watching me, you know? and i feel it's her. [music playing] [audio logo] ♪ good morning happy friday welcome to "street signs." i'm joumanna bercetche >> and i'm julianna tatelbaum. these are your headlines. >> markets are on pace to close on a down note as europe services sector is roaring back with french data beating forecast and german business activity expanding for the third month in a row. shares in mercedes-benz get a boost as profit margins speed ahead topping expectations after

a 15% return on net sales in the first quarter. german software giant lowers the outlook despite the top beat the company is helping customers contend with higher prices >> not everyone has the pricing power to offset pressure from inflation. that's where our technology comes into play. ceos care about a sustainable business our portfolio is well run and this is why we are going to see a healthy pipeline for the year. and uk consumers pull back on spending. retail sales figures fall for the first time in two months amid the double digit inflation. we are just getting the flash pmi numbers from the

eurozone countries we heard from germany and france we got the composite one for the eurozo eurozone it is an improvement we are up 54.4 now that is an 11 month high increase from 53.7 this is above the 50 mark which is a line between contracting numbers and expansion numbers. it is worth pointing out there is a dichotomy the services numbers continue to come in strong we saw that in the case of germany and france early on. manufacturing is improving, but still sub 50 for those countries. something to give you more context as well on the german numbers. manufacturing number over there came in at -- hang on one second let me bring it up for germany it came in -- let me give you the overall number

45.5 that is actually a decrease from where we were back in march at 47.3 here is the issue. we are getting improving numbers overall. the manufacturing numbers in aggregate are lower than where they were back in march. services numbers continue to improve. that is the take from these numbers. to give us more detail on what is going on under the lid, let's get to the chief economist chris, good morning to you numbers are going in the right direction, but it seems to me the bulk of improvement is led by services. >> good morning. yes. similar situation from march it does seem to be the big resurgence of activity and demand for services. manufacturing is playing second fiddle we are seeing a big shift in

appetite to services especially among households and consumers as this is the first year where people are able to travel unrestricted. no worries about pcr tests or quarantining that is coming through in the numb numbers. it is led by consumer activity and travel and recreation and holidays that is really booming now another aspect is financial services it seems that from the dark days, late last year, where there were concerns of inflation and how high it would be now with inflation coming down and peak interest rates in sight. that led to easing conditions. that is coming through nicely into the financial is services sector you have the two big motors of the economy really driving forward and at a surprising way.

>> let me ask you this i know many policymakers are watching out for profit margins at corporates to get a sense for when inflation may be close to peaking or at least in terms of price pass throughs. when we get to the maximum point of beyond which corporates will no longer sustain the price increases. what are you seeing from the numbers? what is the data telling you in terms of corporates ability to actually doing that? >> we don't track profits precisely. we can get a good gauge for margins and what they are looking like here we see things shifting a bit. you go back a year or two years and everything was manufacturing goods. the supply shortages meaning demand was ahead of supply and

pricing power was strong and profits were good. that has shifted now that reversed. that situation where manufacturers have plentiful supply record improvement in supply and delivery times plentiful supply, but not demand it shifted to services now we have a situation whereby this supply squeeze, if you like, is in the service sector it has gone from not having enough ships to move about and not having enough planes to move people about on the holidays this is creating a demand and supply imbalance in services it is a switch around over the last year. >> chris, earlier this week, we spent time looking at china. gdp was stronger in q1 it was a mixed picture, but by and large, the china recovery is

gathering pace why isn't that showing up as a boost to the european manufacturing sector >> well, it is coming through as a boost to supply chains the availability of components shipped out of asia has increased dramatically we have seen that come through in the supply chain numbers. that is the first boost there. we are getting this increase in travel and consumer spending there is a big drive for that from asia coming through which includes china as well that is part of the picture. it is in the numbers there that is helping to drive that. it is all part of the first year where you have an open global economy free of covid restrictions that is clearly in the numbers >> clearly coming back to the inflation picture, one area of concern for policy watchers is wages inflation. what are you seeing in terms of

wage pressure in these latest surveys? >> that's proving to be where the main inflation forces are now. as pretty much everyone expected with the supply improving and we are getting further downward pressure on manufacturing prices input costs are down for a second month running in the eurozone and sharply down in germany. that full inflation picture from materials is yesterday's story what we're seeing now is this supply squeeze in services where companies are struggling to find enough stuff and meet demand you see it in the back drop of services as they cannot fulfill order books they are seeing now. so, they are responding to this slowly by increasing wages it is interesting to see april

with the biggest rise in services employment since 2007 the sector is starting to recruit. part of that drive is offering higher wages this is where we see the stickiness is in the service sector yes, it has come down. it has come down to the weakest in two years with the service inflation, but it is still higher than anything we have seen in the lead-up to the pandemic this leads to the stickiness of core inflation that's going to worry policymakers if this persistence continues further into the year, that means you will get further rate hikes later in the year. >> chris, one thing we need to ask about on the manufacturing numbers is the french april manufacturing pmi at 45.5. still subdued. to what extent do you think the

dem demonstrations are going on in the country? >> it is a clear impact on strikes. the joutput index is the weakes since the initial lockdowns in 2020 in france big contraction of manufacturing in france. a lot of people citing the strikes as being the driver of that what was interesting is no evidence of strikes in the service sector where growth exaccelerated in france. that suggested, absent strikes, what the service sector would look like in france. we are seeing strong momentum in service sector which people underestimated >> chris, we will leave it there. thank you for joining us today on this show always exciting to see what the flash pmi numbers come out with. chris williamson let's get a check on markets. european equities are holding around the flat line this

morning. stoxx 600 down 6 basis points there has been dramatic moves in single stock reaction to earnings as it i-- as an index, it was u coming into the day's session. it is all about earnings let's look at the individual movers from the market perspective. we have green on the board for the ftse 100 and cac 40. meanwhile, we are seeing under performance in the spanish market pulling back .25%. dax down 14 basis points a slower day for earnings relative to what yeswe have seen earlier in the week. a number of names reporting. from the sector, one basket of stocks stands out to the downside that is basic resources. we'll get you a picture of what

we are seeing now. basic resources down 2.5%. it is not just one stock it is the basket that is under performing rio tinto with the downgrade of the price target we saw weakness in china on the upside, food and bej v a utilities on the upside. turning to forex markets euro jumped against the dollar flat on the day right now. 109.66 sterling is a different story. down .30% against the greenback. 124.06 retail sales coming in focus we will get details in a few minutes. dollar index yesterday just to note slipped 0.2%. it is up on the week joumanna

mercedes-benz has released the first quarter results reporting a group adjusted return on sales of 14.8% that was above expectation, but below the 16.4% it achieved in the same period last year. earnings before interest and taxes rose to 5.5 billion euro while free cash flow at 2.2 billion euro this has been the reaction of the stock so far 1.6% the broader sector is under selling pressure after the downward pressure posed by tesla yesterday. we spoke a lot about that on the show the picture continues to be one of losses on the board a lot of red for automakers. now shifting to the tech sector s.a.p. reported a 10% rise in first quarter rev revenue thanko the cloud business the ceo said there was no further restructuring for this

year after the job cuts earlier. esthe states the key cloud busis is doing well. >> we are reporting a booming cloud basis. since over two years also at a growing pace the cloud back drop which is the prediction of the cloud revenue comes is over $11 billion. growing at 25% for more important for me, we are keeping our promise. in q1, we report an increase in operating profit of 12%. that was always our promise to come back to continuous profitable cloud growth. this is what we are doing and we are very proud meanwhile, holcim reported a profit in the first quarter. the company raised full year outlook expecting sales to increase 6% and operating profit to rise 10%. this ceo told cnbc he had high

expectations for growth and particularly from china sdplchlt l -- china. >> last year, the estimate was 5% to 10%. we see it in q1 with stable demand and now we expect acceleration of demand in china for the remaining months of the year and short sellers who bet against european banks are expected to lose up to $1 billion in april as the sector continues to rebound after the turmoil last month that is according to ainnalystas traders to earn $2.7 billion in march making the largest profit on short positions in over a yea year it is remarkable houw much of th bounce back we have seen with the credit suisse and u.s. regionals situation. we were in for a bit of a couple of weeks of turmoil, but since

then, it is astonishing how well the banking stocks have gone now investors are focusing on the potential for further interest rate hikes and inflation, et cetera it doesn't feel like central bankers are derailed by what happened. >> it is obvious there was a lot of potential for substantial moves in terms of hedge fund performance given the blanket selloff in banks of the crisis with svb in the past month, unicredit is up 10% that will be a painful grind higher. we will take a quick break coming up on the show, france's trade minister tells cnbc it is business as usual after the government pension reform as protests continue. we'll bring you the exclusive interview next my name is ashley cortez and i'm the founder of the stay beautiful foundation when i started in 2016 i would go to the post office

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finance pensions this after anger over pension reform continues to grow in the country. france's trade minister told cnbc the country is attractive trade destination after the government forced through the pension reform charlotte joins us now great time to speak to the finance minister president emmanuel macron also talking about strategic au autonomy >> interesting interview he was in london because that was his first trip to his country in this function after we see the reboot of the relations with the country remember, last month, the first one in many years and rishi sunak and meeting emmanuel macron they talked about the geopolitical circumstances with the two countries working

together of course, as we said, what is happening with the dmomestic scene is to pitch the investment destination. i asked if the images we saw in france of protesters demonstrations over the past three months were making his job more difficult >> the picture you saw was demonstration and some streets in paris and some violence in three or four streets in paris it is not the climate we have in france today as an investor, i choose in france, not because of demonstrations, but france has a good future of demonstration and sometimes when we made difficult reforms, but the decision to invest in france and choose france is because we are attractive on the labor law and fiscal law now and

simplification of schedule and we now have an energy crisis where we are very competitive. we wanted to be able to solve information in france. we are also working in the next generation of economic attractiveness to have huge computing. i think the decision to invest in france and choose france now is during weeks where we invest which is not for weeks, but years and maybe decades. >> now reform is enacted by the president, he talked about the 100 days of unity of the country and new start. is the country ready to go back

to normal business >> we are on normal business we made the reform we had demonstrations. there are so people not happy to work two years more, but now we want to have peace the country and we wanted to attract more companies for choosing france. >> the french trade minister speaking to me yesterday talking about how france has the political culture of democrat admini -- demonstrations and this is a place worth investing. finally, interestingly that we see becht visiting the uk with the reboot of the relations. the first trip abroad with king charles was postponed due to the protests in the country. president macron will attend the

coronation in a couple of weeks. they will see the bilateral meetings there the french minister said it is business as usual. we will see may 1st as the next big date by the unions with the protests there is still big pockets of discontent in the country. guys. >> charlotte, thank you for bringing us the interview. really interesting what the trade minister had to say. a quick comment. we watched tesla the last couple days, but the pre-market indication is the stock is opening higher 1.6% higher after raising prices for both versions of the model s and model y vehicles we talked about price cuts and now developments on some models, they are increasing prices

>> we are not seeing a similar reaction in the european automakers those sold heavily after the tesla results came through and the new strategy with market share gains over profits nowalthough tesla is indicated higher pre-market, european markets are down the european autos continue to struggle in the wake of tesla earnings. coming up on the program, high inflation and rainy weather in march discouraged shoppers with the decline of 3% year on year we will discuss more after the break.

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cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. welcome back to "street signs. i'm julianna tatelbaum. >> i'm joumanna bercetche. these are your headlines >> markets are on pace to close out the week on the down note as european services sector is roaring back with french data beating forecast and german business activity expanding for the third month in a row shares of mercedes-benz get

a boost as profit margins speed ahead. topping expectations after a 15% return on net sales in the first quarter. german software giant s.a.p. lowers the outlook slightly despite the beat on the first quarter. the ceo tells cnbc it is helping customers contend with higher prices. >> not everyone has the pricing power to offset the pressure from inflation there is where our technology comes into play. the ceos care about a sustainable business so our portfolio is well run and this is why we are seeing a healthy pipeline for the year. tesla rises in pre-market trade as the ev maker appears to increase the u.s. prices for the model s and model x cars after shares slump in the wall street session.

all right. we are just a couple of moments away from the april flash pmi. interesting market reaction on the back of the numbers which have been robust for the services sector. eurozone bond yields edging higher and euro paring back against the dollar the april flash composite for the uk coming in 53.9. up from 52.2 in march. breaking it down by services against manufacturing. similar story to what we are seeing in the eurozone services at 54.9 up from 52.9 in march. firmly in expansion territory. manufacturing remains depressed and contraction accelerating 46.6 down from 47.9 in march.

in terms of the color here, chris williamson, who we spoke to earlier, he said the key take away is the uk economy is not only showing encouraging resilience, but gained growth momentum heading into the second quarter. fascinating especially gicven th stronger figures this week we got retail sales from the uk. it fell in march for the first t time in two months over 3% on the annual basis. the offersice for national stats pointed to rainy weather arabile has more on the numbers. arabile, you brought us the report earlier this week inflation remains hot in the uk. how are shoppers reacting? >> the resilience you spoke with the pmi data and resilience of the uk economy may beginning to wane slightly.

a worry things could get worse for consumers. they had to get through covid-19 pandemic as well, but also ensure they went through some of the savings to stay upbeat not increase loan growth as much as possible. wages are trying to stay as upbeat as possible while at the time where the economy is continuing to struggle this is the inflation picture for now. that march retail sales number dropping to minus 3.1% on a year on year basis. that was as anticipated, but the month on month figure is a little worrisome 0.9% decline on the month on month basis. expecting 0.5% it tells you consumers, perhaps now, struggling slightly with the continued hit on their pockets. food inflation at 19.1%. that will bear the brunt of how much consumers are continuing to struggle

so with clothing and supply. when one looks at inflation overall in relation to the retail sales data, it gives you a clear picture. clearly, it is running high and this is running up in a similar fashion as well. the big worry comes in with households proving to be resilient and that may beginning to fall away we speak about the bad weather is why the march number saw an impact on shoppers maybe that will begin to pick up for now. it is still looking quite bad for consumers on that front. on the other side, we did get the consumer confidence number come out that was proving quite resilient. we saw improvement in household confidence as well which was slumped to a low in august last year that has now come back somewhat as well. the consumer confidence index

jumping as well to the highest mark since april 2022 where we saw it at minus 38 now minus 36 and heading in a better direction that will certainly offer some sense of far greater optimism about the economy as well as people's finances. >> arabile, thank you for the recap. let's dive back into the uk pmi. they are considered the forward looking indicator we have flash pmi signal acceleration of growth to the fastest in a year. joumanna, looking at the numbers, there is, of course, a diff divergence. >> it is interesting to see consumer confidence is growing that is one thing coming out of the numbers in the services

sector spending on some higher priced items has increased as well. again, square up with the batch of inflation which is impressive on the manufacturing side, before we take too much of the victory lap with the data that has come out, it did -- first of all, it came in lower than expected 46.6 on manufacturing. it also shows that we're firmly in the contraction territory there are signals that looking ahead and new orders are looking weak as well in addition to further rounds of job cuts we could see in that particular part of the uk economy as well it is a pretty mixed bag, i would say, all in all. in terms of looking ahead, services sector is doing well. manufacturing sector is not only subdued, but looking ahead toward the new orders component and potential deals that are coming in the pipeline

it is also looking muted as well. >> you flagged in the eurozone pmi survey what is happening with margins that has been a huge feature of earnings season so far and uk pmi release. the data provider says private sectors in the uk sought to defend margins from rapidly increasing costs the ability of companies to defend margins and push through pricing puts a focus and spotlight on pricing power those companies with the pricing power and have the agile management are the ones you want to own through the next period. >> if you put it together in the may 11 bank of england meeting, so far, we had very strong wage print. we had better activity data. we have the hot inflation print. it seems to me that it would be very unlikely for the bank of england to say no, our work is done there are signs that the services sector is quite hot and inflation continues to run hot

as well. it would be surprising if they don't go for the 25 basis-point hike. coming up, tesla takes a u-turn raising prices in the u.s. a we'll discuss coming up next

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welcome back to "street signs. the first test flight of the spacex rocket ended with a powerful explosion which was a rapid unscheduled disassembly minutes after launch stephanie gosk has the story. >> reporter: liftoff and then the uncrewed flight had problems >> appears to be spinning. >> reporter: this was the moment the spacecraft separated from the booster. >> experience what we call a rapid disassembly. >> reporter: that is an

unscheduled disassembly? it looked like an explosion. >> it is the spacex code for very large explosion >> reporter: even so, this was not a failure for spacex >> getting a few minutes of flight like they did is incredible progress for them on the basis of the data they will receive from that flight >> reporter: musk's company has eyes on sending people to the moon and mars. spacex is working with the $3 billion nasa contract. there have been dramatic explosions today, the nasa administrator congratulated the company. every great achievement has demanded some level of risk, he wrote. with great risk comes great reward musk spoke about risk in 2021. >> space is risky. i want to make sure we do everything to maximize the safety of the crew >> reporter: musk says valuable lessons will be learned from

today. another test launch is scheduled in a few months. stephanie gosk, nbc news let's continue with the musk block of the show. tesla appeared to raise the prices of both investigations of the model s and x cars in the u.s. according to the company's web site shares of the ev maker rising in pre-market trade after suffering losses yesterday and cathie wood believes tesla shares could hit more than $2,000 in five years on the back of the company's robo taxi ambitions. >> price target for our stock and i think it is just hitting now for 2027 we do have a five-year investment time horizon which is our expected value roughly $2,000 that is within a range of $1,400 to $2,500. our bear and bull case >> cathie wood not one to shy

away from high targets and extreme call for tesla let's go back to the price hikes introduced surprising given all of the discussion yesterday with price cuts and elon musk going out on a limb to say we are happy to sacrifice for market share this is applying to a couple of models some are older models. price increases are 2% to 3% not major. we here at cnbc spoken to analysts out there and some are saying it could be on back of federal tax credits which come into effect this week. effectively might eliminate some of the competition from participating in the tax credits. tesla probably sensed they had an opportunity to push through the milder price hikes >> if you look at the price cuts tesla pushed through over the last year, not just in the u.s., but china, it is related to tax

credits and changes in regulatory incentives. that will drive a huge amount of pricing for tesla and the other ev makers as well. as various elements of the i.r.a. come into effect. you talk about a busy day for elon musk. not just spacex and tesla. twitter. how does he prioritize his time? he defends himself that twitter is not taking time away from tesla. >> blue check list as it stands now. we will see how it evolves he certainly has his fingers in a lot of pies. when people think about ultimately elon musk and what he created, they think about tesla and spacex twitter is a recent fancy he has taken interest in because of what he believes in. when it comes to his scientific steps forward and whatever his

plans for humanity and mars, that all comes down to spacex projects which is why yesterday, in his view, many people are saying it was a success. they learned a lot about what they can do in the future and what they can fix in the future to make sure the rocket gets to where they want to get to. >> we saw cathie wood speaking a moment ago a ark invest bought over 256,000 shares of tesla on thursday following the sell off on results. is that part of what drove the stock higher now if there is a big buyer in the market? let's switch back to the macro data in the u.s. u.s. labor market is the cooling as jobless claims last week rose

by 5,000 and continuing claims were up 61,000 both higher than expectations. the data adds to the growing fears of recession in the second half of the year following weak retail sales and manufacturing output sticking with the macro. cleveland fed president loretta m mester says it is getting closer to the end of the tightening journey. mester says they will assess the extent of credit tightening at the next meeting after the last month banking turmoil. julianna, as the earnings season ramps up in the u.s., we see a pull back in stocks. yesterday was the case in point. all of the majors in negative territory. nasdaq breaking to the down side .80% weaker. s&p down .60%. dow also down about .3%. there were three stocks in focus

yesterday. let's switch tesla and we talked about the price cuts and knock-on effect with the industry. tesla ended the session yesterday about 10% lower. at&t as well also interesting missed on earnings sent a warning about the state of the economy going forward that stock tumbled 10 points amex was down 1% not as severe as the other two that is an interesting one because it gives you data about consumer spending. they did point to the fact that they started to raise their credit card loan loss provisions slightly again, all of these things are boding for an unsteady second half to the year for the u.s. economy. in terms of the week to date, this is the picture and you can see for the week all of the indices are in the negative as well nasdaq down about .50%

in terms of the earnings scorecard, let's look at how major earnings have done so far. we had a little more than 10% of the s&p report so far. this is right behind me. 16% of s&p companies have reported to date, 4.7 decrease in earnings year on year. there is the earnings recession beginning to come through and we are beginning to see that in the numbers. for the ones which beat the surprise which is 8% to the upside in terms of revenue and revenue metrics which is up 1.8% versus a year ago. that is the overview still early days 16% reported it does tell you year on year earnings have started to decline. thanks, joumanna, for the update let's bring in christian ericson at julius bear

christian, thank you for being with us. joumanna and i were discussing the latest note. we have a lot of notes crossing our desk it is not often a headline grabs our attention. you know it is bad, really, really bad what are you talking about here? >> i'm talking about the king of pop in the '90s. this is what is ahead of us with the earnings outlook it looks soft and maybe worse in the recession. basically, you know, probably after this quarter, we will be down 50% from the 2022 tops and two quarters of sequential negative earnings growth that's pretty bad. everybody knows it to a certain extent, markets have found a way to deal with it sdp it >> christian, i'm going to jump

in here. the uk deputy prime minister dominic raab has resigned. there had been an ongoing investigation conducted. the prime minister rishi sunak was due to make a decision, but it seems in this case, dominic raab just stepped up and actually offered his own resignation. this has been confirmed on twitter as well. this would be the third senior minister departure over personal conduct since rishi sunak became prime minister this is turbulence at the to p. dominic raab has stepped down. christian, we are getting a bunch of pmi numbers uk as well showing a distention between the services sector which is continuing to do well and performing well. the manufacturing sector is

staying quite muted in contraction territory. what does that tell you about the state of the economy and looking ahead to the second half of the year? >> well, it tells me the industrial side is already in recession or is going into recession. that is industrial part which is the smaller part of the economy. the main part of the economy is doing well and resilient in that services sector. this underpins the view of the reopening mode and lots of things that have to be built and rebuilt again in the services space. that is good news for the economy and that's why we think the economy is much more resilient than anything. >> okay. christian, let me take you back to the u.s sorry we are jumping around. we need your views on a range of markets. as part of your latest research piece, you also note the u.s.

dollar breakdown looks like a game changer do you think the market is under estimating the impact of the weaker dollar for corporates >> no, but the question is will investors take this as a blip or major setback in a bull or look at it as a turning point it is materializing for the first time in a while in almost 40 years, we see a change. that is not priced into markets these days it is early days for that. i think if it happens, it will be a big, big shift. >> well, in terms of earnings, our focus is going to swiftly switch on to the tech sector next week. the tech names have been outperp f -- out performers what are the tech names going to

deliver to drive further upside from here? >> i think mostly they have to deliver on what is expected. i think, you know, if they meet expectation which are always quite high and if they make it, that will bring back the confidence i think after the sell in some of the names last year, investors will now come back and basically cherish the quality of the stocks in a slowing growth to be able to outgrow the economy and overall market that is the real distinguishing factor. >> you are not as negative on the tech sector as the start of the conversation let me does you about tesla. we spent a lot of time talking

through awfull of the announcemt that elon musk had do you have a view on the stock itself or if not the stock, more broadly speaking what the price cuts from testsla imply from th industry >> as a strategist, it is hard to get my head around what is happening. this is a maverick exstrategy ta elon musk is running with tesla. it is trying to rebuild or reset the rules in the car business. i mean, it is interesting to see this strategy from premium into cuts and discounts that creates a lot of uncertainty for the other players in the market. it is an interesting industry

study. you know, from my humble point of view, i think it is an extremely expensive car company. if you think this is basically pioneer in terms of bringing a lot of energy topics together with the mobility topics, maybe the company is not even expensive. i think it really is something you have to make up your mind. this is a car stock and it is really something that can go anywhere with valuations if there is more to it, it is one more appealing story in the market >> yeah, yeah. clear which is why he is consuming so much attention on all of our shows christian, thank you so much for joining us today chief strategist at july yius br

let's look at the picture. patch es of green with the cac 4 and ftse 100 we have dax and ftse mib under performing julianna said we are seeing downward pressure in basic resources. autos are less negative today. as for wall street, we are in for a muted start to trade today. all three majors looking at a flat start this after yesterday with the major indices slipped lower. the dow falling 110 points nasdaq .80% and s&p down .60%. thank you for joining us i'm julianna tatelbaum. >> i'm joumanna bercetche. "worldwide exchange" is coming up next.

it is 5:00 a.m. at cnbc global headquarters. here is the top "five@5. futures under pressure this morning as stocks track for the worst week in more than a month. that's not stopping wall street's biggest players from putting their cash back to work. details on the massive money market reversal taking shape in just a moment. also, elon musk waking up $13 billion poorer after a wild 24 hours with his empire of companies from tesla and spacex and trouble at twitter we break it down. credit suisse bond holders