it is 5:00 a.m. here at cnbc global headquarters and here are your top "five@5." we begin with futures under pressure as investors deal through quarterly results and bank of america's ceo brian mona hand and consumer spending and the chances of a recession. on the eve of earnings, tesla is slashing prices on two of its most popular models again for the sixth time this year. and talk about a reversal. watching shares of netflix this morning after a mixed earnings report, also marking the end of one of its hallmark services

we're going to tell you all about it. plus, regional banks in focus as deposit levels are a surprise to the upside that's coming up. later, uk inflation shocking the street once again with a double digit print a live report from london. that's coming up next. it's when, april 19th, 2023. you're watching "worldwide exchange" right here on cnbc ♪ good morning and welcome to "worldwide exchange. i am frank holland i hope your wednesday morning is getting off to a great start let's get a check on the stock futures after a bit of a mixed session just yesterday right now we're seeing futures sharply in the red we're seeing the dow if it opened up now, it would be early. opening up 100 points lower, alzheimer's the nasdaq we're starting with a benchmark

10-year. this is bouncing off a year low from earlier this month. it's almost 40 basis points higher the 2-year remains above 4%. something we continue to watch we're also watching energy in the oil market, teeter-tottering 80 bucks a barrel. it's ticked just under 80 bucks a barrel, down almost 2% brent crude, 83 bucks, a couple pennies there. concerns about a rate hike in the u.s. continue to weigh on the oil market the uk inflation market coming in higher than expected on this market we're also watching crypto this morning. the crypto market is down this morning. bitcoin is join, back below 30,000 ether down below 2,000 just earlier this morning it was a tick above 2,000 down almost 4.5% crypto market may be seeing a crypto winner in the spring, i don't know we've got to watch it. overseas, what we're calling another inflation schockner the

uk, copping in with a double-digit figure yet zbed our joumanna bercetche is standing by in our lauren newsroom with much more. joumanna, good morning. >> good morning, frank that's right uk inflation surprising to the upside at 10.1 percentage points people had been anticipating it might drop below 10. no such thing. another surprise, core inflation coming in at 6.2 percentage points we're seeing a very, very sharp uptick in food prices that continues to be the theme -- highest rise in 45 years that's having ramifications across the uk indexes. as you can imagine, the ftse 100 down 3.1%. the pound is trading strongern r we're seeing major moves across fixed income let's take you to what's happening. starting with the 2-year gilt, we're up about 13 basis points higher today the market is really reprising

expectations of interest rate hikes. they're now settling in pretty much 100% out of the bank of england to take the rate from 2.5 to 5.5 also now reassessing the path of forward hikes with the rate leaning toward 5 percentage points later in the year massive moves on the front end the 5-year up about 13 basis points 10-year gilds up 3.5%. finally just to round things off, we're seeing a major move in the currency, continues to go strength of strength, almost up at 125 right now the pound is up, about 10 percentage points. at one point we were up a quarter of a percentage point. again, the sticky inflation is playing into interest expectations are playing into markets perception on how the markets will fair versus the greenbacks, so a major upside surprise today, frank. >> certainly an upside surprise with our guest here. joumanna bercetche live in our

newsroom joumanna, thank you very much. time this morning for a check on our top corporate stories. our silvana is here. >> that's right, frank disney plans to cut thousands of jobs next week including 15% from its entertainment division. bloomberg records it will expand companywide impacting movie, tv, film, and theme park positions in february the company announced plans to i'm lit nate 7,000 jobs as part of efforts to cut more than $5 billion in annual costs meanwhile meta is expected to cut more jobs today. the latest round of layoffs since november box reports roughly 4,000 people will be affected another work force reduction is anticipated in may vox has settled a domestic lawsuit of dominion of $787.5

million. this averts a trial over a coverage of false election claims they settled a ahead of the opening statements the settlement is called historic and says fox admitted to telling lies that damaged the company. in a statement fox says it wanted to avoid the actrimony o a divisive trial and apple's tim cook is expected to meet with india's prime minister after opening the first retail store in mumbai yesterday. resources say cook will meet where a second apple store is opening tomorrow, frank. >> a big change for apple. kind of focus on india, something we're going to continue to watch. thank you very much. turning our attention now back to the broader markets and investor fear actually reaching fresh lows the vix falling to its lowest

level since last year. coincidently that's when the s&p was trading near all-time highs. despite the lack of investment appearances, ceo brian moynihan in his comments to cnbc yesterday. >> we see and our experts see that having, you know, a mild recession, which if they could do that, unemployment never got above 4.5%, that would be a heck of an accomplishment. >> for more on this let's bring in our cnbc contributor and max wassermann it's great to have you both on. >> thank you for having me. >> what do you make of brian moy moynihan's comments. we've heard a lot of talk about that as well as earnings recessions as well. >> i think the comments are valid. if you look at the earnings in q1 of this year, they're out lower.

a lot of it is the macroenvironment there are a lot of cracks with the consumer, and those are playing a part in demand and the demand is weakened across several industries so those comments make sense and a lot of that could be priced in, but not everything is priced in yet you're seeing a lot of that play in through the market. i think that's what we're seeing right now. >> you know, max, we often see banks as possible gauges of what's going on in the broader economy. bank of america, a huge retail bank brian moynihan's comments on the back of jamie dimon, very similar comments what do you see with the markets today? >> i think it shows they're very strong and they're saying the consumer is still very strong. they're just spending differently. you see on the balance sheets while they've been challenged with the unrealized losses at the banks, for the most part, the top five, top ten are doing

very well. and while the market is trying to predict is slowdown of a recession, right now consumers are not acting like there's a recession coming. >> we have some breaking news this morning uk inflation coming in hotzer than expected. the odds of a 25 basis-point hike in the u.s. now moving 8% according to the fed hike tool do you see an impact, and if so, which ones >> obviously they're going to see growth rates that have done well but if we continue to see rate hikes past may, the expectation right now is after may, that will potentially be a pause. but i do think we'll see a 25 basis-point change there may be a situation where you may have to rerate a lot of these growth names i think after may if someone has a lot of exposure, they watch and possibly recalibrate

i think so far the trade has been working well, but, you know, the more data we get -- obviously inflation has affected it we're going to be trading down that's what investors are looking for. >> max, any sector you see impacted by the rate pressure? we're seeing the oil back below 80 on that pressure? >> i think the optimism in the nasdaq has gotten a little crazy in our opinion you're seeing am, up 25% nvidia, 90%. microsofting up 20%. all three of them are not seeing top-line revenue growth that strong you're seeing a nasdaq anticipating the fed not only to stop, but as you reverse toward the second half of the year. so if you look at any changes in the policy, the nasdaq would be too aggressive right here. 30 times earnings, and with the 19% growth rate based on these companies, it's probably the most vulnerable to an increase

in rates. >> certainly something to watch. delano saporu and max wassermann, thank you both. we begin with netflix. shares rebounding after falling double digits in extended trading yesterday after reporting some mixed results for its latest quarter surprising growth hover coming in stronger than expected while output not as expected netflix plans to ship its last shows. we have much more on netflix's results coming up later in the show. western alliance surging in the premarket after reporting outflows and $10 billion of additional inflows made since april 1st. the phoenix-based bank had previously reported deposits fell on the back of the silicon valley bank collapse with deposits accounting for 73% of

total deposits, up very sharply from the start of the year united airlines posting a net loss it's more of a shortfall than expected citing lower fuel costs. shares are still higher after airline joined rival delta air lines in forecasting a profit for the second quarter ceo scott kirby will have more on those results when he speaks exclusively with "squawk box" coming up at 7:30 a.m. eastern. loot more to come on "worldwide exchange," including the one word thain vesters need to know today. also much more on the netflix stock reversal, about what management had to say about the slow and steady ad tier rollout. tesla shocking the ev sector once again with more price cuts on its most popular models where you should be positioned ahead of the tape. that's coming up next. first, speaking of evs, our eunice yoon is at one of the biggest auto shows, asking if china's biggest players can

catch up with tesla and the bigger units of world. eunice. >> thanks, frank buick is hoping so they're hoping their new ev suv will do the trick. "worldwide exchange" is coming up (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. let newage products transform your garage into an area of your home you can be proud of. modular steel cabinets let you pick and choose the storage solutions to keep your garage organized, with overhead racks and shelving, slat wall, workstations and flooring that let you create a showroom garage to call your own. designed for diy installation.

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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. all right. welcome back to "worldwide exchange." we're watching shares of intuitive surgical they're popping in the open after topping analysts'

estimates. a big jump it puts it roughly 5% from ta 52-week high after mostly range-bound trading. reporting growth and installation of its robotics surgery system duly noted, softness in china with covid-19. it's day two of the shanghai auto show, and despite the ongoing price war fueled by tesla and more, some of the country's largest and old automakers are playing ev catch-up our eunice yoon is on the showroom floor over to you. >> thanks, frank gm and ford are having a somewhat subdued showing neither sent high-level executives from the u.s. and the booths are pretty quiet, especially compared to all the excitement and buzz and crowds at the chinese evs now, this really reflects what we're seeing here, which is a sea change, massive dramatic

change a lot of people in the industry have always acknowledge dodge was one of the dominant players here it was vying for one of the top spots at one point with the "w." however, now that has really changed. last year, chinese brands edged out foreign brands collectively in terms of market share last year this is what detroit-based analysts tui said why. >> last year was a wakeup call in addition to this auto show. the alarm bells should be ringing right now. what the chinese domestic players are really good at is being connected to technology and their vehicles and utilizing technology in a way that resonates with the current chinese consumer. >> le said the legacies have been slow to respond because they haven't been as willing to eat away at the market share of

their combustion engine cars the companies do plan to still compete, of course n the big market vw for one launched its luxury ie7. ford has been show casing its mustang mach-e and buick has launched its first electric car. >> obviously competition is heating up over there. do people think the trady asianal players will be able to play catch-up? >> well, a lot of people have said this is a huge market and, for example, with gm, it does have a huge business here so it still has about 10% of the market also the sales, you know, have declined, but they're still at about $2 million so people are saying gm, especially when it comes to this new e-5 will be able to compete because it takes one popular

model. as i said, it's a really big market with a lot of customers that have different requirements. >> eunice, have you taken any test drives? are you having fun out there >> i've been having a lot of fun but no test drives mainly we've been walking. so i'm getting a really good look and hoping i can get into a car late sore my feet can take a break. >> very nice enjoy it our eunice yoon at the auto show great reporting as always. coming up on "worldwide exchange," a morning strategy session ahead of tesla's results a and what elon musk may say about his latest price cuts. plus, out of ideas more and more smartphone makers are taking a cue from motorola razor and a page out of the playbook launched the new foldable phone. stay with w.e.x.

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grills and appliances that transform your backyard into a complete outdoor kitchen. visit newageproducts.com to book a free design consultation and create the outdoor living space you've always wanted. welcome back to "worldwide exchange." for the second time this monday and the sixth time this year tesla is cutting the price of some of its most popular models, this time the 3 and model y, two of the top best sellers, bringing it to below $30,000 some investors are taking it as a move that elon musk is willing to take a risk the price caughts coming on the eve of tesla's next earnings report our phil lebeau is looking at the one key metric investors should be watching

phil >> one number in particular will be in focus with investors, gross auto margins excluding zero emission vehicle credits. the expectation of gross auto margin of 25% in the first quarter. anything above that, we might see tesla shares moving higher anything below that, tesla's stock could come under pressure. here's why this matters. it will show the impact of the price cuts during the first quarter. in terms of annual deliveries, remember, tesla says it expects to deliver 1.8 million vehicles this year. analysts are not expecting new guidance from the company. but what tesla says about gross auto margins and the impact of price cuts, that will be what people will focus on when the company reports its q1 results after the bell frank, back to you. >> all right that was our phil lebeau let's get more insight and bring in george, managing director george, great to have you here. >> good morning, thanks for having me.

>> we just had our phil lebeau our really known voice in this space when it comes to evs we talk about gross auto margin. he says 25% is the number to watch. >> as usual, phil nails it what people are watching is zero margin gross credits the company drew a line in the sand last quarter at 20% for the year and people will be watching it incredibly closely. it's really important to watch the gross margin for the rest of the year and the 1.8 million unit guidance for the year the thing that givens us confidence in the near term and long term that might be okay is the fact that ev-related commodities have come under significant pressure since the beginning of the year. things like lithium have seen a

significant drop-off in price, also rare earths in the long term, we think of tesla's razor as a razor blade market the software will significantly increase their margin. the software is the self-driving software that everyone knows. >> not only can you buy the vehicle, but you can also buy the software i want to show the price cuts on the model y range of a 5% decress and the model 3 rear wheel under 5% decrease. that brings the model 3 to under $40,000 is that a meaningful number when it comes to tesla that oh, yeah. these are significant price cuts, and that's why watching what they say about gross margins for q2 and q3 and q4 will be incredibly important

they were compelling really active to other vehicles these are a big deal we think it makes the cars really, really compelling, but also it indicates to us there's a yellow light flashing in terms of the marketplace. >> something else you're watching and you're expecting to see some information about on the call is master plan three. in the laymen's terms, george -- i know you're in the weeds on this one -- give us a sense how the master plan 3 is and what you expect. >> it's an incredibly important part of what tesla is all about. that i want to transition our economy from a fossil fuel economy to sustainable energy economy. they're paying close attention because our universe is about analyzing all the companies that will make that possible. one of the really, really important parts of that

transition is energy storage it's putting big batteries on a utility grid tesla has a very big business in that another company we're involved with called fluence also is working on that it's loosened a lot of the battery supply chance. look for, we think, strong results in tesla's energy storage business and also from fluence company. >> i appreciate your insight thank you for being here. straight ahead on "worldwide exchange," after a huge first quarter runoff, the party in the cloud sector may be coming to an end. we take a look at the massive short interest facing the space and the one major investor whose predicts may be coming true. w.e.x. will be back right after this break stay with us (vo) verizon has business internet solutions nationwide.

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it's right around 5:30 in new york, 10:30 in london. here's what's going on shares of netflix going on a wild ride on the back of its poor results we're going to dig into those numbers. plus sticker shock as inflation figures in the uk, pries may be stubbornly high and require more action from central bankers.

and striking a last-minute deal fox strike as deal with dominion voting over a landmark case. it's wednesday, april 19th, and you're watching "worldwide exchange" right here on cnbc ♪ welcome back i'm frank holland hoping your wednesday is getting off to a great start. let's pick up the half hour with a check on u.s. stock futures. as we told you stock futures are lower. we're seeing the dow jones a little lower as we began the show nasdaq and s&p in the red as well in just 14 days, we're watching the rate sector. you have names like salesforce and adobe. you can see it's outperforming year to date but it's had a turnaround since its worst month in november. rate slowdowns could be a factor other risky assets including

bitcoin and botts as well as the regal banks they're outperforming the wcld in february jim chanos questioned the quality and analysts say he may be right nearly half of the short positions in the wcld thaks were covered in q1. you can see the numbers right now. in q2, the numbers have risen since the start of april it spiked 200% in q1 and rose to single digits to 28% now the daryl ilg of investors is down 307. you're going to see a sharp decline since the start of the quarter. as i said, now down almost 34% according to partners, this stock may be poised for a pop from a short squeeze more than ten. they include digital ocean with

27% of share shortage. oh sana'a and ui path all down as you see right here. the question for investors now, how much of that year-to-date performance is investor confidence versus activity we'll talk more about that, i'm sure time now for a check on this morning's top stories including that surprise read on inflation in the uk. our silvana is back with those details. silvana. >> good morning to you that inflation rate continues to hold in march, expectations were for it to come in at 9.8% following february's unexpected jump of 10.4% which snapped three straight months of declines. the rating is expected to strengthen for the bink of england to carry out more interest rate hikes. a federal judge ordering jamie dimon to be deposed about

what he knew about sex defendant jeffrey epstein. the deposition will not take place until may. and treasury secretary janet yellen set to lay out the biden administration's vision for u.s. economic ties with china yelin is set to deliver a speech tomorrow outlining the u.s.'s priorities with leaders in beijing. the treasury says that a speech will touch on matters including defending u.s. national security interest, protecting human rights, seeking mutually beneficial economic of competition, and addressing climate change, frank. >> those meetings are something to watch. >> absolutely. >> they thank you very much. >> you've got it. time for the big money movers net flex shares climbing back after a drop on yesterday with a revenue miss along with optimism around page sharing and advertising estimates.

it expects membership growth and revenue to benefit in the latter part of the year they're doubling down on advertising, but there's still a lot of work to do. >> we've got a lot of work do to develop features we're rolling out measurement and verification, but we've got a big e, longer roadmap we have to go through there. we're improving our go to market and capabilities with microsoft. there's a lot of good work we have to go through it's hard work it varies country by country. >> let's talk more about this with andrew marek. andrew, great to have you here. >> thanks for having me is. >> we saw a huge reversal after the earnings beat but soft guidance what do you think investors saw that changed their mind about the streamer.

>> the reaction was fairly negative the headlines around additions or below it was low. the real story was not as negative as the headline numbers necessarily appeared this is not really a case in 1q where we saw any tear change in our opinion to the key debates in the stock, more just kicking the can down the road for a quarter or so while the company continues its rollout of page sharing and ad tier. they'll restart the net subscriber growth >> i want to talk about the metaphor kicking the can down the road that's not usually a good thichlkt it's delaying what you

should do right now dhouchlt you think it will be perceived in the u.s. >> looking at the data, especially the data market which is most correlatcorrelative. kicking the can, i understand the pejorative, really it sounds like they were doing some testing, some experimentation with feature sets, with pricing to ensure that before they moved into the major markets that are going to comprise a significant portion of the revenue, they wanted to make sure they had it correct. maybe in the shore term, make the numbers choppier, volatile but for the long-term health of the initiative and the business, it makes sense because really in a scenario like this where you're going to consumers who are already users of your service and asking for more money, you only get one chance to make a first impression

if you come across as too aggressive in that respect, it can backfire. >> i made fun of this earlier this week. the issues with the love is blind streaming s that a big deal for this company and also its plans to roll back its content spending what does it tell us about the content streaming? >> the love is blind issue, we think for now is an isolated event. obviously the company is quite early in its efforts around live events and those types of live reunions and things like that. if this is a problem that recurs, then we start to become a bit more concerned about this type of particular issue for now we can chalk it up to growing pains and an isolated event. we ee keep watching to see the quality of the live events going forward. in terms of overall contents, it's kind of a theme across the industry as other direct to consumer services especially start to level off content costs

and start to become more focused on profitability bottom line but the fact remains that there's still a lot more content dollars chasing content in 2023 than there were in, say, 2019. so we still see the environment content as fairly competitive and aggressive, but netflix does still maintain that leadership position and content dollar spend despite leveling off. >> we've got to let you go, but really quick, you had market perform on netflix has that changed at all? for price target, you have mm. i have never seen that before. do you have a price policy >> it's for the stocks we typically i don't have a price target attached to them. this doesn't really change our thesis that we think we need to see a little bit more out of the paid sharing initiatives, some prove points, scaling of that ad-supported tier in terms of the capabilities it has relative to other advertising platforms

long term we still think that netflix definitely has a place in the news streaming marketplace, but the path to get there might be a little volatile we'll have to watch it andrew marok, thanks for being with us. coming up next, shares of regional banks surging after reporting an crease in deposits. our dom chu is here. "worldwide exchange" aka w.e.x., back in just a moment.

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all right. welcome back to "worldwide exchange." time now for your morning call this is the segment where we check the biggest upgrades and downgrades first i want to look at the energy markets we're seeing wti down. ice brent crude down to 83 bucks a barrel natural gas down 2.5% this morning. a story we continue to watch potential rate factor coming in. also raising the thoughts of a rate hike here in the united states. as i said before, time now for your morning call sheet. we're going to begin with a look -- this is the segmenty we look at the biggest upgrades and downgrades we're looking at exxonmobil. the price target from $125 to $144 per share exxon is if there the best position to outperform energy's upcircle even though energy is down this morning.

snld, rivian it'slowering its price target. while rivian is well positioned to capture market share near term, it's very similar too what we heard morgan stanley's adam jonas say yesterday. thirdly, apple raising its price target on the earnings from the 175 to $190 a share that's despite expectations of mixed results. jpm says it still sees it as a save haven position. shares of appling you can see down a percent this morning. >> turning to earnings and shares of the bank, western alliance surging after a reporting of reversal of outflows amid a collapse of silicon valley bank after reporting $6 billion with in withdrawals in the first quarter. it took in $2 million in recent days our dom chu joins us now with

more dom. >> if you look at it, the reason so many people are focused on banks is because western alliance and others are caught up in the wake of silicon valley bank and ore banks and their collapses. this weekend ee gove at massive slew, a slate of different ones coming up. you mentioned the first horizon from yesterday, today we're going to get a number of them again today. citizens financial, u bank, later on this week, truist, comerica, key bank, regions financial. next week is the main event if you want to call it that way you've got first republic bank or pack west as it's known they were two on the west coast that got caught up a little bit more on the upheave of silicon valley bank's collapse so far premarket this morning we're not seeing a whole heck of a lot of trading volume, but as

you see there, it's been generally positive the ones you want to focus on, at least today, this morning, are u.s. bank and citizens financial group. zions is going to come out after the "closing bell" today u.s. bank is probably the biggest. we want to call it a super regional at this point it does a lot of business on the retail end across the country. synchrony financial does a lot of branded cards and retail-type operations still, overall it's fining to be a big deal for a lot of investors out there. >> what are you expecting from the other regional banks you have left to report about? half of them are still left. >> what's interesting about the first horizon report yesterday, it's thinly covered from an analyst's perspective, but they did miss generally some of the analysts' expectations

western alliance as well but you mentioned the key point there, which is they saw deposit stability come back. they're still way down from where they were before if you look at the regional banks that have reported so far, a lot of other folks are showing deposits are relatively stable if we can expect to see that for the rest of the earning season, it may come that they're not going to be nearly as bad off as people thought they were going to. >> a lot more to watch coming up later today, u.s. bancorp. thursday, truist, comerica, key bank now to a developing story and last-minute settlement between fox news and the dominion voting system our eamon javers was in the courthouse amid the rapid developments and he joins us now with more. take us inside on what may be

the shortest trial on record. >> that's a good way to put it in the end it was clear fox didn't want to go to trial in wilmington, delaware it wasn't until the judge gave the first instructions that the deal which was worth more than $787 million could be done as a result of that, rupert murdoch will not have to testify about his tv journalists' conduct. i could see one of the co-founders that owned dominion voting systems break into a huge smile as he talked to the dominion legal team moments before the deal was announced publicly fox left the courthouse after the deal in silence, declining to answer questions from reporters, but the company did issue a statement saying this. we acknowledge the court's rulings findingcertain claims about dominion claiming to be

false. this settlement reflects fox's continued commitment to the highest journalistic standards by contrast, dominion's team went straight to the microphones and said truth matters and lies have consequences f afterward i asked what comes next? dominion is working on six other cases including news mac and one american news. also mike lindell, donald trump, and sidney powell. >> i think what this does is sends a message we'll be holding people accountable for lies. what's so important about today is really for the first time across any litigation is people are being held accountable for the lies of the 2020 election. >> reporter: and, frank, another voting systems kpaem smartmatic as a pending lawsuit against fix news as well, this one asking for $2.7 billion in damages.

they put out a statement saying this, dominion's litigation exposed some of the misconduct and damage caughted by fox's disinformation campaign. smart matic will expose the midwest. it made a market, set a price out there for other cases to follow this could be more like the beginning than the end of this for fox news, frank. >> something to watch, eamon, thank you very much. ahead on "worldwide exchange," we're going to tell you one word every investor needs to know today. plus why our guest sees a wind-down in a path of a market that offers stability. "worldwide exchange" will be back right after this.

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stories you want to know moynihan says customers are spending more money on dining and other experiences which is driving the u.s. picture meta platform is reportedly expected to announce a new round of job cuts as soon as today the facebook parent may cut as many as 4,000 workers some of far, no comment from meta. it's not just meta bloomberg is reporting disney is planning to cut thousands of jobs next week including 15% of its staff in its entertainment division workers will be notified as early as next week. apple ceo tim cook is meeting with india's prime minister narendra modi today with plans to open up a second store tomorrow and tesla is cutting the prices on some of its most popular models for the second time this month and the sixth time this year. we're also watching shares of united airlines

they reported a net loss on higher fuel costs but smaller than expected. as you see, another busy day on the markets coming up for insight, that eats bring in chief global strategist on charles swab every day we with ask the brieft mind to defined the trading day ahead. jeff kleintop, what is your w.e.x. word for the day? >> beige usually it's bland and boring. but the beige book coming out might be anything but beige. the collection of anecdotes and insights across the bank's 12 districts could be colorful. now companies are adapted to inflation and recession words. >> beige, you're right that's usually a bland thing but you're saying there might be fireworks. since it's anonymous, do you believe there's going to be more candor by the people from the

financial sector, and what might the candor reveal? >> that's what's important about it it's an off-the-record survey of banks and businesses you might hear a little more color about what's going on than you might get out. a little more color about lending to different areas how banks might be pulling back and businesses may be adapting where it's getting more difficult to finance it will be interesting to see what comes out, particularly the last one, which came out a quarter ago. things have changed quite a bit in the last three months. >> jeff, you have a global focus. i want to get your number on the uk number. it remains in double digits. what does it mean for the central bank there and could it potentially influence what our central bank is going to do just 14 days from now. >> as it relates to uk stocks, it doesn't matter all that much. it 150es% of its all-time high that's primarily because it's from light energy. bp and shell make up 15% of the

profits. kit be a benefit to them as their sales and operations are outside the uk they're somewhat independent of uk monetary policy it gets down to oil prices if it continues to get well, it fairs well inflation remains sticky around 10% with policy interest rates around 4.25% the bank of england has linked nethe future signs particularlyn cpi and wages and both surprised on the upside yesterday and this morning, so prospects are certainly increasing with at least two rate hikes by the bank of england as the bank wages over the effect of the rate hikes and soon could be cutting rates. it's often driven by the difference in dollar rates >> we've got to let you go, but what sector would you watch today, with the uk inflation print, the dollar, what sector are you keeping an eye on?

>> the financials are what we're watching closely i think what we'll receive is maybe the bank crisis in a few banks isn't really a banking crisis and we'll see more. >> jeffrey kleintop, great to have you here. we appreciate the insight. >> thanks for having me. >> that's going to do it for us on "worldwide exchange." "squawk box" coming up next.

good morning stock futures are finding some significant declines early on as we await quarterly results from travelers, morgan stanley, and several regional banks. netflix share are erasing a knee-jerk decline. definitely climbing slower than the pandemic, that's for sure. investors made upbeat comments about the new ad-supported tier. and fox reached a settlement agreement with dominion voting system to avoid a trial. analysis is straight ahead for what must be the biggest defamation settlement ever it's wednesday, april 19th, 2023, and "squawk box" begins

right now. ♪ oh, boy. here we go good morning, everybody. welcome to "squawk box" right here on cnbc we're live from the nasdaq market site in times square. we're all here i'm becky quick along with joe concern and andrew ross sorkin ready to get things started this morning, but look out from the dow futures. they're indicated down by 165 points the nasdaq is down by 108. s&p futures down by 25 it's earning season, so we'll have plenty to mv us around even before the opening bell rings. you'll see right now the 10-year is yielding 3.62%. here's what's on tap

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