Week. You saw a lot of the market dip down. Ftse 100 was down. 40 by the close of the trading picture. For the week, the ftse 100 was down. 30 . The week to date, the dax losing around. 25 for the week. It was in record territory the previous week. That was managing to find a fifth positive week in a row. The cac 40 was up more than 1 week to date last week. That was its fourth positive week in five. The ftse mib gained 1. 4 . For the week, you managed to see gains for the stoxx 600 and some of the broader markets as well within the trading picture. As i said, for the ftse mib, it was the seventh week in a row finding positivity. The rest of the data was significant. We are moving into a week with earnings from adidas and vw will be looked at as well. All of that in focus this week and we are going into the uk wage data and gdp number which is interesting to see. The bank of england is looking for a firm er stance when it ca begin to cut rates. Cpi and ppi data is important. 4 down in the early trade. Counters are 1. 7 down. Not seeing too much other than asml dipping 3 . Big decline is the tech counters. It is on the back of the u. S. Stocks we saw close low on friday. That is a similar note with technology at the bottom of the stoxx 600. Basic resources following that trend as well. Down with industrials and const construction. You see the losses on the index with banks. Standard charter is bucking the trend in the early trade. At the bottom, bnp is down 2. 5 in the Early Morning picture. On to autos, porsche as well as vw managing to put out their earnings to start the week. 50 weaker in the early trade. And so far,. 30 down for the index. On to the Positive Side with the telcos inching up. You are seeing healthcare stocks moving up around. 50 . On to the boards. The overall picture with the record territory for cac 40 and dax. The stoxx 600 moved past that 500 mark. You are seeing a breather following the suit from the u. S. Trade with that come through lower. That is what are yyou are getti with the dax lower in the recall morning trade. You are getting data points which are the ones to look out for coming into this week. Particularly for the ftse 100 trading picture. China swung back to inflation in the month of february with Consumer Prices rising 0. 7 on the annual basis and 1 on the monthly basis. This is the first time in four months that the countrys Consumer Prices have risen. Sam filed this report. Reporter chinese sticker prices jumped out of inflation territory. While the headline is encouraging, the rebound is temporary and too early to call. That is because the cpi tends to rise during the chinese new year. The headline was helped by pork, chinas Favorite Meat and strong tourism and travel demand. The holiday dates shift each year which is why they should not make big calls on the readings. It is expected to rise in february after the holiday demand fades. China has a target of 3 this year, but economists say it falls in the range of 0. 5 to 1. 5 . Producer prices continue to fall as demand remains soft and persistent problems in the property sector. Deflation pressures are expected to continue. More policy support is needed to so so solidify growth for the gdp target. The twosessions wraps up in beijing today. It has been underwhelming for markets which are looking for more detailed stimulus. In singapore, im sam baddas, cnbc business news. The mining stocks are the ones going into decline today and some of the worst across the stoxx 600. You see a lot of decline other than fresno which is up. 50 . Rio tinto losing as well. Bhp group is down as well as glg glencore. Inflation figure managing to find some gains for the first time with inflation as opposed to deflation for the past four months in china. You are seeing the luxury space drop off on the back of what we have seen fromthat side of the world. Hugo boss came out. 50 to the good countering the rest of the market. Speaking of china, auto sales rose 11 of the first two months of the year according to data from the China Association of automobile manufacturers. Strength in china did help to offset broad weakness in february while ev sales gained over the twomonth period. A mixed picture so far you are seeing for some of the autos here in europe. Volkswagen having numbers out this week. We wellill see numbers out of porsche. Elliot will not make an offer for currys. It did not seem to be in a position to make an improved offer based on the public information. Elliot made two offers for the retailer last month, but both of which were rejected. Cnbc approached currys for a comment. That stock is down 9 , but over last year, trying to find gains on the back of the news of the potential by elliot, the stock price did try to jump up, but fallen off today down 23 over a 12month period. German landlord immobilien posted 181 million euro which is better than expected. The german maker stated that vacancy rate fell and hiked the dividend despite swinging to a fullyear loss of 1. 6 billion euro. 3 higher for the company thus far this Early Morning. In enel subsidiary, it is selling some of the distribution activities to an italian utility company. The deal is worth 1. 2 billion euro and it is expected to close out this year. A mixed one as you can see for those two companies. Steve . Great, arabile. Join karen and myself. Karen is the analyst at ubs. We will talk about other things. Where do we start . Lets start with nvidia. Fascinating move. People are skeptical about the no nosebleeding heights. There are two schools. One is it is great and recharge and reinvigorate the tech story. Others are saying this is a new era where the magnificent seven, which is seeing challenges left, right and center, and perhaps leadership will wane somewhere. There are other schools of thought. Give us your views on what i thought was a very interesting move on friday. Certainly. We are seeing a huge amount of activity of selling and buying and nvidia was the huge story at the moment. The question for private investors is how much exposure do i need . On the one hand, you have to have some exposure to the magnificent seven stocks with the u. S. Large caps. These are the key drivers of portfolio growth. A. I. Is the growth story of the decade in the next few years. You need to have some exposure. On the other hand, because they rallied so hard, concentration is an issue. One thing were talking about with clients is quality and how to find exposure with the longterm growth story and ability to grow earnings over time, but looking for key names in europe and asia where you get the strong growth and help reduce concentration with the sip single country. One thing you have dealt with at ubs for 15 years, you have heard people on board with spacs or cloud or 5g, but few Companies Really monopolize the industries. How do you find the quality in technology that has an appropriate valuation that is not too problematic for the shareholder . The interesting thing with a. I. Compared to other areas is that right from the beginning, youve got the companies that own multiple stages of the value chain. Some of the others own one stage and that is ease foy for the prs to evaporate. For these, many of the companies own all of the stages, so for them to build moats with the productivity we are about to get is quite high. Thats why the Big Companies are getting bigger and that trend will continue. I dont have to pay eye watering prices to own these companies . It is about scale. If you look at the quality of the applications that we are getting from a. I. , a lot people are willing to pay those. Businesses are willing to pay for the productivity boost. If you scale that across hundreds of millions of people, you are getting that profit boost without consumers to pay huge fees. Kiran, good morning. Lets talk treasuries, if you will. Good, quality bonds. Does that mean you stay at the long end of all this and just be a bit weary . We love the middle of the curve at fivetoseven years. The challenge with the longer end, but the tenyear will fall, but you have more volatility in the bonds. If we start to get concerns of the u. S. Fiscal deficit closer to the election, there is more potential for supply challenges to effect the curve. We like the sensitivity to Interest Rates and the cuts where the bonds should rally, but you are not exposed to the supply and deficit questions that may arise. Obviously, as multiasset station strategists, you look for a balanced portfolio. What is the case you make for treasuries over equities . Equities, as we have been noting, you have the time to get in now on equities and still continue that upward trend. It certainly depends on the risk appetites of individual clients. For treasuries, they have a better risk rehe ward across scenarios. Equities falling 15 to 20 . Do we see recession or change in technology . On the treasury side, we think that selloff is unlikely given how much inflation has fallen and the fed noise on cutting Interest Rates. We expect to see treasuries with a positive return. This is something i have been looking at the last week. Commodities. Particularly gold. That is now record high territory. Is that too rich at these levels . We think it can keep going. We think 2,250 by the end of the year. There is more scope for gold to rally. It has rallied without the fed cutting rates and people dialing back expectations. There is Something Else going on here in hedging geopolitical risk or central bank buying. If you add fed rate cuts, there is further for gold to go. It is playing a bitcoin story. It is similar to bitcoin. They all seem to be rising up. One has an asset backing and bitcoin seems to not have that at play right now. In terms of japan, again, it is a similar question to what we saw with nvidia. Finally a bit of breathing space for people who have not been on board. We had a guest earlier on who was looking at japanese valuations against chinese valuations. Despite the headwinds that china faces and saying ten times forward is a significant discount to japan and significant discount to the u. S. Are the headwinds building for the japanese Equity Ownership . This is a country with low Interest Rates for a long time with government reform and people have not been building up expectations for ten years. I listened to the boj. The concern weve got more recently is, obviously, if we see the bank of japan starting to tighten policy at the time everyone else is cutting, that is less favorable. We think the case for reform in japan is positive for that market and a lot of clients who have not engaged in japan for years, this is the time to build up allocations for the more reasonable level. You had a wry smile, but no one cares about the boj ownership. It is like, yeah, it is there. It doesnt make an even playing field, does it . It can increase volatility, of course. If you have a squeeze on the private sector, then it will increase volatility for sure. Then if you do have that positive story coming through on the fundamental side, you have more capacity for the shares to rally. One moment here for kiran. How does European Equity picture look as well . I go on a weekly basis where i hear frustrations from European Business leaders trying to invest businesses in europe and they are find in the middle east and asia, but struggle with europe with the political and regul regulations. Is that a material problem for investing in european equities . The domestic Investor Base is less excited about equities as in the u. S. And asia. That is challenging for the valuations and funding. On the other hand, there are good European Businesses out there, perhaps not as many as in the u. S. People are looking to invest and companies have a great story, then it can attract and grow quickly as we have seen from the largest european companies. Do these great european companies, we can all think of the same company, granola companies, are they similar to the u. S. Peers or are they at the discount . It is a slight discount. That is attractive for investors. We may need to more outside of europe and that closes the valuation gaps. Once they learn about the stories. Trying to inform them. Nice to see you, kiran. Kiran ganash at ubs global wealth. Shares of hellofresh are flat despite Deutsche Bank and Morgan Stanley and others cutting the price target for the stock. Jeffries is moving from buy to hold. Shares are up 1 . Coming up on the show, economic headwinds take the hole on the Worlds Largest crude producer, but aramco producers see a bumper payout. Well have details next. Ah, these bills are crazy. She has no idea shes sitting on a goldmine. Well she doesnt know that if she owns a Life Insurance policy of 100,000 or more she can sell all or part of it to coventry for cash. Even a term policy. Even a term policy . Even a term policy find out if youre sitting on a goldmine. Call Coventry Direct today at the number on your screen, or visit coventrydirect. Com. When we started our business we were paying an arm and a leg for postage. 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A look at the majors. All around the flat line. I know brent in the session has gone mildly positive. Talking about someone who is always positive is dan murphy from cnbc. Dan, extraordinary numbers. Everything with aramco seems supersized. Reporter it is supersized. Profits and payouts, steve. You likely see a 25 decline in earnings for 2023. Aramco trumps all other Major Oil Companies in the size of the amount of money it makes every year, but in the size of the dividend. That is what is capturing investor attention. Aramco shares rose 1. 1 as the earnings were released. Some have given back profit taking. Investors are encouraged by the numbers from aramco reporting 121 billion in net income for 2023. We also have seen aramco pay out 98 billion in dividends last year. That was up 30 . At the same time, the company pledging to maintain the progressive dividend policy on top of the performance linked dividend which is likely to see money flow from the company to the dingking cdom in the years come. We spoke yesterday on the aramco Earnings Call with the ceo. He is still sounding optimistic on the Oil Price Environment moving forward. Listen in. We expect the Global Oil Market to remain healthy for the year. We expect it to be robust. We are looking at growth of 1. 5 million barrels. In 2023, we added 102. 4 million barrels. We are looking at that for 2024. More growth is expected in 2025. Reporter what we have seen in the last month is the government of saudi arabia moving to transfer 8 of aramco to Saudi Arabia Public Investment fund, pif, that bolsters the Credit Profile and aimed at ensuring the pif is well supported to invest on the half of the saudi state to accelerate the economic div diversification drive. We have seen aramco, under the direction of the government, decide to hold off on investment in increasing Oil Production capacity. This is something aramco has been spending on working to bring total crude output to 13 billion barrels a day. That means they will save 40 billion between now and 2028. Where is the money going to go . Dividends, of course, but it is doubling down on its investments into gas as well saying that fossil fuels will play a Critical Role for decades to come. Dan, you talk about the pif which is between one state partner and another. The free flow is 1. 7 roughly. Any thoughts you are hearing in the region when there is more shares listed for the free fall listing . Reporter indeed. This is what i asked on the Earnings Call on sunday. They were shy about giving me the answer. The management works at the directive of the government. The line from the cfo is the company is strong and they are not in a position to raise additional equity. This is fascinating because we continually hear reports and speculation and rumor that aramco is going to tap the Public Markets and raise Additional Capital or a secondary listing. The move to allocate the shares to the pif is on hold for now. Thank you, dan. For more on the aramco results, check out cnbc. Com. Coming up on the show, a new flag is poised to fly over nato te the Alliance Welcomes the last member. We will have the latest on the sweden accension to nato after the break. 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. My name is Ashley Cortez and im the founder of the stay Beautiful Foundat