♪ good morning and welcome to "street signs. i'm frank holland and these are your headlines. we're ilooking at apple wit the biggest buyback ever. and strong investment banking sales and soc gen helps cushion the blow with the 20%

decline in the income. and daimler notches a beat, but the stock is in reverse in the early trade. don't miss the interview this hour on cnbc. and a rally ahead of the key jobs report as investors look for clues on the fed's next policy move. ♪ welcome to "street signs." we begin with apple shares being higher in extended trade after it posted a beat on the second quarter earnings and announced the largest share buyback in u.s. history $23.6 billion net income or $1.53 per share.

it is still down 2% year over year revenue came in over $91 w billion. that was 4% lower from the year before despite the dip in earnings, apple authorized a $110 billion share buyback. the firm raises the dividend payout to 25 cents per share overall, iphone sales fell more than 10% however, tim cook attributed that decline from previous period wearables is down and services climbed 14%. investor tension focused on apple in china where rivals have been gaining market share. revenue in that region declined 8% it was far better than expected. cook said he remains optimistic on china and iphone sales in the

country increased. for more on apple's history, check out cnbc.com turning attention over to the european market here you can see it is a mostly positive day across europe it is important to know the red spots you are seeing coming to the european benchmark stoxx 600 is up .25% looking like in the early trade that it is on pace to break a three-session losing streak. let's go now to the boards and take a look at how they are doing in the early trade you see the ftse 100 up .13% it is pushing in record territory with the deal talks with anglo american. others are looking to offer a bid for the copper producer. cac 40 is getting a boost from soc gen. on the down side, ibex is down

fractionally a mostly positive day. the ibex is the laggard. we will pick up where we left off with financial services which is a leader over the ports f with soc gen media is up 1.25%. the laggard here is healthcare it is a drag globally. we want to move on to the european market. let's look at futures right now. these are the futures for the u.s. market. apple is a big contributor to the better futures in the morning. it looks like the dow would open up 250 points higher apple is contributing to that. nasdaq is looking to open 1% higher joining us now is mark haefele

mark, good morning it is great to see you in europe i talk to you on "worldwide exc exchange," but great to talk to you on "street signs." >> good morning, frank. >> we are a few hours away from the u.s. jobs report how do you see the jobs report what are your expectations how do you think the market re reacts >> as our chief economist said, 119,000 companies will be asked about the employees. 160,000 will not bother to r reply. don't get hung up on one data point. we have seen the fed note that the jobs situation in terms of being a little bit less strong continues through. they also said that if jobs weaken or inflation weakens, they would move against this restrictive rate policy.

>> that's a good point you mentioned the two key data points jay powell said we need to be watching they are looking at every cough and spit with every pmi. you are laughing as we continue to watch it. mark, jobs are one of the key things he looked at here if this report comes in hotter than expected, what are your exhe can expectation? is good news still good news or is good news/bad news? >> any data point that suggests too much strength in the economy or not enough strength, i'm sure the market will react in the short-term we had a lot of fear that inflation is really stalled here now and won't go lower we could also have surprises,

positive surprises s s that seh market higher. >> rate cuts are not canceled, but just delayed i want to move on to apple which is part of the big story today part of the magnificent seven stocks is there concern of overconcentration in the big cap tech stocks? is this still a safe place to put money? >> i think the way we look at it is in our base case where we see the inflation picture improving and rates start to be cut, we expect the rally to broaden out and could extend to small caps in the united states and europe. we've also have the to be us on quality stocks stocks with strong balance sheets stock with pricing power improving the dividends and recurring revenues as we have seen this week and last week, a lot of the large tech stocks still fit that

bucket we think they're still attractive particularly in the longer term. >> i want to go back to the comment about small caps everybody keeps calling for a rally in small caps. they are flat year over year what is the catalyst small caps to move higher? now we're on possibly a no cut expectations and they are laggards >> you are right it is tied to the outlook for how well these companies will be able to refinance at better prices in the future so, that's catalyst. an gain, we see two rate cuts in the back half of the year still given this dovish outlook from the fed. just pointing out in that case, that would be the extreme end of

what could the rally we would also expect that would work even if it is not as positive for small caps, a more benign environment should help the overall rally spread out even in the s&p 500. >> you know, to your point, materials and financials have out performed in the last month or last couple months. we have seen that broadening i want to talk about fixed income specifically u.s. bonds. the yields have become so attractive that it is pulling from the equity market we know the money markets are with 5% in the money market. >> we have seen our clients globally looking at those attractive rates at the shorter end. absolutely they have beening moving there it is very different than a few years ago when you are looking at bonds with no yield now you have yield and the potential for capital appreciation i think for us, we see spreads

tight around the world we would focus on quality. especially like investment grade with five-to-ten year maturity you are cushioned if you have something outside of the base case and rates stay higher for longer. >> barring any geopolitical situation or any other big issue in the economy where something breaks like svb what is your outlook for the year do we have the volatility behind us jay powell said it will take a few more inflation reports and probably jobs reports before the fed can make a decision. do you think the volatility is behind us or more the volatile weeks ahead of us? >> i think the volatility will persist. as we discussed, people looking at every data point, especially as we head into the summer, and secondly, it is an environment, unfort unfortunately, where it is hard

to rule out geopolitical events. those move to stabilizing bonds in your portfolio and you have a nice compensation for taking that on board. >> mark of ubs global management thank you. berkshire hathaway's head director said ahead of the meeting this weekend means the board will not grant the warren buffett successor the same freedoms he was speaking to the lead up in the annual meeting in omaha the board enjoyed full ckc confidence with buffett. on a special programming note, tune in for the annual shareholder meeting on cnbc and cnbc.com becky quick and mike santoli will be live in omaha.

norges central bank says the policy will be maintained at this level for some time ahead the bank said inflation has dipped since march, but added the economy is stronger than forecast saying wage growth could turn out higher than projected. coming up on the show, puig is set to have spain's hottest ipo in a dadece. stay with us for that. it makes iy and seamless pick an order print everything you need slap the label on ito the box and it's ready to go our cost for shipping, were cut in half just like that go to shipstation/tv and get 2 months free

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welcome back 4% growth for novozymes. it targeted sales growth between 5% to 7%. soc gen beat expectations. the french bank cited strong equity trading for the results. credit agricole had a first

quarter profit which was boosted by strong lending. henkel expects sales to grow between 2.5% and 4.5% and adjusted margin to come in between 13% and 14%. turning back to the story we have been following all day. glencore is looking for a move that could spark a bidding war so far, it has not approached the london listed miner. bhp is not backing down either with reuters reporting that the australian mining giant is said to make an improved offer. puig is set to go public in spain today after pricing shares at 24 euro the group which owns herrera is

eyeing a 14 billion euro valuation. charlotte has more >> thank you, frank. very interesting to see how the ipo goes it is one of many this year in europe this could take the temperature for the appetite going forward this group, puig, based in barc barcelona. it has famous brands they really have grown recently. they acquired ten brands in the last few years the group is still led by the grandson's founder third generation who has been in charge of the group since 2004 he said the fourth generation will have no role in running the business he could be the last one at the helm there they are positioning themselves in the premium beauty segment.

it has been doing quite well in fragrances in particular they are a key player. we see the ipo and how it goes they priced at the top end of the range. that would give it a market cap of 14 billion euro the family will keep a controlling stake and 92% voting rights in the company. it is interesting to see how it goes it has done well there are other luxury plays that are watching this closely >> quite a bit to talk about this is a highly anticipated ipo. another entrance into the luxury market we have our latest guest joining us now great to have you here, samuel >> i want to ask if this is a good timing for puig to go to the market now

>> it is, actually if you think of the luxury sector, it is positive when we model the puig ipo, we look at l'oreal and others, we see the resilience in the luxury segment that we have not seen in other areas of consumer discretionary with the start of 2022 and the start of rising rates. interestingly when you talked about the other ipos before i came on, the category puig falls into with lvmh, is a blue-chip must-have stock. those are the assets

it is a good time to list for puig. >> we know golden goose, the shoe maker and others are watching a little bit how this ipo is going how important is this one as a landmark for more ipos >> i think it is very important. i think the most interesting thing about that is we wrote a piece before easter and we decided the ipo market in europe is a story of two markets. we have the high quality names like galderma with investors pouring into the books and assets with a good company at douglas. perhaps not as must own as the high quality assets we have mentioning

struggling to get the investor attention. i think for those assets that you mentioned, golden goose and hotel bits, it is important that puig does well they need to work on their equity story to get investors to buy into the ipo. >> samuel, this is frank i want to ask about the company. we had luxury analysts on. one person used the term prestige this trades at a discount to l'oreal. is this fair when it comes to brands and products and consumer when it comes to the luxury brands >> puig was hard to benchmark. l'oreal as the closest peer to it i would say there are several companies you can compare if you look at lvmh which has a wider

brand presence people did look a little bit toward puig and lvmh if you look at puig, it comes as a discount to l'oreal. at the 14 billion market cap, we worked seven times ebitda. there is going to be a debate around whether this ipo has become expensive for investors and whether the company has left no money on the table. if it trades up, everyone will be happy going forward we have to see how it trades the ipo coming at a discount to l'oreal, it wasn't cheap l'oreal was the highly valued of the peers. >> i want to hit on something else that charlotte mentioned. the fourth generation won't take part of the company. how should investors feel with

the family owning 92% of the voting power you don't hear about this in the u.s. does this give management the benefit of the long-term strategy is it a positive they will not be as beholden as other companies? >> it is similar to the dayynamc with the shareholder and voting control. equity investors are passengers in the ipo we are seeing a little bit of that with puig perhaps the shareholders are buying into the brand for the numbers and margins and exposure to the segment they don't have that same level

of control whether that's a negative over the long term is yet to be seen. the way we look at puig hasn't left much room for the stock to grow with the multiple i would say it is one to watch going forward. i think the control of the family has been a good move for the company historically that is the reason they bought into the ipo >> let me ask you because luxury is a specific landscape. you have hermes and gucci. in the u.s., you have others competing with the other luxury giants it is a variety of situations. where does puig sit when they come here in the market? can they be the next luxury

champion can the ipo help them? >> i think absolutely. i think being a publicly listed company is the next level of evolution with any firm. it gives you access to the capital markets which are still the most liquid and most generous pool of capital markets in the world to be a listed company to raise equity finance to grow is important. it is going to give puig a springboard to grow. puig has been aggressive in the growth over the last few years and not having the ability to finance through the shareholders will give it a strong footing going forward. it is a good long-term investment and we will see. >> samuel, thank you great to have you here.

coming up on the show, we have more to talk about. we will hear from the daimler truck chairman martin daum as investors slam the brakes after the downbeat comments this morning. stay with us

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welcome back to "street signs. i'm frank holland. these are the headlines. apple announces the biggest buy back in history despite the 10% fall in iphone sales. credit agricole had a 15% jump in profit while soc gen cushioned the blow and daimler truck has downbeat commentary from martin daum don't miss our interview next on cnbc. and equities look to rally ahead of the key jobs report as investors look for clues on the fed's next policy move

welcome to "street signs." we are waiting for uk pmi. it is an upbeat day in the markets. we are seeing the sterling with gains on the dollar. we are seeing the stock's move higher as we mentioned, getting the uk pmi. let'ssee composite which is a tick higher than expected. 54 was the forecast. it is coming in at 54.1. when it comes to services, services at 55 a tick higher than 54.9. we got manufacturing pmi this week at 49.1 that is in contraction territory.

input price inflation came in at a 14-year high breaking data. uk composite at 54.1 the estimate of 54.9 we will move on to the earnings mover daimler truck notched a beat p in the first quarter bo boosted by the north america business annette has more on the quarterly earnings report and performance by the stock annette. >> reporter: thank you so much i think it was really interesting to hear the ceo during the earnings call this morning. we are now as well joined by him. martin daum, thank you very much for joining us good morning, sir. >> good morning, thanks for having me. >> okay. i think there might be a

technical problem. we are looking at the stock which is actually down in this session because of the comments coming out from the management of the company we have european sales being quite lackluster they're calling germany in a depressed mood of course, that's weighing on the outlook for the company. the only market which is going quite strong is the united states also, what we should point out as well is china seems to be a disaster that is what the ceo was saying early on in the erngsarnings cal there is no silver lining, but they expect more in the second half of the month. >> thank you, annette. we bring in martin daum now.

good morning. >> good morning, frank >> you made comments about china which impacted investors shares down 5% give us more color about what are you seeing in china and how you expect the sales decline to continue >> china is a minor impact in my opinion, that can'ti be th reason for the stock decline we have seen 1 million trucks a year china is below 500,000 and no sign of recovery which gives us a burden about 20 million a quarter. no revenue it has bigger impact due to the structure of the joint ventures. it is not the decisive one more important is what we see in europe we are exactly what we posted. we will have a difficult first half we had it. despite the first quarter, we

had a decent profitability in europe and for the company in europe, it is all about how will the second half be and we don't see, at the moment, a sign of recovery. it might come in the next couple of months. it is all in the forecast. >> i want to ask about the macro factors of the business. you mentioned the strength of the united states. we see the higher for longer situation with rates when you talk to customers, what are they telling you about the cost of capital and outlook with rate cuts in the u.s. and europe how does that impact the communications how do you expect to impact the orders going forward >> you see this with sales you buy a truck for freight and

to haul. our business is very strong because infrastructure and i ini infi investments are strong. all segments of that are doing well. they are not rate impacted. the rate is a minor one. when it comes to financing of big fleets, i would say this is a rate decrease which would help and in europe, that is the cause of the helsitancy of customers expecting that so they can lock into lower finance. a lot of talk in europe, but no action. >> this is annette now. i can hear you now. i have a question on germany. you call germany being in a depressed mood. we see early signs of a slight uptick of momentum with iphone being an economic indicator.

how do you feel about the situation? >> yeah. i learned it the hard way that i have to refrain from any emotional adjectives. germany is a large market in europe. it is our market which is the largest share. very significant here. here, generally at the moment, the customer sentiment was not very much future oriented. it was more let's wait and see how everything continues. this impacts the order intake, which at the moment, is on the lower side. it has to change. you pointed out to that. all analysts with macro economic forecast force an uptick in the p coming months. that's what we have to translate into order intake. that's not yet there.

june and july will be very decisive months to determine how the year will go. >> if you say a lot depends on the financing costs, it seems the ecb will move first on cutting rates. do you see the early signs that european clients will anticipate that and perhaps might tap or have cheaper financing at hand in the future? >> i would say it is my speculation that they wait. they have more wait and see attitude. it is not the biggest one. the biggest one is do you really see a future utilization of the trucks and how are the current trucks doing? you can always wait a couple of months before you order that new truck. this is between the wait-and-see period and this is a important situation for our company.

despite that, we confirmed our outlook for 2024 which will be on the same level that we had last year. that is far from a difficult situation. this is still a very strong year for daimler trucks. >> let's look at the future. there is a lot of talk about scarcity of truck drivers coming up because the average age is quite high. how much of a concern is that and what will it mean to your industry? >> i'm now 20 years in the industry. scarcity of truck drivers is as long as i'm here. i tell you in the last 20 years, there was not a single container left in the port because there was no driver. there was not a single construction site where nobody showed up to drive away the

dirt. it's ultimately a question of wages and it is a question of availability. there will be a solution. this is like in any other job, it's a tough job. it needs skills. i'm here. i'm positive. this is always far too short of an explanation. we will have enough truck drivers. if not, we are working to ease that situation in the next couple years. >> thank you, martin and annette. moving on, several blows or the prime minister rishi sunak. the labour party flipped seats which was a key battle ground with the two parties.

it's clear that voters want a change. joining us now is arabile dressed in black. good morning. >> reporter: good morning, frank. it is a seismic win here out of blackpool. a clear vote of agreement to say how significant the win was here for the labour party. even saying it was the most significant win of the entire election process. significantly, the conservative party losing 120 seats thus far with 40 or 50 odd seats gained by the labour party. again, a clear sign that just because the conservatives have lost some seats doesn't necessarily mean the labour party is scooping them all up. that is something to note as we head to the general election for

rishi sunak. ultimately, the conservative party may be looking at losing this because of their own situation that unfortunately they created by their own doing. whether it is the action or the economy has gone or you can't deny the fact that we are sitting with a third prime minister in the last three years which is another important factor. the last prime minister to have been voted in? boris johnson. since then, we had massive changes at 11 downing street, the chancellor of the exchequer. it has swung from conservative to labour. is that going to happen across the entire uk? some key issues at play that uk voters are looking at here is the poll pointing toward health

being a really important factor to look out for as well. that is the key issue across the nation. the nhs being one element that has always been questioned as to whether it is able to live up to the demands that are currently instituted in the country. we have seen a lot of delays in that regard. we are looking at migration and asylum. that is also a key issue. the economy is fourth. considering we're still in the cost of living crisis in the uk and across europe as well. all of the factors will come into play. rishi sunak is facing a few issues within the party. will they look to oust him as well as leader of the party? that will be a key question mark, but the general election is on the way. that's the next equation we're looking out for as well. frank. >> great reporting, arabile. i noticed a big change. on your show, over by the water, you have a stand by the water.

now you are just standing on the pier. >> reporter: too cold. the tide has gone much further away from me now. i'm trying to keep dry. >> arabile staying dry in blackpool. thank you. coming up on "street signs," u.s. weekly jobless claims hold steady ahead of the non-farm payroll print. we will discuss what to expect coming up next.

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welcome back. the chief economist of the asian development bank has told cnbc growth in china is going to continue to moderate. park was speaking at the annual meeting where the central bank governors from the apac region are gathering. the event is overshadowed by protests over the russian law which could hurt press freedom.

we have dan murphy with more. dan, good morning. >> reporter: frank, good morning. this is a critical meeting happening in tbilisi, georgia. the country is at the crossroads with russia and the eu. let's puif you can focus on the. this is the first time the board has gathered in georgia. the focus of the event is to tackle the challenges in the changing world. this event is bringing together finance ministers and development experts from asia and the pacific. the back drop is the macroeconomics outlook that we see around the world and specifically in china which traditionally has been an engine or driver of growth for asia. growth in china has been slowing. i asked the chief economist to

weigh in on where he sees the outlook for the year and more broadly why chinese policymakers have not responded more aggressively to market calls for intervention. listen in. >> i think the government is trying to convey a message that we're open for business and that we will only become more open to fdi and not less open in the future to reassure foreign businesses. we saw corporate leaders attend the forum a couple of months ago in china. unfortunately, i think we still sense there's a lot of caution and concern about government and regulatory policies and uncertainties and also geopolitical uncertainties. especially investors coming from the u.s. or europe. so, i thinkpeople need to see the actions really being

implemented and hopefully we'll see a return to normal patterns of fdi in china going forward. >> reporter: albert park speaking to me earlier. you heard no shortages of challenges that the policymakers are seeking to address the next couple days at the forum. frank, this comes on the unrest in georgia. we were walking around last night and saw protesters on the street marching to parliament in response to the controversial foreign bill. this is something the eu is watching closely. proponents of the bill say it will essentially bolster national sovereign city, but critics and protesters on the ground here say it is a rush seeking to quash dissent. this would require ngos and

media to basically list as foreign agents if they receive a significant portion of their funding from overseas. you can see why it's controversial. it comes as georgia also looks to join the european union in the future. more makers, policymakers and general public, divided on whether or not that will be a move toward the eu or another step toward russia. those protests also likely to continue with this law not yet passing parliament. debate is also continuing. lawmakers and the government in power here seeking to pass this bill by the end of may. likely, we will see more proprotest erupting over the next couple weeks. likely a lot of comments about that as the meeting continues to unfold. frank, back to you. >> thank you, dan. turning attention to the u.s.

initial jobless claims held steady at the low level last week with 208,000 americans applying for unemployment benefits. that was lower from the forecast of 212,000 claims. the data suggests tightness in the u.s. labor market. we're looking ahead to the key jobs report from the u.s. later today. headline non-farm payroll are expected to rise by 240,000 in april following from 300,000 from march. the average earnings are expected to show growth of 0.3% on the month. that would lead to a drop in the annualized print. joining us to look at the jobs report. matt marcus from raymond james. >> good morning, frank. >> we are looking at futures which are higher. i believe that is mostly off the apple report where futures are moving higher.

i want your expectation for the jobs report. how is the market reacting? we saw gdp softer than expected and a selloff which was a change in the pattern we have previously seen where bad news is good news and good news is bad news. >> frank, i have been telling clients good news is good news at the end of the day long the economy is fairly strong, that should guide corporate earnings. that is the ultimate arbiter of the bull market. looking ahead to the jobs report this morning, i think a decently strong print in line with e expec expectations means this is the last catalyst for the market to finally look past the macro data. it is clear regardless of what the print is. the fed's bias is still to ease and hikes are essentially off the table. i don't think you will see a sharp negative reaction by the market to a hotter than expected print unless there is something

really unexpected with respect to our average hourly earnings which i don't think will be the case. as we look to next week, the market will be able to digest the earnings we had which is strong and move on fundamentals as opposed to every single data print which is a good thing for the market. that should help clients give clarity with respect to putting money to work. >> that jobs report comes out at 8:30 a.m. eastern time. apple is the big stock story of the day. getting a big boost after the earnings. a big share buyback and dividend. i want to talk about apple and other magnificent seven names. after the earnings season, have they proven the narrative of a.i.? have they reduced concerns of concentration risk? so much talk about concentration risk this year. >> that has been on the minds of every investor. i can't tell you the last time i

had a client con veanonseanaon where that issue was nhas not c up. two things to allow investors to be more comfortable and number one is you have seen a broadening out of the market and dispersion within the magnificent seven. not all have performed incredibly well this year. tesla to the down side. apple in the middle earnings. it has been about semiconductors and a.i. guiding things higher. you also had a return to earnings. the market has been rewarding companies based on the earnings. apple numbers were fantastic. it is hard to argue the ability to buyback stock and increase dividends. that's what you want to see as an investor. it opens up apple to be included into the dividend indices with

increases and growth going forward. to me, as i talked to clients, i tell them to lean into quality. i think quality is what will guide them. to me, accelerated earnings or inflexion with respect to earnings growth means good cash flow. that's what you are seeing from companies like apple. >> matt, let me interrupt for a second. money markets and fixed forecast have been incredible competition for the equity markets this year. as long as you see rates this high, is that going to put a cap on the s&p and nasdaq? can they both exist? >> they can exist side by side, frank. the selloff of equities in april was the result of the acceleration in the interest rates. going back to the point of quality.

higher quality companies that are less dependent on going to the market for financing aren't going to face the same pressures if rates continue to rise. what the fed did this week is put a cap on the acceleration. that allows equities a lot of a.i. growth type stocks to start to rally again and maybe respond to the growth and earnings. >> all right. matt orton, thank you very much. that's going to do it for today's show. happy friday. i'm frank holland. "worldwide exchange" is coming up now. 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

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it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." record shareholder reward. apple has the biggest buyback in history. apple's pop is lifting all boats. futures are higher. big for today is the april jobs report. investors are looking for any cracks that could tip the fed's hand to cutting rates sooner or later. and we