At the start of this on the back of the session stateside where a. I. News dominated. Nvidia news flowed and alphabet with the Gemini Technology to help with the apple a. I. Storst. That stock bounced the most with the s p 500 breaking the threeday losing streak. Take a. I. Away and how much momentum is in the market . We are looking for further clues on monetary policy. We had the japanese stepping away from negative Interest Rates. The Central Bank Clues we are getting around sticky inflation is key to the narrative around what has been bullish sentiment to place bets on a lot of big trades at get going this mornine are giving back. 10 from the outset. From the sectors, red arrows at this stage. Financial as down. 50 in that basket. Utilities, every stock in the basket is in the red. Technology is a fraction weaker despite the news from the semiconductors thanks to the individuals conference. The media basket of names. Wpp at the bottom. We have the reversal for the construction. Chemicals down. 13 . Telcos and industrials are down, but slowing a slight slippage. Banking names in the green. Household goods this morning with the ice cream brand spinoff for unilever. Rio tinto up 1. 5 at the outset. Look at the individual indices. 7,725 on the ftse 100. We have a slight gain of two points. Stable position. Also, fairly flat for the French Market at the beginning of 8,150. The german stock market is a red tilt. You see it is flat at the start along with the trades on the spanish and italian market in lockstep. The bond that is showing the dip is the smi. That market down by. 13 . The big story is japanese assets. The nikkei 225 is 40,000 points. 60 is the trade today. The tenyear jgb is. 75 . Just shy of the mark. On dollar yen rates with decline in the yen against the dollar. Thebank of japan dielivered the first Interest Rate hike since 2007. The 72 vote, the central bank ended the yield curve control policy to increase jgp purchases if long rates rise. The central bank is in a phase where it can proceed with rate hikes with the 2 inflation target within reach. Joining from us tokyo is talking us through the historic move. The signal is getting closer to something more. What comes next . That is the big argument as we see so much money parked off shore as investors chase high needs. Reporter in order to answer your question, lets refer to governor ueda and the cabinet secretary of japan. They are in lockstep today as they mark the historic day where japan is no longer in a situation where they are having negative Interest Rates. The message from the politicians and the central banker is policy will remain accommodative for the foreseeable future. There is always hedges for the bank of japan with these decisions, the reality is we are seeing an end to the negative Interest Rates and we are seeing rates inch up. 0. 1 is hardly a hike. A lot depends on consumption going forward. We were waiting for the bank of japan to make the move. One was higher inflation which has been going for quite some time now. Last friday, the news came in with the Companies Represented by the biggest labor union in japan would raise wages in april by 5 . Those two factors are in place. That is why they are ending this socalled experiment. It was long overdue according to economists, but they took a cautious approach and made the move today. A lot will depend on what happens from here on, particularly on the currency front because imported inflation costs have been a serious draw and serious weight on consumption. That is the missing link in the recovery scenario. Karen, we are still skirting on the edges of recession. Yes, it is a symbolic move, but beyond that, you know, unless you are in the brokerage rooms and cheering on the nikkei, there is a deep sense of caution from the average person in japan. Thank you for the perspective on the significant day as we weigh the moves from the bank of japan and what lies ahead for many investors. Lets push on as unileaver s up 5 as they plan to spin off the ice cream business by 2025 which is a move to setoff 7,500 office space roles. The company will accelerate the growth action plan saying it expects mid single digit growth after the merger. The stock now is flat thanks to the moves today. Sastrazeneca is out with moves today tas it will buy bioFusion Pharma company. It will pay 2. 4 billion for the deal. We will speak to the companys executive Vice President of r d at 9 45 cet. And thyssenkrupp ended the Due Diligence phase with the carc carlyle group. Pfizer dispensed 8 million shares with haleon. H haleon bought back stock from the sale and it will allocate the funds to feature buybacks this year. Lets look at airbus this morning in trade. You can see the stock is outpacing market up 1. 8 . It ended discussions over proposed deals with atos for the cybersecurity unit. Atos has rescheduled the fullyear earnings release. That stock down 24 in the red. Charlotte spoke to the ceo of airbus and asked if the airplane maker was under pressure. We do what we think is good for airbus. There is no pressure on that case. No pressure. We do what we think is good for the company. Why are we looking at bds . That is a small share of atos. That is a small share of the business around 10 billion. It is a share. It is a part of it. It is a part linked to the digitalization that could help airbus for the activities. That is why we are looking at it. That is where we want to go with cyber and in terms of connected solutions and in terms of computing and more data and secure communications. Jason joins us now. Thank you for joining us today. You are constructive on bonds and equities. Walk us through the psychology given we escalated with the records with the markets. Specifically on equities, i think what you see here today is despite bond yields going up, i think thats kind of the narrative shifting from bond yields going down and growth good for equities. Actually, what we have seen today is economic momentum going up. I think that is good for stocks and stock earnings. In terms of bonds more broadly and how we constructon that, obviously with the change on the narrative with the Central Banks open to rate cuts, of course, that is good for bonds. Secondly, why they are considering rate cuts is because inflation is starting to carry on going down. Of course, we see a couple of hot inflation prints, but the trajectory from our side is one of inflation for 2024. How much do we need to see the rate cuts soon to justify the openappetite for the stock markets this year . For stocks in the camp of Economic Growth to carry on upwards. In terms of Central Banks and what they need to see, obviously the inflation picture is migr migrating. If you look at the work the fed has done, particularly the San Francisco chapter of the reserve bank, they talk about inflation going down and that giving the fed the confidence that the inflation will migrate downward in 2024. Once they get the confirmation through the ninflation data, there could be more clear when rate cuts will come. That nvidia and tech story, however, does seem to be, i suppose fracturing a little bit as well. How much do you like at that story and say it is now time to be selective and if you are looking elsewhere for gains, you might not necessarily find it in the top part of the s p. That is our thoughts. You had a fantastic rally in the a. I. Stocks and that is radiated to other tech stocks as well. From our standpoint if we see Economic Development carry on, that can impact other markets. Dont forget if you look at earnings without the magnificent seven, earnings were down in q4 in u. S. And in europe. You have the lower base with the earnings profile. If economic momentum carries on going up, that can help the other stocks and more importantly, that is where the value is as well for the other stocks. Is the economic momentum coming for the stocks or is it a. I. Momentum . Specifically with the tech stocks, it is a. I. Momentum. We keep talking about the gains and efficiency gains coming for other companies with little investment and it will be op ex. Does that mean the story doesnt work out and it would be an a. I. Story for other companies . For services companies, that might be the case. Where there is hot labor . If we see the automation story play out a lot sooner, i think a lot of people anticipate as well. Of course, that will impact the on the onlybottom line of the companies. That is not clear cut. From our perspective, is the economic momentum for the cyclical sector. Lets say if it you have to stay higher for longer because you have inflation remaining as hot as it is in recent prints, at some point you will see cracks in the u. S. Economy. That weakness to permeate further. That doesnt necessarily write off a recession or perhaps it says no landing is possible. You begin to worry a little bit about where you find the positivity in the market and it becomes a story of just a. I. , doesnt it . Of course, if the economic momentum dissipates, then that will be a huge question mark for the markets. Theres no coincidence with the sharp economic slowdowns and recessions and thats when equity markets crack. There is some slowing in the u. S. Economy. It is still forecast to be trend or slightly above trend at 2 . That is still a good story. That will drive the markets. The story we are looking for is the broadening up to other markets such as europe and asian exports and the uk. The story for 2023 was the u. S. Growth and now we hopefully have that radiating across the globe corporate get and hedge funds. You are talking about attractive operations in hedge funds. What is attractive . For hedge funds specifically, because we are conscious of the inflation risk, and conscious we have bonds and equities and what we want from the portfolio is to diversify. A couple of the hedge funds we have kind of fit that mold. Diversify away from the tight bond correlation we have seen in 2023. To manage theat volatility if i does occur especially if we run on inflation. Quality bonds. Is that duration . Is that long . Are we looking at more of the fiveyear duration now considering how you dont know which way it plays with the interest rarte environment . We are neutral at the moment. That is waiting for the right cuts. We find bond yields going down and it tends to be a journey. It is a one and done. We want to wait for the confirmation. If we have done good analysis, then bond yields fall. Once we get clear sign of that, we will go longer during ation. Jason, thank you for joining us. Nvidia has announced the anticipated super chips. Meta and google and tesla are ready to adopt it for the applications. Fascinating how were pmany partnerships that company is trading. And coming up on the show, the exclusiv exclusive interviee polish Prime Minister. Thats coming up next. G 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. 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Dont wait call, click or visit an xfinity store. Polands president duda says it is important to work with the polish government over the countrys reforms. We have been talking about the politics here, steve, but the back drop is interesting in poland. Whether we see duda see the media and the judiciary. Reporter it is absolutely right that you and i and arabile and this show concentrates on the dpolitics with russia and United States and eu and poland. That was the bulk of the interview. There was a fascinating situation playing out in poland domestically between a government headed by tusk. He is a company man and former president of the eu commission. A man looking at closer links in all kinds of ways with poland and the eu. The president who was a member of the p. I. S. , the law and justice party, which has been at loggerheads in the reign with the eu over a host of issues, including the role of the judiciary which is stacking the p. I. S. With judges and favoring the law and justice party. There was a back story here as well which has just come to a head ever since donald tusk came in office in december. We heard a lot of the lo loggerheads with the Prime Minister as well. It could potentially stop the relations with the eu and poland. What was interesting is very soon after donald tusk became Prime Minister late last month, the eu rubber stamped the starting of the funds for the Cohesion Fund and other big fund which is combined is 137 billion euro which has been held up the last couple years. That money needs to be spent by middle of 2026. That carries issues. The president , mr. Duda, says is this about reform or politics . Fascinating exchange with me and the president yesterday. Lets listen to what he had to say. Translator you know, it turns out no reforms were needed to up up the path to european funds. The change of government in poland is enough. I find it sad. We were always hearing how reinstating the rule of law requires reforms. It turns out it was nonsense. It was political propaganda. The key thing today is they took power in poland and tusk became Prime Minister. This shows the hypocrisy of the party and the european socialists. This is one thing. The other issue is the interests of europe and issues relayed to poland security. We must have the same aspirations. We want poland to be as safe as possible. We had disputes as in a democracy. We havhave cohabitation in pola. As i said, tusks cooperation is necessary for the benefit of the citizens. For me, it is clear. When it comes to details, there are different visions and those visions clash with each other. There is nothing extraordinary about that. However, methods applied today by the governing coalition and policy issues i object to them. I articulate that objection. I apply active measures. Thats an usual issue of inter policy. He has vowed to topple the t government . The tusk government has the right to make reforms . Translator of course. I have no doubt in my mind that the tusk government and majority have the right to conduct reforms, especially with the right to the commitments they made to their voters. It is a democratic standard. There is one fundamental thing. You have to do it within the framework of the constitution. Do it with the framework with the rule of law and dont violate the rules of law. Do not violate the constitution or the principal of democracy. These are fundamental things. I was elected in general elections and more than 10 million poles voted for me. That is why im president for a second term. Reporter this was a really important part of the conversation. If you want to see couhesion in europe and the economy to grow this year 3 to 4 there is a veto and if he vetos the actions of tusk, that means the money is reformed. I thought it was interesting because he is saying yes, the tusk government has legitimacy and it is democratically elected and should make the decisions and we will work with them in the pbest interests of poland. In the language was hypocrisy. I just thought that was fascinating as well that he is lambasting the process as well. Given the fact that donald tusk hasnt managed to enact the reforms and the disbursements are coming. It is an interesting situation with the arguments on both sides. In the coninterview, there was distance between himself and the group vowing to topple the government. That is distant from political reality. He will work with the tusk government. That is genuinely important. That happens in poland has ripple effects across the eu. That was a couple of parts of the interview with mr. Duda as well. A lot of it has been put out on social media and out on the cnbc. Com. Karen, you can listen to it there. Steve, thank you for bringing us that interview. For more, check out cnbc. Com to catch up with the conversation with president duda. Coming up, we are joined by the ferrari ceo Benedetto Vigna. Dont miss that interview. Its coming up next. What is cirkul . Cirkul is the fuel you need to take flight. Cirkul is your frosted treat with a sweet kick of confidence. Cirkul is the energy that gets you to the next level. Cirkul is what you hope for when life tosses lemons your way. Cirkul is your gateway back home. So what is cirkul . Its your water, your way. Cirkul, available at walmart and drinkcirkul. Com. 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. Pick an order, print everything you need, slap the label onto the box, and its ready to go. Our costs for shipping were cut in half. Just like that. 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