that's all for this edition of "dateline." i'm craig melvin. thank you for watching. ♪ european stock markets are open with fresh records from wall street and signifials are enough for the investors to wade back into the market again. the central bank policy despite stickiness stateside. the stoxx 600 is picking up speed at over .50% to the u upside. one weak area yesterday was household goods. luxury undermined the journey we

saw for fresh stocks. you can see we are bouncing back to .75% to the good. let's open the hood in terms of the indices. the boards, as you can see, 7,800 plus on the ftse 100. that had a long struggle to hol on to 7,700. we pushed through. that is significant. bounced back on the french market. 8,200. stocks in switzerland are upbeat. spanish stocks are up, too. let's steer to the big german auto. bmw expects the share of ev deliveries to increase this year even as it guided for a drop in pre-tax profits. as i spoke to the ceo, he talked about opt miss optimism.

>> that leads to growth on the more traditional segments of comb combus comb combustioneve engines. 375,000 vehicles, which is 50% market share of the fz. overall, we saw more 2.5 million units. a record high in global sales. the reason for that is that very, very he strong product range which is new and p that leads to a strong demand. >> let's also look at your outlook. your guiding the markets to only a slight growth in 2024. why is that? why are you not more optimistic?

>> we remain optimistic. now we just finished february. we show good growth in january and february. as you know, you know, we are aware of the changing environment, but at the same time, we are growing. the market will develop and we will see how the market develops. of course, we he can also grow stronger. we believe in a strong product portfolio. we believe in the competitiveness. if after six months we grow stronger than that could well be. our outlook currently is growth which is up to 5% which is not small these days. we will grow on the best side as well on the i.c.e. side in all regions. >> the outlook is on the side of

caution if you say there is room for upgrade. that outlook? >> we will see if it is an upgrade. we remain on the mysti optimist the year. we will not go into any price war. let's start the year now and as i said, january and february was positive. we are confident, of course. >> let's look at the factors that are most challenging. perhaps you can enlighten us what you have in mind when yyou say that. >> when you look, for example, in europe, you will have reduced subsidies on the market. we will see how the customer sentiment is there. we will still have growth, but again, we will have to look how strong that growth is.

when you look to the united states, there is also a changing environment and a completely different customer behavior. we will have to look how that develops. in china, of course, we have to look how the overall economy develops and also how our very strong momentum is there. worldwide on china, we were market share of 2.9%. in china, 3.6%. our market share is higher. we will have to see how politically things move with the elections during the year. as you know us, we are cautious in the outlook, but confident on further development. >> would you say this year is having an elevated risk-off or political risk given the elections or also what it could mean for growth trade and trade

tariffs? >> we don't think that elections will have a direct and immediate effect on what happens. global trade may be effected. customer sentiment may be effected and regulations may be effected. we don't think this is going to happen right after the elections. we are looking at the outcome of the elections, but what people believe in and in our flexibility. flexibility is the answer during these times. we are not depending on one strategy. we have a technology centric strategy and we liwill be able an apartment. adapt. >> you can see across the sector with renault up 1.25%. volkswagen as well as eu car

sales rose in february. registrations for all evs rose 18% accounting for nearly half of the sales in the month. i'm delighted to say we have a fresh guest. rory is joining us. lovely to see you. >> pleasure. pleasure >> i gave you carte blanche off camera. it seems everyone karen and i have spoken to, because i have been in travels, have seemed relaxed. fed is not upset the apple cart and three cuts expected this year. is there anything you see he t that plays into this? >> it was a positive message from the federal reserve. three interest rate cuts.

what would have been an issue is the bolt fast from the fed. economy running hot and inflation running high and revised it forecast. stronger economy and lower employment and kept the three interest are rate cuts in. it is a really strong message. >> we talked about jpmorgan chase atthe top of the show. what is fascinating is the market is rewarding the fed for what it said rather than throwing its troy toys at thera. this is not predetepredetermine. it could all change. what would -- let me ask another question. what could change this happy scenario? >> it would have to be a change from the fed. >> about recession or higher inflation? >> higher inflation would drive it, but change to rate hikes. what we saw is the median dot

plot is still for three cuts this year. supportive. >> if we are still in buy mode, the question is whether we change what is now on the target list. this is something i was asking before the market yesterday and the fed outcome. if we don't get more rate cuts this year and if we see growth in tact, could we think about financials with protected nims? we saw it move into cyclicals. growth is firmer than expected. is there a greater argument for more rotation away from the big names? >> we saw that last night. the s&p up 1%. the russell 2,000 up 2%. you saw that broadening out. that is a big theme this year. that is one of the things that is holding those stocks back. you had the recession fears baked into the market and the fed and the jay powell press conference on the side of putting the rate cuts coming

through. >> we will use flash this morning with the stoxx 600 with the fresh record high. we had highs on the dax in recent days. what we are seeing is the concentration of bets in technology and not just in the united states, but breadth coming from japan to the european markets. does that continue? do you think there is more momentum in the european sn markets? >> absolutely. a lot of the market gains we had so far have been led by the big stocks in europe and the united states. the valuations of the smaller stocks in the markets are not the challenging. the earnings is not challenging for the stocks out of the earnings recession. that should be supportive for the stocks. we have seen that this morning. >> can we dig into the weeds?

record highs at the moment. a lot of val tue traps out ther with the auto sector. you are a top fund manager. what are you doing next? >> what we would suggest is stay inv invested. a lot of cash on the sidelines that moved into money market funds that will move back into the markets. we think that broadening out trade is very much there. what we are doing in the portfolios is moving away from some of the bigger names in the index into the midcap names that benefit more from the supportive and central bank. >> these are rate cut names? >> rate cut sectors. your cyclicals and financials. >> financials. what part of financials? do you mean the banks? >> the banks do well with stable interest rates. what we had last night from the

fed and with the message from the bank of england is rates will come down, but stay higher for longer further out. a lot of the hmanagers like the banks. >> the ftse 100 is really going today. we have decent trade on the uk market. it is leading the charge on the markets today. we cleared 7,800 points. we are looking firm in that territory. what do you think of uk assets that have not been as strong as some of the others? >> uk has lagged behind last year and lagged behind this year. we had the inflation print come out from the uk. it came out lower and lower than expected. the market did nothing. think waiting for the federal reserve meeting last night and come out strong and the uk market is cheap.

it is rally on that. also, we had a bump up in the oil price. that benefits the names in the area as well. >> if you look at the makeup of the basket today another ftse 100 100, there is nio and glencore, do we need the rally to stay in tact? >> there is breadth and there is good earnings coming through across the broader market in the uk. it's f the ftse 100 will be led by the materials. it makes up a big part of the index. >> you talked about your managers who quite like financials because of the stability or the stable rate environment, it is a nice sector to own and could boost the uk economy. it is a sector that's confused a

lot of people over the years in terms of the reliability of the income or the importance of the income. how important is income given we established as the bank of england may follow suit with possibly three rate cuts this year. how important is that at this stage of the cycle? >> i think they are under owned by people. >> i have a few of them. 7% or 8% yield. >> it comes back to the uk market. you have fantastic income stocks. they very been under owned. people have moved into the growth names. you know, i think if you are in a world where growth is better, having a stable income is really important. >> income stocks backed by a solid free cash flow as well. as we have seen with the rebates

from 2025, you can suddenly lose that fast double digit yield. have you got anywhere in particular you would advise people to look for income? >> i think we will spread wide. having an exposure to uk income and across the world. companies coming to the market and the european companies and japanese companies starting to give more cash back to shareholders. >> it is the data is poor or underw underwhelming, which means recession environment, that mean more rate cuts. i say this with reference to the fact we just had business activities underwhelming again. the composite at 47.7. services is falling. manufacturing pmi falling. does that strengthen the case?

is that the data that someone like christine lagarde is looking for to say we have to go for this? >> i think so. i think madame lagarde and the ecb has been vocal about rate cuts coming. inflation is now sub 2 in the zone. you have low inflation. that has come down. the opportunity in the window for them to start cutting. >> she was. the thing she said was remain elevated this year. incoming data. our decisions are data dependent. responding to new thinformations it comes in. i guess i'm wondering what information she is looking for here. on the inflation side or recession side soreor both? >> both. >> i hear what you are saying. you are clearly right. it is like a rubbish way to do

your banking. >> they are the big boy on the playground. >> big girls here. >> people don't tend to follow them. >> i hear you. >> the june meeting before the boe is when we start to get the rate cuts coming through. s>> hang on. is it ecb? >> dynamic. >> the central bank has done what it was to do. it was boring. when it is exciting and you have the massive moves -- >> we went from 5 last year to 3. then the ecb with the rate cut, we may not have more after that. we will be dynamic. it is exciting. >> it is exciting. it is a strong market. we had seven rate cuts hmove don to three. >> absolutely. >> we love chatting to you.

karen, thank you. >> thank you. we have the ipo to catch up on. a lot of market fever for this steej. douglas and perfumes. the company ringing the bell today. the ipo reaction with the stock down 3.5% in the initial exchange. stages. we have seen it in terms of opening of major rivals like sephora in markets. a annette, we saw a lot of enthusiasm on the floor. spill out the prospects for the company given the area it is in here. consumers are still interested in spending money the products. >> reporter: i think overall, we have to say it is a capital increase because the company is actually settled with the huge

debt pile. i guess this is probably holding back investors from saying what a great ipo. what a great story. the rather new ceo has a new strategy where before they concentrated online business and the plan is to expand the branches across europe in order to boost sales. they want to grow by 7% each year and only when they actually do reduce the debt pile and they he are promising to give back to the shareholders in form of the dividend. 40% payout ratio is the plan, but only to reduce debt. the key question is how the macroeconomics environment is doing and which markets they are targeting. clearly not every beauty market is price sensitive. i have to say douglas is positioning itself in the luxury

segment which also not include other beauty shops here in germany. i guess it still needs a little bit of time to find out whether the growth story is in tact. let me bring you back to the numbers and financials. douglas at 2.8 billion teuro. the private equity company bought douglas for 3 billion euro in 2015. that is a valuation gap to close. that is why they are staying in the family who also sis a major shareholder. it is a capital increase. shares had their first pricing here on the low 3% initial

pricing. the outlook is questionable because of all of the macroeconomics headwinds with the strategy to work out to increase the branches remains to be seen. i'll speak to the ceo shortly after 10:00 and bring you the interview live here from frankfurt. >> annette, thank you very much. sephora looks s fantastic. it feels like there is a ton of competition in the space. it depends on the consumer. apple is ticking lower on the report it could be sued by the u.s. department of justice today according to bloomberg. it will accuse the company of violating anti-trust laws by blocking features of the iphone. it comes after the eu fined apple 2 billion euro for breaking competition laws.

next, a better than expected 5% increase of full-year profit. the british retailer kept the target guidance for the year targeting 2.5% growth. it expects higher margins, but lower selling prices. interesting. the stock is still up. haldelberg shares are still up for the year. coming up, we will bring you the swiss national bank rate decision right after the break. 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. when we started our business we were paying an arm and a leg for postage.

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in the headlines, the stoxx 600 hits a record high after the fmoc sticks to the strcript are backing three rate cuts this year, but french pmi data misses expectations. we will hear from the c,eo late on "squawk box." apple shares fall in pre-market amid reports that the u.s. justice department will sue the tech giant today for blocking rivals from iphone hardware and software.

currently, the smb interest rate of 1.75% is interesting. we had a conversation with rory of who wants to go first. they want to get in line behind the fed. the smb with the rate had 1.75%. this has an inflation problem. t data came out to the lowest level on march 4th. consumer price inflation was 1.2% compared to the year earlier which was down 1.3% previously. slightly higher than 1.1 expected. the swiss don't have to go now. the economye never really had a inflation problem like europe and the uk and u.s. as well. it will be fascinating to see

what thomas jordan and the snb has to say today. >> it is key in june. the fed and snb said to be june. it will be a monster month for central banking. what strays us from the time frame? that is the key cliff hangers for a lot of the central banks. >> the snb wants to be between zero and 2%. hey, this is news. they have gone for it. they cut rates. there you go. they didn't hide behind the fed. interesting. 1.5% against 1.75% previously. they don't have a particular inflation problem. they are lowering the rate to 1.5% which is a cut of .25%. that's really it. they lowered the policy rate to 1.5%. absolutely fascinating.

they did not want to wait for the fed. they have been in range since may of last year. >> recovery action is .80%. a flat trade a few seconds ago. the swiss dropping against the dollar significantly. look at that reaction. this is a surprise for the markets. >> the really interesting comments and i will make no excuse spending time on this, karen. thing truth of the matter is, the economy looks -- look at this data. inflation. previously thought inflation would be 1.9%. they are saying 1.4%. toward the middle of the longer-term range. it was previously 1.6% now 1.2%.

g d gdp as well. let me recap. they cut rates .25%. the first to actually cut rates. they have gone from 1.75 to 1.5. they increased gdp. lowered inflation expectations as well. that is absolutely fascinating. weak demand from abroad and the appreciation in the swiss banking terms and we must not forget the swiss franc is on their minds. they have to have money operations. because of this, it had a d dampening effect. unemployment is expected to rise gradually and capacity is likely to climb further. banks size deposits at the snb will be held at the rate until a certain threshold and 1% above that threshold. >> that is interesting about the

active nature in the fx market. that was a question for the japanese as we saw weakening in the yen on the back of the boj. i want to pick up on the mortgage market. we have been talking about hate in the property market across europe. swiss market as well. the snb talking about the mortgage and real estate markets has weakened in the recent quarters. that volatility in the markets remain. it is fascinating to see the heat come from the market. we saw it expressed for vonovia with the ral sags valuations hi >> dare i say it, a lot of rich international clients find it difficult to find value on the properties. we will be speaking to the snb chair thomas jordan. we have an expert in the student

y studio. we he have the german rates first. we have the flash pmi at 41.6 for the month of march. this is down on the february level. we had a weak level in february of 42.5. 41.6. there is improvement on the services side. that's improved to 49.8. break even as you talk about expansion with the 50 handle. that picked up from 48.3 in february. the flash composite pmi is 47.4. that softness in manufacturing will be a problem. a number of ceos will be griping about the german compet competitiveness. central banks will report and we are bouncing with excitement. your reaction to the swiss going

first? >> we have the first central bank this cycle to start cutting rates in developed markets. the key thing here as you mentioned earlier in the show, the swiss never had an inflation problem. inflation peaked at 3.5% this cycle compared to the double digits in the rest of europe and the uk. really, that is for a number of reasons. we had the lesser lines from energy abroad. they have their own electricity. a lot of the core cpi basket has some form of price circulation. they can mitigate the price increases throughout the range over the last couple of years. also, we had a junk rating. it feels right. >> that is it. unlike most economies around the world and most jurisdictions,

they have a safe haven problem. it does dent sometimes the competitive environment if they have to continually trade the swiss franc and keep it down. >> that is another key part of the news this morning. they are going back to intervening in the market. intervening in 2023 at 15% of swiss gdp taken up byfx intervention. they stopped at the start of the year. you saw the swiss franc depreciate against the u.s. dollar. you had significant depreciation already. we had another 1% depreciation. it makes sense to keep that currency as strong as possible given the divergence with the rest of the world. >> we have seen the appetite spill across the smi. a 1.2% pop on the market. the reaction yesterday from the fed was interesting. markets saw another green

signal. already taking markets to records. how do we factor in the enthusiasm for stock markets on the back of cutting cycles? what does that do for central banks when they see euphoria for investors? >> part of the price action is the dovish than expected fed. they did not take out the dot plot as expected yesterday. clearly, it creates a challenge. if financial conditions get easier, it puts pressure on in the long term. they that is why you see the stock markets react. >> the swiss are talking about uncertainty with the global economy. we are talking about the economy that touches a lot of different economies here. particularly for the ecb. yesterday, it felt there was a little bit of urgency coming into the comments overweighting and concern of the weakness.

the fact that the snb has gone for it, does that mean there is urgency not to wait until june? >> possibly. the inflation environment is benign in the euro than in the u.s. you have a weak demand environment and there is limited secondhand effects with the wage growth and wage exexpectations. we he are still on a june rate cut. >> let's get away from the wage data. i really did sense urgency and manipulating of the conversation points that if you get a rate cut, we don't know what comes next. subtle change with the view you get going and you step off that ledge and get the first rate cut and followups after that. the messaging now that you step off the ledge and you don't know

what comes next, does that mean it will be a june rate cut? >> a bit of cat-and-mouse going on here. everyone is slightly afraid to go before the fed. the snb is the exception. the inflation problem is different there. i would say the key thing for the ecb is what happens to the euro. markets are pricing in a similar path for the fed and ecb. we take a different view. we feel the fed will keep on hold. >> no rate cuts? >> that's our view at vanguard. >> that's absolutely fascinating. >> if that is true and the ecb does cut, then the question is what happens to the euro? it pmay depreciate. if that gets to parity, that

raises a concern. >> thomas, our correspondent, apologized to me. don't apologize. if the fed can't cut or doesn't cut this year, you are an economist, you can give us a bit, do you think the equity market will have the mother of all hissy fits? >> it is tough to say. rate cuts would improve from seven rate cuts from the start of the year to three. >> the market is brilliantly ignoring that. >> it depends on why. the stronger economy or supply side driven growth and perhaps the stock market can continue that rally. vanguard will believe the u.s. market -- >> the euro plummets in that scenario? are we back at parity? the fed -- how many cuts? >> four-to-six cuts.

>> whoa. can you put up the euro/dollar? long term. give us ten years or 20 years. whatever you got. >> if the fed is unch -- we have a year. can we go longer? that's better. slightly bit more. we are 109. if the fed doesn't cut in 2024 and the european central bank cuts six or best-case scenario, where is theeuro/dollar? >> it is not as lightly as you think. 150 basis points wider. >> the perception would be key. >> you need 8% depreciation to get to parity. that is a huge move. most would suggest two. >> who is standing in the way? we know there is irrational pessimism. who will stand in the way of that trade with six cuts at the ecb and no cuts at the fed? >> if there is excess

volatility, there is room for a pause. >> the german data telling us there is a problem in hf manufacturing with the handle of 41.6. do you think there is pressure for the ecb to get it right? we were talking about the peripheral european countries with the structural reforms and growth problem because of not taking the hard tasks they should have done. it is not all their fault. if something goes wrong in terms of execution this time around, there is more pressure on the ecb than other cycles? >> possibly. i'll argue the german issue is structural in general. this is going to be a multiyear issue. industry in germany has been in recession for over a year now.

one could argue there is a bit more pressure here and there are risks to cutting too late and go into a downturn. the risks are finally balanced at this stage. >> in the meantime, andrew bailey -- if they cut today, i'll eat my hat. i don't have a hat. >> i have some cnbc ones that arrived with paris olympics. >> a cake is better. the bank of england. you mentioned amazing scenarios for the fed versus the ecb. nothing versus four-to-six. >> the bank of england will be boring today, i imagine. the forecast in the february meeting was in line with the recent data with gdp and inflation services side. i suspect little change in messages. >> what's the bank of england

going to do? >> they start in august. they do 25 basis points each meeting. 100 points of cuts by the end of the year. >> we stuck a few things in. gluten-free bread. how quickly do you think uk inflation is coming down from here? we had surprises where it has been undershooting in recent months. >> that's true. i'm happy about that, by the way, because my wife is gluten-free in our household. it will drop next month because of the mechanics going lower. >> no thanks to the gluten-free bread? >> no. the wage growth is elevated. wages are coming down. you see evidence that wage growth will fall closer to 4% by the end of the year.

if that comes true, the core cpi will be be low 2.5% for the yea >> a lot of people aren't gluten intolerant? >> it is an allergy and intolerant. >> you can eat gluten, but not? >> i don't know. my wife. >> senior economist at vanguard and expert on gluten nutrition? it doesn't say that? thank you so much. a pleasure to see you. senior economist at vanguard. are you gluten free? >> yes. intolerant, not allergic. >> what happens? >> you can feel the digestive system doesn't work as efficiently. >> most of the supermarket stuff is rubbish? most supermarket bread is full of crap? >> yes, in terms of what you

get. >> salt. >> preservapreservatives. we had conversations with some of the ceos where they put more enzymes into the bread to make sure it doesn't go rotten for three or four days. it is not great for the digestive system. >> silvia will speak to the ceo thomas jordan. we will bring you the conversation later today. silvia which ishave the decision from the ecb at 12:00 gmt as well as the norges bank governor as well today. . we will talk about the popularity of reddit coming up. reddit prices prepares to ipo on the new york stock exchange today.

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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. something really interesting has happened in the last 19 mo minutes. we have gone from hope to

reality. it is not the full story. we have gone from hope from the equity market that we will see rate cuts this year and one of the major central banks of the western world cutting rates. we have gone from the hope to the reality. we didn't wait for the fed or the ecb. we got the snb for it's own reasons has now cut interest rates from 1.75% to 1.5%. that added a bit of fuel to the rally that was already on. let's not pretend the order was central bank cuts and the market rallied. the market rallied regardless. the swiss have gone. before you get too excited, the swiss have specific factors in the economy. i.e., they don't have an inflation problem. they have been below target of 0 to 2% since may of last year. they have now cut the rate from 1.75 to 1.5%.

they didn't have a problem. they firmed up the gdp. 1% opposed to 1.5%. it is a strong set of announcements from the snb which says we will not hesitate to get involved in the foreign exchange market. the swiss going down here. that's reaffirming the view that the market was rallies as well on the dovish unch of the fed. the swiss stocks are dominating. we have smi up 1.3%. the ftse 100 as karen pointed out, the ftse 100 leading the fray of the major indices. across the board, the gains with the cac 40 being a laggard as opposed to lagarde, who is someone else, up 1.5%. moving to the sectors, basic

resources at 2.9% higher. we have seen all of a sudden the chinese stock market has found stability from down 10% to positive for the year. the hopes for the economy growth with basic resources. real estate is reacting positively with the real estate language. technology is rallying 2.5%. retail is positive at the next story. we should have a look at the individual stocks. acedo up 5.4%. moving in the opposite direction is down 3.5%. a look at european chipmakers and where they are trading. asml at 4.6% higher. infineon up 3.1%.

let's get to reddit. $34 per share is the top range valuing the company at $6.5 billion. the offer brought in $21 million. big difference with pinterest which is popular. reddit is not popular. the ninth most popular in the u.s. which is low. we have been talking in weeks where tiktok is front and center because of the popularity of the site. what gets interesting is it is coming to wall street. this was the company that had the meme names. you saw retail traders trying to outrun the hedge funds. it is coming to wall street. let's see what the market does with it with the valuation no

longer $10 billion back in 2021. it is now $6.4 billion. will traders or investors see value with this company? >> you know, i spent a lot of time listening to experts on technology and the rally in technology. it seems very, very clear that the difference between this and the dot-com bubble is these companies make money and diverse revenue extstreams. you can see nvidias of the world. crazy growth and profits. you get it. you can buy into a company making loads of money. this is a 19-year-old company never made a bean. it is $91 million in losses. it is like we have gone back to 1999. >> the users love it. they don't want it to see a

commercial product. they tried to introduce revenue raising initiatives, there was pushback from the users. >> who wants to pay for social media? i don't want to pay for it. i don't care if i have it. it doesn't add to my life. >> do you want the company to sell your data? this is something that was inked in "the times." it has done sa deal with google to collect information on the site. >> do you know, i once said to a cyber expert. do you think that company that i have my email account is selling? it is a question who is not looking at your data, not who is. >> we expect it from the likes of meta. reddit users don't want the same approach to the site. >> inverse revenue wall. our colleagues will speak to steve huffman today.

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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." jay powell and the fed maintain the commitment to the rate cuts. the rally rippling through the markets. japan hits an all-time high. equity in the ipo markets as reddit gets set for the first trade which followed a rocket ship of a debut. stellar quarter for micron has the ch