that's all for this edition of "dateline." i'm craig melvin. thank you for watching. [theme music] ♪ good morning and welcome to "street signs." i'm frank holland and these are your headlines. we are live in london and zurich. ubs surges to the top of the stoxx 600 after the beat on the top and bottom lines. the ceo takes cnbc through the quarter. >> very strong momentum in banking. we are at a strong momentum compared to our peers in the quarter. this quarter is where we gained

market shares. unicredi, i, it is in the g and raising guidance for the full year. >> it's a record. it's the 13th quarter of profitable growth. we are getting ahead on profit for the year. in addition to that, we had a positive surprise on systems in charges. we are 200 million better than expected. infinion cuts the full-year forecast, but details the cost saving program. >> we have to confess compared to the previous full-year guidance, we had to lower our expectations. previously, we were guiding for 16 billion in revenues. now we are guiding down to 15.1 billion. energy complex quarterly profits fall, but the giant

still confirms a $1.7 billion buyback. good morning. welcome to "street signs." taking a look at the european market right now. we are seeing a green day across the board. we are looking at ubs which has blown past estimates with earnings per share at 52 cents. more than double expectations and reporting net profit at $1.8 billion. silvia has more from zurich. silvia. >> reporter: good morning, frank. we are seeing some solid results from ubs this morning. for the first quarter of 2024, they have a beat on revenue and on net profit. there's more. looking at the ct-1 ratio at

14.8%. that was above last year and above what analysts were expecting. when it comes to the cost cutting plans, ubs said he was targeting a $13 billion cost cutting reduction to 2026. the ceo told me they are on track to achieve 50% of that by the end of the year. all in all, the positive sides are coming from a strong performance on global wealth management and on investment banking. having said that, a few question marks of asset management and revenues for the division coming in lower than what analysts were pricing in. let's show you the remarks from sergio er mermotti who died us through the first quarter results. >> we are making good progress

in our plans, but at the same time with a return to net profitability on thereport of business. strong profitability. we have capital getting stronger. we see clients still seeing us as a strong partner across all our businesses. we are pleased with that progress we made so far. we still have work to be done for the year. >> when it comes to net new assets, the first quarter came in at $27 billion. that was far from last year. my question is are you still on track to achieve the 100 billion for this year? >> of course, we may see some volatility on the quarterly basis around the target. our focus in the next two years is to look at restructuring our

balance sheet and financial resources which may lead into a lower growth of net assets. that's the reason why we target and from 2026, we expect this growth to grow toward $200 billion a year. you can see how managing our balance sheet may lead to a slower growth, but still it is a sound one. 1 $100 billion a year is a good result. >> tell us about net interest income. you are guiding to performance with that for the rest of the year. is this a result of the different rate environment or is there more to it? >> if you look across the board in dollars, we expect we are factoring in three cuts between now and year end. i think that's still the jury is still out if this is really

going to happen. this is the assumption. we are basing our outlook. in switzerland, we are basing in two rate cuts until year end. we are assuming that clients look at the deposits and balance sheets. on the other end, we are making good progress in the cost reductions. we are seeing very good inflows in our assets. therefore, we see room to compensate. >> reporter: clearly, when looking at how shares are moving this morning, investors are reacting positively to this set of results with ubs shares leading the gains in europe. however, there is one uncertainty when it comes to the swiss bank. swiss regulators are

imple implementing policies on the bank. for the time being, we don't know if that is the set target. we don't know when the capital requirements will be put forward and we still don't know the pressure on that front on ubs. the swiss bank preferred not to speculate. today, just looking at the earnings, it is a positive day for ubs. frank. >> silvia, thank you very much. moving on to the another bank. unicredit raised guidance after the first quarter profit of 2.56 billion euro. charlotte joins from us milan with more. >> reporter: good morning, frank. unicredi, it

unicredit was better than expected with full-year profit. to look at this, nii came in at $3.6 billion and fees at 2.1. we know that interest rates will start to go down soon in europe. the bank satisfy saying we don't rely on the aii for profitability going forward. fees are going up. they are well positioned going forward. they have done their homework and prepared for the phase and continued profitability at the bank. off the back of that, they changed or upgraded guidance for 2024 to see net profit to over 8.5 billion euro. they have indicated previously it would be broadly 9. they increased the distribution to shareholders in line with 23. that is 100% of profit. previously guided 90%. they are trying to attract

investors and shareholders into unicredit. shares are up 300% since the new helm of the bank took over. i had a chance to catch up with the ceo and asked about the performance this quarter. >> that shows the resiliency of what we have built. most importantly, in terms of applying fees performing at the level we were expecting. this is a little bit of a vindication of the investments and training we have done for people on the fee area. simply put, we think we can solve the significant portion of the headwinds of the norm normalization of rates and it is also about our capital efficiency and the building blocks in the p & l.

we are quite excited to see what will happen when rates normalize and there will be a big differentiation between banks. we are really confident we will absorb the hit and continue performing well in the next three years. >> reporter: now we also talked about the business in russia because this is the second largest european bank to still have a presence in russia. there was a report earlier this month from reuters saying unicredit would receive a legally binding order to wind down the business in russia. he confirmed he received that letter saying they are winding down the business. >> every single bank that has exposure in russia of any size has received the letter. it is correct.

that is the ecb doing their job. for us, our track record speaks for itself. our cross-border exposure is down 91% of 5.6 billion over two years. contrary to people who may have done it in a rush or more emotionally, we lost single digits on the that reduction. at the same time, locally, we are down 67% over two years. our strategy going forward is to continue with that in an orderly and accelerated basis. that would mean cross border would be completely dealt with within the next 12 to 16 months. the local bank will be substantially smaller, again n t in the next 12 to 16 months. >> reporter: that was the ceo of unicredit after the bank posted

better than expected results and upgrading guidance with the shares continuing positively over the past few years. up 300% since he took the helm of the bank . in the green today. >> charlotte, thank you. turning to more banking news. sabadell rejected the offer from bbva. the offer is significantly under valuing the potential of the growth prospects. the bbva says it regrets the a track tattractive offer. we are joining by our guest this morning. >> good morning. >> i want to get your opinion right now. bbva is up 1.5%.

sabadell is down. do you believe that under valued the offer and potential growth? >> no. we offer this as afull-value offer from bbva. we particularly look at bbva and we felt the deal might make strategic sense, there was not margin of safety in the valuation that bbva placed on sabadell. we implied the deal brought sabadell in line with the book value. sabadell generated up to 11% in the results which seems kind of the ballpark where it should be valued. it was not an overly generous

off, but fully valued offer. >> in your mind, why would the sabadell board turn down the offer? >> i think you know they are obviously looking out for the interests of the shareholders and given the strategic attractiveness of the deal for bbva in the sense that bbva led in terms of market share of santander, they possibly are hoping that bbva will come to the table with the higher offer. >> i want to talk about another bank story today. unicredit. stocks are moving higher on the earnings beat and a raise when it comes to guidance.

we saw ct-1 capital better than expected. within the report, they cited better fees and commission. is that a read to the enter european banking center? we see a better situation with commissions and credit and also trades. >> yes, i think it's something we have seen with the results as well as net interest income holding upper than expected. i think the banks was using all of the yield curve and expectations for rates to remain higher for slightly longer. that's been positive, i believe, for nii. i think also the liability management side of the banks have been good. they are hedging in higher

interest rates which is beneficial over the longer term for the banks. i think especially for the italian banks, unicredit reported stronger than expected fee income dprgrowth. >> i want to point out to a morgan stanley note. unicredit to buy up the peers. what is your take on that? >> we are in support of con consolidation with countries. we see how it improves the profitability of the spanish banks. to a lesser extent in italy. we support the acquisitions within countries. we have central deposit insurance in europe.

we don't really see synergies extracted across border. >> last, but not least, ubs. you went across the results with our asian colleagues. i want to talk to you now that you have a second chance to look at the numbers. strong report. the ceo saying the focus is on restructuring the balance sheet. if you are an investor of ubs, how would you view that? >> i think the focus is on reducing investment banking as the legacy investment banking assets that they got from credit suisse. they want to wind that down as soon as possible while incurring the lowest mark-to-market losses. to do that, that will free up capital which potentially further down the line can address the concerns from the potential increase of their

regulatory requirements. >> all right. equity analyst for morningstar, thank you very much. still to come, infineon cuts the top line forecast, but investors are bullied of the cost cutting plan. stay with us. switch to shopify and sell smarter at every stage of your business. take 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. take your business to the next stage when you switch to shopify. when we started our business we were paying an arm and a leg for postage. i remember setting up shipstation. one or two clicks and everything was up and running. i was printing out labels and saving money.

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welcome back. you can see a mostly green day across the eurozone with the markets. a busy week as well for central bank decisions. also a busy earnings day. we will get to that in a moment. take a look at the stocks. it is up over .50%. on a two-day winning streak. it looks like the trend will continue today. i want to move on to the boards. mostly green. pretty much green across the board. the ftse 100 is up 1%. it continues to be the leader and moving higher after the bank holiday yesterday. the copper trade is a catalyst. d glencore is mogoving that index

higher. again, a green day across the board that we're seeing. let's look at sectors with banking in focus today. banks are up 1% after strong reports from unicredit and ubs giving the sector a bid. travel and leisure up over 1.5%. iag is moving that sector higher. iag shares moving higher a day ahead of earnings. getting a boost ahead of the big apple event later today. ubisoft is moving higher on the analyst upgrade. overall, a positive day. i want to highlight the retail sector. we get eurozone retail sectors coming up at 11:00 cet. bp posted a bottom line miss with the first quarter with the earnings of $2.7 billion. that was down 40% on the year.

the oil jogiant said it was dueo the outage of the key u.s. ref refinery. shares are down right now. dhl with a 20% drop in earnings with the first quarter of 1.3 billion euro. the group confirmed its full-year forecast. the ceo told cnbc the company is grappling with struggling demand. >> we continue to see a bit of the economic cycle unfolding. we have an unusually long trough in global trade volumes. this has been going on for a while. sluggish global trade. the geographical pattern is shifting in asia with the ocean freight. european trade is weak and that is obviously a very important market for us.

that is across most of europe with a slow start in 2024. infineon lowered the forecast for the year with weakness in key markets. the second quarter revenue of 6.3 billion euro. arabile is here with more. looking at shares moving up 9%. >> surprisingly when you look at the earnings outlook here. i suppose being prudent is what you are getting from the semiconductor play. the auto sector is still bound to suffer. they are seeing weakness in the key market. they are worried about the future when it comes to the demand story overall. the question mark becomes in they lower it down to 50.1 billion euro as they suggested with the top-line revenue for the fuel year, where does that growth come from? the cfo was speaking about investing in china and malaysia. they launched the partnership

with xiaomi which is important in the sales market for evs. they notice a deceleration in growth. that is the word of the ceo in the notes today. the bit of a struggle in markets. they are hoping they will have a segment in and around 20% in the future. they are putting up a step-up program which will push up segment return as well as a high triple digit range with the segment result. here is the sentiment from the cfo with regards to the outlook for the company. >> we see some markets slowly picking up again in the area, for example, of our pss division. for our business and a.i. business and we expect this quarter to be a growing quarter

again. we expect to grow by 5% which is in the current market being a challenging market and this is a good step in the right direction. however, we have to confess compared to the previous full-year guidance, we had to lower our expectations. previously, we were guiding for 16 billion in roughevenue. now we are guiding down to 15.1 billion. half of that comes from a more reduced growth, but repeat reduced growth in automotive and extended recovery in some of our key target markets like the consumer compute communication and also industrial. >> frank, as you can tell, growth, but still muted in that report. they say competition is heating up and they have to separate themselves through innovation.

you have more factories launched in germany. that could impact things significantly. the share price is around 15% lower. you can see on the three-month baiss, basis, they are moving 4%. >> you rarely see a company move higher when they reduce guidance. it is reduced growth. generally companies get dinged for that. >> i'm surprised with that. >> investors are seeing something in the report they like. arabile, thank you. coming up on the show, more european companies breaking down their earnings. stay with us. flight. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the energy that gets you to the next level.

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and print out shipping labels 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 good morning. w welcome to "street signs." i'm frank holland and these are your headlines. we have ubs take us through the strong quarter. >> we have a strong momentum in banking. we are at a strong momentum compared to the peers in the

fourth quarter. this quarter, we gain market share. unicredit is in the green after the forecast beating the first quarter numbers and raising guidance for the full year. >> it is a report. it's the 13th quarter of profitable growth. we are getting ahead on our plan of accumulating profit for the year. in addition to that, we had a positive surprise on system charges. 200 million better than expected. infineon cuts the full-year forecast, but shares rise on details of the cost-saving program. >> we have to confess compared to the previous full-year guidance, we had to lower our expectations. previously, we were guiding for 16 billion in revenues. now we are guiding down to 15.1 billion. energy complex. the quarterly profits fall at

saudi aramco and bp, but still confirmed a $1.7 billion buyback. good tuesday morning. it is a mostly green day across the board in the european markets. it's a busy week for central banks with decisions later and a heavy earnings day. we are taking a look at the stocks coming off a two-day win streak. it looks like the trend will continue up over .50%. take a look. the ftse 100 in the lead this morning following the three-day weekend with the bank holiday. the ftse is the leader. the copper trade is the leader with the ftse 100. the italian mibi moving higher. the ftse is up over 1%. ftse mib is up 1% off unicredit

results. the dax is up .50% after mixed earnings reports. we will move on to another earnings mover. uniper profit fell in the first quarter. it confirmed the full-year outlook targeting 1.5 and 2 billion euro. siemens missed revenue in the second quarter with the sales in china missing. they adjusted ebitda of 22 million euro. and fresenius confirmed guidance for the year. annette joins us more with the quarter. >> reporter: thank you, frank. despite the numbers which are beating expectations, the shares

are down and tanking. that is according to analysts because the guidance is moderate. they would have expected more optimism for the year. the ceo which i spoke with earlier on cnbc told me they have a strong pricing power and they really see business coming back in terms of profitability. the u.s., of course, is the biggest market. here mortality during the covid years was higher and it did impact fresenius business. that market is coming back. perhaps we will listen in. >> the good news here is roughly 700,000 patients in the u.s. alone and we're half of that. because the number of patients, dialysis has been buy pbipartis.

the democrats and republicans care about the dialysis population. this goes back to the nixon times that put in medicare coverage for dialysis patients. obamacare covered the affordable care act. with trump, we had kidney care extension. we also saw with biden during covid with the democratic party stepping up and providing government funding for us in times where the providers needed help through covid. obviously, we see that support on both sides of the house. our advocacy is strong. there's not one politician that doesn't have someone with dialysis in their jurisdiction. >> reporter: if you look at the longer time horizon, the shares are still down tremendously. they are down 45% in five years.

that is especially because of the covid-related problems in terms of sales of the products. going forward, they are quite optimistic they can maintain the pricing power. across the world, they are the number one dialysis offering company. that is why they are so strong as well in the united states. of course, there are bottlenecks as well because pricing power is st strong. it can't go on forever. on the other side, they had problems with skilled labor, especially in the united states. helen giza was optimistic for the year and guidance. they are also saying they are quite successful in getting their costs cutting program here on the ground with the big transformation. they are about to sell more clinics. that was the strategy before to

have their own clinics. that is new with helen giza who decided to get rid of those and concentrate on the core business. >> annette, thank you very much. going from earnings to global trade. emmanuel macron and the european commission chief called out overcapacity in talks with xi jinping in paris. the pair expressed concerns of the cheap chinese imports and say the trade ties are necessary. they expressed the need for cooperation. >> translator: china is willing to work with france and other companies to develop friendly cooperation on mutual respect and jointly create a better future. >> we want to take a look at shares of remy and pernod. shares are surging after

emmanuel macron told reporters for his openness and measures on french cognac and wish not to see them applied. remy is up 8% and pernod is up 8%. moving on to the middle east. the israeli military is striking in eastern rafah after urging people to leave the city. the evacuation is limited and temporary and comes ahead of the ground assault on the area where an estimated 1.4 million palestinians are sheltering. that is amid uncertainty of the cease-fire negotiations. hamas agreed to a proposal, but israel rejected the deal saying it was a watered down version. saudi aramco is looking to fall in first quarter profit.

dan murphy filed this report. >> reporter: reporting a slight miss on earnings the first quarter following the first quarter trend for big oil. it still takes pole position. the saudi state oil giant reported $27.3 billion of net income. that is shy of the $27.6 billion analysts expected. it is well down from the 31.9 billion reported in the same period a year ago. the profit pullback comes after aramco said global market conditions improved in the first quarter with higher prices and low inconvenient after and stronger demand. cash from operating activities and free cash flow both declined on quarter with free cash flow down $22.8 billion from $30.9 billion in the same period a year ago. aramco commented on the government's decision to transfer 8% of the ownership.

that transfer had no impact on the total number of issued shares, operations or dividend. the government still owns 82% of the company. it reported a performance dividend to be paid in the second quarter. the company expects to pay a total of $124.3 billion in d dividends this year. a critical source of funding for saudi arabia and pif as it looks so layout a road map for the goals of the ambitious 2030 diversification agenda. in dubai, dan murphy, cnbc. still ahead, we look to earnings from disney as the house of mouse looks to diversify the streaming division. that's coming up next. stay with us.

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cool down before rate cuts. this strength eens the case for the cautious approach. meanwhile, john williams is adding that current policy was in a very good place. goldman sachs' david tsolomonun. >> there is a possibility of a rate cut or two this year. i could also see if the data, you know, doesn't prove to move in a direction to support that, we could stay where we were. the fed is clear. we are watching that data. until they see, you know, inflation come in a little bit more, they will be cautious on whether or not they move. >> citigroup's jane fraser says this is cis complicating the fe job. >> we have to see services

inflation and we need more data points. it's hard to get a soft landing. we're hopeful. it is always hard to get one. so far, the fed is trying to navigate a complicated system. >> we have ubs ceo telling cnbc this morning that the jury is still out when it comes to rate cuts. >> i thought it was too much of a bullish view on the matter. i mentioned before we are still pricing in three rate cuts for the rest of the year. the jury is still out in my point of view. inflation is sticky. it remains to be seen if rate cuts are enough and needed to sustain this new environment in terms of control of the inflation and amount of money supply in the system is still very large. therefore, you know, one has to

look carefully on that front to see the developments. we are cautious and we will see how things develop. >> one more earnings mover. palantir issued weaker guidance despite the beat on the first quarter revenue. the firm saw strong demand for the a.i. products and adding that u.s. commercial sales is a growth driver for the future. nintendo is looking to switch next year after the 13% increase of the net profit for the fiscal year ending in march. the japanese firm expecting a fall on the back of weaker sales of switch consoles and other software. joining us now is arjun kharpal. >> good to be back. the nintendo switch, this is what the market is waiting hfor

here. they had success and it managed to extend the life of the console with zelda which it released last year and mario and licenses of the movies as well. that helps with the console, but the company forecasting a drop in profits and that means it is time to revive the console. >> why march of next year? the console sells better leading up to the holiday season. >> they ruled out announcing it at the upcoming direct event which is where they announce new games. they could announce it before the holiday period. that would make the most sense. i think one of the things for nintendo is when they bring the console out, a few things align.

the pipeline of games is strong. the market know there is a strong pipeline. they need the production rights and make sure to position something which is a successor and better than the current switch. those who have the switch have a reason to upgrade. >> if you travel on an airline and anybody who has kids, you see switches. you see the kids on the switches. what about cloud gaming? how do they adjust with the switch or the other everything ones? >> cloud gaming is an important part of all of the game makers going forward. microsoft, sony and nintendo. the technology is not quite there. console is still a very important part of it. one of the interesting things about the switch is what you mentioned. that hybrid kind of version that they brought out. you can take the console with you. that lends itself nicely to cloud gaming. if you are on the do and want to stream over a wifi or offer

mobile network, that is something you can do with the h handheld. nintendo is positioned well with the strong ip and strong gaimes. the nintendo is positioned well. >> it is all about the titles and success. mario brothers and that just keeps going and going. what do they have coming down the pipeline? >> the issue is the pipeline is weak this year. they have a new mario game coming out. it is not a huge flagship. the big game last year was zelda and we had pokemon the year before. nintendo needs to come out in the market and say we have a strong pipeline of games in the next one or two years. they are pushing more in the movie front with characters to build the characters.

when they do bring out a new game with the characters, the excitement is there. i think that is a strategy you will see nintendo use going forward. what does the next two years looking like here? >> i'm more a playstation person myself. that play looks great. a legend of zelda series would be great. >> that's in the works. >> i was watching on amazon prime. i never played fallout, but i'm watching. >> i started watching witcher. that's how you see the cross characters. they bring out a movie and you get interested. the kids get involved. that is fascinating with i nintendo. >> who is playing the hero? t . >> i don't know. >> arjun, thank you very much. we are looking ahead to disney's second quarter numbers today after the proxy fight with

trian partners. just under 20% on the year. disney plus figures and the all important ad revenue is in focus as the company targets streaming. joining us to discuss the quarter ahead is tim mulligan. tim, great to you have here. >> good morning. >> what are your expectations for the report? a lot of things on the table. streaming profitability and succession plans and the valuation when it comes to hulu. >> all important points and results being released today with the report. the key area of focus from the consumer point of view is turning around the decline in average revenue per user in the disney plus offering. that is below $6 per user.

that reflects the relative loss of subscribers internationally where they lost 3% of the subscribers internationally. domestically, they grew 9%. there is a divergence with the domestic part of the business. the overall cost for the direct-to-consumer segment for disney plus have declined over the previous 12 months. they are approximately $186 million off. there is a shout they will announce profitability today on the earnings call. the area of focus is sports. we know it will be a big announcement -- they have had a big announcement about the combined sports streaming that will be launched this year with warner bros. discovery and fox. that will have implications for existing disney shareholders.

the most profitable segments in the direct-to-consumer part of the business is the sports-focused side. operating profit margins as well as domestic growth. the average revenue per user numbers are $6 above where they are for disney plus. >> you see an outside chance that disney plus will swing to profitability. i want to look at the succession plans for bob iger. we got clear succession plans from berkshire hathaway. bob iger has returned to disney again. what do you see when it comes to succession? >> i think it's going tor be a very hard decision for bob iger to step aside another time. you look at the second term for bob iger and it has been a mixed

result. if he had not come back after his first stint in the top role, we would have been heralding a fan tastic vision toward streaming. nelson peltz has been trying to take back the direction of disney back to the pre-streaming vertical which bob iger has responded against and proactive in making sure that disney stays on track. the challenge is finding someone else who has that similar commitment to the future. rather than stay in the past and commit to the digital future and use the assets. the the in real life assets.

these will be growth areas. someone who understands how to harness the theme park business and real-life assets and international. >> speaking of theme parks, disney revealing a $540 million investment in the theme parks. how do you view the theme isn't that correct we have seen post-pandemic with a surge of people going. since then, we heard so many reports from consumer companies that the consumer is stretched. just to be clear, disney theme parks are expensive. >>that's true, but it is scarce. the big advantage of irl experiences as opposed to dig digital, it is the scarce unique. it is a one huf off.

we heard the research that shows consumers are willing to pay a pre premium. the same for disney cruises. another part of the recreational landscape. disney has the best conditioning in the theme park business and they are globally placed. they will be resilient. >> disney earnings coming up before the bell. thank you for your time, tim. we will hear from the cfo at 12:45 cet. that's it for today's show. i'm frank holland. "worldwide exchange" is coming up next. when we started our business we were paying an arm and a leg for postage. i remember setting up shipstation. one or two clicks and everything was up and running. i was printing out labels and saving money. shipstation saves us so much time. it makes it really easy and seamless.

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it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." i'm frank holland. records out of reach stocks struggling to reach the all-time highs magic in the making. bracing for the disney results after the kitchen sink quarter and defeat of nelson peltz. new ipads and smarter chips. what apple has up its sleeve. and takeover boost the shares of ubs pop after the