. —— —— dan suzuki.y see any reason to expect anything different from what we have seen both from these companies over the past couple of quarters but also from the companies we have only heard from his earnings season. i think what is clear is growth is slowing and this is hurting these companies notjust on the revenue front but the profitability front which i think is front and centre for markets. we were talking about meta layoffs and other big companies, also the collapse of the silicon valley bank. do you think that maybe this is finally, the pay might be over in the next quarter? —— the pain might be over. nothing i'm seeing in the data is really suggesting that. again, wejust heard from a handful of tech companies in the last week or so. they're pointing to weakening fundamental trends. you have seen this consistently slow down in these companies and you alluded to this. these companies has spent the better part of the last few years opening of a business lines, opening up facilities, hiring peopl

jonathan: you mentioned dan suzuki.nge sharp enough if the revenue demand starts to change? lisa a: this goes to dan ives point. will there be some that can but the rest cannot? the reason people have pointed to this so much is because they where they stand out margin play and had margins not akin to the automated factors -- automated manufacturers. now they are closer because they are trying to gain market share. jonathan: margins coming in more than anticipated yesterday. this morning, we get price hikes on certain models. for the broader markets, simple. negative zero .2% on the s&p 500. no real drama. outside of equities, we are basically unchanged. 10-year yield is 3.5261. if the euro is essentially unchanged over the last couple days. 1.0980 on the back of the currency. we get pmi data. lisa a: there has not been much of a catalyst. you talked about this earlier. people are looking for the a-ha moment. ok, we are heading into recession now, it is heading into the bull market. we are not getting that. it is just a

tom: i want to go back to dan suzuki. that is the sentiment out there.nailed it in his note, we are talking about this poor sentiment from richard bernstein and dances again -- and suzuki -- dan suzuki. jonathan: i think it is time for new leadership and a very different equity market to be invested in. tom: the week, i will take it over to may 4 and the apple earnings as well. we have to have team coverage of what we do in switzerland that is always the case. manus cranny always ponies up for the zurich $25 bowl of parsnip and coriander soup. that is how expensive zurich is. let's start with credit suisse behind you and ubs off of your right shoulder how many bodies will go out the door? mannus: probably enough a lot more than you, myself and john anticipate. the dissection of this institution was around 9000 jobs. by the time the new incumbent, returns to ubs, many years ago we sat down in an interview and he said i have to lay off 10,000 people and it never got there. the numbers will be much more than 9000. if you want to understand the smell of fear