dollars, let's check, the numbers here, in terms of estimates because citigroup is trading up 4 2/3% better than expected number, got a revenue beat 21.4 billion estimates 19.9 billion you've got earnings beat as well on citigroup, the estimate was 1.67, we are getting earnings 2.19 a share, actual, citigroup shares up better than 4% right now in line with other banks doing very well this morning, on better-than-expected numbers citigroup shares up 3% jpmorgan up about 5%, or better joining me right now though to yaekt, chief financial strategy above bay injury thoughts, not great, i don't like the earnings i have seen this morning, i think that take a look at jpmorgan, jpmorgan earnings he wells fargo earnings, you can see that the increase in trading, was major factor pushing up the numbers in other words, the increase in trading, jpmorgan, was equal to almost exactly to the penny, the to the increase in pretax income, what i am looking at how is -- doing net jpmorgan, wells fargo well in that area deposits jpmorgan got increase in deposits getting stride on year-over-year basis in

this is a different citigroup. when is the last time you had a big crisis that citigroup wasn't part of? they don't have the regional bank issues. their deposits were higher and they don't have the global bank issues like credit suisse and they have this jewel, this gem, called treasury trade solution, one fifth of the company, it is the largest global wholesale payment network. >> didn't you used to hate this bank >> yes, i try to get the ceos fired, some ceos did get fired, i testified to congress about them >> you wrote a book about them. >> two of my ten chapters in the book how much i hate the citigroup. >> and now you love them >> i didn't say love back to average. >> where do we put -- everybody obviously says it is about jamie, and the quarter that he just delivered, it is evidence that it is deserved in the eyes of most. what about jane frazier? >> jane frazier, you know, so far, so well, pretty good. i mean but they need more proof points she needs to prove it. and citigroup needs to prove it quarter afte

elsewhere in the banking sector we have jp morgan in citigroup coming up later today.ut we've also had earnings out. they are really benefiting from better-than-expected trading income and also the general booze from higher interest rates. they do have credit impairment in predicting some lonely faults heading into this year but that stock is higher. aramis following lvmh higher yesterday of around 1.4%. really strong sales in china following the chinese new year. also, the u.s. hit better-than-expected. that was ejected -- expected to be the weak spot. >> thank you very much with some of the key spots to watch. we stay in the luxury space and bring in our bloomberg opinion columnist covering all things retail, consumer goods and lecturing on the back of what happened with lvmh. then again, those earnings. they give or try to guess. i was getting a bit of an information with our producer. i'm not sure i've held onto the knowledge. talk to us about the china impulse coming through for demand that luxury. is it there? >> that's been the big worry on the big driver, with

even the people away from citigroup are saying you will get a citigroup-like core. the game on may 3. that is the view. look how quickly things have changed. this has gone a few weeks away. tom: three more times. this is a treat. if you are at the international, lean forward and listen to leland miller, cofounder and chief executive officer of china beige book out of the washington uva combine. leland miller joins us of china. i'm going to get to the chase, you are right about consumption. they are not 70% of gdp. what is consumption in china, a lot less, right? >> it is a much smaller share than these pies that they like to print. consumption is structurally weak in china because they don't incentivize consumption. the state represses households and private firms, so consumption has a very hard time ever getting a pickup. they have ramped down investment but incentivizing consumption has been a very difficult path. tom: how do you respond to world banking, particularly imf five-year global gdp, shockingly subpar? they will say yeah, india and china have a buoyancy

so, jpmorgan, citigroup, leading the s&p, black rock and others leading the s&p 500, bank of americao not reporting, but also nice move to the upside net interest income generally very strong. reduced expectations, and they're doing better than those reduced expectations that could be a template for earnings season that we're seeing i think the contrast with the regional banks is very interesting. pnc had very good numbers. there is a whole thing about reducing their loan loss reserves the way i used to read this, this is a good thing that means credit quality is getting better that's generally a good sign i heard comments today it is a poor earnings beat when you do that but i find it a rather strange way to look at things. you see the regional banks underperforming today. pnc hit a 52-week low. so what has been happening is a widening gulf between the money center banks, and the regional banks. look at the kbe, it is the overall bank index and very heavily weighted toward the big money center banks that jpmorgan and bank of america and the kre is the regional banks, the pncs and yo

morgan and citigroup benefited from higher interest rates.hile, workplace will cut over 100 investment banking roles. french president emmanuel macron will pass his controversial pension reform and will give a televised speech later today. if you look at the markets right now, lack of conviction but they are up. tom: the gains are there across the benchmark. the conviction building is that the fed will go another 25 basis points in may after the data and investment on inflation survey got out on friday. there will be a whole lot of data out of china tomorrow and the u.k. as well on the inflation front. is the expectation from bloomberg economics that the boe can stand pack. the ftse 100 gaining 0.5%. cross your stackers, basic resources up the top of the list. -- across the assets, basic resources up at the top of the list. we will get to the china story in a couple of minutes. two sectors in the red our technology, cutting to 4% in the front end, but also financial services down 0.2% -- 2.5%. francine: china injected the least amount of cash

sidibé is the banking subsidiary of the financial giant citigroup.hy is that relevant as it relates to susan rice? citi-groupwell, courtesy of wike know that in the fall of 2008, before he had even won a citigroup executive named michael froman was sending emails to barack obama alerting him to the financial giant's ofa preferences for significant position in his administration. many of those came to fruition ,including kathleen sebelius, ma, and , yes,uition susan rice. >> you can say susie was her current gig as shadow president and master puppeteer. to the financial giant. so it should come as no shocked to learn that she would cite citibank for some bogussh statistic. they are, of course, a bank well rooted in diversity driven politics. >> well, joining me now is vince collarenebri, radio show host and editorial director of the daily caller. break this down for us . there's a lot of craziness that's coming out. but at this al sharpton event,to it seems to come to newt it's heights. >> it's amazing, isn't it? so look, what you have here is a woman

something interesting, citigroup beat on efficiency. jp morgan is also more efficient with the headcount. they are finding ways to cut costs elsewhere. that is something i have been hearing in the market, cutting discretionary spending everywhere you can. but in technology in particular you think about how much mobile banking has increased. you think about the way they are changing their systems, adopting ai and cloud to get more competitive. this is the time the big banks are winning. we have been talking about the migration. it is happening. they can spend to compete and doing it by being pretty efficient. alix: interesting. we really appreciate. it. bloomberg tv is going to be interviewing the wells fargo cfo at 2:00 p.m. coming up, more on the data with joanne hsu. we are feeling really good but inflation expectations are rising. this is bloomberg. ♪ >>'s this of the beginning of the slide into recession? i'm leaning that direction. i think there is some weakening fundamentally in the economy. some of it was gas prices, which are no

now citigroup has spent money to have 8000 new people in technology as it catches up and meets consent orders. that gives you a return on the trading desk at more than 16%. the returns look good on the trading desk because they have made serious investments to meet the clients. but this is what we are talking about. what happens when the market starts to cool? your biggest money makers start to come under pressure and you have to wonder if it happens for goldman today, does it happen for everybody soon? alix: this brings us to the point that i wonder how much of this is going to become a consumer led story. you are going to want the big consumer exposed banks, jp morgans and citigroups, becoming a macro plus micro story. kriti: i think the show hit that point last week talking about the top line versus the bottom line. the bottom line has been driving the stock market and now it is the top line. at the end of the day it is the consumer but i want to underscore the point sonali made. when you look at the diversions between goldman sachs and bank of america, it is a perfect example of th

citigroup is not jp morgan. citigroup is not a bank of america. citigroup is not even ubs.d. it is great to see those numbers. jonathan: jane fraser market saw the third best quarter in the last decade in fixed income. lisa: that is what i was watching. i'm thinking you look at the volatility we have seen with rates all over the place you see potential dislocations. this is when banks do the best. you have market bankers making bank and it is what we saw with citigroup. it highlights the dissonance between credit crisis discussions and with the banks are doing with their balance sheets. jonathan: there's an extra level of detail we need. jp morgan still up more than 5%. a beat from jp morgan. a beat from wells fargo. next week morgan stanley, goldman sachs on deck. equity futures unchanged on the s&p 500. your next stop for the market, u.s. retail sales and we're looking for a soft retail sale print with 10 year up a single basis point. 300-4562. alongside us, at the global headquarters, mohamed el-erian. good morning. mohamed: good morning. can we stop calling it a banking

citigroup with better-than-expected results up 4.5% market reaction depends on the bank.f we look at wells fargo, which had numbers that did top estimates, do not forget in wells'case, they have set more money aside for potential bad moves in real estate. home lending, pnc financial also interesting. we wanted to know how the regionals are faring. initially, the response was more positive. the revenue outlook, a little disappointment. we're going to have to watch the players in the financial space. kriti: we will stay with the bank earnings story. we spoke earlier about the recent baking turmoil. >> the banking crisis is a crisis of the banking system. this was a banking tremor. a few banks that were caught offside and badly supervised went down. the big banks are just fine. the big banks are benefiting from this because they've got two things. not only are they viewed as safe, but they've got diversified business models. jon: let's get some more on today's results. bloomberg's wall street correspondent sonali basak joining us. is that the number sticker takeaway, the big

morgan and citigroup benefited from higher interest rates that upended smaller lenders.us: certainly the short end of the curve got a shakedown on friday with the michigan consumer expiration -- expectations. the fed is far from done is what waller is saying to the market. the dollars demise is still something that should be sold on rallies according to our last guest, and volatility a 15 month low. is that just drifting by on a sugarcoated iceberg, as bank of america suggests? they are patient bears, volatility at a 15 month low, and you have cable, the come back kid. a sense of exhaustion from dz bank, they say you are pretty much done on the comeback kid trade in sterling. tom: we are looking for data out tomorrow from china. it will help inform us as to the strength of that economy. shanghai, currently gaining over 1%, despite the fact that the pboc stood pat on those rates. and certainly injected the least liquidity since november. again, the size of support. in terms of confidence from officials that they don't have to do a great deal more for the economy. futures

jp morgan, citigroup, and wells fargo.tors are likely to be focused on high deposit during the recent banking turmoil. joining us is senior finance editor, stephani a. all about the flows. >> that is one of the things we are focused on. as we know, there has been a banking crisis during this quarter. $521 billion estimate but have flown from some of your biggest banks. -- europe's biggest banks. hopefully these earnings will show us some of that. jp morgan, obviously, the biggest u.s. bank, so you would assume that some of the flows have gone in to jp morgan. manus: a thing of beauty, there you go. the producer, anna, just generated this. bank of america, j.p. morgan, and wells fargo. it is all about quality and quality will probably shine in this. is that the basis of our thesis? we are seeing drawdowns from federal reserve lending. they seem to have paused ever so slightly. they seem to have not gotten any worse. is it a quality trade versus the mid-level banks? that is maybe the credit squeeze conversation. stefania: ob

citigroup saw deposits go down by $35 billion. put aside $600 million in extra reserve because they're concerned about dethe faults, especially as i told you over and over again the weakness in commercial real estate loans. that is something to watch really. that's a really fragile part of the economy. credit card and auto loans also a concern. stuart: brach rock, the e -- can blackrock, the esg people. susan: assets increased to $9 trillion in assets under management for larry fink and his blackrock firm. of their sales and profit missed, so it wasn't great in terms of quality of actual earnings this year. stuart: you've got to coffer the cryptos, because they're off and running again. susan: yeah. ether is up 12% mt. last two sessions. you're back above 2,000, highest level since may 2022. and the reason? well, because of that systems upgrade that i told you about, right? stuart: yes. >> a. susan: that makes more ether available, morally quiddity, makes it easier to buy things. stuart: it's a wonderful thing. susan: do you want

citigroup pays more interest but jamie dimon is adding to its deposit base.n jamie dimon is cautious saying the economy is healthy but storm clouds we have been monitoring remain on the horizon in the banking industry turmoil adds to these risks. more of those are in the regional banks. pnc, strong result, stock is down and the other two highlighted down. if you think of the real story, future of banking, these regional banks report their own results. stuart: thanks. carlton english is with barron's magazine. what are these bank magazines telling us? >> we are seeing safety of the economy. adding to the reserves, jpmorgan to the tune of 1 billion. they are such soured loans but banks are bracing themselves for what is ahead. stuart: they have a recession down the road, watch out. that is what they are saying. >> recession, no one wants to see it happen but magnitude of it, nothing to the magnitude of what it is today and it does hurt. stuart: the market is pointing towards a soft landing. elon musk is warning, quote, tough sledding for the economy until sprin

governor christopher waller is speaking before the opening bell reports from jpmorgan chase and citigrouphealth and blackrock. ceo larry fink is on "sidewalk -- "squawk on the street" at 10:00 a.m. > we have courtney doming with us today to talk about the trading day. what is your word of the day >> my word is cautious i say that because earnings are starting today there is a lot of nervousness with the bank failures we really think when you look at bank earnings, they beat the expectations with the guidance to next quarter. we are only getting a couple of the banks coming out until we get further in earnings season and we see more earnings next week, i think you will see the markets in the wait-and-see mode. >> obviously, the banks have a broader effect on the economy with the next fed decision you mentioned earnings several times. people think we're on track for the earnings recession with that in mind, with the banks reporting before the bell, how does that shape up the day where do investors go and take their money if the banks don't beat estimates >> i think we are looking at earning

citigroup saw just under 30 billion. bank of america, saw big influx. these things fed into the earnings and it helped them generate higher net interest income, which is helpful for -- from a rates point of view. haidi: what are the key takeaways when it comes to first-quarter numbers? kelly: interest rates is a big one. they managed to ride this wave of aggressive rate hikes to generate more net income and it helped the traders who were able to capitalize on the volatility that the rates moves brought. we saw for a number of banks that saw a in charge-offs. they set aside more in provisions to cover bad loans. we can take away indications of how they view the economic outlook and the uncertainty of a looming recession. we got a bit more insight into the rescue of first republic. if you recall, 11 big banks came together and clubbed into this 30 billion of deposits to help prop up the sailing lender. some of the banks alluded to that, and have been pleased to help restore stability to the financial system. haidi: bloomberg's sally bakewell. also, with o

i feel like you punted right on to citigroup >> it's my way of saying i'm neutral. i don't own it, i don't hate it, i have other things that i have a reason to be in. >> you said i ask myself the question you didn't answer the question how about the banks? >> look, i don't love bank equities here. i will say there are two silver lineiin linings. we have seen outflows stop and we've seen a small inflow. so that's one positive the other one if you think about svb, for example, all about the negative marks on those securities because rates rose. rates fell in the first quarter. so as a result the markdowns have been taken and you could see a markup i think those are the silver linings, scott if you look at the online savings rate it is so much higher than what the banks are currently paying the banks will have to have a higher cost of funding, lower net interest margin and of course they rein in the lending. if you look at bank referreds and if you could get an 8, 9 or higher percent yield, that's an interesting place to be. i'm glad we were talking about the large cap

for years, i'm in this stock and everyone is like citigroup is cheaper, well, have fun with citigroup. there's a reason why you pay a slight premium to be in jpmorgan and, by the way, today is the biggest gap up in reaction to earnings for this stock in more than 20 years. >> really. >> tamp down expectations. >> there must be an echo in here i'm glad you were listening to the way i sent it to you by saying that. thank you. >> listen. i'm just reiterating the very good point you made. >> thank you >> most companies -- most companies even in the banking sector with net interest margin giving them this huge benefit are not able to say something like this, which is that the guidance for the full year of net interest income now expected at $81 billion and that is $7 billion better than the previous forecast of $74 billion coming from the cfo there aren't a lot of companies guiding up in this environment and it's, a, because jpmorgan is who they are they are him but, also, the very spectacular circumstances of a situation where rates rose they didn't blow up with long-term interest rate de

dow industrials, the major banks reporting this week, jp morgan, wells fargo, citigroup out on friday. markets are fractionally higher, take a look at a firmer tone as we look ahead to earnings season and the march consumer price index. the dow industrials right now up 20, nasdaq negative, down 15 points, s&p 500 higher by 1 and a quarter. the cpi is out this week on wednesday and the producer price index is out on thursday. the big banks are kicking off the first quarter earnings season this friday. big week ahead. last week stocks finished the holiday shortened week mixed. dow industrials were up two thirds of a percent, nasdaq a was down 1% and s&p 500 lower by a fraction. quiet week on the major averages for the week. oil prices had a big week. this morning, oil prices right now are trading higher, the price of p brent $85.18, crude oil, 80 $80.84 as economists woy opec supply prod production cuts could worsen inflation. we'll talk with the american petroleum council president and ceo this morning. interest rates looking like this, take a look at the 10 year treasury yield, tradin

the health of the us banking sector will be under scrutiny later when jpmorgan chase, citigroup and wells first quarter results. it follows the biggest bank failures in the us since 2008 with the collapse last month of silicon valley bank and signature bank, and also credit suisse being taken over by ubs investors. peter hahn is emeritus professor of banking at the london institute of banking. despite customers pulling almost $100 billion out of the big four banks in the first quarter, he said that wasn't a major threat to the us banking system. it's an excellent change. and i wouldn't let that sound anything nervous. you know, we're in this position now. we were transitioning to what i would call a normal interest rate environment. you almost have to stop and think and say generally people who are under 35 years old might be surprised to earn interest on their savings because they probably haven't done that in their adult lifetimes. so as we have this event happening that you can get earnings on your savings in america, there are a lot of alternatives to the banking system where you can

i expect jp morgan to have strong results, wells fargo, citigroup. i'm interested in jamie dimon's commentary. it's interesting to see if he sticks to the economic hurricane comment be with regards to fed minutes there's absolutely no question that we are heading into a recession. all of the leading economic indicator are pointing towards a slowdown, the last man standing is essentially the unemployment rate. we were talking about this off camera too. i mean, for some of the people who are getting laid off, some of the people who are losing their jobs, it's kind of easy for them to become an uber driver or do doordash or whatever it is. the gig economy could be manipulating that unemployment number a little bit but i do think, i mean, the economy is slowing. we are heading for a recession without a doubt. maria: do you think so? >> we are optimistic because residential real estate is likely to hold up well. we have shortage of homes. that's normally when you have an inversion, that's what drives a recession and big layoffs and lower-skilled employees

citigroup and wills fargo are in windfalls -- three giant u.s.- let's bring in our finance editor. this is all about the tightening rate environment or is it other stuff going on when it comes to obviously the big diversions and fortunes? >> if you remember going back to friday going into the numbers the big worry was expectations were broadly sitting in that camp. to have that increase in deposits is fairly notable. we have seen that big reaction in the share prices. a lot of it is to do with the broad interest rising just rate environment. net interest income is the key variable and of course that is benefiting. i think more so, and to the point earlier about how these banks have been able to benefit from disruptions in regional banking, i think that is maybe being slightly understated and you're seeing that playing out in the numbers that might be materially more than people were expecting. so on the one hand we have this big increase in interest income, and that looks like the trajectory is still ok for now. people are not massively dialing b

jp morgan, citigroup, wells fargo on tap along with march retail sales tomorrow morning. check the price of oil, topping $83 a barrel yesterday for the first time in this year, the highest close since november, this morning prices are pulling back frac fractionally. crude oil is down a fraction. european markets are mixed, take ft 100 is down a fraction, the cac quarante in paris is up 70, dax lower by 6. asia overnight, fractional moves as well, markets mostly higher on the session. the japan market briefly shut down after north korea launched another ballistic missile. and then this bombshell development into who leaked classified pentagon documents online as a friend on discord reports he worked on a u.s. military base. joining the conversation all morning long, strategic wealth partners president, mark tepper, jonathan madison and lee carter. "mornings with maria" is live right now. ♪ i'm coming up. ♪ i want the world to know. ♪ i've got to let it show. ♪ i'm coming. ♪ i'm coming up. ♪ i want the world to know. maria: some of the major banks kicking off first quarter

and pnc and we're about to get citigroup. just crossing. make room for that boeing taking a hit.x and fed president austan goolsbee joins us for his first interview since taking his new job. the final hour of "squawk box" begins right now >>> good morning welcome back to "squawk box" right here on cnbc we're live at the nasdaq market site in times square we have a big hour ahead melissa lee is in for becky quick. we're going to show u.s. equity futures on the back of some bank earnings this morning and on the back of that boeing news right now the dow up about 45 points the nasdaq turned down about 60 points, the s&p off just marginally let's talk citigroup >> looks like a beat christina has the details. >> thank you we're seeing citibank posting an eps of $2.19 a share on revenues of 21.4 billion. we're aren't going to compare estimates but the bank reporting credit loss of 2 billion on an individual business segment, what we're seeing from citi is they are a player in fixed income so that segment is up 4% year over year compared to the 25% drop in equities market, which is a mu

the global head of commodities research at citigroup. things to julia as well from the bloomberg team. we are also watching the metals market, tech and glencore disagreeing about how it will play out. they're turning to shareholders for answers. next. this is bloomberg. ♪ , colorado. we just got an order from dinosaur, colorado. start an easy to build, powerful website for free with a partner that always puts you first. start for free at godaddy.com if you're thinking with a partner taboutthis is for you.chool, ♪ - i ended up spending less money my entire time at snhu than i did in just one year at my other university. - [juan] my time at snhu has given me more confidence. now i can go for that promotion. - if you're ready to go back to school... you can do it. southern new hampshire university has changed my life. and it can change yours too. ♪ - [announcer] visit snhu.edu. jon: this is bloomberg markets, i'm jon erlichman with kriti gupta. for what it's worth, $23 billion is what when court offered for the bid for teck resources. have

citigroup earnings are expected to be down. we're waiting on citigroup in about an hour.ve got a slew of other earnings next week as well. look, fact set has already told us earnings are supposed to be down. i know the bank earnings are up but earnings are supposed to be down 6.8% for the quarter. does that worry you? >> no. because -- and again, at the risk of sounding like the internal optimist and maybe drinking my own kool-aid, it gets to the notion that we have downgraded our estimates, our expectations for what's going to happen, we've taken them down so much, i think that pendulum has just gone too far. maria: the stocks have gotten crushed. you have to believe at some point, looking at these earnings, there's real value in the stocks that have come down. >> i mean, if you were an investor that's been hiding out in cash all you would have to do is go buy the big best in breed hero, bank of america, amazon, schwab, target or disney. maria: amazon and google are up so much this year. >> they're way down from all time highs. facebook has doubled. nvidia has doubled. w

jpmorgan, citigroup, and fargo released earnings that beat expectations on friday but they have beenalth of the financial sectors of the recent banking turmoil in the us and europe. we will find out how other major lenders will fare later this week. i spoke to isac paul a little earlier, the global chief investment at oriana financial services, he told me the latest results look good, but the earnings may have peaked. good, but the earnings may have eaked. , , ., ., peaked. these were very good results for _ peaked. these were very good results for what _ peaked. these were very good results for what are _ peaked. these were very good results for what are amongst l results for what are amongst the biggest banks in the us. and we see there has been some flight to safety for depositors who are looking to put their cash with banks they know will be able to pay the back. and that really has helped those big banks boost their interest earnings and you saw that in the earnings numbers. i think looking out over the rest of this year is quite likely that these big banks, and we will see some

you will get earnings starting a week from friday, especially from jpmorgan and citigroup, two of mythink you will see decent revenue growth. >> i thought bank of america was your favorite. >> no, we reordered things main street banking was the theme but recent events and the bank failures, now goliath is winning. we like citigroup, pnc, and when you look at the four largest banks including bank of america, still recommend them, but the change in regulation is not so much for them and they've benefited from an inflow of deposits and credit quality is still good you will look at the results if a week from friday and see 10% year over year growth and you're going to say what banking crisis at the largest banks it is it is quiz time, are you ready >> we generally don't enjoy quizzes. >> we interview you. >> so when i look at a group of banks -- not banks a group of companies, 40% would be insolvent if you took out all of their intangible assets in other words, you know, negative tangible equity what group of companies am i talking about. this is easy, i'm a bank analyst. >> bank. >> no,

looking ahead to first of the big banks reporting first-quarter earnings tomorrow morning jpmorgan citigroup wells fargo on tap reporting first quarter tomorrow morning right here along with march retail sales join us for numbers, the bank stocks fractionally higher going into the report, oil prices meanwhile, lower pulling back from big moves recently, the opec left 2023 outlook world economic growth unchange 2.6% saying weakness from hikes could affect summer oil outlook price of oil 87.189 according to brent crude oil now 83.14 down a fraction, european markets this morning higher take a look ft 100 up 2 1/4 cac quarante up 71 in par ais dax negative down 9 points right now here too european markets giving up much earlier rally in asia overnight fractional moves pretty much across the board markets mostly higher japan market briefly shut down after north korea launched ballistic i mil. >> who leaked classified documents on line a friend on discord reports he worked onuss militaribags we are on it right now "mornings with maria" live right now. a source telling "washington post" the person

jack otter: citigroup calling attention to unstoppable trends people need to future proof there portfolios is global head ida liu. >> thanks for having me. jack otter: great to have you here. i want to get to these unstoppable trends. this 2023 report, a couple of statistics caught my eye. one was the prediction that global growth would be one. 7%, you bumped that up to 2%, that is slow by historical standards. >> 40 year lows in terms of global growth outside the pandemic, and we bumped that little bit to 2%. some positivity in the european region as well. it to tough and volatile year for investors. we had seven rate hikes last year and another one coming up shortly but we will reach peak rates this year and expects and studying and decreasing of the rates towards the end of this year. when we reach peak rates, recession and inflation -- it is, we believe that we are going to hit the recessionary period either this quarter or next quarter and as you know markets don't bottom until the mid-deca in a recessionary environment. a lot of volatility yet to come. you see the inflation come down

production, and consumer sentiment, plus earning season kicks off with results from jp morgan chase, citigroup, wells fargo and united health. >>> twitter is increasing the tweet limit to $10,000 characters. that's up from the 4,000 character limit the platform expanded to just in february. twitter also announced it supports bold and italics. twitter blue is $8 a month for people who sign up through the web and $11 a month for those who sign up through ios and android devices. >>> uber wants riders to go green this month for earth day. from now through april 30th, it's offering discounted uber comfort rides and electric vehicles like tesla, polestar. riders should use the code goelectric when booking. and uber has added them to new york, chicago, washington, seattle, nashville, dallas and toronto. the focus on electric vehicles is part of uber's pledge to become a zero emissions platform by 2030. marcus and laura? >> everything is headed that way. >> it looks that way. thanks. >> it sure it. it really is. >>> prime time tax time. still ahead for you, the new tool being offered by the irs that

jp morgan, citigroup, bank of america through the roof.nterest expectations above interest as they tried to gain share. jonathan: how do these numbers compare to what we heard from j.p. morgan last week? sonali: when brian moynihan waits to tell you what they expect for the year in interest income. when jp morgan raised fixations by billions of dollars, pressure on bank of america to keep up. you have average deposits declined by 3%, an interesting number to keep an eye on. deposit flight is at bay. a record number of digital logins, exceeding $3 billion -- 3 billion logins, 100 30,000 new consumer checking accounts. -- 130,000 new consumer checking accounts. tom: apples to apples of the bloomberg, deposits, 1.55 per jp morgan and people like us compare and contrast the banks. you say bank of america keeps up or catches up, is revenue up 13%? what is the quality of that revenue up 13%? sonali: the return of 17% is through the roof but below jp morgan and the difference is not just the consumer of the type of consumer. you have a huge asset

jp morgan chase, citigroup and wells fargo all exceeded analyst expectations but big amounts of money to coverfuture big amounts of money had to be put aside to cover future loan losses and the chief financial officer of jp morgan said there is a significant uncertainty in the outlook going forward. let's cross to new york and join our north america correspondent. we have all been looking for evidence of the recent banking crisis, the collapse of signature bank and silicon valley bank and these results, was there evidence to be found? it bank and these results, was there evidence to be found?— bank and these results, was there evidence to be found? it seems that had really been _ evidence to be found? it seems that had really been contained. - evidence to be found? it seems that had really been contained. the - had really been contained. the crises we saw in march with regards to silicon valley bank and the spill—over. it had been largely contained. rememberthat post—financial crisis a lot more regulation than the rules had been placed on banks so they are forced to hold on to a lot m

the stock is up about 3 percent following an upgrade from citigroup.spect steve mad ifen to see stronger wholesale reorders in the second quarter. obesity drug maker novo nor dishits a record high on news the maker of semipick enpenned a $2.7 billion pickup deal with aspect biosystems. shares of novo are up 2.25%. you can see $is -- 167.20, pretty much just slightly below the all-time record hit earlier. the deal will expand research in diabetes and obesity treatment. novo currently makes the only approved obesity drug on the market. >>> shares of progressive moving progressively lower following its latest earnings report where the largest commercial auto insurer log ared worse than expected first quarter numbers. progressive's combined ratio, that's an important indicator of insurance companies' financial health, year-over-year did come in higher. that is a red flag for shareholders as a higher a ratio means the company is allotting more money to claims and operating expenses. shares are down about 6.5% right now. shares of american motorcycle maker h

it was financial stocks earning the games from jpmorgan and citigroup and wells fargo. this week we get data on jobless claims and more than 10% of the s&p reporting results. we'll hear from the likes of bank of america, goldman sachs, ibm, united airlines, netflix and tesla. apple is holding its worldwide developers conference in june and it's shaping up to be a big event for new products. bloomberg reports that apple's mixed reality headset will be the star but the company is expected to unveil new laptops and the biggest overhaul of the apple watch since it was introduced in 2015. in the case of the headset, it's unlikely to go on sale for several months as apple wants to give developers time to create new apps and services. google is racing to build a new search engine powered by artificial intelligence. "the new york times" reports it's in the early stages of creating a service to anticipate what you want in the hopes of offering a more personalized experience. now, the project has no clear timetable and google is also developing a range of new ai features for its

citigroup looking at the various arguments that are out there that certainly put oil close to if not at $100. >> it was designed to boost oil prices. we are floating with a market that could see more demand in the spring and summer. they want higher oil prices, they needed to reinvest in economies. >> recapping, if the goal was to get higher prices, most analysts seek oil prices higher from here. we saw nymex with the biggest boost of the year. >> it was a surprise, previously opec-plus said it wasn't going to do it. the unanswered question is why do they do this? >> many believe it's a return to the tactics of the saudi oil minister who famously wanted to make traders rather jumpy, fearing they had become too confident and bowing that whoever gambles will be out in like hell. the view was that opec wants to support higher oil. brent crude slid to a 50 month low. people close to the matter tell bloomberg short-sellers redo a reminder of the pain opec-plus can inflict. we are told this was made in the final days before the announced in a very tight circle. some delegates will start as

s for citigroup their tangible book is much greater than their stock price. we have to find out what this is about. i do hope they address it. it's nearly double the stock price. something is wrong there i want to know what's wrong. now, we get results also from blackrock. this could be a good number you but inflows might be so-so that said i'd be a buyer of this if it comes down because the asset manager know a compelling long-term winner then united health which might be the most consistent beat and raise company in the dow jones industrial average this is a stock i would buy ahead of the quarter if it comes down because of all these things that we hear early on. the government releases aggregate retail sales on friday too. i think that's going to support my -- i can't believe i came up with this. long on money short on time thesis which means people will buy less stuff but spend more on services, largely travel and leisure. bottom line, earnings season will be a tale of two tapes. a slowdown generated by bank issues on one tape and decent earnings particul

have been repriced already i think when you're looking at bigger banks, you know, you mentioned citigroupjp morgan, bank of america, those guys are all in great shape i would lean towards the big bapgs, big balance sheet is going to be in for the next few months, whether you're talking about banks or other areas of the market, and certainly those names are going to suck it up, and implied volatility, is indicated, it's not there for those names and move those prices higher on those kind of names and be an investor. >> we didn't prepare a trade or segment, this is basically a developing story but if forced to put a trade on kre and options trade for the next six months would you bet that it would be higher, lower, or range bound >> so, i think in the -- over the course of the next 30 to 45 days it's probably range bound i would speculative tibet higher here's my thinking on this if you're looking for a space where an exogenous factor could come in from the side to basically improve the whole sector, that could be one of the things i was just talking about, some policy shift that says, for

paul: citigroup's global head of commodities research speaking with bloomberg's lisa abramowicz.y more to come. this is bloomberg ♪. paul: a quick check of the latest business flash headlines. sources tell bloomberg a group of banks led by goldman sachs has launched a $3.8 billion deal to offload the riskiest debt from last year's citrix buyout. the bonds are being marketed ahead of heavily discounted price of $.78, bringing the deal to 14%. banks are poised for 1.3 billion dollars in losses on the leveraged buyout. a streaming service drew more than one point four 7 billion views in the opening weekend of the indian premier league. this is the highest ever opening weekend for the annual cricket tournament. the reliance industry hopes the result will vault it to the top level of global streaming services. mcdonald's is reportedly temporarily closing u.s. offices this week while he prepares for corporate layoffs. according to the wall street journal, the company told u.s. employees and some international staff to work from home through wednesday to deliver layoff decisions virtual

year ahead and of course you see that in the activity numbers are still subdued and we heard from citigroupt fixed income did particularly well, how people have readjusted portfolios so some areas are benefiting but clearly across the board there are adjustments that need to be made whether they need to trim staff around the edges and redeploy as we get further into the slow down. shery: it is still early in asian sessions on u.s. futures are slightly higher. annabelle: focus on u.s. bank earnings setting the tone for the reporting season and debate whether this will mark the bottom for profits and equities could continue to rally but modest gains for u.s. futures. sydney and tokyo are half an hour away from the open and both going high but new zealand and the red so a mixed picture in the session that is emerging. there are things to focus on. inflation expectations. more fed officials will speak in the days ahead and i'll call for further tightening but in asia, the focus will be the data we get. gdp numbers are due tomorrow. we expect an expansion of 3.9% in the first quarter, below chin

morgan in citigroup in the united states followed by some of the other bigger banks through the next, these banks -- it will appear like a little lip there. but they're going to look at every single line item and something like this will jump out. they will have to factor that in to see what to expect from these things when they report their numbers. shery: the imf today really declining to call the all clear when it comes to the financial sector. what are we seeing in u.s. banks at the moment, the broader sector, especially in regional banks like first republic? >> that's -- it's been a few weeks since all these banks came together to try to help first republic shore up their bank and give it some time to play out the strategic options that it seems to be seeking. we don't really seem to have made a whole lot of progress. we know that first republic will come out with their earnings report on april 24. will the government have to come in and offer a few more concessions to attract or induce any other buyers to come forward and help this bank? we are not talking about it as the great

morgan and wells fargo, citigroup and bank of america all put in about $5 billion for 120 days. it is not risk-free, so they would have to set aside roughly $100 million each. it's not enough to move the needle on the earnings which they will be reporting over the next week or so. as mentioned earlier on the show, this comes against the backdrop that the banking crisis isn't necessarily open. we have fed officials worried about banks willingness to lend, and within that context, there are outside effects. dani: bank earnings takeoff on friday and will be interesting to hear any ceo comment on this. the swiss parliament's lower house has voted against approving $120 billion in government guarantees for the ubs takeover of credit suisse. of course this is symbolic, it doesn't make a difference in practice, but it shows popular and political this consent with the deal -- discontent with the deal. >> the coronavirus pandemic to russia's brutal you tack on -- attack on ukraine, the world we think we know has suffered many tremors. it is all the more important to preserve and strength

we saw citigroup benefiting from the turmoil in the rates market on those trading sides, so goldman sachsorgan stanley might be in foot for those as well. david: interesting that you brought that up because we are literally in between these consumption facing names like citi and moving to the big investment banks. one common theme our viewers might be interested in his, any guidance so far on compensation, bonuses, and headcount that we can read into for what goldman and others report? russell: in recent months, you have seen the big investment banks announce job cuts and also there has been pressure on executive pay and pay for bankers as well, so against this backdrop, you saw the executives at the top of the show talking about the risks of recession. those risks will come into play and make cost cuts in focus as well. there was a report from sky news over the weekend about -- cutting banking jobs -- barclays cutting weather and 100 investment banking jobs, so those will be in focus for this season. david: russell ward, our asia financement reporter. rishaad: chinese governor yi gang sa

higher interest rates help bring in more cash at citigroup and wells fargo, and each also beat analystons with revenues in the 21 billion dollar range. profits at wells fargo up some 35%. those results boosted bancshares on wall street. j.p. morgan chase was up around 7.5%. major indexes, though, lost ground amid investor fears of an impending slowdown. the latest data showing retail sales were down 1% in march. the dow, s&p, and the nasdaq all closing slightly in the red. meanwhile, european indexes took in the latest u.s. inflation data with some optimism. america's producer price index declined by .5% in march, leading to hopes the u.s. federal reserve might start winding down recent interest rate hikes. next, the imf is sounding the alarm on inflation and public debt in africa. in a report issued friday, several simultaneous problems were cited. public debt across africa now seems at its highest level since the early 2000's. meanwhile, borrowing costs for the region are roughly three times higher than for developed nations. as the international community struggles to agree on new f

a drop at goldman sachs relative to the others that was worth noticing because you saw beats at citigroupank of america. i would still say that these are broader market moves because you have the commodity business not as strong as it was a year ago and massive volatility in the industry and the same with currencies. goldman sachs cut their headcount while bank of america became the third big bank to show in increasing headcount wishes and increasing the interesting story where we've seen pressure on jobs across the market. looking at the technology angle, goldman, is people look to how they read the firm will add the consumer business tied to markets which is of a high intention and you have data saying they are exploring a sale of green sky which is the installment lending platform they bought a couple of years ago. goldman is transforming on its results in the near term but we are looking to the other side. bank of america bringing in lots of deposits with new clients as deposits are under pressure as we look how the banking tumble starts to play out. ed: there is also tension for gold

and traders are also keeping an eye on banking stocks, with citigroup, jpmorgan chase and wells fargoore upbeat as they wait too for all those important figures. let's discuss all of this with dan kemp — global chief investment officer at morningstar investment management. you are absolutely right. there is a big focus on the banks of course coming into this earnings season and investors will be particularly looking at deposit flows. as you remember following the troubles we had with some of the regional banks, we saw lots of depositors that take their money at of smaller banks and put that into larger banks but even though there was that positive flow from the smaller banks we are still expecting larger banks to see outflows of depositors with investors putting money elsewhere in higher deposits. 0utside putting money elsewhere in higher deposits. outside the big banks. money market funds and things like that. it will be really focused on the banks. it is always a bit of a, unlike other businesses they tend not to pre— release their earnings expectations so we are always on tenterhoo