she's had her justice. that's all for this edition of "dateline." i'm andrea canning. thanks for watching. good morning welcome to "street signs." i'm julianna tatelbaum and these are your headlines china grows faster than expected first quarter gdp hit 4.5% after the lifting of covid restrictions in december european equities trade higher as investors count down to the next batch of key bank earnings with goldman sachs and bank of america out before the bell and netflix reports after

the close. u.s. financial group charles schwab and m&t with outflows of $60 billion. poor signal. shares of ericcson sink. the road remains bumpy according to the ceo. >> the u.s. and north america and couple of other countries around the world have rolled out 5g at pace it is a challenging business beat i won't say anything else. good morning hope your day is off to a good start. we are trading slightly higher here in europe this morning after a sluggish day of trade yesterday with the stoxx 600 close flat this morning, we are up .20%

investors this morning reacting to some stronger than expected macro data out of china. that was the big release overnight. q1 gdp ahead of expectation and significantly higher than last quarter. the china growth story has been gaining momentum we will dig through what you should read into the numbers with our first guest in a couple of minutes that's a big thing to note as we look at the european start to trade. from the market and regional perspective, we have green across the board a broad base move higher .25% for the ftse 100. dax up .15%. cac 40 up .30% from the sector perspective, here is the split. banks in front .90% higher we got insight into the health of the u.s. banking sector yesterday. one big take away for me looking at results yesterday was the downside surprise in state

street a custodian bank in the u.s. we saw other custodian banks move lower that is one part of the banking sector we have not looked at here goldman sachs and bank of america coming into focus next in terms of the reaction to the china data overnight, let's look at the auto sector in europe mixed bag here not a huge amount of movement on the back of the china numbers. perhaps the whisper for china was already there. from a luxury sector, here is the picture. we have decent gains across the luxy luxury names lvmh and hermes driven by the domestic chinese consumer. lvmh is up 1.1%.

decent bid for the luxury names. the world's second largest economy is showing signs of recovery gdp accelerated to 44.5% in the first quarter. sam filed this report. >> china's economy grew faster than expected last quarter as it emerged from the lockdown covid strategy q1 gdp beat forecast coming in at 4.5%. the economy grew 2.2% on the quarterly basis. the recovery has been uneven with consumption and services and infrastructure doing the heavy bidding. 10.6% higher which is hitting a two-year high as consumption is recovering with restaurant growth industrial output was just below expectations, but also picked up from february at 3.9%. manufacturing has struggled to

keep up with the post-reopening rebound. exports were strong, but the marketing is waiting to see if it has legs or factories playing catch up fixed assets missed at 5.1%. investment was up when it came to infrastructure, but down in the property sector. unemployment edged lower in march. jobless trade from 16 to 24-year-olds ticked up to 19%. overall, the data wasn't encouraging particularly on gdp and consumption and property sales in q1. the lackluster response in the market is a lingering concern that the momentum could fade as revenge spending trend may taper off in the second half and amid the uncertainty in the global economy. in singapore, i'm sam baddas

back to you. >> i'm joined by stefan. thank you for being here sdphere >> thank you >> what should we read into? >> it shows a strong consumer sector retail sales are good at 10.7% i think it will take time. we think going forward, we are positive on china. growth in china should exceed the government target. we expect something like 5.5% versus the 5.5% target we think it should start to feed into the earnings of the chinese corporates that will see mid-may. we are positive on the chinese equity market. we have a preference for the

shares over the one on the nasdaq. >> within the chinese equity market, which sectors do you see out performing this year >> we see all of the sectors related to the perform we like consumer staples and discre discretionary. there is an issue of the aging population in china. the healthcare spending will grow in china for the next 10 or 20 years. >> do you have concerns that the regulatory environment could prove a headwind for the sectors? >> not really. it has been a headwind in the past for the real estate sector or headwind for the technology sector the chinese authorities are very much concerned about growth. they have legitimacy due to the economy growing faster than the rest of the world for the last 20 years they understand the negative impact the measures are on growth and refrain in the

short-term to impose the stricter measures. >> it sounds like your preferred play is the chinese equity market to what extent is the chinese market buoy sentiment and earnings in europe to what extent could it drive further upside in equities >> the only upside from the european equities is coming from inflation. inflation was low in china in those numbers. 0.7% i don't know if you remember, but some people were worried the opening of china would have an impact on the europe and u.s it doesn't seem to be the case in that sense, those numbers with positive for the european stocks as you see this morning, they are moderately positive to the numbers. >> how would you characterize the outlook for the european economy overall? by some measures the region looks healthy. at the same time, core inflation is persistent.

>> that is correct that's the issue the didgood news is the energy crisis has been handled well we were thinking of recession in 2023 now they moved away from that idea of recession. we think it will slowdown in the coming month with core inflation, but the ecb will bring rates to 3.5% with two more hikes. >> what does that mean with the euro is that a trade you are interested in? >> the expectation is to get the rate of 112 by the end of the year >> let's shift to the fed. the latest market pricing shows investors fully pricing in another fed rate hike at the may

meeting. beyond that, there are questions if the fed pauses. if the fed were to pause at the next meeting, would that be an equity market positive or negative >> as you come close to the end of the cycle, that would be, i think, a positive. you have to bear in mind the u.s. equity valuation is factoring that in. currently, you know, the s&p 500 above 4,500 is expensive i don't think it is a huge rally from there we think contrary to that there is a risk of small recession in 2023 in the u.s. investment led recession due to the tightening of the financing conditions and for that reason, we think there is more likelihood of the s&p 500 to go down toward 3,900. that is why we are putting it in client portfolio with put spread option on the s&p 500.

>> very clear. let me wrap up with your take on earnings season so far we had a few names report stateside. banking sector what jumped out so far this earnings season? >> for the earnings season, we are more or less in line with expec expectation. it is more guidance which is weak that is why we are not positive on the u.s. equity markets and european equity markets. they are earnings growth >> coming full circle. stephane, thank you. for more on what is driving the recovery in the world's second largest economy, check out cnbc.com easy jet narrowed losses in the first half of the year as the airline said it expects to post $2.7 billion pounds in

revenue. the carrier added it will continue to benefit from strong demand for travel in the summer season ceo johan lundgren booked for the third quarter. ericsson had a miss for core earnings which fell to 3 billion swedish krona from a year earlier. the ceo outlined the issues to cnbc >> we said this is a difficult market we are in the 5g cycle, which, of course, the u.s. and north america and couple of other countries around the world have rolled out 5g at pace and now we see that it is shifting over to new markets where we are having

large sales growth, but it is a challenging business meet. i won't say anything else because the new contracts have a lot of service content thg posted under 500 million pound operating loss on the back of 2.2 billion it expects the relvenue growth t come in under range. this after it was an appproachey a takeover offer sika posted a drop in first quarter sales amid cooling demand from builders the chemicals company confirmed guidance for the year and still sees 6% to 8% sales increase sika shares up 3% this morning. coming up on the show, we cross to the scottish

archipeligo where arabile will have the report.

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welcome back to "street

signs. the uk should get back to the building of infrastructure instead of importing gas this is as the farm is set to be the largest plant in annual electricity output when it completes next year. let's get to arabile who is joining us from a beautiful location this morning. arabile, what is happens in the shetland islands >> reporter: julianna, this is an interesting project for sse ceo putting together 105 wind turbines in the area to try to get shetland off of oil and gas that had been found back in the 1970s. to head back to a renewable power plant project which is set to power shetland andmainland.

the oil was found in the 1970s now moving to a renewable base and has people from shetland being hired to get into the project and other internationals who had been in the oil and gas industry who are moving on the wind farm which is set to cost a bit as well. investing a bit as sse with shetland and beyond. the home is prices will go down for consumers and it will help with the renewable targets and goals of the uk government in fact, this is what the ceo had to say really with regard to the cost of this project and how it will benefit consumers. >> consumers everywhere across europe have seen prices rise significantly across the uk and ireland in markets we operate in have seen prices double in the last two years we can bring the costs down hugely by building more

renewables and getting the transition right in the sense of bringing energy home we don't want to import oil and gas from far flung places we no longer want to deal with or trust regimes. let's build our own infrastructure and make sure not only if we get it cheaper, but a lot more security of supply because we're in control >> reporter: the funding for projects is heavy? >> there is significant requirement for funding for the projects we have seen here today which are over 400 million for the wind farm and 600 million for the transmission link. we at sse have lots of shelved projects we anticipate investing 20 billion this decade. there are carbon capture storage and hydrogen which is key to the energy transition. we have a lot of wind farms.

including a farm which will be the world's largest where we are looking for the final stage to is start building a 10 billion pound plus project >> reporter: how do you get government involved in ensuring there is a greater push not just for public to get involved, but really more private entities >> i think governments and particularly in the uk have shown leadership to commitment to 2050 and the offshore wind targets by 2035. the high levels of commitments have been there. we need action to have the time to consent the promise it should be built there is a presumption planning should go through. we need to talk to the consultants. the uk needs to be the best place to invest. >> reporter: so, julianna, you

can tell that the project is bound to kick up a storm in and around shetland as well. noting that final point which is government support which is a key factor here which is important to try to get as much support from government. yes, there is a change in the parliamentary structure for now in scotland, but believing as the ceo of sse, that they will get the support they need to continue the projects like this and grow them further. it is a population of 23,000 in shetland the project, when completed, 103 wind farms could really power up 500,000 homes. that's the estimate put forward by sse that means a large portion of scotland the mainland will be helped when it comes to all of this. regulations have been set as well and have been put in place

by the uk government to try to ensure a lot more people are aiding the storage as well as distribution of the power formulated not just here, but other renewable sources as well. that will which the uk government has put forward has started and kicked off properly the beginning of the year. it means millions more will be put in place to try to create the renewable structure that the government is looking for. 2030 or 2035 or 2050 all ambitious. particularly 2030 considering it is seven years from now. a lot more will need to be done on a regulatory basis and encouraging more investment. still beautiful and picturesque is the foreground, but one thing is for sure, a lot of money investment to create the renewable energy space requirement. >> arabile, thank you so much for bringing us the story. now let's switch gears to

france which we have been watching for many years now. president emmanuel macron d defended his pension reforms in the televised address to the nation and stated 100 unity days of action for france all ahead of bastille day on july 14th. macron stressed the pension reforms are needed for the retirement system. >> translator: these changes were needed to guarantee everyone's pension and produce more wealth for the nation. the answer could not be in lowering pens or increasing the social benefits charges of those who work also we can't go on without doing anything because deficits would grow and debt of future generations. >> charlotte joins me on set to

talk about this. charlotte, the standout feature as you pointed from the start is unpopular the reforms were with nearly everybody in france i'm curious how president macron justified and defended his decision last night. >> you said it in the message which is heard now it was essential for public fin finances for this address, it was to apiece the country and turn the page up to three months of unrest and strikes after the introduction of the pension reform. after he enacted it this weekend. he said is this reform accepted? obviously not. we tried to reach consensus and failed i regret it. that is the first time we heard these words from the president he is drawing the lessons and heard the anger of the country >> translator: anger is expressed itself it is anger stemming from jobs that don't pay enough anymore with the rise in prices from

fuel or groceries on or school canteen. the increase in prices weighs on our daily lives. this anger is due to the feeling that some do their share and not compensated for efforts in public services or public funds. all this anger expressed by french people and majority in a calm and respectful manner no one, especially me, can remain deaf to the social justice and democratic life to be overhauled. particularly expressed by our youth. >> the reactions came thick and fast after the address from the president. from the far left, the leader of the party said the president is out of reality stealing two years of lives by raising the retirement age marine le pen saying that the president is in a parallel world. inflation strangles the french people some expect a handout after the

crisis he didn't. to a certain exttextent, he pus the public financing and looking to balance them. not much new in the picture. talking about governing differently. one thing that was interesting is the 100 days of apiecement and action the prime minister is presenting a road map next week and take stock on bastille day on july 14th kind of something on the table trying to turn the page and look forward 100 days look back at the pension reform. it is different to say if it apiece apiecing the mood. it is very unclear how things might go this address didn't really change anything.

>> it is interesting yes, on the one hand, president macron talked about regret and remorse. he did not say he regrets the decision he regrets he wasn't able to find consensus how do you think this espepisode could change the way he governs? >> on the pension reform which was part of the program since 2017 there was nothing new in pension reform it was necessary to do this reform he said he regrets it. more on the process. to be fair, it was a disaster. there were communication issues. they could have tried to find consensus better certainly the pension reform in the first mandate had some on board. the question of raising the retirement age was the red line for the unions he introduced it in this forum that was the mistake for him

politically. there were issues. to a certain extent, the prime minister in charge of putting the reform forward and find consensus and she did not find it president macron talking about governing differently. he will not govern from top to bottom we heard that from him many, many times his time in government, some say, is arrogance of power, et cetera again, he is talking about how we would do things differently we heard that before is he able to hear it? maybe. we have the prime minister speaking next week he has four years ahead of him he is not seeking re-election. he is hoping of the economy rebound and he is hoping once inflation will come down, things will couple down. >> what is done is done. he can say he will govern

differently moving forward at the end of the day, he pushed through the reform. >> he did what he said >> charlotte, thanks for shedding light on all of the an an angles we will take a quick break still ahead on "street signs," we will e sewhy tim cook is in india. why the apple leader is in mumbai after this.

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welcome back to "street signs. i'm julianna tatelbaum and these are your headlines china grows faster than expected first quarter gdp hits 4.5% after the covid restrictions lifted in december. european investors trade higher with goldman sachs and bank of america out before the bell and netflix reporting after the close. u.s. financial group charles scwab with deposit outflows of $60 billion as crises take a toll on banks stateside.

and poor signal. shares of ericsson with rollout as the ceo speaks about. >> we are in the rollout of 5g in america and other countries around the world which rolled out 5g at pasce i won't say anything else. it is a challenging business beat fr let's look at european equities and see where things stand right now. an hour and a half into the trading session after the stronger data out of china we have a broad based gains. all of the major regions moving higher ftse 100 up .20% cac 40 is up .40%. we see performance in the luxury space today. we had performance last week

with lvmh and hermes we see further gains in the luxury names dax is up .10% ftse mib is up .40%. in the forex market. we have the dollar down .25% against the swiss franc. euro up 109.71 worth noting that investors now almost fully pricing in another fed rate hike at the meeting on may 3rd. sovereign bonds have been selling off as investors continue to pull back and dial back expectations for rate cuts this year. increasingly, we are looking at a scenario where the fed pauses, but doesn't necessarily cut rates. now one data point that uk investors have been eyeing this

morning. unemployment rate rose to 3.8% in february according to the office of national stats pay growth in the country which is a key indication held steady at 6.6%. 348,000 working days were lost in february due to industrial action which was up slightly from the previous month. andrew griffith told cnbc he was optimistic on the growth despite the uk economy could under perform. griffith told arjun that opportunity for businesses was within reach >> i'm not a forecaster. i'm encouraged by the resilience of the uk economy. so far, we avoided recession that some forecast, but my objective and rone reason it is fabulous to be here at the summit today is to get growth and how do we get growth we unleash pockets of capital

and have regulatory systems to allow people to grow businesses and deliver great products to customers and harness the whether it is masses data sets or a.i. which benefits the economy economy. >> arjun joins us from the conference in london where he has been catching up with the business leaders arjun. >> reporter: good morning, julianna i have been trying to get a pulse on the fintech industry and how they handle the macro economics industry the warnings from the imf and inflation running hot and the pain the tech sector felt over the last year with the layoffs i had the chance to catch up with the ceo of zopers sensitive to the interest rate hikes we have been seeing over the past few months. i asked the ceo about his

outlook for the uk economyi goig forward. >> we expect to drive 40% revenue growth year on year and first year of profitability. those would be the key numbers >> in terms of profitability, how is that come about is this a tight cost control or you are seeing growth in the business >> of course, we want to be disciplined with growth. we continue to grow. we are hiring more people and continuing to offer great propo proposition. disciplined on costs, but not cost cutting cost base continues to grow. we have achieved more revenue growth our business model was sustainable to start with lending and savings. as the business grew to scale, we get to the place where you are making enough lending to be able to make profit. >> the good news is we have

support of investors that is no clock ticking it is important that the outlook for the public markets is not positive we think it can come about when the outflow for the economy is positive from where it is. i'm optimistic about our business and its performance, but i think we will look for the brighter outlook >> and the discussions of london being the listing convevenue? >> i would love london to be the most natural destination to do a public offering. that said, we have to evaluate all options when it comes to that >> reporter: that was the ceo of zopa the best way to describe that is optimism the first full year of profitability. we know tech businesses have been getting disciplined on costs. the company raised 75 million pounds earlier this year in a tough environment.

gaining a little bit of traction there from investors clearly a bit of a cautious outlook going forward. plenty more to dig into here particularly how the uk is viewing cryptocurrencies and what cryptocurrency is doing here in the uk i'll catch up with brian armstrong. the ceo of coinbase. you don't want to miss that, julianna >> arjun, thank you for the information so far i want to bring you in on another story in a couple minutes. samsung is ditching google in favor of microsoft's bing alphabet is up for renewal soon. the news that samsung switching is a surprise to google employees. apple opened the first store in india tim cook was there to reveal the

store in mumbai and another store opening in new delhi this week arjun, let me bring you back in here the pictures from tim cook's visit have been amazing showing him enjoying the pod with one of the bollywood stars. he is trying to focus on india what is apple's strategy within india? >> reporter: if you want to weigh in to the indian market, bollywood stars are the way to go a couple of bits of context. the smartphone market in india is dominated by samsung offering low-to-mid tier phones to now. now you are seeing the appetite for the expensive cell phones. iphone 14 was being sold with the middle class and young mobile first population. the apple strategy is to focus

on iphone soales it shipped to china and the u.s. 50 million a year. analysts believe india could get to that level within years apple is looking to get a new generation of apple fans and not only sell the product and services like apple music. that is part of the strategy the second part here is manufacturing. apple started to shift the manufacturing to india there is an anticipation that apple could manufacture up to 25% of global iphones in india which would necessarily mean a shift away from china. during covid and lockdowns and protests, apple saw factories in china last year run by foxconn

expose fragility of the supply chain in china it is selling products, but manufacturing in china this is now a strategy that mirrors how it entered the chinese market a decade ago with the manufacturing and sales push as well. certainly it is hoping to find a similar success in the huge market in india as well. >> super interesting really clear about the two different angles one data point i would add or estimate is dan ives the prominent analyst in the tech space tweeting apparent anle is increg revenue to $20 billion by just 2025 in india versus $6 billion today. this opportunity could bear fruit near term. this is not a long-term opportunity according to dan arjun, on the manufacturing side of things, i guess my question

would be why apple the -- apple hasn't considered a pivot to india before and would it be welcome with the manufacturing perspective? >> reporter: it is welcome with the government backing of made in indian and manufacturing re-shoring for a company like apple, they need that backing and blessing from governments in china and india to bring the manufacturing foot footprint. that would be positive and diversify its manufacturing base as well. as i mentioned, the fragility of the supply chain were exposed last year. apple is looking t and thailand and vietnam you will see the shift away from china. china will still remain a

significant part of the apple manufacturing footprint. you will see the further diversification with countries where it need to shore up supply chain and may see other benefits such as government support elsewhere as well. >> arjun, thank you for weighing in on the story. super interesting. for viewers, for more, check out arjun's article on cnbc.com. still ahead, apple tries to capitalize on the banking sector we will tell you next. 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

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and you can't forget about the boss. sometimes- you just want to eat your heroes. the subway series. the greatest menu of all time. welcome back to "street signs. let's check on wall street and how u.s. futures are shaping up a couple hours of u.s. open. green across the board investors trading cautiously ahead of earnings. there's the picture after a decent day yesterday markets edge higher

positive in 8 of 11 sectors. there were mixed earnings that we will go into detail in a moment overall, a decent day of trade yesterday. turning to the treasury market i want to highlight the two-month treasury bill. the yield has jumped to 5.08% this morning highest level stretching back to 2018 no wonder investors and consumers and businesses are taking deposits and money out of deposits and putting it into money markets with yields of 5% on two-month notes on that note, $3 billion were pulled in the first quarter. state street and m&t saw a 3% drop people have been plowing into money markets or treasury bills

that may better returns. simple now apple is trying to get its slice of the pay partnering with goldman sachs to have a high yield savings account with a 4.1% interest rate john haggerty joins me now to talk through what we are seeing in the financial space john, if i may, let my kickoff what we heard from state street yesterday and what this means for the custodian banks. state street gave investors a shock and shares tumbled nearly 10% yesterday after disappointing earnings interestingly, we saw a sympathetic pull back in the other u.s. custodian banks what was so concerning about those results and does it have you concerned? >> well, it doesn't have me concerned. this is particular to the custodian banks. the issue with main street is

the income and that is reflected in the other banks as well quite a different trend from the other banks. >> in terms of what we are seeing in the major banks, pretty strong so far jpmorgan chase on friday was impressive now turning to goldman and bank of america today what is your take away so far? >> the key positives have been the uptick in the net interest income coming through which was surprise together upside particularly in the net interest margin the cost of funding hasn't increased as much as we expected depose its have been flowing ou of the institutions. people are putting money to work and not demanding too much that is still a work in progress certainly big upside on the net interest income. >> what will it take to stem the deposit outflows not the shift from the regional lenders, but the deposit outflows to get to money market

to get better yield? what deposit rates are needed to stem the outflows? >> it will be difficult for them to stem those entirely the banks are offering more in savings accounts and offering attractive rates in cds. they look to retain those within the banks as they can. naturally people will look for high yields toward 5% and that means you will continue to see this cash moving off balance sheets the banks had an influx of deposits during the pandemic you still got excess deposits during the pandemic as well. >> are the bigger banks going to be slower to increase deposit rates than the smaller ones? what is the relative deposit rate outlook there >> you are right the banks don't need to chase

deposits they will put up rates to attract. at the beginning of march, we had turbulence in the banking sector and big banks benefitted from the regionals to the majors majors have access to the deposits they are seeing a rise within the consumer sector. they will not chase deposits they have the big banks focused on operational deposits. day-to-day savings rather than long time savings. they are unlikely to move money outside of the banks. >> let's zoom in on goldman sachs. goldman has sizable money market business that is where a lot of the deposits have been flowing to what extent is that supporting goldman earnings and what is sized into the stock >> that part of the business should do well and benefit from

good flows however, reasonably a small part of the goldman empire. that will be more mixed with what we have seen is weak investment bank activity that is a hangover from q4 where there is not much activity that will hurt them. on the trading side, we see good, thick numbers and goldman sachs does well there. they are much weaker at trading. you will see mixed numbers on the more important parts of the overall business >> john, one interesting story that we highlighted before coming out to you is from apple tapple. apple trying to take advantage of the outflows we are seeing in terms of traditional bank deposits is apple a serious threat to traditional lenders? >> i don't see them as a massive material threat. they are just starting out

the big lenders have over $1 trillion each. it will be a long time before apple gets to that i'm not sure what apple's strategy is here they are looking to retain that business it is very, very small it will take a long time to start becoming a proper threat. >> john, let's come back to the original question of state street it does feel like this rocked the market yesterday and investors engaged in the space is there a risk as we hear from more lenders and regional small banks later in the week that we could see nasty surprises in there? >> i think the risk is more with the regional banks, yes. you are seeing outflows. there are a lot of concerns around commercial real estate as well and lending particularly if you have exposure to office if you are a small regional bank with exposure to cre, that could create a nasty surprise. investors will look at those

closely as we go through reporting season >> john, thank you very much just to put on the radar the earnings parade stateside is coming out today with goldman sachs and bank of america and johnson & johnson with netflix reporting after the bell. let's look at european equities we have been gaining now cac 40 up .40% swiss market up .30% .50% for the italian market. european investors absorbing the better than expected data from china overnight with q1 gdp growing h4.5% well ahead of the 4% forecast. the cio who joined me at the start of the show said the best way to play the china growth story is not necessarily european equities in his view, but chinese equities we have seen a strong domestic

recovery in particular in china. turning to forex markets trade in the dollar this morning. serious weakness here. euro now up .50% against the greenback. sterling up more than .50% investors dial back the chances of rate cuts, but price in another hike at the may fed meeting. here is the split in europe. banks out in front leaders up 1.1% as investors in europe brace for the goldman sachs and bang of america earnings utilities are the worst performing i'm julianna tatelbaum "worldwide exchange" is coming up next. hi. i'm shannon storms bador. when we started selling my health products online our shipping process was painfully slow. then we found shipstation. now we're shipping out orders 5 times faster

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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. here at cnbc global headquarters. here is the top "five@5. two big banks reporting today. investor attention is focusing on the regionals and firms reeling from the massive customer withdrawals. and apple pushes into a key market with the retail store in india. we are live on the ground with the look at what that could mean for the stock. and florida governor ron desantis not losing to disney. and the chinese ev maker not being drawn into