Please show the whole makefile. As it stands, it appears you don't actually have the proper dirctories to cd into or files to build.
You're saying that "*.cpp" is a list of directories, and you want g++ to iteratively cd to these directories and build hello from a missing source
Also, what you're doing is trying to treat a makefile like a shell script, success is unlikely. I suggest you try and lookup how to run scripts fro the makefile, or use sub-shell commands instead.