. welcome to "street signs." i'm joumanna bercetche >> i'm willem marx these are your headlines. all the legacy issues are resolved says credit suisse's ceo sending shares higher. >> we have completely transformed the earnings portfolio of the company we were rolling 46 million, we're now 29 risk is lower, profits are the same 80% of the profit is wealth

management go for gucci strong demand for the brand boosts kering sales in the first quarter sending sales higher a sweetened 46 billion pound bid for shire sends shares in the british specialty drugmaker sharply higher, but investors question the deal selling the stock in japan. european stocks fall wall street lower after bellwether like caterpillar sound off on some worries good morning, everybody. it is another day in europe. we're about one hour into trading. as you can see the heat map behind me is about two-thirds in the red, a third in the green. perhaps a bit more in line with the negative momentum in stocks over the last 24 hours

it was a volatile session in u.s. equities. vix back up above 18 what was supposed to be a good day ended up a negative day as far as u.s. equities are concerned. the culprit being caterpillar stock, down more than 6% given the high water mark there and some concerns about future costs. of course a lot of talk about ten-year yields in the u.s. breaching that 3% mark sticking with equities for now, the picture for europe is not that pretty. the ftse 100 is down 0.3%, one hour into trading. down 20 points or so xetra dax is leading the charge. down 0.80 %. cac down 0.15% we have the ecb meeting tomorrow, and that will be important as far as equities are

concerned. in the interim, all focus is on earnings we have retail up more than 1.2% household goods up 0.5%. we were saying kering had strong numbers in the sales units, that was led by some sales in gucci to the down side, industrials and basic resources down 1%. oil and gas struggling a bit in today's session. many stories we'll be talking about in the next hour or so willem credit suisse's chief executive told cnbc that the bank resolved its outstanding issues they topped expectations with a 57% jump in first quarter pretax profit happy to say our colleague, geoff cutmore is in zurich this

morning. how is credit suisse reacting to the recent uptick in market volatility in particular >> it's an interesting question. this has been a long road for the ceo, and at times investors have criticized him saying this is not a man who can turn around the bank the numbers appear to be validation of the strategies that credit suisse pursued, particularly shifting the focus of the bank to the revenue stream coming from wealth management that's the point critical to understanding what this market volatility will mean for the business that's a point the ceo is keen to get across to markets we have the clients now within the wealth management business, we can sell them products for their portfolios to take on more risk or less risk depending on

the state of the markets i did ask him that specific question about how he feels about this pick up of volatility and is it here to stay let's listen in. >> we think it's here to stay. we think we're in a comfortable position we have cut the risk by 40%. we have cut a lot. so we don't lose money anymore in the markets people are talking about a low every profit, we don't have a loss, we made it more resilient and pivoted to support wealth management and grow. so volatility is back, but that's good news we have normalization of the world process. yes, adjustment takes some pain, but it's good to have a more sloping yield curve so that risk is well priced and capital is well allocated that's key for good functioning of the markets and the economy

>> as you know, this is a marketplace where valuations are high and the debt stock has gone up since the financial crisis. are you worried that the flattening of the yield curve and this set of higher rates could be indicating that actually we are in the final turn for this global expansion actually recession could be coming in 2019 >> i stay away from making forward looking projections. what you can say is that central banks are managing this transition well. it's something i said many times. i think they have a tricky transition to manage so far the signaling, the messaging on the yield curve has been good coming out of the fed. we come out of a period that was slow volatility, but so far we've come out of it without major issue. >> for you as a bank, you don't

feel it is suppressing any client activity? >> we have not seen that on the contrary, it's leading to more dialogue. this is why being an entrepreneur is so powerful. many people see opportunity, they are quite excited, looking at those markets, you make more money -- okay. in the previous period everything was correlated. all asset classes were correlated so this is why indexes made so much money because it didn't matter where you were as volatility increases, asset classes get de-correlated and that's where you can make money. a lot of investors see and understand that. >> you singled out in the statement around the wealth management business some headwinds created by the swiss franc. as we have seen a trend for the franc to be weakening here, are you optimistic the headwinds will now become tailwinds?

>> you can't get me to make a global economy forecast. look, the swiss economy is a strong economy it's very well managed it has a fiscal surplus. it is one of the best exporting machines in the world. it has extremely low unemployment, 2% low inflation. it's hard to have a weak currency so you can expect structurally the swiss franc to be among the strong currencies. we would welcome, of course, normalization of interest rates and coming out of negative interest rate period but it's an upside for us. you see switzerland both 550 million of profit in the first quarter. we are trending towards 2 billion, when we announced that years ago was considered an

unrealistic target we've been able to increase revenue. there are positives in the economy. as interest rates normalize, there will be upside >> i guess just one more point to make off the back of this, obviously the bank has tried to pivot away from dependence on capital market revenue to wealth division revenue, wealth management division revenue, driving the organization they have also seen a reduction in costs broadly across the business as a whole. i think tidjane thiam would like to flag that up as another point that he argues demonstrates improved operational efficiency within the business as a whole back to you guys >> jeff, certainly lots of positives there. the stock is almost up 5% now, up 4.75% they reduced a lot on the cost cutting side i was trying to find one or two things, but looking further at their ibd numbers.

i can see equities performance is up 7%, that's versus the likes of ubs their equities division was up 5%, equities as a whole up 32% so maybe not putting them in a relatively good position as far as equities are concerned. did you speak to mr. thaim about that >> i think that the reality is that perhaps they look lackluster compared to some peers in the area. i suppose in part that's because of this underlying drive to reduce risk-weighted assets and reduce risk more broadly in the business and improve the quality of earnings.

as you look in the quarterly release, there are one or two areas where you say they could have done better here. but i think primarily the focus has been, as you know, to drive down the reliance on capital markets. they have gone from when tidjane thiam came to the business, about 60% of the business, it's now about 20% of the business and wealth management is 80% of the business whilst i grier wiagree with youa look at the number and ask questions about that, but it may be a bropoint that the broader focus of management shifted away and they're relying on more steady, higher quality wealth management revenues. >> geoff, you mentioned management i understand mr. thiam is a big arsenal fan. presumably as a fan not thrilled

of arsene wenger leaving at the end of the season. are they about the same time they seem strong and serious >> tidjane thiam has been a long-tilong dsh t long-time critic of arsen arsene wenger. he feel he didn't get angry enough with the players and put across this idea of putting the fear of god into them if they underperformed in games. the other one, i suppose, is creating the sense of team momentum and team spirit a couple of things that tidjane thiam feels arsene wenger could be strong on let's hear what he had to say. >> i think he's done great things for football, and for arsenal. but i think i was really sad that such a distinguished record was being tarnished by the last few years.

i think this is a good outcome i hope that we can all give him a great farewell as arsenal fans >> so i guess we can take that as an indication that tidjane thiam will be renewing his seasonal ticket at arsenal maybe one more point to make on this if there ever was a dream job for tidjane thiam, it may be managing arsenal than credit swiss. somehow i don't think they'll be coming to him for that position. >> i'm just trying to make the analogy between fans and share holders and how they get unhappy when you lose your job >> fantastic interview >> interesting to cover all that ground join us and tune in tomorrow when deutsche releases its earnings we will speak to the cfe, james son mo lshltke will join us.

>> the yield on the u.s. ten-year broke through the psychologically important 3% mark on tuesday. that is the first time it has risen to that level in around four years the move helped fuel investor concerns about equity valuations so, what is driving the market strong data at the end of last week from the u.s. federal reserve doubled expectations for four rate rises this year, and a rise in inflation expectations based on recent data has also helped push those yields up. analysts point to u.s. fiscal policy and that an increase in the deficit and infrastructure spending will lead to a larger supply of u.s. treasuries. this week alone more than a quarter trillion in treasury bills are being issued i'm happy to say to discuss all of these things related to fixed income and u.s. yields, dian diana amoa from jpmorgan asset

management joins us. we just listed a bunch of reasons for that treasury yields moving towards 3%. i'm always skeptical about these psychological levels we saw 25,000 on dow, and now 3% on yield why is it such a big deal for the market >> i completely agree with you i think you're spot on it's not so much the jump from 2.96 to 3%, it's the psychology of seeing yields trading with a 3 handle the real number for market watchers is 3.05, which is the absolute high we had in 2014 so if we do get a break, that's where you could see price movement, acceleration either way. you know, we've been calling for 3.25 by year-end at jpmorgan

this trend is what we've been expecting given the things you pointed out. >> so if you look at it from a fundamental perspective. i understand this time things are different because the fed is reducing the size of its balance sheet. that's distorted the way people analyze the yield curve. where do you think the ten-year yield should end up and how do you come to that number? >> so, there's a number of factors that we look at. we look at where we think the premium on the u.s. should be. given the technical issues so when you look at the increase innishan in issuance, the power in the markets with the fed stepping back, so you have more supply coming in, fewer buyers, we look at u.s. inflation and factor in inflation expectations, which we expect to be steady and rising into year-end. that added into our expectations

on where the neutral rate is brings us closer to around 3, 3.25 if we do start to see the technicals declining, and i think that is the big wildcard for the markets, what the ecb does going forward, and whether the boj shifts policy, that could be a higher number because then there there be fwill be fes in the market. >> you assign zero percent probability to recession that's bit counter intuitive given how much the curve has been flattening. a few people have been pointing to the flattening of the curve portending to recession in the next couple of years, do you disagree with that >> we don't think the yield curve, given how much central banks have distorted the supply dynamics in the back end with qe, we think for now it is actually that dynamic rather than macro indicator

we don't think given what we see with the fiscal stimulus that that will add more wind to the expansion cycle, we see a low probability of recession this year the market data remains quite strong in the u.s. >> diana amoa from jpmorgan asset management, thank you. coming up on the show, the cost of coffee whitbread reverses earlier gains. we'll lift the lid on those details when we come back. you know what's awesome? gig-speed internet.

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if successful the combined company will be listed in tokyo and the u.s. shares in takeda sank on the news weighing on the nikkei. questions have been raised about raising the funds and cash for the deal if the agreement goes ahead, it will mark one of the largest ever overseas acquisitions by a japanese company whitbread is spinning off its coffee unit saying costa could thrive as a separate company. the split will be finalized over the next two years elliott controls about 10% of whitbre whitbread, but saying their pressure has not led to the spinoff decision the group also posted a 5% raise in its first quarter sales we asked the group finance director, nicholas cadbury, if he was confident the like for like figures would hold up for

premiere and costa as separate companies. >> we are always seeing what we can do to drive it forward i think our investors overall will be pleased with the performance. we are ahead of expectations in terms of where it was levering, and we're pleased with where we are executing plans. >> kering opened up at the top of the stoxx 600 after posting better th better than expected first quarter revenues the french luxury group posted a 36% rise in sales in the first quarter sharply beating expectations kering says a revamp of gucci is starting to pay off. and the european central bank may postpone the implementation of guidelines designed to make eurozone lenders set aside more money for nonperforming loans, that's according to an ecb spokesperson the guidelines were expected to

be introduced by march but may now not take effect until june the ecb has been putting pleasure on banks to clean up balance sheets i'm happy to say still with us is diana amoa we were talking about ecb there, nonperforming loans. we're heading into the ecb meeting tomorrow you think any hints from mario draghi about the end of this asset purchasing program or is the timing not right yet >> i think it's a bit too early for them to start signaling. they may steer the conversation towards expecting an announcement or further guidance in the next meeting. for now it gives them thata optionality. they'll want to see the effect

out of the data first before they can steer the market towards expecting end of qe in september. what do you make of pricing here a lot of notes from the research side, most analysts agree there's not enough baked in to 2019 in terms of hikes many people are calling for being short or the expectations that he could surprise on the hawkish side where do you stand on that debate >> i do agree with the view that perhaps into 2019, so looking at some of the forwards, there's very little priced in. that's seen in how steep the curve is also. so the markets are unsure of when to start pricing the cycle. but this is not dissimilar to what we saw with the fed prior to them hiking the market was slow to pricing that in. once the data started to confirm that, and i suspect with the case of the ecb, as we progressed through the years, as inflation starts to pick up, the market will price that in. for now into the meeting it's probably not much to play for.

>> what is the trade you have on european fixed income here the other element is periphery spreads are back despite everything that is going on. we talk about italian government formation but the italian yields have done nothing but rally since the italian election more than a month ago now how are you playing it in european fixed income? >> we like the spreads we like the periphery. we think the macro data is very encouraging. so you're seeing growth picking up in some of the southern european countries, italy, spain, in portugal so we like spread products there. we think they could continue to perform. what about shape of curve? do you see any room for steepening in the european curve? >> the curve is already quite steep. we do think the scope for the bunds to trade higher particularly at the end of step and qe, but then the market will also need to start pricing in a

hiking cycle from the ecb. so we might get some steepening if the u.s. government continues repricing in the near-term but i suspect on a 2-month horizon the curve will flatten as we price in hikes >> diana, thank you very much for sharing your views on fixed income here. coming up, we'll find out later today if the fallout from facebook's data breach scandal has had meaningful business impact what to watch in the first quarter numbers coming up next

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- checkmate! you wanna play again? - anncr: prevagen. healthier brain. better life. welcome back to "street signs. i'm willem marx. >> i'm joumanna bercetche. these are your headlines all the legacy issues are resolved says credit suisse's c, ceo as shares are sent higher >> we have completely transformed the earnings portfolio of the company we were rolling 46 million,

we're now 29 risk is lower, profits are the same 80% of the profit is wealth management that's the big story in two years. go for gucci strong demand for the brand boosts kering sales in the first quarter sending the stock higher a sweetened 46 billion pound bid for shire sends shares in the british specialty drugmaker sharply higher, but investors question the deal selling the stock in japan. >> european stocks follow wall street lower after bellwethers like caterpillar sound off on future worries >> let's check in on european markets.

things started off well yesterday, then quickly turned after caterpillar results, and then weak momentum in asia overnight led by the hang seng down almost 1% the xetra dax is really down a lot in the last half hour. now down 1.1%. ftse 100 down a half percentage or so. let's see what the dollar looks like all eyes have been on the change of fortunes as far as the greenback is concerned this move higher in yields, and the positioning making the dollar have a stronger movement in the last couple of days that's expressed in dollar/yen

getting close to the 1.10 mark euro/dollar, moving lower again, down a quarter percentage point. cable down 0.21% the cattalyst by the dovish comments last week the main picture so far is one of dollar strength let's switch to u.s. futures that's the main catalyst for equities all over the world. the dow is seen opening up 80 points lower today that's quarter percentage point weaker s&p 500 also up five points lower. it is a big earnings day >> it is one to watch is facebook they'll be releasing first quarter results later on today the social media giant may face fallout from a data scandal that rocked much of its industry. joining us with more details is arjun kharpal. can you tell us more >> this is a crucial quarter for

facebook it's the first read we are getting after the data scandal broke. i want to draw your attention to some numbers investors will be watching the first is the daily active user number, that is flat lined since the first quarter of 2016. that's because facebook users have been very engaged that's not a bad thing it's been consistent investors have been happy with that, because that means the product facebook is putting out is sticky. another key figure is capital expenditure. that's been on the rise for the past few quarters. which is key facebook is generating a lot of cash it's increasing revenues which i'll move to in a second the key is what exactly is facebook spending the money on the final is revenue growth.

it's continuing to increase and growing at a rate of 45% to 47% year on year every quarter analysts and investors will be looking at the growth rate hoping to see something along those lines. expectations are high. any dip could cause red flags for investors. i want to move on to some other things on the earnings call which many analysts will be asking senior management at facebook about firstly, spending forecasts. how much are you expecting to spend. david verner already indicated that spending will increase, will that be on new technology and how much is that going to dip into margins the next is compliance with the general data protection regulations, a massive shakeup in eu data law, whether facebook will need do more to comply with that and whether it's fine and expecting not to take a hit. the final one is further fallout from the cambridge analytica

data scandal beyond what we see in the numbers can facebook give us a sense of has engagement dipped or has there been a change in user behavior since that scandal broke. back to you at the desk. what is interesting is that the revenue side of things, things are still looking strong revenue expected to come in at 11$11.4 billion, up 42% year on year as far as the revenue story is concerned, it's still a compelling story when you look at it from a fundamental basis what the market wants to hear is the spending forecasts and whether they will be spending more on moderators, compliance, dealing with regulatory concerns it's almost as though for once the fundamentals are taking action the back foot and the priority will be how they'll deal with these issues from the fallout of cambridge analytica and other stories that keep cropping up. >> that's right. tech investors now are very much tuned in to what they're spending looking back to alphabet

earnings, there was a concern when investors realized the increase in spending and what that could do to margins for alphabet the question is how does facebook talk about the narrative around spending. is it we're investing now because we need to do this to sort out problems and long-term this is fine because we can continue to deliver that 40 plus revenue growth if that's good, and they can convince investors, that's fine. there has still been a fairly positive long-term outlook from the market not a lot of downgrades on the stock or negative sentiment from the analyst community. shares are down 9% this year so there is concern about what happens with regulation behavior >> that chart you put up, a flat chart, daily average users as a percent of monthly average users. what should we look for there?

what would be a scary number for the markets? >> what's interesting there, that's not a bad thing that's daily active users as a percentage of monthly active users, which have been growing, but facebook maintained that stickiness >> ideally the higher the number is, the better >> of course but the market accepts that two-thirdses is a go s iis a go that starts to fall over the next few quarters, that's cause for concern. that affects the monetization potential for facebook >> one quick question, looking beyond antidotally, there was a big movement after the fallout from cambridge analytica to delete facebook. i haven't been on it so i wouldn't know. you talk about the costs of regulatory reform. is there a dip in users because of these scandals? >> at the moment from what we've heard from senior management they used the word no meaningful

impact on numbers. so perhaps a few thousand but nothing major. this is a company that has 2 billion users on its platform. if you look at what they've been doing around average revenue per user, a key metric, that's been going up and up and up if it goes down over two, three quarters, that's when the red flags kick in. >> arjun kharpal, thank you very much for that. for more on f.a.n.g. stocks, find out why one analyst says wall street is in full panic mode when it comes to iphone demand that's on cnbc.com speaking of chipmakers, stmicro has seen first quarter revenue rise 24% the company said it expects healthy demand for the second half of the year gross margin rose to 40% from

37% last quarter and elsewhere in corporate news, clariant has seen first quarter sales come in ahead of estimates. the swiss specialty chemicalsmaker got a boost from its chemicals catalyst business. sales for the period rose 7% to 1.7 billion swiss francs, that's above forecast the stock is down more than 5% in today's trading aluminum prices have fallen in london for the fifth straight session as the announcements around u.s. sanctions on rusal continue to weigh on prices. the decline on the price comes after the metal hit a high in price back on april 23rd aluminum is used in a range of packaging and the recent volatility is a concern for buyers of the medal. however james quincey says the current situation was manageable >> aluminum is one of our

imports, but we're not as exposed as you might guess it's about 20% of our packaging in the u.s., not even 10% globally so we're not super exposed to aluminum prices. then there are a lot of other imports. you should not see a big sprik spike in pricing given what's happened in aluminum it's part of the general cost pressures flowing through, but not a blowout factor clearly we would like it to be less but it's manageable. shares in norsk hydro are trading lower after being warned of possible impairments in the second quarter due to issues in brazil where a major mine has closed due to water contamination. the company warned u.s. sanctions caused great uncertainty in that industry we're joined by the chief financial officer of norsk

hydro. in brazil one of your subsidiaries stands accused for a toxic leak into a local river earlier this year. you've been forced to cut production there significantly that's going to mean that you will miss your cost cutting targets for this year. your chief executive said earlier this month you're in constructive dialogue with authorities there. you're also suing local prosecutors to reassess the way they test the water. should viewers see this as a shakedown by the brazilian authorities, a huge misunderstanding or a clear indication that you failed to seventh community where you processed your aluminum there? >> when you look to the external reports that we have made or have had done during this process, both federal and state environmental agencies, they concluded there's no spillage from the deposit areas in our operations, so there's no sign

or proof or contamination in the nearby communities or the river. that's an important starting point for this discussion. that's the basis for the negotiations we have with the authorities in brazil. >> you're saying it's a shakedown with the brazilians, you have done nothing wrong and you have been forced to cut production by 50%? >> there's no question there was a lot of concern among the environmental agie itncies and n the local communities post the significant rainfall that happened on february 16th and 17th that is really what caused the production cut that we're seeing and that we're currently negotiating to get out of. >> you have declared a lack of clarity to get the refinery back on track that kind of declaration, if you're found to have any responsibility for this incident, that's going to really test your relationship with your

clients. this is an extremely challenging situation for us and the total aluminum market. we have to remember that the world's largest refinery, and when 3 million tons is cut out of this market in a short period of time, that creates strain, not only to us, but to the global trading market as well. >> we've seen prices fall back significantly the last few days. that's in part because the u.s. government has given rusal clients a few more months to comply with new sanctions. how significant could the global supply shortage for aluminum be this year? how much of that would you pin on recent actions by the government >> the way we look at the market, we expect the market to be globally short about 1 million tons for 2018. i think we have to see and remember also that there is risk overhang sitting in inventories

around the world, which can come in and fill this gap for 2018. nevertheless it's an important change in an industry which has been having surplus productions for some years >> can i ask for your company how the sanctions affected your own supply campaigns we heard from rio tinto, and not talking about aluminum production specifically but on the supply chain front, to what extent norsk hydro has been impacted by them >> far not so much it's clear the rusal situation will impact us and most other players now over time. we do business both upstream and downstream with rusal in several places around the globe. >> back in february you raised your dividend to 1.75 crowns from 1.25 crowns it looks like the outlook for

this year based on some production challenges in the brazil plant is not looking as good i won fder if that will have an impact at all on you paying out dividends or are you thinking about reducing the dividend payout >> we still have a strong balance sheet. we are more than capable of carrying the proposed dividend for 2018 we're not looking to cut that back >> one final question. you seem to have indicated to rusal that you would be able to wiggle out of some of your contractual obligations. >> this is part of what we're working through. with the deadline and the wind down period being moved out to october 23rd, that gives us more time to evaluate the totality of the situation and to watch rusal. >> thank you very much for

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welcome back to "street signs. hopefully you enjoyed that montage of president trump and mr. macron elsewhere, president trump will meet apple's ceo tim cook today at the white house no official agenda has been released it comes at a time of heightened trade tensions between the u.s. and china with technology caught up in the dispute. the iranian president has dismissed a warning from president trump that there could be big problems if iran resumes its ballistic missile program. rouhani said trump was a tradesman unable to handle major international negotiations president trump and emanuel macron hinted there could be a new nuclear deal for iran. trump hosted the french

president for his first state dinner of his administration tracie potts has more. people in washington these days say a week in the trump administration feels more like a year yesterday the president seemed to express wildly different views on iran over the course of a day. how did the talks go with emanuel macron over that iran nuclear deal >> the idea was for emanuel macron to come here and come closer to the middle president trump said repeatedly he thinks this is a bad deal, a terrible deal. we heard him say that again. he wants the united states out of it. their next opportunity is may 12th he has also said he's willing to negotiate and maybe renegotiate this deal. now, that's a big question for the europeans who think that it was hard enough to get a deal in place in the first place they don't want the united states to pull out they may have to renegotiate to

get the u.s. to stay in. they think iran is complying with the deal and it is the best chance of keeping nuclear weapons out of the hands of iran it's not clear how far president trump is willing to go, but it is clear he is listening to french president macron. they talked last night at that state dinner about their close relationship, the close personal relationship that is developing between the two. that seems to be having an impact on policy >> tracie potts, thank you very much for joining us. what's interesting is yet again markets seem to be brushing off geopolitical concerns all of the focus has been earnings let's talk a briit about u.s. yields ten-year note is nicely above that 3% line 3.02 as our guests said earlier, you want to watch 3.04 if it breaks through that, that could set a catalyst for moving

higher, perhaps to 3.25. bunds around the 65 level. analysts sayingbuying will not emerge until we get to 70 basis points ten-year gilts are back at 1.56. the highest level since march 6th, but still low compared to the other two. and ten-year jdbs at 6 basis points bank of japan also has their meeting thursday and friday. no major changes expected. but then again people are looking for clues that perhaps kuroda may be thinking about changing some of that yield targeting policy before we move on, let us look quickly at stocks. let's see how the picture in the u.s. will look the dow is now seen opening up about 100 points lower s&p 500 about 10 points lower.

it will be a big earnings day. we have facebook we were talking about metrics to watch out for there. we have twitter coming up. then all of the back drop of the yields as well in europe, let's take a final look at some of the big gains and losers on the session today. at the top, kering, boosted by some restructuring going on in gucci. that's up 6% sd micro up more than 5% there that's actually stemming the tide of some under-performance of chipmakers in the last few sessions there the concern was about slowing sales in iphones and apple iphone x to the down side we have some banks as well and some of the german names >> credit suisse performing well, up more than 4% on the back of those results. we brought you that interview with tidjane thiam today talking

about how his restructuring efforts have worked well you can see the biggest loser is osram, their guidance dropping on the back of some numbers today. >> of course all eyes will be on earnings coming up the rest of the afternoon and the big ecb meeting tomorrow i'll be here, hosting decision time we'll spend the whole morning talking about what mr. draghi may or may not be doing. that's it for today's show i'm joumanna bercetche "worldwide exchange" is coming up next. why did i want a crest 3d white smile?

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it is 5:00 a.m here are the top five things you need to know wall street again pointing to a lower open following yesterday's selloff. the dow implied open down another 100 points the big focus is on bond yields. the ten-year right back above 3% credit suisse posting a first quarter profit beat thanks to its wealth management division. a federal judge dealing a blow to the president on the daca program. and bitcoin moving lower with stocks after hitting $9400. we're hitting all these stories coming up.