cancel its planned ban should cancel its planned ban on petrol and diesel cars. welcome to business today live from new york. stocks are steady after record closes and both the s&p 500 and the dow jones industrial average and we are seeing earnings continue to trickle in with results from a trio of wall street banks that beat expectations and we will discuss those in more detail shortly. meanwhile oil is plunging, over1i% shortly. meanwhile oil is plunging, over 4% after report is rogel to target iranian crude, easing fears of a supply disruption. let's speak now to mark travis, he's the president and ceo of intrepid capital funds. away from banks and some of the other market movers, micro devices, some of those chip makers, this is rising after report that the biden administration is discussing caps over sales over the advanced ai ships to other

countries. what is your outlook?— countries. what is your outlook? �*, ., ., ., ., outlook? it's not an area we typically _ outlook? it's not an area we typically focus _ outlook? it's not an area we typically focus on _ outlook? it's not an area we typically focus on but - outlook? it's not an area we typically focus on but it - typically focus on but it certainly performing well. i think prices may have outgrown the expectations of the businesses in my personal opinion, but it's certainly going to be integrated into everything we do, whether that is people running walmart or insurance companies and processing claims are health care and discovery of new drugs. it is certainly a large component of the market performance in the us. as far as restricting supply i feel like our politicians don't understand the law of comparative advantage very well. in fact, i think on the one hand we've got somebody wants to impose terrace on the other wants to cap grocery prices. i'm not sure how we

come out ahead in either case. what about extending to tech more broadly, you talk about some price evaluations and we are going to have netflix result of the light of this week. �* ., result of the light of this week. �* . ., ., , week. again, not a company we follow closely. _ week. again, not a company we follow closely. i _ week. again, not a company we follow closely. i am _ week. again, not a company we follow closely. i am sure - week. again, not a company we follow closely. i am sure the - follow closely. i am sure the business is doing fine. i probably got at least five kids and my subscription and hopefully they figure out a way to reign that in. i think they have. it set you back to its product that most americans use. again we tend to focus on founder led public companies that sometimes are not in the limelight. that sometimes are not in the limeliuht. ., ~ that sometimes are not in the limeliuht. . ~ , ., that sometimes are not in the limelight-— that sometimes are not in the limeliuht. ., ~' . limelight. thank you so much. the big banks _ limelight. thank you so much. the big banks are _ limelight. thank you so much. the big banks are also - limelight. thank you so much. the big banks are also seen i limelight. thank you so much. i the big banks are also seen as a sign of how well the us economy is doing but it was a mixed picture from the three

big names that gave us the latest results in the last few hours. we have goldman sachs singing creek —— this profit increased compared to the same time a year ago and as a result of more deal—making and fundraising from companies. investment banking was also a bright spot for the bank of america and citigroup. but the profits fell as retail banking so more bad credit card debts and increased competition for customers. let's speak now to brendan brown, the financial institutions managing director at s&p global. we got the results of city bank of america and goldman sachs and we are seeing markets taking those earnings in their stride with broadly upbeat results. what was our broadly upbeat results. what was your outlook? _ broadly upbeat results. what was your outlook? all - broadly upbeat results. what was your outlook? all three l broadly upbeat results. what. was your outlook? all three of these banks reported earnings roughly within our expectations. as you said investment banking was a positive story and it continues to rebound after fairly weak

2023. we saw a big pick—up in debt underwriting both in investment—grade debt as well as leveraged finance and equity underwriting also was much stronger than last year. there has been some pick—up in ipos as well as secondary offerings and we are seeing a little bit of improvement in mergers and acquisitions although there is still plenty of room to run there. we also saw strong trading activity on the equity side, although much more mixed on the fixed—income side. so all three of those banks benefited from those trends but since goldman is most focused on investment banking they saw the biggest boost in earnings compared to last year. city and bank of america had a little bit of a drop in income compared to a year ago but the good news for them is that it looks like net interest income,

the pressure it's fell from rising deposit costs is really levelling off at this point and with the fed reducing interest rates in september banks have begun to cut the deposit pricing which is helpful to these banks and should help them offset some pressure. you mentioned _ them offset some pressure. you mentioned the _ them offset some pressure. you mentioned the finances are strong in the investment banking on the trading side were strong but what about the commercial side? what is it telling us about the health of the economy and the consumer? loan growth remains very tepid within the banking sector. on the consumer side we still see some growth in credit card lending some growth in credit card [ending but not a lot of growth elsewhere. on the commercial side we continue to see fairly strong growth, the banks lending to none financial institutions and non—bank lenders but outside of that

there is not a tremendous amount of growth. commercial borrowers still have a low utilisation rates on their bank revolving facilities. we see much more growth outside of the banking sector in areas like private credit and other parts of non—bank shadow banking. so it kind of reflects we are transitioning to probably a lower growth economy and its long—term story of more activity outside of the banking sector continues.— activity outside of the banking sector continues. thank you so much to brendan _ sector continues. thank you so much to brendan brown. - sector continues. thank you so much to brendan brown. in - sector continues. thank you so i much to brendan brown. in other news the troubled plane—maker boeing could raise as much as $25 million for a new share sales and debt after it filed the necessary paperwork with the necessary paperwork with the us financial regulator. the ongoing strikes said its main factory in seattle are thought to be casting at around $100 million a day and are now

dotted the work to hold a large rally on tuesday to increase the pressure on boeing to improve their pay offer. and netflix could be set to report its slowest subscriber additions in six quarters on thursday as against the company made from a password sharing crackdown start to ease according to new data from the streaming giant aggie for 4 million subscribers in thejuly to september period has the pace of sign up slows netflix is trying to shift investor intentions towards other performance measures including revenue growth and margins. the chief executive of bmw says the european union should cancel its planned 2035 ban on petrol and diesel cars if it wants to reduce its reliance on china. he was speaking at the paris auto show where chinese car manufacturers have been making a bigger splash than ever before. the bmw boss said the mood in europe was trending

towards pessimism and of the region needs a new regular tory framework to remain competitive. bmw has long called for regulators to pursue a variety of fields including biofuels, hydrogen and fossil fuels to achieve environmental targets. car—makers are ploughing huge sums into developing electric cars but sales have been falling and accommodation from china is intense. our business correspondent is at the paris auto show and spoke with the chief executive of the renault group. chief executive of the renault urou -. ~ ., chief executive of the renault ”rou,. ., , chief executive of the renault irou,. ., , chief executive of the renault i'i'ou.~ ., , , . group. what makes me optimistic is that renault _ group. what makes me optimistic is that renault had _ group. what makes me optimistic is that renault had to _ group. what makes me optimistic is that renault had to kind - group. what makes me optimistic is that renault had to kind of- is that renault had to kind of ask itself the right question three — ask itself the right question three or— ask itself the right question three or four years ago when we were _ three or four years ago when we were in— three or four years ago when we were in trouble and right now this thing _ were in trouble and right now this thing is giving us an advantage because of the cars we looked at three as you're coming _ we looked at three as you're coming to the market. many electric— coming to the market. many electric and hybrid cars and a lot of— electric and hybrid cars and a lot of technology. we try to be meeting — lot of technology. we try to be meeting those kind of negative

trends — meeting those kind of negative trends. it— meeting those kind of negative trends. , ., ., ., trends. if you are wondering around the _ trends. if you are wondering around the show _ trends. if you are wondering around the show we - trends. if you are wondering around the show we will - trends. if you are wondering around the show we will see i around the show we will see there is a large number of chinese brands here. they are expanding onto the european market quite aggressively. how much of the threat is that you? i am old enough to have seen japanese _ i am old enough to have seen japanese coming into europe and of course — japanese coming into europe and of course american before and the japanese in the 80s and 90s and then— the japanese in the 80s and 90s and then the koreans coming in. their— and then the koreans coming in. their market share is probably 25%. _ their market share is probably 25%. not — their market share is probably 25%, not 95 so we are still there _ 25%, not 95 so we are still there alive and kicking. we have — there alive and kicking. we have been expanding in other markets _ have been expanding in other markets in the world. it's going _ markets in the world. it's going to _ markets in the world. it's going to be the same with the chinese — going to be the same with the chinese. of course right now one — chinese. of course right now one of— chinese. of course right now one of the challenges we have as the — one of the challenges we have as the chinese started earlier than — as the chinese started earlier than us — as the chinese started earlier than us so we have to catch up but don't — than us so we have to catch up but don't underestimate the ability— but don't underestimate the ability of the european tradition to find the right

measures of the challenge. do ou measures of the challenge. you need measures of the challenge. drr you need help to do that because the european union clearly thinks you do, they've introduced tariffs on imports of chinese ev is supported by their own government. to think that a necessary move? this their own government. to think that a necessary move?- that a necessary move? this is almost a _ that a necessary move? this is almost a legal _ that a necessary move? this is almost a legal issue _ that a necessary move? this is almost a legal issue and - that a necessary move? this is almost a legal issue and is - that a necessary move? this is almost a legal issue and is not| almost a legal issue and is not almost a legal issue and is not a business _ almost a legal issue and is not a business issue. there are rules— a business issue. there are rules of— a business issue. there are rules of the games. the watchdogs from the european community have certified that some — community have certified that some companies didn't play to the rules _ some companies didn't play to the rules. that is why we didnt— the rules. that is why we didn't do— the rules. that is why we didn't do like the americans when — didn't do like the americans when you have 100% on anything that when you have100% on anything that is— when you have 100% on anything that is chinese but it'sjust like — that is chinese but it'sjust like focused on some companies. so i like focused on some companies. 50 i have — like focused on some companies. so i have nothing to say on that — so i have nothing to say on that you _ so i have nothing to say on that. you don't discuss a judgment of the supreme court. so the _ judgment of the supreme court. so the real question is are we able — so the real question is are we able to— so the real question is are we able to catch up on those so the real question is are we able to catch up on thos