>> this is "bloomberg daybreak: europe." these are the stories that set your agenda. manus: china provides the least cash to banks since november amid signs of the economy is rebounding. stocks and futures strike a muted tone to start the week. strains over china's relationship with taiwan high on the agenda. -- the agenda of the g7 meeting. in goldman sachs and morgan stanley round out of bank earnings this week after jp morgan and citigroup benefited from higher interest rates that ended smaller lenders. tom, good to see you. jamie dimon has professed there will be no credit crunch, but they are patient bears at bank of america, floating on a

sugarcoated iceberg? good morning. tom: i love that i love the imagery. what a day it was for the banking sector in the u.s. the net interest margins, deposits and commentary from jamie dimon, he still sees potential storm clouds. but as you say, reiterating again the strength of the u.s. consumer and the u.s. business. on the china front, interesting to say today the liquidity impulse is coming through less strongly, for me, that's a sign of optimism from chinese officials that the economy is performing ok. let's check on the markets, we have the shanghai comp and a broader list. you have the losses on wall street to close out friday on the back of university of michigan survey and yields edging up as well on the resilience around the u.s. economy and further bets in terms of hikes not just in may

but potentially from the fed in june. the shanghai comp currently at 1%, slightly shallower. pboc keeping rates on hold but pointing i think to the resilience of that economy. here in europe, gains of about two tents of a percent in terms of where futures are guiding. manus: let's check in on the short end of the curve. there was this propulsion, we saw this explosion in expectations from the university of michigan, a pop to the short end of the curve on friday. waller spoke again, inflation too high. an interesting line from waller. we know the dollar's been down for five weeks in a row, flat at the moment. the longest losing streak for two years but hedge funds have gone all in on the dollar for the first time over a year. they are net sellers of all over

the -- all other currencies. dollar debasement is a bigger secular trend. the vix at a 15 month low, it's almost as if stocks are tuning out the armageddon view as the vix trades lower. but as i said, they are patient bears. the unlikely comeback kid, it's one of the strongest currencies in the g10, a 10 month high on friday, it's got more to it than a comeback tour from steps. there you go, you did not think you would hear about a comeback from steps on this show. tom: that's what we need on this show. we will get more from sonja martin in a few minutes. a great story around the pound, but also steps from manus. we will get more from our

reporters around the world. the latest u.s. eco-data and big bank earnings. we will also talk about the g7 meetings, with concerns about taiwan. china investing --china injecting the smallest amount. manus: yes, they left, the market wanting more. garfield reynolds has the latest on this. what does it say about their interim view on china's recovery? i think it says the pboc is quietly confident, or maybe not so quietly confident, that it has the right mix of policy tools set up to encourage this

china rebound without allowing things to get too far too fast. china has a situation where it is still dealing with over leveraging in the property sector, that's a burden that will haunt the economy for some time to come. it doesn't want to add fresh horrors on top of that, but he wants to make sure it helps the economy to grow at the sort of level china is aiming for, about 5% per year. when they came out that, there was disappointment they were not as euphoric as they might have been. it is a measured approach. they don't want any nasty surprises brewing from this economic recovery, but they want to be doing enough. that's what the pboc is aiming to do with this sort of a mix of things. keep stimulating but pull that back a little bit.

we had 10 year yields fall to the lowest since november just last week. they are probably getting a little concerned at the over exuberance in the bond market. let's leave rates where they are and stimulate not too much. tom: garfield reynolds on a measured approach by the pboc. let's stick with the china story more broadly, tensions set to dominate g7 meetings in japan the next two days. the u.s. has said one of its guided missile destroyers conducted a transit of the taiwan strait over the weekend. for more, our editor, who is at the g7. what are the expected talking points? dan: basically they are trying to express unity in their approach to china. of course we had french president mccone in beijing recently, where he made some

comments that called into question whether europe would indeed involved in taiwan if it was an issue. since then, we've had various backlash to that, and yesterday there was a briefing from the eu policy chief where he tried to say despite what people are saying, whether you call it strategic attorney or something else, europe is going to be a player geopolitically in the indo pacific and that means we are going to have to be concerned with what goes on in taiwan and in the taiwan strait. at the g20 we are seeing a push to paper over some of the differences we've seen emerge the past couple of weeks and express a united front against china. manus: ok, it is perhaps one of the most tenuous and tense

situations we need to keep an eye on through the year, one of the biggest risks. dan, thank you for joining the team. friday's outsize reaction to the u.s. retail sales data saw the u.s. dollar climb. let's bring in our markets reporter. the debate is whether it is retail sales or the university of michigan, which we will come to in a moment. the short end really did convulse. was it an overreaction? valerie: the market was position for a week retail sales number. the whisper number was weekend and when that did not happen, we saw the outsized reaction with two year yields climbing 13 basis points quite quickly. the dollar also strengthened and undid a lot of the weakening it had done on thursday. climbing versus most major peers in friday's session. about 15 minutes after the data print, we heard from the feds waller, an influential member,

and he did not leave the door open for a may pause. after that the market was quick to price in a full 20 five basis point hike in may and now some lingering expectations that they could hike in june as well. tom: it's interesting that june is back on the table. what about the university of michigan survey? how concerned should we be that inflation expectations have ticked up? valerie: the one year inflation expectations jumped in the survey, largely reflecting the rising gasoline prices over the month because of the opec production cut. it leads many to worry about stagflation fears. inflation expectations still quite high. tom: valerie, thank you. let's get to bank earnings. wall street banks and a host of u.s. regional lenders continued earnings season this week after strong results at the end of last week. for more, we are joined by

charlie wells. watery learning so far -- what are we learning so far from the u.s. banks that have already reported? charlie: so much better, considering the month before when there was so much chaos. a lot of this is attributable to two things -- deposits. the first quarter earnings season, there was a lot of concerns there would be deposit outflows, it was a trend we'd seen over the course of the year. we actually saw inflows even at banks like jp morgan, an uptick of 1.6%. on the net income interest side, we saw an explosion. jp morgan bringing in an increase of 49% on the metric, wells saw a 45% increase in that foursquare. 23% at citigroup, much better than expected. we are early in the earnings season and going into some different banks reporting and we

will get more data from regional banks and more investment banking heavy banks and that could bring a slightly mixed picture. manus: jamie dimon doesn't see a credit crunch coming but there are still some clients on the horizon. let's take a look at some of the things markets will be focused on this week. 9:00 a.m. u.k. time you get the final reading of italian cpi. tomorrow there are a number of other u.s. bank earnings, goldman sachs, bank of america and regional lenders. we also get a host of china data , the gdp numbers on the back of the mlf will be pretty important. tom: a big data drop. it will be a focus for many of us tomorrow. on wednesday, an update on u.k. inflation. the implications for the boe and the fed rate book is released as well be -- said beige book will be released as well.

on thursday, ecb minutes and u.s. jobless claims, some more clarity to just what extent there is some weakness starting to appear around the edges of the u.s. jobs market or is there still solid resilience? on friday, we have pmi's from the u.s., u.k. and across europe. manus: coming up, more market reaction, how do traders see the trajectory from the fed? that is next on bloomberg. ♪

>> we believe it is now more likely that the u.s. will enter into a shallow recession later this year. that could be exacerbated in a more severe credit crunch, but right now the biggest unknown is the impact on terminal shirt

torn -- short-term interest rates and how the recession plays out. >> the short-term rate is high recessionary risk. then inflation coming down. i think inflation will come down a little bit but it seems to be stickier than people think and so the rates will have to go up a little bit. tom: jane fraser and jamie dimon their thoughts on the economic outlook. manus: our guest this morning is sonia martin from dz bank. lines from jamie dimon -- good to see you -- no credit crunch, clouds on the horizon, the dollar down 10% from its high. if we fade to a softer, because i hard landing, would you want to be a seller of the dollar? sonia: i definitely think the dollar has some downside.

this is for the size of the mood. we will see more volatility before we get to that final level. the problem, there are sony different elements in play right now that are very difficult for investors to judge. we have higher than expected inflation expectations on friday, it will scare people a little bit. stronger retail sales, and some other data suggests sweeteners. the market is trying to figure out if there will be a recession and how people will be. the more likely scenario is a relatively shallow recession and that will put pressure on the dollar. i think not as much as maybe some people are anticipating especially because in that scenario, there's no reason to cut rates anywhere near as aggressively as what the market has been pricing in recently. tom: maybe a little further pressure on the u.s. dollar but not as much as some were

expecting, because of your view you don't get the cuts through by the end of this year. good morning. how you play that further weakness even if it is relatively modest in the greenback? is it via the euro or pound? sonja: the euro-dollar up sign -- upside, we have a 114 forecast. it feels more comfortable today. we made the breakthrough 110 and that did not trigger a full on rally, which goes a long way to show that there isn't a huge conviction we will have that. this is a sell on dollar rallies situation or by on euro-dollar situation, i think the euro-dollar is a good upside bed. i wouldn't go against sterling because there are still a lot of issues there. manus: let's just -- we were

trying to think about the bands that came back together, we've got the spice girls, westlife and backstreet boys and the pound is the bounceback kid. a 10 month high, you have a bifurcated market, i like that word. the question is this, do you think this week's reading on cpi is it too soon to build a case to pause at the bank of england? sonja: i think the bank of england probably has some ways to go. inflation has been very sticky in the u.k. and it hasn't come off anywhere from what we've seen in europe and the u.s.. inflation is still severe. i think there's still room for the bank of england to maybe more cautiously, but still room to move. this bounceback in sterling came as a surprise i think to most of us because it doesn't really fit the fundamentals but i think it

was a case of people being primed for a really negative outcome. just the fact that it is not as dire as we expected,, that has obviously been enough but it won't be enough to drive the currency higher if we look at the rest of the year. tom: to be clear, 130 was the call as manus was saying, currently at 124, what is the next level you are looking for? sonja: it doesn't have much more room to the upside. at these levels right now, i don't think it has much more. manus: ok, maybe a sense of exhaustion. the one kirsty -- the one currency that's an interesting is the swiss franc. you flag it for some reasons it's maybe reenergized, credit suisse, ubs, the merger has gone through, the country risk has this abated. you would say you are more interested in what the swiss

national bank has been doing and will they continue to intervene? that's the debate, isn't it? sonja: they intervene quite aggressively in the fourth quarter. it's odd, if you look at it chart of last year and i told you to guess when the s&p intervened, you would pick the wrong moment because the swiss franc appreciated quite a lot. it is very counterintuitive but i think they using the interventions as a means to siphon off some liquidity. they never did qe and they are worried about inflation. the big question is what have they done in the first quarter? the swiss franc has been pretty strong and to me that perhaps suggest they are still active in the market. the big thing, when will the inflation come down? it's still comparatively low to other countries but it is still

high for them. tom: how are we thinking about china and its impact on commodity fx, the export numbers higher-than-expected and some of the other data and the fact that the pboc is essentially stood on the sidelines in terms of liquidity because they're feeling relatively comfortable about the state of the economy. are you confident there is some optimism, and how do you want to play that with the china catalyst? sonja: china has been a positive surprise story this year. we were worried about the impact of suddenly opening the economy. the economy has been better than expected, never mind the humanitarian costs but that has worked out well for them. again, how much hired you want to go with a growth forecast? some people talk about 6% and i think that's come off, and think most people are looking at 5%,

which is not massively impressive for a country like china. there's the positive impulse. but i would not overestimate the impact. i don't think it will be a massive driver looking forward. most of this has always he -- already happened. manus: to what extent do you see the ramp in oil prices as being a big driver of commodity fx? i'm talking about copper and oil, people are talking about $100 oil. is that important when you look at the commodity crosses? sonja: it depends very much. we tend to throw commodity currencies in one basket but when you look at those currencies, you will find they have very different commodity dependencies. it's a huge difference if you look at an oil country or a country that exports

agriculture. the oil forecast, 200 or above, i think the oil price was just too low. as we've seen the past few years, commodity drivers don't -- prices don't have to be a driver for the currency. they might play a role, i'm not saying they don't, but i wouldn't overestimate it. we are not looking at a massive rally, and i think the impact will not be as big a some people think. fundamentals are more important. tom: sonja martin, thank you. the view that maybe the pound has topped out. further dollar weakness but only moderate. later in the show, europe's earnings season in full swing this week. heineken, asml, nokia and others

releasing earnings. stay with us. this is bloomberg. ♪

tom: let's get the first word news with adrian wong in hong kong. adrian: geopolitical challenges posed by china are in focus as a g-7 foreign ministers meet in japan. a senior u.s. state department official told bloomberg tensions with beijing are high on the agenda. the japanese prime minister resumed election campaigning over the weekend after a smoke bomb was allegedly thrown at an event he attended in central japan. he was evacuated unharmed from the site. fears of a full-blown civil war are rising ensued on -- in sudan , as fighting continues into a third day.

a long simmering dispute erected on saturday into a battle for control of the nation. nearly 100 people are reported to have been killed. president emmanuel macron has enacted his controversial pension reform after clearing a constitutional hurdle. the move was made possible after the french constitutional council approved a core element of the bill on friday despite weeks of protests across the country. the law, which increases the minimum retirement errors -- age by two years to 64 was approved on sunday. global news powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. tom: coming up, u.s. banks continue earnings season this week and we look at

manus: this is your monday addition of "daybreak: europe." i am manus cranny in dubai with tom mackenzie in london. tom: china provides the least cash to banks since november amid signs the economy is rebounding. stocks and futures strike a muted tone to start the week. geopolitical tensions strain over china's relationship with taiwan will be top of the agenda for the g7 as they meet in japan. plus, more bank earnings this week after j.p. morgan and citigroup benefited from higher interest rates that upended smaller lenders. manus: certainly the short end of the curve got a shakedown on friday with the michigan consumer expiration -- expectations.

the fed is far from done is what waller is saying to the market. the dollars demise is still something that should be sold on rallies according to our last guest, and volatility a 15 month low. is that just drifting by on a sugarcoated iceberg, as bank of america suggests? they are patient bears, volatility at a 15 month low, and you have cable, the come back kid. a sense of exhaustion from dz bank, they say you are pretty much done on the comeback kid trade in sterling. tom: we are looking for data out tomorrow from china. it will help inform us as to the strength of that economy. shanghai, currently gaining over 1%, despite the fact that the pboc stood pat on those rates. and certainly injected the least

liquidity since november. again, the size of support. in terms of confidence from officials that they don't have to do a great deal more for the economy. futures in the u.s. down -- up after the michigan survey, and retail sales not as that is expected. european futures up as well. manus: when it goes quiet, people again to wonder what will happen. a host of regional lenders will deliver earnings this week but when it comes to jp morgan, city and wells fargo, stronger than expected results at the end of last week, showing that earnings from the big banks benefited from higher rates and and up ending in the smaller lenders last month. charlie wells is our resident expert on banks.

it is i suppose a show until moment for banks, it was about the flow to the big beasts. what did you take away from the reports from jane and jamie? charlie: the big takeaway is thank goodness it didn't happen last month. better than expected news from these megabanks. it was very good to be big in the midst of that crisis, with seen some inflows in deposits. over the last year, the concern at a lot of large banks is depositors will be looking to put their money in other areas that could give them higher returns, but at jp morgan we saw an increase in deposits of 1.6%. that beat expectations. on that subject, net interest income, the amount of money the bank makes from linden, and they really did make money from lending in the last quarter, net

income up 48% at wells fargo. much better than expected in the first quarter and projections this will continue this year. jp morgan say they see bringing in $81 billion in net interest income over the year. tom: wow. is it all plain sailing for the big beasts and the banking industry or is there turmoil ahead? charlie: we are assertive in the middle of the storm, we are in the middle of the earnings season for banks and some are more reliant on an banking activity, morgan stanley, goldman sachs. they will report later this week as well as some regional lenders. jamie dimon did say he saw potentially some good numbers for regional banks am a so it might not be as bad as we are expecting, but one of the big issues will be deposits. did they leave the regional banks and the huge number we've been expecting? manus: there are reports of

barclays are planning to cut some investment banking roles, what detail do we have on that? it is a sky story, isn't it? charlie: yes, is from sky news. it's sounding potentially like 100 roles. not a lot of clarity on what countries or the type of roles, but we know this is in the investment banking division, and what we've been hearing the past year across many wall street banks has been the difficulty of doing dealmaking. job cuts have been happening at all these large banks across the world and this is in line with that. tom: charlie wells on the breakdown of u.s. bank earnings and touching on reports around barclays as well. for more analysis on the earnings, let's bring in geoff davis from mercer capital. thank you for joining us.

let's start with the picture, your views coming through on friday, how much relief should we take from the fact that deposits are coming in higher-than-expected for these big lenders, and net interest income is still holding up pretty solidly for the likes of jp morgan? geoff: large rings had a great quarter and even for regional banks -- large banks had a great quarter and even for regional banks it wasn't that bad. over the last year, yields on many of the assets other than the fixed rate bonds and mortgages have moved up significantly and that is a tailwind at the moment. we are getting ready to shift into a headwind as it relates to the cost of funds now. manus: jeff, good to see you.

do you see a more pronounced bifurcation in the u.s. banking system given the data you just saw and we recounted from charlie in terms of jp morgan and citi? is this a bigger risk that becomes more bifurcated? jeff: i think the longer that rates stay higher and the curve remains inverted, it will become more pronounced, in the short run, i don't think we will see a dramatic difference between the large banks and the regionals. pnc also released on friday and the earnings were better than expected, but they did guide down in terms of expected revenue growth for the coming year, the stock was a little softer. i think that's a telltale for what we can expect for the group

and the question is, does it intensify as the year progresses? tom: how is asset quality holding up? jeff: fine, fine. it is the monster under the bed we keep waiting to pop out but it hasn't. we will have maybe a little bit better look as capital one releases but even in terms of the consumer bank, jp morgan, consumer looks fine, commercial is fine, commercial real estate, which we are expecting to crack hasn't yet. we are seeing a little more softness and they are building serves but it hasn't happened yet. as it relates to the banks, think there's going to be some can kicking as it relates to regionals and commercial real estate in terms of how do you deal with it. we will deal with it slowly if it ends up being a significant

problem. it is a problem for commercial backed securities, for instance, there's not the capacity to work with the borrower. there are guidelines on how the asset is to be managed, if you can't make the payments, we moved to foreclosures, like we've seen in larger cities like los angeles. manus: look, i think it's going to be a little bit of time before we all work out what happens there. vanke of america called it the boa constrictor around the u.s. economy. the provisioning is rising them a note died about that -- rising, no doubt about that. what is the risk? equity exposure or bond exposure if you got to live in the banking world? jeff: if one is in a hard or

hard-ish banking cam, you will generally prefer one of the cap stack as relates to the large banks, and the bonds, there have been some calls, at least at the end of march, tremendous value in banks. if the hard landing is one scenario, you want to stay with strength such as jp morgan. once the cycle turns is when the beaten up names can provide rocket fuel so to speak. but we are a long way from that. the fed hasn't pivoted, we haven't seen loan losses. all we can see in the stocks as it relates to the earning estimates that have been cut, is the market has a dour outlook with this group trading at 7, 8, nine times this year's forecasted earnings and about the same next year. tom: i want to finish by looking back to the start of our conversation.

the question around deposits and surprise inflows we saw, particularly for jp morgan. do you see that influx of deposits to the larger lenders continuing? jeff: no. not unless there is another blow up, silicon valley type issue. with the money supply contracting, this was a one off order as related to some shifts of deposits in the u.s. system to large banks. as it relates to the regionals, i don't think we will see any deposit growth. to the extent we see it, and it's not easy to see it simply in the earnings release, the deposit growth may be a function of plugging some liquidity holes by going to the institutional market and requiring things like broker deposits and the like that show up as deposits but are functionally equivalent of borrowing from capital markets. the question on stocks, as

deposits continue to move to money markets and into interest-bearing deposits, and interest margins, i think that's where you're headed, tighten up into 2024 and at the same time credit interest starts to rise. the degree to be determined. manus: jeff, thank you for staying up for us, from mercer capital. coming up, u.k. inflation set to slip to single digits this week. we get the details, what does it mean politically and for monetary policy? ♪

manus: let's get you up to speed

with your business flash headlines. adrian wong is with the team in hong kong. adrian: shares have slumped in mumbai trading following downgrades after in indian tech company reported fourth quarter earnings below estimates. at least 10 brokers slashed their ratings on the stock after the firm said it expects revenue growth of 4% to 7% in the next fiscal year. analysts predicted more than 10%. mark is set to purchase prometheus i/o sciences -- bio sciences. they are looking to strengthen their portfolio of autoimmune drugs. google is reportedly ramping up efforts to integrate ai into its search capabilities. the new york times says it is working on an all new ai powered search engine and adding ai

features to its existing offering. samsung has reportedly considered swapping google for microsoft bing on its phones because of the ai search feature. tom: thank you. the u.k. prime minister is expected to receive a boost this week as inflation slips back finally into single digits, raising hopes the quickest series of interest rate increases in three decades is coming to an end. let's bring in our u.k. correspondent with the details. what is driving the expected slowdown finally of u.k. inflation? lizzy: a mix of petrol prices and other things coming down. our economists say the upside inflation surprise we saw in the last set of figures was a blip and as you say, most economists

reckon inflation will slip into single digits for the first time since august. we also get the job stated tomorrow, they are expected to show pay growth has also had a slowdown. that will feed in. good news for the prime minister hopefully because he's made having inflation this year one of his top private -- top five priorities. manus: good to see you. what is the consequence for the bank of england? we've had a conversation that is the bank of england still has more work to do relative to others. sterling has had a nice run up but let be enough to help the bank of england pause? lizzy: expectations are split because markets expect another half-point of hikes by september and they also see a more than 80% chance of a hike in may, but economists on balance i can the boe is done with hiking, and

bloomberg economics agrees. if you listen to the recent doe speech, the chief economist was pretty cagey about whether he sees another rate rise. he says there is scope to do too much but also too little. we heard from the big dove on the committee and she said again that previous hikes have yet to take full effect. the decision in may comes down to the data we are getting this week. ing says it is maker break. tom: you can't look at inflation without thinking about industrial action. we have more from the nursing union, reminding us of the strains on the health care system. they've rejected a payoff, the u.k. government has pushed back on higher pay because they're worried about inflation. what do we know about the implications for this decision by nurses to push back? lizzy: we still got more ballots from the nurses to come. the real college of nursing rejected the offer, but

another union accepted it. it's a classic case of don't count your chickens before they are hatched, because the government was flaunting this as a victory before the nurses had been pelleted and here you see the rejection -- then ballot ed, and here you see the rejection. it could have consequences for health, as well as waiting times, and economic consequences as well. in the latest gdp data, the biggest reason growth flatlined in the latest reading is because of strikes in services. we will have a guest on the podcast, we'll ask him whether this calculation will change the longer the strikes go on. but this is also political.

local elections next month and a general election on the horizon. this isn't a good look. manus: thank you very much. lizzy burden with the latest on the data in the u.k. big names for earnings this week scheduled to give us results. what we can expect right here on bloomberg. ♪

manus: europe's earnings season goes into full swing this week. heineken, asml and nokia among some of the biggest names scheduled to release results. what should investors be looking for? tim is with us. it will be a busy season, leave

it on has set the benchmark --louis vuitton has set the benchmark high for luxury. will it be as splendid as that? tim: the quick answer is no. [laughter] it will be a tricky earnings period, in that you will see upwards of 5% revenue growth for those companies that are reporting topline figures for the q1 period. a lot of that will be banking driven with positive net interest margin driving revenue on the heels of higher interest rates. but you also will see, we think, a decline in overall earnings of a percent or two. that goes back to energy, which will give tough comparisons with energy prices having come down a lot from this time last year. than everything else is caught in the middle. but those two big anchors will be an interesting thing to watch. tom: what specifically in the big names will you be looking for?

tim: a couple companies that come to mind, you mentioned some of them. i think asml will be intriguing to watch from the standpoint is they are core critical technology, versus what is broadly viewed as a technology cycle. somebody like l'oreal or heineken, you have tough comparisons versus last year's reopening, but on the other hand, china is now reemerging from being asleep a while with covid. that is a huge driver across a big swath of companies. it does very. commercial real estate broadly speaking, a really big topic within financials, given higher interest rates and negative impact on valuations. and china as i said, i think it is quite critical across a whole swath of sectors. manus: we saw money flow out pretty aggressively on the tech

side. i was looking at bank of america. tech in the u.s. had its third largest ever outflows, the biggest since december 2018. we have less tech in europe but perhaps we have tech that is performing a little better, or what has driven the bounceback of tech in europe? tim: a couple things worth mentioning. number one, you look at year-to-date, tech in europe is up 8%, a big bounce. but you are right, it is very different here. asml, infineon, st micro, sap, that's the core of european tech, it's not the big internet and media stuff like in the u.s. that had a massive valuation pulldown. that is an element to think about. secondly, it has been a weird quarter. you look overall year-to-date, that is one thing, that the

first two months of a year was a period that was cyclically driven and you had financials do well, energy do well. in the month of march with the banking crisis and the worry about the economy, it flipped on its head. it was a staple driven period and health care given period. the overall quarter to date is a little misleading relative to the volatility we've seen. tom: ok, tim craighead with a preview of what is to be another fascinating earnings season across europe. the futures in europe up to tens of 1%. next, bloomberg markets: europe. this is bloomberg. ♪

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