that's all for this edition of "dateline". i'm andrea canning. thank you for watching. all right, welcome to "street signs. i'm frank holland. these are your headlines siemens energy tops the stoxx 600 after announcing its highlights of the year and a makeover of its domestic unit. >> we still need to work through the quality matters as we're doing it, but at the same time, going forward, we're going to be active in onshore, we hammer

down on the volume product in offshore. and alls ton looking at its restructuring plan. the german carmaker battles against climbing costs and weaker tee manned in china. and sweden's central bank lowers rates by 25 basis points, flagging two more cuts are on the cards in the second half of this year. ♪ good morning once again. welcome to "street signs." as we mentioned, it's a big day in europe. we've got some outside moves across the board taking a look at siemens energy, shares up almost 10% after

strong earnings and alston and german sportswear giant puma all on the upside here you see this leadingthe food and beverage sector, shares up 4.5% we do have a downside. bmw and skanska down just over 2.5% bmw down pretty much 4% right now. we're going to bring you all the details throughout the show, but first let's focus on siemens energy it's raised its full year outlook on the back of a strong demand for power grid equipment in the second quarter, the firm now expecting revenues to rise between 10% and 12% up from a previous range of 7% and 10% it will replace its turbine commissioner after they took over the job >> we are preparing at the

moment for the forex in europe toward the end of the fiscal year to restart the sale for the 5 x. we intend to launch it in '25. at the same time we're obviously ramping up on the offshore on what we call mach 6. so the sg-14 platform. we are on the trajectory to prepare the goal buyback, but we always test it rig usually and step after step, this is what we're doing, but there is a plan going forward in terms of how to get the bank and get the organization ready for this. it will take some time, i clearly say this, to get the volume up because obviously you always have a delay between starting activities, getting orders in, getting the revenue through. so don't expect it to grow overnight. >> see men shares are up 10% annette joins us with much more.

annette. >> thank you so much, frank. it's actually a comeback if you look at tear shares, they were down in october when they announced they needed state guarantees by now they've almost tripled in price, and that also reflected the positive business outlook. what the ceo is saying now is that, a, beating expectations for the last quarter, they have a huge improved cash flow they're beating in their guest service business but also in the grid business, and that should actually stay intact, that trend, because what they're saying is the demand from the power industry is surpassing bear expectations. of course, they are one of the few companies which will mainly benefit from that huge transformation of the energy supply in germany but also elsewhere because grids are needed everywhere to transport

hydrogen, new energy, renewable energy from a to b, and that is where that i are strong and what they are doing and where they're also beating expectations. so we need to talk as well about the wind part. it was a huge problem child over the years and things are improving. now they're saying they're reintroducing the quality -- the models which had quality issues, the x4 and x5 inbineturbines of course, on top of that comes the ceo change, which they call a needed generational shift. the old ceo presided over all of the problematic years. he wasn't the sourts of the problems that is also set by them

but still the new one should probably push the business even further. so all in all, it is a very possible outlook and it seems that siemens energy is actually delivering on what they had promised. we're going to turn to another earnings mover that's alstom. their sales rose by 6.7% they'll ask shareholders for a billion euros as part of a plan to reduce debt levels. puma shares are high in the early trade after the sportswear maker posted positive growth in the americas for the first time in four quarters that came after a sales decline of 3.9% over the year. it has currency adjusted sales rising by half a percent,

overall, 3.5%. and the supermarket holder, ahold delhaize is seeing growth. >> a very robust consumer landscape. in europe it's not so much a credit type of market. it's been stabilizing a little bit. we see energy prices coming down in europe. interest rates are reasonably stabilizing or going down a little bit they're positive things to get a more robust consumer climate if you look at our business itself, we see still the market shares in the company, if it's all marketplace still getting share. if you see our brands in the stores gaining shares and in europe in the u.s., east coast, it's a

little different a mixed basket between our brands also their consumers are pretty robust, especially in foods. you can imagine it's a different game in discretion or in nonfood purchases. >> we've been saying all morning long a very busy day of earnings we get reads on autos with bmw, on the alcohol and spirits business with inbev and with consumer spending as you heard from the ceo of ahold delhaize you've seen it up on the quarter. let's start off looking at the winners. the cac, while the best performer right now, up just over half a percent right now, a big day for the cac today. alstom as we mentioned, the second biggest global trade maker that's planning a 1 billion shares issue

the ftse is up not far behind. on the other side of the coin, we're seeing the dax a lot of positives with bmw. puma, we just mentioned a big gainer and siemens energy, a big change with its turbine unit, moving shares higher there, and munich with an extra beat and we want to take a look at the different sectors. a big day for autos. bmw weighing in on that area food and beverage on the other side, ab inbev, the leader, up almost 1.5%. siemens boosting the industrial sector up nearly 1%. financial services, oil and gas on the downside as well. all right, moving on, we're dwoung to focus right now on the u.s. minneapolis fed president neel kashkari said interest rates will stay at the same rate for

the current time, adding more data is needed kashkari did not rule out an inflation hike if things staal. riksbank has cut key interest rates by 25 bps to 3.75%. the ceo of italy's largest bank spoke to cnbc earlier and gave his take on the divergence between europe and the u.s. >> it's a matter of time it's fair to say europe and the united states are in a completely different position. you have the very important election in november and the trend of the real economy is very good. usa, yurngs probably we need to have some boost in terms of acceleration of grouchlkt so i think this could maintain the situation of the possible diversion, but this could be six months no more than this. if it's more than this, it could

create problems especially on the foreign change of the export companies. but in a sense, i think for the end of the year, there will be a conversion on the type of approach. >> now we'll take a look at the macro picture of the markets we're joined by emma wall. good morning. >> good morning. >> we're talking about central banks for a minute a couple of central bank decisions this week. we saw a central central bank with riksbank cutting this hour. what do you expect for this we and later the ecb? >> i think there will be a forward guidance as we've come to expect from the bank of england governor when he stands with the press conference afterward. this doesn't mean it's holding for the rest of the year we've gbegun to see a divergenc

between europe and the u.s. and uk policy. i expect andrew bailey to say hold for now, but indicating there will be cuts coming. we expect to cut as susan as j june, 25 basis points and then more later in the year we know the u.s. has had far more robust economic picture in part down to consumer actually root health. that's starting to wane. the uk is not doing so well. we see a down growth of expectations for 2024 from 70 basis points to 40 basis points. the uk will be the laggard for growth next year, the worst of the bunch. while i think the economic picture is a slightly different picture means we'll see cuts for the uk, but not from this

meeting. >> how much do the cuts matter when we talk about the equity market they certainly matter a lot when it comes to the consumer the citi strategist yesterday said main street is just the regular person in this scenario and they've seen quite a bit of divergence themselves and the market has seemed to move higher without those rates. what do you think? >> businesses that do well with low or no leverage can stomach that you see strong businesses with strong economic mode and strong economic advantages do well not regardless of the interest rate cycle because, of course, often the higher rates come with a certain economic pitch which could in turn lead to different economic bigusinesses, but some

are able to handle that. some are expected to do better as the rate couts come in. we're not expecting an immediate bounce as we go into a more sustained interest rate cutting environment and a more normalized inflation environmental, we expect to see in the uk benefits from that benefit. >> you're bullish on uk equities with a focus on shareholder concerns you're highlighting some big buybacks bp is one that comes to mind, a $1.7 billion buyback i want to ask you, the shareholder return, does that make up for some of the returns you get in the markets, most notably the u.s. >> i think this is really an important point. if you're looking to allocate new capital, as uk investors

often are at this time of year, because, of course, we have our taxing that runs to april, and ultimately people are looking to allocate taxes this time of year, if you're looking to allocate, take your money and buy stocks in the u.s. we had all-time highs in the ftse 100, but they're nowhere near the level compared to the u.s. or europe you can buy some great international revenue businesses at great prices with little to no leverage, cash on the balance sheet, and the dividend. and the buyback makes it more compelling one example is once you have a bidding war, that's a real sickle for us that there are great opportunities to be had. >> investors are looking for valuation discounts anywhere they can find it according to your research, you say client confidence is at a

multi-mustn't high and clients are bullish on european markets. is that broad bullishness on the european markets, or are there certain sectors that are more favorable? >> i think it's easy to understand in the past, february, march, april, we've seen all-time highs in the u.s., uk, and japan but you're ooh right, we've seen a particular bounce of eight points in the survey toward the european market and toward the uk in europe, it's much more stock selective. it is looking out for those businesses that have a strong economic mode. businesses, despite their being pressures on luxury, you have some examples like lvmh, particularly while interest rates remain hie, although we think they're ready to cut. >> you mentioned that some of your clients and customers, they're moving out of money market funds

but it's been a lot slower than a lot of people thought. there are trillions of dollars sitting in there talk to me about fixed income, money market funds, how much is it still after the recent run? >> a lot less than they were a couple of months ago we have seen a shift we're looking at client flows on our direct plat fofrmt we're very much going into growth and tech or the other end of the t tech, they're going into the money market trend however, we have seen them move away from money market funds into equity income, even emerging market income the penny still hasn't dropped for fixed income, which we think is really interesting because at the moment you can get some really compelling yields on what are some of the so-called safest assets in the fixed income market you just need to go to the u.s so we think although the

interest rate environmental may be higher for longer for a little bit longer, now is a great time to lock in some income as inflation is falling. we've seen that in the last couple of weeks as people sell stocks to buy bonds. emma wall, thank you so much for being here. coming up, ab inbev posts its earnings despite a disappointing quarter. we'll discuss next ah, these bills are 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.

all right. welcome back to "street signs. sales of ab inbev rose by 2.6% in the first quarter that was in line with expectation, however, the remnants of an anti-lgbtq boy kotd boycott saw a slump in the u.s. of 14% arabile gumede is with us. >> the lgbtq boycott has really hurt the numbers stateside they have tried to readjust

retrospectively, trying to show a greater ability to compare the numbers. despite that, volume is down onlythe quarter. particularly then outside of its home market, that ing mexico, of course. global brands moving up 5% as well they seem to be focusing more on the premium beer variants including trying to develop a diverse portfolio of global international and craft specialty brands revenue coming up to 14.5 billion u.s. dollars then, only up 2.6%

pretty much. earnings, however, managing to gain over 16%. 75 cents per share on that one with gross profit then at $7.9 billion. as you can tell from the share price, over the last five years, going down 5%. again, questions would have been asked over the pan deimmick we haven't recovered over the last period, 4% down. even the last 12 months are down as we've noted over the past five >> no one has talked about the pressure of the pacific asian business that including china, which is the world's biggest beer market. i don't know if people know that i would imagine the trend is the same they drink 25% more beer than the americans. >> when you compare to china,

sheer volumes matter the most. one thing you're seeing out of ab inbev particularly out of their european marketsr market e they're seeing volumes are growing in everything else, and that's almost easy to take in. plus they're taking in nonalcoholic brands as being very significant and important to their buildup as well they're seeing high revenue growth in their alcohol brands corona zero and budweiser zero are becoming premium they're trying to build an anti-alcoholic factory there they going to invest a whole lot more over the long term to try to support growth for the future they may be missing out a little now, but hopefully getting more. >> we talk about nike and apple

lacking innovation they say that about ab inbev. >> they haven't been one of those brands that actually does that what they usually do is purchase, make a whole host of purchases. the last one was from south africa it hasn't worked out the way it was supposed to. it's been an interesting one to look out for. >> how is this going to impact carlsberg? >> i think it could actually be a biggar push to try to get them to get more sales if possible. if not, i think one thing you're going to find is they're going to have to look for different markets, also give in to the zero gain. >> for anybody who watches regularly, they know you got that job offer arabile, don't even answer say nothing else arabile gumede with the latest on ab inbev. we're going to move over to the banking sector

there has been an email sent by bbva chairman. bbva's chairman told sabado that the share as of theed by was made show there was no further upside. we were told there are challenges to the consolidation in the banking sector. >> it's difficult to make a friendly transaction if you're in a position to be in a 50, 60 billions market cap. this kind of transaction usually go through a tender offer and probably moral style and then friendly so that's the way in which today you can do a deal. that is why it is not easy to do in a domestic sector to do

consolidation, bus to go like that is something that it is not so easy to do. so that's also something you have to remember at this point there's not an attitude of a bank at 10 billion market cap to become part of a group just because you are giving a premium of 30% so the kind of approach is something that all the investors have to remember in talking about consolidation in the domestic market. and coming up on this show, falling margins put pressure on bmw's bottom line. we'll discuss after this break hi. i'm wolfgang puck when i started my online store wolfgang puck home i knew there would be a lot of orders to fill and i wanted them to ship out fast that's why i chose shipstation shipstation helps manage orders reduce shipping costs and print out shipping labels it's my secret ingredient

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good morning welcome to "street signs." i'm frank holland. these are your headlines siemens energy tops the stoxx 600 after announcing a management makeover at its troubled unit. >> we will still need to work through the quality matters as we're doing it as a ramp-up of offshore at the same time, we're going to

be active offshore and onshore, we hammer down on the volume product in offshore. >> alstom also slightly higher after turning to its shareholders as part of a debt reduction plan. falling margins put pressure on bmw's bottom line as there's climbing costs and weaker demand in china. sweden's central bank lowers its rates by 25 basis points, indicating there are more cuts expected in the second half of the year all right, good morning once again. welcome to "street signs." we're going to start with around earnings mover bmw talks about margins down and missing expectations as higher costs weigh on the german carmaker annette is here with more. >> well, good morning, again

yes, bmw's profit margin actually dropped below the analysts' expectation. they had expected 9.2. now it ended up being at 8.8, which is, of course, a lot lower than the competitors if you look at the competitors, their marys for the 13.9 in the first quarter, so that gives you an idea how less profitable bmw seems to be right now. so they're grappling with the same problems as the auto carmakers. they need to invest heavily into digitalization and electrification. that's what the ceo is saying. it's more important than ever to maintain the strategic course of the company and they are looking into the highest investment ever in the history of bmw to actually show the huge transformation the industry is in right now what b bmw is doing differently

than other, they're not banking on one future technology, which is one, but they're also investing heavily into hydrogen cars so that this is probably one of the reasons why they even have a higher cost intensity than other carmakers so in general, they're grappling, as i said, with, a, the transformation, and then what they're also saying is the demand for luxury cars in china, the biggest and most important market is still weak, and they don't see a pickup that's what we have heard from other carmakers as well. but the others were more hopeful that demand actually could pick up during the course of next -- of the second half of the year looking at the share price because of today's market reaction, the shares are actually flat year to date, so they have -- all the gains have been gone with that today in

reaction to the numbers. but in general the shares had an okayish time during the last month, but this seems to be over certainly the uncertainties are lingering in general with luxury carmakers badly affected because of the uncertain outlook of the chinese market. >> you know, a annette, focusino the chinese market, was there any comment regarding looking into those chinese ev makers >> yes, they're actually looking into that. of course, the key question is how to actually level the playing field. chinese commerce gets huge subsidies for their batteries, and that, of course, is the most expensive item almost in electrified cars, and, of course, they get huge subsidies, and that enables them also to invest a lot of money into the

range of batteries, and that's a major concern. we have president xi visiting europe, and they're currently in talks with the french government and also the president of the european commission about how to actually tackle that problem it seems so far that china doesn't really want to move much on the topic that's what also came up from the meeting when the chancellor of china traveled a couple of weeks ago. china went from being a supplier to the car industry and a good market for the german or european or western cars into a competitor for all of these carmakers because the rise of the chinese car industry in recent years had been foreseen by many of those carmakers. >> you know, annette, was there

any talk of the impact of rates for u.s. and europe? i'm looking at the financial sector where they finance purchases for many of their buyers did they give any comment about that, the strength of the consumer on either continent >> i think if we go down -- what you have in mind, whether we're going to have tariffs on chinese cars or higher tariffs i should say? >> no, i was asking about their financing business bmw actually finance chair customers to buy vehicles. do they give any comments about the higher for longer situation in the u.s. or here in the eu that there very likely could be rate cuts coming up in june? >> well, actually i haven't seen so far but what they said actually is interesting that the used car, they're also going for lower prices now that is, of course, a result of these higher for longer rates

because clearly if people need to finance these cars, the price has to be cheaper because clearly the financing rates are more expensive, and that is one of the negative effects for the carmakers as well. and the leasing business as such is not doing as great as before when leasing rates were below and people were tapping into luxury cars. i guess if rates were to fall in europe at least, that would probably give them a little bit more support, but higher for longer in the states, of course, might be a headache for the carmakers in the markets -- in that big market there. >> all right ann annette weisbach, thank you very much. thomas, good morning thank you for joining us. >> good morning, frank

thanks for having me. >> annette provided us with so much insight on the bmw report i want to get your thoughts from what you heard from bmw. >> well, i think it's been an interesting call we have a negative stance on the stock or earnings forecast like most of europe carmakers have reported so far, they're hoping for much greater second half than the first half a lot of questions circle around politics that are affecting the sector and make it difficult to invest in for most people currently. >> i want to talk to you also about spending it's something that's definitely impacted investors shares of bmw down 2.5%.

in fairness, mercedes and porsche are preparing for similar moves to compete with chinese automakers how do you compare it when they're raising their spending levels and there's the higher cost of manufacturing? >> there was the expectation that capex has peaked in 2023 and could drop a little bit. altogether there was a positive narrative among investors coming from the fact that things were growing. we've seen they ultimately have to raise spending because they need to maintain spending on top

of continuing to spend on more there are very complex interactions with china. we're going to talk about toyota coming up in just a minute it bears mentioning a very strong earnings report, profit beating expectations that was with a very limited line adjustment the guidance was soft does that give us any insight, that they were able to beat this quarter very well, but the guidance going forward is a bit soft >> for us, they have met expectations in the quarter. but the key metric you need to look at is the margins that came out of 8.8% from 9.2%. we were at 9%, and we're still

gaining. it's drifting down, our own forecast, to 8.5%. >> interesting your estimates are different than the consensus estimates, is that what you're saying? >> what i'm saying is they meet expectations in the quarter on one key metric, which investors look at, which is the margin so group margin can move ahead of expectations. but the key cater to look at when it comes to bmw is the margin, and that was below expectation, and in our view, that key is likely to drift down after this reporting, which is why the shares are up. >> all right thomas besson for kepler

cheuvreux. and toyota motor, up on the year however, they guided for operating profit of 4.3 trillion yen for the full 2023-2024 fiscal year. that would represent a 20% decline. ev maker rivian shares are lowering their trade after posting a wider than expected loss for the first quarter ribbian also maintained a production forecast of 50,000 vehicles for this year, more than 5,000 below expectations. they saw the average selling price of its cars faw and lost $40,000 per vehicle. we're going to hear from ceo rj scaringe from rivian coming up at 2:00 p.m. cet. the number of active riders

grew for lyft. earnings are expected today. reddit posts an increase well ahead of expectations as ad revenue outpaced social media rivals o with drought of 39% the results of reddits first with ceo steve huffman saying the firm's investments in ai and machine learning would support engainch management on the platform he told jim cramer that the strong advertising support was improving. >> really at the end of the day since reddit represents everybody's interests and passions, that means every company's customers are on r reddit somewhere so simply by making the product easier to use and making ads better and better, we're recognizing that. disney posted earnings at

almost 10% lower after quarter two earnings release >> maybe most heartening of all was direct to consumer streaming. last year that business lost about $600 million in , and the entertainment portion made a couple million overall streaming was up 12%, which led entertainment to 5% of revenue growth in quarter. coming up, we're going to look at earnings of the chipmaker arm. we're going to bring you all the isreils coming up rit te ghafr th bak tah, these bills are 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

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signs. chinese president xi arrives in serbia the visit coincides with the 25th anniversary of nato bombing

china's embassy in that country. while in serbia, xi is expected to discuss investing in the country and possible new deals. all right. turning our attention to the ur yoo peen markets, you can see it's a very busy kday across the heat map we have a central bank decision. the riksbank cutting as expected as you can see, it's up about one third of 1%. i want to take a look at the bo boerses right now. the cac seems to be the early leader, up almost 1% alstom moving higher with reports it's planning a 1 billion euro sale. you see the ftse not far behind. the dax is really interesting. b mw dragging it to the downside also a positive report for puma. munich re also with an earnings

beat helping the dax the mid is the laggard stellantis and ferrari pulling things down, and also the tire maker, perrelli. we just had a central bank leader say rate hikes might still be on the table for the united states. right now we're seeing the s&p essentially flat fractionally, the nasdaq moving very slightly to the upside. keeping our attention on the u.s., the u.s. has revoked some zport licenses that allow companies to sell chips to equipment maker huawei it's the latest move after it releaset its first laptop. and tiktok has filed a lawsuit against the u.s. government as it tries to stop the enforcement of a bill that aims at forcing the chinese

owner to sep the company or risk a ban. they believe it's a violation of first amendment, the right to free speech. tiktok buyer steven mnuchin told cnbc the lawsuit would support a good outcome. >> you'd have a year to rebuild the technology, which i think could be a major effort but could be done. my concern is that if they spend six mondays litigating and then try to do a deal, it's impossible to build the technology in that time frame. and apple unveiled a new ipad pro and air model with a faster m 4 chip that can handle artificial intelligence and comes at $1,000.

it's coming in awith a higher screen. and druckenmiller cuts nvidia stake says iowa may be overhyped. it's only to become clear four to five years from now he told cnbc he needed a break from owning nvidia stock. >> i expected to own nvidia for two or three years this was a mega trend like i'd never seen, potentially bigger than the internet. but when the stock went fup, i' not warren buffett i don't things for 10 or 20 years. we did cut that and a lot of other positions in late march. i just need a break. we've had a helluva run. a lot of what we recognized has

become recognized by the marketplace now. >> and chipmaker arm will post fourth quarter results with all eyes on whether ai demand can help with sales. revenue is expected to come in at 4.6%. shares in arm have rose 70% with february's results driving a spike in the shock. and on a programming note, our u.s. colleagues will speak to jensen huang later today at 22c-e t. now we're talking with arjun. we were talking nvidia, and then arm. what do you see? >> the key for arm here is in the last quarter they signaled a very bullish demand for their product. i don't think arm is the same ai story as nvidia. they're the chip architecture

thal goes into smartphones and laptops but also other devices like cars, et cetera what we're seeing now is a recovery in things like smartphones and consumer electronics. is that's going to help the company in terms of royalties. secondly, licensing rev nurks we signed a number of big deals earlier this year which is expected to help the company in the current quarter, and there's a chip architecture. that's the latest version of its architecture that was released around three years ago. you're going to see the company's uptake as they start to build into the chips as well to help the company continue with things like licensing and royalty revenues the ai play is an interesting one. a lot of what we've seen so far, the ai models being trained are being trained on the so-called

graphics units where arm is particularly strong is in the cpu, the central processing unit as well. you're often seeing the cpus in conjunction with it. so arm's going to have to do a lot to convince the market over the long term. it's a real way. >> you mentioned it may not be the ai play that people think it is, but it's big in consumer electronics. they're offering ai laptops, ipads, and smartphones samsung has put out one. is it still kind of a read on ai everyone wants to say ai when it comes to consumer products >> what we're looking at now are these big language models. where i think they have particular strength is when those ai applications stop being processed in the cloud and run -- instead are run on our

devices, that ee going to need incredibly powerful chips that architecture is going to be able to underpin. when you talk ai smartphones and laptops, that's ooh when you they'll have a strong position going forward. >> and softbank owns about 90% of the shares? >> i think that's why we've seen some really big moves. it will be interesting to see what happens some of the lockup periods will end soon there may be some selling as investors continue to hold on. i think that's going to be an interesting one to watch out for in the coming months. >> arm reports after the bell. that's going to do it for us one quick look at the european markets. mostly higher. the outlier down half a percent, seems to be trading lower on sympathy of the bmw report

boerse also lower. i want to take a look at the u.s. futures kind of a muted start to the day. this follows a fed official says rate hikes may still be on the table. we'll be taking up that story and much, much more when "worldwide exchange" comes up right after "street signs. that does it for us. i'm frank holland. hope to see you in just a few minutes.

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it is 5:00 a.m. at cnbc headquarters, 10:00 a.m. in london i'm frank holland. here is your "five@5." stocks within striking distance. investors riding the wave of the earnings beats in what's turning out to be one of the best in years but economic concerns continue to cast a dark shadow. a number of major boerses hit fresh record all-time highs. we dig into what's driving the wind. plus elon musk is hoping to keep his