credit suisse, perhaps a bright spot.thement, we london market opening in negative territory, down .1%. ,he ibex, down .25% and the cac .2%. negative sentiment and lack of catalyst despite the positive earnings season that seems to be dominating things in the pickup from asia. you will see how the united states performs. from a sector perspective, we could see interesting trends. thenology stocks, before break, the news out of texas instruments and the weakness in .orporate reporting round tech sap was a bright spot, so maybe it is not a simple story. infs, that is the technology sector and that is pretty miss. despite the outperformance against estimates in some businesses. health care is an area of green. a be partly the novartis story. we will check out individual price moves. utilities, green coming through. energy, basic materials, both weaker perhaps explaining why london is in negative territory. what do you see in individual corporate stories because we could see strong individual corporate out and over performanc

francine: that was the credit suisse chief executive.lots focus on germany's -- europe's biggest economy, consumer confidence in germany has fallen to 99.2 in april. joining us from skype in munich is the ifo president. as always, thank you for giving us a little bit of your busy schedule. are you disappointed in the figures are you think the trend is upwards? clemens: it is a disappointing result. [inaudible] francine: mr.fuest, i'm going to cut you off because we are having trouble understanding what you are saying. i will get back to you. k, we were speaking to the leader of credit suisse who said germany will be disappointing. how much do you worry about the german economy? erik: i do not worry a whole lot. today wase from ifo that it was disappointing but it was all on the manufacturing and trade side. while manufacturing confidence is at an all-time high. so this division between the internal and extra. it -- external. it comes back to what we have talked about before, the main thing keeping germany down is the slowdown in global t

. >> shares in credit suisse amongst the best performer as they beat expectations in the first quarter and the ceo tells cnbc he is cautiously optimistic >> what we have seen brutally is a continuation of the trends of march overall supporting the environment, continuing the trends we saw at the end of q1, so the phrase i would use is that we are cautiously optimistic >> s.a.p. hits a record high after the german business software group shrugs off a first quarter operating loss with aggress i medium term profit targets forecasting cloud margins of 75% >>> wire cards share surge to the top of the stock 600 as the german firm confirms a $1 billion investment from japan's softbank zbleefrmts good morning, and welcome to "street signs." we have fresh data we have the eafo survey. it's come in at 99.2 for april versus route israel consensus forecast of 99.9 a little bit below expectations. on the current conditions index, that came in at 103.3 for april versus expectations of 103.6 again, a touch light of expectations finally, the third component of the ifo survey, the expectations index, t

gear, we speak to the ceos of credit suisse and novartis and the cfo of sap. stocks hit records aztec names twitter, ebay, and snap get numbers. highs.ls back from 2019 we care from the saudi energy minister this morning. one month to go. the frontrunner to be the european commission's next president tells bloomberg that europe must defend its key industries. stage, europeal must define our key industries in future markets. we have to defend them and champions inlobal key industries. manus: warm welcome to novarti'' headquarters. daybreak goes on to numbers, looking pretty good. net sales of $11.11 billion. the market penciled in 10.8 billion. core earnings comes in at $1.21. novartis starts with strong sales in double digits. double-digit core sales. the genericsed, drug business within the house of novartis. you are seeing a refresher in terms of the leadership on the -- generic side. core, 2019, so novartis still sees 2019. we put all of these questions to the ceo in over an hour's time. he has invited us into the house, and exclusive. he is just over a yea

we started with the first european bank out today, credit suisse. francine lacqua got to sit down with the ceo, and he feels a little vindicated about holding onto his trading operation. it was under pressure at the end of last year. our view was of them a chance. three years -- was give them a chance. three years a very deep cutting. -- vince, you know trading. it seems to be coming around. why? vincent: i don't know if they've done something different from the rest. trading now is mostly electronic. all of these guys are from the same school of thought. they all sort of reacted the same set of way. you lose the human factor. it seems to be that credit suisse has a little bit of human factor somewhere along the line because to break out from the rest of the pack, this can't be pure electronic trading. alix: thanks so much, guys. good to see you. check all of the charts we just found and more. go to g tv on your terminal and browse the features. breaking news for you when it comes to occidental and anadarko. occidental making another bid for an

credit suisse trading flat. nobody reacting.ow, deutsche bank toward the end of the week, the bank stock will be firmly in focus. let's see how this works out from a sector point of view. i mentioned how important technology is today. look at that. far and away the most important sector. it does not have the weight it has in the united states. technology trading up 3.8%. construction doing reasonably well. industrials doing reasonably well. the bottom end of the market, i mentioned by -- why london is underperforming because of the metals and oil companies. basic resources down 1.46. the dax has a drag is result of the auto sector, but in terms of the weight in some of those big resource companies that are dragging us down. those sectors knocking the stuffing out of the ftse 100. it is not a massive move, but this is where it is coming from. that is look at the european market driven by earnings, a little bit of m&a in the mix but the earnings story continues to dominate. david: here in the -- vonnie: here in the u.s., earnings

credit suisse, opening up and closing flat. lot of it has to do with the fact the banks have recovered and where the market is now. the outlook is difficult to tell . barclays is the most interesting because he is flagging the fact that trading is good, equity soft, fixed income better, he has also said i've given you this 13 point 9 billion pound cost target, but i prepared to go up below that is good he is doing that, particularly given the departure he is taken over the factering 9%, but he feels the need to say it means he has little visibility. francine: that is true for everyone. johnathan: it is, but if you look at ubs, particularly the recurring fees they get, he is happy to say to qs will be good, you cannot say that from a trading perspective. francine: for the swiss banks, what are investors expecting? do they need to do more? is it cost cutter or what markets are doing -- cutting or what markets are doing? johnathan: it has to be cost-cutting. the gross margin pressure continues. money numbers, but if you look at th

we just had a conversation with credit suisse. pens next from the ecb is critically important to germany, italy, spain, because the ecb moves more toward the credit markets rather than the sovereign markets, that could have an important issue. we are off just zero point 025%. 2.5 percent holds. let's get to asia. juliette saly is with me in singapore on the asian market rout. inwe are seeing a rebound china from that terrible week for chinese stocks. dozens of companies in hong kong and china coming through with earnings after the bell today. we have heard from china telecom. we are awaiting bank of china. the csi 300 doing well over 1%. boosted by that industrial profit data on saturday. pmire awaiting the tomorrow. japan out of action all week for golden week holidays. australia had a little bit of a negative day today. ignore india because india is close as well for a public holiday although it did well on friday. as you have been mentioning, it is a big week in terms of data. we are seeing a lot of people put data into the auss

--ry: the credit suisse sure germany.ank of japan will cut its , but itn forecast today would raise questions on how the economy is barely halfway to its 2% inflation target despite nine years of intense stimulus. tokyo forays is in us. deja vu for governor kuroda. i am afraid so. there is no doubt that after nine years of unprecedented stimulus the bank of japan has not come close to hitting the 2% target no matter how you look at it. today here i am, on the street in tokyo. the bank of japan behind me. they are wrapping up their two-day meeting later this morning. the reason i'm here is four times a year the boj up dates its outlook on the economy. that is why people are very focused on inflation. ,hy don't we focus on inflation bloomberg terminal chart. it tells the story of what is going on. looking at the yellow line, the national headline inflation of -- it is the white line i want you to zero in on because cpi minus food prices, it fell not even barely at 1%. the purple line is food and entergy, but the shortage on

those start tomorrow with the credit suisse earnings.this is "bloomberg: surveillance." it is a big setback for the world's largest maker of smartphones. samsung will delay the scheduled launch of the galaxy fold. a number of viewers reported screen failures with touch versions of the foldable phone. samsung said it will reevaluate feedback and run tests. phone will cost almost $2000. amazon is breaking its own spending record for lobbying washington. billion for the quarter come out spending google for the first time in a decade. amazon is coming closer to winning a controversial $10 billion pentagon cloud contract. the ceo elon musk says by the middle of next year, one million teslas capable of driving themselves will be on the road. electric carmaker, acknowledging self driving expenses are cutting into cash flow. said the presentation lack a one -- lacked a silver bullet initiative to excite investors. that is the bloomberg business flash. our guests are still with us. you guys are way too optimistic so i need a confounding optimisti

steel look, i give credit suisse credit for getting out on an aggressive call and at $13 a share j.p.organ, and despite the argument, that the reality is the capacity utilization in the sector is pretty darn healthy. prices are pretty darn healthy, but the argument here is that there will be a flood of steel coming on to the market and that's fair and certainly we can see prices overshoot i like the stock i'm long the stock probably 25% higher and i think it's interesting to own it here >> so you're not concerned about the capacity utilization >> to me, for a cyclical and capacity utilization you have to price it to your variable cost >> if these guys earn a billion and a half on ebitda, credit suisse says they'll earn a billion and there's biz parity out there on valuation and this is a stock they think somewhere around three and a half times is now attractive. >> even if you think there will be a glut or supply coming on to the market what happens when the tariffs are lifted, say the day comes. what happens to these stocks >> look, to me, tariffs are not a good thing it's been a dea

credit suisse reports wednesday followed by ubs come of our ways, and swedbank thursday.ults from deutsche bank thursday. for more, senior banking analyst at bloomberg intelligence joins us and bill dinning of waverton investment management is with us. jonathan, i want to pick up on the barclays story. of brought up the issue cost-cutting, something you are focused on going into this earnings season. what have you been looking at? equity trading will the be down probably more than the 21% they averaged. fixed income will be down 15% to 20% in some cases. -- banks need to increase improve cost income ratios. if you have revenues of 20%, you have to and if you look at barclays, the way they report, they include part of the credit card in the investment banking division and last year's return on tangible capital is 7%. credit cards were very profitable. we knew they had to come off and we knew the trading wasn't going to be great. is out, taking personal responsibility. asall makes sense, but interesting as barclays is, the french banks, as well. they have been pretty shocki

warrant out to the charges relate to two billion dollars loan to government agencies from banks like credit suisse and russia is meeting people like the money was ostensibly for new tuna fishing boats and a coastal protection system but the government has said they were used to buy military vessels instead and millions of the original loan simply disappeared was in bits and seventeen million dollars landed in china's own pocket to make matters worse the government failed to disclose these loans neither to parliament nor the international monetary fund donor funding was cut as a result private investors pulled their money to that set off a financial crisis for the already poor country and the reckoning is far from over where chang is to face charges is still unclear the us and mozambique are both waiting for the decision that can only be made by south africa's justice minister. zimbabwe is to stop paying compensation to white farmers who lost their land under former president robert mugabe's land reforms president to m.s.n. money and god was set aside seventeen and a half million dollars for the pa

we have got ubs, credit suisse we also have some of the u.k. banks reporting. rbs and barclays to watch out for as well. let's talk about the individual indexes. we see the breakdown across the different markets. you can see the only one that is trading in the green this morning, the ftse 100. that index is about 20 points higher a quarter of a percentage. the currency is trading below 130. the inverse correlation is at play there worth bearing in mind that politicians are now back from easter recess, so expecting to hear some more on the political side of the next couple of weeks. keep an eye out for that in european other marks, we have dax trading weaker down .1% cac also weaker. ftse mib down an equal amount. let's talk about sectors thorks. there's within sector in particular we are focused on today. i'm going to talk a little bit more about that in detail. huge bounce in the price of oil. we're at six-month highs, and we're also seeing some reaction in individual stocks tech, i started off by talking about nasdaq reaching an all-time high. some of that st

pep was asking for our trust credit suisse says don't give it to them. for a few weeks it kept a lid on the stock and started running in late march because lower interest rates made it more attractive something that's bolstered most of the staples and they reported last wednesday this time pepsico posted a strong 5-cent earnings beat higher than expected revenue driven by 5.2% organic growth rate when i saw this, people, i was driving in and i was jumping up and down i could not believe they had in firepower. while he only reiterated full year forecast they didn't raised first year it seemed like he's being conservative to underperform -- overperform while under-promising. they had a plan and the plan is working. frito-lay is on fire the troubled north american beverage business saw an acceleration thanks to new packaging formats, glass over plastic and bubly and lifewtr. as he said on the conference call innovation is really working very well. in response it surged to new highs and bears were forced to upgrade it from sell to neutral. at what point do y

jonathan golub of credit suisse will be here to tell us what will take us to new highs. plus tafs wild weekend for elon musk on twitter at least is he putting his s.e.c. settlement at risk what can stop him now? we start off with the final countdown to netflix earnings. stock underpressure down today adding to losses down about 5% since disney announced the new streaming platform last week the stock had been streaming higher this year up 30%. most of those gains were in the final two weeks of the year. it's been relatively flat since the huge move off the low. as netflix gets red i do report tomorrow after the bell, will it be the catalyst for the market looking for? what tone will it set for the rest of tech particularly growthy tech >> four questions there. >> can you handle that >> ki because it's monday and i'm fired up we were beginning this morning on "squawk box." >> yes >> you go back january 27th when netflix reported close at $350 today the stock basically closed at $350. the great part about last quarter, national adds, stock went lower what's my point? well,

credit suisse sees the 10 year yield ending around 2.5%.dman sachs of shape there's to 2.8% from 3%. hsbc seeing it down. been on the bullish side for treasuries. the weighted average of 2.96%, down from 3.29% from december. we end the year higher than where we are now? while, it hase a been going lower. we are of the view that at the end of next year we could see a technical recession in the u.s. as well. that coincides with that view. the movement on rates, we have been anticipating. theoes depend on what economic data does say. we are anticipating it will slow , and more bearish indicators in the u.s. data. it will be interesting in the next few weeks and months what we actually get. nejra: if you are expecting the payroll data to slow, are you expecting it gradually? why i think the payroll data is very interesting. a few months worth of data does not make a trend. from that point of view, over the next quarter the data will be extremely interesting. the fed have already made noticeable returns from where we were in november. in novembe

the market has assumed they're not going to be as bad as some feared >> credit suisse came out with a report saying the opposite earnings recession likely avoided. the way they look at earnings expectations, they measure it on the weighted expectations and median expectations. if you look at median expectations after earnings surprises, we could have some up side >> i think you'll get a strong read into just how much the global economy has contracted. that's where the struggles for earnings are going to be you'll look at energy, materials. >> i think if we get a china deal, or the -- or more positive news, ceos will be more optimistic in their guidance going forward. so that could help you, but overall, i just see the earnings recession at least for this report >> let me ask you this then. does the rally get validated or spat on in earnings season are you suggesting that the market should not be where it is by virtue of where earnings are going to be? >> the market right now is pricing in that expectations for earnings are too low i think momentum in a buzz lightyear infinity and beyo

in the seniorreak equity research analyst at credit suisse. craig, great to have you with us.ow big of a deal is this, the secret conversion? >> it's pretty big and a lot of us have been waiting this -- on this for a while. these partnerships made it too difficult to own for a lot of the investment community. a lot of my clients cannot get around the k-1's. this is a game changer. blackstone will open the doors to a whole group of passive only owners. that is a big deal. amanda: clearly also driven in part by a change in tax law, that makes it more appealing. what are any potential downsides, if there are some, going from the public partnership model to the corporation model? >> the tax rate will be a little higher over the next two years. in five years, up by 12, 13%. we think it will make up much more of that in valuation expansion. when you look at the quality of blackstone, the fact that it's grown six times since its ipo in 2007, and you look at its low valuation, we think blackstone and the other alternative asset managers are very valley -- undervalued versus their fund

steel was downgraded to underperform from neutral at credit suisse. the analyst says u.s.el is in a weakerpe ctive position compared to its peers. the pricet tar $13. the stock fell about 10% to $17.77. >>> still ahead, think the ?etail industry is cnging well, a new report says just you wait. ♪ ♪ >> bank of america is hiking its minimum wage t$20 an hour and the ceo says the increase will be emblemed over the in, t years. paychecks will go to $17 at first and then 20 which is e highest minimum wage paid by any of the country's biggestan. the announcement comes one day before bank's ceos are scheduled to testify on capitol hill. optimism on main street ticked atgher last month. according to thenal federation of independent business, business owners are more optimistic about economic growth and do not expect a recession any time soon. theurvey also points to solid investment spending and hir g. >>ll, the retail industry could use some of that optimism as store closings are projected to accelerate. according to ubf, nearly 75,000 reta stores will close if online saleseaed 25

i have a great bank that's been helping me, credit suisse, and i'm really excited so myself, adam bane, tony bates, the entire team, jackie, credit suisse, i think we will land something inspiring >> okay. we'll look forward to that let's talk about tesla, okay what was it, more than two years ago, you pitched the converts. >> yeah. >> where are you with those today, and then i want to talk to you more broadly about that company. >> so, if you take a step back, if i asked you to sort of, you know, attempt to drive a golf ball off the pier here into a teacup and gave you a million tries, i suspect that in a million times, you would not be able to do it. but if you then took somebody else and they were able to do it nine times out of ten, you would say, wow, that person is a great golfer the analogy that i would make is elon basically did that equivalent he was able to send a rocket into space, do all kinds of interesting, enormously productive, useful things for the world while in space, and then come back down and land on a boat in the middle of the ocean. the kind of technical sophist

he is joining us from credit suisse. we are getting the china's gdp number out.s will beink important? jonathan: it is the most incremental piece of the pie for the year. it is this emerging view and one we can debate on whether the reason the market is rallying is because there will be a second-half rally on the back of continued chinese stimulus, which not only will lift china, but will give a reprieve to europe. if that is the case, not only will the markets in the western -- markets in the west will do well, but if you have a stronger gdp number from china through the year, you are likely to see industrials, materials, tech, hardware, semi conductors leading. but if on the other hand, if it is softer on china and the rest of the world, then the market will take a more defensive tone in health care or consumer staples. the kind of tech company will be different. guy: it it is the former, does europe outperform the u.s. this year? jonathan: for the full year, no because of where you have been so far, but between now and the end of the year, yes. the u.s. would

one of the factors that led credit suisse to raise and then asian stocks to market weight.nd property stocks in benefiting from those rate cut expectations. broadly speaking, investors have been unnerved going into the elections. buying of indonesian equities has lost momentum over the past week after a long stretch of inflows seen january. overseas funds have returned to the indonesian sharemarket in a big way. $1 billion worth of stocks this year, the most in southeast asia. many observers see property and construction stocks as big winners matter who wins the vote, given the massive need for infrastructure investment in the country. as you can see, a gauge of the sector on the jci as rallied from a two-year slump in the best-performing over the past month. the segment up nearly 8% in that time. haidi: let's get more on the indonesian election. we will go to jakarta. haslinda amin is there for us. indonesian stocks may be having a rally, but when you take a look at the economy, it has been stagnating about 5%. when you take a look at exports, down for four consecutive mon

. >> credit suisse investors being urged to reject the compensation report after an unjustified pay riseeo, tidjane thiam. there are questions of the rationale behind the hike, in the reasons it was made public. >> interest is seeking as much as $1.2 billion in an ipo that could value it lower than his last private valuation. it is offering 15 million shares at $15 a pop. back in 2017, the company raised money that gave it a total valuation above 12 million. >> we are counting down to the opening session in mumbai. let's get the latest with our guest. we have been tracking the oil prices, but what is the setup like? you can expect a lot of pressure to build up with oil and gas. with what has been happening with oil, all the earned market crumbling, 8% to 10%. yesterday's session saw a week footing, and now the nifty is on the brink of breaking global levels. you can expect that on the back of what oil has been doing, brent crude is reflecting the and its in the currency was weakness across the board and the only pocket that held ground -- there was a market selloff that happened in the t

there, too some positive signs in the apac region, which is in contrast to what we heard from credit suisse it's been a geographic region of strength for ubs they've increased assets by $16 billion net new money coming in overall to the overall portfolio. again, he did say that things are picking up towards -- started to pick up towards the end of march just coming back to your point about dws, ubs is one of the names that has been reportedly in talks with kplerz bank about its 79% stake in dws i asked mr. amatti whether or not he could comment on some of the reports. let's take a listen. >> we don't comment on the citing that our asset management business has been going through a huge transformation. it's very successful in its business areas i mean, nowadays, it's not surprised that there are rumors around the asset management industry we don't comment on specific rumors zroo would you say that to be more competitive in that space or to gain more market share, you would be looking at accumulating more assets under management, though, and that welcome back one way of acheefg it >> in gener

we have had earnings out throughout the day from the tech sector, credit suisse with good numbers, volvo with good numbers. we've also seen sap with good numbers. withtis in the tech sector good numbers. we've also got a german yield on the 10 year that is negative again. the bund is trading in negative territory. we saw disappointing data out of germany. we also saw disappointing data from france. the dollar continues to be on an absolute tear at the moment. another commodity currency, a bit like the canadian story, really disappointing inflation coming out of australia a little earlier on. that firmly puts the rba in a downward trajectory. that is not the aussie, as you can see. the aussie dollar trading down by about 1%. vonnie: let's check in now on the bloomberg first word news. here's kailey leinz. kailey: the trump administration wants to wrap up a trade deal with china by next month. a high-level u.s. delegation goes to beijing next week for talks. negotiations returned to washington may 8. washington officials hope to announce then they have a draft agreement. there are still a

a couple warning about steel -mageddon coming after a credit suisse warning on the stock and its peersthe iea talks about demand getting cut due to economic threats to the global environment, even as opec cuts

we heard from credit suisse actually cutting the stock to neutral after the rally we had seen, sayingino operator could lose market share. this is after a strong 2018 that it did have. keep in mind, mgm china, morgan stanley coming out and saying that the stock could outperform its peers in first-quarter earnings, even though they say it could look better than the rest of the group, so we are seeing mgm china looking a little bit better than the rest of the sector here. .oming up, property bust going chart to chart next in the battle of the charts. this is bloomberg. ♪ minutest is seven before the open in thailand, and you know what that means. it is time for the charts. we have our markets live reporter and the pacific west charts, going against each other. rishaad: and if you have a bloomberg terminal, you can access the charts by using the function at the bottom of your screen. what is your offering? >> hey, guys. it is the end of the week, and i am sure a lot of people could use a drink, so mine is about liquor. on your screen, it has made a tireless advance with a 30% jump year-o

morgan stanley, credit suisse, and cowen also weighing in. take a look at the bloomberg.ave the anr function for boeing. while the stock price has fallen, that is the yellow line, analyst price targets have held up. is not the only company feeling the heat from the grounding of the 737 max 8. emma: suppliers are also having a tough time. some of the top suppliers and how they are performing. spirit is one of the biggest supplies and it is falling 7%. because ofwngrade what is happening with the 737. the cut in production with the 737 is the opposite to what a lot of the suppliers have been expecting. they've been expecting production to ramp up to 57 planes a month. it is not just a supplier. we are also looking at airlines -- southwest scoring a downgrade today. that from raymond james. them saying the near-term earnings risk is still top for them. -- is still tough for them. marty: thanks. kevin: the polls open in israel tomorrow. can prime minister netanyahu hold on? this is bloomberg. ♪ the biggest week in television is back! xfinity watchathon week. now through april

a couple warning about steel -mageddon coming after a credit suisse warning on the stock and its peers. crude oil down as the iea talks about demand getting cut due to economic threats to the global environment, even as opec cuts output. let's of a quick look at what is going on in europe. luxury stocks doing pretty well, holding up the cac in particular after lvmh posted a buoyant message for consumers and shareholders. easyjet one of the brexit indicators today, along with tui . the outlook doesn't look so bleak, at least for the summer season, for the likes of easyjet because there has been a brexit extension. we will see what happens with that. the dax in germany up 4/10 of 1%, and the euro unchanged today. into our interview with federal reserve governor liles brainard. we will get her update on monetary policy within the half-hour. it is only april, but we are already thinking about halloween because the u.k. and eu have agreed to postpone brexit until october 31 to avoid a chaotic no deal divorced. that is the hope, anyway. we have coverage from aria and stuartrussels, bigs -- f

after the global financial crisis, global banks took and ubs andrategies credit suisse are focusing onlth management, maybe morgan stanley, as well. nomura's strategy the kind of take a bet on buying part of the lehman businesses, that is what these results show. indeed, it hasn't been working. nomura does lack scale if it moves too far away of its core strength in japan. unwilling to really refocus. my view that i have written on nomura is that it should adopt a strategy closer to its smaller cuttinghat doesn't mean overseas completely but paring back. they had about 4000 people overseas and since then, they have crippled the to 12 -- triple back to 12,000. it has changed fundamentals. they need to focus on exporting the japan business and make sure the japan business is disrupted by technology. it is still a little unclear if management really wants to focus on japan only. yvonne: you are dealing with a lot of domestic headwinds with the aging population, economy slowing. i am wondering when it comes to their overseas business, they have already cut the fixed-income trading side, the

credit suisse's main trading business -- from what rival ubs calls one of the worst environments in recenttory. >> three years of deep cuts, it -- cuts and restructuring it is , important to be stable. on our restructuring there may be upside for us and an ability to take market share. equities is strategically very important for our business. >> take market share from who? >> we do not mind. francine: mainly european banks? >> where it is available. we are strong in the americas. we do not want to be too bullish. he is a very cautious man, which i like. results does not mean we have solved every problem. shery: facebook jumping in late trade after reporting better first-quarter revenue, but it is facing swelling legal costs, regulatory threats, and privacy concerns. the overall picture for facebook still looks strong. could we say they had been able to move past negative headlines? >> if you look at the fundamental growth, it was a strong quarter on almost every metric. one big concern, facebook's future growth is dependent on stories, and advertising and pricing is lower than it used to

credit suisse, you may have heard of it.sse a decade ago wrote a paper that said it is going to be few winners. can our society allow that? can we allow microsoft to be a dominant winner, apple to be a dominant winner, and amazon to own retail? lisa: i love your question. it is a fantastic question. fundamentally, one of the things happening and if we think about income inequality, we think of these monopolies intact and reflect that against politics. it is very clear that one of the things affecting our economy now is because income inequality has gotten so big, the marginal ,bility to grow off of that those gains, as small. when wealth gets too concentrated. when we start looking at the tech sector, it is one of the many things we have said is making this sector very vulnerable. it is starting to look very 1999 to us. tom: here is a micro piece on technology. this just came across. amazon to open a fulfillment center in keg worth, east midlands to create 500 new jobs. jeff bezos's would say he is doing something to help br

revenues stabilizing, then it will be time to talk about the -- >> what you're saying echoes what credit suisseand that's the perception of the company now is a hardware play, and shifting that perception to one that is built on services, growth, wearables is going to be hard to shake so, really, it sounds like your issue is more timing rather than the actual narrative that's been built in, right? people will think of it differently. you just think they're not there yet. >> yes, but when you talk about timing, you have to be careful if you look at the hardware play for apple over the next two, three years, what's going to happen it's really the consequence of people like -- still liking the iphone but sticking to the iphone much longer it's more expensive. we spend more money on iwatches. so we tend to keep our phone longer that's the underlying side for the hardware side of the business then in addition to that, there are a lot of clouds on the horizon for apple. we are -- in 2019, how are consumers going to welcome the new iphone are they going to wait for the next one, the 2020 one that will

we speak to the global head of ecm originations for credit suisse. women whistle while they work.cedented number of female miners in colombia to run a gem washing plant. an historic break in an industry where it is getting harder to find resources. navigating imo 2020. refiners can either win or lose as shippers switch to lighter fuel to meet regulations. i sit done with the ceo of bp downstream. ♪

credit suisse noting that the lender has not laid out structural changes to address its problems.trying to reminisced or remembering that they already had restructuring plans in about four years, and investors now more -- now want something more. tom: if you look at the famed one has really capitulated on the major hazards , barclays,it suisse and at stifel. right now, your first word news. warning u.s. imf engines could push iran's inflation rate to 50%. the u.s. goal is to cut the country's oil exports to zero. iran already has been dealing with a weakening economy. for aent trump's pick seat on the federal reserve board is vowing to survive what he calls a smear campaign, stephen moore telling abc news he would withdraw from consideration if he becomes a liability. he has come under fire for criticizing cities and states in the midwest, his columns ridiculing women also in the spotlight. a surprising revelation from southwest -- boeing told southwest that a key alert was missing on 737's. told that thes warning only worked if carriers carried -- paid another fee. rear admiral c

down grade over credit suisse because of a sheet storm sheet tsunami. hot rolled coil steel sheets the ramp-up in pro-decks will having and the analyst concern about the glut that's going to happen with this sheet storm that's about to occur. so down grading stock -- >> i wasn't sure if you were misspeaking -- congratulations to tyler how about a round of applause for uva last night there he is with his son taking in the game. >> he was at the game. >> good for him. see him back tomorrow. >> "closing bell" starts right now. >>> it is the final hour of trade, barclay shares up 11% this year. the ceo will join us exclusively coming up. and a no wynn deal we have details on why the casino giant called off its potential crown resorts takeover just hours after confirming they were in talks. and levi's is going to report its first earnings since going public we'll break down the numbers as soon as they are released just after the closing bell which starts right now

credit suisse has trouble .rading business there were bright spots for .arclays, rising 4% the big storyany, deutsche bank gave up on its proposed takeover of commerzbank. the ceo says total revenue will be less than previously predicted for the year. across the pond the focus was on tech, a thumbs-up for facebook they posted robust quarterly sales growth. $1 trillion and counting for microsoft. goods posting the a strong beat on earnings as it plans to spend $800 million to reduce delivery times. shares closed flat. shares and renault, right now trading mixed. renault rising, daimler falling. the cfo told bloomberg the results were driven by core business at home. >> for north america and credit, the pillars of the company have driven results for a long time. $2.2 billion in north america on an adjusted basis. 8.7 margin, extremely healthy. , strong strong mix positive net pricing. our costs were up a little bit, we had good leverage. we had positive contributions from the new ranger, and america's best selling them. -- best selling van. cfo: that was the outgoing from ford bob shanks.

and despite the fact that prices of many of these blue chip names, lloyds bank, credit suisse, despite the fact these blue chip earnings were either growing or stable and they've increased the capital on their balance sheet, despite this prices of most of these were down over 30-some -- 40% last year so again, value went up, price went down. thereby opening that value gap we saw and are seeing a little recovery so far this year. maybe from the low 15, 20-ish percent. to us they're still nowhere near trading where they should be we're not saying they should trade at 1 1/2, 2 times. maybe they should be trading at 1 1/4 times book and they're all well below book value despite the fact that they are growing this book value at an acceptable rate >> david, thanks for joining us. >> thank you for having me >> meantime, let's dig in to two dow names moving in opposite directions today following earnings reports this morning. coca-cola and png. what are the takeaways >> consumer staples aren't looking so boring these days today's results from both coca-cola and procter & gamble are standouts i

one banker from credit suisse went to jail. equifax data breach. what is going on with facebook.o one seems to be held accountable. a lot of people could potentially suffer in the future due to these mishaps. how do we rec itfy that situation if we don't go after those corporate executives. >> senator warren points out it is difficult to prove if a certain corporate executive knew about the wrongdoing and that is why it is hard to prosecute them. i agree with that, it is hard to prosecute corporate executives around know they engaged in wrongdoing. i was united states attorney and prosecuted corporate executives for corporate fraud. they went to business, because they knowingly engaged in wrongdoing the we shouldn't lower the standard to negligence which does not require intent because it is difficult to prove intent. kristina: i wanted to ask you that negligence point. i want to ask you, if hypothetically, this went through, how would this change the mentality of corporate leaders in american companies all across the country if they know they could be held accountable for someth

steel is on pace for its worst pace since november the stock downgraded to under perform at credit suissee shares are down 8.5% to sue for a cnbc news update. >> hello, kelly. here's what's happening at this hour, everyone attorney general william barr appearing before a house subcommittee where he was peppered with questions about releasing in full the mueller report and he said he would only release a redacted report within a week >> i've said what i'm going to say about the report today i've shou i've issued three letters about it and i was willing to discuss the historic information of how the report came to me and my decision on sunday but i've already laid out the process that is going forward to release these reports. >> russian president putin calling the mueller investigation, quote, complete nonsense saying it validated moscows denials of collusion with president trump's campaign. he was speaking on a forum on the arctic. >>> honda's acura is recalling more than 300,000 mdx suvs in the u.s. it covers the model years 2014 through 1e9s water can leak into the light seals and cause

. >> hedge funds have reduced their exposure to the lowest tier in two years, according to credit suisse service data. the plunge is the fastest rate that cut their equity -- equity exposure since 2010. there are signs they want more of a defensive positioning. this get some of the most crowded it has been in years, according to bank of america. some strategists i spoke with said their clients are waiting for some eps growth confirmation before going back into stocks. but hedge funds are still making money, still turning a profit. that's because they have added to their short exposures. the top u.s. and european shorts have dropped last month by about 11%, last quarter, rather. this will pay off the most for managers since roughly 2015. even though it's a lot of aeration is, equity bulls may take solace in this because hedge funds have a lot of shorts on and because they don't own a lot of equity, there's a lot of room for them to buy, should the picture turnaround, giving the equity market more life. manus: great reporting in terms of where the money is sitting and the potential for mar

tuesday, credit suisse slapped it to sell and put a $13 price tag on it. at $16.76, it's hitting a two and a half year low. this was a $45 stock four days before president trump instituted 25% tariffs on all foreign steel coming into the u.s. since then, the stock is down 61%. formed steel has become more expensive but it hasn't exactly translated to people buying more u.s. domestic steel and that's pumping up prices here. they haven't really budged even though iron ore input prices are up 45% year to date. iron ore of course one of the materials used to make steel. u.s. steel therefore becomes a steelmageddon victim as it burns through cash and piles of it, as prices either don't budge or plummet. we need to bring in james bachus, chairman and founding member of the world trade organization appellate body. he just returned from china. china was really at the heart of much of the steel issue, because china accused of dumping cheap steel on the u.s. lot of people do understand why president trump was trying to do something to save our steel industry but wha

fiat, chrysler, slipped more than 1% on the news, while renault traded down 4% as well cred credit suissencrease in first-quarter profits beating expectations, more earnings on deck later this week with the financials, barclay's set to report tomorrow and deutsch bank and rbs on friday back over to you >> thanks so much. let's get to courtney regan and a news update. good morning. >> good to see you, carl here's what's happening at this hour president trump making a new threat to send armed soldiers to the u.s./mexico border and tweeted that mexico's soldiers recently pulled guns on our national guards and better not he again and he's sending armed soldiers to the border. >>> afghanistan and international forces were responsible for more civilian deaths in first three months of 2019 than the taliban and other militants. this according to a new united nations report it marks the first time in recent years that civilian deaths attributed to government forces exceeded those blamed on insurgents. >> the fighting in libya's capital has reached a detention center holding migrants and refugees t

tomorrow, back in europe, credit suisse, akzonobel and novartis.whole spat of earnings including big tech names. facebook and microsoft. thursday in asia, nintendo earnings and then ubs, barclays, and bayer in europe and amazon in america. to close out the week, plenty more including royal bank of scotland, deutsche bank, and total. that scratches the surface of earnings we will be following this week. indeed, interesting we will be returning much to the european earnings theme after talking about european politics for so long. speaking with politics, elections loom large in march. elections could be bruising for greece's government. trailing the opposition party in the polls ahead of the national election due by october. could the party be kicked out? joined by the president of the new democracy party. maria? maria: good morning. we are in beautiful athens. weyou look at opinion polls, are joined by the man himself who could win the elections. >> thanks for having me. maria: one of the things you have said is if you get to office, you will cut tax

steel, by the way, downgraded to under perform at credit suisse today. >> a viewer wants to know if theyuld trade gilead for merck? we'll answer it next time to reach us cnbc.com/halftime. tweet us at halftime report. back in two minutes. ♪ ♪♪ ♪♪ ♪♪ ♪ mmm, exactly!ug liberty mutual customizes your car insurance, so you only pay for what you need. nice! but uh, what's up with your partner? oh! we just spend all day telling everyone how we customize car insurance because no two people are alike, so... limu gets a little confused when he sees another bird that looks exactly like him. ya... he'll figure it out. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ ifor another 150 years. the fire going ♪ to inspire confidence through style. ♪ i'm working to make connections of a different kind. ♪ i'm working for beauty that begins with nature. ♪ to treat every car like i treat mine. ♪ at adp we're designing a better way to work, so you can achieve what you're working for. ♪ >>> we're back time to answer some of your questions as well. first up, stephanie link, coming to you, ja