tv Street Signs CNBC July 6, 2021 4:00am-5:00am EDT
sething positive. that's all for this edition of dateline. i'm craig melvin. thank you for watching. ♪ warm welcome to the show they call "street signs. i'm steve sedgwick the opec plus meeting ends in stalemate. talks breakdown with producers at odds over output. the biden administration calls for a compromise solution. a french train maker warns of significant negative cash flow for the year due to the
bom bombardier acquisition. and trading near the top of the ftse 100 the uk supermarket giant expected better than expected first quarter sales. and germany easing travel restrictions and prime minister boris johnson lifting all covid restrictions >> we are seeing cases rise rapidly. we are seeing rising hospital admissions we must reconcile ourselves to more deaths from covid >> you've got me today never mind let's move on.
opec plus meeting and uae refused to back a supply deal without with conditions met. the opec secretary-general said a new meeting date will be decided in due course. the white house is concerned about the price increases. they weighed in with the biden administration calling for a compromise solution. an oil expert told cnbc the current disagreement talks about the crisis >> i think at the end of the countries will look at the interests and look at the revenue. i think the uae is more focused on energy transition and embarked on a program to continue to raise capacity fast.
saudi arabia indicated it wants to do it, too. among other things, they are filling a vacuum created by the reduced investment from the traditional international majors >> we have been covering this story and we had fantastic people on this we have hadley with us is uae -- >> i have been waiting for you all morning. >> bless you i was on the train i got all my ideas from them this show, it's easy aside from that -- i had to say it aside from that, does the uae represent other opec members not represented in the talks that go on now with saudi and russia the whole time they have a new duopoly at the
top. >> they like to think so, steve. also, that's what i'm hearing behind the scenes. more people are board on this and have been for a long time. before january one would necessarily know given the fact that most people within opec don't necessarily feel they can stand up potentially to the top of the tree. the russians and uae and saudi arabia one key take away here is we are starting to understand the paths these countries are taking as they attempt to diversify their economies. an outlook to get to the same place with diversification and travel, it is a different path for each country the uae is frankly a new flavor, if you will, than in the past. we know there have been multiple
disagreements with the outlook and what they are doing with jcpoa and iran and other things. this is the first time they have come out and said this deal is unfair i asked the former secretary about this and if this is bad for u.s. consumers. >> you can see oil at $100 a barrel or higher on the flip side, it is equally as possible as well. if there is no agreement on production and countries tend to go off and do their own production, you could have a collapse of oil prices much like 2020 that was due to increase in demand we could have production numbers to force numbers down. that could be detrimental to producers in the united states >> uae had said they would support putting more barrels on the market within the context of
that august to december timeline the crux of the matter, we need to renegotiate the deal it doesn't work for them they had a construction of over 6% in the uae last year against the back drop of the pandemic. also, of course, the bigger question for the united states, higher oil prices and u.s. national security. where was the president or team biden, if you will they didn't come out until monday on this i asked about that listen in. >> it is important we have a force. the united states is one of the big three producers of the world. it is important we remain there and important we be at the conversations and use the g20 and other forms available to bring in all of the world partners to mediate the worst outcomes that can happen in
these situations. >> talking about wildly divergent narratives this is a very different administration from the four years of donald trump. he would have been tweeting wildly the long weekend of fourth of july and prices at $76 and $77 respectively lots of questions of the relationship going forward i also remember and asked his excellency, the uae energy minister, with our interview i asked if they are working the phones with him behind the seep scenes you have to wonder what the conversations are looking like is the united states able to assert the influence on opec >> let me go back in time and to 2018
i know i'll get to june, 2018. when i was in the opec meeting you mentioned trump. this was the tweet looks like opec at it again with record amounts of oil with the fully loaded ships at sea. prices are artificially high that was trump on twitter in april of 2018. they were all over the place worrying about what they should do next as well. how different is the language now or the relationship between the biden administration and opec and the trump administration and opec when i presume both administrations want the same thing. >> it is different when they were running for re-election, the trump team, versus the biden team, you heard different narratives it is about green energy for the
bear biden administration what is interesting over the last several days is the fact that within opec itself, you got the sense that the saudi energy minister was alone in this, in the sense he has to be strategic and careful to keep the russians on board and the uae happy he has been doing this for years. prior to becoming the saudi arabia energy minister it is a fine line. this is something the u.s. has not been involved in on friday of last week, the biden team and president biden came out and was asked and he said we are not talking about that for us in the region and watching the market, do we need $76 or $77 per barrel? do we need the spector of $100 oil prices at this point i'm curious to see what happens as washington wakes up. >> i hear you.
that is fascinating. thank you for your work, hadley. let's get to the chairman of uabc it is about the asian buyer. you know better than anyone. the marginal buyer and growth of demand in transportation i want to spin forward to june of 2018. you were there when i was there in vienna. the minister was saying to me at the meeting, hang on this is ridiculous we are asked to pay $75 a barrel. our economy can't take it. spin forward to now. we are at higher levels. can economies which are recovering from covid and key economies such as india and china, can they put up with $76 oil? good morning >> good morning.
i think they are struggling. the question is how long will they stay like that? it is in the intere producers and pushing the consumer to go more with electric vehicles. it is a fine line to walk. you know, let's come back to the interests. the interests of who is repu representing which interests uae and russia have significant spare capacity that is what changed before the saudis were the only ones they were playing that when the market a year ago collapsed and they managed to hike production and set the cuts from the higher reference number everyone else had to cut from the actual production. the saudis from the higher production because of spare capacity now things changed the uae is coming close to $4
million barrel ability to produce. that means they have a clear interest to increase that number that's a matter of principle you open the door. it is like opening a can of worms. >> there are other players out there. i think it is extraordinary that you and i and hadley and others were talking about the saudi and iranian rivalry. we haven't heard about it. >> we have two issues that speak against uae move the one is that everyone understands by now that the covid demand return is not so quick. we have to realize covid is taking more demand out of the market it takes longer than expected. the demand kicks in. secondly, we have more supply to deal with. iran will come back in this
period where they are talking about which is the next year that is where we have to make room and the question is how much is and who is making room of course, you know, it becomes more difficult when the chemistry is not that great anymore and we know there have been indicators that the former allies are not allies anymore. >> let me get this right we had so many chats we heard from hadley that the consumers in the u.s. are concerned about it you talked about the demand recovery not as strong as expected iran is coming back to the table. uae and saudis have spare capacity why are we trading up on the price? >> okay, first of all, steve, we are entering the decay of the national oil companies remember the ioc is not
investing the marginal dollar in the gas production the opec plus decade they can control they can set the market the way they want. you can see it right now the market is not strong because of demand, but how they managed supply that means everyone has to follow a certain strategy. this is now where the delicacy comes in i think prices have an easy go higher or lower. we can see $40 easily. at the same time the market is tight. that's why prices are holding up. >> you said this is the decade of the opec. they had a couple of decades where they are pulling back on the shares of the reserves we can have that argument again. what argument i want to have is is this the last of the
decades? you talk about this decade where they are pulling back. we talk about energy transition. i hear you about it. i will not disagree with you in the slightest. is it the lost decade before things go badly? in which case, we will not run out of stones or oil >> i'm very negative on the ability of the markets to deliver on the energy transition technologies in the effective way. remember the iea said we need to develop 50% of the supply. we have the technology in the early stage and bringing that to maturity will take that means we will see decay to see all companies. we are not able to manage the energy transition effectively. we will not be able to do it
you know, this is not a matter of will. it is a matter of investment security nobody wants a lot of dollars in something that nobody likes. this is where you see the big trouble with natural gas the european union will have to make a statement on july 14th if they like natural gas. who would invest in natural gas if that is a dirty energy? that means energy security will be strained and that means the prices are going higher. the ones to benefit are the ones who invested. >> your last answer says it could being bucks in the other direction. are we still going up? >> right now, we go up the market is trading the headlines. everyone is waiting. the market is tight on crude oil. the market is tight, but the saudis will call the uae to order. they will eventually create the
market to cool down. you take the personalities that are involved we are up for a big drama. >> you and i love the personalities. i'll tell you another thing from my history they always talk to me about a fair price for consumers and producers. i'll go back to the could well n increase in price because the dynamic. it comes a point when the consumer is tipped into a form of recessionary environment. is your $40 scenario in the cards? >> i think the saudis like $70 it helps with the budget if you ask me, the ideal world is keep the market close to $70 a barrel that is helpful. right now. it is about who is the boss and they want to pmake a point
they could quietly leave the organization and not make a fuss then they will want to call order because as i said we are in the decay of the national oil companies. if they manage it effectively, everyone benefits. >> all right we're done what are you doing in coratia? >> it is beautiful you want to be here, steve. >> no. wet, rainy london suits me better thank you. always a pleasure. how long have we been talking? 20 years >> absolutely. for sure more than that i hope we can get together in person again when opec is opening doors. >> apparently cnbc is going to fly me to croatia all right. let's have a look over here.
this is the heat map hot on the green hot on the red you see the markets are taking a tiny breather. if you watched the scoreboard yesterday, you heard me say we will not get the follow through in the markets we didn't have the u.s. indices. they were taking holiday on july 5th or july 4th which was on a sunday lots of stories in the headlines. a lot going on in the retail sector lots going on in the transportation sector and stoxx moving on the back of what we have been seeing in the crude sur prices the look at the europe markets i don't know where they are, i don't normally do this wall. the transportation stocks and gas numbers. cac and xetra dax down .48%.
we have the mib under pressure down .30%. here are the individual sectors. let's draw this out. oil and gas making hay there that is not benefits the ftse 100. we have bp and shell you have travel and leisure. lufthansa here has some form of agreement retail's down. that's interesting .30% relatively bullish news from the likes of carter. do you want to look the u.s. futures? i'll show you the u.s. futures trading slightly lower as we speak. i'll tell you, i think it is really exciting looking at the
data listening to the fed watch there is confusion right now we think that will end in august with the symposium you get steve leisman there as well let's put it back in vision. i tell you what, have a look at the jobs tomorrow. if they are not interesting, i'll eat my hat. i'm actually not wearing one the jobs, have a look at it. if you don't think that this adds an interesting nuance picture, when you have record number of job openings of 9.3 million and if that figure goes
up, what will that do to treasures? i think these are fascinating numbers. that is on the macro number. consumer credit on thursday. in terms of other pre-market movers as well look at this it's coming. market alert under my chin. i'm so close to it didi shares falling sharply in pre-market you know where they will fall? down 25% in pre-trade. this is after the biggest ride hailing app didi warned adverse impact on revenue from the app removed from chinese stores. if you are a current user, you can use it the app stores in china to basically stop offering the app on sunday. the ability of private companies in china to collect information on individuals compared to the
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you know the big recovery that is supposed to be happening that may taper off later in the year some of that recovery already stopped. i'm looking at the next story. germany industrial orders fell in may on the back of weaker demand from outside of the euro area and contracts for intermediate goods may orders for goods were down
3.7% compared to the 1% rise that's a staggering number elsewhere, alstom expects negative cash flow as the french train maker focuses on bombardier rail business which it acquired in january cash flow should be stable in the second half thanks to an uptick in deliver. let's get to charlotte with more nice to see you, charlotte >> hi, steve we see it as short-term pain that is why i mentioned the negative cash flow of 1.6 million euro and 1.9 million euro which will lead to the negative cash flow
that is the short-term pain. there is new provision which there won't be provisions on the contracting that bombardier add to make up delays on deliveries on contracts and it will set up 1.1 billion euro which is the number we announced in the past. the money needed for provisions as the ceo put it yesterday. no more skeletons going forward. that was positive for the company. they booked 6 billion euros in orders for the first half of the year closer to 4.5 billion euro they say some of the customers success is because they had the ti tie-up in place. they also mentioned it sees potential upside from the biden administration infrastructure plan and the stimulus package in europe and the green agenda pushing for lower carbon transportation they hope to benefit from this
they hope to complete integration in two-to-three years. steve, positive cash flow in the second half of 2022. they hope to improve profit ability. we will get more information on this some medium term positive, but short-term pain with the cash flow that is impacting the french market down 6.5% on the cac. steve. >> nice story. bad for the company and shareholders thank you, charlotte. we're halfway through. coming up on the high street after retailers invested heavily online amid the pandemic, we will discuss the outlook for the brick and mortar economy as the lockdowns are lifted
through the show they call "street signs. i'm steve sedgwick the opec plus meeting ends in stalemate. producers at odds while the biden administration calling for a compromised solution. didi shares are down sharply in pre-market trade state side will the ride hailing app in the crosshairs of regulatregulators the french train maker alstom warns of negative cash flow for the year due to the bombardier acquisition. and trading near the top of the ftse 100 after the grocer wins new business in spain what the supermarket did to post
better than first quarter than expected sales welcome. the first quarter revenue exceeded expectation sainsbury with online grocery shopping increasing 29%. it faces tough comparables as uk emerges from lockdowns we are talking about the trend and teaming up to develop the spanish business with ocado. ocado announced the latest today. the grocer posted 21% jump in revenue to 1.3 billion pounds.
our next guest says retailers are coming to terms with the new normal sparked by the pandemic with online retailers enjoying five years of growth in 12 months others are forced to play catch up or risk closing shop all together last week, the clothing giant gap said it is closing all 81 of the stores, but others have reported a strong rebound in footfall and demand. jett, it is nice to see you again. so many ways to go into this story. has online growth peaked for now? obviously we will see online growth, but it is huge exponential increase over 18 months good morning >> good morning, steve good to see you. i think it will.
we already have seen a drop off in online as stores reopen and lockdown restrictions are removed. you mentioned those companies which don't have the online offer. you will see it. we have seen five years of growth in 12 months. if you think about grocery and you mentioned sainsbury. they have 18% of the sales now happening online pre-covid, only 8% and had been stuck there for a while. 55% of consumers are saying they have used online grocery almost half aggain are saying they prefer going into the store with the use by dates and you order something out of stock and they replace it with something
else you will see a bit of a return i think you mentioned gap there. you know, if you really want to build a fashion brand, it is not just about supplying products. you are fulfilling other needs fashion is about emotional needs. how you want to feel in that product. and social needs what you project to the world. stores are a big part of that. stores are a big part of social and meeting and eating that's why jd and primark do well >> learning about how you feel when yyou buy your new shirt very nice shirt you're wearing today. apart from that, i hear what you are saying when the retailers arrive in our country, the fact of the matter
is those ladies and gentlemen are getting paid more now than a long time. they had more wage power the fuel retailers are putting in vehicles is more expensive. have we seen peak margins because so many are getting their act together the costs are higher and the macro issues are still there >> you are right in saying that the macro issues are there the global food prices are up over the past year as supply chain issues are happening toward the fourth quarter, when the furlough ends in the uk and a lot of uncertainty entering into q4.
when you are fulfilling the social needs of the consumer, your margins are prob protected actually, people make very good margins selling shoes. it is about making things socially significant most retailers don't have a process or mechanism for thinking about the jobs consumers want to do which are over and above the functional jobs of feeding family or needing to stay warm i'm sure, you, steve, are not wearing the most cheapest or functional shoes they are nice and make you feel different and impress some of the people you're meeting. >> let's have a look pretty old
let's get to another side of the story. let's talk about the costs compared to online i don't know a retailer who hasn't now seen the redressing of the balance with the business rates. in terms of the cost, which most retailers in the uk lease properties from landlords. i think the landlords are in dire straits i would lock in prices over the years. surely that is making brick and mortar more attractive for those still left. >> that's right. people who disappeared off high street people like top shop retailers need to look at rent c costs. there is 3 billion pounds of rent liability on the market landlords need to help retailers
get through this for the longer term if you look at expenses and how they are looking at stores and reshaping it they are taking the old sites which closed down and closed down some of the stores in areas that they don't feel will get the footfall back. kno now is a good time to take a look at that and see how yit supports the overall conditions. the people who come in and click and collect, about 30% will go in and buy more when they he c come into the store. that's a significant sum yes, have a look at those stores and where it needs to be now is a good time to look at moving vacancy rates are up and landlords are competing to keep
footfall coming into the stores and retain the property value. >> we talked about property value. what is it the private equity companies know about running stores or loading companies up with debt and selling the property and doing a silent lease back am i being cynical >> the private equity is up and has access to cheap debt we are expecting interest rates to rise toward the end of the year people are looking for deals i think obviously morrisons is here, but there will be competition in the uk. grocers, especially low margin and low growth as in the past. they still have traffic. they are essential they have traffic. you have people's attention or a few times a week with smaller baskets.
value in that. i don't know really what private equity plans are and pressure on the supply and demand side i think there is still a lot of value in retail as long as they look at the whole opportunity in front of them rather than stick to what they have been doing in the past which is what products and places. >> this is your sector do you believe private equity when they say they will not do what we call in the trade? >> a lot of concern of what happens to pensions or what retailers carry. i don't know you know, i don't know what i do know from the retailers i know who have been approached and senior leadership there, they are committed to employees. very committed to the social purpose of the stores. especially the ones that have been essential over lockdown
for them, they will resist private equity that is not also tied into that purpose especially as consumers are driven by purpose. a third of consumers are buying sustainable products they want more purpose behind the retailers they are shopping for. you could be shooting yourself in the foot thinking if you can take profits from this and the new stories get out there and consumers can see what is happening to the organization and they fall out of local with love with it >> i hear about that jat, we will chat about this on a number of occasions. nice to see you. retail consulting industry lead. i'll tell you a secret my director said you can get up and look at the markets or sit where you are. here i am.
sitting down let's look at the markets. i'll show you that from where i am ftse 100, down 20 points cac and xetra dax. a down tick here not much movement on the u.s. futures. we closed friday on record levels on the nasdaq and s&p i mentioned it before. quite a lot of important data out this week. including ism services figures today. tomorrow, we will be all over the jobs data. fascinating. you can weigh in i think everyone is pointing to the jackson hole symposium i don't know what you are expecting of the minutes you iwill not hear about full employment and outcome
let's move on and take a look at the u.s. futures i noticed the u.s. markets are not getting a lead to the european investors at this moment in time that vault the lowest we have seen in the last 18 months just about 15 on the vix shares of didi falling sharply in pre-market trade in the u.s "the wall street journal" reporting that chinese regulators urging the ride hailing app to postpone before going public the chinese watch dog opened a probe into didi data use the company said on monday it had no prior knowledge of the probe. the two sides of the trade at the moment absolutely fascinating piece of research from "the wall street
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right. asset managers overseeing $6 trillion and calling for a global carbon neutral price. representing the world's biggest investments with 60 different carbon pricing scrhemes across the globe. a harmonious system with the increasing consarbon price woul boost green investment the bank of ireland says it has
made more central to invesinvest >> 30% of that is allocated to activities that help with the transition to a greener economy. when we talk to our business customers and households, it is all about supporting them in transition it is not about stopping or preventing or punishing, but enabling and supporting investment whether it is retrofitting the home green mortgages in bank of ireland. >> hsbc benefits from the energy transition subscribe on the cnbc service to see which companies made it on the list. the pfizer vaccine is not as effective of limiting the delta variant. the study found that the
treatment is 64% effective at stopping infections. down from 94% against prior variants the data indicates that the vaccine prevents infections from causing and this is important, hospitalization or serious illness. 93% of the time. okay germany eased travel restrictions following britain with the meeting with german chancellor angela merkel and prime minister boris johnson people fully vaccinated can travel from the uk to germany without having to quarantine self isolation has been reduced for those with a negative test prime minister johnson says the covid rules will ease on july 19th. speaking at a news conference, johnson said he expects to confirm the move next week, but warns this is not the end of the
crisis. >> i want to stress from the outset that this pandemic is far from over. it won't be over by the 19th as we predicted in the road map in february and we see cases rise rapidly. there could be 50,000 cases detected per day we are seeing rising hospital admissions and we he must reconcile ourselves to more deaths from covid. in these circumstances, we must take a careful and balanced decision there is only one reason why we can contemplate going ahead to step four in circumstances where we normally would be locking down further that is the effectiveness of the sack vaccine rollout. >> hesitant americans to take the vaccine is rolling out slow.
67% in the u.s. have at least one dose the most excellent reporter is tracie potts from washington, d.c. it tracie, the president can get close to his target and it is the administration with operation warp speed that got this going it is what happens next that i'm worried about and states like tennessee which is falling behind how can we get more americans vaccinated >> reporter: so, they are trying to get the word out and get into communities and figure out why people are not getting the shots. for example, in african and american communities, people are skeptical. the administration is partnering with black-owned barber shops to get the word out through people
in the community that individuals trust to get this vaccine. they are trying to reach young people because one of the things we have seen, steve, is that where the numbers are lagging are among young adults ages 18 to 26. under 30 years old they now have dr. fauci, our infectious disease doctor, out on tiktok to go grassroots work here we're at 67% and getting close to 70% partially vaccinated, but in some states like mississippi and handful of others, those numbers are lower. only about 40% >> tracie, thank you i saw bogo offer from chipotle if you can take part in the vacci vaccination. that is how you appeal to me my stomach tracie potts, thank you for your time tracie potts joining us from
washington, d.c. let's look at the u.s. futures and where they are trading. it is improved a little bit. dow is up 5 points trading. nasdaq trading off the highs, the record hihighs, at the tail end. you have the jobs survey this week on thursday, jobless claims. plus how much money? consumer credit. you are lucky. i'll be back on "street signs" i'm steve sedgwick up next is "worliddwe exchange." have a nice day, everybody
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5:00 a.m. at cnbc. here is the top five at 5:00 stocks kicking off the week at all-time highs. is $5 a gallon gas coming? opec still stuck as the group tries and fails to put more oil on the market. we will talk about what is going on. china cracking down as they are going after a big-tech name. from russia without love another criminal computer attack comes from the country we will tell