♪ welcome to "street signs." i'm frank holland. these are your headlines the dutch group reaches a surprise settlement paying out lower than the feared $1.1 billion. >> we have court approval on the settlement most moreimportantly, we revolvd the personal injury litigation in the u.s. by getting to agreement with the plaintiffs.

deutsche bank slides as the leader warns of a 1.3 billion euro hole. japanese currency rebounds sharply after passing 160 to the dollar with the traders citing official intervention. secretary of state antony blinken touches down for fire stalks we will hear from the saudi arabia economy minister in just a few moments. welcome back to "street signs. it is a positive day across europe green on the board the eurozone riding a wave of momentum in part due to optimism from ecb cuts. take a look at the stoxx 600 up over .13%.

the best day since january and the first winning week over the last month up .13%. we will take a closer look at the boards we will start with the ftse hitting the fresh record high. it is continuing to power past the 8,000 mark up .50%. we are taking a look at the cac 40 bnp is on the top of that board. and it is important to note that the dax is in positive territory despite deutsche bank weighing down the index we'll is have more on that in a moment basic resources is the leader once again we have been talking about basic resources which has been getting a boost from the miners sector for anglo american which is

heavily dealt on the copper trade. technology in the red. now technology getting a boost from the earnings in the united states this morning, it is a laggard. travel and leisure on the down side intercontinental hotel group pushing travel and leisure down more than 13%. we will do corporate news. philips posted a quarterly net loss of 1 billion euro after the settlement over the ventilator recall sales were in line at 4.1 billion euro the ceo told cnbc he was optimistic after the u.s. litigation resolution. >> we got court approval on the

consent decree we revolved the personal injury litigation in the u.s. by getting to agreement with the plaintiffs' leadership that puts the vast majority of the cases behind us and bringing philips back to where it belongs. we reiterated the full-year guidance with confidence of delivering 5% growth with adjusted ebitda to 11.5%. >> we are seeing historic one-day spike up 33% after that settle ment settlement. deutsche bank is announcing it would make litigation provisions up to 1.3 billion euro this year this after a court significant the signalled it may accuse deutsche

bank of paying post bank when it acquired the lender in 2010. deutsche bank admitted the payment will eat into the second year earnings. annette is joining us with more the story. annette, good morning. >> reporter: good morning, frank. the question is when did deutsche bank seize control over the bank the plaintiffs are saying deutsche bank seized control in 2008 and that should lead to a higher prize for the old shareholders of post bank. that is what the potential payout is all about. 1.3 billion is the maximum which is at risk that is equaling the net profit of deutsche bank of the first quarter just to give you an idea of the size of the potential fine deutsche bank is looking at here what is the likelihood

it is apparently more likely than before. we just had last week the quarrel earnings and no word about the potential fine ling lingering. what happened is there was a hearing on friday at the regional court and they argued in favor of the plaintiffs the timeline is assessed with the second hearing in june where we will get more evidence of the court moving in the direction of the plaintiffs and deutsche bank is saying in the document they are expecting a final ruling on august 21st. still, the likelihood of the settlement is what deutsche bank is saying between them and the plaintiffs why does it matter 1.3 billion? why does the share price react badly? it is a fine that will eat into the earnings power of the bank and the share buyback program

they announced for this year is at risk. they are saying it is too early to make a determination on the buyback program. they have to assess the financial risks associated to the legal case and only when we get that final hearing being clarity for the shareholder or if they are settle thing the issue with the plaintiffs before >> annette, thank you. turning to the tension in the middle east. u.s. secretary of state antony blinken is in riyadh for the talks on the world economic forum to talk about the cease-fire and release of hostages blinken will speak this morning before heading to israel and jordan we have dan murphy with more >> reporter: hello, frank. the focus has been on two things the first is growth and the

second is gaza let's focus on the first my next guest is the economy minister of saudi arabia he joins me here at the special meeting at the world economic forum. thank you for being here. >> thank you >> tell me about the purpose of the meeting here in the kingdom and the key things you are picking up so far. >> we are a global platform for growth and development and for finding the solutions to the pressing challenges. we saw in davos the level of uncertainty. we are seeing the same energy here the world has challenges which are happening at a faster pace the immense opportunity if we collaborate together and agree on how we want to develop the energy transition. if we agree on how we can find new engines of growth. the kingdom has always been

prioritizing and providing solutions with the partners. this is an example of the convening power between the kingdoms and forums. >> we spent the last 24 hours on the ground here understanding that convening power what high-level policymakers here in the next few hours with antony blinken coming in and the meeting takes place of a challenging geopolitical situation and to what extent are the geopolitical tensions impacting the saudi economy and economic activity across the region >> we are dealing with the challenges in two ways one, continuing using our dipl diplomatic engine to create the environment for peaceful discussions through arrive at the solutions we all want to ach achieve. and they want to have a huge

trickle down effect on the neighbors and kingdom's region we are moving and we hope to see results. >> tell me about the transformation journey right now. does saudi arabia have the road map to obtain the goals in 2030? >> our focus is on non-oil growth non-oil growth is growing in most men tm momentum the forecasts say in 2025, the kingdom is the second fastest economy in g-20. we have been growing 5.9% in 2022 4.4% in 2023 the imf forecasts 5% and 5.1% for the year and year after. we believe that will help

continue our diversification story. in 2023, for the first time, our non-oil activities amounted to gdp. our sectors are unprecedented. the kingdom set out to do unprecedented projects and has started delivering the projects. they have clear financing programs and they have clear timetables we will always prior pittitize t is best for these projects and the partners increasing in the terms of the interest and the saudi economy. >> why are we seeing mega flagship projects like the line being scaled back? >> all projects are moving full steam ahead. we are doing something unprecedented and we which deliver something that is unprecedented. we see feedback from the market and more interest from the investors and we will office prioritize to where we have

optimal impact we don't want to deliver the promise at the cost of importing too much against our own interests. we will continue delivering these projects in a manner that meets the priorities and delivers these projects and has the healthy impact for our economy and the non-oil growth within it. >> i guess the message to foreign investors is a little bit unclear here public money is critical in the diversification story. so is private money. what message does it send to the private money community with this project being this big? >> projects for the intended scale is going as planned. it is a long-term project and that is to be delivered for specific impact for specific

sectors. these sectors did not exist in the past they are being built from the scratch and they require going all-in from the government and saudi investment fund. we are seeing investment on the projects these projects will be delivered in scale and in terms of the returns of the projects and the economic impact desired. minimizing any leakage or risks. >> quickly on the financing here, will petrol dollars be able to deliver the full 2030 agenda or will you need external financing from private investors and elsewhere? >> each project has its own capital program and these have a variety of sources we want to engage more local private sector investors who engage in the kingdom and its tools. whether it is public finance or

saudi fund investment. then the vision 2030 is creating opportunities in the kingdom for the kingdom and for our international partners around the world. >> what can you tell us about where we stand with regards to non-oil growth which is critical in the diversification story >> we are seeing quarter after quarter, especially after the start of the vision, more activities leading to the non-oil growth story it is strong we will see that number increasing we expect as a government at 5% for 2024 the imf expects 5% for 2024. we are very much excited non-oil activities hit 50% for the first time in total gdp.

this is real economic change we are looking for more sources of the non-oil economic growth i believe the opportunities are being created in the kingdom today being the capital of opportunities. that will bring more avenues for non-oil growth. >> that is the feedback we are getting on theground thank you so much more speaking with me today. that is the economy mun ministef saudi arabia back to you. thank you. coming up, france notches a downgrade. charlotte has the latest coming up after this break. raising you was no bed of roses. are you getting me anything for mother's day? go to 1-800-flowers.com. oh my gosh! wow! gorgeous! i feel like royalty. thank you. 1-800-flowers.com. happy mother's day. happy

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light 'em up! gentlemen, it's a beautiful... ...day to fly. welcome back to "street signs. atos shares are higher after the offer to buy the company which is important for the valuation of 700 million and 1 billion euro atos will need 1.1 billion euro

in cash to fund the businesses from 2024 to 2025 fiscal year. that is double the estimate given. shares are up 15%. charlotte has more on this story. >> this jewel of the french ecosystem has been in turmoil for five years heavy debt with 3.9 billion euro of debt. they announced they had to revise some of the terms and actually needing more cash than expected needing 1.7 billion euro against 1.2 billion previously they announced they extended the deadline for stakeholders to present plans to may 3rd instead of april 26th. the news was the government sent a letter of intent to atos to acquire the crucial businesses

and they do computing and cybersecurity. some used by the french military and tax collection they were involved in the paris 2024 olympics. the french government is doing due diligence. at the moment, there is an enterprise valuation of 700 million euro that they will give the final decision in june on whether to make an offer intending to bring private companies into the consortium to acquire the businesses you remember, airbus was in talks with atos to acquire some of the business. airbus is not going forward with this the french government said they were watching those units for the french government and now saying they are looking at acquiring this we see positive reaction on the market shares up 15%. the stock is down 19% in the

past two years still a lot of uncertainty >> up over 14.5% charlotte, stick around. we will have more with you in a moment let's turn to the inflation report cpi came in at 2.3% on the year for germaning north rhine. the data was 4.5% higher on the month. bav r bavarian cpi was higher on the year joining us to discuss france and how it avoided potential downgrades from moody's and fitch after both firms kept the credit worthiness unchanged and warned the ability to meet the financial targets. we have our head of macroeconomics research with us. charlotte will join us for the

conversation frederik, thank you for being here >> good morning. >> the french government may need an injection of capital the deficit growing 5% of gdp. the -- what does that mean for the economy? >> that's the right question to ask because we all are wondering about rating agencies decisions. it was a welcome news that they did not downgrade the sovereign rating, but we get the standard & poor's at the end of may it is more important what it means for the economy. you know, 5.5% deficit is a high number there was some slippage with the debt which is high as well the main conclusion for the economy is the government has

little room and little fiscal room to move to mitigate any downturn to make new measures available to households or corporates if needed that is the new implicatmplicat. the government is going forward if they need more and they will be even greater constraints to do so. i think the result of that is growth is likely to weaken and if for some reason we need some fiscal stimulus, it will be more difficult to do so in the future. >> frederik, can i ask you afte the war in ukraine, they had to protect the french economy it looks like it is not rebounding as quickly as they were hoping. what is happening there? do you see things improving over the next year? >> i think it is all relative if

you think about the u.s. where the u.s. government spent more money than the french government during covid and after that period, the economy is stronger and hotter than in france. you can make theargument that you never have the french government had not done all of the moeasures and the french economy is not as resilient today. it is not that clear how efficient these measures have been here we are looking forward. the problem for the french government is to mitigate increasing the deficit in the debt threshold to do so, it will need to find new areas to cut spending and control future spending without too much on the economy which is fra fragile. >> what does it mean from the market point of view

the spread with the french and german bund has not moved much since the beginning of the year. will it move higher? >> not that much we would not have expected a large reaction in the market the main reason for that is the large liquid bond market in europe which is germany, france and italy. in germany, you have little supply the fact that the german government is not spiending as much as the french government. the ecb has so many bones in germany relative to the stock with that security it means the biggest opportunity for foreign investors in particular is the french bond market it is liquid it is still safe we are not talking about the default of the french government

we are talking about the downgrade which is less dramatic it is attractive and allows you a pickup over germany. i don't think it changes a lot in the bigger picture especially for foreign investors which remain invested in the french government bond market >> it is a downgrade, not a def default. another thing downgraded is fitch lowering from 1.1% down to .08%. it is interesting you bring in the german bond market we also saw an inflation report out of germany today for the industrial sector and north rhine division what is going on will that impact france? >> when we talk about inflation, it is across the board we got some early evidence of

lower inflation in the german states these are the first to report. we got spanish inflation today on the core metrics which was lower than expected at 3%. this is where it gets really interesting especially relative to the u.s inflation, i think at least, is going down across the board on the broad-based basis in most european countries in the u.s., we had questions of the re-acceleration. wit we talked about the fundamentals france will not default. in terms of inflation, you have the disinflation process that continues. ecb is very likely to cut rates in june and beyond this will help the bond market as well. you have from the bond market perspective, a goldilocks situation where growth is strong and inflation going down with the ecb about to step in with

rate cuts. it is a very attractive setup for the bond market against the u.s. >> thank you for joining us. coming up on the show, volatile trade in the yen this morning. we will look at what's behind those moves coming up right after this break

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welcome back to "street signs. i'm frank holland. these are your headlines philips reaches a settlement over the u.s. ventilator recall paying out $1.1 billion. >> we got court approval on the economic loss settlement we got court approval on the consent decree most importantly, we resolved the personal injury and medical monitoring agreement in the u.s. deutsche bank slides as the

german lender leaves a 1.3 billion euro hole. the japanese currency rebounds after dropping 160 to the dollar with the traders looking to official intervention. tesla and baidu bounce in the data deal. a key step that could rollout the self-driving technology in the country. welcome back taking a look at the board a mostly green day on the board. the ibex is the exception. the cac 40 getting a boost from the positive sentiment around large french companies like bnp. a green day broadly across the

board. the swiss index is higher and the ibex is a looking down look at u.s. futures a green day across the board in the pre-market trade the dow would open up more than 80 points higher the nasdaq firmly in the green the s&p still fighting for gains, but in the green. it has been a volatile day for the trade in japan we have jp ong with more on the story. good morning, jp >> reporter: good morning, frank. despite the japanese markets offline for the holiday today, the focus was on the yen for traders in asia especially when you look at the moves in the afternoon. you saw it sky rocket to 160 against the u.s. dollar and come back to 155 and bob and weave.

there were rumors as to whether or not this meant there was currency intervention on the part of officials in tokyo officials did speak to the finance minister and known as the top currency diplomat. he is the first person we reach out to with the yen. he said he cannot comment at this time. the analysts say there are some things with the movement that seem to be hallmark of possible intervention the swift increase in trading volumes in the afternoon followed by the sharp move ment and picking the holiday with the lower trading seems to be pointing at the potential in inter intervention we have to wait until the markets and the government offices open tomorrow to get comment if that was the case the direction of the yen, especially how sharply it depreciated, is something we will watch because on one hand, the weaker yen is better

prospects for carmakers and technology manufacturers in japan. it puts pressure on many japanese who are finding their foots and household spending rem remains solid. that is something we are watching out for with retailers and the likes of carmakers and transportation equipment makers. the banks are watching out for as well because we are a couple of days from the bank of japan that is something to watch out for over the next couple days and if rates move up, lenders may see per prospects with the yen. frank, back to you >> jp, thank you very much. we turn our attention to the u.s. inflation stateside showing few

signs of easing. the core pce coming in hotter than expected at 2.8% year over year including food and energy, the items pce index rose 2.7% on the annual basis and both measuress rose 2.7% for the month. it is showing it is difficult to tamp back down after headline inflation accelerating faster than expected in march even with no rate cut in sight, markets are watching jay powell's comments when the u.s. central bank publishes the decision on wednesday. this is after he said rates would likely stay higher for longer the markets are now not pricing in a rate cut before september at the earliest with analysts not expecting a single the cut this year.

march payroll report blew past expectations we have the cio at cross fitch capital. >> good morning. >> the fed decision this week and we were chatting off camera. you are expecting the commentary to be closely watched? >> chairman powell is not wrong in what he is saying i'll point out the published report from earlier this year. they compared the inflation from 1970s to today 70% came from increased supply that was not the case in '76 the deceleration in prices we have seen this year is more stable >> a lot to figure out with the fed. we hear so many fed speakers talking especially with jay powell saying it will stay high

are for longer we saw the strong ficnish for te markets. how does jay powell process these two reports? obviously, the markets and the economy are two different things. >> i think jay powell made a good comment about talking about numbers. u.s. is a large economy. it doesn't mean it is a hot economy, it is just a large economy. the estimates are startlistartl. two years ago, they said was 941,000. now 3.3 million. that is clearly having an impact on the demand. you see supply is catching up, but when you have increased demand, supply has to catch up i still think that we are going to have a cut this year. >> you are saying it is not reliable >> it does give you reliable you saw the number

insurance is going up. one goes up and the other goes down you have to look at the composed number if you are sitting down and thinking is inflation at 3.5 no do we go to the shop every day there is a measure and there is a measure. i think jay powell has to sit back and take notice he looked through the price increases on the good side and increased rates much higher. he will look again and do it later in the year. >> you said the rent number is shelter in the report. that came in better than expected that was considered one of the sticky points of inflation and the u.s. congressional budget off offices estimating 3.3 million immigrants. >> you could have a labor level or supply. supply is expanding. you have a spurt of demand supply has to catch up some of the measures are volatile helps measures

the second is, if you are impacting high rate, it is not there. lots of corporates in the bond portfolio and consumers are long-term in the rent portfolio. you need to catch up re-financing starts hitting at the end of this year and next year, you will see higher cuts >> how many cuts do you see? >> three. >> when? this is a contrarian view to the street. >> i believe the first one starts in july that's my opinion. i see three. the reason i see that is you see softness in the economy. we saw signs of it the fed is not in the game of raising rates for the sake of it it has to have an intent with the economy. >> let me ask if you see a july rate cut, what is the forecast for the jobs report and inflation report we get after this you are seeing a defined downward trend with inflation. you are seeing a cooler than

expected job report to get to a cut in july. >> look at the jobs report slightly overexpectation and updated numbers. we have not seen a material impact on jobs report. it hasn't moved much in my opinion, jobs report is not what i'm looking at here i'm looking at the good news on the gdp and earnings side. you have seen the equities have risen. if you look at s&p compared to 28 monthsi ago, s&p is barely 6% higher talk of tech going up and the real asset going up is energy. energy increased 20% the tech stocks despite the talk in a.i. is 2.6%. we are not talking about the run away equity rally. >> i think we are 4% to 5% from the all-time highs from the three major indices. it is running hot when it comes

to the market. some people call it frothy >> look at the tech numbers. the amount of job cuts in the u.s. a lot of things are coming from -- >> layoffs >> yes better management of wages or whatever secondly, the capital expense is still going on it is timing look at what meta is talking about. >> data centers. >> that is still going on. >> i want to put you on the hot seat you will see a very dovish powell on wednesday with the decision no how do we get to the july cut? >> he doesn't want to tie himself up again i don't think he has made a mistake. he is doing a good job the market likes to hold him to everything he says six rate cuts in december. suddenly three or two. the market is doing the job of flopping, not jay powell. >> a contrarian view thank you so much for being here i appreciate it.

we will turn back to the story we brought to you earlier. bhp considering an improved offer for anglo american for the miner refused the initial offer according to reuters bhp is reportedly not finalizing the decision on the size or structure of the new proposal. hipgnosis is taking on the agreement for blacktone's takeover deal of $157 billion. it values the share of $1.30 per share. l'occitane is looking to make the offer private according to bloomberg the deal would value the firm at $7 billion. paramount is preparing to

fire bob bakish as talks continue to see the ceo david ellison run the new company. bakish aurgued against the mergr in private and asking to consider alternative bidders paramount declined to comment on the ceo's potential departure. coming up, we will have the latest from the special economic forum in riyadh as the secretary-general tells cnbc the geopolitical tensions are nothing new. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com.

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welcome back to recap the top story today, philips had a quarterly net loss of 1 billion euro after agreeing to pay out in the u.s. settlements over the ventilator recall sales in line with the expectations at 4.1 billion euro check out more on the story and the settlement at cnbc.com.

tesla's elon musk made a surprise visit to china over the weekend meeting with premier li. he admitted they removed the data security requirements sam filed this report. >> baidu agreed to work with tesla giving the car company access to its mapping license for data collection on chinese roads. the deal is reportedly what tesla needs for the driver assisted software to be offered in the country this comes after toyota and nissan announced they were teaming up with tencent and baidu to appeal to the local market elon musk was in chinament over weekend. overseas data transfer is expected to be discussed and stored in china by law there is suggestion they are

keen to have their hands on the data to train. tesla recently got a good report card regulators saying the cars comply with the data security compliance the tesla boss met with premier li he posted about bringing tesla to china musk highlighted his priorities for the ceo in another show of commitment of china by america inc. it is musk's second trip to the country in less than a year. in singapore, i'm sam baddas, singapore business news. >> tesla shares are moving higher in the pre-market before the rollout of the self-driving

technology in china. baidu is up 5% you can find more on that story on cnbc.com. and back to the middle east, the israel planned assault on the city of rafah could be delayed if hostages are released israel will do what is needed to secure the hostages without warm harming the war goals. hamas is looking over the cease-fire agreement israel i officials are concerned over the arrest warrants over the war against hamas. it could be accused of preventing the aid to gaza and an overly harsh response this as secretary of state

antony blinken lands in riyadh for the special economic forum we go to dan murphy with more. >> reporter: frank, market investors are watching the headlines for the potential cease-fire because of the geopolitical risk here across asset classes. i had a chance to speak with the opec secretary-general i asked how closely they are watching the issues. let's listen in. >> it is not unusual to watch the geopolitical turmoil we are focused on the economic growth and numbers we look at supply and we look at demand there's not much we can do to control what happens geopolitically however, there play be implications or not implications of flows of oil or production of

oil in countries that may or may not be effected. we try to make sure there are adequate supplies to the market and a stable oil market. >> sir, how do you characterize the fundamentals right now >> i would say healthy as i said before with interviews with you and others, we are cautiously optimistic. we see us growing by 2.2 million barrels a day relative to last year last area was 2.5 million barrels per day. there are always things we have such as inflation talks creeping up again even though i would say it has been on a good downward trend for the last six-to-nine months. countries have to come to grips with the rising inflation.

we are happy to see china doing better 5.3% is higher than the projections. this is still just a q1 data we have to see the rest of the year we look at everything all together from the demand perspective, if there are no economic headwinds again, such as the past couple of years, it is looking a bit better again, i'm always cautiously saying we have to keep monitoring these elements and factors. from the supply perspective, we have growing psupplies from non-opec producers w we are taking an optimistic approach >> that was the secretary-general there. we have seen high oil prices coming down from the recent highs with the peak of tensions from israel and iran

opec is monitoring this ahead of the june meeting where we could see more insight on the potential for a production cut unwind we are watching those headlines. the u.s. secretary of state antony blinken is in riyadh. he will be in conversation with the world economic forum head president. we'll have the latest later today. back to you. >> dan, touching on oil right there which is down at the moment the key issue was growth in your conversations. i know ministers said the geopolitical tensions were nothing new. did they touch on the impact of the ambitious plans for direct foreign investment >> that is critical, frank here in the dkingdom, we have seen acceleration of the economic diversificadiversifica.

they are relying on the petrol dollars. it has been actively investing billions into the sector to drive a new wave of growth to modernize the economy and lift up the society and bring this country into the future. now, we are seeing progress on that however, there has been some concern in the past couple of months particularly in the headlines about how saudi arabia is going to pay for it what we have seen is funding for those projects like some being scaled back and that has perhaps spooked foreign investors with the overall progress here and questions about how saudi arabia is going to finance this vision 2030 agenda. of course, we did hear from the saudi economy minister he was almost certain the projects will be completed and we will see investment it hasn't stopped skepticism coming from multiple corners

here about whether or not saudi arabia has the money to deliver on the ambitions it has laid out. of course, the devil will be in the details. that is something the private money market is watching closely. >> dan murphy live in riyadh thank you. before we let you go, one more look at the european markets. ftse 100 is the leader up .50% hitting a fresh record high and getting the boost that bhp is looking to put in another offer for anglo american it looks like the dow will open up 60 points higher which is off the highs. that is it for today's show. i'm frank holland. "worldwide exchange" is coming up next. raising you was no bed of roses. are you getting me anything for mother's day? go to 1-800-flowers.com. oh my gosh! wow! gorgeous! i feel like royalty. thank you. 1-800-flowers.com. happy mother's day. happy

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it is 5:00 a.m. at cnbc global headquarters. i'm frank holland. here is your "five@5." stocks coming off the best week since move earnings alert investors gearing up for the busiest week in headlines. regional reckoning federal regulators takeover a troubled pennsylvania lender republic first moofrkelon musk makes an unexpected visit to chin