joining us is dani burger who is covering the boe. i feel like a bit of an imposter on your show. dani: i love how you can't get rid of me. here i am, refusing to leave. tom: you are not giving up too much territory. what are you looking for from the boe? dani: a bunch of central banks have done adjusted -- downshifted. they really started this tightening cycle, it is really not clear that today is the day to do that. core inflation is still sticky, private wage growth is around 7.2. we are likely to get an upgrade. none of that is consistent with getting inflation back down to 2%. we will get a 50 basis point hike, the mpc is more divided than ever. we have had three past meetings where they has been a three-way split. tom: a deep division amongst the mpc, very different than the fed. that decision is coming later today, we will have live coverage on the decision at 12:00 p.m. u.k. time. special coverage of the press conference at 12:30 p.m.. you can watch that on ib+tv . analysis from dani burger throughout that. at 4:00, we will bring you are interview with andrew bailey. co

dani burger on the b.o.e.. francine: fed chair jay powell has warned a couple more rate hikes are needed despite progress on inflation. that is after slowing the pace of tightening with a 25 basis point hike. >> we anticipate ongoing increases will be appropriate to obtain a monetary policy that is sufficiently restrictive to return inflation to 2% over time. francine: let's bring in markets alive managing editor mark cudmore. he went through the language with a fine tooth comb. what did it tell us, mark? mark: you give me too much credit but to paraphrase, the question is if a fed chair makes hawkish statements in a market that does not want to hear hawkish statements does he sound hawkish? the answer is most definitely no. this was a dovish press conference. as tom indicated there in the headlines, he did not make a big fuss about the fact that financial conditions have loosened. instead he joined tension to longer-term financial conditions tightening and that is sufficient. he opened up the idea that there w

i am manus cranny in zÜrich with dani burger in london hq. dani: cementing the downshift.ins in u.s. employment costs pave the way for a quarter-point hike by the fed today. earnings season disappoints. snap plunges in the late trade after forecasting its first ever quarterly revenue decline. next up to report, meta. the u.k.'s worst industrial action for a decade shuts schools and cripples the rail network as half a million people strike over pay. of course, the line of the morning has been that quote about bonds being in lala land. james athey was a bit skeptical, saying perhaps it makes sense that bonds are pricing in a downside. equities have been in lala land for years. manus: indeed. that is a pavlovian response, he said. bitcoin up 40% in january alone. do you go into a substantial earnings recession and a housing downturn? everybody yesterday lambasting me on the phone. it's not like the housing crisis of 2008. when a recession comes and bites you on the proverbial, i can assure you it will knock your sentiment. we have very short memories on what the pain of a slo

dani burger is the aficionado on all things yen. dani: it certainly is. it is a market of pops and potentially turkeys. let's get to our reporters from around the world. we will talk about the brexit agreement, hsbc ending private offices to elon musk regaining his spot as the world's richest person. manus: the u.k. and e.u. finally sealed the deal, the northern ireland post-brexit trading relationship potentially ending a standoff that has poisoned london and brussels relation since the u.k. left the union. joining us is lizzy burden, what is different about this deal sunak has secured relative to his predecessors? >> it seems like rishi sunak has done the impossible. it will all hinge on the unionists in northern ireland. rishi sunak claims his windsor framework fundamentally rewrites the northern ireland protocol. for example, by allowing london rather than brussels to set vat rates in northern ireland. that is the thing brussels had said previously could not be done. it also reduces the red tape on goods flowing between great britain and northern irel

dani burger in london hq on the stories setting the agenda. : wall street drops, asian stocks and futures follow after loretta mester and bullard signal support for super rate hikes. the dollar jumps. u.s. president joe biden plans to speak with his counterpart xi jinping and a bid to disabuse -- diffuse tensions. the munich security conference begins today amidst the backdrop of the war in ukraine. we got breaking news on earnings. manus: we have indeed. i've got mercedes, the ebit is slightly below prior years' gui dance. they are in the middle of a 4 billion dollars buyback. adjustedros of 12 to 15%. a dividend above the estimate of 4.9. sales in the fourth quarter of $41 billion. prices are rising on new cars. it is a tight market. the estimate was 37.2, but they had unveiled a share buyback, $4.3 billion as recently as the 16th. they had guided that they expected lighter sales on these numbers. we will keep an eye on mercedes and see how they open. dani: i also have some earnings. sorry, i got to excited. manus: note, jump in. we've got ol

dani burger alongside me in london hq on the stories that set your agenda. the rba says more tightening will be needed after hiking to a 10-year high. but the fed's rafael bostic says a higher peak rate may be necessary. andrea g and -- energy and interest income, european earnings in focus today, stay tuned, we have got bp and bnp paribas. plus, at least 4000 have died following a devastating earthquake in southern turkey and syria. president are calls it the strongest disaster in a century. we will stay on top of that story for everyone, but we have breaking news from the japanese tech and gaming giant. manus: we do indeed, this is the total switch sales, 18 million units, that is the red headline, nintendo underperforming, they are cutting revenue and net profit views for the end of march. now nintendo, of course, hasn't enjoyed that rally. they come some of the games they produce, mario, zelda, stock is up 2% this year, then sony is banging way up 20% this year, better playstation outlook for them. so, nintendo at this juncture, full year 370 billion yen

dani burger is here, and you are looking at credit suisse. and today is is about greenville. dani: bad news we hoped had disappeared for credit suisse, and this is the conclusion of that saga. finland, the swiss regulator, has wrapped up that investigation, but the outcome was grave and that they seriously breached risk management obligations. there was controlled confidence that they have to do something called a responsibility report where they put out responsibilities for their 600 highest-ranking employees, but this ceo of credit suisse says he welcomes the conclusion of the investigation. francine: give us the details after santander reported strong earnings. dani: what started the month today was there investor day. had a slide of that and they put out some really strong numbers, so those shares are up 1.2%. there are increasing a buyback of 912 million euros and increasing their payout 50% of profits over the next three years. it had been 40%. francine: i do keep a close eye on that, and man group, those shares have surged. dani: a posi

i'm manus cranny in dubai with dani burger in london hq. >> we will need to do further rate increasesd we will need to hold policy at a restrictive level for a period of time. dani: jerome powell reiterates the need for hikes, and stocks bushfire as the fed chair holds off criticizing loosening financial conditions. president biden vows the u.s. will pay its bills on time as he called on congress to raise the debt ceiling in his state of the union address. credit suisse will pay junior and mid-level banker bonuses and installments as part of its overhaul of operations. i've got to tell you, i can't stop thinking about the 6% terminal rate call from citi. our last guest from janus henderson is buying bonds, but should 6% be true? this market has a lot of repricing it needs to do. manus: we were chatting in the break with our guest and talked about the bond market. didn't have a damascene moment in terms of realizing higher for longer in terms of the soft ceiling, but he said disinflation, he said it 15 times last week, disinflation and soft landing. dani: and he also said rates are lik

i'm dani burger in london alongside manus cranny in dubai, with the stories that set your agenda. manus: tough talk, fed officials tell a hawkish line saying inflation is not beaten. asian stocks and futures head into the green after yesterday's mauling on wall street. disney shares jump in late trade after an announcement of restructuring of nearly $5 billion of cost cuts, 7000 layoffs, the ceo by a biker looks to improve -- ceo bob iger looks to improve margins. the landers has substantial pretax losses will happen this year along with massive outflows in the fourth quarter. nanny, very good morning, straight to the headlines. more losses to come for 2023, substantial losses, and they are saying they were supposed to study these outflows, we said $88 billion at the beginning of the third quarter it is 110.5. dani: citing specifically wealth management performance will make it difficult to execute their strategy. but one vote of confidence, the board is proposing a five sent frank's per chair -- cent francs per share. manus: and there is an $800 million pretax gain from the apoll

from new york, i am alix steel with dani burger. i have been put on a budget. i have a weekly budget so i truly expected retail sales to feel the pinch from my lack of shopping. and i'm shocked it didn't happen. dani: i love the idea that you're such a big contributor to american retail. the fed speakers could not get the market to move but the data did coming in at 3%. alix: i wonder if we adjust for inflation and are we spending more on services than we are accounting for and the data. how much more are we actually spending? it's interesting to see how the market responds. maybe they are believing the fed and the other data is coming in strong also. could we believe in the no landing scenario? dani: it feels like something has shifted in the bond market. you can see what is being priced out, the curve has moved. i think it's significant that two year yields are down. it is duration, the long end of the curve that's up. is the inflation is here to stay. that is what is getting priced and finally. alix: if not, how do you price and cuts at all? and the higher fo