tv Street Signs CNBC March 8, 2021 4:00am-5:00am EST
in a very short period of time. and the boys -- they're communicating properly. and that's the thing that i'm happiest about. damion: i'm happy to be in business with you both. simon: and me. we're almost there, my man. ♪♪ welcome to "street signs." i'm julianna tatelbaum with joumanna bercetche these are your headlines european stocks open sharply higher shrugging off a negative asia session travel and leisure among the winners with airline stocks gainly sharply iota ceo tells cnbc that business travel will be back. >> the competition of the various tools, you have the slash that many companies have done in the trouble, so it will
restart but probably later with 12 to 18 months delay compared to the personal motivation travel u.s. futures, however, pointing lower with the nasdaq well in the red despite the u.s. senate passing president joe biden $1.9 trillion stimulus plan, paving the way for it to be signed this week. >> everything in this package is designed to relieve the suffering and meet the most urgent needs of the nation and put us in a better position to prevail. shares fall after the british education company posts a 10% fall in full-year adjusted operating profit new ceo andy byrd tells cnbc the company is banking on its new strategy. >> it's really well placed to take advantage of these new opportunities and today's strategy is really about laying
out as what we see a very bright future for broet within pearson. and brent crude briefly breaking through $70 a barrel as saudi arabia's production facilities come under missile attack wt itouches two-year highs but both ease back from their intraday highs happy monday and a very warm welcome to "street signs." let's kick off the show with a look at markets. we have green across the board pretty decent gains coming together in the early trade this morning. the ftse mib in italy trading 1.5% higher. the dax up by 0.9% the cac 40 and ftse 100 up a little higher but every region
trading in the green and the majority of sectors trading in the green. this follows a volatile week last week. the selloff in u.s. rates getting a huge amount of attention with investors trying to determine what that rise in yields may mean for equities in turn we saw a sharp selloff in particular in those high-growth u.s. tech names. one of the questions into today's session and into this week more broadly is whether that trade continues and whether what we saw last week was a rotation or a general risk-off when it comes to equity markets. worth noting in the uk today, a big milestone with schools reopening as we emerge from their third national lockdown. the uk has expanded its vaccination rollout to those 50 years of age and older making significant progress on the vaccine front. let's get into the sectors sxee what the trade looks like this morning in europe the majority of sectors are trading in the green led by banks. up a very strong 2.4%. obviously, the banking sector a
very big beneficiary of the rise in yields. we've also got insurance performing quite well. up 1.5%. on the downside, defensives trading on the back foot with household goods down 20 basis points utilities down about 15 basis points travel and leisure, let's get a closer look at the travel and leisure sector where we see very strong gains as the reopening trade gathers momentum ez jet up 3.4% i mentioned how the uk vaccination program is gaining more momentum, expanding to that over 50 crowd. we have the iag shares and lufthansa up we had a chance to speak to the outgoing iata ceo. he was on "squawk box" this morning. he warns it will take time for
leisure travel to come back. >> we think the industry will able to restart following the rollout of the vaccination policy everywhere. the interesting point, we're asking states to puts together a reopening plan that are consistent with the vaccination strategy the uk has paved the way and done a very good job in that respect. germany is following, so we are hoping that many countries will able to put together these plans of reopening, consistent with a vaccination strategy, so we will be able to restart safely the industry and the travel. >> and there's a picture for you of u.s. futures, which are pointing to a weak start this morning. in particular for the tech-heavy nasdaq, which is looking at more than 200 points worth of losses if these levels hold last week we also saw underperformance in the u.s. tech sector. tech was the biggest loser last week the nasdaq lost over 2% over the
course of the week that includes the bounceback of 1.5% on friday just shows you the extent of the selling we saw in u.s. tech. the s&p 500 in contrast did have a better week bolstered by cyclicals in particular, banks and energy joumanna >> let's get to the epicenter of all of these moves let's take a look at yields. there's been a lot of focus on the move higher in yields than we've had over the last couple of weeks today the picture is yet again one of higher interest rates ten-year u.s. notes, 160 now, about five basis points higher in the overnight session that's quite a dramatic selloff, given the fact that u.s. aren't even in yet and slikly responding to the move higher we had in oil prices. the better nfp numbers on friday and the passage of the u.s. fiscal stimulus. 1.60 on the ten-year notes also, we are seeing a move higher in european yields.
b bunds trading 2 points and same for the french this week all eyes will be on the ecb and how far and how much they try to push back against this move higher in yields worth pointing out the ten-year bund has moved up 60 basis points in february alone this is the largest jump for the ten-year bund in three years of course, yields are not just impacting equity markets, they're having a big impact on em as well let's show em year-to-date you can see the dollar versus the south african rand trading 5% weaker versus the dollar. russian ruble holding strong turkish yir 1.8% what is not shown is brazil.
there as well we've had a major selloff in bonds and in local currency as well something we will be taking up with our next guest, who is the head of emerging markets distribution at citi thank you for joining us with your em background, i think it would be useful to draw -- feels like a long time ago, 2.13 seems em countries are in a relatively better position because we've already had an exchange rate movement inflation rates seem to be lower across the board most importantly, the current deficit situation is much better today than it was back in 2013 when we had this taper tension putting it all together, does that mean em is less exposed to
a higher interest rate environment? >> yeah, i would agree with that i think there are two key considerations to keep in mind first of all, the prices last year clean up a lot of emerging market balance payments. meaning tradition-rich markets rely on external funding and this time because of the collapse in domestic demand of imports, the vast majority are sitting on current account surp surpluses. the rebound we've seen in commodities and oil prices help given oil economies are a big part of emerging markets also positioning because covid has affected emerging markets and asset classes in a meaningful way last year
flows have been subdued for the past few years in emerging markets. again, this is different from 2013 where they were up and at a time it would stretch. i think it's fair to say that, you know, the bias yields will remain higher. this is important because we cpi at auction and new assets as well as the ecb on thursday. this would be clearly signal, important signals for emerging markets. our base case is reflation trade is alive and well. we will have bumps on the way but ultimately an environment of global growth is positive for emerging markets we just need to come to terms that markets don't happen in a straight line. i think tech is where a lot of
people have been hiding. one play more tactically, you know, where earnings momentum come from which in emerging markets has a lot to do with energy, for sure, russia, saudi arabia, banks, particularly the saudi banks are very exposed to and positivetively effecting the environment because of improvement in margins and profitability. and those are some domestic things emerging markets have developed over the last five years, so they -- there's a lot of component of electronic vehicles, for example, people are still looking to buy as well as general assumption to play reflation. >> i saw some interesting data out of the iff at the end of last week looking at foreign investment into em and it shows
foreign investment turned negative in em equities and debt which resulted in total daily outflows for the first time since october. that was last week is it a surprise that flows turned negative in em this quickly into the rebound after such a tumultuous 2020 i think the outflows were functional for people starting in 2021. meaning after the vaccine news, where we're seeing, you know, emerging markets turning the corner, and i think emerging markets was the consensus as we started the year so, a bit of reshuffling in positioning, but i would say that overall, the flows have been contained and, again, i think we have to come to terms, we're going to have a few weeks -- probably months of
volatility, but we need to keep in mind the big picture, which is we're getting out of this covid crisis, and if -- and we as citigroup, we have structural bearish bias on dollar, which we remain underpin for the asset plans. >> i want to ask you about the covid situation. one of the worst-performing countries in the em this year is brazil, both on bonds and on the currency the real is about 8% weaker versus the dollar year-to-date brazil are also grappling with a situation on the ground that doesn't seem to be coming under any control. they still got mounting cases every single day deaths surpassing even previous peaks. to what extent is the covid situation on the ground for these em countries also being factored into how they trade in general markets?
>> yeah. i mean, it's a fair point because most of the emerging mar markets, and other emerging markets have been quite slow and some are still in lockdowns. brazil is also struggling for their own issues, meaning some political risk coming back in the picture. remember the presidential elections are approaching next year the market's been spooked by some populist measures that are compromising the fiscal considerations i think it's a mix from brazil a mix of covid being a big crisis for the country as well as some risk premium but ultimately investors -- i
think as long as the current minister of finance makes amazing plays, people will buy the dips it will be some time before emerging markets benefit. >> we'll leave it there. thank you so much for joining us this morning, head of emerging markets distribution at citi. china has unveiled plans to completely overhaul hong kong's electoral system to ensure, quote, patriots are in charge. during the national people's congress, he warned world leaders to refrain from interfering. the eu said it would be ready to take additional steps after a deterioration of human rights in the city. china has urged the u.s. to meet halfway, calling for washington to remove unreasonable curbs on cooperation. the government's top diplomat said competition between the two
nations should not result in, quote, zero sum finger pointing. also coming up on the show, pearson unveils a new strategy with customers at the heart of it we hear from it the new ceo andy bird in just a few moments do you have a life insurance policy you no longer need? now you can sell your policy, even a term policy, for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly realized that we needed a way to supplement our income. our friends sold their policy to help pay for their medical bills and that got me thinking. maybe selling our policy could help with our retirement. i'm skeptical, so i did some research and called coventry direct. they explained life insurance is a valuable asset that can be sold. we learned that we can sell all of our policy or keep part of it with no future payments, who knew? we sold our policy. now we can
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welcome back to the show, everybody. some corporate earn beings for you. pearson from 185 million pounds. the british education company announced a repressure is as part of a new strategy aimed at serving customers directly pearson ceo andy bird told cnbc why the strategy is different. >> the hard work and transformation is ready to be realized particularly investment in our technology platform that enables us to create products that are very compelling and engaging for
consumers in a world in which learning has never been more important. and i think we've all experienced over the past 12 mosz the real importance of learning, not just education, but the way that companies and individuals and employers and employees have had to adapt to the new world and in that regard i think pearson is really well placed to take advantage of these new opportunities. s&p global ratings is warning the default rate for corporate credit could hit 6.4% by the end of the year as optimism around the covid vaccine development subsides head of research at s&p joins us now. so, the vaccination rollout in the eu has gone a lot slower than many had been expecting i'm curious, based on your analysis, what this means for the credit outlook in europe
are we poised to see a weaker picture emerge than we had been expecting? >> yes, hello. good morning our estimate based on the announced supply agreement by the european commission is that we could have -- we could have the half of the eu population receiving the recommended doses by late june and 17% bit end of july, and 17% is really a proxy for herd immunity, which then would be able to renormalize some economic activity that is the basic assumptions but they are, indeed, lots of challenges as we've seen in the
past week around the quantities, manufacturing, distribution and vaccine. and here the key risk from an economic and credit standpoint is that if there are delays, that would lead to enriching herd immunity more towards the end of august, beginning of september. that's really important because that would put a lot of pressure on economies that rely on tourism, for instance, all of these industries that are also very much linked to all of the transportation and more exposed to social distancing activities. >> when it comes to the path forward for the default rate, when are we likely to hit default rate i see an interesting analysis, that net negative bias improves a few quarters prior to the peak default rate what can you tell us around when
we expect to hit that rate >> yes i think that's really an important point about this particular crisis compared to a typical crisis indeed, as you mentioned earlier, our forecast is that the default rate is likely to hit 6.5% by the end of 2021. that compares to 5.3% at the end of -- in december 2020 and what that really shows is despite some easing in credit pressure there is still a lot of pain to come on the credit side of the year. in the first half of the year, as we discussed, a lot will be around that race for the vaccine and really this ability to recover a more normal level of activity but in the second half of the year, i think what we're going to start seeing are what are the implications of the withdrawal
of the fiscal and later on stimulus when this could put more pressure, particularly on the credit of the lower and of the scale and in those industries that we mentioned that are more exposed to social distancing all in all if you want, you have a peak and trough. if you look at the financial crisis, it falters to 10% to 20% in europe and u.s. what we might see is having a fairly elevated plateau for a longer period, really reflecting the fact that it is extraordinary support has limited what could be much more severe defaults. but then the time it takes to recover the challenges around the vaccine around the
withdrawal of that stimulus, means we might see default staying fairly high for longer than we would otherwise. >> really interesting you were saying that. i was going to ask what -- you've answered that question. i want to go one step further. would you say that a premature withdrawal of fiscal stimulus could elevate the default rate this is really one of the risks that we see in the recovery. it will be walking on a tight rope for governments over that period it's going to be the balance between the economy recovering and, therefore, private demand coming back. and then on the other hand this
fiscal stimulus, fiscal support, but cannot stay forever at this level and that is going to have to withdrawal. we expect most of that withdrawal we take place next year rather than this year but this year we be really a challenging balance and we see that between demands of private demand coming back and government support gradually with drawing to allocate fiscal pressure on governments. >> it seems to me the vulnerability situation for european credit is very high, though there's one line in your report that jumped out to me. rated single b-minus and lower reached an all-time high in europe should we be more worried about that
>> yes, that's one of the reasons we expect default rate to remain elevated in 2021 as you mentioned, a third of ratings at b-minus, which are vulnerable to changes in financial condition. what's interesting is we started the pandemic, we started 2021 with already -- i think it was 25% at the beginning of 2020 we have flagged for a couple of years that there was risk building up with increasing number of more vulnerable credit here the pandemic comes and has increased further the proportion of this. that's why there's good recovery, what we think is really -- for corporate with some industries remaining fairly resilient and already showing strong signs of recovery and other industries in leisure,
transportation for which recovery of credit metrics might take 2022 or 2023 or even later. this is this segment where we expect more downgrades and potentially more - >> very clear. thank you for joining us and running us through your findings still ahead on "street signs," the senate passes a scale-back version of president biden's massive stimulus plan.
joe biden's $1.9 trillion stimulus plan, paving the way for it to be signed this week. >> everything in this package is designed to relieve the suffering and meet the most urgent needs of the nation and put us in a better position to prevail. pearson shares fall after they post 10% fault in year-end profit >> this is really well placed to take advantage of these new opportunities and today's strategy is really about laying out what we see as a very bright future for growth within pearson. brent crude briefly breaks through dez 70 a barrel as saudi arabia's oil production facilities come under missile attack wti also touches two-year highs, but both ease back from their intraday highs
so we're about an hour and a half into the first trading session of the week here in europe and we still have green on the board for the most part we have the ftse 100 trading, though, in negative territory. a few names getting sold heavily. bt, london stock exchange coming under particular pressure. outside of the uk we have pretty decent gains the ftse mib in italy leading the charge, up 1%. last week the stoxx 600 finished up 0.9% led by european banks which rallied nearly 4%. let's get a check on european banks this morning, which are trading very firmly, extending last week's gains. the higher interest rate environment bodes well for the banking sector some very strong gains for
commerce banks, shares up 4% deutsche bank seeing hefty gains, up 2.9% what every region is participating in this banking sector rally shifting our attention to energy markets, brent crude prices jumped to above $70 a barrel for the first time in a year after houthi forces fired missiles as saudi arabia oil refineries, including a key aramco facilities. saudi officials said the attack was intercepted and resulted in no casualties or loss of property and production was unaffected still, we are seeing a move higher in oil. we've come off the absolute highs of the day, but still in positive territory brent trading 20 basis points higher to $689.50. wti trading around $66 a barrel. looking at the oil majors, what this means for stocks, no major movement in either direction
fairly mixed and overall muted session for the energy majors. joumanna let's turn to another development from the weekend the u.s. and european union have agreed to suspend tit for tat tariffs over airlines for four months they will see duties on $7.5 billion worth of eu exports temporarily lifted, including those on airplane parts, cheese and wine sylvia has been following this story. i mean, this has been an ongoing rift between the two sides for the better part of 15 years. it's good they've come to a resolution, but it seems it's only a temporary one >> you're right. in 2004, then in 2019 and 2020 the wto ruled the u.s. and eu granted illegal subsidies to boeing and airbus, and they have
announced the tariffs in relation to the dispute are on hold for a period of four months you're right in saying this is not the end of the story the expectation is this will he use these four months to come up with a more permanent solution over aircraft subsidies. let's see whether or not they will actually manage that within the time frame in the meantime, european officials have made this announcement as a reset in the transatlantic relationship they use the first phone call between von der leyen and joe biden for the announcement of the tariffs. i have to say, though, that i have spoken with different analysts this morning about this story and there are some doubts about what sort of cooperation they will achieve when it comes to digital taxation as well as other technology frictions
at the same time, other analysts are hopeful that the eu and u.s. will achieve also om sort of breakthrough when it comes to the nordstream to issue as well as common line to china, which has not happened yet in the comment that president von der leyen made on friday in the statement she issued after that phone call with president joe biden, there was air line about russia so both leaders did talk about that but there was no comment whatsoever about what we can expect going forward when it comes to the relationship with china. >> thank you so much for your reporting. now, i want to give you an update on the latest out of washington the u.s. house is expected to give final approval to president biden's $1.9 trillion relief package on tuesday the senate passed the bill over the weekend in a narrow party line vote after democrat it is
agreed to scale back the plan to gain support from moderates. let's take a look at u.s. futures, which are pointing to a weak start despite this progress on the bill. the nasdaq looking to open 260 points lower if these levels hold the dow and the s&p also pointing to a weaker start coming up, ibm argues many organizations are taking a misguided approach to gender equality we'll have more after the break.
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welcome back to "street signs," everybody. president biden will sign two executive orders later today related to women's economic equity the white house made the announcement on friday, but did not elaborate on what those orders might be. biden, who promised to make women's rights one of his top priorities, has signed executive orders banning gender identity discrimination and also set up a white house gender policy council. really happy to say we are celebrating international women's day today on cnbc.
tania breyer will be speaking to leaders across the industry. she joins us right now what a treat we have you on "street signs. every day should be international women's day. >> well, good morning. first of all, thank you so much for having me on "street signs." i wish i could see you personally, but virtually is wonderful. and as you said, it is international women's day, march 8th. every day should be international women's day, as international men's day, too they should be part of the conversation his of course, historically what we see is highlighting the issues of what women and girls are facing now, in my latest edition of finding solutions, we look at gender equality with four women who different sectors. we have sabrina alba, a
model/actress and u.n. goodwill ambassador, hen reetta ford, and princess eugeie and samantha barry, u.s. editor-in-chief of "glamour" magazine. >> women are always going to be, unfortunately, affected in ways that men are and statistics do show that. efad has efforts to bridge that gap and people-based solutions on how women need to be perceived. i think women are looked at as incapable in some ways of doing the work their counterparts do that's changing as well because, as we all know, we are very capable. it's about investment. it's the systems around them that are broken as opposesed to the women itself. >> it's essential to have
well-educated girls. they become mothers and they look after their families in a way that allows children to grow up healthy and strong and educated >> from modern slavery. >> women are not given the same opportunities, and that's -- that's related to many different issues that are happening. i mean, i think it's all about education and given opportunities to women to empower themselves and to be able to learn it's important that everyone has equal opportunity. >> to modern media. >> i think there's a massive responsibility for everybody in the media. and i think the responsibility, yes, is with female editors in chief like myself but also the male ceos and running media companies and being responsible for what we're putting out to the world. i know it's something i consider day in and day out in how we respect all women in what we do
on social and digital and i think that's an important part of representation as well. >> and, of course, we've also seen the impact that the global pandemic has had on closing the gap. unfortunately, it's held it back by 25%, the progress which they were making before the pandemic. but as our leaders, as you've seen this, in finding solutions, exploring different ways to close the gap. now, most organizations want to achieve gender equity, but pursue misguided approaches leading to little tangible progress this is according to the findings of ibm's women's leadership and missed opportunities report ibm found first movers in making the advancement of women a con creel goal, a report 61% higher rate of revenue than others. very pleased to say that brigit,
senior vice president, ibm global markets, joins us now karen has also stuck around to join the conversation. a really important topic pleased to have you on the program. thank you. first up, one of the key findings in the report is gender equality is not a top ten business priority for 70% of organizations. why do you think that is >> well, thanks so much for having me to join you today. i'm delighted to here and you're discussing this critical topic on a day like today. you are right. what we found is that we have backslid since the last time we did the survey in 2019 we've had had a blow to gender equality, in fact. there are less women working in the u.s. than there were in 1988 to put that in context
and women in leadership from first line manager to senior executive has dropped around 20% across all those levels of the pipeline despite the fact, right, despite the fact there are 86% more programs addressing diversity training so, what is -- what the reason is around this business priority, what we found was that the organizations that you've described as first movers have been made a key business priority, articulated as top ten, they did get the progress, which we can talk about. when you look at what that means, we found organizations that don't have that simply don't see diversity as key to their business survival. and they have typically, therefore, not driven out the hard outcome type of programs such as insisting on having
gender balanced slate for every job or setting explicit and hard targets. if you don't make it a top ten priority, it's probably because you don't see it as essential to your financial survival. what we found is companies that do, our first movers have financial outcomes, more motivation, have better employees and better customer service. what distinguishes programs from effective to ineffective it's interesting to see more and more companies are instituting these programs but, actually, it's not translating into better outcomes in so many cases. >> yeah. that is such a key point there is money, there is focus, all well-intentioned programs but they aren't -- they aren't translating into our company pe with are seeing almost gender
equity fatigue what we found, just to put this in context, since 2019, women and men at the rate of 71% for women and 67% for men, thought gender parity would improve in 2019 that's dropped and so what we found is although programs like diversity training, parental leave, making sure that there are flexibility around the pandemic, having people work from home, all of those things are good and appreciated. it really is, i'm going to say, the hard targets has every job have women succession program do companies see men and women promoted at the same rate? does the organization set
transparent and trackable gender targets? i would say the harder outcomes have to pair with a lot of programatic disclosure and diversity training the second thing which really makes a difference is sponsorship. a mentor speaks to you, a sponsor speaks about you and for you. and we found that in organizations that support sponsorship or women that have sponsors tend to earn around 10% more than those that don't in fact, if it's a male sponsor that goes up to almost 15% sponsors can have aid huge impact because there are more male managers so there are more male managers that can help pull women up all those things make a difference finally, because we're losing women at such a rate, we have to think about how to recruit and how to return women to work. one of the things we at ibm have done is recreated a return
program to get women to come back into the workplace and we provide a lot of tools and support and mentoring in a year's long program to return. 99% of people who use that program are women and during the pandemic it's increased 180% for applicants things like returnships, gender neutral hiring are absolutely critical >> i want to focus on that because by numbers it does tell an alarming number in the u.s. 5 million women pushed out of their jobs during this pandemic be, pushing participation to the lowest since 1988 we saw unemployment figures out of the united states last week, 6.2 unemployment rate but secretary treasury janet yellen says unemployment is closer to 10%. how long does it typically take to get women back into the workforce? what is it going to take to bring those jobs welcome back in
the first place? >> so, i think those -- those are such important points. i think they need to be points -- the first is one we're all concerned about which is the type of jobs being very heavily digital and technology-based so, organizations and education and programs that are all around technology and digital -- ibm, for instance, sponsors a group called ptech which allows people to have fast-track job from high school fast track getting women focused on primary education on technology and digital schools i think the second is significantly focused on attracting women hiring. that's critical for women to make it through the process. i believe the third most important thing that organizations can do in terms of getting women back into the
workplace is really showcase and highlight diversity, takes like today, what organizations do to get it out there that they're hiring, especially for technical jobs the other thing that will help a lot is as we print and make more transparent the diversity numbers. you know how many countries around the world have demanded board representation we see improvements in that, the diversity numbers throughout the management levels. i do believe we'll absolutely improve these numbers over time. >> it's really illuminating listening to what you have to say. i'm go to ask you a question based on my personal experience. i came back to work a few months ago from maternity leave i'm lucky enough to work for an institution that has supported maternity leave policies in place, but it also really shed a big light for me on the importance of having my partner involved as well and for me, this was a major
turning point. i hadn't realized how much i would lean on my husband, my partner to also help me in this sensitive part of my life. to what extent do you think paternity leave policies should be part of the discussion about improving diversity in workplaces >> i think you're on a really great point. and i -- i read some research a couple of years ago that said a very senior executive woman, that had been a major criteria for them, and they all had extremely supportive husbands. i absolutely believe that paternity policies are critical because, of course, families and family care is shared by all and there are many different parts of living arrangements i think paternity care policies should be part of this and i should note, and again i think it's something you were discussing earlier before i came on, that all of these policies
have been compounded by the demands of their -- of the pandemic i just wanted to give you a statistic here because it's so interesting. 32% of women in the ages of -- the ages of 25 to 44 at the moment said they're not working because of child care. this is 12% of men so, it's the policies for paternity leave but also the ongoing role played by two parents, where there are two parents, and the flexibility given to women as we get through this pandemic. but because the schooling burden is not changing for them and, you know, the other implication, of course, the subtext of that for both new parents, but also parents during the pandemic is mental health, mental wellness and resilience working is not just about child care and working working is also about having some resilience and balance for people to have careers that are going to be like marathons in
the long term. we'll be living a long time. therefore, i think the other part of policies for organizations is a lot more about mental health and wellness we've all focused a lot on physical health in the pandemic. organizations have really stepped up, but there is more to do on mental health, resilience and wellness which i think will help all employees of every gender. >> we'll have to leave it there. thank you so much for shedding light on so many important angles a huge thank you from all of us. senior vice president, ibm, global markets. we'll get a quick look at u.s. futures before we head out for the day. we are in for a weak start in the u.s. if these levels hold. in particular, for that tech-heavy nda an f watching and we'll see you tomorrow
it's 5:00 a.m. at cnbc global headquarters. here's your top five at five back to the house. the senate passing president biden's $1.9 trillion spending bill they're in the way for a house vote this week some democrats say it is not enough one year later, we talk the pandemic, the recovery and the a key vaccination milestone that could mark a big turning point in the fight against covid-19. on edge. investors grapple, surging bond yields as growth stocks struggle to make up for wha