it is organic growth. >> no major acquisition for bnp. this return to shareholders is responding to a dividend of 3.9 billion euro per share they increased the projections from 2025 and revised the objective. they are looking at growth of 9% p w which was 7% previously. a bit of short pain with the miss on profit and longer term positive story >> annette -- wow. apo apologies. charlotte, thank you for that. >>> coming up on the show, rescue efforts continue after thousands are killed in an earthquake in turkey and syria we'll be live from istanbul after this ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. >>> welcome to "street signs." i'm arabile gumede >> i'm joumanna bercetche. these are your h

coming up, results at bnp paribas are in, a big beat when it comes to ficc and trading. speak to the cfo lars machenil next. this is bloomberg. ♪ and effortlessly responds to both of you. our smart sleepers get 28 minutes more restful sleep per night. proven quality sleep. only from sleep number. welcome to ameriprise. i'm sam morrison. my brother max recommended you. so my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors, the garcias, love working with you. because the advice we give is personalized, hey, john reese, jr. how's your father doing? to help reach your goals with confidence. my sister has told me so much about you. that's why it's more than advice worth listening to. it's advice worth talking about. ameriprise financial. dani: bnp paribas announced it would buy back 5 billion euros of its own shares following the sale of its u.s. unit. the french lender raise profitability targets after traders posted a quarter that beat many wall street peers. we are join

joining us is carl riccadonna, chief economist at bnp paribas.a pleasure to have you on set. let's start with 50 verses 25. i believe you reason he changed your call. what was the game changer for you? carl: in the intermediate period, pretty far back, not to reason. the game changer was the fed rhetoric in response to market conditions. we knew there would be moderation of inflation measures in the intervening period. a lot of the labor market data was very tight and this was a specific point that jerome powell was focused on in the last several press conferences but especially back in december. we thought it was potentially room if they wanted to push back that the hawks could maybe have a little bit of leverage over waiting one more meeting until they downshifted. clearly the rhetoric moved in the other direction and i think that jerome powell, who's a very savvy politician on the committee and a consensus builder, was effective in delaying the fight to be over the terminal rate rather than any debate about pace. we responded to that. the othe

while bnp paribas plans to buyback five leave them euros worth of shares. plus, more from our exclusive interview with the ceo of s,, south africa's state-owned utility, as the nation faces its worst blackouts on record. francine: let's take a look at futures, the main story is what you will or will not hear from jay powell. look at the futures, they are holding on, trading sideways after what rafael bostic said yesterday. tom: he's not a voting member, but important context around the direction of the fed. in terms of jay powell, that's interesting, is he going to push back on market expectations, and will he push back against still pretty loose financial conditions? pretty key is that speech from jay powell. the ftse 100 gaining .1%, the cac 40 in france gaining eight points, the spanish ibex range bound. we have data from germany, industrial production dropping far faster than had been expected by economists. we'll see how that plays through for germany, pointing to a bit of fragility at the top line around the industrial sector. futures in the u.s. poin

i have our guest here from bnp i want to ask about the market reaction we had yesterday. you had the ecb saying we will hike 50 and another 50 and keep hiking rates and do what is necessary to keep inflation under control. then you had bond yields rally enormously the 10-year bund was down. what do you make of that >> i think i start off by concurring completely. we watched bailey yesterday. we saw really value. the bond market is almost above territory. the move is very intense and can be understood in the context of what has happened in the last three months the remove of the fat left in the distribution of outcomes in other words, as recently as three months ago, many market participants were fearful we would have a fed and other central banks really having to ramp up interest rates perhaps 5% or 6% to get inflation under control. that risk has ebbed away the tone from central banks and the markets heard a confirmation of that. it is the removal of the fat >> removing to a high terminal rate >> exactly and savage recession >> right today, we have the non-farm payroll p

and a blowout buyback from bnp paribas that we delivered yesterday. dani, good morning, the question is this, have equity markets go ne clothiers, and our bond tracers facing a to missing moment -- facing a damscene moment? dani: there was some point yesterday where powell said equities and bonds were singing the same tune, but the euphoria in equities continues and it seems we are willing to continue to look at powell with dovish-tinted lenses? manus: do you want to know what i really do in the afternoon? i read through 20 pages of theses, take a look at this, it is about a soft landing, apparently the fed has only done it once in 40 years. this is the vice chair of the fed, soft landings on the holy grail of monetary policy, but conventional wisdom holds they are so difficult because of long, variable lags. may be that is the very essence of why powell was not more demonstrative in keeping the optionality of 50 bips in february. dani: we can't forget canada, the governor saying it takes 18 months for policy to take hold. so every time we listen to p

a bank owned by the bnp group, paribas state.xport-import bank of ukraine, the crimean authorities say that the nationalization does not mean the closure of the enterprise, on the contrary, it will give them a new life. the most important thing is authenticity information that the enterprise is still owned by these citizens. uh, so to speak , through affiliates or figureheads , of course. they tried to wash money out of here by any means. i will even give such an example in the process of nationalization, when temporary directorates would be set up, and we have one confirmed case when the management, together with the accounting department, tried to hide finances and take them out of the territory of the enterprise. the russian military destroyed another american himes installation, this time in the kherson region. shot down there the ukrainian mig-29 aircraft reported this to the ministry of defense, the department spoke about the offensive in the donetsk direction , the latest data on the course of the special operation our cor

the bank, owned by the bnp group paribas , has several banks heavily tied to cypriot offshores and eventate-owned export- import bank. the most important thing is the reliability of the information that the enterprise still belongs to these citizens, let it be said so through, uh, affiliates or nominees, of course. they tried to wash money out of here by any means. i will even come up with such an example that in the process of e- nationalization, when temporary directorates would be set up, and we have one case confirmed when the management, together with the accounting department, tried to hide the finance and take the enterprise out of the territory accused diplomats from the united states of trying to destabilize the situation in the country accused loudly it is worth listening to. they were thinking about how they could design in turkey. but one person ruined their game. this is president erdogan. i say here to the american ambassador. i know what journalists. he gave the task. take your dirty hands off turkey, i clearly know what steps you have taken and how you want to stir up tu

the table she's got the stomach to leave dch is whether or not rishi sunak the stomach so have the bnpmedia class. oh my god , that's horrible. has he my god, that's horrible. has he got stomach for that to be got the stomach for that to be a fly on the wall in those discussions must be absolutely because no doubt there is a spectrum opinion around that spectrum of opinion around that loss in politics tables as alex ferguson didn't say. but we were talking about these pledges from sunak and the boats is clearly one of them today we will be heanng one of them today we will be hearing from sir keir starmer, who has five not pledges, but ms. sheehan's entirely different of james hill. all these any different from what rishi sunak saying. well hope you're excited, tom. i like this of evangelii. i'll turn to all of this. sir keir starmer will preach the good word from the good book. i think that some of the people that they were talking to downplay, you talking to try to downplay, you know, kind comparisons know, kind of comparisons between the two. but obviously, that's be i that's inevita

were investigated by the equality and human rights commission, only second political party after the bnpntry to be investigated by e h , r, c and investigated by e h, r, c and pretty low point for the labour party . as you say, after years party. as you say, after years of allegations of discrimination around anti—semitism in the labour party , with jeremy corbyn labour party, with jeremy corbyn being as an anti semite, in fact there was an opinion carried out just out of the 2019 election in which almost nine in ten jewish people felt that jeremy corbyn was anti. clearly the party had a problem. the party was put into special measures actually by keir starmer couple of years ago. they've been through a process of trying to put in procedures to ensure that discrimination cannot place. and it's been announced this morning by the equality rights commission that that process is now at an end, that labour have effectively told the court, if you like , tom, i think what's you like, tom, i think what's new today is that we've heard from keir starmer, obviously welcoming report again though the

let's get some more from the head of asian equities at bnp paribas asset management.ve you with us. if you take a look at china, i don't know if you characterize this as a breather, a chance to reassess or whether investors are waiting for a fresh catalyst be at another move from the pboc, bmr policy action from the government or a meaningful recovery in property. what do you think is going to be the next driver if we are going to see further upside for chinese equities? >> we have seen as you said a fast and furious reaction to the chinese equity market post november of last year and continuing into this year. taking a step back the biggest change we observed and the three months has been a sharp have it by the chinese regulators and authorities. they basically took over zero covid they rolled back their previous measures on property markets. over self-inflicted policy controls. at the same time we have also seen a very sharp rally. in all the major indices. we have gone from a point where valuations are very depressed to a where valuations are i would not say fair v

natwest off by .6%, in spain and massive presale -- massive retail presence in the u.k., santander, and bnp paribas unchanged. european stocks and futures dipped as investors weigh the prospects of central banks tightening policy further than previously expected to tame inflation. the fed still has work to do. >> we have seen some higher inflation numbers for germany. i don't think that rakes the trend towards disinflation, but it really forces the idea that the fed has work to do. we think another 75 basis points from here with no cuts until 2024 seems like a more likely outcome. tom: let's bring in our guest this morning, sonja marten, chief fx strategist at dz bank, and eddie van der walt from our markets life team. sonja, how have you adjusted your views on the terminal rate for the fed? i was speaking to the rate strategist at rbc capital markets, he was saying he is concerned the markets may be fading cuts from the fed a little too soon. then you hear from hatzius at goldman sachs saying they will not come through until 2024, where do you stand? sonja: we have not changed our view muc

joining us now is yelena sulyatyeva, a senior economist over at bnp part of us. can he do it?elena: he will try it he will deliver a hawkish downshift today and try to persuade the markets that they are very serious about inflation and will continue to push forward with rate hikes paired but having said that, a very difficult situation here. you can see that economic activity is weakening. you just got the new ism numbers this morning. we saw gdp that showed significant weakness, in terms of consumer activity. at the same time, inflation numbers are not there, not at where they wanted to be. they are not consistent with 2% inflation target. at the same time, the labor market is really, really hot. in powell's words, very, very tight. what are they going to do? it will have to downshift the base of hikes and talk hawkish. this is what we expect today. that's what we expect. guy: if they do speak hawkish and powell is hawkish, why should the market listen? yelena: the markets will have to listen eventually. if the fed continues to push forward and deliver another hike and anothe

thank earnings story continues, we get bnp paribas out with numbers.continue with the narrative coming from big oil. bp thinks it is going to be a huge issue for the business going forward, it has been a huge outperformer for bp. how do you value bps push into renewables? that was part of the conversation we were having a moment ago. kailey: i am glad you brought that up. last hour, the occidental ceo sat down in an exclusive interview with alix steel to talk about the company's production growth. take a listen to what she had to say. >> the most important we've things we can do is invest dollars in a way that returns to shareholders, that is optimizing dollars we invest. perhaps growth does not necessarily mean increasing returns, we only will grow as we need to to continue to deliver the value proposition, which is to have a growing dividend while returning shares and dollars back to shareholders. kailey: alix is joining us now in scottsdale, arizona. alix, this is the story with everyone it seems. return more capital, do not worry about pulling more

, today with deutsche bank down 1.6% they posted results this season and flat with positive results bnp with strong results and looking ahead to next year credit suisse with a comeback up 3 points after negative reaction to the results then standard charter is down five points and there were denied rumors of the takeover for the bank >> standard charter and now uk trade after first abu dhabi bank saying it is not evaluating a possible offer shares spiked on thursday on the london trade after the report that it was going ahead with the $35 billion offer code name silver fox trot. that would have been a more than $10 billion premium on standard charter market value >>> earnings season is in full swing. we have been speaking to banking leaders across europe for the outlook for the year. >> a shallow recession or not or mild we expect in the u.s. to be a mild recession, but the more data points we get, the more clarity investors will have. the more activity there will actually show. >> volatility has continued into 2023 in a sense a surprise that the market conditions that we saw in 2022, p

banks that have not pumped up by back have been punished because you have seen banks like unicredit and bnptep up that by back aired at think that's where a lot of the attention is. barclays did one in the middle of last year and they are doing a another fresh 500 million but that came in as expected. it was not a step up in some ways. tom: they raise the dividend. what had executives at barclays been saying about the capital reserve? michael: the call is still ongoing but they are preaching their conservative approach. they have come back in the middle of the year before of doing this in pieces. there was a lot of attention last year on the over issuance problem that cost them quite a bit of money. they vowed that is not going to happen again. they did reduce the bonus pool particularly for people who were involved in that mishap. we are seeing some accountability there. i think some investors were disappointed by the results. francine: yeah, to say the least. where does barclays go from here? what did they need to do to get back on track? michael: they have been gaining share in the tradi

in one of the lowest moments for the opposition labour joined the bnp opposition labourjoined the bnpy the uk's human rights watchdog . the uk's human rights watchdog. the equality and human rights commission . the equality and human rights commission. in the equality and human rights commission . in 2020, they found commission. in 2020, they found that labour had breached the equality act three times. that was unlawful and discrimination dunng was unlawful and discrimination during jeremy corbyn's four and a half years as leader, the really labour under keir starmer was in special measures . today, was in special measures. today, though, the party has turned a corner with the commission now finding that over the past two years labour has improved its standards and procedures . what standards and procedures. what we found was that there were there was interference . the there was interference. the office of the leader of labour party and that is all documented in the report that we published in the report that we published in october 2020 and obviously , in october 2020 and obviously,

on tuesday, earnings from bnp, a major french investment bank, wednesday we have shipment of trade withk. in the -- maersk. we know investors are pushing for a strong response on european officials. on thursday, credit suisse, a bank with their own challenges. on thursday and friday, e leaders meet in brussels and the ties to the response, what will be debt from eu leaders as they way out the response to the subsidies and tax credits coming through as part of the inflation reduction act in the u.s.. alix: before that we get the eu ban on imports of russian refined oil products this sunday. i'm super pumped for this one because the oil cap went ok, the ban went ok, products is a different story. i wanted to break it down for you. natalia is here to break down what it means. >> so this weekend, february 5, the european union will ban all refined oil products from russia and russia is still the biggest supplier of refined products so this chart really breaks it down. this is the yellow bar, russia. other big players are saudi arabia, india, and uae. schip its of diesel of russia count for

it was the berezhok machine , the second birth of the bnp-2, only with completely different internalsermal imager, a fire guidance system, plus four cornet anti-tank systems. it can shoot, both with a doublet and with four installations at once, and do it at one point. this is very important. in the conditions of the receipt of equipment, well , for example, abramians, whom you can not take the coordinates of the point, how many are there, for example? techniques, if it has these data, we already roughly understand the enemy and the suppression of our fire infantry enters there. alexandrovich good evening once again how are things going on this matchmaking our direction, because how many really several weeks, we were very worried about him . and now things are clearly going well there and mostly backwards. and yes, well, in fact, i've been working at the matchmaking line. last year, the end of november, the beginning of december, and to be honest, my heart skipped a beat, because it seemed to me that the ukrainians would still be able to break through our defense line, which at that t

bnp paribas, fidelity and jp morgan, virtually everyone is penciling in yen gains for the year. major turning point for the yen was in december when the boj and excitedly tightened monetary policy. is a sign that it is only a matter of time before the boj fully cracks and that is good news for the yen and a for spots. haidi: bloomberg's senior fx energy rates reporter ruth carson there. while others are trying to make skiing cheaper, this company spent $500 million on a new hotel, high-end chairlifts and other amenities. the president of the company says the bet is paying off, telling bloomberg that visitor numbers are exceeding pre-pandemic levels. >> look, the biggest strategy here is the sale of real estate. this place has what i consider to be the best skiing real estate in the world. this is the start of it. you could call that the mothership, the park hyatt. you will see if village expand around the park hyatt. pcpd are very, very good and adept at luxury real estate, they know how to do it better than anybody else. >> give us a sense, how big is japan's ski industry and h

they are inviting other banks like deutsche's, bnp paribas and others.vestor meetings over the course of the day with an investor luncheon in between. the message so far, what we have heard, this is an event to reassure investors it has enough cash to honor its debt obligations that are maturing and also has a credit facility worth 800 million dollars. that is the focus they are pushing today and tomorrow. shery: the stock round has not eased. we are seeing ripple effects for esg investors. annabelle: that's right. we continue to see stock selloff progressing. in mumbai, $2995 closing around -- adani closing around 10%. green energy is one to note as well, given the focus we have on the esg investment angle. jp morgan's investment arm now wiping their esg portfolios of adani stock. the reason i believe they are doing this is because these funds are registered under article 8 rules, inca eu convention that says they need to push an esg agenda. what we understand is that adani group itself has a collateral web. if you are investing in the renewables arm co

one of the lowest moments for the opposition and labour joined the opposition and labourjoined the bnpy the second political party ever to be investigated by the uk's human rights watchdog , the equality rights watchdog, the equality and human rights commission. in 2020, they found that labour had breached the equality act three times, that there was unlawful harassment and discrimination dunng harassment and discrimination during jeremy corbyn's four and a half years as leader. the reality? labour under keir starmer was placed in special measures . today, though the measures. today, though the party has turned a corner with the commission finding that over the commission finding that over the past two years labour's improved its standards and procedures. what we found was that there were , there was that there were, there was interference from the office of then leader of the labour party and that is all documented in the report that we published in october 2020. obviously as you know, the leadership of the labour party has changed since then. they've now changed their constitution .

britain first is a comes from the bnp these people right wing they are racists but of course to any any is going to attract you mentioned which is going to attract those people because the communist party will you know yeah the problem is however there are going to be fringes on both sides of politics here. but no one in the newspapers talking about the hard left and the communist party, they're all talking about the hard right. but that's right. all right. no i've got to do something like go and do it, because we've had a lot of heavy. but at the end last year, five time grammy winner in music , celine dion , winner in music, celine dion, revealed the heartbreaking news that she had been diagnosed with the incurable, so—called statue disease could strip her of the ability to walk, talk and perhaps most devastating for a fan like me to sing you don't have to think twice about celine's determination to fight back big news she's joined a star studded line—up in upcoming romcom love again, which looks set to be brilliantly quirky. watch this . i miss you so much. watch this. i miss you so

britain first is a comes from the bnp these people right wing they are racists but of course to any any is going to attract you mentioned which is going to attract those people because the communist party will you know yeah the problem is however there are going to be fringes on both sides of politics here. but no one in the newspapers talking about the hard left and the communist party, they're all talking about the hard right. but that's right. all right. no i've got to do something like go and do it, because we've had a lot of heavy. but at the end last year, five time grammy winner in music , celine dion , winner in music, celine dion, revealed the heartbreaking news that she had been diagnosed with the incurable, so—called statue disease could strip her of the ability to walk, talk and perhaps most devastating for a fan like me to sing you don't have to think twice about celine's determination to fight back big news she's joined a star studded line—up in upcoming romcom love again, which looks set to be brilliantly quirky. watch this . i miss you so much. watch this. i miss you so

fighter armored vehicles washington slapped him willingly the pentagon released footage of loading 60 bnpo ship before being sent to ukraine. they are at the end of january. now the ship is already in the british port saulkom for the destruction of western infantry fighting vehicles and tanks in russia , the production of guided artillery shells, krasnopol, has increased several times. let's see what it would be if we didn’t supply any weapons to ukraine at all, in other words , there would be no how to kill and other things there would be no other air defense. then perhaps we would have had street fights in kiev and vova today, that 's all. ukraine would have been invaded by the russians within a few months, then we could just as nicely have this conversation with each other today, but we would also probably have many millions dead to mourn and ukraine would no longer exist. democrats kuner convinces the germans that to arm the ukrainian militants. it is very important for this that germany even forgot about the green agenda. bloomber writes that the subsidies earmarked for the closure o

daniel morris at bnp paribas asset management tom: i think you killed the earnings season here.k, just magnificent must-read book for every student. the galloway four is modeled for $310 billion of free cash flow a year from now. i went out and looked at for midwest work courses. boeing, dear, cat and they modeled out 27 billion, 310 versus 27 is why everyone is focused on those for stocks. jonathon: they are cash machines. when you can work out what multiple to put on what and some of these companies are saying growth is decelerating. they said that the good times are coming to an end. they are talking exclusively about a guy. lisa: you already have high valuations. there are all these other companies that are doing incredible things but those eight names account for 60% of the total gains on the s&p 500. tom: apple has a 26 multiple off the bloomberg ds screen. that means apple innovation. jonathon: i am getting slaughtered this morning. slaughtered. especially after the soup nazi. how can you trust this man? where has he been? tom: but i don't get doctor who. i just have no i

but that's where the bnp come back in because washington wants a deal so that stormont is back up andy can have big celebration and joe have a big celebration and joe biden visit the entire biden can visit the entire timeline it's been about timeline these it's been about stormont keep on stormont but if they keep on squared that's going squared off that's not going happen. henry , you very happen. okay, henry, you very much those insights . let's much for those insights. let's move now to and to stormont move on now to and to stormont and.speak move on now to and to stormont and. speak to our political edhon and. speak to our political editor, darren and darren, as we were just hearing there clearly has got to work to get the dup back on board to get stormont once more . yeah, indeed . and once more. yeah, indeed. and there is incredible frustration about that among the people who do not support the dup markets. remember that while it is the de municipality no longer the largest party that is sinn fein and that gets around 25, 27, 28, 30% of the votes, less than a third of people her