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First Move with Julia Chatterley

U.S. Markets Closed for Thanksgiving Day Holiday; E.U Ministers Fail to Agree on Proposed Gas Price Cap; Daily Case Numbers in China Hit Record High; Luxury Cruise Ship Allows People to Live at Sea; Investors Giving Thanks to Wall Street Winners; Japan Stun Germany With 2-1 Comeback Victory in Group E. Aired 9-9:45a ET

Aired November 24, 2022 - 09:00   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

(COMMERCIAL BREAK)

[09:00:00]

JULIA CHATTERLEY, CNN ANCHOR: Hello all. Welcome to First Move. Great to be with you this Thursday and a Happy Thanksgiving to all of our viewers in

the United States and beyond those who celebrate it.

The Wall Street, therefore, is closed while U.S. investors enjoy their turkey and trimmings a day after stocks posted some pretty solid winnings,

tied to hopes the jumbo Fed rate hikes are in the final innings. Why? Well, the latest Federal Reserve minutes out on Wednesday suggests the U.S.

central bank may be poised to reduce the magnitude at least of upcoming rate hikes. That doesn't mean that borrowing costs won't still rise, of

course. Rather, they may just go up in small increments than we've seen over the last six months or so.

That potential rate revaluation helping boost the mood in Europe at least, with stocks there hovering near three-month highs, fresh number showed

improved German business confidence also helping the sentiment there too and also, of course, I think, having offset the ongoing concerns about

China's rise in COVID cases on what is going to be ultimately required to suppress the disease.

Chinese stocks falling a quarter of a percent today as cases rose to all- time highs, outbreaks reported across multiple cities as factory workers pushed back too against health restrictions. We will discuss this complex

and ever shifting picture with special guest Michael Pettis, a senior at Carnegie Endowment for International Peace who will join us later on in the

show from Beijing.

But, first, power is slowly returning to some homes in Ukraine after further massive attacks on the country's energy infrastructure. The death

toll too has risen to ten after Russian strikes across the country on Wednesday that plunge thousands of homes into darkness and left many

without water.

Meanwhile, thousands of mineworkers were trapped also where they were working. In fact, 3,000 miners have subsequently managed to escape from

underground. But that was earlier today.

Matthew Chance has the details from Odessa, Ukraine.

MATTHEW CHANCE, CNN SENIOR INTERNATIONAL CORRESPONDENT: Yes, I'm out and about because the power cuts across the country and the water shortages

have really led to, you know, a humanitarian crisis across the country. You have got thousands of people on the move, moving from their sort of war-

torn frontline locations to big cities like Odessa, where they can at least get some kind of relief, some shelter, some food, some electricity provided

by generators.

We're in a reception center right here in the middle of Odessa, and there's a bit of big crowd of people. There're about 500 to 700 families from all

over Ukraine that come here to try to get food and water and sort of basic sanitation supplies as well. It's a big center.

Actually, you have some people here, some of the stuff they've picked up. Can I have a look at what they've got? This woman here is from the Donetsk

Oblast. Of course, that's one of the main centers of the fighting. She's come here several hundred kilometers, miles away. And she -- all right,

some sweet corn or some -- whatever it is, beans. I specified can of beans, some oil, some washing up liquid here, toothpaste. A lot of this, of

course, from USAID, from the United States. But there are other donors from around the world and from private companies as well.

It is all sort of helping scratch the surface at least of providing some support for these people, but the big problem is the missile strikes from

Russia are continuing, electricity and water systems are being pounded by the Russians. And it means that with every day that passes this

humanitarian crisis, the shortages are getting worse and worse.

CHATTERLEY: And E.U. energy ministers have failed to agree on proposals to cap gas prices put forth by the European Commission. It comes as Russia

continues to restrict fuel supplies to Europe.

Let's bring in CNN's Anna Stewart. Anna, I am not sure how much confidence that anything could be agreed today, quite frankly, and you were sort of

hinting in that direction earlier, yesterday, when we were discussing this too. What was proposed and what was failed to be agreed upon here?

ANNA STEWART, CNN REPORTER: Well, they did agree some things that we knew they would, like the joint procurement of gas. It actually already really

agreed that, and, of course, the need to accelerate the deployment of a renewable energy.

But the thing we were waiting for was what are they going to agree on or are they going to get anywhere on the proposal to cap gas on the wholesale

market in Europe? They have been divided on this for many weeks -- I was going to say, all week -- for many, many weeks now. Emotions have really

run high.

I'm actually going into the meeting this morning. It was always interesting looking at the doorsteps and the arrivals, but the (INAUDIBLE) prime

minister said it would be, quote, spicy. The Maltese energy minister said the proposal wasn't, quote, fit for purpose. And this was the perhaps most

telling doorstep of all from the Belgian energy minister. Take a listen.

(BEGIN VIDEO CLIP)

TINNE VAN DER STRAETEM, BELGIAN ENERGY PRIME MINISTER: I don't think that is achievable today. The tax on the price mechanism was only presented two

days ago. And let me be clear, I am very happy that there is a proposal on the table. This is what we have been requesting since a long time. So, it

is very good that we have this proposal on the table. This proposal needs to be worked in the details. It needs to become a better text. And then I

am very confident that we can reach an agreement on the short time.

(END VIDEO CLIP)

STEWART: Now, the proposal that was on the table that was mentioned there was the E.U. Commission proposing a cap on the front month of gas futures

275 per megawatt hour. That is actually really high. So, lots of people said, well, actually, that is never really going kick in. So, what good is

it, which is probably those people saying it is not fit for purpose.

Some, of course, in the E.U., many actually, really opposed the concept of a cap on gas prices, full stop on the basis largely that it does not do

anything to reduce gas demand, which is a very important tool at the moment dealing with the energy crisis. And some would actually rather see a

completely different sort of cap. So, similar to what you see in Spain and Portugal, perhaps putting a cap on the gas prices from energy suppliers

when it is used to generate electricity and having consumers pay for the subsidies. They are kind of leaving out the state, leaving out the

wholesale market.

So, many different proposals, so many member states completely at loggerheads, really, and really quite emotional about it. They feel very

strongly about this. And I very much question how they will come to an agreement, and actually less than a month for that next meeting. Julia?

CHATTERLEY: Yes. Shakespearean, plenty of sound and fury signifying nothing. CNN's Anna Stewart there, Happy Thanksgiving. Thanks, Anna.

Okay. To China now, and tech giant Foxconn is apologizing for underpaying workers at the factory that makes iPhones for Apple. This comes a day after

some staff clashed with police in Zhengzhou as they protested over low pay. At the same time, has China recorded its highest number of daily cases

since the pandemic began.

Selina Wang joins us now from Beijing. Lots to deal with more broadly for authorities in China, Selina, but let's talk specifically about this

Foxconn plant. I read earlier today that they are actually paying some of those workers now to leave and get a bus home. Talk us through what is

happening.

SELINA WANG, CNN CORRESPONDENT: Yes, Julia. And it appears to be working because new video shows workers lining up to take buses to leave the

factory. So, after those days of violent clashes, Foxconn trying to quell the chaos there, offering the equivalent of $1,400 for those workers to

quit and leave.

Now, those workers, they were angry about wages, dirty living conditions, chaotic COVID rules. And we obtained more video today showing how those

protests turned violent. We learned that squadrons of riot police arrived. In one video, we could see a group of police in white hazmat suits beating

the workers with batons and metal rods. We found other video showing workers tearing down COVID barriers, masses of them throwing these little

bars and metal parts towards please.

Foxconn wanting to quell the situation, but this, of course, puts more pressure on Apple, the Foxconn supplier. They need these workers ahead of

the key holiday season.

Now, these types of public displays of dissent, they are rare in authoritarian China, but we have been seeing more instances of clashes

between law enforcement and people in China because of these harsh COVID-19 lockdowns, people still in China struggling to get access to food,

necessities and critical medical care during the lockdown. In fact, recently I visited one man in Beijing who is grieving right now over the

death of his father. And he blames his father's death on the country's zero COVID policy.

(BEGIN VIDEOTAPE)

WANG (voice over): They sit together sobbing, shaking, looking at photos of his father, her husband, and mourn his death at their home on the

outskirts of Beijing.

The local government killed my dad, he tells me, breaking down in tears.

I just want to get justice for my dad. Why did you look us down? Why did you take my dad's life away?

His 58-year-old father needed emergency medical help when their building was locked down. He says there were no COVID cases in the building, but

China seals off entire neighborhoods even when there are only suspected cases nearby.

Do you blame your father's death on this country's zero COVID policy?

UNIDENTIFIED MALE: Yes, very sure.

[09:10:01]

WANG: He says that his father was in healthy condition when he suddenly collapsed. No one could go in or out of the building for help.

He shows me the numerous calls he and his mother made to the emergency line. He recorded one of his many calls as he became increasingly

desperate. He says the ambulance took an hour to arrive. By then, it was too late.

He shows us the way to the hospital.

It took us about five minutes to get from his house to the hospital less than 2 miles away. When his father was sick, he had four relatives waiting

outside of this building begging to go in and drive him into the hospital but they would not let them in.

He says authorities in the hospital gave him no explanation for why the ambulance took so long. All they gave him was this document stating the

date and the time of his father's death.

His mother unable to speak, overcome with grief. She cries like this day and night.

Why are you taking the risk to speak to us?

UNIDENTIFIED MALE: I don't want this kind of thing to happen again in China and in anywhere. Because of the lockdown and the medical shortage,

shortage of ambulance caused my father's death.

WANG: Outrage in China is mounting over the human costs of the country's draconian zero COVID policy. China carefully counts every COVID death but

not countless people who died because they could not get emergency care during lockdown. Authorities have acknowledged many of those cases, but

they usually blame poor enforcement of zero COVID instead of the policy itself.

Before his father's death, he fully supported the country's zero COVID policy. But the local government execution of the policy is beyond

reasoning, he says. It is inhumane.

He shows me his favorite picture of his father surrounded by family. His son who was closest to his grandfather now struggles to eat or focus, he

tells me.

The quarter of his room piled with lettuce, potatoes, leaks and canned food.

He says all of this food here is in case they get locked down again.

The corn planted by his father is one of the few things he left behind. His grief now mixed in with fury. He struggles to comprehend the meaning of it

all, his father in the name of zero COVID.

(END VIDEOTAPE)

WANG (on camera): And, Julia, this man told me that all throughout the pandemic, for this whole three years, he had a lot of faith in the

country's zero COVID policy. He believed it was saving China from a massive amount of deaths. But after this experience, he is struggling to comprehend

how a policy that the government claims is to save people's lives is causing so much tragedy, because for three years, we have been reporting on

stories like this over and over again, people who have died, young and old, because they could not get that emergency carry fast enough during

lockdown.

And what is causing so much anxiety right now in China is that people don't see the light at the end of the tunnel. Nobody knows when all of this is

going end. We now have COVID cases surging to record highs, more lockdowns, more restrictions across the country.

CHATTERLEY: Yes. Selina, again, incredible reporting, it that's point that you made, I think, where is the light at the end of the tunnel for this?

And the implementation of that policy and the extent that it goes at times creating more tragedy. Selina Wang, thank you from Beijing.

Okay. Straight ahead, China's COVID conundrum, as we were just discussing there, how can Beijing protect both its economy and its people as COVID

rises once again? Some really tough choices, we will discuss all of this, next.

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[09:15:00]

CHATTERLEY: Welcome back to First Move.

And as you were just hearing, Beijing facing an incredibly tough battle, if the zero COVID policies maintained, China's economy and its people suffer.

But, of course, relax that policy, then the country's health care infrastructure simply won't be able to cope either way. The surge in cases

is having a very real impact on people's lives there.

And this is what zero COVID has done to a normally bustling Beijing street. Our next guest, Michael Pettis, tweeting on Tuesday that it's clearly

causing activities slow and food shops are now getting busier as people stock up supplies.

Michael Pettis is Senior Fellow at Carnegie Endowment for International Peace and he joins me now from Beijing. Professor Pettis, Michael, great to

have you on the show.

You live in Beijing. So, what we were just hearing before the break is the sheer degree of uncertainty, I think, that the people are living with at

this moment. Can you just describe what for you and then other people around you this has been like and continues to be like?

MICHAEL PETTIS, SENIOR FELLOW, CARNEGIE ENDOWMENT: Well, we're sort of getting inured to it. There is a sense of weariness on the street, but

nothing like the panic that there was back in, I think it was in April, when we had the big lockdown in Shanghai. The streets are quieter. Several

parts of town are closed, shopping malls, restaurants, et cetera. Today, when I went food shopping, I noticed that the lines were longer and people

were buying more stuff. But there isn't really that sense of panic.

CHATTERLEY: That's at least a good sign. Is there a fear of, once again, being locked down, a fear of the virus or has even that sense evolved over

the past few years? It ties to sort of behavior in economics, which I think we'll get to, but just your perception of concerns and where those concerns

lie.

PETTIS: Julia, I think there're probably two very different groups of people within China, the sort of urban educated middle class, I think

they're not terribly worried about getting COVID itself. They've seen -- and they know what's happening in the rest of the world. They're far more,

and I include myself in that, for more worried about getting caught up in quarantine or getting locked into your apartment or something like that.

But I think among workers in rural people who have perhaps less connection with the outside world, there continues to be a real fear of COVID. It's

sort -- it's presented as this very deadly disease, and people are quite frightened by it.

CHATTERLEY: What does that mean in terms of activity, in terms of the economy? Because, certainly, we outside China are trying to guess not only

what this means for the economy, for the country domestically but also what the spillover effects are for the rest of the world. What's your sense of

just by being there engaging activity, engaging I think confidence also, which is a crucial part of this too?

PETTIS: Well, it's going to exacerbate the problems that we've already had, which were in themselves exacerbated two or three years ago with the

beginning of COVID.

[09:20:03]

The key problem is the really weak demand side of the economy, and that's driven by very weak consumption, which, in turn, drives a weak business

investment. And consumption is very low priority because people don't want to go out or they are very nervous, so they are saving more of their

income, but also because incomes, in many cases, particularly for workers and migrant workers, are actually down.

For the rest of the world, this matters, because in the last two years, we've seen really extraordinary trade surpluses in China. And until about

two months ago, what really drove those surpluses was very rapid growth in exports. Imports just barely kept pace.

But in the last couple of months, because of problems in Europe and the U.S. and in the rest of the world, export growth seems to have turned

around and it's now starting to contract. And what that probably means is that import growth is going to be quite significantly negative as the trade

surplus continues to expand. So, that means China is going to be importing much less from the rest of the world than it did even during the previous

COVID periods.

CHATTERLEY: Really important, because at a time when we're talking about the United States slowing, when we know parts of Europe certainly more

broadly are entering or have already entered recession, you are talking about an added sort of gross slowdown kicker from China consuming less as

well next year.

PETTIS: Yes. And it's -- all of us sitting here, the main topic of conversation in Beijing and in other parts of China is basically when do

you think COVID will end, when do you think the zero COVID will be relaxed, and none of us really know. But I think most economists would agree that

until that happens, it's pretty useless expecting a significant improvement in the Chinese economy.

CHATTERLEY: Can you put some numbers on it for me? Because you and I were talking earlier off air and you were just describing to me, we've talked a

bit about in the past on the show, the sheer quantity of GDP in China that comes from investment, fixed asset investment from what we've seen at least

in the past of investment in the property sector. And we've long talked about this need for a greater rebalancing and for sort of the consumption

and the consumer side to play more of a role in the economy.

Just can you put some numbers on that just so that my audience can understand how important that balances and then we can talk about perhaps

some of the hopes of boosting the demand side of the economy, because it's vital now and it's vital in the medium and long-term too?

PETTIS: Yes. The numbers are really striking. And I think as much as we talk about them, people still underestimate just how much of an outlier

China is. In the rest of the world, mature economies typically invest around 20 percent of GDP on average. And if you look at high investing

developing countries in the midst of their growth boom, they're typically investing 30, 31 percent of GDP.

China is not in the midst of its growth boom. We're definitely on the slowing downside of it. But China, nonetheless, invests about 42 percent of

its GDP, in other words, a third more than high investing rapidly growing economies. And that's simply not sustainable. In fact, we know of the

consequence has been, which is basically been for 15 years as more and more of this investment is non-productive, investment in the property sector and

in infrastructure, China's debt burden has really surged.

So, one way or another, they have to bring investment down. And if you bring investment down, the problem is that because it's such a powerful

engine of growth within China, bringing it down means growth will slow significantly. And the only way really around that is if you could get a

significant surge in consumption, which is really tough to do. But the problem that we're seeing in China is that we are not even getting

reasonable growth in consumption. The growth and consumption has really stagnated. And so that makes this whole adjustment that much more difficult

and that much more complicated.

CHATTERLEY: And particularly if you want to try to boost your social security system or increase wages, you have to work out ultimately how you

pay for it, which is something else that every nation but also China has to consider.

Michael, I know, again, a lot of the western coverage after the party Congress was about what the transition of power and to some degree with the

consolidation of power politically meant for Xi Jinping and for the economy.

[09:25:02]

From your perspective, from an economics perspective, I think it's really fascinating, because, again, the debate was whether this reformist

remaining or whether he's gone and what that's going to mean, does it change any of the options and the challenges that you've just presented?

Does it help them in any way with tackling what needs to happen in the economy and how they go about doing it?

PETTIS: I think the reshuffling of the policymakers, including policymakers on the economic policy side, is probably much less important

than many people think. I know there was a great deal of disappointment because a lot of the favored reformers were moved out and replaced by

loyalists.

But I think we overestimate the range of options that China has and, therefore, the impact of a good policy versus a bad policy. The fact is

China has really limited options. It's got to bring investment down. And the main policy decision there is bring it down more quickly or bring it

down more slowly. And as you bring it down, that's going to drive growth down with all of the consequences. So, you have to bring up consumption,

which is also very difficult to do.

So, in a funny way, you might argue that a more sort of less fractious politburo might actually be slightly better for China simply because of the

-- in order to get consumption up, there has to be really major income transfers mainly from local governments to households. And it would be

really surprising if local governments didn't oppose that pretty ferociously.

So, I'm not sure that whatever happened in November or in -- sorry, in November, yes, was as -- or October. I'm totally losing my time here. But

whatever happens in the Congress really mattered a great deal to the prospects next year.

CHATTERLEY: Yes. It lays out the challenges, the short-term, the medium term and the longer term, while trying to deal with the battle of COVID

rising once again.

Michael great, to chat to you. We'll speak again soon. Clearly, much more to discuss. Michael Pettis there, thank you for joining us from Beijing.

PETTIS: Thank you very much. Bye-bye.

CHATTERLEY: Thank you. Bye. We're back after this.

(COMMERCIAL BREAK)

[09:30:00]

(COMMERCIAL BREAK)

JULIA CHATTERLEY, CNN ANCHOR: Welcome back to First Move.

And for those of you who love holidaying on cruise ships, the question is do you love it enough to call it home. Well, one company is betting that

you just might. Cruise company Storylines calls itself a residential community at sea, offering people the chance to buy their own piece of a

luxury cruise ship.

However, I have to say, it doesn't come cheap. Residents range from $1 to $8 million for the lifetime of the vessel. There's also a limited number of

24-year leases that start at $647,000. Storylines says the ship will have room for 1,000 residents and it's due to set sail in 2025.

Founder Alister Punton says the ship allows people to take advantage of the freedom to live and work anywhere in the world.

And joining us now is Alister Punton, founder and CEO of Storylines. Alister, fantastic to have you on the show. I think we get the vision here

for those that do love cruise ships. But talk to me about that and who your target audience is. Who is going to live on this ship?

ALISTER PUNTON, FOUNDER AND CEO, STORYLINES: Yes, thanks, Julia. Look, it really is a very mix of people. We have people from all age ranges, of

course, people from all around the world. Currently, I believe we got about 20, 22 countries represented in our resident pool, and they represent

families, remote workers and, of course, retirees and pretty much everyone in between. So, it really is a mixed bag and that's been, I guess, a really

important point for Storylines to create that community feel within the resident community.

CHATTERLEY: Aha, the keyword there was, have. So, you've already sold some of these residences. What proportion have you sold? And is that a mix of

ranges? Has the Ao8 million sold?

PUNTON: Yes, absolutely. So, we sold over 50 percent at the moment. Yes, over 50 percent at the moment a pre-sold. And that's, again, a mixed bag,

again, of the entry level residences, as you mentioned, but also some of $8 million ones as well. And we are already seeing that some of the residents

types, there's five primary residents types available and we're already seeing some shortages of those in the mid range at least.

CHATTERLEY: How much time do you think they anticipate actually spending on this cruise? Is this is the equivalent of a holiday home? And what

facilities do you have? I guess the obvious thing given even just the past two years, a hospital, medical facilities, schooling, education for

children if they want to do that? What's available on the ship?

PUNTON: Yes. We say that this is an extension of your normal life. So, you shouldn't have to give anything up by coming to live the Storylines. So, as

you said, there is a hospital, there's also education facilities on board, people should be able to come in live. And this is their primary place of

residents. And some of our residents are actually -- this will be their only place or residence. So, they've got nowhere to fall back to. So, this

is it for them.

But a lot of people, of course, will use this as their second home. A lot of our residents like to go in cruises. So, they will come home to

Storylines and go out, still go into the regular cruises every year. So, yes, there's a lot of different types of people coming to Storylines.

CHATTERLEY: Is there going to be a plan for the year of where you dock and where you travel and so people can perhaps hop aboard for a period of time

and then hop off if they want to?

PUNTON: Yes, absolutely. So, people treat this as a home. So, you can come and go as you like. There's no commitment to be on for 7 days for 14 days

or anything like that. The itinerary, of course, is set long in advance from operational perspective and the residence have some input into that as

well. And we pick boards based on, of course, desirability but also part of our plan is to be staying in port for three to five days. So, it's a very

slow-paced atmosphere. So, people really get the opportunity to go into -- not only into the ports but into the local regions and deeper into the

countries that we visit. So, it's really an opportunity for them to give back and provide more than just influx into the port regions but into the

entire communities that we go and visit.

CHATTERLEY: It looks very beautiful. These are the renderings that we're showing now.

It's funny, I always do and have guests like yourself on. I always do a quick test of friends and family. And I have to say, you know what the

first question came up, of course, COVID. Please pray we don't have one, but the next pandemic.

[09:35:00]

Do you imagine in that kind of situation you would get an exodus because I don't know anybody who even those that like cruises that wants to get stuck

on a cruise ship with something like COVID. How would that be handled?

PUNTON: Yes. And that's an interesting question, because, primarily, cruise ships today haven't been set off or something like that. So, we've

got the luxury of being able to build and into our design, things to enable us to maybe continue sailing during perhaps a pandemic.

So, there's a lot of technology that we're building into the actual design, to enable us to basically isolate residents in their room if they need to,

or better yet stop infection from getting in the first place, whether it's airborne or whatever happens today. So, yes, the trick is to stop it before

it happens, where possible, of course, but maybe that's not so easy.

CHATTERLEY: So, isolating air within apartments, like even to that level?

PUNTON: Yes, exactly. So, no shared air traveling between different residences, so you can actually do that. So, cruise ships haven't been

designed to this sort of level before, but I'm sure they will be in the future.

CHATTERLEY: Can you be profitable if you just sell all of these apartments? At that point, is this profitable? I'm just trying to even

imagine what it costs to kind of run this and operate this kind of operation. I'm sure you've got a great business plan, but --

PUNTON: Yes. Look, Julia, for us, it's more of a real estate model than a cruise model. So, for the residents, once they come on board, it's like an

HOA (ph) fee. They pay that fee and that covers all their all-inclusive fees for the whole year. So, that's all their food and beverage,

activities, use of the wellness center, bowling alley, the golf simulator, you name it, everything that's on board that you could possibly want,

access to all of those things.

CHATTERLEY: Wow. I'm very excited to see what happens, got to get cracking, actually. 2025 is just around the corner.

Alister, great to have you on. Thank you so much for coming to talk to us about it today, Alister Punton, founder and CEO of Storylines, thank you.

All right, from a nonstop cruise to a meal we can't refuse. It's Thanksgiving Day in the United States and I am thankful to be with all of

you every day. I'm also very thankful to once again be presenting our yearly look at the tasty stocks investors that have been feasting on in

2022, as well as the unappetizing corporate turkeys. Let's call them that.

First up, investors giving thanks to the energy sector ranks. Energy, as you would perhaps imagine, the best performing U.S. stock sector with

Occidental and Constellation up 130 percent-plus since January. Some phenomenal pharmaceuticals too, Merck and Bristol-Myers, two sector

winners, up more than 25 percent. IBM, a rare tech outperformer, two shares truly computing, up 11 percent, as revenues there rebound.

The rest of tech, well, feeling a little bit, shall we say, featherbrained. Meta, the worst performing, off more than 65 percent, as advertising sales

slow, investors clamoring for less Metaverse spending. Over there too, Netflix streaming less than gleaming, call it a crown frown or a royal

ruckus, with shares down more than 50 percent year-to-date. And even blue chips have been whipped, manufacturer 3M suffering an almost 30 percent

postage note plunge, the soaring dollar weighing on foreign earnings there. And, finally, stored (ph) returns at U.S. auto giants Ford and G.M. amid

rising recession fears.

And we aren't done yet with the winners and losers in a World Cup whipsaw, Japan defeating Germany on Wednesday by two goals to one, their first ever

victory over the four-time world champions. And fans are eagerly awaiting the tournaments debut of Portugal's Cristiano Ronaldo after he and his

club, Manchester United, parted ways earlier this week.

World Sports Amanda Davies is live from Doha with all of the action for us. Amanda, one of the best things about the World Cup is we get to speak to

you just about every day. And I tell you what. Never mind the football, the Japanese fans tidying up after themselves were some pretty iconic images,

never mind the win of the game.

AMANDA DAVIES, CNN SPORTS ANCHOR: Yes. It wasn't only the Japanese team that won last night, Julia. I have to say, it has become traditional. We

see it at the Formula 1, we saw it at the Rugby World Cup that was held in Japan. But win, lose or draw, it has become a brilliant tradition from the

Japanese fans after the game, rather than running out into the center of Doha to celebrate, they got out there rubbish bags and they essentially

started a litter-picking mission.

And the team do exactly the same in the dressing room, a really, really fabulous moment. But, I mean, they absolutely had something to cheer after

that sensational victory from their side last night.

[09:40:03]

Not one that many people predicted even if the Japanese had been quietly confident in the run-up to the match. Takuma Asano, the scorer of the

winning goal, nicknamed The Jaguar, said it felt like a dream after not only winning but coming from behind to produce that first victory over the

four-time world champion.

You have to say, it makes life really, really hard now for Germany, particularly given they're in the same group as Spain, the side who thumped

Costa Rica seven-nil last night.

But as you can see, we are here at quite an unusual football stadium. It's called a stadium 974, named after the country code of Qatar, but also

because it's made out of 974 containers, shipping containers. And it is going to be the first ever World Cup dismountable stadium that will be

taken apart after the end of this tournament.

And tonight, the person that most people are talking about, gracing that pitch inside, is the one and only Cristiano Ronaldo, making his World Cup

debut here in Qatar just days after that somewhat acrimonious split from Manchester United. All eyes on him as he begins what is widely expected to

be his final World Cup, looking to help Portugal claim that one major piece of silverware he hasn't yet won in his career. It would be very, very

interesting.

The word from the camp has been no disruption to their morale, to their preparations for this game against Ghana. But, ultimately, we'll find out

in just over an hour from now. A really, really colorful, loud, large contingent, not only Portuguese fans but Ghanaians as well. A lot of the

Ghanaians already based here in Qatar.

And they have one player that they're keeping an eye, Andre Ayew, their captain who plays his club football now here in Doha, the most successful

club in the QSL (INAUDIBLE). I got the chance to speak to him a couple months ago. He was very, very excited about the moment that he would take

to the pitch for the first time. He feels in front of two sets of home fans.

CHATTERLEY: Yes. I'd have to say, though, I don't think there's ever been any delight greater than those Japanese fans. I'm quite obsessed by them.

Congrats to the Japanese soccer team on their soccer prowess also to their people on their cleanup etiquette, I think, too. And I believe it's one

hour, 17 minutes and 35 seconds until we see Ronaldo. There we go. We're very excited.

Amanda Davies, great to have you with us, as always. Enjoy.

And that's it for the show. Thank you for watching. We'll be back tomorrow. Marketplace Europe is up next.

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