credit suisse is asking, will they or won't they?ven that india is a growth market, there will always be a premium to the indian arm over the parent. the premium has widened substantially. the indian arm of the global giant unilever. the premium was 80% a year back, now 160%. why has this happened? because the rise in u.s. bond yields has triggered a correction in the global economy, while indian companies still hold valuations because they are betting big on demand pickup. haslinda: you touched on correction. credit suisse suggesting a correction might be possible. what are the reasons for that field -- view? >> a correction can happen if the companies fail to deliver on these promises. it is critical that india's hinterland, villages buy more creams tosoap, dental justify these valuations. a lot of expectations are built up around rural demand picking up. if the companies are unable to deliver this performance, these volumes, then you could see a correction. otherwise, these valuations are rising. a lot of pickup in demand. david:

banks including credit suisse i will saying they're looking for more than 25 basis points. they're looking for 50. governor isbank looking for faster policy normalization. vladimir putin is urging the central bank to gradually cap -- cut interest rates and make loans more affordable. european leaders discussed russia relations in brussels yesterday. it was only after discussions wrapped up that president trump approved the european exception. how will the eu respond from the news staff to the news? it's going to be the first order of business this morning. eu leaders were supposed to talk about trade yesterday but they wanted to wait to see what trump had to say. the key was whether eu was going to get an exemption. the trade commissioner have been in washington tried to secure one. there is optimism that nixon shall be granted. only after the conversation wrapped up yesterday that we heard from the admin is ration and trump confirmed it would be an eu exemption but only until may the first. how will the eu respond? we will see them continuing to respond from with retaliato

. >> we talked about two big% views, james disney, the mag in charge of credit suisse, and john burbank, who made his name and fortune betting on subprime. his next big bet, cryo all that and much more straight ahead. >>> i'm here at boring headquarters not boring in the markets, though, another volatile day with the dow swinging between triple-digit gains and losses. check out what is moving at this hour they are higher by five and four respectivelily. more than 1% the slv is rallies for the first time since february. and also on pace for the best day since january 24th tyler >> bob pisani is at the new york stock exchange following the wild swings, and the dow just moved into the green now now. >> you see it's been moving up in the last ten minutes, there are stories floating that the president might be open to changes on tariffing i'll see if i can get you more the industrial names are the once that get most affected by the tariff stories boeing has generally been down, that's been a drag 3m, united tech, caterpillar and ge have been up. so the dollar has weaker, getting very notable

you hear that from morgan stanley and credit suisse. credit suisse laid out the art of the quarter.t definitely died out a little bit. heard cameront talk about all these players in the treasury market. is there somebody else who bring up so -- hoovering up some of the business? ishael: it is unclear if it that competitive nature or just some other clients are not as active in the last few weeks. we saw a little pickup in this final week of the quarter that may help out a little bit, but certainly that late february early march period was not as good. mark: the big news for mark -- for barclays, it is paying a settlement of $2 billion in penalties to settle that doj investigation into its marketing of residential mortgage-backed security's. look at the stock price reaction. investors are cheering. michael: this is a win for jes staley -- for jeff daily. he was trying to draw a line in billion, and the doj said fine, we will take you to court and they did in late december of 2016 and there has been some battle in the courts over the last year or so, but it seems they have come to an

sponsored by banks like credit suisse for example that provider we turn based on the performance of vix futures so that's a great background and thank you for explaining it because i think a lot of people are unclear about where these things fit the vix what is a data point vix futures and options are traded in the futures and options world regulated by the sea f.t.c. vix related equity products are traded at like the new york stock exchange and regulated by the securities exchange for a little convoluted but you did a great job of explaining that and hopefully you did they're wrapping it up ok so in these products you're just a you're just started to talk about how there is an extra added bonus and i've talked in recent days about when you are at a casino and maybe you've made a little bit of money and you're walking out and there is this final big slot machine and you can win you know by five times your what you put in but it cost you twenty dollars but you're up see a figure you go with it now that may be an unfair analogy to these inverse vix related products but there is a similari

this is coming to us from credit suisse.e are looking at the s&p 500 and the vix, credit suisse says every time the vix has gone up of 25, three months later the s&p is up. there is the potential of a super spike on the table. if i blow this chart up to a long-term view, you will see the and the s&p vix 500, have a to does he to reconvert to after times of volatility. they suggest we could see the and the s&p come in. and there is finally one stuck to look at -- the 10-year rates, the 10-year yield over the last month. did not quite make it to 3%. pretty close today. down just a little bit. you can see over the last month, up 13 basis points represented in red. isseems, mark, everyone focused on reit's, less focused on the value of, but more focused on rates. the repricing of risk seems to be causing all of this book hillary. , abigail.ks good to get a plug-in. stocks up, should i say, the first day of the back of the biggest weekly drop since february. we've all by 3.7%. investors are shrugging off the impact of the italian

for them or they are exchange traded notes actual over the counter swaps sponsored by banks like credit suisse for example that provider we turn based on the performance of vix futures so that's a great background and thank you for explaining it because i think a lot of people are unclear about where these things fit the vix what is a data point the vix futures and options are traded in the futures and options world regulated by the sea f.t.c. vix related equity products are traded at like the new york.

so i like it i think credit suisse is right >> tiffany outperform 120. what do you think?> a great management team great board. >> you don't own it? >> i don't i missed it. such a good story though a great restructuring turnaround story. >> still time. the stock hasn't done anything this year. >> yeah, it is on my radar for sure >> ross stores outperformed 88 bucks. anybody? pv hch vchlvh 175 >> i can see that. strong model there >>. >> at the bottom, jcpenney, sorry, jim, though he is out now. underperform 250 >> any macy's or limited >> yes, macy's on the list neutral, 31 bucks. >> it is right here. >> is that the right call? >> it's right there. basically 30 1/2 right now >> let's do some final trades. around the horn. >> we like value style investing. but that includes groups like tech and because that is a value style. >> thanks for being here >> brinker international the stock is up 1.6%, they are buying up side calls >> chili's >> eat, yeah corner bakery and things like that i believe but i like it. it is done well. and i think it will continue to do well consumer d

back to you in london. >> thanks for that the global deputy chief investment office for credit suisse is still with us. how do you think about the elections in italy do you think the result either way will prevent some investment opportunities? >> i have nothing to contribute in terms of who will win or lose the election, we will see. but my two cents on italy is some things work, a lot of things have suffered from decades of negligent who works in italy, they have a great entrepreneurial tradition, culture, heritage. but italy also suffers from an angry society. a lot of people feel they have not benefited from the blessings of globalization a lot of people feel that life was better when they still had the lira you know what? they're right. but it wasn't for the introduction of the euro it was because those were truly better days >> you say that but another country where there's a similar type of anger was in france. what we're seeing there is a bit of an economic renaissance you know, you get in mr. macron, you had the emergence of somebody who grappled both sides of the equation an

he is a 17 year veteran of credit suisse. he's a relationship guy. into the mike it's not a great sign was happening. was there a problem with the global head? jason: there was a matter of thegreement between him and direction of the bank. we will see what happens next. as you guys both know, investment banking -- david: it's all about relationships. ubs is not the leader in this area. it's hard to get started when there are big competitors out there. jason you bring in a guide to get thejumpstart and name out there. we will see what happened next. david: steve wynn we covered yesterday. we discussed the idea this was all about macau. galaxy steps in. 5% as steve and by wynn is selling all of his stake. this is arguably good news all around. it probably answers some existential questions for the company about macau. regulators were concerned over there. david: they started an investigation. you assume the licensing in macau. what about the broader prospects for increasing? jason: we don't know what galaxies plan is. it also raises the question of whe

rishaad: credit suisse boosting atuses for wealth managers twice the bank average as growth out acesn is seeing compared to a gain of 3% across the rest of the bank. credit suisse is in the last stages of a restructuring plan to manage money for high net worth individuals. there are five new faces governing china and a fifth of the world's population. they are among the figures to watch for when the national people's congress gets underway next week in beijing. tom mackenzie reports. ♪ are the five new faces of china's most par 4 governing body. rise loyalist, the reflects the president's power. the committee shows a tilt towards provincial experience rather than time at an enterprise. collectively they rolled over regions rich and poor. one spent three decades in shanghai, one of china's most prosperous cities. while another, the personal liaison to president vladimir brand one of china's poorest provinces. another sat at the helm of a province with a reliance on estate sector. another is seen as a reformer. leadership, the region diversified away from manufacturing. another is a pr

i misspoke when i said they approached credit suisse. i meant unicredit.have approached bill winters at standard chartered. we mentioned goldman sachs as well. who could or would want the job? who would want the job is another matter. names, because on one hand you have must be eight did similar job to cryan. he is an investment banker. has a missione now that he wants to see through. bill winters at standard chartered, a similar position. me because youd need to note deutsche bank -- you need to know deutsche bank to run this company. it does not mean you have to be german, but you should be up to speak german and be steeped in the corporate banking industry here. you would be a known quantity in germany. that confused me. at the bank, you have two deputy ceo's who see themselves as princes in waiting. the cohead of the investment and the consumer banking side. neither is a perfect match either, because on the one hand you have a guy with consumer banking who does not have investment banking experience. the guy investment banking does not have the wider t

we've got the details and speak with bob peck internet head of investment banking at credit suisse "squawk" will be right back narrator: public education has been valued for centuries. man: the direction in which education starts a person will determine their future in life. woman: the highest result of education is tolerance. woman: it's the road to equality and citizenship. man: education is the most powerful weapon which you can use to change the world. narrator: brought to you by the california teachers association. woman: because we know quality public schools make a better california for all of us. woman: because we know quality public schools at the marine mammal center, the environment is everything. we want to do our very best for each and every animal, and we want to operate a sustainable facility. and pg&e has been a partner helping us to achieve that. we've helped the marine mammal center go solar, install electric vehicle charging stations, and become more energy efficient. pg&e has allowed us to be the most sustainable organization we can be. any time you help a customer, it'

the only one is the credit suisse's mortgage backed securities assets. and he is still serving time but everybody else more or less got off. >> amazing kate, thank you. good to see you. >> you too can i add one thin >> of course. >> i was talking to a bear stearns alum today who was a great source of mine on the book he said in terms of my wre recollections the sounds of st. patty's day bagpipes will forever trigger ptsd >> that's kate's book "street fighters". >> first of all i want a signed copy, number one >> i think that can be arranged. >> so the big argumentor the big question was can bear stearns happen again >> are we safe from another collapse the rollback of the regulations is that a prudent thin. >> there can always be another run on the bank theoretically. that's effectively what happened to tim's point, you said this now a couple years bank are sober capitalized now that the next problem is not going to manifest itself in a financial crisis. >> i also look, and i listen to this administration and hear them talk about regulation and deregulat

and credit suisse that used to work at u.b.s. didn't you what are they thinking on krypto those. well i think you know they have working on the different initiatives hols they going to benefit from this technology and build certain applications on that they're they're mostly talking about permission to private blog chines rights which in my eyes you know have limited innovation potential right what is a really new is you know it is just centralized money and as internet of value rates and since this process is we're talking about public launching squaddies but i think they're still very little locked in to work with locks in companies and start ups and it's unfortunate very much hopes that they will change their stance on that. at some point ins if you richard well as you if you keep talking with them all day i'm sure they will you're very persuasive that's all the felde meyer the bitcoin queen of switzerland and the c.e.o. and founder of smart valor thank you for being with us olga. welcome bart to you soon. the big battle continues not far from where we are right here in washin

credit suisse boosting bonuses for bank managers.eing 7% rise in the bonus pool from last year, compared to a gain of 3% across the rest of the banks. credit suisse is in the last stages of a restructuring plan for high net worth individuals. a deal to buy oil from libya, underscoring the nation's recovery, even as uncertainty exists. bp and shellals by that were signed in january. it remains this is bloomberg. ♪ 8:30 in singapore, half an hour away from the open of trading there. seeing some headwinds today when wecomes to equities, given are seeing trade war concerns hitting asia this friday's session. i am yvonne man in hong kong. betty: markets around the world taking a hit on that. i am betty liu in new york. you are watching "daybreak asia ." u.s. willp, the impose tariffs on steel and aluminum imports with an official announcement expected next week. during meetings with metal executives at the white house, president trump said it would mean a long-awaited protection for the industry. the decision may provoke retaliation. chin

for them or they are exchange traded notes actual over the counter swaps sponsored by banks like credit suisse for example that provider we turn based on the performance of vix futures so that's a great background and thank you for explaining it because i think a lot of people are unclear about where these things fit the vix what is a data point vix futures and options are traded in the futures and options world regulated by the see if t.c. vix related equity products are traded at like the new york stock exchange and regulated by the securities exchange for a little convoluted but you did a great job of explaining that and hopefully you did they're wrapping it up ok so in these products you're just a you're just started to talk about how there is an extra added bonus and i've talked in recent days about where. when you are at a casino and maybe you've made a little bit of money and you're walking out and there is this final big slot machine and you can win you know five times your what you put in but it cost you twenty dollars but you're up see a figure you go with it now that may be an unfai

is seen as in the fishery by -- a beneficiary by credit suisse.inancial onulator imposed penalties six cryptocurrencies. two have been ordered to halt business for one month. that comes after that cyber heist that coin check earlier this year -- coincheck earlier this year. the sec has come out recently crypto exchanges must be secured. regulate or not, that remains a question. still to come, the art of trade war. we tell you who stands to win and who could lose from a surge in global protectionism. this is bloomberg. ♪ ♪ trade policy really is a challenge. it will surely have a challenge us.hinese comic is like we set our will to an to the u.s. market in 2019 because we believe in globalization instead of trade protectionism. but if trump insists on imposing tariffs on chinese biz, then cost will be the key measurement for us to decide whether we want to export cars to the u.s.. >> there is a global oversupply of steel. it is largely coming from china. that is not unknown. a dozen only affect the united states. and there are ways to grapple with

industry from the trading comments, not just for deutsche bank -- from deutsche bank but from the credit suisseeo -- ceo who was more cautious on the fourth quarter and trading business. he talked about a strong january. a february that was mixed. and a march that is all over the place. putting some caution on the trading business in the first quarter. mark: test deutsche bank need to prune costs to align the business with actual anticipated revenue? >> what they would want is to keep an eye on caused. -- cost. they are spending cautiously. we interviewed the head of their equity businesses who said they would be hiring but would be gradual. entry-level stuff. to maintain the costs under control. mark: can john cryan will be naysayers at bay -- hold the naysayers and they? >> the revenue that -- at bay? >> the revenue numbers have not been coming through. -- barclays chief executive jes staley sat down with francine lacqua and they discussed the new activist investor and what needs to change. >> our head of ir had a brief meeting with them. we look forward to engaging with all of our shareholde

it is higher and we have seen a mandy overre, but as at credit suisse is noting, it is not a sign ofor her. not an indication of expectations of volatility in the tech space. it is certainly higher than the ofad market indication people expecting volatility in the tech sector to stay higher. but not in any kind of panic level territory. we have been on such a great run in tech so long now, it has doubled the returns of what the s&p 500 has done over the past 12 months. why people reason want to dial back some of those expectations in the tech space. given that relative outperformance. things areof the looking tested. we get our latest read on the chinese state of play today. tencent earnings will be the big focus as trading gets underway later on today. betty? betty: adam, thank you so much. he mentioned the tencent remains on tech today. analysts are expecting gross margins of the klein and tencent broadens it revenue makes -- it revenue mix. joining us from san francisco, how are the numbers going to shape up for tencent? >> the top line will be the key thing. we will see growth. w

a credit suisse strategist downgraded italian equities due to did prospects following the inconclusive election. international paper wanted to perform a takeover but it fails to affect the irish paper makers gross prospects. it puts it below recent deals in the industry. the company will instead focus on delivering targets including 1.6 billion euros in capital investments and dividend growth. shares are a little bit lower today. the world's biggest maker of premium chocolate is reporting the slowest profit growth in six years, held back by a weak u.s. market. and salesd estimates growth in the company phase -- faces weak sales and a saturated market in the u.s.. like brazil, south africa, japan, china, and russia hold enormous potential in the coming years. by91/0 of 1%. isnie: the european union proposing penalties for donald trump's proposal of increasing tariffs. overnight,opment north korea may be open to giving up nuclear weapons in exchange for assurances of the regime's safety. we are joined by margie shanker -- marty shanker. the president is said to be willnced that gary cohn

credit suisse estimates the digital payment market could be worth $1 trillion in five years. conversation about diversity in the workforce, we are putting the spotlight on goldman sachs. lloyd blankfein is planning to step down this year. diversity will be top party for his placement. he said "you make progress, the progress day-to-day looks slow. you know that over time that will change. it's our job to change it." joining us now to explore the topic, jordyn holman. he did propose a number of ideas to the board not too long ago. why are we seeing an increase of female executives at the senior level? >> no woman has run a major wall street bank before. if david solomon becomes the next ceo, that pattern will continue. they are looking at increasing the number of women who come into those entry-level positions. we are not seeing the women come out on the other side of the pipeline. there is a retention issue. they are looking at that through mentorship and sponsorship initiatives. lisa: how long does it take before you get a critical max of women? what is the trajectory within

credit suisse out last night with a huge call on retailers and consumer products.t issued a buy on shares of a number of companies including nike, foot locker, and even ferrari. the analyst slapped an underperform rating on jcpenney with a price target 20% below jcp's price target guggenheim partners says sell shares of print sprint, they li shares of at&t, it mobit mobiled verizon. >>> and steakhouse chain dell frisco's is getting optimism from its ceo it was disclosed late last night he bought 15,000 more shares in de del frisco's restaurant group. >>> another winter storm is about to slam us on the east coast. a third nor'easter just this month. landon dowdy, say it ain't so. if it is so, tell us about the impact >> it is so. the storm is expected to bring coastal flooding and winds and could reach bomb cyclone status. nearly 44 million people are under a winter storm advisory, boston is expected to take the brunt of that storm. nearly 1600 flights have been canceled today, 1800 delays. almost all flights in and out of boston are canceled. american airlines scra

i want to highlight something from credit suisse. the boj seeing tapering, the yen continues to strengthen. gdp does come from manufacturing. we did see a pickup in january. let's check in on defense-related stocks. one highlight, small caps supplier jumping. rising 15%. they get half of the revenue. , they are falling. board.witch the the worst performer on the index this morning. snapping a today rise. the company has been sued in the u.s. over products manufactured. there is an ongoing doj probe. the stoxx sliding over 1%. the february inflation scare has turned into a march sigh of relief. kathleen hays here with a recap. coming in right with estimates. no big acceleration. nothing to be nervous about. cpi comes out. oh my goodness. the numbers got bigger faster. a closely watched report. let's look at the numbers. if we look at the monthly change, for example, up 0.2%. in january. decelerating a little bit. year over year, the cpi up 2.2%. inittle bit faster than 2.1% january. looking pretty tame. what you can also add, the fed'

it was upgraded by credit suisse in response to its malibu project, indicating that has a market is showingcated it has its price at market rate. 58 -- 50 point $8 billion in china's additional share sales in order to boost its capital buffer. and bank -- agbank rising for a second day. haidi: let's get first word news with paul allen. finance mr.inese has repeated apologies for altered documents late to shinzo abe but says he will not resign. the issue relates to a land sale being removede from papers. he insists that the attempt was not to shield the banister. >> i believe alterations were not intended to protect prime minister abe or his wife. my understanding is that only a certain group of people was involved in this scandal. and i don't think this is the issue. of finance ministry. paul: shares were already under pressure but fell hard and ge after he left. the new ceo, john flannery, will not receive a bonus for 2017 because of the company's poor overall performance. aviation authorities in india say that planes featuring even one potentially week sealed are al are no -- weak se long

credit suisse says his pay would return to levels in line with the banks expected improvement. j.p.e is deciding whether to spin off its project into a separate company. according to a person familiar with the matter, the bank is still in the early stages of decision-making. the goal of the project is to create a digital ledger for banks, and corporations. that is your bloomberg business flash. francine: thank you so much. following china's announcement of reciprocal tariffs against the u.s., the euro rose for the first time since november 16 as investors flocked to haven assets. joining us is john hardy. talk to me about the yen. we do not see an exemption for japan and yet there's havens going on. john: what we are seeing are the ideal ingredients for japanese again rally. the markets are at odds on what to do with foreign exchange on all these announcements and concern about a trade war. one thing clear is that the japanese yen is undervalued. off and with interest rates heading back lower, this is a national support for an undervalued japanese yen. it is one of the few stick out

earlier this week we were in san francisco at the credit suisse blockchain west symposium where we spokeh the ceo of ripple, brad garlinghouse. we aired some of the interview yes but we asked brad what his two big predictions for the crypto universe were here they are. >> i'll make two observations. i was here in 1997 and i felt like there was an internet movement and i feel like this is similar. it feels like there will be lots of companies spawned i think those that are focused on solving the problem will be interesting. i think there will be a lot of consolidation so you can break into, you know, recently circle, a block chain crypto company bought another company that is a digital asset exchange, i think there will be more consolidation and they will grow incise. i predict the fidelities of the world will be in this space. already they're relatively well known, the chairwoman of fidelity was mining bitcoin under her desk i'm not saying fidelity specifically but this is a new asset class that will continue to grow and there will be reason too break in as it continues to grow. >> what

credit suisse coming back in late day trade and trade worries carry on and global resources i shouldctor in europe for 2018 down about 8%. guys, sending it back to you >> thank you >>> president trump signing a revised trade deal with south korea. the new deal ahead of negotiations over nafta. robert lighthizer said he was optimistic >> at this point i am hopeful. i think we are making progress i think all three parties want to move forward. we have a short window because of elections and things beyond our control, but if there's a real effort made to close out and compromise and do some of the things we know we should do, you know, i'm optimistic we can get something done in principle in the next little bit >> joining us, ambassador nicholas burns, former ambassador to nato and greece and former undersecretary of state for political affairs. ambassador burns, thanks for joining us today. >> thank you >> all right so you just heard ambassador lighthizer and his comments. had this deal between the u.s. and south korea in the last 24 hours. a week ago, stocks sold off on fears of poten

which means the shorts in the sector have forced to cover the stock close at $7.75 think i credit suisse$9 price target. i think it can go higher than that >> after that tremendous bullish pick we just talked about. i agree with the story quite a bit. and i think for me it is a lot about china taking dirty supply off, adding to demand in the underlying -- market is that a driver for you >> you would think it would be a huge driver. i think you are going start to see analysts need to raise pric targets in the entire stays. u.s. steel had ridiculous movement cloelszed at 47 cleveland cliffs has not seen a move of that magnitude. i think now the entire sector is getting dragged up and i pick cleveland cliffs because it has a short interest that is going to force these guys and gals to cover there is your chart by a way beautiful shart. >> no more questions time to vote are you buying guy's cleveland cliff pitch? >> absolutely. and if you will notice that is a baseball and a home run with cliffs in the center long the name. love the pick. do think they are rallying back. a volatile stop. not

credit suisse estimates india's payment markets could be worth $1 trillion in five years.in the u.s., sxsw is in full swing. attending the conference in austin, texas, the mayor of london to drum up business for his city. speaking to bloomberg, sadiq khan had stern words for companies like uber, saying they had to play by the rules if they want to do business in london. the mayor also explained why london is the place to be when sadiq: --o technology comes to technology. sadiq: there are a number of reasons why tech companies and startups and tech giants come to london. the main reasons are access to talent. we have a talented population in london. we are investing in the next generation to have the skills for tomorrow. second is access to capital. london has cultural capital in the country, political capital, and financial capital. thirdly, our ecosystem. the proximity to culture, tack, -- culture, tech politics, , politicians, regulators. it explains why 40% of the world's companies have european headquarters in london. 40%. number two, by the way, is paris with 8%. and

big interview with the ceo tomorrow at our special fast goes crypto show we will be live at the credit suissesymposium in san francisco. we have a great lineup the biggest names in the space, john burbank, passport capital chamath palihipitiya, ssiff hirji and brad garlinghouse. who are you most excited to here from, the person's whose name i butchered? >> no, listen i i think the conference in general what i'm excited about. in new york we focus on investing. out here it will be about blockchain the technology behind it john burbank interested in hearing. so it will be difficult than what we talk about everyday but fascinating stuff. >> when you think about it, this isreally focused towards bcs and talking about the blockchain tech, how disintermediate@ing. so i'm excited about panels on blockchain in the enterprise or just kind of making cross border payments or payments in general. those are the trends that will disrupt these large technology and financial incumbents for the next 20 years. >> if we're talking about blockchain and i'm long overstock and people don't look at it as a blockcha

scarlet: you're at credit suisse when microsoft in the united states government were tussling over antitrustues. that was when the investors had to adjust to. if this goes in that direction, what do we need to think about when it comes to facebook and perhaps reducing its influence? how do investors prepare for that? paul: it is an evolutionary moment. the european regulators and particular have always looked at u.s. technology companies with a wary eye. that is because there is no technology industry in europe. when they see these a tech company is coming to europe, they rightfully look at them sharp eye. it has happened with microsoft, google, now with facebook. netflix, amazon. that is one thing. europe is one thing. it seems like silicon valley and technology companies and their investors have figured out how to deal with that. what is different here is it looks like it might be the u.s. government wanting to take a look at these businesses and issueslook at the data with his companies. that is different. that is what is spooking investors in the short term. julia: facebook answers to al

. >>> welcome back to our special edition of "fast money" at the credit suisse west blockchain symposium in san francisco now anybody who buys crypto knows what this app on my phone is you know it, coinbase. millions of crypto investors opened up their own account. coinbase exceeding the number of brokerage accounts of charles schwab joining me is the president of coinbase, asiff hirji, he has a big announcement to make but we want to start off with the base of the business. the fourth quarter of last year in particular, the month of december was a blockbuster one. >> what has happened the price of bitcoin was much higher the last time we talked now there's volatility, what have people been doing >> our trading volumes, if you want to have a view of what they are, they're basically related to where the asset price is and what overall volatility is so the higher asset price, you'd expect more trading behavior this is the same as inequities given that volatility is down, our volumes are not where they were in december. >> with that growth that you saw last month of the year, there were a l

been coming down over the last few days, trading down to read this chart is showing, and what credit suisseas pointed out, if you look 2014, everycally to time the vix went above 25, you saw on average gain of 6.9% three months after the vix rose above 25. you can go into this chart yourself. and see what we have since the vix went above 25. we have a little further to go, if this chart is correct. raft of guests. we are live at the auto show in geneva. an interview with steven armstrong who joins us shortly. 6:30 a.m., we have itv berlin. we will have a conversation with the ceo keith barr. ceo.t the jag land rover let's get the juliette saly. donald trumpg time associate sam numbered says he does not plan to cooperate with the subpoena from robert mueller. press hasated reported that numbered in a reversal says he will cooperate -- the associate appraiser has the associated press has reported that nunberg associate -- a man hospitalized in a critically ill condition is a russian convicted in his home country of spying for the u.k. according to a person familiar granted case, he was refuge

the credit suisse of course, and describe that his firm is being very strange.hink the first quarter has elements of the usual seasonality. this is what we are seeing in the last couple of years. volatility between quarters. therefore, i would not call this quarter much different than what we have been seeing the last couple of years. >> you have got that less uncertainty. you're better positioned, it seems, to make acquisitions should you choose to. >> i think it would be, you all, first the -- of our central case is to look at all ghetto growth -- organic growth. when you look at asia, china, in the u.s., we have pockets of ,rowth everywhere in the world and our focusing is on organic growth. of course, we look at small acquisitions here and there to complement our portfolio, but extraordinary compared to what we had in the last couple of years. >> do you expect to see a pickup in the banking sector? >> i have been expecting this consolidation to come, and i think it is time. consolidation will be part of the solution. trying to take out overcapacity in the sy

it had a big day yesterday on the back of the upgrades we saw out of credit suisse macy's still worksere. down small today but i think the retailers, there are some tail winds there. >> karen >> bought more quist volatility was lower i'm surprised it's not higher by the end of the day today i don't know where you think it should be given the volatility we have had but this is the most long puts i have done in a while. >> before central banks got involved after the crisis as an anecdote the vix averaged 20 at 17 or what's going on today with all that's going on out there with the sense that the fed is in play is normal for volatility and i don't think you have to overreact. >>> coming up, square surging after something jim cramer said. after you hear what he said you might be buying the stock, too the madman is here to tell us what he said. >>> plus, chris harvey of wells fargo will tell us how bad he thinks bitcoin could get. >>> later, pete is back from hawaii there is one soaring stock he says is about to take off he will step up to the plate and give us his fast pitch you are watch

we see credit suisse off this morning, but most of the financials were gainers today.ingers markets regardless of which way we see equities going. steve mnuchin said he is optimistic that a trade war can be averted with china, but not everyone is convinced by the rhetoric. weat this point in time, don't see financial markets being overly impacted by protectionism. this could be very disturbing. >> if we start to have a tit-for-tat war, it could have an impact on global gdp. i do not think trade sanctions need to have a large impact on the global economy, but the psychological impact of the degree of friction there is right now could be quite serious for markets. >> the problem is that there is this large disjunction in the lease when both sides believe the situation is different and you get huge mistakes and things like trade wars. >> china has responded very modestly given the potential weapons it has at its disposal in terms of countervailing shifts and it's possible in purchases of u.s. treasuries. there is plenty more to come if with.s. chooses to stay this reckles

credit suisse has the midas touch after initiating coverage., kohls while gap and macy's among the leaders of the s&p 500 today. so we're going to go back to president trump when we come back. he's about to tour the eight border wall prototypes. when we come back, we're going to speak to the chairman of one company uniquely positioned to benefit, but also to be hurt by the president's moves on tariffs and border security. lance fritz is the chairman, ceo and president of union pacific. he joins us in a fox business exclusive when we come back, don't go away. mvo: you're not doing work to help somebody, you're gaining something from meeting mr. adderley. it's a calling to not only everybody in this neighborhood in miami, but to the nation how great we are. and how great we can be. ♪ ♪ i'll stand by you. ♪ i'll stand by you. ♪ and i'll never desert you. ♪ i'll stand by you. for mom, the nation's largest senior living referral service. for the past five years, i've spoken with hundreds of families and visited senior care communities around the cou

tencent has lost 10% the last three trading days, but credit suisse has maintained its outperforming writing. saying conditions are looking favorable heading into the second quarter. not soothing investor nerves very much today. rishaad: sophie kamaruddin there. it is more of what we have been reporting on. the global oil market getting a bit of a wake-up ahead of the launch of china's own oil futures on the shanghai international energy exchange. china is the world's largest energy consumer, offering contracts that foreigners can buy or sell. it is a first for chinese commodities. does this mean china will get a bigger say in pricing? let's get the market bloombergns with markets' live macro strategist. what is the timing? why is china doing this and do think it is going to be popular? >> this is a massive win for china, but very much long-term. we can't expect the implications to feed through the market short-term. i am not talking about weeks, i am saying months or even the first year. over the years ahead, this is a big win. it helps financial markets, helps validate the yuan as

problem, you need to deal with the long-term decline of the mall and shopping center last summer, credit suisseublished a report arguing that 20 to 25% of american malls will indeed close within five years that's stagnant number even if they're being excessively bearish, even only 10%, that's a huge number that will do a ton of damage to the industry you know the culprit, the rise of online shopping it is far too easy to buy off the web and traditional bricks and mortar retailers have figured out to sell things profitably online. you would think the number of malls would have gone into decline since the dotcom year or rise of the iphone, but you would be mistaken. we have been actually building more and more again each year. and that's in part because of municipalities love to offer all kinds of generous incentives to bring in business, even as individual retailers have been making pretty big comebacks, most of them are still closing down lots of underperforming stores and there have been plenty of -- we're in short we're overstored in america. this is not a good business to be in. if you insis

credit suisse is advising its wealthy clients to beef up equity allocations even if they missed out onm recommends holding 45% in stocks favoring emerging markets the eurozone, and technology. the swiss bank advises some of the world's richest investors and shifting its focus. and calling -- recalling more devices. 752 of its defibrillators could fail. note deaths have been reported. they were called 48 devices in january. that company will offer a devices in replace affected patients. another apple event is on the calendar. they will make an announcement on march 27 in chicago and will roll out products aimed at schools. let's go to emily chang in san francisco. editor.ere is our tech invitation with this to an event in chicago on march 27. about education. what do expect? >> it might really some ipads. strategy, making it cheaper and easier to use. they get into a company and say where is all the apple gear, where all the apps? at you can see lessons and the problem with all of that is their strategy arounds -- is around several devices. made acquisition this week. amazon was interes

one of the interesting things credit suisse found in a survey is that a lot of the younger people arehanging. said made in china brand does not have the stigma it used to. i want to look at this trend toward buying high-end stuff. that may pose a contradiction. nisha: in a way it is a contradiction. if you look at appliance makers, younger chinese like to buy local. they have been on a buying spree overseas. that does help to them move up the quality latter -- ladder. people were proud to buy chinese and that help them move up. haidi: it is an interesting sector. these domestically dominant some are picking up overseas assets pretty quickly. nisha: a, that has really helped to them move up. at the same time, they have been buying all these assets, but it has given them more confidence and they have been releasing their own local products. i read about an air wash washing machine. you just do a light watch and remove the bad smells, you do not need a heavy wash. these things are really popular in china. in an ironic way, it lines up with one of the china -- chinese government's toectio

this after credit suisse lifted strong 2017n earnings and a push into technology.k you. in moreat ping an detail. the company investing in technology trying to make its insurance and asset banking businesses more competitive. sayschief strategist technology will continue to be a big focus. >> the goal of the group is to progressively try move from a capital driven in a price technology-driven enterprise. you will see the contribution from technology being a more material component of earnings and valuation. intelligencemberg journalist with me now. they are looking to generate half of its earnings from technology. how do they do that? >> to do that they need to start from the ground actually. from thead seen echults overnight is fint business contribute 4% to 5% profit. all it is still is starting stage. , it ismentioned earlier step-by-step. some operations are already contravening profits come a but other areas are still waiting. rishaad: what is the operating environment for them at the moment? we saw it happen with anbang insurance. is pretty this stage much th

. >>> back to the overall markets, jonathan golub, credit suisse chief equity strategist is with us now going to confront you. >> okay. stuart: in my opinion, looking at recent market action i feel this market just wants to go down. >> does it right now feel ill at ease? maybe i think but i do think we're overreacting to this threat of trade war and some other headlines. reality we'll probably not end up in a full-blown trade war. this is the way trump is negotiating these things. and i think that the market probably in a month or two from now will realize, worst case outcomes didn't play out. we're left with a very good economy. stuart: well, look, i think you're right to take slightly longer term view. we shouldn't react to day-to-day events. up today, down tomorrow. what is the reason. i take your point but your outlook relies on profits continuing to go up very nicely, the economy continuing to expand very nicely. >> and it will. the expectations are between something like 18 or 19% earnings growth this year, which half of that is from the underlying strong economic trend and half o

appointment about who was .oing to succeed dan och rob schaeffer was the head of the americas for credit suissehe adult in the .aking fairly dramatic changes david: we have a core business. we did credit, we do real estate. we want to get back to our knitting and getting situated in the right way. jason: it is interesting when you look at the number of performances for each of the funds that focus on, u.s., asia. 10.4% up last year, asia fund of 23% and europe was up 4.8. alix: when you consolidate and go to core business but you have everyone and their mother talking about how they want to go into european equities because it's going to be a lot of value, you're going to miss out yet again on structural sets. david: you have to make tough choices and they could go right or they could go wrong. we're going to talk about alan howard. he's making a big bet on block chain. companies, but they were careful and saying this is his money. it's interesting they want to make clear what's going on. jason: people have been worried about brevin howard worst year last year. they have to be careful. if it wa

credit suisse raised the stock to neutral. hecking in on movers in seoul. hyundai corps rising. rishaad: and here's the roves the news. >> the u.s. and its allies are expelling scores of russian diplomats in response to a nerve agent attack on a russian spy in the u.k. they're closing moscow's consulate in seattle, in the largest such action in u.s. history. ukraine ordered 13 people to leave and canada expelled seven. >> together we sent a message we will not tolerate russia's continued attempt to flout its national law and undermine our values. european nations will also act to strengthen their resilience to chemical, biological, radiological and nuclear related risks. >> the i.m.f. managing director told bloomberg euro area integration is still short of what's needed and must be advanced by progress in several airs. he said the euro is close to what it needs to be. she said proposed fiscal capacity is more difficult. >> they came to close accountability but it is still short of what is needed. they need more trust and more accountability and i think more to the point, they ne

chinese steel players continue to fall, but credit suisse says u.s.fs will barely heard chinese exporters. the last word on kobe steel, sliding 5%, falling to a december low after the steelmaker said more cases of misconduct were found. haidi: thank you for that. more of a mixed session as we get into the trading day. let's get to first word news with paul allen. >> the dovish fed governor library and it says confidence on inflation hitting 2% has improved. she said financial conditions are supporting growth, although wage gains still fall short of pre-crisis levels. while asset fight is remain elevated come overall risk is moderate. >> in many respects the macro environment today is the mirror image of the environment we confronted a couple of years ago. strong headwinds sap the momentum of the recovery and weighed down on policy. today, the reverse could be true. >> president trump's top economic advisor gary cohn is quitting. gary cohn has opposed the plan of tariffs and was part of a campaign to stop the idea. he invited u.s. steel and aluminum pr