuel and they're still around. stuart: i first game to america and california, saw phillips 66 everywhere and the circle with 66 on it. lauren: you're right. stuart: seen i

you had lvmh wine and spirits delivering growth in the fourth quarter after two quarters of negative0% prindecline. you had slightly better than expected declines in the third quarter. still some uptick in some of that space, but not for diageo. latin america business saw sales decline 23%. the ceo saying that is expected to be 10% to 20% in the second half alone. they have a bit with the volumes in that area. they are seeing weaker performance and outlook on that side of the world. it makes up 11% of the net sales value. it does tell you how big an impact that would have. overall, net sales declined 0.6%. the expectation was to be flat over the period. foreign exchange is the key issue at play there. as i said, latin america is the key factor. the question i asked debra crew earlier, the ceo of diageo, if innovation is important and push on to make latin america grow again. >> what latin america experienced in the perfect storm following three great years of growth and rapid decline we saw off that great growth and got caught long on some inventory is a market with down trading. tha

lvmh sales rose at the end of last year in a sign of resilience that the world's largest luxury conglomeratelouis vuitton jumped 9% in the fourth quarter. organic sales rose and topped estimates. the cfo sees the business normalizing after a post-pandemic boom here china sell shares in private market deals. shein, the firm achieved roughly 66 billion in last year's fundraising. sellers are struggling to find buyers. shein is battling intensifying competition and regulatory scrutiny. jp morgan's ceo is moving some of his top lieutenants into new senior roles including moving jennifer to oversee the investment bank alongside troy. jamie dimon prepares potential successors. a brazilian judge has ordered bmp to pay damage is caused by a 2015 disaster. the resolution that the damages would help ease the legal uncertainty hanging over the company. that contaminated waterways into brazilian states. annabelle: porsche says its new ev was so popular in the u.s. that it won't be able to keep up with demand. it has just unveiled an electric version. we spoke exclusively to the north america ceo tim abo

he's done work. >> there's a reason one of the richest men in the world, right. >> yes. >> amazing at lvmh no. and i think he has to continue to elevate the brand in places like north america where, you know, outlet were a big part of the story for a while and before he came in, it did go very mass market into the wholesale division. he's trying to work on that in an effort to boost margins. >> yeah. >> aur it's called in retail. >> the pure luxury brands have the mode where they don't have to discount at all. >>> have we hit peak oil? what the ceo of aramco is saying about that and oil demand when we return from a break. municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free. now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least $10,000 to invest, call and talk with one of our bond specialists at 1-800-376-4376. we'll send you our exclusive bond guide, free with details about how bond

the luxury names like hermes and lvmh are pulled lower. ftse 100 is down 50 points. .60%.ot seeing a lot of green on the board. we are seeing out performance from housing data. we will talk more about that on the show as ewell. in terms of sectors, before that, we will take a look at the week to date performance. i started off by saying it hasn't been a great week. the ftse 100 is down .70% for the week. the cac 40 is down 2%. not a great start to 2024. the dax is down 1.4% as well. now we get to sectors and leadership today. this is where it is coming from. we have the european sectors trading in the red. telco is the out perperformer. healthcare is down. retail is in focus. the story yesterday was jd sports. the stock was down 20% at one point yesterday. that streak of losses is continuing this morning. the difference today is it is pulling down other retailers with it. we are seeing next, for example, out performing yesterday and trading as well. travel and leisure is down 1.1%. keep an eye on oil. the higher the oil prices impacts the airline industries. industrials ar

we get numbers from lvmh and intel on thursday and american express closes out the week on friday.u how european markets are faring at this stage. it is a negative picture across the board. we are seeing significant moves over in the spain market down 0.7%. when it comes to the u.s. futures, they are pointing to a slightly higher start to the trading session. let's see how it pans out. that is it for the show. i'm silvia amaro. nt.ldwide exchange" is coming upex ah ese bill e crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. switch to shopify and sell smarter at every stage of your business. take full control of your brand with your own custom store. scale faster with tools that let you manage every sale from every channel. and sell more with the best converting

has been across the board and burberry is exposed compared to other luxury players that can play off lvmhnd others. when you have one brand, with a lot of exposure to outlet, a branding itself with the issues. the famous episode in "succession" last year. they were trying to do this revamp on the luxury . it has been tough for them. >> charlotte, one thing that stood out is how weak the sales were in the u.s. over the course of the last few months, we have talked about weakness in china. burberry with the domestic economy here. the weakness in the u.s. with sales falling 15%. this wraps into the theme of the aspiration of the u.s. consumer with other luxury brands. they are impacted by it, too. >> it is coming through in the past year, really that u.s. was fitting the post pandemic boom in 2022 and the slowdown coming from the cost of living crisis and high inflation and all of the shoppers squeezing their belts. it is interesting. with burberry, they are not a must-have brands. some have managed to survive if shoppers were buying two or three luxury items, burberry may not be one they go

what does it look like for lvmh, for hermes? andrea: it depends who will -- you will -- who you are selling to. there is a definite read across for someone like gucci, who, again, sells to the comfortable, and is also trying to turn itself around. some like hermes sells to the super-wealthy. it has high prices and it has waiting lists. so, it is going into the slowdown with a backlog of demand. so, you are going to have very different performances within the sector. alix: so, michael, i also wonder what some of the surprises will be in earnings. it does seem like the market is reacting to higher costs as being a surprise. if you look at what delta said, united health, said, is that fair? michael: it is. if you look at volvo today, they are already starting to warn that they are having an impact from what is happening in the red sea. we might see more of that. this is something i was completely unexpected going into the season. this is new. so, we will see how markets react to that. but i would like to go a bit further than this

the latest is lvmh will dress team france and design the medals. >> it is impossible for us not to bee celebration of the 100-year anniversary of the 1924 olympics. the ceremony will be amazing. the games seem to be preparing really well. it was a no-brainer. of course, we like to be like a beautiful woman, to be courted, which we were. when we went on the date, we went and we were happy to do. >> reporter: for the first time, the opening ceremony won't be held in the ceremony, but the heart of the city on the river seine. athletes on boats allowing spectators to watch for free. iconic landmarks like the plaza and the eiffel tower will be transformed into venues and showcasing volleyball and break dancing. because of this, security is a particular challenge for this edition of the games. the french government says they are continually monitoring security arrangements. >> constantly adjusting them to the best information coming to light that we have here. from day one, we want the highest standards in terms of security so that will to make a beautiful event, but an event that is profou

we will see results from lvmh on thursday. with visa and american express offering key insights into the u.s. consumer releases data on thursday and friday. we will see continued results from the u.s. consumer. check out our u.s. earnings playbook which is available now on the subscription service cnbc pro. >>> on line gaming firm has received a takeover bid from french lottery maker. the kindred group received 150 swedish crowns per share. >>> sandoz is set to buy cimerli in a deal worth $170 million. the drug is interchangeable with the product marketed by roche. it is expected to close in the first half of the year. >>> credit agriculture has disclosed a 7% equity stake in payment services provider worldline. the bank said the move is part of the wider plan to become a major player in commercial payments. credit agricole is moving up 2% so far this morning since the market opened in europe. >>> thousands of people took to the streets across germany this weekend in protest against the far-right alternative party. it follows

and salesforce put altogether and it was like if i do this for every company like lvmh or gucci or soelieve a.i. is a critical technology to help these companies do that. maria: how do you do that with balancing cost effective plans obviously salesforce one of the companies were talking about potential mass layoffs, what can you tell us about that. salesforce denied you in a hiring freeze tell me where you were remember making changes to a business this is a moment where we can adjust her business to focus on what is selling and working and what's working and selling today is not what was selling and working five years ago i think we all know that were in the pandemic's over and new world so the exciting part is to adjust her business to offer the solutions and that's what i'm working on every single day to make her business as strong and deliver the margins in the cash flow which is been extraordinary enter make our customers happy. maria: what your customers expect in terms of pricing. >> they continue to see the were offering a lot of value and we want to make sure that they have t

luxury goods maker lvmh is in discussions with social media after tiktok on a plan to limit the salecounterfeit products on the platform. tiktok is aiming for a 17.5 billion dollar e-commerce business this year. a deal that could be a major move to improve the reputation of tiktok shop, among brands and shoppers in key new markets. this could catch the eye of a lot of u.s. regulatory authorities, given that tiktok has been between the crosshairs of authorities -- how much data is being provided to the owners of tech talk u.s. shopping trends? given it is the largest economy in the world. something we are watching closely, as is the trading debut of the bitcoin etf. it has been a wild 24 hours for this approval process. there is a chart i want to put on your radar. this is grayscale's etf discount narrowing further. some are a speck to turn positive. for our audience who has not been following closely, the idea is grayscale has been fighting for this kind of approval process. they were originally denied this etf product which basically democratize his access to cryptocurrencies to the

more steam with that discover news, capital one financial, though, did well in today's session and lvmhyou see the picture of the lower end consumer having difficulty and the higher end consumer spending and still okay. >> it's interesting the segments you get a little bit more insight into restaurants remain strong, travel norm ooized some of the trends are normalizing. what drove the stock there's operational leverage in the story. cutting expenses on equities staying where it is. i think that's where you are it's, again, this could have been part of our conversation in the a block, visa and amex have performed a little differently but talked about a consumer that was very resilient and that's huge. >> i mean one thing, this is a classic example of why there's no such thing of good or bad news there's only news. they missed on their earnings and missed on the revenue, but the stock surged which is to say how do you square that off you don't have to. the answer is it was good news obviously, it was good that they missed and good that they missed revenue because it would be down which i

executive mark stewart as chief executive officer following a pressure campaign from activist investor lvmhgement. goodyear is expected to announce the appointment as soon this week. a representative for the company did not immediately respond to a request for comment, but we know that a manufacturer initiated review to maximize shareholder value last july after shedding jobs to deal with softening demand and spiraling inflation. we are now hearing from people familiar with the matter that goodyear is planning to name stellantis executive mark stewart as ceo as soon as this week. we continue to watch those market expectations about fed rate cuts. that may be a little bit premature according to the imf's managing director. she said the battle against inflation is not over yet. >> going into 2024, the u.s. did very strongly. the euro area less well. we had upgrades for several of these countries including china in the second half. that said, i think we certainly should not be jumping the gun and thinking everything is done. when it comes to inflation, the job is not done. i think markets have

lvmh sales rose at the end of last year in a sign of resilience at the world's largest luxury conglomerateods unit, which includes louis vuitton and christian dior, jumped 9% on the fourth quarter. overall organic sales rose 10%, topping estimates. the company sees business normalizing after a post-pandemic boom. we have learned shein investors are trying to sell shares in private market deals that value the online retailer at as low as -- it achieved 6 billion during last year's fundraising, but they are struggling to find buyers. it is battling intensifying competition and regulatory scrutiny ahead of its anticipated u.s. debut. here are some of the markets data. we are tracking lg energy seeing temporary slowdown in ev battery demand. not affecting his performance right now. currently up about 5%. catl currently down 2.6 percent. we are tracking china online gaming stocks. it's looking like tencent currently down 1.3%. keep it here with us. this is bloomberg. ♪ haslinda: welcome back with "bloomberg: markets asia." china markets heading to lunch. under pressure, down 0.7 percent. a pull

lvmh stock down 20% from its highs but still up $17 billion for the year.tt are the only two nontech names in the top ten. you can see a future where pretty soon it's all tech in the top ten. >> the wealth is just extraordinary. you obviously cover it very closely and so well for us, the numbers are extraordinary. by the way, on musk, does that include what we estimate his ownership of spacex is? >> it does include. his gain was like winning a marathon after running 200 miles in the wrong direction. he lost $200 billion. now he's ahead $100 billion. >> has it accounted for the huge loss in overall value of twitter as well sm. >> it's down 71% according to the fidelity markdown. it's like a rounding year. >> he's lost more than we'll ever have. and he's still up there. >> by a multiple of a million. >> every day probably loses more than we'll ever have. >> that's okay. he's not that happy. there's a storm going on. thank you. our live market coverage continues right after this. a force to be reckon with. no, not you saquon. hm? you! your business bank accoun

. >>> shares of lvmh are jumping in paris higher than expected sales for 2023 and raising annual dif ded dividend the fashion sector grew 14% year over year. the perfume was up 11% the stock is up by more than 11% this morning sdp >> it was a $2 stock, amd. >>> when we come back, more on "squawk box. the fed's inflation gauge out at 8:30 a.m we have dwyane wade to talk about his latest business venture. "squawk box" returns after this. an office. hi! hello! a cinema. so automated. yes, the definition of a car changes... but one thing stays the same. it's a mercedes-benz. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. you know when you have those moments? that time to reflect. to be like wow! what did i do to get here? (tense music) right. work.

this apple along in the magnificent seven or with lvmh?us. the fact that they do not have a cloud pivot. but they still the distribution. need distribution. they will still call the shots. they would love to but a company with a large model. it would be a great strategy given that there are so many models out there. all these companies that amazon has partnered, or google has had a minority investment in. they need to be fat up. they have the distribution. users will use what they offer. jonathan: we have talked lots about market caps. can we finish on valuations? how stretched are they? mandeep: look at what happened to tesla. everyone thought they would keep growing over 20%. when you have that kind of lowered expectations, multiples compressed. right now, all these companies are priced for double-digit growth. but the math does not work. some of them will disappoint. tesla was the first. expectations are low for apple. that is in their favor. meta, 21% topline growth. can they sustain it? jonathan: as i believe lesson -- has that been t