♪ >> good morning. dani burger in london hq. we have the stories to set the agenda. alphabet bounces as the tech giant beat sales and profits. a busy day in europe as well. talking down the hawks. u.s. stocks post the best three-day rally since 2020 as fed officials downplayed the 50

basis point height risk in march. plus, the crude question. opec-plus seen ratifying another increase today but the reality is they have barely managed amid surging oil prices. breaking news aplenty. dani, take it away. dani: we have the drugmaker with a miss for the fourth quarter eps, coming in at $1.40. the estimate was $1.43. they are seeing sales grow in the mid-digits as well as margins. does this put the pressure on novartis? we have blackstone and carlisle looking at a joint bid. novartis saying they are reviewing the processing and these earnings. perhaps a tilt of the hat to potential sale. manus: buybacks, juliette saly delivered the numbers.

400 million swiss francs of a buyback. there is deliberation between being free to do acquisition after regulations were lifted. 400 million of the share buyback in terms of inflows. you are seeing 19.6 billion for the full year. they had a wobble in the last part of the year on the inflow side of the story, but overall, 18.83. they will give us a strategy update on may 19. assets under management come in at 482. there is a slippage. the dividend comfortably above the estimate of 2.6. we will catch up with the ceo of julius baer later on. he joins us for the earnings call just after 7:00 a.m.. a big week for the banks.

santander, comfortable beaters as well. dani: they reported about 15 minutes ago so we will recap. a beat, 2.28 was the net income estimate. it had been for 2.2 billion euros. one of the things is the payout story, usually important for banks. they might raise dividend ratio to 40% in the long-term. further growth outlook targeting mid-single digit growth. later, we will talk about those earnings with the santander chair after 8:00 a.m. london time. manus: what is the difference between what we should do, what we could do and what we would do? this is all about fed speak. if it is hard to understand, you have to listen to patrick. he covered himself splendidly with two way risk. part of the 50 point narrative for march. that to a certain extent has

emboldened risk on the equity side. fed speak 2022. good morning. dani: i kind of get the feeling that the fed speakers are trying to talk us off this hawkish ledge, and by us, i mean markets. look at these different fed speakers. 50 basis points don't help us. less convinced of that daily. esther george saying don't overreact. bostick really tempering his comments over the weekend when he opened the door for 50 basis points. he said in subsequent interviews, it is not what he favors. manus: this is about trying to re-grasp control, re-grasp the narrative away from the bond market. the bond market's job is to price presumption and forward perspective on where rates are. he says we are at maximum employment. they look at the jobs report on

friday and harker said we are at some of employment, so this is about supply chain crunch. look at some of the chip results in the past 24 hours. it is a very lean system and the chip supply. dani: it is. some of those earnings really helping to fuel equities higher in the premarket session. we do see a large outperformance when it comes to nasdaq 100 shares, up 1.2%. compared with the s&p, up .6%. compare that with small caps that are little changed in the future succession. all that fed speak helping to slightly steepen the yield curve. i should say slightly because the trend has been one of flattening. it's countdown to opec. $89 a barrel on brent crude is where we stand. manus: google's parent alphabet soared in after hours trading after the company posted

fourth-quarter sales topping projections,, showing the resilience of the advertising business. let's get to laura wright with the takeaways on the tech tighten. laura: soared it did after hours trading, surging 9%. there was news of a stock split. to put in context, alphabet shares surged 5000% over the last decade. the stock split will increase liquidity, therefore making prices cheaper, bringing it down to just under $3000 to $140. what is the bread and butter for alphabet? it is appetizing and that structural shift has been accelerated by the pandemic. advertising for the fourth quarter up 30% year-over-year, landing $61 billion. the cloud business up 40% year-over-year.

alphabet security number of deals, the likes of the u.s. government. it's also trading inexpensively relative to other mega cap tech. it might be an opportunity to buy yourself a bargain. alphabet trading just over 20 times forward earnings as well as meta-platforms. that is half of where amazon is trading. it's trading cheaply relative to these other big mega cap names. dani: fantastic roundup. i do want to bring up some breaking lines. sony seeing lower than expected ps5 sales on-chip shortages. it is going to be harder to buy one when the chip shortages continue. we had amd yesterday in the earnings seeing that high demand. chips still the reigning theme. manus: i have not played game since 1982 when it was battleship. you have to google that.

dani: i would have to challenge you to a battleship game when you are in london. manus: i have got to say, it is really not that sophisticated when i was growing up. dani: that's ok. game on. on a more serious note, let's give it russia where we have president boudin who says he hopes -- putin who says he hopes diplomatic talks will continue but saying the u.s. is using ukraine to contain russia. yesterday, we saw trips by european leaders to moscow and kiev. to bring us up to speed, we have maria tadeo in brussels. we heard from the men at the center of the crisis, putin, but do we have any more clarity? maria: we have finally heard from vladimir putin. this is the man at the center of the crisis -- he has completely manufactured to this crisis in ukraine to gain concessions but also maintain that in eastern

europe. you look at what vladimir putin said yesterday however, there was nothing new to me. he said the u.s. and the nato proposals have not addressed security concerns about russia has, but wants to stay engaged on talks but should be prepared for every scenario. a look at what vladimir putin wants which is this very clear, ironclad guarantee that ukraine will never join nato and nato will not extend into the east. that is something the west cannot give. where we go from here, to me, remains just as unclear as a week ago. the one thing i will say is if you are looking at what is happening right now, russia is dictating the timeline here. for the russians, this is already a win. they are presenting themselves as a global power. we are waiting for vladimir putin to make his next move. this is already a diplomatic victory for them. manus: yeah, maria. putin made it very clear who would benefit from russian --

of course, a tip of the head to viktor orban in terms of hungary and their energy needs. great reporting, maria. now, the oil markets are steady, but at the seven-year high. this is ahead of the opec-plus meeting today. the plan is to modify, but the big question is whether the alliance can actually deliver on the targets. let's get to our commodities team leader paul wallace. what do we need to understand about opec and opec-plus in terms of their capacity to deliver? paul: hi. well, the market is expecting a very straightforward and quick meeting today. i think the 23 nation group will ratify a production increase of 400,000 barrels a day. as you said, a key question is just how much of that opec-plus

can actually add to the market. at the moment, it is under producing. it's over complying. and in recent months, it has only hit about 60% of its targets. the market will be watching very closely today to see what, if anything opec says about that under production and whether it can ensure its laggards do start hitting their quotas. dani: we all have the contrary and take from jeff kerry at goldman, saying they can raise and take even more. we will stay on top of the opec story throughout the hour. that is paul wallace. let's get to the first word news. back with us is laura wright. laura: coivd infections desk covid infections in new york state have fallen 92% from a few weeks ago. hospitalizations exceeding. south africa, the original

epicenter of omicron, has dropped vaccination requirements for those with no symptoms. norway is using most covid measures as its high vaccination rate will be enough. the u.k. government has published a long-awaited plan to reduce economic inequality, shifting many powers away from london and seeking to increase pay and productivity in poorer regions. it was a key catchphrase in the campaign, as boris johnson's administration seeks to move on from the party-gate scandal. momentum continues in the new zealand market. prices are rising. values rose 2.1% from a year earlier, accelerating the outlook of 1.9% jump. the report spikes mounting evidence growth has slowed due to increasing difficulty in of taming finance, raising interest

rates. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. you can only dream of owning a property in new zealand. manus: a little bit too long for me. laura wright in london hq. coming up, more fed talk. as if we haven't had enough. has a dove finally found a voice? dani: we can never have enough fed talk on this program. we also can have enough oil. we will talk about oil climbing towards a seven-year high. we will preview today's opec-plus meeting. that will be just after 6:30 a.m. london time. this is bloomberg. ♪

collects we are going -- >> i would be supportive of 25 basis point increase in march. could we do 50? yeah. should we? i'm a little less convinced of that right now but we will see how the data turns out in the next couple of weeks. dani: are you tired of fed talk yet? that was patrick harker giving his talks on possible rate rises this year. we heard from james bullard who is a voting member this year on monetary policy who said he would like to raise rates at the central bank's meeting in march and may. let's hope the next guest is not too tired of the fed speak yet. it is the chief economist that g plus economics. thank you for joining us. we are starting to hear fed officials walked back away from the 50 basis point hike. some including bostic have set of the data supports it, that is

something he would lean towards. what sort of inflation do we need to see in upcoming readings to solidify a 50 basis point hike come march? >> good morning. it is so good to start the day with you. there's never no such thing as too much fed talk. an extraordinary economic cycle that is leading the cycle. what started as a double-digit collapse in global growth during the pandemic two years ago has morphed into a lasting structural supply shock in the fiscal monetary policy where banks provided liquidity for governments to respond to risk but also to markets the price rose risks. what that has led to two years

on, it has left the federal reserve and other central banks in a position they haven't had in three decades of globalization. that is managing structural upside risk to inflation. that has key indications for the global financial system in ways that are just coming into focus. there are implications here. the first one is coming from a position of the zero rate with an economy that expended at a nominal annualized gdp, 14.3%, it is clear the impulse for monetary normalization is going to be strong. we have seen dramatic turnaround in expectations between the end of last year and this january meeting about the normalization that lies ahead. manus: with that strong impulse to try and get off the

ground 0 -- harker says we are at maximum employment. trying to take us away from the 50 point narrative in march but it is clear this combination and this tightening cycle will be very different. talk our viewers through how quickly and how aggressive the qt element, active qt will impact the market. lena: absolutely. let me know is the fed is about to embark on a historic cycle of moving away from the zero bound. the territory that we have occupied almost continuously in terms of monetary policy since the financial crisis. that zero bound will be left behind. what will happen is the fed will turn the prospect just to 150 basis points of easing between the pandemic and now, but also

easing since the start of the pandemic. that is the equivalent of turning the titanic. that is it a normative shift. even as the pandemic endgame comes into focus, even australia, this will not turn back on market sensitivity. it will not turn the clock back on debt globally and a much higher market valuation. that creates a structural imbalance, which has been the case given the strength of inflation and the labor market. on the one hand. and then sensitivity to higher interest rates demonstrated by the fact there are asset liabilities and durations in mind. long-term liabilities and short-term, while pushing

capital into long-duration as we saw over the last few years. that sort of shift in asset liability is coming into view as the fed turns the tide. as we have seen, government bond yields are higher. this is not simply about turning the prospect on the pendant -- pandemic -- manus: we are going to draw a line on the fed conversation because we want to pause and take a break, come back and discuss how that tailwinds into the ecb. lena, our guest. chief economics at g+ economic stays with us. what will the shift in the fed mean? more, more and more central bank

speak. this is bloomberg. ♪

manus: it is daybreak europe on the road. i am in zurich. dani burger in london. the bank of england and ecb do to make right decisions tomorrow. one thing you will see from the very short end in the durban market -- the german market. trucking higher, the longest run of gain since november 2020. the highest since march 2016. the rate hiking are storming into the short end of the german curve. lena will tell us whether they are right or whether the ecb's

optionality is running out because of a tightening cycle in the fed. short-end bobble, ratchets higher. are they over exerting themselves? are we overpricing a move higher from the ecb? lena: the ecb is facing a problem that has not faced since the euro zone and global financial crisis. that is the eurozone core inflation has shifted higher. the underlying impulse beyond energy crisis have moved higher than anybody expected even a year ago. the january data that we saw is showing not energy industrial inflation running at 3%. that is an extraordinary trend which is not going to go away

anytime soon because it is driven by global structural, logistical bottlenecks which there is no quick solution. that is on the one hand. on the other hand, we have seen the cross-border market expectations which is a historic shift. away from an environment where the fed meets the positioning and inflation. that's repricing the dna of global financing. that creates a big quandary for the european central bank. other central banks like national central banks. this is a central bank that is the only a 30 -- only authority in the euro zone that can withstand fragmentation during the crisis. the independent sovereign state

has political will in the union but not a fiscal union. that is for governments and liquidity in the euro zone. the sharp focus of the last two years with the explosion of the euro zone government debt and collapse of growth. that creates tension for the ecb. managing that fragmentation in the euro zone has been key to a strong recovery at a time of global disruption. yet, the ecb is coming to the end of the cycle. this is obviously what the ecb wants to a two. -- wants to do. dani: we will have to end it

there. lena, chief economics that g+ economics. coming up, crude steady near a seven-year high. we will discuss the state of the world market as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable nationwide network. with no line activation fees or term contracts... saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities.™

♪ dani: good morning from bloomberg's european headquarters. i'm dani burger alongside manus cranny who is live on assignment in zurich. this is what you need to know. alphabet bounces. the tech giant beats on sales and profit. a busy day in europe too. u.s. stocks post their best three-day rally since 2020 as fed officials play down the 50

basis point hike in march. plus, opec-plus officials are seen ratifying another production increased today, but the reality is they barely managed to raise output last month amid surging oil prices. are we buying the dip or selling the rip? i have evidence we have moved to selling the rip. i'm looking at options this morning as i do and we are seeing put volume catch up to that of calls. it has been all about calls, but so far this year, plenty of folks betting that the downside is in. manus: i just love the headline. buy the dip, sell the rip. one thing we have to put into perspective, monetary policy, fiscal policy, and gdp -- that kind of impulse will drive this year from 12 trillion into the markets this year from 18 trillion last year.

it's got to have an impact on conditions. you're saying sell the rip. they are. have a look at this, dani. it is the biggest redemption since 1993. monday saw the biggest outflows in four years. this that you are seeing which people may be buying the dip, but they have definitely sold any kind of rip in january. dani: yeah, this is a really liquid instrument. so typically, this is what traders will use to trade any concerns. they want to go in and out of these benchmark etf's. i see your spy etf and raise you the q's. they've had a lot of drama themselves. option volatility go haywire. we have seen a lot of volume. we turn to the q's, the biggest outflows since the dot-com bubble popped. manus: yes, and that was rather

torturous. i will go full show. january saw $23 billion came into equities. either fools rushed in or my monthly debit went out. i don't even think about it. dani, take it away. dani: i have lost where we are on this. i also don't play poker so i am lost on that one. i have no idea. let me show you what markets are doing so far this morning because we are seeing this rally continue. we are coming off the back of a three-day rally in s&p 500, the best since november 2020, after some stellar earnings from google, amd. steepening for a second day in a row after the fed speaker saying maybe we are not as hawkish as you markets are pricing in. the countdown to opec is on, $89 a barrel.

we have some breaking as well. manus: this time on the farm aside. novo nordisk, a lot of people concerned about their supply chain in one of their blockbuster drugs. let's get to the numbers. 2022 sales will rise between 6% to 10%. a dividend from last year, 6.9. in terms of the rest of the news, there is a buyback -- 22 billion krona on the buyback for novo nordisk. profits will rise this year by about 4% in the full year. these are the top lines coming from novo nordisk. they will still meet their blockbuster drugs. novo nordisk still expects to meet demand in this year. let's see how the market takes that in the second half of the year. they will meet the demand but in

the second half of the year. dani. dani: i do love a good trend. bank of america pointing out the buyback trend for this year starting out strong, getting close to pre-pandemic levels. let's switch focus to opec-plus which is expecting to approve another modest supply hike. it is an attempt to calm a booming market but questions remain on whether the cartel can actually deliver. opec nations barely raised output last month amid chronic struggles. we asked insiders what is driving the rally. >> oil commodities had a terrific 2021 and 2022 is getting off to a great start. >> it is all about supply scarcity with demand returning. >> there is no stock level. >> opec is playing it cautiously. >> just because they say they will increase 400,000 barrels a day, that does not mean the oil

will actually go on the market. >> the boom cycle is coming. >> now we have the situation with nord stream 2, russia and ukraine. >> it get there the market into a lot of chaos. >> i do think we are set for prices for some time. dani: joining us now is our energy markets reporter, anthony depaulo. we are looking at brent trading at about $90 a barrel. how concerned is opec-plus about it hitting $100 a barrel? anthony: good morning. that will be a concern for them because the higher oil prices get, that leads consumers to switch. they are watching price inflation and seeing how much refiners their main buyers are getting squeezed by those prices. we have seen the prices hitting highs for the last seven years, really bouncing back from the drop that we saw at the end of last year because of omicron and concerns about the spread of the

virus. now what we are switching to is looking at demand. demand staying high. and some of the switching factor as the natural gas prices stay high and we talk about shortages in europe. people are moving over to oil and that is putting pressure on prices. opec is watching a lot of those factors and they are really concerned as well about potential demand increases if there are other flareups. it looks like we are moving beyond that now and that is what has been pushing prices higher. we've also got a spare supply capacity issue that might be coming in the future that will be pushing prices higher. the momentum is to the upside now. a lot of the analysts we have been speaking to have been saying, yeah, there's that problem with limited opec production and spare capacity in the future. that might be building the force for higher prices down the road. manus: good to see you this morning, anthony.

exxon delivered their numbers. the biggest profit since 2014. i'm curious in terms of the production side of the ioc. how does that play in at the global level? anthony: good to see you to. o. that is a big part of this other side of the supply picture because we have been wondering over the last couple of years where is shale? that was a big part, the u.s. shale production was a big part of getting opec-plus together to make these plans to reduce production and to try to balance that market with the coronavirus onset, all the lockdowns, the collapse in demand. we saw a lot of shale disappear. it has been slow to come back as producers have conserved cash and these prices we've had, they are making money hand over fist. exxon is forecasting huge increases in the permian production, as is chevron.

that will start to bring some of the shale back and it will be the other side of the supply picture. opec has a forecast of growing surpluses which concerns them. we are not seeing them right now, so potentially as opec runs out of steam in terms of bringing some of those production increases back to market, we could see some shale coming up and the higher prices will be that signal to bring more oil back. on the opec side, we have a lot of forced outages. iran is still out of the market due to sanctions. there is a lot of movement on the nuclear talks so we could see some coming back. we have producers like libya producing low capacity. there is some oil around out there. it is not readily accessible to the market, but you may see that shale coming in to complement some of the difficulties that opec-plus is having in bringing more oil back to market.

manus: hedge and pump, baby, for the shale. anthony, thank you very much. see you next week 1:00 a.m. back home on the ground -- next week when i am back home on the ground. we will go with the other way around. let's get our texan drawl on. anthony talking about a tight market. you say -- and this worries me -- we will have empty tanks in february and stocks will draw down. it will get tight in storage for how bad is the situation i terms of storage? amrita: the general mood here -- there is a freeze coming this weekend. production in the near term could be further. we are seeing very strong export

demand for u.s. crude and europe. both of those factors, along with strong demand like anthony mentioned in the u.s. is keeping inventories low. you have seen that in the time spread. i think that is something for your viewers as well to look at those charts. the brent and wti, it's extremely steep. you are talking about $1.60 at the front. it was $1.90 for brent. these are unheard of numbers. just a few years ago, 2011 went to libya went off-line. extremely tight, and if anything, comparatively, the price is actually cheap if you do correlation between price and spread. manus: you talk about that seven year -- i suppose this talks to

the fragility of supply. let's give it over to the meeting tonight or today i should say. if they go ahead with the 400,000 add -- you made the point they can say 400,000 but they simply haven't got the ability to deliver. now, where is the worst scenario in that promise? how long can that gap romaine? why wouldn't saudi just step in and close the gap? amrita: of course, we can step in. kuwait, uae. these guys have the spare capacity, but the way the current deal is structured is unique because it is by country. we've had by country quotas before, but i think the downfall of the price collapse of 2020 has really made the group come together where they are very much sticking to the by country quota levels.

they have made it very clear multiple times that we are not going to compensate for other people not being able to effectively not produced. that's the problem we have right now. even if some countries have more spare capacity to give, they will not compensate for others. dani: did high prices change their mind? jeff curry says $90 a barrel around brent might push opec to hike protection -- production more than they are expected to. amrita: i have seen that but we don't think so. i think they will stick to the 400,000 for now for the simple reason that yes, oil prices are high, but you've seen delegates talk about this. it is due to geopolitics. the weather is a big part. there have been a number of speeches. he will say look at where gas and coal prices are. he continues to highlight underinvestment by ioc and

western companies in general which is all true. the iran deal potentially nearing. i don't think opec-plus will preempt that, especially if we do get a breakthrough from the iran talks. seasonally, it is refinery maintenance. this 20 of reason for them to stay there course even with prices where they are. manus: so, you are in houston. i suppose the question is going to be we are waiting to see where the ukraine-russia-u.s.-g7 standoff comes to bear. an hour ago, i asked our guest if it was folly to discount russian oil being sanctioned in some way. do you 100% say not a chance, won't happen. or is there an element of risk to that statement of russian oil

barrels being sanctioned similar to iran? amrita: of course, there is a tail risk. you cannot say never. the point is there are options. even this week through talks where potentially the situation could de-escalate. we have been saying this is a very long drawn situation. b, the miscalculation could absolutely lead to the situation getting worse. and if it does get worse, any reaction or any kind of full-scale military intervention will lead to sanctions. we wouldn't face a base case because right now it is around has putin made up his mind? it is very clear he has -- unclear he has. that is why people are saying sanctions are not likely. but no, we cannot say they are

not on the table. dani: how much is priced into a barrel of oil and how much more priced could it be if we see that scenario? amrita: it is a great question and we've been going back and forth looking at the positioning data. we think the markets has priced in some level of russia-ukraine tensions. but of full-scale or worst-case scenarabsolutely not in the price. if anything, if you look at gas prices, they are pricing in far more of the russia-ukraine situation and potential supply losses than oil. oil, we could go a lot higher if the situation worsens. dani: thank you for staying up late or very early perhaps. amrita sen, founder and director of research at energy aspects. shares of alphabet soared in after hours trading is the company posted fourth-quarter results that beat estimates. we will have that story for you

next. this is bloomberg. ♪

♪ manus: it is daybreak europe. i am manus cranny with dani burger. shares of alphabet soared in after hours trading after the company posted fourth-quarter sales that topped projections. showing resilience in the advertising business after facing major economic upheaval. ed ludlow has more from san francisco. ed: it was a beat on the top and bottom line for alphabet. all signs point to a resilient advertising business. that is despite the holiday quarter really being impacted by omicron which had knock on effects to travel and retail, two of the traditional mainstays for the google search business. overall, ads grew 33% in the

quarter. the cloud unit performed well. hardware and devices which is a smaller business for google also performed well. really, it was news of a stock split that drove activity in after hours for alphabet. the company is doing a 20 to 1 stock split in the form of a one-time special stock dividend. as part of that split, google will give 1/10 of a cent for each company's stocks. ruth porat, the cfo, told bloomberg the rationale is to widen the net and make the stock more accessible to investors. if there was one potential point of worry for google, it was youtube where the company raked in $8.63 billion of sales and a gain of 25% in terms of topline growth. that came in below wall street estimates. of all of google's divisions, youtube is the most vulnerable or susceptible to those apple

privacy changes which have come into effect and have disrupted a number of the advertisers. speaking of big tech and advertisers, the next name in this busy earnings period is meta, the parent company of facebook. ed ludlow, bloomberg news. dani: ed ludlow with the latest on alphabet. let's get to the bloomberg business flash with laura wright. laura: santander with profitability as revenue in a tailwind. spain's biggest bank pledges to increase its underlying return on equity, a key metric. fourth-quarter earnings beat estimates driven by growth. amd stock rallied as much as 12% in late trading after giving a surprisingly strong sales forecast. suggesting it is making further gains on intel. the chipmaker's sales outlook

outpaced wall street estimate as it reached a level of profitability that is nearly identical to intel. something that would have been inconceivable a few years ago. paypal plunged in late trade after growth in spending continues to slow during the fourth quarter. economies reopen and consumers return to in-store shopping. total payments volume climbed 23% in the three months. that was the smallest increase in two years. forget paypal. i love vintage. manus: thank you very much. coming up, we take a look at some of the big earnings stories we have broken in last hour. this is bloomberg. ♪

>> what we are trying to leverage to make sure there is the least amount of liquidity. if you look at the market, you see prices going up and volume going up. the old concept of elasticity, higher price, lower volume is not there anymore. dani: the mondelez cfo on higher prices. don't miss bloomberg's chief future officer tonight at 7:30 p.m. london time. it is all about earnings. let's recap what we got this morning, one of them being santander. for them, it is putting a cap on a year of recovery. earnings, 2.2 8 billion euros. that is a beat, exceeding analyst estimates. driven by growth in u.s. and british businesses. manus: also taking lower provisions. the u.k. helping drive the

lending. when we circle back on the narrative for the bank, it is either about buyback or dividend. that propelled ubs. they will raise the dividend payout ratio over 40%. that is the longer-term ambition percent tender. -- for santander. we also had julius baer as well. the top line is a buyback again, 400 million swiss francs. dani: all about the buybacks. looking forward to your conversation with julius baer later. it is about the net inflows and exceeding expectations as well. all about shareholder buybacks. bank of america saying we are almost at a level where buybacks globally have reached pre-covid levels. manus: the debate is when you are doing buybacks, you just can't find a business to buy. we will catch up with philip very shortly.

good to be on the road in zurich. you have to tune in tomorrow to find out where i am. dani: i cannot wait until it is london. that is all i want, you next to me. that is it for us. this is bloomberg. ♪

♪ >> good morning and welcome to bloomberg markets era. mark cudmore joins us from singapore to take us through the market action. the cash trade is less than an hour away. here are your top headlines. talking down the hocks. u.s. stocks posted best three-day rally since 2020 as fed officials downplay a 50 basis point hike in march. as easy as abc. alphabet