bnp paribas traders post a bumper quarter amid all this volatility. francine: look at the futures, there are a lot of earnings. dax futures .1% higher. tom: not just the decision wednesday, but the press conference from jay powell and what we get not just on the rate hike cycle but on the balance sheet runoff as well. yesterday a dour day in european markets, turnaround stateside, saw some deadline. alanna mitch of jp morgan saying the pessimism around markets is overdone. you could see further downside between eight and 16% for the s&p. the 10-year with the move up to 3%. negative real yields back into positive territory for the first time in a long time. the flash crash and yesterday surprised many investors, citi taking that on the chin. the spanish ibex gaining .8%, the ftse 100 lower by point six percent. the italian puts a gaining .7%, and the cac 40 up 24 points. let's see how things are playing out as we look across to other assets in play as central banks by with the earnings. boe on thursday as well. futures is stateside looking flat after d

bnp earnings coming in. a huge beat, 2.1 billion euros. that exceeds the estimate of 1.38 billion euros. it is trading revenue. 40% increase. equities jumping 61% handily beating the wall street peers. european banks strong when it comes to trading. stronger than wall street. the question that emerges, can they sustain this type of beat given that it was a spike in energy prices? we'll hear from bnp in just a bit it is a volatile week. welcome to the volatility. that is a central bank week. no disappointment so far. rba hiking more than expected. in the u.s., here is how we're gearing up for tomorrow. the 10-year real yield has gone from a negative 15 basis points last thursday to positive at the close yesterday. these are crushing moves. we saw in the ism numbers yesterday. could that mean to a bigger hike or at least a forecast bigger hike from the fed? that would lead to a crushing blow from the tips market. that is sending the 10-year yield above 3%. ended yesterday slightly below that. japan is closed today. we're not currently gettin

we will be speaking to bnp part of about their outlook for indian equities.ticipate earnings that will rattle investors' nerves, we have got that story with abhiram eleswarapu next. this is bloomberg. ♪ rishaad: that is india's capital, 32 celsius expected is the maximum. markets are looking flat right now, a lot of moving parts in india given the big announcement. yvonne: bond markets are selling off, announcing tax cuts on fuels and subsidies for crop nutrients to tackle mounting inflationary pressures. let's go to our south asia economy editor, walk us through what we learned saturday, and how effective are these measures in easing inflation? ruchi: the government hopes these measures will be helpful. when we do speak to economists, they say as far as inflation is concerned, we will see just a minor blip in the headline inflation numbers which have already surpassed the rbi's target reading up 6% for the last four months. that was one reason we saw the government announcing measures over the weekend. this is certainly not going to stop the rbis from raisin

regiment of the 2nd guards tamanskaya motorized rifle division bmp-2 with a combat compartment berezhok bnp-3 and a new generation of heavy infantry fighting vehicles kurganets 25 with a combat module battle tanks t-72b3m of the first guards chertkovsky tank regiment named after marshal katukov of the second guards taman motorized rifle division during the war years, the wolf was awarded six combat ordinates, he commands the farad crew captain ildar kayumov on red square, a column of modern armored vehicles of the ground forces, consisting of t-90m tanks, a breakthrough and a new generation of t-14 tanks, armata of the twenty- seventh guards, sevastopol the red banner brigade is headed by captain tengiz on a jaku. on the cobblestones of red square, military equipment of the missile troops and artillery, the armed forces of the russian federation soldiers of the 147th guards simferopol artillery regiment as part of the division of modernized multiple launch rocket systems tornado g with an automated fire control system are in charge of the passage . great patriotic war for the successful com

although we heard from bnp paribas, it is screamingly rich.sie is down on disappointing china data. dani: all about that disappointing data. the aussie dollar weaker as our chinese stocks. manus: bloomberg markets europe is up next. we will do it all again tomorrow. inside, outside, big or small, angi helps you find the right so for whatever you need done. with angi, you can connect with and see ratings and reviews. just search or scroll to see upf on hundreds of projects. and when you book and pay throug you're covered by our happiness it's easy to make your home an a check out angi.com today. angi... and done. what's it like having xfinity internet? it's beyond gig-speed fast. it's easy to make your home an a so gaming with your niece, has never felt more intense. hey what does this button do? no, don't! we're talking supersonic wi-fi. three times the bandwidth and the power to connect hundreds of devices at once. that's powerful. couldn't said it better myself. you just did. unbeatable internet from xfinity. made to do anything so you can d

viktor hjort, global head of credit strategy at bnp paribas.resident biden makes his way to korea for the first leg of his asian tour. the latest on the pavement -- p ivot. this is bloomberg. ♪ manus: it's friday, it's daybreak europe with manus in dubai. dani burger in london. the national security advisor jake sullivan says he would not be surprised if president biden and xi jinping speak in the coming weeks. it comes as the u.s. leader makes his way to south korea for the first leg of the asian tour. joining us is our east asia government editor, john, why is biden starting the trip with a visit to the samsung semiconductor complex? it's the personification of global angst, isn't it? >> yet, and he is choosing this because it fits into the agenda of his administration in terms of supply chain initiatives. and getting more chips to industries to ease the crunch. biden has been pushing the china competition bill, it is a $52 billion bill which includes the semiconductor industry. samsung is responsible for about a third of global memory chip p

thrilled to bring you daniel morris, chief market strategist, bnp paribas. two days after the july 27 fed meeting, the fed will get the pce inflation studies. what are they going to see? are we going to see inflation lessening the end of july? daniel: well, we are looking for peak at least in headline inflation. that i think is going to have a beneficial impact for market sentiment. it is not going to be every month. not only has inflation beat expectations, but -- if that starts to roll. but we will still be in a high level -- at a high-level in absolute terms. regardless of what numbers you see in the pce, the conclusion from the fed is not going to change at all, which is way too high relative to our target. if anything, the risk is that they raise more than what you see price in the market right now. jonathan: the earnings call starting now. they are facing multiple cost pressures that we know. but saying something that really echoes what we heard from walmart yesterday. it dramatic change in the sales mix in the first quarter. consumers are struggling r

mark howard of bnp paribas. consensus, 350 the next meeting and 50 after that.ls fargo just published in order to tamp down inflation we believe the fed will raise rates at a aggressive pace and 50 in june and 50 in july and 50 again in september. kailey: honestly yesterday's c.p.i. print gave nothing anything to feel comfortable about because we did not see the degree of deceleration many hoped for. jon: things are extremely uncomfortable. futures down .6%. with lisa ablack wits and t.k. with us tomorrow. from new york this is bloomberg. . laura: with first word news, i'm laura wright. crypto currency continue with the declines and the collapse of the stable coin triggered a flight from many digital tokens and bit coin fell below $26,000 before rebounding and backers of tara u.s.d. are trying to shore up the token. the british economy contracted in march, gross domestic product fell .1% in february and the cost of living forced consumers to cut back their spending and throwing doubt on the bank of england's ability to keep raising interest rates and putting pre

regiment of the second guards taman motorized rifle division bmp-2 with a combat compartment berezhok bnp-3 and a new generation of heavy infantry fighting vehicles kurganets 25 with a combat module epoch the parade line is headed by senior lieutenant evgeny chernyavsky a column of main battle tanks t-72b3m of the first guards chertkovskiy tank regiment named after marshal katukov of the second guards taman motorized rifle division during the war years, the wolf was awarded six military orders in command of the ceremonial crew captain ildar kayumov a krasnoy area, a column of modern armored vehicles of the ground forces, consisting of t-90m tanks, a breakthrough and a new generation of t-14 tanks, the armata of the 27th guards sevastopol red banner brigade, captain tengiz leads the column on the dzhaku. on the pavement of red square, the military equipment of the missile forces and artillery, the armed forces of the russian federation open the passage of the heirs of the legendary katyushas , ​​servicemen of the 147th guards simferopol artillery regiment as part of a division of modernize

financial institutions like chase and sometime there and bnp part a party bus and asset managers. very very big banks mike blackrock and how many of you all have heard about black rock so thank you for those of you who know about blackrock's big problem the rest of you look up blackrock's big problem. and you'll know that they are the biggest. investor in climate destruction whether it be agribusiness for fossil fuel. and speaking of fossil fuel. these are the fossil fuel reserves in the amazon. you may have heard about chevron in ecuador occidental petroleum into watcher tory or northern peruvian amazon. that's in the western amazon dot in the most bio diverse part of the amazon an area that we call the sacred headwaters region. it is the most bio diverse culturally diverse part of the amazon. and it's in the western amazon and these are the fossil fuel reserves across the amazon dot these companies and governments would like to get their hands on. there are many protected areas throughout the amazon indigenous peoples territories that are protected in the amazon in ecuador for e

. >> maybe nobody does it better than bnp pair bass jean-yves fillion. thank you for joining us here on cnbc. >> thanks as always to brian sullivan for that conversation as well. by the way, full contents, go over to cnbc.com, you can see the full interview there. >>> on deck, another rate hike by the fed what it could mean for you an your money and the moves to make around a more hawkish central bank we'll be right back after this break. >>> welcome back a look ahead at invests on this may thefourth. get it may the force be with you. we'll get ford's april figures this morning along with costco's figures on the month later on in the day. several earnings to watch before the bell, including cvs health, marriott, and uber now now they're going to be before the "closing bell. back in the markets amid that volatility, results from the cnbc flash survey polling, our sector looks at it 36% of respondents saying energy is the sector with the most upside technology at 29% followed by health care at 21% for more on this and the trading day ahead, let's bring in

two banks in europe stand to benefit, that is bnp party bus -- paribas and deutsche bank.rightly said, this good maybe help foster dialogue around consolidation in europe, and potentially help europe create a big enough bank that could really compete with u.s. banks globally. francine: there have also been some reports that credit suisse was planning to raise capital, so what is next for the bank? >> this is a tough year for credit suisse. the markets are not great right now for raising capital, if they are looking at that, hopefully it is later this year, when markets turn around. generally speaking, there capital provisions are fine right now. that could start to look tricky by the end of next year if the trend of their performance continues on this risky losses trend. francine: marion with some great reporting for us on the ground looking at all be swiss and european banks. coming up, the miracle green fuel that may actually make climate change worse. we talk hydrogen next. this is bloomberg. ♪ francine: welcome back to the open, everyone. 53 minutes into the european t

do not forget that bnp paribas talked to you and i yesterday and they said it is extremely rich and where they want to be is in dollar-yen, which has 20% rally to come if we are in a recession. the commodity constriction you are seeing around the world could play to the high data. you are also seeing a positive news flow from china that could add the aussie dollar down. bitcoin. you go to bitcoin when another stablecoin? we talk more about the stablecoin which deep pegged from the dollar. let's get to reporters around the world. we have juliette saly was a roundup of asian markets. laura wright is on the elon musk and twitter story. dani: we have also got charlie wells looking at the closures and we are joined by the latest for ukraine tensions. shanghai is -- has confined citizens to lockdowns for weeks. there saying that they're getting the transmission under control. where joined by juliette saly and it is all about that tech rally in asia. juliette: it is. let's talk with what we are talking about in shanghai. how quickly can the city wrap up its growth engine and ramp up again do eas

a similar currency, the same central bank, why can't ian be parabolic doing a deal in germany -- bnp doing a deal in germany do the same elsewhere? it can do more deals. we may see more of these cross-border european deals we've been talking about for a long time. manus: one of the banks we have covered extensively recently was credit suisse. we have a reuters story, there is a risk. i was looking at the stock holding. harris associates, qataris. what is next for credit suisse? do they need capital? david: this is the story that never seems to end. they are saying they do not need to do an equity raise, that does not rule out selling assets to raise more money. this is a bank that has had nothing but problems the last two years. no bank was harder hit from the archegos breakdown. it goes on and on. we reported there may be a move to move the ceo. he denied that last week. in davos he said he has the full support of the board. certainly tremendous losses. it would be understandable if shareholders are frustrated with the bank right now. manus: i'm just looking back, 2017, they raised

ukraine's war is having an impact, something that the cfo of bnp paribas is watching.e spoke to them on the back of their earnings. >> the situation on the eastern borders of europe, we believe it may lead to some slowing down in the economy which is temporary, which should pick up again. that should be similar in the markets. kailey: joining us now is david herro, chief investment officer for international equity at harris associates. thank you so much for being with us. talking of the war and its economic implications for europe, where do you put the of a recession on the continent this year? david: i still think recession in europe is still relatively low. you have the crosscurrents, the negatives of the more, but also the positives, the reopening of the global economy, in fits and starts, but certainly in europe in particular. this will provide some support given what is happening with the war. keep in mind, consumer spending is a major determinant of economic growth. the european consumer, american consumer are very strong, high employment, high savings, lots of p

domestically by american regulators and judges like the almost $9 billion penalty against the french bank bnp paribas in 2014. again, all of these only work because of the power of the dollar. i support the sanctions against russia, but president biden needs to make a speech explaining them. he needs to make clear that the russian invasion of ukraine marks the most serious assault on the rules-based international system in decades. if it succeeds, it could tear apart that system. that is why washington has worked with its allies to impose these extraordinary measures. he needs to detail the legal basis for america and its allies' actions. for example, how exactly can governments seize privately owned property for which the owner, even if he is a russian oligarch has clear, legal title? how can people be sure these powers will not be abused? biden needs to emphasize the u.s. will only take such measures nut future when there are blatant violations of international law on the scale of russia's actions. the dollar maintains its crucial role in the international system because the u.s. is the wor