se that's all for this edition of "dateline." i'm andrea canning. thank you for watching. [theme music] ♪ european stock markets are open for trade and the reaction is mixed we have red signals on the ftse, but elsewhere is moving in the green. we have markets stateside with underwhelming comments from the fed speakers with raphael bostic looking to one rate cut this year that is different where the markets rallied on the back of the fed saying they are on script to the rate cuts priced in the disappointment with the u.s.

markets. today is looking at a rebound with the market open early on, as we look at the stoxx 600, we are drifting off all-time highs the german stocks in particular and also the italian names have been underpinning the strength with the european boards the heat map is evenly split let's look at the sector play this morning as we begin the session. we are mostly leaning toward the red. arrows signaling retreat basic resources is down .8%. so, too, is oil and gas. food and drink is drifting off .13% diageo is a weaker trade carmakers are down .25%. boeing, a headline story, and

the issues with dave calhoun deciding to step down, seems to be something that may take a long time to execute with capacity across the sector industrials are sliding by itv is weaker today. construction is drifting we have given up a fraction with healthcare and financials. to the upside, real estate is a slight arrow to the upside the retail basket of stocks we have been talking about with atos and h&m it is up .10%. autos with porsche moving into the green. stellantis and renault are early move movers interesting yesterday with the moves across the board stateside, that the banks were

resilient. not suffering in weakness. the sector was still positive. we are seeing that reflected this morning let's look at the index level. the ftse is weaker and we have slipped be low the 7,900 territory. stocks in france snapping a losing streak. nowputting on .10% the dax is also leaning positive not much strength, but tracking all-time highs and we remain in that territory this morning. ibex from spain is positive. same, too, for the swiss market. atos has withdrawn the outlook and failed to publish the forecast this year saying it is looking to restructure by july the stock is down 4.8% today over the one-year change at 87%

lower. charlotte, hard to see confidence with no visibility this year. >> the much delayed result published in february and then delayed to march now the numbers are published. the sentiment is not there with atos the hmultiple issues with the loss mof 4.1 billion euro. the debt against 1.4 last year is where a lot of the focus is on atos. 3.6 billion euro of debt before end of 2025. they are talking to creditors trying to push it back they are in talks and they hope to have a plan in place by july to restructure that debt because there are multiple issues with six ceos in six years. some asset sales talks have fallen through with the latest

being the czech billionaire which fell through the talks to buy the big data and security unit fell through last week. there are multiple difficulties there. the latest news earlier yesterday with the largest shareholder has 11.4% stake saying they need to stop with the asset sales and refocus and try the new strategy atos is waiting for a plan and put it on the table. the company has been one of the national champions for france and crucial with the i.t. super computers and also with the aspects in france with the military and also involving the paris 2024 olympic games and giving key services there. management saying the issues inn terminally will notimpact operations with the olympics

we see more negative sentiment with atos with shares down after the net loss posted. karen. >> thank you, charlotte. let's go to flutter which is slow to get going. now moving to the upside about .6% higher a net loss posted in 2023 despite posting the 25% jump in revenue. the gambling firm expects to see earnings surge 30% this year flutter says it is working toward a shareholder vote on may 1st to improve the listing to new york arabile has more arabile, it is the u.s. hopes and strength thanks to the regulation changes that has put a rocket on this stock >> it has. this is the main reason for the u.s. listing u.s. revenue growth is 40.7% for the business that is one of the brands which is the number one sports book in

the united states. that helped propel the stock higher to record levels. up 25% year to date. seeing significant changes for this company alongside the uk ftse 100 overall $30 billion company that we are speak bengal here. t speaking about here it is speaking about m&a and will pursue the right options. more purchases out of the united states is something they heare looking toward profits are coming down out of the australian business. the company expects a 30% jump in 2024 earnings on the back of the better u.s. numbers which is the anticipation heading into the year 2023 was, however, the u.s.

business' first year where they saw the ebitda it is propelling higher in the united states. they have the pre-tax loss with the bottom line higher than the market had anticipated, total revenue goes significantly higher than the market anticipated at $11.97 billion. karen. >> arabile, thank you very much. the smiths group ceo will step down to pursue new opportunities in the united states he will be replaced by roland carter smiths' group reporting a first half revenue of 1.5 billion pounds and a pre-tax profit of 171 million pounds the stock is trading weaker today. let's move on to one stock that is has bounced to the top

of the stoxx 600 which is ocado. a 10.6% increase in the first quarter retail revenue the grocer has added more customers and increased on the line market share. if you look at the stock overall year to date performance, up 7.4% over one year things to the gains today. the uk grocery prices fell to 4.5% in the 12 weeks to march 17th according to kantar the data puts ocado in pole position grocery inflation fell to the lowest level in more than two years, but a quarter of households say they are struggling financially the reaction across the space with m & s trading higher and one linked to ocado is flat. tesco is slightly eaker. asos has the first half

sales dropping 18% it expects sells to drop for the full year. they cited strong cash performance. the stock is up 3% today mandy. thank you, karen come and have a seat we will sit with the specialist at mirabell group. you are excited to talk about ipos it looks like 2024 may be shaping up to be a comeback kid after the record year in 2021 and drying up in 2022. what makes you confident this year is a good one for ipos? >> amanda, we have clear signs of ipo comeback. as a reminder, reddit raised more than $500 million we know that it is a loss making company. it lost $91 million and two

years ago losing $159 million. we know they invest a lot in r&d. moinvestors are interested in the comeback you said 2022 was the dry year for the ipos we hav switzerland which was a success for the ipo. if we just look at the number, amanda, for the moment, we had 39 ipos in the u.s this is almost 20% more than the same period last year. it's a comeback and there are several reasons for that. >> this conversation about ipos c came on the back of the flatter

primary u.s. listing which is moving away from were talking a. is that a bit of a fallacy >> you know, when you go public, the fact is you have to look at several reasons. the first is, of course, liquidity. those types of companies are looking for liquidity and they think going to the u.s. might be a better place to have more liquidity. we know,s also, the expectatio is bigger because we know when the rates are very high, ipos are discouraged because stocks are heavily discounted on the other side, what is important is the fact that the

confidence is coming back. if you look at u.s. consumer confidence, it is at the high level. globally, the expectation of higher growth and consumer confidence in the u.s. is something also that will drive more companies from the uk or europe to go to the u.s. >> john, just moving on from the ipo market, something extraordinary has happened in the last nine months or maybe 12 months as well that is the market has got it badly wrong on its aspirations and hopes and expectations for interest rate cuts and the speed of those yet, at the same time, has managed to rally aggressively. now given that many people, yourself included, are talking about the possibility of a no-landing scenario, is it possible the market is wrong with the aspirations, as the fed

may be, for three rate cuts at the start of the cycle if that is the case, can the equity market driven by the united states, driven by the rally, has gotten the interest rate scenario wrong? >> steve, let's be clear, the consensus has always been wrong. it will be the fact this year and reading the inflation on the economic cycle which is hard you saw what happened in 2022 with the fed and the ecb i would say that actually it is interesting what you are noticing there according to a survey that was released yesterday from deutsche bank that 45 of u.s. investors are betting on the no landing now. it is becoming more consensus. i think to your question, i think the market can still go higher even in the no-landing

scenario you have to adapt your portfolio. we know that if there is two or one or zero rate cuts this year, historically, the companies are doing well these are companies that have more pricing power because in a no-landing scenario, you have higher growth and also higher inflation. on the other side, midcaps are well oriented. the russell 2000 as an example if you are looking at bonds, the most dangerous for government investment bonds with inflation running high if you adapt your portfolio and it is not something easy, steve, but if you adapt your portfolio to the no-landing scenario, the market could go higher from here even if the fed is not cutting rates. >> john, i want to circle back

to the i po market. i wonder whether a number of companies are quickly coming to market to ipo because it is an easy way to raise cash one truth social, the trump social media group the ski brand came to market quickly to finance the brand is there a way to come to market to ipo rather than go to vc to raise funding? >> yes, karen, i think it is an opportunistic movement you know mr. trump needs to raise money for other questions. you know, if you look at the success of ipo in to '21, the investor is looking for higher returns they could have on the fixed income market. if you have confidence coming

back on the market globally, you are looking at something that can give you a bit more than what we have actually on the fixed income it is an opportunity and it is linked to the door which is wide open, but can close very fast. i think the fact that the truth social spac is coming to market in the coming days or today, i think, which is an opportunity for sure. >> we will leave you there thank you, john. the senior specialist at mirabaud group. coming up on the show, the u.n. security council resolution calling for a cease-fire in gaza for the first time we'll have more from the region after this break hi, i'm janice, and i lost 172 pounds on golo.

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we're getting reports of a major bridge collapse in

baltimore. baltimore's key bridge collapsing after a ship crash according to officials there are various official reports out there. according to nbc news, the bridge collapsed tuesday morning and leaving a number of people in the river the spokesperson from the baltimore fire department said it has been notified on the incident on the francis scott key bridge which carries 695 over the baltimore metro area. let us move on the united nations voted to demand a cease-fire for the rest of ramadan and the release of all hostages held by hamas the u.s. has abstained for the vote the prime minister benjamin netanyahu canceled a planned delegation visit to the u.s. in response dan joins us with more dan, talk us through the

importance of the vote as well and potentially about the growing rift with the u.s. administration and the israeli government >> reporter: two key points, steve. as you say, this is the first time we have seen a vote of this kind in nearly six months of war with israel and hamas. i spoke earlier today with the former israeli minister of foreign affairs for his reaction to the news. he says that prime minister netanyahu has become a threat to israel's security. he said the united states is clearly fed up with the war and at the same time, he said this is potentially a turning point in the war as well that's because the united states abstained on the vote at the united nations security council. in the past, we have seen the u.s. taking israel's side and vetoing the cease-fire resolutions. this time it is different. the u.s. decision to abstain and

allow the cease-fire resolution to pass has sparked a furious response from prime minister benjamin netanyahu we know over the last couple of weeks and few months, the rift with the u.s. and israel has been widening and that was under scored in the last 24 hours when netanyahu moved to cancel what was a planned high-level delegation visit to washington he accused the white house of abandoning its position on the war. the accusation the u.s. rejected the state department spokesperson matt miller explained in part why the united states decided to abstain, but also why the white house was surprised that the israeli delegation decided to cancel the scheduled talks. listen in. >> there were issues that we had concerns we related to the rest

legislation. the reason we did not veto it, there were issues in the long-term position most importantly, a cease-fire and release of hostages which we believe is the government of israel's position. it is is surprising they will n attend the meetings. >> reporter: it is easy to see as we have seen a hardening of the u.s. position on israel. as it stands, the united states and israel maintain a strong relationship israel being the u.s.' most important strategic ally and partner in the middle east at the same time, this rift has been widening. what are we going to see now i mentioned the united nations security council resolution is significant. israel stated it is not complying with this. it is not binding.

the messages that we heard from israeli officials in the last couple of hours really suggests that the war is likely to continue the foreign minister and defense minister have said that israel still evenintends on destroying israel the u.s. has said there would be consequences if israel decided to go ahead with the planned assault on rafah >> dan, thank you very much for the latest coming up on the show, boeing, going, gone. dave calhoun will step down as ceo at the end of the year we will have the exclusive interview next when we started our business we were paying an arm and a leg for postage. i remember setting up shipstation. one or two clicks and everything was up and running. i was printing out labels and saving money. shipstation saves us so much time.

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let's run through a few news stories today. shares of atos dropping as you see on the board as the french i.t. firm posts a record loss and aiming for restructuring of the heavy debt pile by july. ocado shares moving higher at the open.

the retailer posts a 10% revenue growth for the first quarter shares up 3.6%. elsewhere, the u.s. abstaining from the key u.n. vote as the security council calls for an immediate cease-fire in gaza and release of all hostages. in the u.s., the francis key bridge in baltimore partially collapses after a collision with a cargo ship with officials saying as many as seven people may be in the water. european stock markets are open for trade and have been trading for 30 minutes what we have at this stage is a retreat on the benchmark stoxx 600. we are not trading at this record at this stage drifting off the levels. a lot of company news around, but also focus on the macro with

the hand over from the states and the concern with the three rate cuts priced in may not materialize as raphael bostic was talking up the case with one rate cut others cautioning with the cautious in terms of tackling the inflation story. the markets are cautious in the trading session as they pick up on the clues what we have from the sector level today is a bit of strength with retail and media and banking names. travel and leisure was weak, bu now .8%. household goods and real estate are moving well. a lot of companies with specific news at this stage this morning. we have 4% trading higher and the travel space as well

the gambling company is devridig the bulk of the money from the united states. and unicore is trading down 1.9% mandy. thank you, karen boeing ceo dave calhoun will step down by the end of the year as the company shakes up management amid the fallout with the 737 max aircraft calhoun spoke to cnbc after the announcement with phil lebeau asking about the crunch meeting that took place last week with airlines ceo and the company chair without calhoun in attendance. >> our board and i talked to our customers every day all day. we've he had a ceo come in and talk about the accident. talk with the board directly i volunteered to leave that

meeting because i want clarity and transparency that's what we all want. yeah, i understand -- if you put this in context, they run an every day, all day business. i run a long-cycle the production business to deliver a perfect airplane those two things, when they meet and collide, it creates the environment. that is the environment we're in i listen to our customers all day. >> do you understand the frustration? i heard from airlines last week that they said we want concrete action we want concrete steps for changes. >> i think the news that brian west had to believe just earlier this week to the financial community about the slowdown in the factory and our determination to get ahead of that will demonstrate and be a proof point on just our intent to get ahead of it we will get ahead of it. >> have you told the faa that

you are resigning or rehe tirint the end of the year? >> i would never preempt the board in communicating to anybody. the faa saw it we will go through the 30-day plan with them and 30 days later, 60, 30 days later, go through 90 we have to demonstrate progress in each moment it is a constructive approval from the faa and from our team. >> last week, mike whitaker was interviewed by nbc news. he said he saw a culture of move the product. move the plane it was not a focus on quality control and safety management. >> yeah. >> what was your reaction with those comments >> i recognized exactly what he was talking about because i heard it from our people we did a standdown immediately after the accident we listened to all our folks we have this bad habit in our company and many large companies which assemble big products.

when you work out of a position, the message you send to your people is -- and maybe that work was moved because of a shortage on fix something non-conforming. when you send it down the line, it sends a message of i guess the movement of the airplane is more important than the quality of the product we have to get that in balance without a doubt. >> they do need the balance. is he the right person to be there until the end of the year? asian equities out there can you see it hang seng is up 1% let's move on. sheri cheng has been talking to the head at milken insinstitute she asked about the health of the chinese economy. >> china is facing the most challenging economic challenges in 40 years. it is a combination of systemic

and geopolitical risks coming together at the same time which makes it difficult the investor sentiment is not, shall we say, positive it is weary and understandably so that is because the old china narrative which served them so long is no longer valid. they need a new china narrative. >> we are hearing about that shery caught up with goodwin who is chair of the capital company and asks about the opportunities in china. >> we are constantly looking at the stress and even going back into the u.s. office which is a no-no land, but a ckcontrarian bet. the banking system in china doesn't allow the reset mechanism that u.s. and western markets have this doesn't come as fast and

furious. apollo global is winding down the asian business this year head of the asian pacific group explains why they chose to exit the space. >> there is a robust system for equity in asia there is a really robust ecosystem of bank lending in asia our job in asia is to fill in the gaps wit we no longer saw real estate we wanted to fill in the hybrid product that the banks no longer do private equity deals in the uk are staging a recovery after the two-year slump this comes thanks to investor con fidence and rate cuts. steven banks is here with me now. steven, i think in your notes, you answered any qmy question.

money is more expensive now, of course, and is staying expensive than it has been for a very long time is that a problem given the fact that private equity raised so much cash? billions and billions while interest rates were low and did it on decent terms as well is it the case and all this activity is regardless of the cost of capital which has gone up in recent years rather than despite the fact it remains high >> i think that's right. i think private equity firms are sitting on substantial amounts of capital there's been a reluctance to deploy the capital because of the economic uncertainty that we have been facing in 2023 the legacy of that in 2024 i think private equity doesn't like economic uncertainty and

has up until now been deploying that capital >> let's face it, it is stick it in the bank and earn 4% or 5% if they stuck it on high yield. they have to prove their worth is that a barrier to deal? >> i think investors and private equity firms are looking for private equity returns on the investment there's pressure on private equity to deploy that capital and make investments >> there were a couple of big pe exits last year. birkenstock. do you think these companies went too early if you look at the stock market performance this year, it could be a better year than 202. >> i think that is right if they waited, they could have gotten a better price. the secondary market for private equity in 2024 was subdued

ipos, as we know, was subdued as well they probably had a discount to what they could have achieved in 2024 had they hung on to the assets >> i was talking to a private equity player last year with the difficult year with covid delaying a lot of things a lot of highs and few lows as well what happens from here does the pick look bleak or are conditions getting better because we have the timeframe with rates being cut >> there is more confidence with the u.s. economy i know the federal reserve said they would cut interest rates at least three times this year. i heard earlier this morning that may no longer be the case

once the interest rate cuts do happen, i think that may force it through to the uk and europe because we tend to follow suit on the u.s. >> if you expect more pe inv invol involvement, which sectors are ripe for it? >> i think the sectors that are doing we will likely do well is technology and artificial intelligence which is very hot i think pe firms will be able to sort of realize the investment in the short term because they are developing so quickly. professional and business services are doing well. consolidation in my sector and accounting sector. a lot of pe investment coming in there. i think healthcare is maintaining its position i think in terms of the privates

will do well in 2024 as well >> average returns have been double digit for the industry as well what are they looking like has the business model changed in term of what returns private equity is looking for in the deals? >> i think you are right there is a valuation correction in the private equity market because of the economic situation we are finding ourselves in i think more deals are focused on distressed assets and growth assets and probably special situation opportunities. >> i guess i'm asking about the risk the sector is having to take on to get its bang for the buck the u.s. average returns in 2021 for the century have been 14% to 16%. i'm really interested in if they are looking at more distressed

assets, there is reason. are they having to take on more risk to get the same returns because, of course, same returns is less exciting than it was because money is priced differently these days >> i think private equity is more risk adverse for obvious reasons because of the economy investors prefer fixed income securities in the situation that we're in i think returns will be unlikely high as they were back in 2021 and earlier than that. i think they will improve end of 2024 and beginning of 2025 as the economy improves >> stephen, thank you for joining us today >> thank you >> stephen banks with lubbock fine. coming up on the show, the

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the latest news is the u.s. coast guard told nbc news the 948-foot container ship made impact with the francis scott key bridge in baltimore. these are pictures that you can see from the scene as well officials say the collapse had possibly left a number of people in the river below bridge collapse due to a ship strike >> this is a very long bridge we're talking about. 1.2 miles. 8,500 feet it sis a large infrastructure. the impact is fairly significant as we look at the pictures these are live pictures from the nbc helicopter on the scene.

mandy. >> the eu launched an investigation for the breach of the digital markets act with apple and meta it would impose fines of 10% of the global annual turnover arjun is joining us with more. >> they made that clear that they will use the dma and it is a sweeping, sweeping regulation that aims to address the practices of the tech giants that, to date, the eu, has been unhappy with if you look at the investigation they opened, one is around anti-steering probes where they are looking at the way these businesses may or may not block apps from telling users about cheaper alternatives on their own web sites. that's something that the

commission is apple and meta is in violation of and the investigation of the ios and if this is too restrictive. to uninstall apps or change default settings something the commission is concerned about. whether or not alphabet is preferring their apps. last year, meta had a s subscription model this amounts to you pay for meta services or you agree and consent for data to be collected. you see targeting so many areas under the one piece of legislation. >> has anyone actually signed up and decided to pay a subscription model to meta to avoid ads? >> i have not seen any numbers. >> the bulk of us consented

again for mark zuckerberg and le meta to have our data? >> what do you mean? >> everything we use on the site. >> i'm going to be a pest, not for the first time what do we put on facebook >> i think some people put absolutely everything and don't think about what they put out. particularly the younger generation >> is it the case that everything i put on this can be seen by people i don't know? >> i gather. >> why not tell the world when i'm going on holiday i'm at the airport and leaving my home. these are my children. this is what i'm doing with my friends. i don't understand why do with? >> a lot of purchases happen in apps they have your purchasing habits and credit card data and if they are listening in, they are extracting other data as well.

>> it is not just the dma, but the gdpr to control more on the terms of the settings. companies were forced to offer settings the problem is nine of ten users will not go into the settings and tinker >> you say nine of ten users don't care >> timesometimes they don't kno. and even me, i'm tech savvy. i go into the app and figure out what to do it is not easy >> we have seen web sites to accept or decline based on preferences. some are easier than others. you have a host of different categories to get through. you just want to access the information. >> you accept all because you want access to the site. you don't know what you are actually accepting because you will not sit there and read the 20,000 pages of fine print of

your agreeing to >> you have to say there is no personal responsibility here as far as i'm concerned, every time i use a web site or use one of the social media sites, i'm pretty sure i know i'm giving them access to my personal data. i do that as a conscious decision i know i'm not paging for something. i'm the product. we said that many times on and off camera it is about personal responsibility >> that said, i feel i'm watching a lot of ads. >> i rarely put a photo of myself. >> meta is making money to the fact it is serving up ads for me to watch that i have to scroll through. do i have to give them my data as well? you watch television and you get

ads. you don't have to give them data. >> it all works on recommendations and what you watch and click on >> it is not just what you are g giving it is what you are clicking on and scrolling through and searching for. >> it moves you on to something else it is all part of the game does there need to be social responsibility yes. people need to learn about this stuff. >> what does it cost the firms the regulation story has been a side story it didn't impact the the valuations of the companies for years. it was a potential threat and knowing what to do with it or how to price it. is it 10% escalated to 20% of worldwide revenues and a second fine, what does it mean for how you revalue the stocks >> the bigger deal for me is behavior changes if apple's services businesses is eroded because people are going off app

for example and google's advertising is less effective because they can't serve up some of the own products. >> what about the big warning at the top saying we will advertise to you and make money off you. do you want to use the web site or not we will make money off you and advertise to you and use your data and possibly selling to third parties. most people would say yes. >> they will say yes unless they ask what will it cost me they are absolutely going to say yes if it doesn't cost them. >> it is about the businesses who feel they have been locked out of the accessing of the consumers. the change we're seeing now, particularly as a.i. comes into the mix, the gatekeeper could play a greater role. there may be some a.i. assistant to guide us somewhere. if the a.i. assistant is set up

by google theor apple or meta, where does that go >> that idea we might not use apps anymore and there are mini programs linked to a digital system s siri or samsung speak? >> that is cool. >> partly. >> i doubt i'll pay for it >> you end up in the ecosystem again. >> i'm sorry i know this sounds -- i'm not trying to be a pest. i don't care i'm getting something for nothing. i don't put my life on social media. i don't give them anything more than i'm comfortable with and i get a free service it's brilliant i can do amazing shops and do this it costs me nothing.

>> there was a view when amazon came in and disrupted vendors. same thing could happen and there is a fear of that in other business areas you get large-scale disruption they own everything. >> to actually say if it wasn't for the internet, their business would be dead now. they managed to, as retailers, find access to new markets which would be dead. i know a specific company without the ability to use amazon and others, they would be toast now. >> pinterest and all of these companies. moms and dads. that is what the european commission wants to keep happening. it doesn't want the negative repercussions. >> the american companies? >> a lot of the businesses are complaining at the commissions they are being charged the 30% apple.

>> this is about money >> is the cost of using the app stores too high? >> we didn't manage to bide our time lovely, lovely, lovely that is "sawquk box. "worldwide exchange" is up next. from our lovely british team over to you. and literally fill out each person's name on a label and now with shipstation we are shipping 500 beauty boxes a month it takes less than 5 minutes for me to get all of my labels and get beauty in the hands of women who are battling cancer so much quicker shipstation the #1 choice of online sellers go to shipstation.com/tv and get 2 months free 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

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it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." we begin with the pinch. stocks coming off back-to-back days of losses as the wall street outlook for the future fed rate cut is uncertainty. trying for a comeback is boeing why the leadership shakeup could change the minds of would-be shareholders we think with an investor who is thinking about getting in on the stock. is microsoft about to have the iphone moment? dan ives is here to tell us why and what it means for investors.