deutsche bank toniuht about all this. deutsche bank tonight are — about all this.nk tonight are saying _ about all this. deutsche bank tonight are saying very - about all this. deutsche bank tonight are saying very little. | tonight are saying very little. it is officially no comment at the moment from the bank. but there have been pointed to a statement they made in 2020 where they talked about acknowledging the error of onboarding epstein as they say. in the weakness of processes. they say they have learned from mistakes and shortcomings. i have also heard from their spokesman tonight who is saying deutsche bank has made considerable progress in remedying and a past issues including investing lots of money to bolster controls on trading and operational processes. so they're making those kind of statements without confirming the nature or the sum of the settlement. the wall streetjournal saying the $75 million, i'm certainly not being steered away at from a figure of the moment.- not being steered away at from a figure of the moment. have we heard from _ a figure

>>ing i it will settle and resolve the obligations 6 deutsche bank.greed to pay out a significant amount of money, i believe it was $120 million, because of being asleep at the switch and not being in full compliance. now resolving this and ensuring that many of his victims receive compensation, they always, jeffrey epstein's victims, receive compensation from his estate, doicheutsche bank will resolve it. and so now the center piece is jpmorgan chase which is the subject of a lawsuits itself by the virgin islands and by the victims here saying that you too had an obligation. if in 2008 jeffrey epstein in florida was convicted of a sex crime, you then chase bank would know even though you cut off ties with him in 2013, you had this 15 year relationship and you didn't do anyenough. so jamie dimon will sit next week for depositions and have to answer with respect to what he knew and what he knew if anything and of course chase is saying we didn't know anything about this and if we're liable, then one of the executives who used to work with us, it is not

deutsche bank has agreed to pay $75 million to settle claims brought by an epstein survivor accusing the bank of knowingly facilitating a sex trafficking operation in order to churn profits, enabling epstein's abuse for years. >> this is a watershed moment >> reporter: segrid mccauley represents the survivor going only as jane doe i court papers to protect her identity >> these financial institutions who hold the purse strings being held to accoun for their involvement, i would say there is more to come with respect to the epstein saga. >> reporter: the settlement terms are still confidential, and deutsche bank has not publicly admitted any wrongdoing it would not comment but said the bank has made considerable progress in remedying a number of past issues it previously faced a $150 million fine by state regulators for failing to monitor its dealings with epstein. the former hedge fund manager was found dead in a manhattan prison back in 2019 weeks after being charged with abusing dozens of underaged girls, many who have come forward to tell their stories. >> i think everybody who kno

deutsche bank has agreed to pay $75 million to settle claims brought by an epstein survivor, accusingank of knowingly facilitating a sex trafficking operation in order to turn profits, enabling epstein's abuse for years. >> this is a watershed moment. >> -- represents the survivor going as jane though in court papers to protect her identity. >> it's these financial institutions who hold those purse strings, being held to account for their involvement. i would say there is more to come with respect to the epstein saga. >> the cement terms are still confidential, and deutsche bank has not publicly admitted any wrongdoing. it would not comment, but said the bank has made considerable progress in remedying a number of past issues. >> it previously faced a 150 million dollar fine by state regulators for failing to monitor its dealings with epstein. the former hedge fund manager was found dead in a manhattan prison back in 2019, weeks after being charged with abusing dozens of underage girls, many of whom have come forward to tell their stories. >> i think everybody who knows something shou

deutsche bank —— deutsche bank has agreed to pay $75 million to settle a lawsuit that to settle a lawsuitfrey epstein�*s alleged sex trafficking ring. the case was filed by an unnamed woman who alleged that the banking giant continued to do business with epstein, despite knowing that his accounts were used to facilitate the abuses. deutsche bank declined to comment on the case when approached by the bbc. telecoms giant bt is to cut up to 55,000 jobs in the uk and globally by the end of the decade as it cuts costs. up to a fifth of those cuts will come in customer services as staff are replaced by technologies including artificial intelligence. the headcount reduction from the current workforce of 130,000 includes staff and contractors. thousands of people have taken to the streets in the argentine capital buenos aires to protest about the economic crisis gripping the country. inflation hit 109 % in april, despite regular interest rate hikes and moves to control prices, raising fears of a return to hyperinflation that hit the countryjust over 30 years ago. on monday the central bank raised

>> jake ward, thank you. >>> we're learning more tonight about the payout deutsche bank is making to jeffrey epstein's accusers. and now there is another high profile bank in the spotlight for its connection to the disgraced financier. laura jarrett reports. >> reporter: tonight, a massive settlement. a major bank accused of bankrolling convicted sex offender jeffrey epstein now compensating his victims. deutsche bank has agreed to pay $75 million to settle claims brought by an epstein survivor accusing the bank of knowingly facilitating a sex trafficking operation in order to churn profits, enabling epstein's abuse for years >> this is a watershed moment. >> reporter: segrid mccauley known only as jane dough in court papers to protect her identity. >> being held to account for their involvement. i would say there is more to come with respect to the epstein saga. >> reporter: the settlement terms are still confidential, and deutsche bank has not publicly admitted any wrongdoing. it would not comment, but says the bank has made considerable progress in remedying a number of past issues

smarter r with the n w swififfer powermrmop. >>> we are learning new details about the payout deutsche banko jeffrey epstein's accusers, and now there is another high-profile bank in the spotlight for the connection to the disgraced financier. laura jarret reports >> reporter: a massive settlement, a major bank accused of bankrolling convicted sex offender jeffrey epstein now compensating his victims deutsche bank has agreed to pay $75 million to settle claims brought by an epstein survivor, accusing the bank of knowingly facilitating a sex trafficking operation in order to turn profits, enabling epstein's abuse for years. >> this is a watershed moment. >> reporter: mccauley represents the survivor going only as jane doe in papers to protect her identity >> these financial institutions who hold the purse strings being held to account for their involvement. i would say there's more to come with respect to the epstein saga >> reporter: the settlement terms are still confidential and doichl bank has not publicly admitted any wrongdoing. it would not comment but has said the bank has made consi

rishaad: deutsche bank's international private bank stephanie joins us now.hey will probably get a deal done at the last minute but it doesn't stop people from climbing different types of laws of worry, so how do you see it all panning out? >> i think the market is still quite relaxed and took this morning's best conference by kevin mccarthy very positively. i think maybe even too positively because i listen to his press conference and he was outlining quite clearly that there will be no extension of the debt limit. and there needed to be spending caps in place. so i think it is still quite obvious that there is a big divide in opinions, but of course now there is a positive stance in regards to being dedicated to talk about this on a daily basis until it's resolved. yvonne: you're seeing a lot of the stress in the t-bills. beyond that, you are seeing a risk rally across multiple assets. is that the way to look at this market? once this is all resolved, you can continue to look at risk in a pretty positive way. >> i hear all sorts of noise in my ear. yvonne:

we wrote to deutsche bank at the sim back to asked them about the transaction. deutsche bank replied that the operation transaction described did not take place and as a fake, deutsche bank has no business or customer relations with the companies or persons mentioned. as for sim bank, they answered that local malaysian legislation prohibits them from revealing informations about their clients. so to find out more, we went in search of the london listed director of money. my finance limited, a slovenia engineer called for the leap of outside. we found him in slovenia capital robina, let me show you something. this is, are you in luxury here of course you can see it says agreement on delivery of cash funds for investments. so we have a firm 1st party which is more limited and boiler bank and these 2 companies, our gateway capital and t t. s investment comes in the company registry. it says that my number is registered under your name. yes. this is supposed to be, you know, the name of the name is francis lawn. my friends called me and informed about similar agreements, not this one for

the allegation in this case was that deutsche bank simply ignored all the warning signs of sex trafficking had access to. there are all sorts of rules and regulations in banking about being aware of potential indicators for sex trafficking, the allegation in the suit was that deutsche bank ignored those warnings and continued to profit from jeffrey epstein, largely because he was a wealthy and powerful guy. now they're settling that case, and this case will go away. it's not the only case like this we're seeing in the financial world. >> jpmorgan, talk to me about that. >> that's another one. no settlement there yet. jpmorgan's allegations are similar here, that jpmorgan was aware of indicators of sex trafficking by jeffrey epstein, and actually even more significant allegations in jpmorgan's case because they're alleging in that case that one of the high ranking jpmorgan bankers was close personal friends with jeffrey epstein, traveled to his island and was exchanging hundreds of e-mails with jeffrey epstein, including e-mails with pictures of young women referring to them with apparent c

deutsche bank has agreed to pay $7a million to settle a lawsuit that claimed the lender had enabled jeffreyase was filed by an unnamed woman who alleged the banking giant continued to do business with epstein despite knowing that his accounts were used to facilitate the abuses. deutsche bank declined to comment on the case when approached by the bbc. telecoms giant bt is to cut up to 55,000 jobs in the uk and around the world by the end of the decade as it tries to cut costs but about a fifth of those cuts will come in customer services as a staffer replaced by newer technology, including artificial intelligence. the headcount reduction from the current workforce of 130,000 includes staff and contractors. montana is set to become the first us state to ban the chinese social media giant tiktok from personal devices. the state's governor signed the van into law on wednesday, it is due to take effect injanuary the 1st. tiktok has come under scrutiny from authorities around the world over concerns that data could be passed to the chinese government. dozens of people have taken to the streets in

she alleged deutsche bank did business with epstein for five years — while knowing he was using money accounts to further his sex—trafficking activity. the lawsuit alleged the bank ignored red flags including payments to numerous young women. epstein took his own life in a federaljail in new york in 2019 — while awaiting trail on sex—trafficking charges. the journal reports the settlement is expected to compensate dozens of epstein�*s accusers. in a statement to the newspaper, a spokesman for the bank said: "in recent years deutsche bank has made considerable progress inremedying a number of past issues." according to thejournal�*s sources, the bank did not admit any wrongdoing as part of this settlement. this information has not been verified by the bbc but we will bring you more information when we do so. we start with a stark warning from scientists on climate change — the world will almost certainly experience its hottest year on record within the coming years. they also say that a key temperature threshold, a rise in global temperature by 1.5 degrees celsius above pre—industrial

deutsche bank has not admitted to any wrongdoing.rite-down would not trigger an insurance payout. investors were wiped out during the credit suisse collapse. micron is poised to land about one point $5 billion in financial incentives from the japanese government to help make the next generation memory chips in the country. that will make see chips at a facility in hiroshima using advanced technology from asml. bloomberg has learned that meta-platforms is to be handed a record privacy find by that you -- by the eu. it could punish the owner of instagram and meta-. u.s. commercial real estate prices dropped in the first quarter, the first fall in more than a decade. the data from moody's analytics show that less than 1% decline was led by office buildings. banks accounted for more than 60% of the 3.6 trillion dollars in commercial real estate loans outstanding at the end of last year. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is

most investors in deutsche bank would be glad this is resolved. it was a huge liability looming. question is they are still two outstanding lawsuits against jp morgan. does this encourage them to settle or do they go down different track? analysts have bloomberg intelligence are saying they expect in of her settlement jp morgan as well. tom: tom metcalf on latest in terms of the lines crossing the banking sector. when it comes to chemicals part of the business, syngenta is based in switzerland but chinese owned set to move forward move forward with a shanghai ipo. people have been waiting for this. it has been delayed for a while. the listing of syngenta in shanghai is a big boost for that market certainly. syngenta is owned by china national chemical corp.. the regulators have yet to sign off on this but the plans are that it will be listing on the main board there in shanghai. that is news in terms of agricultural products with junta. africans ran to hit a record low last week. we will delve into white economists think rate hikes will harm the currency more than help it. we wil

lawyers representing the unnamed women in a class—action civil lawsuit brought against deutsche bank former

what the deutsche bank analysis does is purely focusing on the fed i think is not enough.ou have to keep in mind that we have two players here and the ecb is becoming increasingly independent in setting monetary policy and pursuing price stability. they have a single mandate. they don't have a dual mandate. they will really be focused on inflation control. we've got a lot of members of the governing council from smaller member states of the euro area are facing double-digit inflation in their countries. these people are under tremendous domestic pressure to do something to bring inflation down in your area. we think the ecb is more determined than the fed to continue hiking rates. manus: christian, thank you so much for being with us this morning. hell of a backdrop there. that's all i've got to say. keep punching them out for us in that garden. christian: thank you, manus. manus: dani lives in west london. dani: i need you to come over and be my garden please. christian: yes, i will bring the lawn more. dani: perfect. manus: fx calls and a little bit of hedge trimming. ch

deutsche bank having an effect. the rest of europe kind of going sideways waiting for another catalyst but luxury being felt. the countdown to the close starts right now. >> the countdown is on in europe. this is bloomberg markets: the european close. with guy johnson and alix steel. guy: european stocks down by 6/10 of 1%. luxury a big reason for it. lvmh down by 4.62%. when you see that moving this much it will have a big effect. it ripples out of the market. basically saying you want to focus on stocks which have exposure to china and less to the dutch we will bring you that note later on in the show. the numbers weren't that bad. they have not done enough to take from the credit suisse story. expectations were high. delivering that stock by 7.29%. >> not a lot of movement on a headline level. you've really solid u.s. pmi services accelerating over 55 manufacturing going into contractionary territory. equities truly did not budge. the outperformer is the s&p energy index. you could attribute that with the saudi o

ubs currently up .2%, in germany, deutsche bank gaining .4% and barclays currently flat. francine: a lot of the focus is on the earnings. if i look at the 20 groups that make up the stoxx 600, i have four gaining, not by that much. thanks on the up, gaining 1%, retail, auto parts, .5% higher, and health care leading the declines along with media, telecoms and energy, pointed percent lower. tom: is this the warning shot from the rba? the fed will hike and a. is the aussie movement and decision-making from the rba after that pause and surprise hike something of a template for other central banks? the aussie dollar up 1.3%, jumping after that surprise hike. and australian stocks slid as much as .9%. the three-year rates are heading for their biggest intraday jump since september. bloomberg economics sees this as the rba's final high-grade let's get the analysis with managing editor kristine aquino. what are the implications for central banks. will they be reading anything into the rba surprise decision? >> australia is a small, open economy very exposed to inflation undercur

we start with some breaking news tonight — the wall streetjournal is reporting that deutsche bank willn lawsuit brought against the company for faciliating financierjefrey epstein�*s sex—trafficking ring.

deutsche bank having an effect. for another catalyst but luxury being felt. the countdown to the close starts right now. >> the countdown is on in europe. this is bloomberg markets: the european close. with guy johnson and alix steel.

ubs got some, deutsche bank got a little.t is the biggest consequence of ubs, credit suisse, the goliath it will become? octavio: the biggest consequence will be seen in the swiss market. we have an enormous overlap between credit suisse and ubs in terms of branch network and the coverage they have. i expect to see ubs do something, either fold that in to ubs or spin that off. that seems to be largely undecided. i think ubs will try to cut as much cost as they can and that means a whole round of layoffs and redundancies within the swiss market. i think that is the direct consequence. i think that will be the biggest impact, that is where the two banks have the biggest overlap, in switzerland. that is where the costs will have to come out and that will have to be taken care of. i think that is what the major consequence will be. manus: jp morgan swoops in, they got the deal, they got first republic, let's listen to the ceo on his take on how we can all the little bit easier. >> no crystal ball is perfect, but i think the banki

you have deutsche bank admitting guilt and citi also admitting the sanctions, but hsbc, morgan stanleyand rbc are all saying that they disagree with the findings and will contest it. tom: the big question for investors is how bad it could get for these banks. >> and the findings could come through elsewhere. if you look at what the cma does, we are looking at 5 million or so, so before they had found anti-construction -- we not talking hundreds of millions, obviously not great looks wise, but it will not materially hit the bottom line. tom: tom metcalf with the latest decision on the cma, heading our emea finance coverage. coming up, u.k. cpi shows a sharp drop but inflation is still stronger than expected. the markets are reacting to that. we will break the numbers down for you after the break. ♪ >> the politicians in washington have been debating the debt ceiling for decades. every time it happens, you wonder given how crazy the politics is in the u.s. right now if this will be tightened, but treasury markets are behaving well, credit markets are behaving well, so the market is not p

deutsche bank settling a $75 million class action lawsuits faced by victims of jeffrey epstein, aledgingued business with epstein knowing the money was used in the sex trafficking ring, also claiming deutsche bank ignored red flags on where the payments were going. dozens of accusers will be compensated. the bank did not admit wrong doing as part of the settlement. finally, there is this. it is the titanic like you have never seen before. new digital imaging from more than 700,000 scans used to create this 3d model of where the faded cruise liner landed after hitting an iceberg back in april of 1912. explorers can see a clearer picture of the ship wreck, showing what was left after striking the sea floor. i went through tim images. one of the things, on the ocean floor there are champagne bottles, they have images of champagne bottles on the ocean floor. we've never seen the images before. it's incredible. a chandelier was on the front deck. the chandelier was sitting on the front of the ship. maria: that's. cheryl: it is. you feel like you're going back in time and you're with these peo

deutsche bank will pay $75 million to settle a lawsuit in the u.s.. victims of epstein's sexual abuse accuse the german bank of facilitating his sex trafficking operation. jp morgan faces a similar suit. global news 24 hours a day. powered by more than 2700 journalists and analysts in over 120 countries. i'm lisa mateo and this is bloomberg. ♪ lomita feed is 101 years old this year and counting. i'm bill lockwood, current caretaker and owner. when covid hit, we had some challenges like a lot of businesses did. i heard about the payroll tax refund, it allowed us to keep the amount of people that we needed and the people that have been here taking care of us. see if your business may qualify. go to getrefunds.com. was also the first time your profits left you speechless. at the counter or on the go, save 20% with the lowest transaction fees and keep more of what you make. start saving today at godaddy.com >> i'm confident we will get the agreement on the budget that america will not default and every leader in the room understands the concept consists of

deutsche bank has been one of the most bullish. they have their target at 16,500. not a huge amount of upside. alix: fair enough. selling out to early, doesn't payoff either. if we look longer-term, the dax is still underperforming the ftse and the cac 40. can we close that gap before we rollover? oliver: very good question. the question i have for myself. when do we start caring about the german data? when does that feature? industrial production down. factory orders, abysmal. contraction on pmi manufacturing since july, last year. we look forward to next week, we get pmi across europe, germany next week. we get the last reading of german gdp, 0%. germany is technically in recession. guy: we haven't talked china yet. that's the other dataset. they are correlated. can the dax with the industrial base power on from here if china is not going to deliver the kind of recovery we anticipated? oliver: when do we expect this china stimulus to kick in? the executives i spoke to in the first quarter, they are saying, we think it will be a back half of the year story. siemen

deutsche bank says look to value for the win, naming walmart among top pick, raising the price targetore sales estimates. walmart is set to report on thursday courtney reagan follows the company, joins us now. courtney, walmart has been a safe port in the storm certainly in the stock market. what do expectations look like for earnings zeets that i good point. walmart shares have definitely outperformed when you look at either the xlp, the consumer staples, or the xrt, the broader retail etf but it is certainly a consumer staple in a lot of senses. as you know, the over index in grocery, more than half of their sales are from grocery, which is important to remember for a number of reasons. number one, while it is profitable, it is a lower margin than general merchandise walmart has told us that they have seen more grocery sales, which, of course, does help drive foot steps and drives repeat shopping trips but at a lower margin it's also important to know that the end of the emergency s.n.a.p. benefits are ending and walmart called that out. that's important to remember numerator looked

deutsche bank had a note out this morning, end of year, federal reserve had a working paper, end of year that's when the consumer's really going to feel it. in the meantime, we're getting signs of weakness, pockets of weakness, but a lot of pandemic-related home depot, walmart show it's not in discretionaries, it's staples. that's the hangover from covid. >> the extra cushion seems like it gets worn down by the end of the year on the other hand, why is the fed still vigilant it's wage growth you're above 4% annualized wage growth you wonder if you can actually have things get bad enough in that period of time in terms of the consumer where if you also look at thinge inaggregate reta it's above pre-pandemic levels the nominal amount of activity out there, incomes and spending are so much higher than we were used to back then. do you have to squeeze that down to have a more moderate inflation picture. >> or is it old data and it's turning. >> or -- >> it will weaken from there, right. >> mike, thanks. >>> let's turn to the state of housing and the fresh data we're getting this week. we jus

>> i think the problem right now is we have deutsche bank like attacks on a bunch of regional banks.ou short the stock, try to create a bunch of noise, and the key thing, the reason deutsche bank survived is the deposit base stayed in place and the key question here is, will those deposits stay in place at the regional banks? so, there are lots of things that can be done from avoiding, you know, closing the barn door at the wrong moment with regard to what the regulators do to providing more assurance on uninsured deposits because that's what would help keep the deposit base solid >> so, a lot of people are looking at, as leslie reported, the deal we got from the fdic and jpmorgan didn't see a systematic risk exemption and did see, you know, shareholders get hit hard on the back of this deal. do you see -- do you draw conclusions about that deal as it relates to the future of regional banks in this country >> well, i think any bank failure has the risk of rattling confidence and when the underlying business model questions about, you know, what is the future of regional and community

maybe i move it to deutsche bank. maybe i move it outside of the u.s. that is just an area i would not be investing in because i think there is so much uncertainty. it will take a while for people to get comfortable where their assets are. >> a lot more volatility in the banking sector. commercial real estate side, look for strong push to return to work, to return to the office. not that people think covid is over. they need occupancy rates to be higher to preserve commercial real estate loans. neil: people are fighting it. >> i'm seeing some of my contacts in the commercial real estate industry, that was the main topic, get everyone back in the office, whatever it takes. neil: i'm a hologram. don't wander too far, guys, i want to pick your fine brains later to goat read on oil, copapersing for example. meantime i want to bring in michael bennet, colorado democratic senator, sits on senate finance committee, intelligence committee, all the key committees. always kind enough to join us. senator, good seeing you. >> thank you, neil. neil: we talk about wh

. >>> we don't have time to talk about deutsche bank and epstein or elizabeth holmes. if you are going to jail on may 30th, would you have butterflies knowing the date is coming i would hate that. >> whisk you off the streets and surprise you >> i don't know what i would have i would rather not be going. >>> coming up, a closer look at the retail sector as we look ahead to the walmart results at 7 7:00 a.m and later we look at the a.i. on free speech. jonathan greenblatt will join us at the bottom of the hour. you are watching "squawk box" on cnbc >> announcer: this cnbc program is sponsored by baird. visit bairddifference.com. i am here because they revolutionized immunotherapy. i am here because they saw how cancer adapts to different oxygen levels and starved it. i am here because they switched off egfr gene mutation and stopped the growth of tumor cells. there's a place that's making one advanced cancer discovery after another for 75 years. i am here... i am here.... because of dana-farber. what we do here changes lives everywhere. i am here. the first time you con

. >>> why deutsche bank is agreeing to pay $75 million to settle a lawsuit by jeffrey epstein's victimsiced out one of the toughest housing markets in years. higher rates, far fewer homes for sale how to navigate it

deutsche bank is planning an expansion of its investment bank advisory team as it prepares for a dealmaking rebound according to the financial times, citing an interview with the investment bank boss. the german lender has 26 managing directors in the past two months and plans to continue adding more. sony shares fell and tokyo after profit guidance for the current fiscal year missed estimates. a weak global outlook for smartphone sales have to projection for image sensors. the games business bullish with the target for a record annual playstation sales of 25 million. more than 1000 manchester united fans have marched through the city in protest against the club's owners who are selling it. that decision on who will take control of the world's most iconic football teams could come this week. qatar's just been home at all funny it has submitted a bid. jim ratcliffe has also tried to buy the club. global markets react to the first republic banking being seized by regulators and sold to jp morgan. futures trading and 10-year futures prices are down. yields rise slightly. stocks left on the bac

he has also worked for deutsche bank.or and the public sector and a very international outlook and this will be for a small country like montenegro very handy, you would think, to have somebody who knows what it is like in other countries, knows how to speak to people at high levels in industry and government. and the ngo sector. at is going to be usefulfor montenegro and the ngo sector. at is going to be useful for montenegro going forward and an asset for them to deploy. iii people have died and thousands have been left homeless, after heavy rains and flooding in parts of northern italy. the mayor of the city of ravenna, has told the bbc, that it's the worst disaster in a century. in some places people are running out of food and drinking water, with aid unable to reach them. our correspondent, sofia bettitza, reports. an entire village underwater. people forced to move around using canoes. others taking refuge upstairs, as the ground floors of their homes are submerged in flood water. this is the devastating reality fo

looking to take profit and reduce risk in your portfolio, maybe this is an attractive place to do i deutsche bankut out a note earlier this week. they specifically say slowing to negative year-on-year growth is of growing concern it's interesting to see where the debate is now shifting in luxury toward aspirational consumers who are going to be much more affected if they do see a downturn it comes when the data was actually strong, the macro data. >> just to your points about aspirational, it's telling that hermes is the one that has done best because that particular consumer hasn't really been affected by what we're talking about with global headwinds, whereas, the aspirational bunch. on the downside, real estate is the worst performer and basic performers in autos, both underperforming. travel also taking a hit down more than 2%.italian t10-year t. rates are up by 30075 basis points since july. nagel's comments came as the ecb celebrated a 259 anniversary former president told cnb employeeser political union is in the future. >> i'm confident with new challengers, new threats, we will respond i

he has worked with big banks like deutsche bank.hip, it is going to be big. that is the goal and that is what we are promising. thank you. the former women's tennis world number one, simona halep, has been charged with a second doping offence over irregularities in her biological data. the romanian has been suspended since october after earlier testing positive for a banned substance at the us open. she's said that she has not knowingly taken any banned substance. the american basketballer brittney griner has played her first competitive game since returning to the us after being held in russia over drug charges. it's her first appearance in a wnba game in nearly two years. vice president kamala harris was among the spectators in los angeles. the wnba star was arrested in february 2022 at moscow airport, accused of possessing a small quantity of cannabis oil and sentenced to nine years in prison. she was released ten months later in a high—profile prisoner swap with the russian arms dealer viktor bout. it was nice to be back on cour

we caught up with the cfo of deutsche bank, they didn't really lose that much. is the risk in european banking landscape? just materially different to the u.s.. alfonso: it is really different. easy to say in europe, don't lose deposits. we would lose deposit to what, exactly? we are not a money market fund industry in europe. try to buy short goldman bonds, it is really, located in europe, and also, what bonds? the aaa bond market is pretty small. overall, it is really a different set up. 3.8 bonds are really small market in europe. you lose deposits and you go exactly where? even that helps on the margin of the european banking system to be more resilient map but it is really regulation. it is the fact that the banks in europe are stress tested for interest rate risks. and they have done better homework i think, especially compared to weak u.s. banks when it comes to interest rate risks. tom: what about credit crunch and credit risks? 2025 now on the benchmark for the ecb, then maybe we get a pause, what does that do to credit conditions? we know they are alre

coming ahead of the g7 summit where president biden is expected to counter the semi strategy >>> deutsche bank p payspz -- pay $75 million in the lawsuit over jeffery epstein >>> charles schwab is touurningt the credit market to raise $2.5 billion of debt. the giant is looking to use money from the everything on for general corporate purposes the move coming as schwab's recent turmoil that stock down 2% frank. >> pippa, thank you. >>> turning back to the consumer walmart is reporting in over an h hour walmart may be in a stronger position compared to peers with 60% of sales in the u.s. coming from grocery walmart gave a weaker than expected outlook in february let's talk more about this with oliver chen from td cohen. >> good morning. >> does this mean we will see a different report from the others in the retail space? >> that is true, frank we have seen a cautious report from target. specifically the discretionary category food and beauty and household at target was better. the mix is 60% of walmart which is a strong positive in terms of stability. that is a section of the business working th

alix: at deutsche bank in the weekend note talked about typically you see a sharp selloff at 68% of the&p on political stresses that this but only a weeks selloff and then you recover. if you group -- if you were going to try to price in the down term, how do you do that with a three week window? calllie: is exactly it. i think people are looking back to history and seeing how quickly these cell have turned into rallies and thinking, maybe this is just a blip on the radar . why should i it let up on my positioning and investors are more long-term and they have money and the consumer isn't doing well. guy: if we get back to focusing on the fed and we don't get cuts, what you think of tech in this environment? a lot of people seem to be saying tech is offensive in the argument is you position something that is defensive. if the fed is not cutting, does that argument get undermined because tech isn't defensive if the fed isn't cutting? calllie: i think you have to define what defensive is in this environment and it is high interest rate, bigger companies, durable balance sheets, one that c

deutsche bank is down .30% interestingly, though, the stocks are holding in despite the major u.s. banking news overnight. julianna >>> speaking of the major news jpmorgan chase will take over first republic after the lender became the third american bank to fail in the last two months jpmorgan chase has agreed tio take on first republic deposits and $173 billion of loans and $30 billion in securities following negotiations with the regulators fdic will absorb the loan losses and provide a $50 billion credit line jpmorgan chase will pay $10.5 billion and expects to see a profit of $500 billion for the deal first republic will close down and shareholders wiped out wall street welcomed the deal. jpmorgan chase closed 2% higher. jamie dimon said the acquisition means the banking chrrisis is largely over. >> i think the banking system is stable you reported on regional banks with good results. modest outflow the deposit outflow is quantitative tightening. there are so many banks to offside this way there may be a smaller one, but this pretty much resolves them all. this part of the cris

deutsche bank says its hiring spree in mergers and acquisitions will boost its ranks.said it will take back market share from its market rivals. it has signed on m&a veterans from other companies over the past couple of months and plans to hire more. global news powered by more than 2700 journalists and analysts in over 120 countries, this is bloomberg. ♪ you know doug, ever since switching to workday you've been a real rock star. rock star? what do you know about rock stars? billy idol? i mean where's the skin-tight leather? my shoes are leather. where's the unnecessary zippers? that thing! billy, rock star is just how doug feels when he uses workday. thanks, rory. i'll show you rock star! be a finance and hr rock star. workday. for a changing world. billy idol just stole your golf cart! somebody would ask her something and she would just walk right past them, (laughs). she didn't know they were talking to her. i just could not hear. i was hesitant to get the hearing aids because of my short hair. but nobody even sees them. our nearly invisible hearing aids are just o

some of the data analysts at the likes of morgan stanley and other key banks, have written about deutsche bank the ai experience building and the patents growing in explosive rate. you cvt's a bit that is still pretty quiet. you are starting to see that shift. nvidia is now bigger than t -- then to keep u.s. rivals. guy: cathie wood so that one coming. caroline: she did a little while ago and out she sold out just as this happened. we will putting those pressure -- those questions to her later. trying to understand why she took back some of those bets in an extraordinarily outperforming stock. this is one key area you have to keep an eye on. the ceo has nvidia tattooed on his arm and he built the business. it was back in 1993 but managers to leverage new types of technology in making sure there just those joyous pictures you get turned into code and interaction. this is clearly a company that people cannot get enough of that the moment. guy: i look forward to hearing what kathy woods'responses when she gets that question from you later. nothing to talk about on the technology show but caroline

and deutsche bank upgrading dupont from hold to buy.etings with management and inclusion of the merger with dow and legal matters wrapping up. >>> sticking with stocks and mega cap tech's impressive run leading the charge is meta mark zuckerberg's pledge for a year of efficiency it looks to be paying off. similar gains across the space with nvidia up 90% tesla up 35% apple up 30% alphabet up more than 30%. with these gains, there is still a little more room to run for some of the names. tesla is off 46% from the recent 52-week high amazon is 24% off. netflix and alphabet is off 10% and 3% if the fed is ready to hit the pause bougutton, is there anythg to hold back joining me is james cakmak james, is anything holding the tech stocks back do they have room to run >> i think they do i think we are in a little bit of no-man's land for the next couple months. a lot of these have reached full valuation on the 2023 earnings basis. once we look at 2024, we think the valuations do still extremely tcompelling we do think there is room to run. no

we have one more upgrade for you this morning this time citi is raising the rating from deutsche bankial for the earnings upgrades. >>> tonurning to the big p one e the bell today appl apple. the results expected to be muted. steve kovach has the keys to watch. >> a lot on the line for apple report today the street is expecting the company to report the second quarter of falling revenue in a row as we see demand fall for consumer electronics analysts think the iphone business is resilient than m mac ipad due to china reopening and more customers buying apple products in the country. most are expecting apple to guide to another quarter of falling sales. it is the severity of the fall down 5% and apple is in line with expectations, but more than that, watch out. that is the sign that the apple consumer is tightening spending more than feared services growth is slowing due to fall in spending in the app store and pull back of advertising. this is not hurting apple shares rallying as investors look for safety they are up 30% year to date frank. >> that was steve kovach right there. i'm no

the fact the equity market has rallied has made these have to come back into the market in fact deutsche bankaid that wants are now above neutral in their equity market positioning for the first time since 2021 but the discretionary investors think stock pickers are still not as bullish on equities. we are seeing the biggest diversions, the most bullish compared to stock pickers since 2019. this divergence between them and the stock pickers could be adding to volatility. shery: ahead of a very exciting cpi day in the u.s.. you can get around up of all of these stories in today's edition of daybreak. this is uber. -- this is bloomberg. ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh haidi: look at what we are watching when it comes to fx trading. the dollar is holding broad gains ahead of more debt ceiling talks the end of this week. no resolution in t

deutsche bank says it -- it's hiring spree in mergers and acquisitions will help it take back marketre from its wall street rivals. the german giant has signed on veterans from peers over the past couple of months, and plans to hire more. the european union has stripped down explicit references to china as a nonmarket economy in its joint trade strategy with the u.s. bloomberg has learned eu nations are agreed on a watered-down text of conclusions. that is from a meeting of u.s. and eu in sweden that begins today. the newest version also softens earlier language on approaches for screening outbound investments. and canary wharf has become the latest symbol of the global real estate down for -- downturn. moody's has downgraded the landlord and predicted a challenging funding environment for at least the next year. the financial district says it may need to rely on asset sales to repay borrowings or inject fresh capital into the business. canary wharf has more than $1.7 billion of debt coming due in 2024 and 2025. that is the latest business flash. tom? tom: let's take a look at where

fairly credit suisse and ubs, but also deutsche bank consolidating smaller businesses around europe. do you have your eyes on any particular gaps in portfolio, any types of assets you want to acquire? >> we have been focusing all of our activity on the euro zone. doing so, we saw the proceeds of that scale to read upon. what we saw was that the big majority, about 80% of those proceeds, they were brought in organic. it means we will do it in businesses that as we have the. full set of activities. . again, if you look at fixed income, financing, equities, we have all the products, so the idea is to grow organically so that is in sectors that we know and countries that we know, so that is what we will do and we are not interested in buying anything that has the word bank in it. tom: bnp paribas's cfo lars machenil speaking to anna edwards after today's earning. the stock currently down 1.7%. a different story at unicredit in terms of the stock action. both banks beat on the earnings front, unicredit coming through with its best quarter on record. investors rewarding the picture coming

when you look at the calls, deutsche bank sees 25 basis points.is a close call, because you could spin a lot of the data in multiple ways. those who say 50 basis points is on the cards will point to inflation data still being on except -- being on except of lehigh. -- unnacceptably high. but when he put it together, the european central bank will hike. it's most aggressive tightening cycle to date. but it will go 25 basis points. manus: beyond the pace of hiking, madame lagarde learned to her peril when you go off script at a press briefing, it can be perilous. what other aspect will you be monitoring today? her press conference, or something specific? maria: by now we have learned that this is almost a twofold decision. when you look at the rates, you have to look at the implications in qt. that is the only way you get to a consensus decision at the ecb. madame lagarde was criticized for not being a trained economist. but one of the compliments is she is a good politician. she has a good ear to get to a consensus. if you go softer on rates, the i

did you know, according to deutsche bank, discretionary allocation to this equity market is at a one-year low. there is so much uncertainty, only the euros and aqrs of the world are currently participating in the stock market. manus: the tightest ranges since 1988, and if there is not 10% upside why would you have your cash in? we just have to thump it up to the pension fund. dani: bank of america said bowls are an extinct species. can i tell you what is not extinct, in tokyo, in japan the topix is headed for its highest level since 19 90. sure, only 0.5% gain at the moment, but this is a mixture between the warren buffett's of the world who have said we are making a new that on japan. and a lot of corporate buybacks. we are talking about this tight range because of euro stoxx 50 futures are doing nothing. the s&p down 0.2%. jp morgan blames zero date six. options for this range. -- expiry options. there are a lot of disagreement about that. i want to point out, it is one of the biggest movers in the asian trade. jd.com, michael burry showing he has that big bet on not just jd but alibaba