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 the ongoing

price war in evs later, elon musk details the chatgpt rival. one he calls truth gpt choice words for microsoft and google it is tuesday, april 18th. you are watching "worldwide exchange" on cnbc. good morning good morning i'm frank holland. let's get a look at the markets and your money u.s. stock futures here are modestly higher this morning this comes after a day where we saw modest gains in the market we are watching bond yields as we always do it is important to watch as the 2-year treasury yield is above 4% the 2-year treasury is about 3.6. this is a big bounce from the low that happened this month at 3.25 a 30 basis point move to the

upside with the 10-year. oil is a little bit down this morning down slightly. down .50% for wti and brent crude. brent crude at $84.25 this iscoming after oil saw th worst day since mid march yesterday. we also watch bitcoin below $30,000 and ethereum above $2,000 after the upgrade apple is opening the first retail store in india and a live report in mumbai coming up shares of alphabet dropping as it may lose out to samsung with the search engine

al phabet stock is down this morning. and we await the earnings from goldman sachs and bank of america, we look at state street with $12 billion of outflows state street here is down 7.5%. it is dragging down bny mellon and trust. let's get the latest on trade in europe with julianna tatelbaum in the london newsroom with more. >> frank, good morning kicking off with europe, green across the board equities moving higher after the slow day of trade yesterday. it is a broad based rally. strong demand in the banks banking sector in europe is leading the charge higher in the stoxx 600. european investors reacting to

the data in china. the signs of recovery. gdp exaccelerated to 4.5% in the first quarter. fastest level in a year driven by demand from consumers strong data point out of china overnight. fairly muted reaction in the asian stocks shanghai up .20% hang seng is pulling back .60% we had signals building the last couple weeks around the china recovery lvmh delivering a strong set of first quarter results driven by the chinese consumer perhaps investors braced for a strong reading now in the banking sector, ubs will make changes to the $6 billion share buyback program. the swiss lender will use the shares for the takeover rather than cancelling them as planned. it still needs approval from the

board. as i said, we are seeing strong gai gains. frank. >> a lot of banking news julianna tatelbaum live in london this morning. julianna, thank you. time for the check on the top corporate stories. including disney's political battle with florida showing no signs of letting up. silvana henao is here with that story. >> frank, good morning florida governor ron desantis revealing a new push targeting disney that if passed would enoufull p null -- nullify the 11th hour deal desantis also floating the idea of developing land around disney's resorts, including possibly building a private prison ford will import nautilus from china to the u.s.

it is produced for the u.s. at the canadian plant where the company said it will invest $1.3 billion to transition it to full ev production. moody's says global corporate defaults in march hit the highest level since december of 2020 in the wake of silicon valley bank and signature bank 15 moody's rated borrowers defaulted on the obligations last month that is up from six in january, frank. >> we talk about banks all morning long see you later on silvana, thank you turning attention back to the markets and a new warning for investors. in a new note, the global market strategist saying the mild recession could warrant re-testing previous lows with the potential pull back of 15% or more.

unprofitable parts of the sector will not perform for more on this, let's bring in aadil zaman. >> good morning. >> kolanovic is laying out the market with a test of 3,500. something we have not seen since september. do you agree with the broader market and also on tech being overbought >> we think the levels here are the positives outweighing the negatives. the cpi and ppi point to the fed medicine is finally taking effect inflation is finally cooling down despite tech layoffs, unemployment is at a historic low at 3.5%. on top of that, we were on vacation in spain recently and all of the airports were jam packed revenge spending and travel is continuing we feel this reduction in

lending is going to mean the fed is going to be out of the picture sooner we feel that at this point the positive catalyst outweigh the negative as far as tech is concerned, we think small tech is vulnerable >> i want to show data i got related to big bank earnings u.s. has the most banks in the world by a wide margin more than 4,000. uk is a close second at 300. big disparity there. how does that shape your big bank earnings and regional banks only half of them reporting so far. >> we think the u.s. is over-banked at this level. at this stage, we feel bigger is the new better we feel the u.s. banking -- the u.s. leads the world in the number of banks with over 4,000 banking institutions

a distant second is uk with over 300. we feel the banking industry is going itto go through a period cleansing. some smaller banks will go out of business or get taken over by the larger banks there will be a deposit surge from the smaller banks to the bigger banks we feel this is going to be good for large banks and the industry will go through a period of cleansing which is favorable for the big banks. >> we are getting data from bank of america bank of america saying $363 billion went into money market funds. third highest month of inflows since 1993 what does that signal to you about investor confidence? >> so, investor confidence, the government bonds and money markets are giving high yield right now. certainly there's a good alternative in place at the same time, you know, we feel that if you take a slightly

longer term picture, we see more opportunities in the stock market for exkexample, in big tech, wee opportunities there. a lot of larger technology companies have gone through a period where they laid off workers and businesses are much leaner eventually, when the market economy does recover, they are in a position to be able to be more profitable. fixed income is giving good yield right now. we see good opportunities in big tech. >> i want to correct myself. that was morning star with the flows of funds aadil zamam of wall street alliance, thank you. >> thank you. turning to netflix reporting the latest ruesults after the close today. julia boorstin has more on the metrics that investors should be watching >> the first quarter which netflix has not forecast

subscriber additions the company shifts away from the top line number and more toward the company's financials that is why the key number to watch is revenue forecasting 4% first quarter revenue growth with guidance expected to be impacted by two key initiatives. first, the rollout of netflix crackdown on password sharing with the company's slow introduction of new page sharing options. the most important thing the company can do on the c call is say something to the effect the password sharing crackdown is working they say that and the stock goes up investors are looking for netflix lower cost ad supported tier which launched last year. we will see if the lower cost tier adds subscriptions. netflix did not forecast additions, but investors care. they are forecasting 1.4 million

new subs this is the netflix first quarter without reid hastings. we will see if he makes an appearance on the earnings call. frank, back to you. >> that was julia boorstin we will have more on netflix later this hour and why the "love is blind" troubles is pointing to the issues with live events we also have amy wu silverman with the latest. and apple is pushing with the retail store in india. we have a live report from mumbai still ahead. first, one ev maker not following tesla with the price cutting war. eunice yoon is live at the shanghai auto show with a look eunice >> reporter: frank, this is a

chinese company, but a bit of an outlier. it is one of the brands that dropped the price thanks to tesla. more on the price war in a few minutes. (vo) businesses nationwide are switching to verizon business internet. (woman) it's a perfect fit for my small business. (vo) verizon has business internet solutions nationwide. (man) for our not-so-small business too. (vo) get internet that keeps your business ready for anything. from verizon. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. life is for living. let's partner for all of it. i'm so glad we did this. edward jones what do you get from the morgan stanley client experience? listening more than talking, and a personalized plan ♪

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welcome back to "worldwide exchange." nio ceo says the products and services are worth the price consumers are paying this is front and center at the

shanghai auto show kicking off today. we have eunice yoon with the latest from the key international auto show. >> reporter: frank, you know who is not here? tesla. tesla is not at shanghai auto show this year it is still driving market share in china and the latest is the price war. some would say that tesla is cutting prices of the model 3 and model y. in january, it slashed by thousands of dollars which is amid pandemic when consumption looks weak about on 40 brands followed suit cutting prices including xpeng this is what the xpeng vice chair told me about it. >> we have been under the tesla price reduction process for several years now. it is actually, one, providing

capital for the wider auto world. that is why we enjoyed the process alongside. we are participants in the ev where the pie is getting bigger. at the same time, this cost pressure is going to make us stronger >> reporter: xpeng says that one way that will be strong arer is it is rolling out its own inhouse manufacturing plat p f -- platform and cutting costs by up to double digits for parts they will be using that manufacturing platform in the new model g6 nio launched the new ess6. nio taking a different tactic. they will not engage in the price par, but customers will like services. on top of that, there are even more new entrants in the ev space.

the most significant, frank, is byd. byd is warren buffett invested they are known for affordable evs and moving into the luxury space. we will see more and more competition for tesla in china >> eunice, you hit on the question the automakers don't want to prcu prices, but are they rolling out prices that byd is known for >> reporter: nio will not engage in the price war they said they think that there isn't any need byd hasn't had to really work on that although, some of the discussion here is that a lot of the new entrants are pricing lower the price war is built into the prices because of what we already have seen with tesla >> all right eunice yoon at the shanghai auto show thank you very much. coming up on "worldwide exchange," a live report from mumbai where apple cut the

ribbon on the first retail location in india with the second ceremony days away. we will tell you whatim okt co told apple faithful there when we return on "wex. i think i'm ready for this. heck ya! with e*trade you're ready for anything. marriage. kids. college. kids moving back in after college. ♪ finally we can eat. ♪ you know you make me wanna...♪ and then we looked around and said, wait a minute, this isn't even our stroller! (laughing) you live with your parents, but you own a house in the metaverse? mhm. cool...i don't get it. here's to getting financially ready for anything! and here's to being single and ready to mingle. who's ready to cha-cha?! ♪ yeah, yeah ♪ ahhh! icy hot pro starts working instantly. with two max-strength pain relievers,

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welcome back apple opening the first retail store in india hours ago with tim cook welcoming the first in line the store underscores apple market share in india.

cnbc senior anchor mangalam maloo with more. >> reporter: after 25 years of being in india, apple is opening the first store. we had people queue up overnight and coto welcome them was tim cook customers were excited and as were the store managers and employees and staff. some of them carry memorabilia some carried the 198

mmacintosh. the first apple retail store is just under 2% of the company revenue. growing at 50% with them increasing production here in india. that is telling you how important india is for apple and how india loves apple. earlier, i was reading a report where apple had 3% market share in india if you look at the luxury phone market which is growing at 55%, apple has 60% market share and samsung with 20% where it matters, apple has market share the store opened at 11:00 a.m. it is closer to 3:00 p.m. in india and the line is still long we have a couple of hundred people waiting to get in

>> we will see you later this week in new delhi. is tim cook supposed to be there? >> reporter: that correct. tim cook was here in mumbai. the second store opens the day after tomorrow in new delhi. tim cook will be there he met with the reliance chairman and sources tell us in deli, delhi, he will metet other officials. it is important he meets all of the senior leaders and industrialists to talk about the way forward. my sense is they will go ahead and open a lot more because of the way they were received here. let's see how it pans out. india is excited >> mangalam, thank you very much let's talk about the

footprint in the market. joining me now is tom forte. >> thank you >> tom, apple has big plans for india. 3% market share in india compared to china at 10% how important is the opening of the retail store for apple to gain market share in india >> it is very important. when you think of india for appl apple, you look to china china is important to the supply chain. they are ramping up efforts in india for the supply chain they generate 10% of the revenue in china we estimate 3% of the sales in india today by selling to consumers. opportunities over time for apple to ramp sales to

consumers, but supply chain efforts which are important. >> we spoke yesterday. you said tim cook is ceo by day and diplomat by night. he will meet with the indian prime minister how important is it to ingratiate himself in the consumer segment as well as the diplomatic unit? >> the challenge and opportunity for apple in india is to get an improvement in consumer spend in the country. when you think about comparing india versus china, there are more individuals in china today that can afford apple's product. as the economy in india continues to grow and more consumers, essentially grow into the discretionary income to

enable them to afford apple's products, that is the bigger opportunity. when you think of the lower priced market, they haven't done well offering a feature light lower priced iphone. they need the indian economy and more consumers to have higher discretionary income to hit the 10% of sales threshold in china today. >> does this focus on india with the focus? tim cook has been clear to grow the presence apple has been one with of the successful companies in india. does this change >> this is where apple ben efit from tim cook being ceo by day and diplomat by night.

among the mega p ccaps, if you compare, apple has done the best job exploiting the opportunity in china i look forward to them ramping up efforts in india. >> tom forte thank you. apple upping t-- apple opening u the first store in india thank you. and your morning call sheet coming up. and the war of words with the a.i. ambitions if you miss us, check us out on apple or spotify or other podcast apps "wex" will be right back

right around 5:30 a.m. in new york city. 3:30 p.m. in mumbai where apple is opening the first retail store. here's what's on deck. bank of america and goldman sachs set to report ahead of the open we are getting the look at the health of the financial sector and economy. we tee up the numbers you need to watch. netflix on tap with the performance of password crackdown and ad supported tier top of minds. and elon musk diving into the a.i. race.

it is tuesday, april 18th. welcome back to "worldwide exchange." i'm frank holland. let's check the u.s. stock futures. we are looking at futures. green across the board very early the dow would open 50 points higher nasdaq moving higher right now the bond market. the benchmark 10-year yield. 3.59 a big jump from the low of 3.25. 30 basis points. watching the yield on the 2-year above 4% something we continue to watch oil and brent coming off the worst day in a month down .30%. brent at $80.50. brent crude at $84.50. time for the check of the

top corporate stories, including elon musk throwing his hat in the a.i. race. silvana henao is back with those. >> frank, good morning. elon musk is looking for an a.i. platform musk says the platform which he may call criticizing google sa it trained the software to lie and accusing larry page of not taking a.i. safety seriously he has been poaching researchers from google to launch his operation. despite previous warnings about a.i. risk to society the trial for the dominion voting systems defamation lawsuit against fox news is set to begin today proceedings are scheduled to start at 9:00 a.m. the judge yesterday overseeing the trial did not say why he

delayed the start by a day and there was no mention of reported settlement talks ey will cut 3,000 jobs in the u.s. after pausing the plan to spinoff the company the company known and earnst & young will hit 5% of the work force. the cuts will come from the consulting side of the business. >> silvana henao, thank you. looking ahead to earnings after the bell shares of netflix as the company is reporting after the close the first quarter results since the streaming giant stopped giving growth forecast in january. the street is projecting adds of 1.8 million. that is an upbeat estimate compared to 200,000 subscriber loss in the same quarter a year ago. still marking the lowest growth

of the year. investors looking for insight into how netflix service is going along with the password sharing crackdown is impacting subscriptions. for more on this, alex kantrowitz is here with more >> thank you, frank. >> we are looking at netflix after the bell you are looking at headlines that came out in february. the headlines were netflix cutting prices the price cuts about 20% to 60%. what does that tell us about the upcoming quarter >> i think it tells us netflix is concerned about churn as it cracks down on passwords, maybe it did not see the results it expected. it is trying to keep the top line subscriber number in tact the price reduction across the board has been ignored i have not seen much coverage of it at all. it is significant with the

future of netflix business >> the stock did drop today. we have not seen that much investor reaction since then i'll be honest yesterday, i laughed we did a story about "love is blind" technical issues. i don't take reality tv serious seriously. it may be a big deal for investors as they view it as a tech company trading at 29 times forward earnings could these issues impact the view as a tech company and investor confidence and plans to potentially have live sports >> absolutely. i think every now and then a company has a moment of sobriety saying is netflix a tech company? it is somewhere in between i don't see it as a pure tech company. it trades as such. if you can't get a live stream to work, are you a tech company? it is important for the live business, but the narrative for

the company. if it sees it as a tech company, it has to pull off a live stream that is table stakes. that is not good for the company, especially as you mentioned where we see live sports starting to stream across the board in places like amazon and youtube. if they are doing the nfl and netflix cannot do "love is blind" reunion special live on air, you question it >> we covered the subscriber growth estimate. the company not giving forecast. relying on street account estimates. what other metric do we need to watch? >> let's look at what the company says on ad revenue let's see what it is saying on password crackdowns. just to get a sense of whether this company's ancillary revenue efforts outside of the subscription model is working? we have to see the story to

believe it will continue to grow beyond where it is today. >> what do you think of the ad tier will we see signs of success there with the threats of recession and people trying to reduce costs >> early success no madison avenue is not going for netflix ad tier the way i expected it seems to be growing at a slower pace than imagined. the advertising play may work over time. if you expect instant rules, it will be disappointing. >> netflix reports after the bell alex kantrowitz, thank you >> thank you coming up here on "worldwide exchange," gearing up for another round of big bank earnings christopher whalen is here with the names that are best positioned in the turmoil. as we head to break, my

quarterback, jalen hurts signing $255 million five-year contract extension with the eagles. this makes him the highest paid player in nfl history. he is worth every penny. also in sports, shaq being served in a shareholder lawsuit against crypto platform ftx. o'neal is one of several including tom brady for promoting a fraud scheme. amazon is cooking up a product to boost image in france the planned is aimed at french fi french-ifying the company with events inspired by mcdonald's france playbook from the late 1990s when it primoved by ad adapting the menu to french

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welcome back to "worldwide exchange." this is the morning call sheet where we check on the upgrades and downgrades first up is hsbc giving nvidia is upgrade from sell to buy. doubling the price target. the nvidia opportunity more than

of offsets concerns of the data center slowdown. morgan stanley's adam jonas maintaining the overweight rating and cutting to $24 from $26. margins continue to be a cheap concern despite delivering serious driving thrills. and cowen raising microsoft price target the latest figures show azure facing pressure. turning to big banks and financials as another round of earnings with goldman sachs and bank of america reporting this morning. top of mind for investors is deposits with the turmoil prompting a flight of funds from regional banks

the outflowing sending shares of state street dragging down joining me now is christopher whalen thank you for being here sdplc >> my pleasure. >> we have bank of america and goldman sachs. which one of the banks will tell us more about the financial sector >> if you want to know about banks, look at bank of america they have seen cost of funds climbing dramatically in the last couple quarters you know, the bottom line is they are a main street bank. they own merrill lynch lynch they are a massive store of assets and keep assets they are one of the longest duration books of those on wall street goldman is trading you are looking to see if they picked up on the bond market

rally that started the end of the third quarter. they have to talk to us about the bank david solomon indicated in february there would be news about their marcus effort and technology platform. investors want to hear about that >> a lot of people are talking about deposits you talk about credit loss provisions set aside for loans that don't get paid back. q2 of 2020, big banks set aside $60 billion. >> they didn't need it >> how much do you see them setting aside this time? worries of the recession and worries of the consumer and worries of the banking sector. how much will they set aside this time? >> it will be a more gradual credit build nobody knew it was happening, covid. the benchmark was 2008 they did the same thing.

this time around, they will wait and see how much pain there is on the part of the consumer. it will be a slow build. it will be there third or fourth quarter, we will talk about credit instead of deposit. >> is there a fed impact with the fed no longer buying bonds does that impact banks >>tremendously it is like paul volcker at the fed. you have t-bills at 4% banks don't work for 4%. they work 1% after they pay for everything of o everything it is a weird time for banks they are saying raise rates as fast as you can. that is hard to do. >> to that hurts net income interest. >> you will see a squeeze. funding costs are going up until the fed starts to sell a lot of the securities and portfolios, there will be a cap on asset returns. >> christopher whalen.

a lot to watch bank of america and goldman sachs. big day. thank you for being here. >> my pleasure. coming up on "wex," the one word everyone knows today. we have amy wu silverman with the latest. if you miss us, check us out on apple or spotify or other podcast apps "wex" will be right back (♪ ♪) how do we demonstrate our unmovable strength? (eagle call) nope. how do we show that we'll stand tall through the storms? nah. (thunder) how do we make our clients feel secure and- ugh... not lions. (lion rumbles)

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(vo) verizon has business internet solutions nationwide. (man) for our not-so-small business too. (vo) get internet that keeps your business ready for anything. from verizon. welcome back to "worldwide exchange." time for the "wex wrap-up. we start with apple opening the first retail store in india with tim cook on site a second location is set to open up on thursday in the capital city of delhi. china's economy grew 4.5%

this year with exports and infrastructure investment. that rebound was above estimates calling for a just 4% rise. florida governor ron desantis revealing a new push targeting disney that if passed would nullify an 11th hour agreement the company made with the state oversight board a few weeks ago. nio will not take part of the china ev price war waged by tesla and xpeng. products and services are worth the price. and moody's says the highest corporate defaults hit the highest level since 2020 15 moody's rated borrowers defaulted on obligations last month compared to 6 in january. elon musk will reveal

chatgpt rival. he spoke to fox news last night. he accused open a.i. technology of being taught to lie we are gearing up for the trading day ahead. march housing starts and building permits are out at 8:30 a.m. and a slew of earnings on tap. bank of america, goldman sachs and johnson & johnson and netflix and many others. it is tax day in the u.s federal income tax day for 2022. getting a check on futures right now. looking at it and green across the board. a slight rise in the dow and nasdaq this morning. we now head to our amy wu silverman from rbc capital markets. amy, great to have you here. >> great to be here, frank. >> amy, we have wall street's

brightest minds share the defined trading day ahead. what is your word of the day >> mine is going to be pre-popre-pogs pre-po pre-positions -- pre-positioning. i apologize if it is more than one word it is hyphenated these reports that you mentioned are coming through are really important for financials they are really important for the consumer and speak to the faang names. >> amy, you are watching options right now. we were talking about netflix reporting after the bell the first mega tech company reporting. what does this tell you about netflix and other qqq names? >> this is something i'm watching closely if you look to the past eight

quarters, netflix is a company that can really move on earnings this is a stock which has been down 35% on earnings for instance, the options market is applying an 8% move that sounds high if you compare to the last eight quarters, that is below. i think that is interesting because the big theme since last earnings season is when options markets don't apply that high of move, there tends to be a beat in an environment like this where rates are surprising people. >> what is the options market telling us about the broader market s&p especially today it could be a big inflection point with goldman sachs and bank of america reporting? >> i think there is. there has been a divergence with bank of america and goldman sachs and regionals.

that is not vsurprising with signature bank and silicon valley bank. one metric we look at which is skew that we talk about is simply the demand for downside protection and you are not seeing it in the financials. the market is saying we expect this to be good and similar to what we saw from jpmorgan chase. if we disappoint the pre-positioning is not there >> i'll go back to pre-positioning. we have seen a lot of hedging according to the data. how would you tell people how to pre-position today >> this goes back to the mega cap tech stocks. one thing about the market that is important is the market breadth, frank, which has been poor it is seven or eight names driving the returns. there is a problem that they are drag the index with ithem i think hedging is attractive if

you want to move and own a put spread structure that takes advantage of the down side being extensive. -- expensive >> any other sector you should look out for perhaps there is anxiety of the direction it could turn for today? >> you know, i think any read you get to regionals like kre and kbe. there has been a divergence of what the large cap banks have been saying. that positioning there is important because they are pricing bullishly. we don't know since the earnings are down the line. >> something to watch. amy wu silverman from rbc capital markets. thank you. >> thank you

here on "wex," we are following breaking news. are jo jailed american journalist appealing his charges on spying. the 31-year-old was detained on march 29th and accused of information about the russian arms factory we are showing video we believe we saw evan gershkovich trying to appeal the dete detention. a story we will watch all day. and one last check on the futures. they were climbing higher a short time ago we are seeing the dow at the high of the morning. nasdaq climbing higher green across the board with the major indices. that is it for "worldwide exchange." "squawk box" is coming up next

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good morning stock futures pointing to a higher open this morning as we await quarterly results from johnson & johnson, bank of america and goldman sachs. apple opening the first retail store in india overnight. the push for new iphone users ahead. and screen writers opening in favor of going on strike against hollywood studios. we will tell you what is holding up a deal. it is tuesday, april 18th, 2023. "squawk box" begins right now.

good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. this morning, it looks like the u.s. equity futures are in the green this hour. dow futures indicated up 66. s&p up 14. the nasdaq up 90 this comes after all three averages were up .30% yesterday. if you have been watching what is happening in the treasury market, you see the 10-year treasury is yielding 3.589%. the 2-year treasury is back at 4.169%. we have a lot going on "squawk planner" will give march housing starts at 8:30 a.m a lot of earnings.

johnson & johnso