that's all for this edition of dateline. i'm craig melvin. thank you for watching. ♪ good morning welcome to "street signs." i'm joumanna bercetche >> i'm julianna tatelbaum. these are your headlines >> deutsche bank marks off the turmoil to bring on the highest profit in a decade the bank showed strength in overcoming the crisis. >> it was an interesting market environment in march we were tefsted and i think the silver lining of the test is we passed with flying colors.

barely a scratch. unilever rises as sales surge 10% in the first quarter as they hike prices as they combat supply and inflation. the ceo warns of more price pressure to come >> we are past peak inflation. our price growth this quarter was more than previously we are still not at peak prices, but more inflation coming into the unilever price base. shares of circusym corp sure and meta reports the first sales increase in three quarters and lowers expense guidance. mark zuckerberg doubles down on investment in new technology. >> a narrative developed we are moving away from the metaverse vision i want to say that is not accurate we are focusing on a.i. and the

metaverse for years. we will continue to focus on both warm welcome to "street signs. a very busy morning on the earnings front a huge number of names reporting in europe. at the headline level, indices are not moving much. below the surface, a number of movers this morning. this is just a selection we will have more. deutsche bank in the financial sector up 2% the stock has been choppy in trade. we are moving higher after q1 results showed the 11th straight month of profits energy did produce a net profit for the quarter and selling part of the canadian oil business not enough to get shares going in the health care space, astrazeneca moving we had nestle results and all

about pricing there. same with unilever pushed through 10% of price increases for the quarter and volumes essentially flat dipping slightly that stock is up 1.2% this barclays up 4.76% right now. the huge number of individual movers basf is taking a sizeable hit after their results. let's start off with the deeper dive in deutsche bank. the company reported a first quarter net profit of 1.3 billion euro the lender was boosted by higher interest rates annette is joining us with more. she has been busy speaking with the cfo. annette, 11 straight quarters of profit for the bank. how do you characterize the results and affected by the

demise of credit suisse? >> reporter: the bank did well in the first quarter also beating and -- beating exe expec expectation. the investments for the bank came in lower for the bank the bang looks on track to achieving targets and achieved targets already. the key target to diffiversify reliance away is working the corporate bank is probably the strongest performance in the last quarter almost on par with the operating profit of the investment bank. that is driven by higher interest rates it also paints a positive picture of the restructuring efforts the bank has been going through.

when it comes to credit suisse, they are expecting to benefit from the demise of credit suisse both with one competitor less and less m&a activity and the asset management of the business they are expected to come in the next couple months and quarters. i guess the credit suisse effect remains to be seen and will only be visible in the future when i caught up with the cfo of deutsche bank, i asked him about the general picture of how he sees the bank performing take a listen. >> the picture is the business is performing in line with the goals we set you are seeing the benefits of the transformed business model revenue is up 35%. private bank up 10%. you see the banking business

performing very strongly in a more normalized rate environment. you see the financial markets business relative to their business environment and peer group performing reasonably well we are pleased with the performance. our income cost ratio is in line with the goals we set last year. that validates the transformation we have been working on since 2019. >> let me bring you back to last quarter. a lot of volatility. your bank with the rise of the banking rises. how did you experience that? >> it was an interesting market environment in march for sure. we were tested the silver lining of the test is we passed. i think we passed with flying colors barely a scratch as we got through it all the market was looking for vulnerabilities in banks with the surprise out.

u.s. region -- surprise out of the u.s. regional banking with interest rate issues and commercial real estate exposures and many features. at the end of the day, looking at deutsche bank, they saw a profitable model very little ownership losses a stable balance sheet and stable deposit base. i moderate commercial real estate book rewell underwritten. across the dimensions, the market saw a stable and well run and well risk managed bank >> were you benefitting from the demise of credit suisse? one big competitor which has left the market. >> we think we are a natural beneficiary of fallout we admire the management team at ubs and we think that competitor

will be formidable with the passage of time. the concentration of the banking relationships with one provider for many clients is something you expect to see them diversify. we see us as a natural destination for the clients and people and some business wiand e are well positioned to profit from that opportunity. >> reporter: this is a confident deutsche bank for the future they announced they are planning on cutting more costs to make the private bank more profitable that is the weak spot. they are looking to job cuts in some areas deutsche bank is not yet there, but they have improved a lot ever since we were reporting about them in the middle of the crisis they are on stable footing and also having some more firmer language on share buybacks in the second half of the year

potentially. james did not want to go into details of how big the buybacks will look like they need to talk to regulators. clearly, there is a frustration of the low share price they want to do more of the share price in the future. >> annette, it was interesting to hear how confident james sounded. especially with respect with respect to the banking crisis. he said we escaped without a scratch. i think is very significant words to hear especially coming at a time when so many market participants picked on deutsche bank after the credit suisse and u.s. regionals thank you for bringing us the interview. switching to asset management now dws posted a 12% decline in first quarter revenue. the german asset manager cited lower management fees with tougher market conditions last

year the firm maintained guidance for the year the stock is down 5.3% points and dragging on the index. barclays meet expectation for the first quarter profit with the consumer banking business boost the british lender posted 2.6 billion pounds payments rising 47%. the group investment banking division under performed with income falling 8%. one of the best performing stocks today up 4.6% again, the highlight of the bank beat on profit expectation and credit card growth as well here is something interesting. the results from deutsche bank and barclays, two of the largest lenders, come weeks after the turmoil as we discussed on both sides of the atlantic. cnbc has crunched data from fact

set going back five years to illustrate how the lenders stock performs on different outcomes you can find the full report on cnbc pro i had a look at this article our colleague works on that desk and puts together how the stocks perform. typically when barclays beat, they out perform ftse 100. deutsche bank is negative. it takes a while for the positive result to transpire and materialize in terms of the stock. initially the first week after the announcement, the stock doesn't do as well as it should. a month afterwards, it does well. >> it is interesting with deutsche bank today. it bounced around. no stranger to complexity with the numbers. >> i recommend that you check

out that cnbc pro article. from the banking space to the consumer space unileve rerks bea-- unilever be on first quarter sales jumping more than 10%. un unilever ceo says inflation has yet to make a peak >> target growth of 10.5%. the volume close to flat broad based unilever is growing. it is true that pricing remains elevated and exactly as we said last quarter, we are past peak inflation. our price growth this quarter was lower than previously. we are still not at peak prices. there is more inflation coming into the cost base

1.5 billion in the first half of the year i just want to be clear that though we are past peak inflation, unilever's costs are not coming down. >> how big are the price cuts are you pushing through? >> you see the volume growth was more or less flat. we that i that, of course, people are feeling the pinch households are struggling with the inflationary pressure. remember, we only passed through 75% of cost increases we faced last year. it different in different parts of the business. in beauty and personal care business, inflation has moderated a lot. in nutrition and ice cream with costs going up in cocoa and sugar and dairy, they are still dealing with high inflation.

one thing we are discovering is the consumer is very demanding on value right now value is not just about prices it is about the performance of the products i think consumers are expecting more from their brands and we are investing in brand quality and strong innovation. overall, flat volumes when we still have to pass through the level of pricing i think shows that strength of unilever brands at the moment. >> what happens to pricing if inflation moderates a lot or if we get growth deinflation, what happens? do you give back the price increases? >> the reason it is called fast moving consumer goods, the clue is in the title of the sector. we are not anticipating moving into deinflationary context this year we remain committed to the brands priced competitively. if market pricing comes down, we have to follow

right now, we are not anticipating deinflationary pressure we are hoping for inflationary police pressure climate change means initial crop yields are not particularly strong that will put pressure on things like edible oils that will flow through to the fossil fuel sector there is pent-up demand in china. that increase and onshoring that companies are engaging in is adding friction to the economy we are not away from the period of structure inflation pressure. we are not expecting to see deinflation this year. >> ceo of unilever there joumanna, we spoke to him in february he had the same message. we have seen peak inflation, but not yet peak pricing that is the same line he offered today. >> i think what is interesting

is, julianna, just listening to what alan said to you. he does seem to imply the inflation pressures are stronger he said our costs are still rising because of that, it is difficult for them not to keep passing on price hikes to their final consumers. if you look at the earnings today, average price increases were 10% that was similar to nestle similar to nestle, it did not dent volumes volumes were down .50% the translation of all that means they actually have been able to pass on price hikes without it coming too much at the expense of the volume sold. >> there is something to remember with the messages ackno and how the ceos communicate paul donald noted that companies will not go out and talk about price gauging. they are talking about the reason of inflation pressure in

the cost and that was the message that alan jope said. every investor is asking how sustainable are the prices or if we hit deinflationary environment, will prices come down >> this is me wearing my macro hat. how many times do you go to the grocery to buying something and it has gone down once companies pass on higher prices, the prices are there to stay you are not suddenly going in and start seeing everything dropping 5% or 10% that would put us in a deinflationary environment the higher prices are here to stay, but the pace at which it goes up. >> if consumers trade down to your point, that is the next leg of the story to what extent do

you see consumers trade down >> these companies are so relevant to the discussions we are having about the state of the macro economy and consumer also coming up on "street signs," it is a busy day for earnings we will bring you more of them after this break

give your small business one tech solution that checks all the boxes. it's all here with the

comcast business complete connectivity solution. peace of mind with cyberthreat security. the power of the largest, fastest reliable network. plus, save up to 75% a year with comcast business mobile. the complete connectivity solution. from the company powered by the next generation 10g network. get started for just $49 a month. and ask about an $800 prepaid card. comcast business. powering possibilities™. give your small business one tech solution that checks all the boxes. it's all here with the comcast business complete connectivity solution. peace of mind with cyberthreat security. the power of the largest, fastest reliable network. plus, save up to 75% a year with comcast business mobile. the complete connectivity solution. from the company powered by the next generation 10g network. get started for just $49 a month. and ask about an $800 prepaid card. comcast business. powering possibilities™.

welcome back to the show it is earnings bonanza in europe markets are digesting the company earnings that have come out this morning the stoxx 600 as a whole is up .80%. this after a mixed hand over from wall street yesterday a lot of focus and speculation as we talked about yesterday's session about first republic bank the stock continues to come under selling pressure on the flip side, we continue to get better big tech earnings big beats the last couple days from alphabet and meta that is why the nasdaq was in positive territory in europe, the focus is on a lot

of earnings. let's switch to the individual boards the ftse 100 with the name barclays that is up 4.5%. we are continuing to see some good results come through from the banking space in addition to deutsche bank. deutsche bank is up 1.5% banking posting better result. one question from the community is are we at peak earnings at this point given the macro concerns coming through. also in germany is basf. it is not showing up here, but one of the drags on the german index. something to watch out for with the warning of the changing conditions in the second half of the year one drag on the german index after launching a potential acquisition for sym tech in cac 40, you see in the green.

up .40%. total energy is the one we are watching there the oil and gas company with less profit due to the fall in commodity prieces. i did not speak about unicredit. posting better results in terms of sectors, autos leading the charge up 1.3%. luxury is seeing a rebound we spoke about that yesterday on the show with charlotte. recovering from the weak performance yesterday out of some of its units. banks. we spoke about that a short while ago. on the flip side, media down 1.5% financial services drags lower from deutsche bank let me tell you more about total energy posted a net profit of $5.6 billion in the first quarter the french energy giant expects

gas prices in europe and asia to remain stable in the second quarter, but posting a rebound in the second half of the year it will sell the canadian oil business to sun corp in a deal worth $1.4 billion switching to pharma. astrazeneca had an adjusted profit of $1.92 per slhare the ceo said the slowdown of covid-19 sales is impacting sales. >> excluding covid, revenue gre 15%. every single area and franchise grew double digits we had strong growth in china and in particular the emerging markets in china very strong year for us at

astrazeneca. and sanofi posted better than expected ed earnings the s quarter. the french firm with an8.76% increase and maintained guidance and expect earnings to grow in the low single digits. carlsberg had a growth in the first quarter and maintained the environment is unpredictable. the ceo told cnbc that demand in china surprised to the upside in the past quarter >> we were a bit nervous with covid in china we had a solid start of the year the chinese new year volume was good we indivended up with 4% growthn china in volume and revenue. we had a good start in china

we are positive with regard to expectation for china for the year >> happy to say the chief market strategist here from bnp is here good earnings day today. we have seen real beats and strong performances on the back of that and down moves as well to your view, whether you think the markets more focused on the micro rather than macro with the earnings season? >> good question one thing we noticed is a reaction of the market to some of the surprise with disappointments which hasn't been in line you had disappointments and a market reaction negatively other disappointments is less which is surprising. in this market, we have been expecting a slowdown in the economy for a long time and we see when it shows up

the market has been at least so far complacent is maybe good or maybe not. >> going in the earnings season, expectation was an earnings recession. how are the numbers playing out so far >> that's the good news. i think a bit surprising until yesterday. the market hadn't reacted positively to the good news. expectations were for declines about 6% or 7% it is about how did the numbers come in relative to expectations we had fairly significant negative earnings revisions for a while. we lowered expectations. that's the game. it's easier to beat them they have been strong around 6% which is above average that is what the investors should take comfort from in terms of the actual results. it is always what about the future and if you look at corporate guidance, the outlook companies are giving, it is reasonably positive. >> that was my question.

does this push out the outward expectations we have a strong earnings season so far, but does it take longer for the other shoe to drop >> it never arrives. we think it will arrive. it will be different we have, ourselves, pushed out when we think the recession in the u.s. will come we do think it is necessary because fundamentally the issue is that inflation is still too high the only way we see that getting down to target is recession and that is not going to be good for equity mashrkets. when is the question. >> can i ask about tech? we had a stronger than expected tech earnings season with majors already reported we had sizable moves already the nasdaq is an overall index is down 1.8% week to date. why aren't these stronger tech

earnings translating into stronger moves for the overall nasdaq >> it is important over the last three months or so is the interplay with what is happening with discount rate expectation and fed funds and so on and earnings earnings had been disappointing for tech you had the boom period in 2021. that comes down. you have negative comps and disappointed you had support with the expectation for policy rates coming down. it is the interplay. it is good the earnings have come through, but you had a big run up thanks to the discount rate it is how the two determine. >> let's pick up on the discount rate we have an important ecb meeting coming up. some people saying they could go 50 basis points. if the ecb do continue with the hiking path, even after the fed have stopped, how does that change the relative interest in

u.s. versus european markets >> number one, we don't think the fed will stop. you are right, the ecb will do more inflation pressures are higher in the eurozone than ufrp of u - than the u.s if you think of the tighter monetary or hawkish in the ecb versus the u.s., that should benefit growth stocks in the is u.s. that's where you see dynamic of the growth stocks relatively speaking doing better. that should ben p fefit u.s. relative to europe. >> even at the same time you don't see the fed stopping >> more from the ecb than the fed. >> what do you expect from the fed? what do you mean by don't stop when do you expect to pause? >> they will stop eventually >> they will cut it is a question of when it is later than what the market expects. we think as they do, they swung too far in the other direction

we are still pretty high. >> can i take you back to the banking sector it has been right at the center of the storm the last couple months march looked hairy it feels we have moved on from that people are concerned about u.s. regional banks the last couple days what is the take on the outlook for the european banking sector? the set of earnings from europe have been okay. >> i think it illustrates the difference between what was going on in the u.s. and in europe at the time, of course, the turmoil in the banking sector. the causes were specific to the banks involved where if we don't think it would happen in the u.s. which was systemic, but broader of how banks managed balance sheets from that point of view, thanks to the tighter regulation in europe, we don't anticipate a problem here even you have the decreases in equity prices, but we see that settle out.

>> daniel. it is -- daniel, it is a pleasure daniel morris. coming up, meta will have the numbers report we'll dig into it just after this

welcome back to "soitreet signs. i'm julianna tatelbaum. >> i'm joumanna bercetche. these are your headlines >> deutsche bank overcoming the turmoil with a profit in the first quarter. >> it was an interesting market in march for sure. we were tested i think the silver lining of the test is we passed. i think we passed with flying colors barely a scratch. barclays tops the first quarter forecast the british lender sets aside $525 million pounds in credit

sales. and unilever continues to hike prices as it combats supply and input inflation. the ceo alan jope warns of march price pressure >> we are still not at peak prices, there is more inflation coming in. meta shares are set to open at a 14-month high after the company reports the first sales increase in three quarters and lowers expense guidance. the ceo mark zuckerberg doubles down. >> i want to say up front that is not accurate. we have been focusing on a.i. and metaverse for years enough and we will continue to focus on both after a choppy start to

trade this morning, european markets are firmly higher. every region is trading in the green on what is a busy earnings day. i don't have to tell you that. i'm sure you are poring through the numbers. basf is trading sharply lower. this is a big move for the chemical giant down 3.4%. basf is expecting a challenging second quarter it will see recovery in the second half. this after a 28% increase in first quarter net income the group maintained full year guidance delivery hero posted a 2% rise in the first quarter it expects to accelerate growth going forward flagging a promising start to the new year. meanwhile, hello fresh beat for the profits for the first quarter as customers returned. the german meal kit maker was to

expand the customer proposition. delivery hero down 2%. hello fresh up 6.25% here is a big mover. deutsche bank says higher quarterly revenue was helped with larger trading. deutsche boerse launched a bid for simcorp to boost products. the german exchange operator simcorp shares are up on heavy trading volume db has passed the 90-day average of trading volume in the first 90 minutes of trade today. huge action suggesting that investors were not braced for this deal. on to wall street. here is the picture of u.s.

futures. nasdaq is looking at sizable gains. i think that will have a lot to do with meta >> there we go meta shares are up in pre-market trade after the tech giant reported the first sales increase in three quarters facebook parent company posted over $28 billion in first quarter relvenue. it issued guidance forecasting up to $42 billion in sales mark zuckerberg stressed the upside of the company investment in a.i. as well as the ongoing benefit of cost cutting. >> as financial position improves, i continue to believe that slowing hiring and flattening management structure and increasing the percentage of company that is technical and prioritizing projects will improve the speed and quality of the work i believe a stronger financial position will weather a volatile environment.

>> our tech correspondent arjun is joining us. it seems sales came through for meta >> you saw a jump in the ad business the message was this, we are investing in the future and metaverse and a.i. we are back and looking at core business which is resilient and seeing recovery. the key is the revenue guidance for q2 which was above market expectations $29.5 billion. that was positive as well. there is a sense here this recovery story, potentially, is under way despite the macro headwinds. also they are continuing to invest in the areas like augmented reality and metaverse and a.i. iss something the marke was pleased with >> the growth question is out there for investors. they can't cost cut to growth. >> they focused on cost cutting

for a lot, but that is because this is what we have seen across the technology companies they hired aggressively during the pandemic and post that when we saw the big trends really accelerating they over-hired. costs were bloated they are adjusting we have seen tens of thousands of job cuts across the meta, tho resume hiring this year in specific roles it is interesting. mark zuckerberg said this narrative is turning away from the metaverse. that is the core priority for the company. the reality lab division lost $3.9 billion in the quarter. you are seeing shares up around 11% in the pre-market. investors tolerate anning the

investment because they are not losing sight of advertising. >> we talk about the stock price. you see in pre-market that it is looking to open up 11% $230 the lows of last year were around november where the stock reached $90. i remember at $100, we were sitting around the desk having a suggestion of the upside of meta people were negative of the investment of the reality labs and a.i. and nobody was buying the story. we have done well since then the hook for that is investors seeing the value opportunity because $100 was not the reflective of the broader scale of the business. the bread and butter is there. the advertising. what are the analysts saying now we're at $230? >> fascinating turn around we were looking at sub $100.

it was a messaging problem it looked like meta would choice the metaverse at all costs and burn a lot of cash to do so. regardless of what was happening in the core business coupled with that, you started to get concerns about the macro picture of what would happen to advertising and reality is you have seen pull back in ad spending, but what the numbers from meta and the numbers from alphabet show is advertising, particularly digital advertising, is resilient. that, as you mentioned, is strong i think still a lot of upside for meta going forward a lot of movement priced in at this point this isn't the tech sector generally and particularly meta and alphabet are not out of the woods. these are good numbers both warn uncertainty on the macroeconomics it is still not clear with the

ad market if the full recovery is under way a good set of numbers in q1. i think that is why there may be a bit of caution ahead on the meta stock >> arjun, let's shift away from earnings we got big news on miecrosoft yesterday. uk moving to block the major deal for activision-blizzard >> a quick back story. the proposed acquisition the initial investigation found that the deal would lessen competition in the game console and cloud gaming services in the uk that was the an assessment concerns that microsoft would take the "call of duty" titles and make them exclusive. it would not reduce competition in the console market because it is not viable for microsoft to

keep all the games for themselves the outstanding piece was cloud gaming this is the area where it is netflix for gaming stream games you remove the need for consoles and hardware you can potentially use your phone or laptop or controller linked to the tv to play microsoft is betting the gaming future on this cloud gaming area what the cma is saying is it is still early days in cloud gaming if we let the deal go through, microsoft will have a substantial foothold in cloud gaming before the market takes off. that could hamper innovation that is why they blocked the deal microsoft will appeal. what does this mean for the others eu and ftc we know ftc under the leadership of lena kahn is scrutinizing the power. it is interesting to see how the

regulators make a decision >> you saw activision take a step lower would microsoft shareholders like to see this go away or see the deal >> i think when they look at what with microsoft has done in gaming, it lagged peers like playstation and nintendo in the console market that is the traditional market if microsoft is going to be in gaming, and the future is cloud gaming, then this is the way to get ahead. they are looking at this and saying activision with huge titles they need good games for it to take off they are looking at the deal positively, but not looking positively at the regulatory hurdles that lay ahead. >> not the end of the road, but difficult to get through the hurdles as you say arjun, thank you for the overview a lot in the tech spaces this

week. also coming up on "street signs," a 20% rise in reef knew for stm. we will talk to e o te e eak.thceafr

shipstation saves us so much time it makes it really easy and seamless pick an order print everything you need slap the label on ito the box and it's ready to go our cost for shipping, were cut in half just like that go to shipstation/tv and get 2 months free

we moved out of the city so our little sophie could appreciate nature. just like that but then he got us t-mobile home internet. i was just trying to improve our signal, so some of the trees had to go. i might've taken it a step too far. (chainsaw revs) (tree crashes) (chainsaw continues) (daughter screams) let's pretend for a second that you didn't let down your entire family. what would that reality look like? well i guess i would've gotten us xfinity... and we'd have a better view. do you need mulch? what, we have a ton of mulch.

welcome back to the show we are very much focused on the european earnings coming out this morning from consumer goods to banking to pharma a lot of things is standing out, julianna, going back to what our earlier guest was saying in terms of earnings and it is still early in the session, of course, the expectations were so low in terms of growth numbers that any positive surprise we are seeing reaction to the upside. >> and in the tech space, arjun made it clear that they are to meet expectations. we will push on and talk about stmicro. first quarter revenue jumped 20%. the chip maker added it is targeting revenue up to $17.8 billion for the first year

jean-marc chery joins us now thank you for being with us, sir. give us a sense of how demand evolved across key segments. clearly the reaction has been negative stock down 7.6%. my guess is investors are concerned about what they see in personal electronics >> of course, in q1, as you mentioned, is 20%. it is clear it has been automotive activity. for this market to grow above 40% and above 30%. yes, it has been offset by consumer electronics and minus 4% year over year. it is not a surprise we know the consumer market is,

let's say, today facing reinvention and facing a weaker demand because back in 2021 and 2022, consumer behavior change aid bit. that is not a surprise the issue is st grew 20% >> it is interesting we were saying consumer goods and the softness coming through there. what are you seeing in the auto industry i know a big part of the focus has been supplying that industry with the relevant chips. what we hear is the price cuts at the macro level there how does that filter through to your margins >> we do not see price cuts on the semiconductor supplying.

we know worldwide, the car will increase from 8 million to 30 million cars consumer a lot of micro con st controllers. we have no price cut or any price pressure we negotiate on the price already. the price will move forward through the year where we see price pressure is the consumer market. here and there, you start to have demand from customers to cut the price. overall, in q1 and q2, we are still overall addressing the market on price. we say for the full year, this

price will be neutral. automotive will be positive. yes, we will have price pressure on consumer related activity >> genjean-marc, can i pick your brain on consumer electronics? do we see softening demand for the iphones in the coming months >> the volume, i will not comment specifically on these customers. it is clear, worldwide, there are two issues volume would be in 2023 versus 2022 basically flat. this is the consensus that the number of phones that will be sold in 2023 will be flat.

then, there is an issue that has not been fully digested. we fully expect by the end of the year we will see the consumer rebound in q1 and q2, we are facing this issue with the weak demand for the product. >> jean-marc, i appreciate you taking our questions jean-marc chery of stmicro. let's look at how wall street is setting up we have all three of the majors looking to open higher in line with the decent trade we are seeing in europe as well so, joumanna, these earnings, as we discussed, better than expected markets are reacting >> the nasdaq also going back to

macro. we have gdp data backward working. i want to see what that number comes out in the first quarter it will be interesting to see how consumer spending factors in 70% of the u.s. economy is based on that. based with what we heard from some of the banks so far, consumer credit has held up. gdp is a backward looking indicator. it will reaffirm and show the u.s. is not yet in recession >> it will be interesting to look at the figures today and jobless claims more on the labor market that is it for "street signs." thank you for watching i'm julianna tatelbaum. >> i'm joumanna bercetche. "worldwide exchange" is coming up next.

give your small business one tech solution that checks all the boxes. it's all here with the comcast business complete connectivity solution. peace of mind with cyberthreat security. the power of the largest, fastest reliable network. plus, save up to 75% a year

with comcast business mobile. the complete connectivity solution. from the company powered by the next generation 10g network. get started for just $49 a month. and ask about an $800 prepaid card. comcast business. powering possibilities™.

it is 5:00 a.m. here at cnbc global headquarters. here is your top "five@5." stocks looking to bounce back as investors bracing for the busy day of earnings season. it is all about meta the stock popping after reversing. and after the close attention shifting to amazon and developing story we watch shares of first republic bank openin