is to write what you know." good morning welcome to "street signs." i'm joumanna bercetche >> i'm julianna tatelbaum. these are your headlines. >> european equities climb higher as consumer prices fall since the start of the pandemic for the first time and officials stress the need to carry on the hike game. the bank of japan pledges to stay nimble and announces fresh bond buying.

chinese trade slows in december exports hit the worst level since february of 2020 while rising coronavirus infections shadow the recovery. and tim cook requests a 40% pay cut. he is set to receive increased equity tied to stock performance. good morning welcome to the show. a short while ago, we got uk gdp data coming in for the month of november we are getting the german gdp for 2022 the preliminary number at 1.9%

year on year that is a little bit higher than the forecast of plus 1.8%. this is worth noting that it likely stagnated in the fourth quarter. the german stats office is saying the same thing. the german economy likely stagnated in the fourth quarter. they are coming out with numbers with respect to the deficit. measured as a percentage of gdp. of course, that doesn't take into consideration all of the energy support announcements that were factored in for this year and in 2023 as well these are the numbers coming out of germany they did come in a little bit better than expected >> which is in line with what we have seen in a lot of the data from germany recently. one thing to bear in mind is a lot of the state has been backward looking the forward looking indicators are interesting for the year ahead.

what we know so far, things are not as bad as feared >> let's get to annette. the leading indicators are pointing to a bottoming of some of the very weak manufacturing data we had from germany earlier in the year. >> yes, actually that could be the case the jury is still out. how bad a recession and economic downturn will be for germany if you look at factory orders, it was a slump in november still, the production figures are holding up it remains to be seen. many economists are saying there is a lot of uncertainty around and the big question mark on china and how china will unfold given the recent weak export data we have seen in the country. let me first of all look back to 2022 and what economists do

think is the reason behind that actually better performance than expected it's the consumer most likely that we have seen catch up consumption from the coronavirus time with the restaurants and other measures and experiences and also companies most likely have spent a bit on equipment and machines with the drag on the overall activity with construction the construction sector recently was seen weak activity given the interest rates being higher. that is what we are seeing in the real numbers from the construction sector. it is probably interesting what we're going to see going forward as you were saying from the leading indicators with the easing of the energy

crisis and that supply and outlook for the world economy is not as bad as previously expected it is still uncertain for the german economy the worst-case scenario is a deep recession that people expected for this year for 2023 for germany most likely can be avoided. >> annette, thank you for the analysis for that data in terms of data, the print yesterday was cpi number out of the united states. inflation appears to show signs of easing stateside. december consumer prices fell 0.1% which was in line with expectations on the year, cpi rose 6.5% highlighting the burden that the rising cost of living has put on households following the cpi report, market pricing points to increase probability that the fed would

approve a 25 basis point increase at the next meeting opposed to the 50 point hike the fed approved four 75 point hikes before slowing to 50 in december patrick harker says the u.s. needs to keep raising rates, but can slow the pace. he expects .25 hikes in the months ahead james bullard says it is important to get the rates up to 5% as soon as possible, but the eventual stopping point is just as possible as how it gets there. he ruled out cutting rates if inflation continues on the downward trajectory. >> they are pre-committing to not cutting rates. who knows how the it will pan out. other major news from the bank of japan. the fresh round of bond buying after the 10-year treasury yield reached 0.5% ceiling amid the

controls with the policy being revised in the coming weeks. the repurchase operations reached 3.2 million yen. that is really tying in to the pressure that the bank of japan is under right now from the investment community who continue to put upward pressure on yields. 0.5% is the upper bound of the range they set they reached that level and the bank of japan had to respond and announced intervention on monday how long this push and pull versus the market and the bank of japan will continue for is a question for investors on the back of that, we saw the nikkei come under selling pressure overnight the rest of wall street and hang seng is interesting for the markets. a nice week with the stoxx 600 up 1.3% today. the stoxx 600 up .40%. nice split among all of the

indexes. dax up .20%. the german gdp number for the year released. up 1.9% for 2022 the fourth quarter points to stagnation we don't have the full detail on the fourth quarter gdp print looks like it appears it will be flat or negative cac 40 is up .60%. ftse 100 continues to move higher higher being close to a record all-time high as we spoke yesterday. the gdp print for the month of november with the boost in services because of the world cup. people going out and going to hospitality and that was one of the reasons why the services number held up again, also worth pointing out on the three-month basis, the number is negative and very much in the grips of a recessionary situation. let's go and look at sectors this is the split for sectors

today. you can see that banks are up at top at 1.1% higher today is a big day as far as banks earnings are concerned in the u.s. likes of goldman sachs and jpmorgan chase reporting and let me tell you the consensus is really low the consensus view is goldman earnings will be down 45% year on year. morgan stanley is similar. capital market activity has dried up we have autos down 1.9%. one story we have been talking about more on the show is the fact that tesla, the ev maker, has started introducing price cuts not just in china which we talked about last week, but europe and in the u.s. as well setting the stage for further price cuts in that area, too let's talk about european yields we saw a fall in u.s. bond yields after the cpi number.

the 2-year treasury continuing to rally the theme in europe is continuation of the rally we experienced over the last week you see all of the bonds are about 3 to 4 basis points lower in yield today. reallyi'm really excited abe next guest because i share her name joumanna, very nice to have another joumanna with us let's talk about your expectations for 2023. 2022 was the year where central banks normal eized interest rat and it happened quickly. that was the focus of the investment community it feels like 2023's focus is how quickly the inflation levels will be dropping. >> good morning, joumanna. thank you very much forego having me. excited to be here today as well yes, absolutely.

the inflation that we saw last year rising very rapidly was partly because of the war in ukraine which pushed inflation up through energy prices and that is why we had to see that rapid response from central banks around the world actually hiking rates and historically we haven't seen this since the '70s when we think of the tightening of interest rates and going forward in 2023, obviously the rates will start working their way through the system in other words, tightening of financial conditions makes borrowing more expensive that will slow the economy it will also work to bring down inflation as you said, joumanna. >> let me ask you what this means for the economic outlook some analysts have started upgrading view for the eurozone growth goldman sachs last week said they expect .6% growth for the year for the eurozone.

others as well following in suit i wonder whether there is hope for optimism that perhaps the eurozone can avoid a deep rece recession. >> the data has actually had more momentum than we had expected and we see that in this morning's gdp numbers for the uk also a number of indicators for europe as well it is showing a little bit more resilience than we expected. however, i kind of want to say sometimes we as analysts in the market or economists tend to focus very much on this 0/1 no recession or recession we see the economy weakening in europe and in the uk as well we are seeing the slowing of activity if we see the growth as you quoted at .06% in 2023, that is

still weaker than last year. our forecast at vanguard, we expect to see, you know, growth of marginally negative and marginally positive. it doesn't matter. growth will be a lot weaker in 2023 relative to 2022. >> jumana, when it comes to the ecb trajectory from here, it feels a lot comes down to wage pressure in the eurozone and impact the wage pressure has on inflation and how evntrenched it may become are you seeing signs of wage growth strengthening and is that tying the hands of the ecb with the pace of rate hikes from here >> i think absolutely all eyes on the labor market as you said. if we look at wage growth in the european economy or the uk economy, we're talking about 5% to 6%. you know, that is not consistent with the inflation target of 2%,

right? we need to get that wage growth. we need to see that underlining wage growth between p 33% to 4% that's a steep drop. of course, the data is in europe is lagged. the leading indicators of total pay are given a misread given the season with the bonus payments making the underlining data hard to understand. at the same time, labor markets are really tight if you are an employer, you want to keep your workers you see the momentum in growth staying stronger than expected that means companies are able to sell their goods and services. they are probably seeing the tradeoff is the economy weakening, do i get rid of my workers? what do i do we see that playing out. >> jumana, a question for you,

la lastly we had big news out of japan with the yen strengthening and the bond yields in japan moving above the rate threshold the bank of japan is targeting wonder foing if we see the poliy changes with the bank of japan with the monetary policy stance. if they do proceed and change course, what impact would that have on the rest of the world? >> so i think, you know, you are right. i think a lot of people are saying what the bank of japan did just before christmas in widening the yield curve control bans is at the end of the day, we will see a change in the policy reaction function in japan with the new leadership coming in and saying actually we

have to move away from this just focus on reinflation which is what they have been doing in the last decade and have a more balanced approach and look at financial stability and looking at the labor market just like all other institutions are doing. you are looking at inflation and you are looking at the output gap or the strength of the labor market and you look at financial stability. those are three things i think the reason why we are seeing those reactions in markets is people are expecting tha that the yield curve control will be abandoned. it is not a question of if, but when, and markets are trying to get ahead of that. >> it would seem that way. juman, thank you very much for joining us >> interesting >> what would the show be

without you? >> it would be "street sign. let's push on now that joumanna is still with us. exports in china came in better than expected as china relaxed the restrictions the latest data from the coronavirus numbers and the property market downturn continues to weigh heavily on domestic demand. speaking of inflation. let's look at inflation rates in argentina. annual inflation over there hit 95% in december. that is the highest rate since 1991 when it was coming out of the inflation crisis prices rose 5.1% on the monthly basis in december. this puts it behind. not a great table to be in behind lebanon where i'm from and triple digit territory and syria and zimbabwe

challenging for those countries. >> it is hard to wrap your head around on the ground with inflation at 95% it feels like something completely different to what we see here >> we talk about cost of living crisis here in the western world. there it is month to month all right. coming up on the program, we hear from former u.s. assistant secretary of state for energy resources amos hochstein as the china outlook boosts oil out put. that is next

bwelcome back to "street signs. olof scholz has backed the plan for funding for the account for u.s. subsidies his allies are drafting state aid rules to match the green technology subsidies. this is a fascinating one to watch over the coming weeks. whether more support gathers in europe for the kind of counter approach as for oil markets, wti and brent trading higher on pace for

solid weekly gains this is driven by the china reopening and what it means for demand for crude let's get to hadley gamble who joins us with a special guest. >> reporter: thank you, julianna it is fantastic to have you on the program. happy new year a tough week for energy markets last week. one of the questions has been for analysts does this justify in your mind the cuts we saw the saudis make in october as a member of opec plus >> first, hadley, it is great to be here. great to be back in abu dhabi. the markets have come down a bit. we have seen recovery from the news of china reopening and everybody trying to figure out what is happening in china with the moving away from the zero covid policy when it comes to what opec plus did on october 1, we said at the

same we disagreed with the decision to cut 2 million barrel we thought prices went lower and at that point prices were $88 we disagreed with that decision. we think to secure global economic recovery and avoid recession, we need to make sure we don't prop prices higher when we are trying to bring inflation down that is why we are looking at not just of the american economy, but global economy during a war and trying to make sure we have prices that consumers can afford and bring down inflation so we can return to growth. >> when you look at the latest cpi print and the macro environment, there is speculation we could see oil prices hitting as high as over $100 a barrel halfway through the year

what is the trick with the balancing of reopening china and the slow economic growth in the west >> that is the two edges of tensions in the energy market as a whole. is demand going to slow because of lower growth rates while china reopening? that's been a challenge from the beginning of the war in ukraine. how do we make sure we continue to supply energy products around the world in a way and manner that allows prices to be affordable there will be moments of prices coming down. we asked everyone not to overreact. we need to work together to make sure producers, whether state owned producers or independent market player in the united states and around the world, would use the extraordinary profits that right now everybody is making in this price environment and reinvest in

additional production to ensure growth rates and tell markets don't worry. there is not a spike in prices i saw banks making predictions of $110 a barrel later this year that's what we are trying to prevent. >> you think it could actually happen >> i don't know. i'm hoping not we are going to continue to work to make sure that doesn't happen we use the -- the president used the spr at the beginning of the war in an extraordinary way. 180 million barrels. something we have never done before with another 160 million in releases from the rest of the world. remember, we were at $120 six months ago. >> how much in your mind is the u.s./saudi relationship going to play a role in the coming conversations over the next year and where is that relationship today? obviously it took a major hit in october. >> the u.s./saudi relationship is a strategic and important relationship for last 80 years

it covers a lot of ground. saudi arabia is an important country in the region and plays a critical role. it is also the subject of risk and security risks that we have been committed to supporting saudi security we continue to do that we are sitting here in abu dhabi. we are a few days away from the tr terrorist attack on the uae. it is not a relationship built around oil it is no doubt we had strong disagreement in october. we have to move past that. >> have the fences been mended >> it is not about mending fences we disagreed with the decision opec took. they were clear about their position we were clear about ours we are all adults. these are strategic relationships we have to continue and move forward on >> there is a report out that the oil cap for russian oil is

costing the russians $170 million a day. is that in line with your numbers? >> we're only a month into the price cap. i think that as oil prices have come down, there is no doubt that the price cap has so far -- and be ththere is a long way to- it achieved our goal of continued support of oil on the market and continued economic growth and the value of that oil on growth. the russian oil has widened and that is a good thing we will see where it takes us. i think it is early to declare success. i'm glad when everybody doubted the price cap would work and i think sometimes people think if it has never been done before, it is not possible i think we had the g7 got together it is part of the unity of the

g7 >> you mentioned spr 180 million barrels last year. how quickly will they refill i know there has been a conversation behind the scenes about what price is the right price. >> i think the president said clearly just a couple of months ago if prices were to fall to a price where let's say $70, we look at the sale over $90 a barrel and this would be a good deal prices have to get there we have to make sure we can do it we had a test pilot case we tried out just in the last couple weeks that did not sell out. it was a small case that we're just trying to see how this would work in the meantime, congress has decided to cancel the mandated sales from 2024 to 2027. that is a significant amount of oil required to be sold which

now is not in fact, it is a replenishment of the spr. >> before i let you go the wild card could be iran at 60% uranium enrichment they are already at 60 the ship has saleiled they will beobtain weapons grade uranium. >> i won't address the military side of it my colleagues are working on that issue every day we are not willing to accept them getting to a military grade uranium enrichment on the broader question you asked, that is the critical piece. that's what i meant before. >> you have a netanyahu government now which is conservative. made their ideas known

>> first, our commitment to our allies and partners in this region in the gulf is iron clad. our commit to support uae, saudi and other countries in the region to protect them from the houthi and other iranian backed organizations is iron clad and complete we will continue that policy we are in partnership with them. when it comes to the oil markets, we have sanctions on iranian oil. we are limiting them i can tell you the negotiations that took place or that could take place in the future have nothing to do with the oil markets. we will continue to sanction iran i don'toil. we can increase sanctions enforcement on iranian oil we have taken steps recently on disrupting the oil exports groups operating the shadow

markets. >> jcpoa off the table >> that's subject to what the iranian actions are going to be. clearly executing and shooting their own people and punishing women for expressing an opinion is not a good start. i can't understand anybody who doesn't condemn the iranian regime actions on the streets against their own people. >> amos, great to have you on the program. guys, back to you. >> excellent hadley, thank you for the interview. we will talk about cryptocurrency next. arjun is standing by in st. moritz what's on deck >> after the break, we will check in for what is in store for krcryptocurrency in 2023 afr the issues in 2022 here at st. moritz you don't want to miss it. stay tuned it's hard to run a business on your own. make it easier on yourself. with shopify, you

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welcome back to "street signs. i'm julianna tatelbaum. >> i'm joumanna bercetche. these are your headlines >> european equities climb higher after u.s. consumer prices fall at the steepest

monthly rate since the start of the pandemic fed officials stress the need to carry on hiking. germany looks to escape recession this winter with the preliminary gdp growth better than expected despite fears ofof stagnation in the fourth quarter. and bank of japan is announcing bond buying as the central bank yen reaches a new ceiling. tim cook requests a 40% pay cut and he is set to receive equity tied to stock performance. let's talk cryptocurrency. cryptocurrency.com will cut 20% of the global work force adding to the layoffs already seen this

year coinbase announced it will cut 20% of the work force or 950 jobs binance is the only company bucking the trend. cz wants to add 30% staff this year arjun has a special guest in st. moritz now >> reporter: julianna, i have the cso of coinshares with me. last year, tumultuous year with bankruptcy and liquidity issues. to top it off, the ftx saga. has the contagion from last year, and particularly ftx, washed out of the system >> we have been looking for forced selling we saw the terra collapse and a lot of selling with bitcoin. that was the reserve used to issue the stablecoin

the three arrows collapse and more forced coin selling with the ftx, we did not see massive selloff and the lending collateral used by ftx to secure cash was, in fact, their token ftt. we are looking for the new year is where is the remaining pocket of forced selling as firms go into forced liquidation and chapter 11 the largest failures so far, you cannot get bigger than ftx and genesis which have had the liquidity issues as we go into the year, there is not a lot of forced selling. the upside is limited. we don't see a lot of new flows coming in. if we look at products last year, last year was the net outflows with the products this year will remain flat i don't know if there is large material flowing from retail or

institutional investors. >> as you survey the market, is there a point of vstress in the system we should keep a close eye on stablecoin or any potential run of collapse in that space w where do you see stress? >> stablecoin has been around for a decade those reserves are backed by highly liquid assets i think what i'm more concerned about is the smaller exchanges and lenders and market makers in otc desks where there is not a lot of visibility. there are players in the crypto space which will be interesting to see how they fare the largest firms struggled and the other thing we are looking out for is not necessarily on the market infrastructure side, but we are seeing a lot of firms that are venture backed firms which raised a lot of capital.

running out of capital and leading to issues to shutdown. we are keeping a close eye on the m&a landscape. >> you said there is not a lot of upside potential as you assess what is going on. we know bitcoin is closely correlated with other risk assets and in particular with the nasdaq and cpi print and a bump there for stocks and bitcoin as well. what is your outlook for bitcoin this year? how high or low can it go? >> you know what they say. you can name a date and not a price. i think bitcoin this year remains fairly range bound top of the range is 25 to 30 k bottom is what we have seen at 15 to 20 k we will trade in a narrow range. there could be issues we are not aware of the political environment is uncertain and inflation continuing to run quite hot. it is the new thing.

we have not seen that in 30 or 40 years who knows as people make allocations for the year and where crypto will fit in the portfolio. i think, unfortunateunfortunatee events have caused reputational damage to the industry and asset class. it will take time for the confidence to return. >> we know bitcoin and the industry works on the four-year six cycles we have seen the recovery period which helps to send bitcoin higher do you think that cycle still holds? i have been asking people given the events which have taken place that the cycle compared to previous ones and does that cycle hold in 2024 >> history never repeats, but it rhymes we have seen 134supply and dema. bitcoin is the highest schedule and demand continues to increase

look, i can't say for certain if the cycle will return. i do think it will be cyclical one thing which is new is dominance has fallen bitcoin was 70% of the total market cap of all crypto now it is around 40% to 50%. as we go into the new cycle the, what i'm looking for is will bitcoin dominance return the bitcoin has been the asset class that leads the rally and others follow bitcoin. i think here with the rise of ethereum and other assets that have seen a lot of growth, not just in terms of market cap, but in terms of research and participation and investor understanding and it will being interesting to see if bitcoin leads the rally and if that means bitcoin dominates and how it relates to the rally and asset classes. >> thank you for joining me today. that was the ceo of coinshares

what a fascinating conference it has been here over the last couple of days we had insight into the areas of the market despite a very difficult 2022, participants at st. moritz have been bullish they are optimistic about the future one thing is clear, it will be an uncertain year for the crypto industry going forward and one many are approaching with caution. back to you. >> arjun, brilliant coverage we love the interviews from them we look forward to more in davos next week. tesla is cutting the brands in the u.s. and germany matching the other cuts in asian markets. the cuts range between 6% and 20%. the ev maker will be able to make more cars available to customers at an affordable price as costs ease. the wave of price drops comes after tesla missed expectations for delivery in the fourth

quarter. this is having a knock-off effect in the rest of the industry renault and stellantis and volkswagen all down on this news julianna, we have talked about tesla over the course of the year it was down 60% for 2022 this appears to be a bit of a sign of desperation on their side. >> it is hard to interpret any other way. i was looking at dan ives' comments he said significant price cuts in europe and the u.s. and 20% on some models it will have a negative impact on margins, but this was the right move to spur further ev demand we have been talking about that over and over. a lot more competition now from other automakers. >> it is a race to the bottom. we need the price of electric vehicles to come down to encourage more >> all right this story not going away

any time soon, warner bros. is considering selling off the music library. in a latest of cost cutting moves of shrinking the $50 billion debt pile according to the financial times. the move could value the catalog at more than $1 billion. former parent company time warner sold the music division off 20 years ago warner bros. holds music rights to movies. and nelson peltz told cnbc he wanted access to internal numbers. peltz took an $800 million stake in the entertainment group and he wanted to speak with disney executives erhe raised concerns over the f acquisition in 2019 and he said it turned the disney the balance sheet into a mess. peltz doesn't rwant to run out

disney executives, but wants to help >> i'm not disruptive. i think i'm constructive if i wasn't, they wouldn't give me references. i can't put words in their mouth. look at the results. look at what happened at p&g i got on the board the stock was in the 70s i got off at the end of 2021, the stock was 160. that wasn't magic. apple ceo tim cook will receive a 40% pay cut this year after requesting the move. the decision was made in response to feedback from shareholders a total of 75% of shares will be tied to the apple stock per performance in 2023 instead of 50%. interesting to see the move more dependent on the apple stock for more on tim cook's pay cut, check out cnbc.com. and coming up on the show,

u.s. banks report quarterly earnings today with the attention on the details that will be coming out as it pertains to fed rate hikes we'll have more after the break. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com.

major u.s. banks report before the opening bell today. earnings from wells fargo and goldman sachs and morgan stanley pointing to the down side. investors watching for fed rate hikes. we have the ceo of oppimas great to have you with us. it feels like a lot is already understood what to expect from the banks. we know dealmaking has slowed down what are the potential surprises that we need to be on alert for here >> i would be surprised if there were any surprises at all this morning. all of the trends are established and it doesn't look like any is an outli aaoutliae

outlier at all that's going to be a bit of a difficult thing to predict where that will land as you point out, we know investment banking has been badly. we know the lending front has gone up. we know delinquency rate it is an open book the other question is how much are the banks going to put aside with loss provisions for losses they expect to accumulate on the credit portfolios in 2023? that is a bit of an art more than a science that will, of course, have an impact on earnings it is up to them those are the things that are variables. everything else is set at this stage. >> in terms of the provisions and when we see signs of deterioration in credit quality and households and corporates beginning to struggle, what is the timeframe we are thinking about here

you have the banks' ceos talking about the rescission this year a -- recessions this year and there was no sign the consumer was struggling is this the year we will see this start >> jamie dimon said he expected to see a bad recession in 2023 the other banks followed suit. a tale of two cities retail side saw credit defaults on credit card and mortgages inch up. we have seen that in the last four or five months. delinquency rates are moving up. on the commercial lending side, wholesale lending, it has not changed the last half year i think the banks are expecting to see bigger losses on the

commercial portfolios and high losses on the retail portfolios. numbers are low. they are anticipating to expect things to get worse. so far so good >> especially where the fed hiked more than 400 basis points octavio, another story we talked about this week is the job layoffs at goldman sachs 6.5% of the global work force. a higher number than usual do you think goldman is a leading indicator for what other banks do >> i think goldman sachs is a leading indicator. bear in mind with goldman sachs banking activity is more exposed to the ipo market than the other banks. the mix of the portfolio there at goldman sachs is more geared to ipo ipo has been a catastrophe things are held upper with mergers and acquisitions goldman sachs is not as strong very much a leading player, but

not the biggest one. a difference in the portfolio of the investment banking mix as opposed to jpmorgan chase with the debt side and mortgage and acquisitions gol goldman's line of business has suffered i think a lot of the banks have been holding on and rlaying off people >> it is interesting to see that analysts are squaring in on the view that the banks that are more geared to investment banking is the one to report worse results year on year let's ask about the retail and commercial focus banks one of the big issues that has come up is net interest margin you think in an environment where the yield curve is inverted and that would not be a positive for the banking system, but at your position, it has

been positive. a lot of the banks haven't been raising the interest rate they pay on deposits. >> absolutely. when you see this flattening of the yield curve, you see the banks align what they pay on deposits with what they leand ot longer term. we see an unusual situation that the huge volume of deposits were built up in the pandemic people put money in the checking and savings and let it sit at 0% interest for the time being, the banks are paying 0% interest on what they borrowed from consumers in the form of deposits in the checking accounts. now consumers will wake up and buy a one-month treasury and get 4% return and that is safe that is a much more intelligent thing than leave the money in checking account over the course of the year, i expect that we will see erosion there with the banks increasing pay on deposits which will have an impact on the net interest margin

they are able to get away with paying people nothing for their money and lending out at higher rates. >> octavio, thank you for helping us prepare for the earnings ceo of opimas. /a n-- on another note, our american colleagues will talk to brian moynahan later today >> interesting time for the banking sector we will get more of an idea of how the quarter has panned out in just a couple hours time. let's turn to european markets. we spoke at the beginning of the show and it has been a broadly positive week for the stoxx 600 for the week it is up 1.3% all indices trading in the green. we had gdp surprises for uk and germany. germany is pointing to stagnation in the fourth

quarter. ftse 100 reflecting that the gdp came in negative as expected and the tesla price cuts is having an impact on the auto sector. here is the picture for wall street today you have s&p and dow looking at a very modestly positive start to trade nasdaq looking to pull back slightly this follows a strong day yesterday for the s&p at 0.3% gain at first, the markets did not know how to react to the cpi, but they evened the day with a rally. that is it for joumanna and myself i'm julianna tatelbaum. >> i'm joumanna bercetche. "worldwide exchange" is coming up next.

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ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud. well, i could switch us to xfinity. those smiles. that's why i do what i do. that and the paycheck. i screwed up. mhm. i got us t-mobile home internet. now cell phone users have priority over us. and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud. well, i could switch us to xfinity. those smiles. that's why i do what i do. that and the paycheck.

it is 5:00 a.m. in boston and here is the top "five@5. stocks looking to cap off a winning week as investor attention turns from inflation to earnings. on deck, bank of america and wells fargo and citigroup looking for estimates coming down in recent weeks. pay package price cut. tim cook responding to the operational issues a