a warning from the travel and leisure stocks are lower as the japanese airlines deliver worse than expected first quarter results hit by rising fuel costs and over capacity issues shares in british recruitful firm haze slides over the australian and german markets offer an uptinge

italy's deputy prime minister tells cnbc rome will stay on its anti-austerity course and will not lead to another standoff with the e.u >> i'm sure there won't be any battle, any tension. that's because our industrial production is better than in other countries. maybe other countries should worry. >> and a massive fire sweeps through notre dame and paris causing the cathedral as roof and spier to collapse as emmanuel macron plans to rebuild the historic landmark. >> i'm solemnly telling you tonight this will be rebuilt by all of us together, and it's probably frought with destiny, and it will be our project for the years to come. i'm committed to this. good morning welcome to "street signs." let's start off by taking a look at some of the price action we've had over the last 24

hours. it was somewhat of a weaker session for u.s. market yesterday with all of the three major indexes closing in the red. crucially s&p is still above that 2,900 level, but a lot of weakness on back of weaker bank earnings, and specifically there i'm talking about goldman sachs dragging down the overall capitol composite. that was down 4% on weaker than expected revenue >> full focus continues to be on earnings today we have earnings on bank of america, black hawk, johnson & johnson. after the bell watch out for net flick and ibm amongst others we've got the shanghai composite up about 2%. this was quite well for the european session you can see we're an hour into trading already. about 70% of the names are trading in the green stock europe 600 is trading up .3%. again, here same story as ever optimism about china-u.s. trade

talks. china gdp numbers coming up overnight as well. a bit of optimism on the macrofront here's a picture across all of the individual indexes in europe we've got ftse 100 up about .4%. 32 points high are shrugging off some of the weakness in the minors rio pinto coming out this morning and slashing guidance in iron ore for the rest of the year i want to draw your attention to cac -- up .3% >> emmanuel macron was supposed to be giving a speech billion -- after the yellow vest demonstrations of course, that speech was postponed after the fire broke out in notre dame cathedral to an unknown time. that was supposed to be a landmark speech, and, of course, in light of the developments of notre dame, it has been

postponed. something which it's known for the italian index also having a good session today up .3% you want to keep an eye on that as well. right at the bottom we have utilities. relatively underperforming about .1%. oil and gas coming off just a tiny bit also giving back some of the approximately gains that we've seen in the last couple of weeks. travel and leisure just slightly in the red here i want to point your attention to the stanza. we'll talk about that shortly. right up at the top we have banks up .6% interesting given what i was just saying. >> lufthansa has posted a fall

and adjusted for the first quarter. the german airline blames rising fuel prices and over capacity in the european market for the fallen revenue it said it still expects to see margins of at least 6.5% for the year elsewhere net fees at improvement company hayes grew in its third quarter the recruitment firm highlighted more hiring in the u.k. and ireland despite fires over the u.k.'s exit from the european union. the outlook remains positive, but is mindful of macroeconomic risks. in its profit update the company also said it expects growth merchandise volume and revenue growth in line with

expectations for the year. you can see that that stock is up about 10% in trading. up about 58% in the last three months with that i'm very happy to bring in our guest for the show today. ben head of fund research. it's great to have you with us >> great to be here. >> let's start off by talking about -- the stock was up 10% today. many analysted thought they were going to register in operating loss in the quarter. they actually seem to be turning a dark corner here registering an operating profit. more generally what we're seeing in europe is retail los angeles had a strong start to the year one of the best performing sectors at a time when the euro zone economy is going down what do you point that down to >> i think certainly as we headed into the turn of the year, it was a pretty low bar for retail in terms of what they had to achieve

as we look forward to the year ahead, you still see a labor market in reasonably good shape. i know the normal numbers in europe outside of the u.k. are quite high unemployment. there's still lots of people working and they're below this theoretical nominal -- this rate a lot of people working. there's wage inflation around. the consumer is not in a bad shape, actually. domestic europe looks okay >> how are you thinking about the luxury sector here oftentimes in europe you can't help but associate the luxury sector to china and demand that's coming out of china how are you seeing that play out in the latter half of the year >> well, much like retail. the luktsry branded second sector is having a good time we think there's something more structural there the retail sector is more

cyclically phased. the luxury brand sector, where there is pricing power, can perform through the cycle. we think it's certainly helped by external factors you know, you cited china. china is a big concern for markets in 2018 through efforts to reflat the economy, put stimulus into the economy, and he stimulus that helps a consumer more than enterprises that's good again for demand good for luxury brands we're seeing that in operating performance. >> as i was reading your notes, i see that you are yoef weight equities are there any other areas you think can still perform in the environment where euro zone growth is lackluster >> apologies for being consensus. within that space, we've sort of seen the yield curve apart from the yield curve inverts, and

that suggests, you know, we are come towards the end of the title in this late stage of the cycle. we would say cyclicals should have a better time of it we talked a bit about retail, bull certainly energy, financials they look like they could have a better time. i wouldn't swing for the fence on this because we know on the defensive growth side, the technology sector can continue to run, but energy and financials would be -- >> are you surprised you say financials we saw the u.s. banks come out of earnings the last couple of days, and all of these banks seem to be facing headwinds. particularly bh it comes to trading. this is u.s. banks where you have actually benefitted from the rise in interest rates europe you've got negative interest rates, overcapacity you've got regulation issues you have money laundering issues when it comes to the scandies and nordics. >> on that cutting analysis we better reverse our opinion on

that we think that has been factored in markets are aware of that, and we would say that european banks in particular have had a challenge domestically, whether it's the geopolitical concerns of the yellow vests or the italian banking sector through the coalition challenges with the government the coalition challenges with the european authority hopefully that run of bad luck could reverse for europe this year, and combined with the chinese stimulus and the european central bank efforts to reflat the economy, the banking -- growth environment could be a bit better in europe this year. >> ultimately evaluation play. all right. we'll pick up the conversation that's ben guthrie, ahead of research

>> firefighters. the paris prosecutor's office has opened an investigation into the incident and while the cause is yet to be determined, police say it began accidentally and could be linked to ongoing restoration work. i'm happy to bring in stanley, european business and finance correspondent at the economist who is based if paris. great to have you with us on the line at this point it's undetermined what the source of the blaze was, but ultimately just looking at where we are right now, things could have been worse the foundation of the believe is still there despite obviously the devastating images that the world has been witnessing over the last 24 hours. it really could have been worse. in terms of reconstruction efforts, i mean, what are we looking at here in terms of initial cost estimates to rezrukt the cathedral? >> yeah, you're right.

the spier and tre and the roof e the towers are still standing. that will provide some solis to parisians this morning i think it's way too early to say how much this will cost and how long it will take. the cost, in a sense, is completely academic. the funds will be raised already. we've seen some families pitching in. hundreds of molz of euros each the state has set that it will ultimately foot the bill i would expect this will take -- this will be a matter of years if not decades before we see notre dame in the state that it was until yesterday afternoon. >> and i want to ask you if there's any repercussions on the government itself and the reason i ask this is i know that the state has allocated a certain

amount of money towards the reconstruction of the cathedral, but it is less than what they had asked for originally the numbers that i saw that the stated allocated about 60 million euros towards notre dame's construction whereas the demand had been north north of 100 million euros. is there any blame being directed at the government for this is it a case of the country uniting really around this historic development >> so far the mood is one of sadness. it's a major landmark. it's been damaged. some relief. the part of it is still standing no indications so far that it's anything more than an accident either police have reportedly questioned workers who have been on site, but not -- i think with no indication of suspicion so far. the political impact in the short-term macron, the president, was due to address --

due to a tv address yesterday at 8:00 p.m obviously all the attention was on notre dame. that will just presumably happen today or tomorrow. in a sense, it's -- nobody will seek to take political advantage of the situation i don't think questions of the budget or the renovation and so on will come into it now the question will be how do we rebuild this? who pays for it? i think, you know, francis is a secular country. providing what right back large sums of money to rebuilding the catholic -- will be complicated, but these kinds of complications will be overcome there already seems to be a huge amount of interest from the private sector in footing part of the bill. there are no family, which partly owns the lvmh and -- has

said it will pitch in 200 million euros. they're great rivals >> swernl hope so. adds i mentioned the world was real really. >> thank you very much for taking the time to chat to us. >> now, also coming up on our show, luigi dimayo sees -- even as the country slides into technical recession. more from our first on interview with the deputy prime minister that's after the break ♪

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ore shipment on the back of cyclones in western australia. the second largest iron ore miner has downgraded its forecast from 333 million to 343 million tons the ongoing fall-out has been cited across the sector for tight supply vhp is set for review its operational review tomorrow. uni credit will pay $1.3 billion to u.s. authorities to settle investigations into iranian sanctions violations the german arm of germany's biggest bank has agreed to plead guilty to moving money on behalf of sanctions entities, including an iranian state-owned shipping company. the bank says provisions have already been made to corps the celtsment. president trump has sounded it an optimistic note on trade talks with china saying the u.s. will win no matter what. >> we're turning it around, and

we're in the final stages. we'll see what happens look, we're going to win either way. we're either going to win by getting a deal and we also win if we don't get a deal because we do other things speaking of trade, the european union has formally approved trade talks with the u.s. despite opposition from france and belgium belgium abstained from the votes highlighting divisions of the response to president trump's policies, but agriculture has been left out of trade talks with the e.u. calling it a red line despite the u.s. warning it could hurt the prospects of a deal ben gutheridge is still with me on the show. as we get closer to a deal between the u.s. and china, it looks as though the u.s. has really turned its attention on europe now you can see the sensitivity with the french and belgiums. especially after some of the tweets that came across the president last week.

how do you think about it from a trading context? how much are day dark cloud are these europe-u.s. discussions having over your outlook for investments this year? >> it seems as though they're getting close, but there are stumbling blocks, such as implementation with regards to the european-u.s. trade spat where we're looking at u.s. china, trump had the whole congress really behind him. when tackling the e.u., there isn't bipartisan support that will cost him political capital. whether he recognizes those sort of things is another matter, but without congress behind him, i find it harder to see the u.s. sort of driving such levels of trade friction between the u.s.

and china. >> in terms of demand as well, we have seen, i would say, despite high levels of employment we've seen some of the cyclical lows in terms of vehicle sales. this year 5% to 10% growth should be a reasonable bar for autos to hit, and on that basis actually look in reasonable place. >> we are getting into the heart of u.s. earnings season. it's just a few weeks away

what would you say is more important for this earnings season is it the numbers themselves, or the guidance and the outlook that these companies are going to get for the second half o the year >> well, i would say always, really, guidance we would expect earnings in aggregate to generally outperform the expectations. management do tend to guide lower. i mean, this earnings season sent going to be a particularly spectacular one. it will be the first negative earnings season in the u.s. in ten quarters guidance is going to be crucial. you know, what is happening out of -- in terms of global demand? the u.s. looks reasonable. europe and the emerging markets coming from a low base are with he going to see a tick up in demand expectations from those regions? >> certainly dovish central banks across the world are helping that expectation going to leave it there. thank you for joining me today on the show. that was ben gutreridge head of

fund research. well, italy will not see any further down grades to its growth forecast. that is according to deputy prime minister luigi demayo. while meeting with business leaders in the uae, he added that the economic targets are positive compared to other european countries i think he was talking about germany there. he joins us live with more from -- you sat down with mr. demayo yesterday there's been a lot of scrutiny about the stage of italian public finances. what does he have to tell you? >> he was probably positive on the outlook for italy pointing to the recent pmi figures. also, blaming a lot of the headwinds that the economy faces on external factors. yes, germany, as you point out, and also france and the situation with regards to brexit and the u.s.-china trade war you will also remember that italy was forced to downgrade its growth target from 1% to just 0.2%.

as you point out, he says we shouldn't expect any further down grades from this point on, but that's the biggest issue of contention this will be the deficit forecast, which is now increased to 2.4%, which is about that 2% that was promised and plenled to the european commission i asked him whether or not that is going to put italy on a warpath of sorts with brussels moving forward listen in. >> the current growth pathway and the measures that we are implementing are not going in the direction of a standoff with the european can union we are working to improve italy's economic conditions and the economic conditions of our companies. i am sure then that the negotiating phase with the e.u., we won't have any battle, any tension. that's because our industrial production is better than in other countries. maybe other countries should worry. >> when you look at the market reaction, though, i think it's fair to say there is still more

questions than answers when it comes to the outlook for italy and the potential contagion effect we could see across the euro zone if the situation were to deteriorate back over to you >> you p, i was just at the imf the last couple of days. a lot of questions there about italy as a big question mark is hanging over the region. dan, thank you for bringing us the latest on your interview with mr. demayo. also coming up on the show, we talk u.s. bank earnings. stay with us we'll be right back. unpredictable crohn's symptoms following you? for adults with moderately to severely active crohn's disease, stelara® works differently. studies showed relief and remission, with dosing every 8 weeks. stelara® may lower your ability to fight infections and may increase your risk of infections and cancer. some serious infections require hospitalization. before treatment, get tested for tb. tell your doctor if you have an infection or flu-like symptoms or sores, have had cancer, or develop new skin growths, or if anyone in your house needs or recently had a vaccine. alert your doctor of new or worsening problems,

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sfliefrmt travel and leisure spots pair -- as they have worse than expected first quarter results hit by rising future costst and overcapacity issues a positive update from zolando sends shares surging as the e-commerce company predicts better than first quarter adjusted earnings. in an exclusive interview with cnbc, chicago president

evans says that they could be on held into the whole of 2020. >> you could see the hold rate being flat and unchanged into the fall of 2020 for me that's to help support the inflation outlook and make sure that it's sustainable and to a little above. that would be fine, too. >> and a massive fire sweeps through notre dame and paris causing the cathedral's roof and spire to collapse. emmanuel macron vows to rebuild the historic landmark. >> i'm solemnly telling you tonight this will be rebuilt by all of us together, and it's probably the destiny, and it will be our projects for the years to come. i'm committed to this. >> we are just getting some u.k. employment data out. let me break down the numbers for you. employment gains of 179,000 in the quarter, in the three months

of february. that's despite the pull of 180,000, but pretty much in line in terms of job creation that's 3.4%. the poll was 3.4%. pretty much in line with expectations there i should mention, though, these wage numbers are at a ten-year high wage numbers continue to be very, very strong in the u.k just the continued average total weekly earnings in real terms, 1.6% year-on-year. this is the biggest increase since 2006 job vacancy, 852,000 versus 854,000 in three months to february i think the numbers here are pretty much painting a solid picture of the u.k. employment back drop. very solid on employment gains

in terms of overall jobs created as well as the wage growth numbers coming in line with expectations at 3.4% you can see sterling trading slightly up on this, but still below 131, 130.85 is the mark here let's not forget that we've had a little bit of a relief in terms of brexit developments as mps are off for brexit easter holiday. it's been light on the data front there on the developments when it comes to the political side of things let's take a look at how european markets are doing overall this morning the picture is green across the board. playing on strength that we had in -- overnight chinese index was up 2%. you can see that there is a lot of green in europe as well this morning. optimism, again, yet again about trade talks and some of the more positive data that is coming out as well as looking ahead to corporate earnings ftse 100 up four percentage points dax leading the charge up .7%.

cac rup a quarter of a percentage point, and there, of course, the news has been dominated by the fire at notre dame, which caused the presses to postpone his widely awaited speech on the economy. a euro really trading sideways here. 113 at the level slightly firmer on the session, but, again, not that much in the way of movement for these currency pairs the picture has seen more positive yesterday we had all of the three majors closing in the red. we have bank of america, black

rock, johnson & johnson for the bell goldman sachs and citigroup have posted lackluster first quarter results beating profit estimates, but falling short in revenue amid a tougher market for trading and investing. citi said its earnings were boosted after it brought back about $4 billion in shares fox finished the day in the red. bank of america and black rock are set to post their q1 earnings later today as i was just talking about now, black rock chairman will be speaking exclusively to our colleagues in the u.s. that is at 11:30 cet stay tuned for that one on their earnings day and with that let's bring in john, the u.s. financial analyst from atlantic equities great to have you with us on the show just picking up on some of the earnings a bit of a disparity between the

tone that came out of jp morgan on friday versus goldman yesterday. goldman's stock ended the day down 4%, and just look at some of the details here, it really looks as though, you know, goldman is a bank that's really struggling to move away from its traditional investment banking model towards a consumer banking model. the question is how much patience will investors have for this transformation? >> i think really you put it into context the stock was up about 4% on friday just gave that back on monday. it's not a disastrous result it's going to be a very long process. i think the thing that pointed investors yesterday in particular was the fact that the centrality eejic review will be fundamental to understanding how the transformation will take place. it was pushed back by a year that means people will have to wait another year effectively. they're not really know what the direction is and they understand how that's going to change the business that's the point from yesterday. >> if you look at the traditional businesses, i mean,

you know, they were down in three businesses flat in the fourth business. the only reason they beat on eps is because they cut expenses so much you know, they had instituted the buy-back a lot of these are one-offs. the core businesses really seem to be struggling here. >> well, i think they're possibly a slight move up. if you look at m&a, that was up 60% year-on-year in terms of completion that was very strong they outperform slightly it was still down year-on-year it was a very strong first quarter last year. i think people are expecting the numbers to be down year-on-year on the trading side, and that came through they beat consensus by around about 30%. it wasn't a disastrous result, but when you look forward, there's a lot of uncertainty, and that's important >> and just looking at some of the trading results, again, the picture painted krs these three major banks is that the trading activity has been a lot lower versus a year ago. what does that spell whatsoever guidance does that give for european banks where rates are even lower and

volatility is even lower >> i think this is a tough market for european banks. the u.s. market has, you know, reacted fairly well this year. stock markets are up 14%, 15% in the first quarter. >> i think people were expecting a lot of sort of pullback this year, and that came through. in europe, i don't follow the european banks, but obviously you have a lot more issues with yield curve last year turning negative >> in terms of your pick for u.s. financials, are you distinguishing between those that have, you know, stronger dmes ek exposure to consumer banking rather than those with the goldman sachs types that have a bit more investment banking predisposition >> not in particular we tend to -- the stocks we think executed well which are

good quality we like jp morgan, for example, but they're a little over valued we actually really like the citi result yesterday i think they were doing everything they said they would do the core revenue coming through. they're controlling cost vez well they are buying back a lot of stock, which is part of our three-year strategy, and the book value for shared growth year-on-year was actually very strong we are looking for quality rather than -- definitely something more than investment banking. >> where do interest rates fall in all of this one of the tail winds for the banking sector last year was supposed to be were these higher interest rates, but obviously now the fed is going to be on hold and what is that going to do to net margins over the foreseeable future >> different outlook from both wells fargo and jp morgan. jp morgan pointed to a flat interest margin from here. still up year-on-year. i think the issue is as we saw

the margins go up last year, people started pricing that in, and further rate rises through 2019 you have to the beginning of 2019, and the fed has done a big u-turn on the policy, and as a result they were starting to factor in flat declining nim for the blarngs. >> which of the stocks do you own? >> i don't own any of the stocks chicago fed president charles evans has told cnbc that inflation is weaker than he would like to see. he told our u.s. colleagues that rates could be unchanged until 2020 to support the inflation outlook and, in short, sustainability i said i have a forecast for 2% growth, say, in 2019, and

it's been decelerating i think that the unemployment rate is likely to go sideways. it's at 3.8. maybe it goes down a little bit. maybe it doesn't what is a little concerning to me is that inflation has been underrunning 2%, and i had been thinking that inflation was finally going to be solid, hit 2% in a sustained basis, maybe go over a little bit that was my projection on the strength of that i had as recently as september and december thought that maybe a couple of rate hikes were in our future inflation is a little lighter. the economy is doing fine. i think i said last couple of weeks ago that i can see the funds rate being flat and unchanged into the fall of 2020. for me that's to help support the inflation outlook and make sure that it's sustainable and are a little above that would be fine too >> sticking to the central bank

theme. elsewhere bank of japan governor says there is room for cutting interest rates he told cnbc that while it's not necessary at this stage, the japanese economy has caused a slight slowdown due to weaker exports to china he also flagged his biggest risk to the global economy. >> at this stage i must say that trade protection not only between u.s. and china but from the -- i think -- at least involving the global economy. zbleefrmts also coming up in the show, man united take on barcelona in the champions league this evening. can they overcome their 1-30 defeat more after the break

>> barcelona if the cause is to make the semifinals of the champions league also this evening christiano ronaldo juventus take on ajax. adam has more. if man u beat barcelona 1-0 or 2-1, accounting for that 1-0 difference, then there's a possibility we may get a man u-liverpool final snl. >> if united do prevail. to really look at all the -- united basically need to stop barcelona scoring. that's one of the main things that happens tonight man u -- >> is that -- >> boy, they've also got to balance that with attacking football as well they have to score now, a score draw by -- would probably get -- hang on. if the score draw would get man united through in the case if

it's more than -- yeah -- if it's more than 1-1 the waythe barcelona are 1-0 u at the moment means that they've got that away goal from old trafford to carry that through if it's 1-0 to man united we have time. if it's any more than that, they will prevail it's going to be difficult for them because barcelona haven't lost a champions league match on the night in the new camp for something like 12 years, which was incidentally against liverpool. you are absolutely right that liverpool could be either these guys face when they go through because they're 2-0 up that game gets through tomorrow against porta. manchester united, what does it mean for them if they don't get in the champions league next year well, it could mean that they have an exodus player? they may decide that he wants to go and play his football in spain for barcelona or real madr madrid they're already looking at maybe

losing juan matta for nothing this summer. they really do need to make sure they are in the competition next year, and that's not a foregone conclusion with the way that things are going in the premier league as well they might have to win it. the man who scored the winning champions league goal in the final for manchester united against bayern munich, he has been talking up the idea of fate and what a team deserves and he says that they're going to have to be at their best if they are to make the champions league semifinals >> i believe that you get what you deserve in sports, that you put you -- if you put your life and effort and determination, everything you have, you get exactly what you deserve most of it is -- yeah, every has talent everyone has a certain ability to play us, but we've seen ourselves against pfc that we can get back from being 2-0 down against a fantastic team

of course, historically barcelona is the best say, it is last ten years we know it's going to be a massive effort this is something that may give manchester united heart going into tonight's game.

>> video conferencing company zoom will also ipo this week with shares priced at between $28 and $32, and uber also set to list next month with an expected valuation of $100 billion. the ipo extravaganza there >> netflix is set to post its first quarter earnings later today. all pain tribers with a company expecting to add 8.9 million users this quarter netflix is facing increased competition from disney and apple, which are both launching new streaming services in the second half of this year lots to unpack here. let's get out to an expert danny, managing director of equity research at web bush securities joins me down the line great to have you with us. let's start off by talking about

netflix. it seems to me all of the action happened christmas eve a big balance in the stock price there. ever since then we've pretty much flat lined. do you think that a lot of the good news when it comes to their overall subscriber editions is priced into where the stock is trading at this point? >> you no this is a huge quarter. especially the streaming competition coming from every angle. >> danny, let's talk about the competition can can and streaming space. disney will be launching the streaming service in november, and they are pricing that service at $6.99

we know that netflix actually just before their last quarter won the last two results they actually announced price hikes. the netflix packages $12.99. disney have a significant pricing advantage here, don't they snoo look, pricing hubris is an issue, and it comes down to what consumers are willing to pay i think it was a jaw drop for the way disney is pricing their service, and obviously we expect apple to price their service also very competitive. this comes down to ultimately subscribers are going to ultimately vote with their dollars. that's why there's a key quarter to see what the subgrowth looks like not just domestically, but internationally, and no doubt, netflix has a bull's-eye on their back, and cook and iger are going after it full speed. >> ma iks it more difficult. i want to switch gears no pun intended. i wanted to ask you about lyft and the price action we've seen.

obviously the stock is trading 20% down to where ipos how much of this is a function of a about the of concession going into the bigger ipo that is expected out of uber and -- >> it's been a train wreck coming out of the box. down 20% given the ride-sharing market, and there was a lot of excitement it comes down to part of our issue has been valuation in terms of no profitability path with lyft, and they continue to be the little brother to uber, and now with uber coming out with their s-1, and the road show ever on the next four weeks, i think it's going to be a continued black cloud with shares, and i think that's why right now. this is definitely a no bracket period for lyft where a lot of the blooms come off the rose in terms of what we saw pre-ipo >> definitely. certainly investors will be keeping an eye on that you have to leave it there daniel ooifz, managing director of equity research at web bush

securities deutsche bank and other financial institutions have been subpoenaed by two u.s. congressional panels over president trump's finances democrats say the subpoenas are part of a continuing investigation into foreign influence in u.s. politics the german bank's relationship with trump has reportedly spanned decades and includes billions of dollars in loans deutsche bank said it is "engaged in the productive dialogue with the u.s. and that it remains committed to providing information. meanwhile, the deadline has passed for americans to file their 2018 taxes, but the congressional -- president trump's financial history continues. nbc's tracie potts joins us with more from washington tracie sfwa good morning. those subpoenas that you talked about to deutsche bank and three other banks are part of democrats essentially going through the back door because it's not clear if they will get president trump's tax returns. they've given the irs, which

oversees those returns, a new deadline one week from today to turnover six years. the treasury secretary says he is not sure that request is even appropriate so they're reviewing, they're evaluating it, but he doesn't feel bound to what they consider any artificial deadlines the president's legal team has said it's flat out illegal to turnover those returns democrats are taking other approaches to try to find out more about the president's finances the thought being that because of his vast wealth and his business ties, some of those things may influence who he deals with and how he makes decisions about the country in the oval office. that is what they're investigating. the subpoenas have run out reportedly to deutsche bank, to three other banks, and also to the president's accounting firm. the president's legal team already telling them not to respond to the subpoena.

they're looking for seven years of financial statements and that came out of testimony from president trump's long-time attorney meelk cohen, who turned over some of those financial statements also testifying that he did not see evidence that the president was under audit, which is why he has said he won't turnover the returns. >> something, no doubt, people rushing very, very closely over the next week. traysey, going to leave it there. thank you very much for taking the time to break it down for us let's take a look at u.s. futures. the picture is a little more positive as what we had in yesterday's session. yesterday we had all three of the major yourself red krurnlly, though, s&p 500 is still just above that 2,the00 mark in and opening pup 11 points higher today. dow also seeing it opening up more than 100 points higher. remember, we're getting right into the heart of earnings season, and the market was a bit underwhelmed with yesterday's results coming out of goldman sachs and citi today all eyes will be on bank of america and black rock. black rock chairman and ceo

larry fink all will be speaking exclusively to our colleagues in the u.s. at 1 suicide bomb 30 cc you want to stay watching out for that one also, we will get resuls from netflix, many m, and tsx getting into the heart of earnings season here later on all eyes will be on china gdp as well that is a bigger picture of what to watch out for as the rest of today's trading session. that is it for today's show. world wythe exchange coming up next stay with cnbc what's a target date fund? 529 plan? a 10-k? what's an etf? an ipo? 401(k)? where do i start? empower yourself with the free tools and resources on investor.gov. before you invest, investor.gov.

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>> good morning. it's tuesday it's 5:00 a.m. cnbc global head kwaurs, and here's your five at 5:00 u.s. futures pointing to a rebound on wall street as the clock ticks towards record territory for stocks, and we are just hours away from bank of america's big quarterly numbers after goldman sachs disappointed in the street and shares turned lower. watch those. netflix at least chuck watch your back here first it was apple then it was disney flus. now a new valuation for hulu and disney solidifies its