that's all for this edition of "dateline." i'm craig melvin. thank you for watching. ♪ welcome to "street signs." i'm silvia amaro and these are your headlines. holding pattern. shrugging off the adp report ahead of the non-farm payroll report tomorrow. >> it is too soon to see if the ratings are more than a bump.

solvay surges as einhorn takes a stake saying the group is a top five position in his portfolio. >> it is under valued because there is not a professional industry trying to identify and purchase these things. the opportunity comes to us and we can buy a company of this quality with a double digit dividend yield while we wait to improve the operations. the disney ceo bob iger keeps the keys to the castle fending off the challenge from nelson peltz as the proxy fight comes to an end. we will hear from iger at 14:00 cet. the head of nato proposes a 100 billion euro aid package for ukraine as the alliance looks to lock in long-term support.

>> europe needs america for its security. this is essential. europe is investing more. at the same time, north america also needs europe. good morning. we start the show with some economic data. we are just getting flash final pmi readings for the eurozone and these are the figures. in terms of the composite figure, we have it coming in at 14.9. i should say 50.3 compared to an expectation of 14.9. we're seeing a slight improvement and the composite figure crossing above the 50 threshold. that is important because it makes the distinction between

contraction and positive territory. it came in at 51.5. that is higher and what analysts were expecting at 51.1. all in all, this is important as we prepare to hear from the european central bank next week. we got important inflation figures from the eurozone yesterday. they said they came in below what analysts were expecting. however, when you look at the market expectations, it does suggest we're not going to see the first rate cut next week, but all the signs at this stage are pointing that we will get that big announcement around the june meeting. let's see how the economic dynamics will evolve in the eur eurozone. in terms of other economic data this time from the united states, private sector companies

added 184,000 workers in the month of march. that's according to adp data. that is above the 155,000 expected. that is marking the fastest pace of job growth since july of 2023. that stronger than expected jobs data contrasted with the services sector pmi miss at 51.4 against expectations of an uptick of 52.7. this is a measure of prices paid by businesses which fell to the lowest level since march of 2020. goldman sachs raised the forecast for the all-important non-farm payroll print to 240,000. analysts polled expected that the nfp figure will come in at 200,000 which would be a marked slide from the 275,000 figure reported for february.

we also had the chance to hear from the chair of the federal reserve jay powell. he said more data is needed for the fed to decide to cut interest rates. citing higher than expected readings on jobs gains and inflation. powell said the inflation has not changed his view if inflation is moving to the 2% par target. we heard from a slew of fed policymakers yesterday as investors remain split on whether the central bank will cut rates at the june meeting. one of the fmoc's hawkish members, atlanta fed president raphael bostic said he now expects a single rate cut this year. >> if the economy evolving as i expect and it will be continued

gdp robustness and employment and slow decline of inflation through the year, it will be appropriate for us to move down at the end of the year in the fourth quarter. >> i want to take you to the market action this morning. equities have been trading for about an hour. at this stage, the narrative seems to be where do we go from here? how do we price in all of the comments from the central bankers and more particularly, whether we will see the fed announcing significant rate cuts. just to give you an idea, we started the idea with the markets expecting six rate cuts from the fed. at this point, the expectations are about three rate cuts. with that in mind, i want to show you it is basically a flat move so far in the stoxx 600. investors trying to understand where they go from here.

we have the stoxx 600 up by .10%. i want to show you the spread at this stage so we understand the dynamics across the markets here in europe. the ftse 100 is trading higher by ..3%. similar for france. germany markets are above the flat line. not significant moves at this stage when it comes to the main european boards. looking at the sectors, this is the picture. we have seeing significant moves when it comes to basic resources. they are up by 1.5% so far in the session. here is where we see significant moves when it comes to commcomm commodities. we know how that translates with the sector. however, at the bottom, we have

media stocks trading lower by .2%. food and beverage as well. there are also concerns about the consumer demand. i want to take you to the story of greenlight capital with e e einhorn has purchased shares of solvay and calling it boring. he said the valuation is highly attractive and adding it to a top five position in his portfolio. at the moment, we are seeing shares trading higher by 6%. einhorn spoke to our colleagues stateside. >> value inn pvesting is buying things for less than they hare

worth. there is a strategy for buying for less than what they're workt a worth and there are many under valued. to identify securities a year, such as solvay which is under valued because there is not a professional industry trying to identify and purchase these things. the opportunity comes to us and we can buy a company of this quality with a double digit dividend yield while we wait for improvement. >> this comment is relative to look at the overall chemical sector here in europe. i'm pleased to say we have the head of equity research. good to see you. this is a great place for us to understand why solvay and the broader chemical sector is attractive to investors at this stage. what do you think of the comment and do you share the view that

perhaps the chemicals sector could be boring, but also provide a lot of opportunities for investors at this stage? >> if we look at the overall market that investors have been ch chasing for a long time, there is value in pricing. there is correctnessgoing here and looking at what you are buying and what it should being wo be worth. in that respect, yes, of course, i think that is probably when we are looking at the equity market. one the most is the attention o pricing hasn't been bigger than what it is looking at the market today. >> you mentioned correctness there. broadly speaking, i would like get your thoughts on whether we are seeing at least the

likelihood of the correction taking place in the short-term. the expectations for a rate cut was different from the ones we have right now. i was wondering as equity markets are repositioning and expectations for rate cuts means we are going to see a correction in markets? a significant one in the short term? >> there is a risk. if we look at the bigger picture, since the beginning of 2023, equities are up more than 30%. with earnings actually at a standstill and if we look at what has happened this year, we have equities up on a global scale of 7% to 8%. we have the expectations for rate cuts coming from six and down to two and three. we also have conservative

estimates coming down a bit this year so far. if you ask me, things are stretched out there looking at the different sectors in europe and in the u.s. and in emerging markets. i count 2/3 of the sectors trading more expensive than they did for the past 20 years. if we remember for the past 20 years, 15 of the 20 years have been with zero interest and qe. i think things are stretched out there and if we don't get some kind of earnings acceleration, we are beginning to see signs of what you could call a growth pick up in some places. if you don't get some kind of earnings acceleration, i don't think that we're in for some troubled markets looking ahead. >> where would the pockets appear? when you look at the equity space and you are suggesting we need to see essentially stronger

earnings going forward and any parts of the market that you would highlight at this stage? >> if we don't get this earnings acceleration, i would go for the defensives like healthcare and consumer staples and utilities. i would look at the things like energy and materials. that, to me, would be the most obvious gainers if the earnings growth would not accelerate. >> when you think about european versus u.s. equities and now there's a school of thought suggesting that we're going to see the ecb moving ahead when it comes to rate cuts well before the fed decides to do so as well, how do you compare u.s. versus european equities? do you think european equities at this stage are too cheap to ignore? >> i don't think they are cheap

actually. if you compare to the u.s., they look cheap. if what we see is the economies that will decouple with the european economy still at a standstill in that ballpark region and the u.s. economy moving forward held by a bigger budget deficit, then i think in the environment with interest rates moving down maybe not in june, but then later in the year, in the u.s., i think the overall growth prospects earnings wise on the american equity market is a positive to me. it gives the u.s. an advantage when we look at equity returns compared to europe moving further into the year. >> what about the recent trend in european companies announcing significant share buybacks and

the last set of results came to be a surprise. this was happening more stateside than in europe. do you think this trend is actually here to stay for european companies? >> it might be. i think european companies, of course, have looked across the atlantic to see what has been happening in the u.s. and what has been a positive for the u.s. market. what still needs to be factored into that equation is the rising interest rates. it is not for free to make a share repurchase or share buybacks. that has to come into the equation. if interest rates do not rise further in the european union, that might be a positive in relation to the companies. it is a bit paradoxical that share buybacks are moving up and at a time where it costs money. if you don't have to take on

debt to do this, it is more e expensive to do share buybacks than it has in the last 15 years. >> let's see how the announcement from the ecb might impact companies on this front. i'll leave it there for now. thank you for your time. jacob peterson. coming up on the show, peltz gets pummeled as bob iger and the disney board truimph in the proxy battle. we'll bring you the details next. 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 checkout on the planet. a lot more.

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welcome back to the show. let's look at disney shares which fell in the wednesday session after bob iger kept the keys to the castle in the proxy battle with trian partners founder nelson peltz with the full board keeping its seats. iger took 90% of the votes. investors rejected of the nominees to the board with former cfo jay rasulo losing by

the margin of 5 to 1. peltz cited sustained share price underperformance and the efforts as reasons behind the battle. disney has spent an estimated $40 million spinning off peltz securing the backing of the two largest shareholders, vanguard and blackrock. iger said the firm is eager to focus on the priorities. iger has said he will step down from the top job at the end of 2026 leaving disney over two and a half years to find a successor. the firm has to deal with the movie division with the superhero titles with iger delaying the release of some titles through the next decade. video games are in focus after

disney announced a $1.5 billion investment in epic games in february. investor attention is focused on disney plus which iger says should turn a profit for the first time this fiscal year after notching $11 billion in losses so far. we'll hear from the man himself in the exclusive interview coming up at 14:00 cet. don't miss the exclusive conversation on cnbc. this other parts of the corporate world, l'oreal is looking at the stake of a perfume group amouage. there is no certainty that the discussions will lead to a deal. amouage is owned by sabc group should be valued at more than 3 billion euro. cnbc reached out to l'oreal and

sabc and amouage for a comment. paris is getting ready to host the olympic games this summer for the first time in a century. danone is an official partner for the event with the ceo telling cnbc there is an esg opportunity in the partnership. charlotte is here with more. are ch charlotte, explain what he means about the esg partnership. >> danone has been part of the partnership for a long time. it was talking about how the state of the business is connected. it is dairy with the farmers and state of the land. they are one of the pioneers in the area. they said that is why it makes sense to be part of the paris 2024 games. it is just over 100 days away. they are looking forward to the

trade line to start of the games. i had a chance to catch up with him back in september of 2021 with a rare interview. he spoke to the french media in the past. i asked him about why did danone want to get involved with paris? >> as an iconic french company was something obvious for us. the other reason is those olympics are about health through movement and sustainability and building something for the future. that is what danone is. we are about health and sustainability and better health for many people. >> is it also good business? you announced the partnership of returning to competitive sustainable growth? >> it is a fantastic opportunity. fantastic opportunity to

showcase the power of danone to millions of people. we will provide 13 million meals. we will provide meals to athletes. it is fantastic. we have 100,000 danoners in the world. we are super excited with people showcasing the olympics in france. >> tell us about the special products. you are announcing some products in countries. what type of product is tar getted in this case to athletes and people in sports. tell us more about this. >> those are the brands which vary by countries. they are products which make protein available in the form that is super exciting. in the form of yogurt. it helps muscular production and

protein. it helps getting that in a way that is super nice and super tasty. that's all the science of danone. the ability to deliver what you need for your health and do it in a way that is pleasant. >> is this kind of product or innovation allowing you to also gain new customers? we see supermarkets with yogurts. this kind of specific product is a way to regain customers? >> danone yogurt is not yogurt. it is what it does to your gut health. through science, we are bringing added value and it goes from the danone yogurt which is not yogurt to medical products. >> so, are you a food company or a health company? hearing you talk, it looks like the focus is on health now.

>> we are a health through foods company. that's what we do through a modest danone yogurt which was created at the turn of the country to help kids fight medical issues. we do both. we do it from daily products that make a difference to your life, but do it in a tasty approachable and affordable way. to the sophisticated products through the hospitals. >> it is hepart of the dna of danone. it makes sense to partnership with paris. we talked about the cost of eating well and whether you go organic which is more expensive. i asked about the cost of living crisis and impact on customer ha habits.

>> we are complementary to glp-1. you need to have protein. if you are on the regime, you miss the protein. we can bring them. we continue to treat gut health. you need to target health. we are at the heart of what is needed when you are using something like glp-1. nothing replaces good implementation and exercise. that's what we are looking at here as the way of living. >> he is talking about the impact of the obesity drugs and the food industry. he has been pushing into the health segment which is not playing against them, but part of the solution. it is interesting. we talked about the cost of living crisis and he said yogurt is cheap and one of the cheap

things you can buy at the supermarket which is healthy. >> i was in paris this week. it is clear the city is getting prepared. >> it's everywhere. >> exciting times ahead when it comes to the olympic games in paris. coming up on the show, we'll speak about nato foreign ministers in brussels to speak about the 75th birthday as secretar secretary-general jens stoltenberg pushing for a trump-proof plan for ukraine.

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it's my secret ingredient shipstation the number 1 choice of online sellers and wolfgang puck go to shipstation.com/tv and get 2 months free welcome to "street signs." i'm silvia amaro and these are your headlines. shrugging off the hot adp report as the non-farm payroll report is released tomorrow. >> it is too soon to say if the recent readings represent more than a bump. we do not expect it will be

appropriate to lower policy rate until we have greater confidence that inflation is moving sustain sustainably down to 2%. and greenlight capital takes a stake in solvay which is a top five position in his portfolio. >> it is radically under valued because there is not a professional industry trying to identify and purchase these things. the opportunity can due buy a c quality with a double digit dividend yield. a and bob iger keeps the keys to the castle as the proxy fight with nelson peltz comes to an end. we will hear from iger at 14:00 cet. the head of nato proposes a

100 million euro trump-proof aid p package as they look to lock in help for ukraine. >> it is essential. europe is investing more. at the same time, north america also needs europe. now, we start the show looking at pmi data from the eurozone. we are getting the final reading for the uk mi for the month of march. let's show you the numbers. in terms of the composite figure, it came in at 52.8. that is just really below what we had heard before at 52.9. in terms of the services sector, the reading came in at 53.1

which is also slightly lower from 53.4 which was expected. we had seen yields in the gilt market moving lower ahead of the reading. it is also relevant to think about the data as we prepare to understand what can happen in terms of the bank of england. i want to take you to the action from brussels. we are now due to hear the nato secretary-general jens stolt stoltenberg. >> also to discuss a long-term financial pledge or commitment from nato allies. we welcome voluntary contributions, but we need to rely less on voluntary and depend on commitments. these are issues we will discuss.

good to see you. welcome to nato. >> thank you, jens. happy birthday to nato and all allies. i came to convey words of congrat lulations to the longes military alliance in world history. thank you for the forward looking approach to help sustain financing and support to ukraine. i came here against the background of continued unprecedented missile and drone attacks of russia against ukraine. just tonight, the city of kharkiv was hit with drones. unfortunately, russia destroys the ukraine economy and kills ukrainians and destroys our cities as well which fits the russian strategy to eliminate ukraine from the map. i don't want to spoil the party.

my main message today will be important because saving ukrainian lives and saving ukrainian economy and ukrainian cities depends on the availability of patriots and other air defense systems in ukraine. this is the only system that can intercept ballistic missiles and in march, ukraine was hit with 94 ballistic missiles. providing patriots dependis on allies. i'm looking forward to the discussion we will have with allies. thank you. >> thank you. >> we heard both the nato secretary-general as well as the ukrainian minister for foreign affairs, mr. kuleba saying this is a critical time in ukraine's fight against russia. this is also another important meeting for the country with nato foreign affairs ministers

as they naturally try to get further support in the war against russia. in a bit of context, we discussed earlier in the show how this is a meeting where nato is celebrating 75 years of the defense alliance and there is a lot of questions with the path ahead for the defense alliance and what it will look like and whether ukraine will one day join nato. i'm pleased to say i have michael clark with me in the department of war studies of kings college in london. good morning, michael. >> good morning. >> we heard the nato secretar secretary-general jens stoltenberg and the foreign affairs director kuleba. how much further can nato good in supporting ukraine? >> on paper, it can go a great

deal further. even without the united states, european nato is 12 times richer than russia. in nato, you know, nato has five times more aircraft and ships and personnel. nato could go a great deal further if it were able to politically with stoltenberg who wants to do that. realistically, he is trying to get a 100 billion package agreed by july. that package would be spread over five years and a lot of resistance getting it agreed by july. the two things are is it too little? yes, it will be. is it too late? yes, it will be. it will make a difference to ukraine if ukraine is still in the war next year. ukraine is in the position now where it may be knocked out of

the war quite soon because it is running out of ammunition. you can be as braved and determined on the ground, but if you run out of ammunition, you lose. >> what is the outlook? what are the chances for ukraine at this stage when, as you said, they are struggling getting ammunition and questions about financial support. how much longer can ukraine continue to fight this war? >> in principle, it can continue to fight for a long time. what is going to happen is the russians are launching not an offensive, but launching pressure around the front. we are seeing it now and we will see it through april into may. what the russians are hoping is they can make ukraine crack. that means not that ukraine forces would run away, but it will crack in kyiv. that volodymyr zelenskyy will be

removed and he will be replaced by a group from the oligarchs and others on maneuvers are quite clearly on maneuvers to replace him and do a deal. that means russia will keep its gains, whatever it has gained by the end of may, and this phase of the war will stop. this is the second war. the first one was in 2014. the third phase of the war will begin in 18 months time when russia will take more of ukraine. >> i want to take a look at the other side of the story which is the implications for defense policy in europe. we are starting to hear comments about the need to apply rules with military service and if you look at germany, the narrative is whether they should force people to do their military service. i wondered if this is likely to be well received by the public in europe if the heads of state

decide to go ahead and essentially implement military service? >> if you talk about finland and sweden and latvia and denmark and netherlands, then you are talking about states where the public is fully prepared to make sacrifices and poland. those publics all feel threatened by russia. they know if russia prevails, it will keep on pushing in different ways. cyber attacks and so on, to weaken those countries. the public reacts differently in southern europe. in hungary, slovakia, there's a lot of pro-russia feeling and italy is confused about it. the key country here is germany. the german public is split. it is pacifist. 60% of the german public do not

want the war in ukraine to go on for too much longer. they prefer to see kyiv do a deal, even a very bad deal with russia, and chancellor scholz is just confused about it all. he is muddled. he pretends that germany is doing a great deal and pretends to russia he is not doing a great deal. he is representative of the confusion with the german public. his critics say this is a time for leadership and not reflecting confusion. you should lead in what you think the country should do. germany is going back to doing what it does best. dithering. >> just talking about the military service in europe which shows how we are in a different moment when it comes to defense policy across the block. i want to get your thoughts on

the issue of france trying to achieve when they should not rule out the possibility of sending troops to ukraine. do you think germany and others made a mistake in outright saying they are not going to send troops to ukraine? >> that was the position at the very beginning of the war because everybody assumed there was a red line and we do not want to direct russia in that confro confrontation. russia has crossed so many thresholds in the war in ukraine and the russians want to interpret this as a general east-west war. whether it was a mistake or not, the situation has moved on. as president macron is trying to make clear, we shouldn't allow putin to dictate the agenda. we should put uncertainty in putin's mind. instead, we are worrying about what the russians are doing. we should make the russians

think of what we are capable of doing. that is the idea whether or not we put boots on the ground in ukraine in secondary roles, the russians should have to think about that as the consequence of their brutal behavior. if we take it off the table, we give them an easy framework with which shethey can conduct the brutality. >> you know there is a lot of pressure on european heads of state at this stage. let's see what they decide. thank you for your time. michael clarke, visiting professor in the department of war studies at kings college in london. coming up on the show, fed officials urge cause as the fed's picouootlk paints the economic picture. we'll have more after this break. the fuel you need to take

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month of march according to adp data. that is above the 155,000 expected marking the fastest pace of job growth since july of 2023 and leading goldman sachs to raise the forecast for the non-farm payroll print to 240,000. that is stronger than expected jobs data contrasted with the services sector pmi miss at 51.4 against expectations of an uptick to 52.7. the release is pressured which fell to the lowestlevel of march 2020. we heard from a slew of fed policymakers yesterday as investors remain split on whether the central bank will cut rates in june. one of the hawkish members, atlanta fed president raphael bostic told cnbc that he now

expects a single rate cut this year. >> if the economy evolves as expected, and that is seeing continued robustness in gdp and employment and a slow decline of inflation through the course of the year, i think it will be appropriate for us to start moving down at the end of the year. the fourth quarter. >> and the fed chair jay powell said more data is needed for the central bank to decide to cut interest rates. citing higher than expected readings on job gains and inflation. powell, however, said recent data has not changed his view that inflation is moving toward 2% and the labor market is rebal rebalancing. powell said the monetary policy outlook continues to face risks. >> labor market rebalancing is evident in many parts of the data, including quits, job openings, surveys of employers and workers and continued

gradual decline in wage growth. on inflation, itis too soon to say the recent readings represent more than a bump. we do not expect it will be appropriate to lower the policy rate until we have greater confidence that inflation is moving down to 2%. given the progress so far, we have time tolet the data guide our policy. >> fed governors say she expects inflation to ease this year without a significant negative impact on jobs or growth due to slowing consumer demand. kugler said some low lowering rates is the path. amid the comment ts from the fe officials is a lot and we have our guest with us now.

straight forward questions. what do you make of all of the comments? what are your expectations for what the fed might do this year? >> a lot of messaging from the fed is they are in no hurry to cut rates. this is still a matter of when we get rate cuts, not if. the market is pricing in a 50/50 probability for rate cuts to begin in june. i don't think 75 basis points of cuts this year would be off the table. you notice jay powell said we need to be moving toward 2% inflation, not that we need to reach 2% before they start cutting rates. >> this is interesting with the sequence of events. the markets are still thinking the first rate cut is happening in june. powell was speaking about the more debate and more data. what do you think the fed needs

to see between now and june to announce that first cut at that meeting? >> the big thing the fed is looking for is cooling wage inflation. they are following consumer price inflation. moving in the right direction. our labor market here in the u.s. is very tight. it's not so much a short-term transitory issue as it is a longer-term demographic issue. we don't have the number of workers we need to support the job openings. the ratio is 1.4 open jobs per every available worker. the balance is shifting in favor of the tight labor market. the fed needs to see through that and not cause too much cooling given the longer term trend. >> i want to get your thoughts on the strength of the u.s. economy. the private company data we got with payrolls did show this is a

very strong economy still as we get non-farm payrolls tomorrow. what will it tell us? what extent will it shed light on the health of the u.s. economy? >> we will watch the non-farm payroll closely for a few issues. just as importantly, you want to look at revisions to the prior months of data. january had a very strong headline number. that was revised significantly a month later. we want to see if the relative strength of the first few months of the year did hold up to the revisions and then we really want to seat composition of the labor market strength. the recent results showed strength in the government sector and healthcare sector which are relatively disassociated from the macroeconomics saccycle. we want to look at more bellwether sectors to see if

this is broad based strength or concentrated in government and healthcare that just don't give us the whole picture. >> i want your thoughts on how consume rs are feeling in the united states. i read the survey suggesting that people do not feel inflation has come down even though that is the reality. there is a broad pessimism from the data you have where you recognize consumers are not feeling the positive developments when it comes to inflation which has been falling? >> the americans love to be pessimistic. there is a little bit of a sentiment disassociation. while inflation is coming down, it still is positive. this is disinflation, not deflation. consumers, when he they go to t grocery stores, they see higher prices on the shelves.

the important thing for the consumer is wage inflation is out pacing consumer price inflation. on the net basis, our consumer is better off. we still have rising real incomes which is improvement in the purchasing power, but when you see the sticker shock, it is easy to forget. >> we will see what happens stateside. thank you for your time. our economist at itr. i want to take you to some of the market action so far as we approach the end of the show. looking at the geographic spread in europe, you are seeing green across the board. this is after pmi data with the final reading for the month of march which showed return to growth in the euro shown. positive signs when it comes to the eurozone when. looking at the u.s. futures trading at this stage.

we are also seeing a positive implied open for the time being. no doubt that investors will be looking at upcoming data. we have u.s. jobless claims and the key economic data is due tomorrow when we get non-farm payroll. that is it for today's show. let's see how the u.s. session will open in a couple hours time. i'm silvia amaro. "worldwide exchange" is coming up your way.

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it is 5:00 a.m. here at cnbc global headquarters. i'm dominic chu in for frank holland today. here is your "five@5." it's not a bubble. the consensus view from two of wall streets minds on why stocks have not run too far too fast. disney securing victory in the months long fight with nelson peltz. shareholders seeming to be less than pleased with the outcome. a potential deal with paramount global picking up steam here.