richemont gains after topping sales forecasts. >>> a quick look at u.s. futures.e are a couple of hours away from the trading session the s&p is seen opening higher to the tune of 5 points. the dow jones industrial average up by 8 and the nasdaq up 55 points this is after the dow has seen a third straight day of declines yesterday and on the back of the stronger retail sales. once again pushing back expectation for the first rate cut could be coming from the fed. here in europe, we are seeing the market finding the footing we are seeing the smi out performing by .13% richemont is key only the ftse 100 is holding on to the flat line in switzerland, richemont up 9% on the back of the better sales numbers coming from richemont. >>> in the currency space, the dollar losing ground today, but not too far away from the one-month high sterling/dollar up 0.2%. following on the stronger inflation print yesterday. last, but not least, a look at the oil markets. we are seeing the brent crude up .50%. 76.30% wti up 0.8%. we got monthly opec report and that is forecasting much

richemont shares are up 14%. they own cartier give us a sense why hard luxury or jewelry doing so much better? >> i think it is the result of not having enjoyed such a high peak through the pandemic people i think historically what we have seen is hard luxury tends to be cyclical than soft luxury. i think this time is different in that soft luxury has enjoyed a bigger pick and may prove that this time and slowdown cycle over hard luxury may prove more resilient. i think the numbers from richemont earlier this month supported that case. >> i want to ask you something else about richemont, in-store shopping was a boost they opened up new stores in new york and in vietnam. how important is in-store shopping >> very important. we have seen migration of sales through digital, but consumers, when they buy luxury goods, they want to go through the shopping experience that only the brick and mortar can deliver i think it is still a very key driver of sales. >> one more question burberry is down 25% they said there is sof

richemont, you can get a great watch, and they will not come after you.t's not considered to be -- i would not say it's extravagant, even though the price clearly is extravagant. >> we had burberry last week with not such a great outlook. you mentioned birk, and it's down 6% or so on concerns about inflation. th they say the consumer is challenged but resilient >> i was a little let down, but the stock had a very big move. it was down a little bit more in the premarket. it looks like the "barbie" premium has come out of it very wealthy -- no, that's the "barbie" premium >> where's the "barbie" premium? >> because there's a tie-in with the film >> i watched it. i did finally watch it >> she had a birkenstock >> that was big? >> it was very big >> got it. >> it was. >> okay. i believe you. i believe you. >> skeptical as always really difficult >> holding you to account is what we like to say. >> i'm just wondering. i don't know >> i had mattel on i know -- mattel did not benefit nearly as much as i would have thought from that movie, which, by the way, i th

let's start with richemont. what do we look for tomorrow?ompanies that reported for that period. we had vertebrae posing for percent sales decline. the market is looking for richmeont to come in with sales growth of 7%. that would mean an acceleration from the 5% the reported in the prior quarter. guy: over the last few years, precious had have gone up in the luxury sector. it is been fantastic. that face feels like it is over. how much we going to get within the sector? how much of the already got? swetha: that is the question here. the polarization is not new. we had seen this before the pandemic but in the wake of the pandemic is excess savings, stimulus checks, that lot lost. every brand was able to do well coming out of the pandemic. we are now returning to a normal where there are winners and losers. this will is a reality to brands that have pricing trouble. it is an open secret that over the last few years, the industry has become more and more reliant on a small tear of pop spending customers. we estimate that 5% of the luxury cente

is flat the ibex is under performing the smi in switzerland is up 0.2% i want to tell you about richemont. the stock blew it out of the water with the third quarter sales report they are seeing growth in all regions apart from the eu. they are saying there are signs the chinese consumer is coming back to europe i want to look at the sectors. they are all per tomforming nicy healthcare with slim losses. back to you, frank. >> carolin roth, thank you. >>> time for the check on the top corporate stories with silvana henao. silvana, good morning. >> frank, good morning the faa says inspections of the initial group of 40 737 max 9 jets were complete the agency will thoroughly review the data and convene what it calls a corrective action review to decide if the planes can resume flying passengers >>> former meta platforms chief sheryl sandberg is leaving the board. she has served as a board member since 2012 her departure from the company in 2022 followed a series of controversies that hit the stock especially with the disinformation in the 2016 presidential election. >>> as promised, apple wil

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 looking for materialize? i still don't think we have a cle

you had richemont gaining. you had flutter entertainment picking up 36%.he gambling company with higher revenue and flagging it is on track for the nyse listing. another listing on the table. deal making back on the table w european markets. .13% to the good. the ftse 100 is following on from the retail sales data that came out earlier this morning. minus 3.2% month on month. that is showing the weakness for the uk consumer. on the other side, let's consider that better than anticipated november number with front loading spending. there could be other elements at play. the inflation print was higher than anticipated this week bring question marks in the uk economy. overall, an upbeat day in the market if it is in some places overall. week to date across europe, the ftse 100 looks to still close off the week in negative territory at 1.5%. it would be the third negative week in a row for the ftse 100. while the cac 40 did manage to gain yesterday at 1%, but it is down .50% today. or week to date i should say. italy is flat on the week with the negative tilt

. >> although richemont had numbers the other day.or a second because you're a developer. what are you seeing there? if you own office space, even if you're in dallas, probably not the greatest place to be, but certainly around the country. what about sfloretail? are there problems developing, just way too high of a price and to reorganize you have to throw in equity that nobody has? >> the interesting thing in retail, knowingnothing has been in the last 10 or 15 years. we feel good on the retail side. it's 96, 97% occupied across the country. retail is good. i own office that's bad. more gamings are gmortgages areg to reset. if you're in a reset period those are 8 or 9%. the real estate space is bad and going to get worse. you're seeing 96% lease because the mortgage rates have shot up so much. it's going to be a tough year. the interesting thing in construction costs, though, they have not gone down, and so i'm not optimistic that the fed is going to cut rates just because we still need to tamper down costs going up, insurance costs