we will bring you the latest earnings from bnp paribas out.'s check in on the markets whipsawed by the tariff details, a reprieve for now for canada and mexico. the main story is tariffs have been imposed on china and china has come through with its own playbook retaliating swiftly with the direct set of measures hitting a number of different imports into the chinese market from the u.s. european futures after dropping yesterday, further losses set for today. down .10 percent. ftse 100 futures pointing lower by 22 points down .3%. energy is a sector will be a drag as oil prices fall. s&p futures currently pointing to further losses after a drop of around 0.8 percent yesterday. flagged lower by .3% as china response. nasdaq 100 futures also lower by 63 points, flagged down .3%. alphabet earnings later. the focus will be on the search business in the data centers and to what extent the story of growth and expansion on both of those two lines continue for alphabet. any executive say about deepseek and innovations out of china will be in focus. le

you heard from bnp paribas, three main plants have the same assembly line and structure. pass? when it comes to mexican beers, corona and pacifica imported from mexico into the united states of america. what is the margin hit? people say they move from neutral to overweight on this. this is the reality. the reality of the potential of tariffs, what you import from south of the border to the united states of america. nvidia definitely under pressure and if we continue on this from a jectry -- trajectory, last week down 15%. if you continue at this pace, there is a real risk that you re-enter a bear market. premarket, very closely dip towards that. a bear market from last monday to this monday from deep seek to chips, that is the consequence. down almost 20%. where is the yolo? that's what i want to know. the skew is very elevated. the market is racing relentlessly to protection on the down side. good morning. jonathan: nvidia is down another 4% this morning. thank you. the focus of the world right now with regards to financial markets and the global economy very much on on

our thanks to blackrock and bnp might ba.resident trump speaking to reporters saying that he hasn't changed his mind on the u.s. steel nippon steel deal and i just want to point out that we have the yen weakening as well as we're getting these headlines. so the president habit changed his mind on u.s. deal nippon steel. trump not meet the u.s. in gaza. and autotariffs are always on the table. he will be talking to president putin and he also says he will be meeting with prime minister xi probably very soon. those are the headlines out of the president's meeting with ishbia. this is bloomberg. this is bloomberg. ♪ i can't believe you corporate types are still calling each other rock stars. you're a rock star. we're all rock stars. oooo look look at my data driven insights, i'm a rock star. great job putting finance and hr on one platform with workday. thank you! guys, can you keep it down. i'm working. you people are (guitar noises). hand over the air guitar. i've got another one. (♪♪) now for something you can both agree on a

chief market strategist at bnp paribas asset management daniel great to see you.onderful to have you on street signs again. so my question to you is why markets have reacted relatively calmly to what is a pretty large economic threat from these tariffs. >> well. >> i don't know if i well. >> i guess. >> evidently the market hasn't seen it yet as a large economic threat. i mean, the potential we all appreciate is. >> that there. >> but what we've seen so. >> far. >> is kind of like a parallel track. >> so on one hand, clearly seen trump using tariffs as a negotiating tactic. so colombia, mexico, canada where the tariffs were a means to an end as opposed to what he really wanted to do. now with the steel and aluminum tariffs, we understand there may be something different here. so i think the market has learned, if you will, to differentiate if it can. >> and why do you say this could be something different. >> well here, if you want to think about what the justification is going to be. and in this area, the us certainly is not alone in that. if you see steel and al

let's speak to benedict low from bnp paribas, they join me in studio.nterested in this because the latest estimates for rachel reeves headroom downgraded like the boe. how are you thinking about the u.k.? >> no growth picture is not amazing. we've seen a weakening of the currency and rates path is a trigger, rising rates environment. for u.k. stocks we think the -- the -- the current environment for growth is not the best. lizzie: what are your takeaways so far? benedicte: earnings season is the best we've had in two years. surprise to the upside, have companies got another result so those are strong numbers. it has been helping the performance. lizzie: when it comes to tariffs we're are looking at equities, are we too complacent? benedicte: strong outperformance since december and eyebrows being raised, we remain constructive but in the short term not as much risk. it is not if, it is when. lizzie: we've had retaliation from the european union's how do you position? benedicte: canada and mexico are a roadmap. longer negotiation and some countermeasure

net income at bnp paribas surged past expectations in the fourth quarter, rising by 15.7% amid a boost in trading activity. but the french lender lowered its profit targets for 2025, saying it will target further cost savings. charlotte spoke to the cfo, lars macneil, about the results and his expectations for the upcoming quarter. >> it's a great quarter, yeah. strategies that we put in place are delivering and we basically it's a good pivotal moment to turn into 25. >> and so basically. >> the foundations. >> have been laid for. >> 2025 and beyond. so if we look at it revenue is up. >> 11% to. >> over 12 billion. we have positive jobs that come. >> with it. and so. basically good. >> cost control like a billion of cost reduced and all. >> of that. the net. income up. >> 15%, up to. >> ■k72.3 billion. on top of th. >> our common equity. >> tier one. >> went up. it went up 20. >> basis points to 12.9%. >> and we are. committed to the shareholders. so we have a committed a 60% payout ratio over the year 25. we're going to continue this into 26. and on top of that we're going. >> to intr

stefan slowinski of bnp paribas.missed segment of revenue, it is difficult because it turns attention to spending. over at alphabet and you come up with numbers like $75 billion when the market was looking for $57.9 billion. maybe you have a communication problem. the stock is down by 7% in the premarket. disney, 176. estimate was 142. lisa: when you look into the details, the experience revenue outperformed. 9.4 billion dollars versus the estimate of $9.3 billion. they missed on entertainment revenue but otherwise this is a really positive look. i wonder how vulnerable that is to some of the things we were talking about. the international disney footprint. do they start to see pushback if that also is viewed as americana incarnate? jonathan: speaking of pushback on pricing, look at the headline. second-quarter modest decline in disney plus subscribers quarter on quarter. we catch up with the disney cfo this morning. whether we are seeing pushback from consumers or reaching the limits of the tolerance around pricing.

. >> saw from competitor bnp but still some decent performance there.bal markets revenue. >> up 9%. >> with ficc up 8% and equities up ten. and also interesting positive note was french retail rebounding. their french retail private banking and insurance revenue up 15%, boosted by net interest income up 36% there. so they have announced that they will increase the payout ratio to 50%. that was the higher end of the guidance that had given previously of 40% to 50%, and a higher than expected. share buyback of ■k7872 million. so there could be the signs of the turnaround being operated by the ceo, islamic roopa, who joined back in may 2023. he presented just a few months later, his strategic plan for the bank, and the analysts were quite underwhelmed at that point, and the shares dived at that moment. he degraded some of the targets. he put a big focus on cost control, on strengthening the capital. he cut some jobs, sold multiple assets, including exiting several african markets, and they sold about ■k73 billion in assets. but it looks like maybe we are s

jonathan: coming up tomorrow morning, bnp paribas, sarah malik. you for choosing bloomberg tv. this was "bloomberg surveillance." ♪ feeling under the weather after the big game? you need a dose of comedy. or a feel-good movie. maybe some reality tv. at xfinity we know what we need for sick monday. extra-strength wifi built for streaming, so you can make the most of your “sick” monday. stream all day with xfinity streamsaver. get netflix, apple tv+, and peacock for just $15 a month. and learn how xfinity rewards members can get a food delivery gift card when they add streamsaver. bring on the good stuff. >> good morning. >> bloomberg open interest starts right now. matt: president trump says tariffs are coming for aluminum and deal. the president plans to enclose -- impose 25% lebanese. that news is boosting steel stocks, the dollar,