deutsche bank and commerz bank declined to comment. 1.4% deutsche bank is trading at 0.4% >>> jpmorgan chase raised its outlook for continental the to overweight in its comments, the bank saying this is on the back of the most con vincing restructuring plan i a decade shares of continental up 1.3%. >>> and casino has received authorization from the french economy for the restructuring plan it is the latest step for the consortium led by the billionaire to take control of the french supermarket shares are off by a whopping 6.5% despite the news. >>> french tech group atos warns free cash flow will be below the initial target by 100 million euro for the second half of the year take a look at the shares which are off by 11% that is a big drop for the company today. also named paul sally as the ceo in the management shakeup. >>> and finally, softwareone has rejected an offer from bain. it will remain a standalone company. the aboard saying bain did not reflect the value of the company. s s softwareone is up 4% ara arabile. >> let's get to

i'm not sure the regulation helps but that's what deutsche bank says.k: financial advisors can output their clients and bitcoin. >> put 3% in that way if it tanks they'll say see i only told you 3% and if it goes up they knew it all along. geopolitical expert is predicting 2024 on the horrible list as several conflicts wreak havoc. he will explai ♪oh what a good time we will have♪ ♪you... can make it happen...♪ ♪ try dietary supplements from voltaren for healthy joints. the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com >> from the dysfunction in washington to multiple wars overseas, geopolitical conflicts are likely to dominate. g0 media president and founder ian bremmer is expecting what he calls a year of great concern or the baltimore of years, he joins me with his list of top risks predictions for 2024, they stand for co

i'm not sure the regulation helps but that's what deutsche bank says.k: financial advisors can output their clients and bitcoin. >> put 3% in that way if it tanks they'll say see i only told you 3% and if it goes up they knew it all along. geopolitical expert is predicting 2024 on the horrible list as several conflicts wreak havoc. he will explain next. you got this. let's go. gobble gobble. i've seen bigger legs on a turkey! rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. (christina) with verizon business unlimited, i get 5g, truly unlimited data, and unlimited hotspot data. so, no matter what, i'm running this kitchen. (vo) make the switch. it's your business. it's your verizon

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said, the judge has ruled that he, the financial statements that he and his company submitted to deutsche bank were fraudulent. having spent a lot of time talking to people inside the bank who were involved with the decision to make the loans, it's clear to me that they were relying to some extent on the financial statements. they were aware of trump's tendency so exaggerate and outright lie. i think they were taking his financial statements with a grain of salt, but there's no question that that was their first starting point in terms of how to decide what to lend him and under what terms. deutsche bank was happy with the relationship. but that does not speak to the question of whether or not they were tricked or duped by what trump was submitting to them. >> how key is that question, paul, whether they were tricked or duped? >> so it's going to go to the materiality. it's going to go to how much it is former president trump will have to pay, and as everybody seems to be in agreement, and i think it is correct to say this judge is going to compel or order the judge. the judge will order forme

>> so deutsche bank is absolutely correct. the history shows, maybe what federal reserve officials were trying to communicate when they last met in mid-december was that they're just planning on three rate cuts in 2024, meaning their base case remain as recession, so there is a certain irony in what jamie dimon points out. listen, this isn't his first rodeo. he sees with an unemployment rate of 3.7%, the charge-offs associated with credit card losses and auto loan losses are as high as they have been in prior recessions. so there is indeed a certain irony that the market is cheering for the market, for there to be six rate cuts when indeed that is flagging a recession. cheryl: well also too when it comes to jamie dimon he's, i always listen to what he says about the you know, the credit card balances and savings and things because he is the one that sees the bank accounts. he is the one that sees the credit cards and he does speak to that in his own way and that's why i think his voice is always so important to listen to. you

>> well, i mean -- abby, you recently saw that jpmorgan and deutsche bank have been held accountable jeffrey epstein. in the tune of $590 million for both of these organizations. and if jpmorgan and deutsche bank were held responsible for financing jeffrey epstein, then certainly les wexner is liable as well. >> where does this case stand right now? >> right now, the case is pending. there is a motion to dismiss. and jennifer is strongly opposed to that. and she feels that she will be victorious and have her day in court. >> jennifer, i -- >> because i already feel like i, you know, got my day in court already kind of taken away from me when epstein took his life. you know, and i just -- i have faith in the court and judge donnelly, that she will be just and fair and will give me this day in court. >> you mentioned epstein as he took his life, took something away from you in the process as well. what does justice look like for you? >> i mean, me fighting publicly, to give up my anonymity to make sure these powerful people don't get away with crimes like this. that i'm heard. that i'm

and don't miss our interview with the deutsche bank cfo at 9 a.m. u.k. time.ncine as well speaking to be ukraine's first of deputy minister of the economy, don't miss that interview at 9:30 a.m. u.k. time. there's a lot to digest. a lot of major speakers all talking about the aid going to ukraine, as well as the other dynamics that reign true at davos. talking about technology, ai and regulation, and about geopolitics, not to mention all the monetary policy that is expected to happen in 2024. a lot of that driven by the labor market. at 7 a.m. u.k. time, u.k. jobs data. 1:00 p.m., german cpi also on board. both pieces of data will speak to that strength in the european economy. but it's a similar story when it comes to the u.s. economy. at about 4 p.m. u.k. time, this is what a lot of eyes are on, the fed's waller speaking on this idea that does the fomc start to see more divergence in some of their rate cut talks that we haven't seen in the last couple of years? there has been this consensus of higher for longer rates. do you see that crack just a little bit?

breakfast they will also be joined by deutsche bank employees, which will clearly intensify the collapseghts, sometimes the holiday comes and so, with columns of tractors and howling sirens, non-working traffic lights hint at the fate of the ruling party alliance in germany, the so-called traffic light coalition. nikita korzun, maxim zaichenko, stanislav bystrov and oleg gavrilov, ntv. this is a program, today we are monitoring incoming messages. good night. cheeseburger or chicken burger for only 45 rubles. at a delicious point. celebrate the new year with your loved ones and not with viruses. kagacel. the legendary alfabank credit card, free forever, has become even more profitable. get a supercake every month and withdraw cash for free from any atm across the country. not just profitable, alpha profitable! thousands of holiday discounts in magnet! curd cheese violetto with herbs, 89.99. magnet - the price is what you need! one of my friends has a difficult relationship with the internet. cool shot, now binge! petelinka - pure products without harmful additives, it seems that something

zeynep ozturk-unlu is joining us from deutsche bank.his is bloomberg. ♪ >> i think it's very difficult to pinpoint and hedge one specific risk. that is why it's important to stay diversified and balanced. when you think about when the conflict started in the middle east back a few months ago, since that time, oil has actually gone down. you would have thought it would've done the opposite. i think it is difficult to hedge a particular risk but i think it's important to try to hedge that risk by staying diversified among assets and sectors. guy: leslie falconio, head of u.s. fixed income strategy at ubs beacon to us in the last hour. so much risk of this year on the rates front, economic front. how do you hedge year of extreme geopolitical risk? joining us now is zeynep ozturk-unlu, deutsche bank head of investment solutions in central europe and the u.s. investors are struggling to price the fed, let alone some of this geopolitical risk out there. as you look at portfolios, what are you thinking? zeynep: in your question there are two k

deutsche bank talked about this ad platform rebuild, if you recall snap is as bad or worse than twitterhe advertising business, which is their main business, so that's funny. but they just have never gotten that right however, they've been making some really key hires from places like alphabet in recent history, and deutsche is looking at recent ad checks that they think tell them there's momentum from q3 into q4 and possibly re-acceleration into q1 on the back of that when is the last time you've heard of anything like that? in addition, the snap plus product, i think, is the key to the whole story. they now have 7 million people paying $3.99 a month to get friendship superpowers, and -- we're talking about kids but snap owns that market. they're talking about 14 million by the end of this year. if they can confirm they're still on track to have 14 million paid subs and the ad platform story remains intact, that revamp, i think the stock is okay. so i'm in it i don't trust them at all. i will probably add to it if they have a good report. [ laughter ] no, i would rather pay up if i was

the management of the german railways and the state company deutsche bank is surprised by the intractabilitye are ready for different options; we are already offering a salary increase of 11%. we are ready to negotiate, but the trade union does not reciprocate our feelings. for this reason , he poisoned his lawyers against the railway workers, but failed to obtain an injunction against the strikes. moreover, the leader of the trade union. already unspoiled by visits, this means the end of business, so many of them are also on strike today, although much quieter and more inconspicuously than german farmers have been doing the same since the beginning of the week. in the center of every major city, the village made its presence known in the form of men and women in yellow vests on tractors. many are blocked highways, although the lanes for special vehicles are left free. an attempt by the federal government to calm kristjan. through the media, he is actively trying to impose on the citizens of germany that everyone who does not agree with the actions of the authorities are right-wing extremist

deutsche bank surveyed hundreds of people who had taken the drugs, including ozempic and wegovy, andss when they were taking the drugs, but once they stopped, the calorie consumption increased. and for about one-third of those surveyed, it grew beyond the amount consumed before ever starting their weight loss treatment. deutsche bank conducted its study as a way to look at investments in the food and beverage industry. >> interesting. >>> 5:49 right now. trending this morning, set your alarm. you have your first chance to snag tickets to this year's bottle rock music festival today. ♪♪ >> oh, yes, that is the mexican rock band among the headliners for this year's event. at 10:00 this morning, three-day tickets will go on sale. general admission starts at $456. i guess some people say that's a good price for the bands you'll see. single day tickets will go on sale closer to the event. pearl jam, ed sheeran, stevie nicks, mana, kaliuchis and many more will be performing. get ready, because bottlerock takes place memorial day weekend in napa valley. >> so many people buy tickets before

the other good witnesses were the deutsche bank executives who essentially testified that, you know, the books or the deals, the numbers that you're seeing, they weren't so bad to us. also compelling evidence, that's the stuff you need to focus on. focus on the good. deal with the bad, try to defuse it because you know the other side is going to come up and focus on that. but with the bench trial, you're talking essentially lawyer to former lawyer being the judge, and you can get right down to brass tacks very quickly. >> trump's been super adversarial against this judge, when we talk about $370 million in damages, potential that he could be barred from doing business in the state of new york after the past three months seeing both sides present their case, hearing all this witness testimony, danny, what do you think the judge does with this penalty? what do you see as best and worst-case scenarios for trump at the end of the day? >> if you're betting, the odds are that he's going to side with the attorney general. the best evidence of that is that he already did so in his opinion gr

the other thing i can say is there came a point in time where deutsche bank stopped lending to donaldeir witnesses weren't necessarily forthcoming about all the reasons that was, part of it had to be because of a concern that the numbers that he was reporting to them, even if they were able to do their own due diligence and discount his stated financial worth, there were concerns about him as a person that they were lending to that caused them to terminate that relationship and change that dynamic considerably. >> lisa rubin with this breaking news, thank you as always, it's good to see you. >>> two more states have now joined the growing fight to kick donald trump off the 2024 ballot. voters in illinois and massachusetts have now filed petitions to remove the former president from their state's primary ballots. those filings cite the same so-called insurrection clause that was used successfully in maine and colorado. those two states remain the only ones where trump has been disqualified, both decisions have been appealed with trump asking the u.s. supreme court to step in on the col

as is often the case to some of ira's points, which are often on point, there was a piece from deutsche bank recently that said everything points to a soft landing... except history. the risks are there relative to history. the fed has generally speaking not been able to august rate soft landings, and the average recession comes about 14 months after a three-month 10-year. we failed to appreciate the impact of fiscal policy coming out of the pandemic. but certainly it would seem sort of premature to throw in the towel on at least the possibility of a slowdown that history suggests is going to happen in the near future. sonali: speaking of the curve, as we have been at the beginning here, ira, you think about auction sizes, record auction sizes. two-year and five-year hitting peak records. and you think of the announcement on monday from the treasury department and the future issuance schedule. how does that have potential to impact the longer ends of the curve here? ira: i think there is multiple pieces to that discussion and how the market may react to the information that is going to come

any trains are running yes, there are some trains running, but not many of them are operated by deutsche bank at this platform. it's mainly private train companies that are operating services with trains going out to the neighboring state of brandenburg. we did see one intercept to you express, train a run by don't too bad heading to digital doors. and many of the people that were getting on that train told me that they've been delayed for hours. and not many of them got much information to told over a few terrorists who told me that they got a notification on and ask them their phone, but no real, no real other options for them to man i spoke to visiting from ireland, told me that they were frantically looking at flights to try to get to where they need to go. know, a farmer strike is also causing travel disruption across the country. thousands of farmers have set up road blockades and a planned week long protest. they're angry over government plans to slash agricultural subsidies. lawmakers have withdrawn some of the proposed costs, but farmers are frustrated with chad, so old off schultz a

yes, there are some trains running, but not many of them are operated by deutsche bank at this platform. it's mainly private trading companies that are operating services with trains going out to the neighboring state of brandenburg. we did see one and 2 set to express train a run by don't japan heading to digital doors. and many of the people that were getting on that train told me that they've been delayed for hours. and not many of them got much information to told over a few terrorists who told me that they got a notification on and asked them their phone, but no real uh no real other options for them to man i spoke to visiting from ireland. told me that they were frantically looking at flights to try to get to where they need to go. and days before the strike, the german railway company, darcia bon, had offered for the 1st time to talk about cutting, working, working hours. one of the main demands of the union. so why did think union still press on with this 3 day strike as well? it was really touching, go as to whether the strike action would take place. thought japan actually sta

national company deutsche bank tried to prevent protests, but the esson labor court allowed staff to strike. driver. requires salary increase of 555 euros per month reduction of the working week by 3 hours. the strike, as stated, will last until the evening of january 12. experts point out that germany is still a large transit country. and in the busy european market, even short-term logistics disruptions are fraught with significant losses, especially given the blocking of roads by farmers. many road carriers will be forced to violate delivery deadlines, depending on the conditions. pan-european logistics chain, disruption of delivery there for 1-2 days - these are very large sums, so in in general, of course, this east will hit very hard, at least on transport and logistics companies, of which there are a lot in germany. rosselsh sold his stake in a tractor manufacturing company located in canada. the press service of the russian company announced the exit from this asset. the new owner is a turkish investor. the transaction amount is not disclosed. it is known that in... in 2007,

morgan and deutsche bank, bear stearns. j.p.organ the biggest bank in world, and friend with number two person there jeff staley, i know he knows a lot more people. i got his number from a billionaire a household name, you would know it. >> real estate billion area. >> i'm not saying. >> i read it in your article. we were at dinner, i did a story about epstein, i was trying to say how do i get in touch with him, he pulls out his found and he gives me the number. his connects are deep, broad, vast, and this does not do it much justice, really. >> that the release doesn't dig deep enough in terms of. >> except for stephen hawkings. >> now, epstein wrote an e-mail to ghislaine maxwell where about hawkings, he said, you can issue a reward to any of virginia's friends, family that come forward and help prove her allegations are false. this strongest is clinton dinner and new version in the virgin island that stephen hawking participated in underage orgy. >> if it was ridiculous enough for epstein to deny it, it probably done happen.

elections with the with, with the, with a good uh, with a good the portion of it has a coming from deutsche bank a now back in 2006, 2005 to 6. and now after it's 90 days of is really war crimes and guys out we'll see how much popularity skyrocketing again endorsed by not as even more so than in gaza. right. so the presence of how much leaders like our endorsed bank will coming go heading from the us bank was important or via t was on level or not. so i think it's certainly a blow as to how much uh, need to ship. but once again, a mills, i must either ship does not mean i think 30 days. right? mm hm. cuz i just stated, after 50 years of one of the same, the long term game cruise that the assassinations buy is red, tend to make a didn't know more in the general process of those resistance groups against those . right? all right, we'll have to leave with that for the moment. i just need a senior political analyst model. i'm sure to thank you. well, let's bring you up to date now on the situation in gaza, where the number of people killed now and is really a tax has passed 22000, the ongoing of how

if you ask deutsche bank and commerzbank they are expecting a contraction.brings into reality some of the things we have been talking about this last year. the energy crisis. look at the industrial sector which has been in contraction for the last six months because of the energy crisis and labor costs. and some of the structural issues which olaf scholz is trying to address but there is not a lot of support for it. as you feel the economy getting weaker, this is the consequence in a democratic country. host: i hope you can find a coffee shop to get warm in. thank you for that excellent reporting. there is still plenty more ahead. this is bloomberg. ♪ host: welcome back to "bloomberg daybreak: europe." i want to take you through some terminal charts to set you up for your week. we start with china. we had a surprise hold from the pboc this morning. the reaction in markets has been a knock to shares in hong kong. we have seen a bounce in china's 10-year bound yield. will we see more economic data on wednesday underscoring soft economic conditions more. and wi

coming up, deutsche bank cio chief investment strategist, his take on all of this.berg. ♪ how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now. guy: wednesday, the 17th of january. european equities, look away, ugly picture. details in a moment. countdown to the closed starts right now. >> the countdown is on in europe . this is bloomberg markets: european close with guy johnson and alix steel. ♪ guy:

dirk steffen, of deutsche bank, thank you for joining us.ony blinken took his helicopter from the davos mountains and went to get on his boeing 737 to come home. apparently, there was an oxygen leak detected and the plane was deemed unsafe. guy: the timing is not particularly suspicious given what is going back -- going on with boeing. but aircrafts have issues all the time. the ideas they are safe. anybody who travels regularly knows that airlines have multiple aircrafts in reserve. on any given day, 1, 2, three, 5, 10 aircrafts will have issues and they will bring those reserves in. blinken has been racking up miles recently. that is what i will say. at some point, he would have a problem. in zurich, that is not a bad place to be stuck. i understand they are flying a jet down from brussels to ferry him. everybody else is going commercial. alix: this what i said. planes have problems. then you were like, the door is not supposed to fall off. guy: you do not get to have a big hole in the side of the airplane, but an oxygen link, slightly dif

of a blowoff and the rest of the competitive landscape, what about the leadership position the deutsche bank is saying is fully priced into the stock at these levels? is it how much further we can run? rich: the internet is generally winner take most. i was listening 20 or colleagues talk about meda getting back to a trillion dollar market cap. you are still looking at a company that there's no reason why they can have hundreds of millions of subscribers. they added 13 million in a quarter. i think people not too long ago thought the u.s. was tapped out. now they own the u.s. nicely again and all signs point to 80- 90 million subs overtop. label lower-cost product in advertising tear that represent -- advertising dollars worldwide. i don't think the growth story is over it all. as competitive dynamic eases. the question should be what happens to these other companies. ed: we discussed that in the context of the wwe deal. it answers the points. it's raw in the u.s. and exclusive properties outside the u.s.. we are not seeing espn do these deals. rich: the reality is these companies cannot com

let's bring in our managing director of shipping at deutsche bank. good morning.reat to have you here. >> good morning, frank. great to see you. >> let's start off with the stock. what is the price target and rating? what is the number one thing you are watching for in this report? >> we have a price target of $190 on u.p.s. that is higher than where the stock is today. we have been bullish of what the senior management team is doing to drive long-term value creation. last year was a blip which reflected in what you said, frank, with the front-end labor deal and volume impact. make no mistake, the labor deal is shareholder friendly if you have a four-to-five year view. that will be clear in the market in the second half of the year. they will report in under an hour from now. that chart you showed with the third quarter will be a blip. margins will be back to high single digits for the company. >> margins are very important for the company like u.p.s. and fe fedex. you hementioned confidence in t executives. the company has a big push with a.i. and automation. how

deutsche bank has some to hold, they got a downgrade today, this good news, 260 million subscribers are priced into the stock. having said that they continue to raise the price target, 525. stuart: got to make the point you rarely see a big name company like that go up 12% in a couple of hours. we have cvs in washington dc. is this because of crime? lauren: groups of teenagers 45 strong they come during and after school and ransacked the place. shelves are completely empty. that is some of it. the deliveries come and that's where they had up the store. how do you shop in a store where there is nothing on the shelves? stuart: they have theft. liz: lauren: they have a mayor that says they are cracking down on organized retail theft. if that keeps happening, that cvs is closing. stuart: border talks may be in the final stages. some republicans say at the white house has been two faced, preventing texas from securing the border with mexico. chad, chad pergram has the latest from l. donald trump vowed to secure the border. he has to do it with more help from tom homan who is next. ♪ stuart:

it is down 80% from a late 2021 high, so this call from deutsche bank saying it is looking at what snapchat is implementing and growth is expected to mimic 2023 performance in touting ai impact. if you talk ai, everyone will be excited. katie: it's interesting to see with the companies have to say. at meta and alphabet reporting next week. we had visa yesterday, and it seems like that is being welcomed with open arms. bailey: it was, but with great shareprice comes great expectations. they are calling out the weakness, according to analysts, january trends clouding the results. seasonal weakness paired with weather weakness, people not wanting to go out. analysts are saying that is a transitory risk and will not play out in this quarter, but one reason that it is down -- closing at an all-time high yesterday, beating expectations, a 2% pullback is nothing to be concerned about. katie: bailey, have a great weekend. bailey lipschultz. americans are still spending -- american express beating analyst estimates and painting a great picture for 2024. we will discuss our highlights with the amex c

deutsche bank upgraded jpmorgan to a buy, which, josh, this stock has had a huge run.e target to 190 so they obviously missed the run, it would seem, because their prior target was 140. it's at 170. they think it's going higher. better late than never is fine if you get the call right. what do you think? >> i think from a tactical perspective that's important. i'm in the stock for a decade or more talking about it on the show from as low as $70 a share, and i can envision the stock just getting bigger based on the combination of industry standards growth. the buyback machine, which is going to be in full throttle for as far as the eye can see. the risk is one day jamie tells us he's bored and maybe that will be a rerating in the stock but maybe only temporarily. outside of that, look what they've navigated over the last five years, a trade war, a presidency that was pursuing all kinds of global tariffs, pandemic, post pandemic, inflation, bank panic. they just win. so i don't care what the analyst says. i'm not selling it. >> sarat, you have jpm, too. >> it's one of ou

. >> deutsche bank says we would get a reality check, 10% downside on the s&p 500. you expecting that reality check anytime soon? global credit spreads incredibly tight? >> i am not in the business of predicting when that happens and where that happens, and where people have been wrong in the past including last year's ignoring the technicals, and the technicals right now or incredibly favorable. there is still money in the sideline that can be put to work , so dips will be viewed is buying opportunities for a while. the thing i worry about most is the sense that growth is going to disappoint with a downward risk. this comes against the universal romance with the softness of a soft landing and secondly a recognition that the fed is not going to validate what is being priced at right now in terms of cuts. >> when does that first rate cut come in? >> my own gut feeling is it will come in the beginning of the summer, so call it june, maybe july, and it will be 25 basis points. not only do i think that is what is going to happen. i think that is what should happen. anna

shares up 2% >> deutsche bank upgrading snap to a buy shares of snap up 2.5% >>> turning now to sectornomics. the sector has gone through a rough patch. the question is there hope ahead? pippa has this month's sectornomics s>> utilities had a bit of debt with the industry and when rates go up their costs rise the sector is viewed as a bond proxy. when rates go up, those dividends start to look less attractive relative to treasuries with rate cut expectations, the group could get more attention with wolf research stating utilities out perform before the fed starts to ease with this in mind, we screen the sector for the largest dividend players and stocks which out performed in the last three months dominion has a 6.1 yield that stock is down 30% in the last year. evergy and edison round out at 5.2% and 4.8%. frank, check out these names. >> we had the ceo of psg earlier on this week he said the company is heavily levered to the industry. people are not as enthusiastic about evs. how does that impact utilities >> think about the data centers to power a.i that requires a lot of electricity and

deutsche bank down 2%. unicredit is a strong story. have flown to milan several times to speak with the ceo. the story has been one of strong generation and also a very rewarding share buyback profile for investors in that bank. pretty mixed bag if you look at the european bank index. >>> this is how european markets in general are faring today. we are coming off a more positive session. i would say the hand over from asia has been negative. a lot of focus on the property woes and the china market with evergrande, of course, setting the tone and making the session becoming more negative as things went on. hang seng down 2.3%. here in europe, the stoxx 600 is positive on the day. it is up more than .30%. the ftse 100 as you see is up .60%. we have the dax trading flat just shy of 17,000. cac 40 in france is up .30%. luxury in focus and we spoke earlier on the show about diageo underwhelminging. disappointing sales in latin america and north america. that has been the picture for you'r european markets. we have reestablished connection w

onto some banking news, commerzbank ceo has dismissed suggestions of a possible merger with rival deutsche bankis focus is on keeping the bank independent, adding that it's in the best interest of its customers. there's a suggest the german government could look to raise money by selling its 15% stake in the lender. >>> the german regulator has warned they should set aside some of its earnings to build reserves he said after a strong 2023 german lenders should now focus on building stability and security. >> it's been digested in the banking books, and actually 2023 ends as an extremely profitable year for the banking sector because they profited from the rebuilding interest margin and not passingering onto the clients, but the difficulties that come from the rate environmental and the climate sector, whether that's in the rae sector or the real economy, that -- we haven't seen that flow through yet so i think 2023 was a rather special year it won't be easy to repeat the profitability of '23/'24 they have to look at not only letting the shareholders profit from the good year they've had, but pu

joining us now is a deutsche bank capital markets. >> thank you for having me. >> if you are sittingo snow. 10 miles west in new jersey there is plenty of snow. that being the case, snow has been later than normal in many of the northern mountain areas of the united states. i hear that whistler has not had a lot. montana has not had a lot of snow. how does that affect vail resorts?>> many years ago before they came along with the epic day pass, which is the big offering that lets you go to any resort on one pass, they were dependent on the weather. now they get about 70% of their revenue from the advance sale. it is nonrefundable and have to get up before the season starts. and then you are at the mercy of the weather. they have done that to eliminate that. fail is more diversified than they have ever been. they have 37 resorts in the u.s. versus five when i started covering the company.>> the epic day pass has been a game changing product. nothing is quite as large in scale as the epic pass. i gather that the unit sales are a little down even though total revenues are tracking where

motivated case that has been manufactured, insisting that their client had no motivation to lie to deutsche bank about his net worth, and insisting that in trump's experience, he didn't expect that the bank would just rely solely on these statements that were presented about his net worth. now, kise also took aim at trump's former lawyer and fixer, michael cohen, because as you may remember, back in 2019, cohen testified before congress that trump had misled the government and banks about his net worth to get more favorable terms on loans and for his taxes. and that testimony is part of what has brought us here to this civil case in new york. they also took aim at cohen's recent mishap where he relied on artificial intelligence to drum up some citations for a court case. now, they're taking aim at his credibility because they argue that cohen is the only one who testified here there was any intent to defraud. now, it's been interesting to watch the judge in this case. he has interrupted kise a few times, as you know, this at times, this case has been pretty combative. he has interrupted kise a f

bloomberg reported in november, gene, that a deutsche bank executive testified bank executives till got their loans, and it's not unusual for a bank to cut a client's stated asset value in half and approve the loan anyway as it did with trump. >> right. i mean, look, all the parties at issue to the contracts were satisfied. all the contracts were satisfied. there was no actual fraud that occurred here. finish this is just an example of letitia james using the power of government to try to take out someone that a she views as an a opponent. that is sick and that is wrong. and that has no mace in this country. -- place in this country. we don't take our political disagreements with each other in a way that destroys each other's livelihoods. but that's the modern state of affairs, that's what we have in new york. that's what we see in georgia, that's what we see in d.c. they're all coming after him. elizabeth: yeah. and, by the way, he did give a closing statement in his closing argument, the former president did despite the judge saying not. he was allowed to speak. and he basically said,

matthew luzzetti of deutsche bank. equities right now higher by .3%.ng brief. you can do that with dani burger. dani: the faa has put a halt to expansion plans for the boeing 737 max. it is a blow to the company's minors. the faa had just announced a path for return to service following a new procedure for inspections. united and alaska airlines could start using max 9s as this weekend. hopes for an ipo from shein. investors are hoping to share -- sell shares at a 30% discount. general atlantic copresident told me the company still has a path to public markets. >> shein is a fantastically-performing business. he to grow fast. we think it will be a very successful offering. dani: shares were reportedly offered last year with valuations ranging from 45 to $55 billion. elon musk has told investors he needs a bigger stake in the company. elon musk owns about 13% of tesla, but is asking for 25% for more control and to fend off activist investors. elon musk proposed dual class shares, and warned he could take a i and robotic products elsewhere. tesla is trad

. >> deutsche bank said we will get reality check later this year, 10% downside on the s&p 500 food arexpecting that given that stocks art all-time highs, mobile credit spreads incredibly tight? >> john, i am not in the business of predicting whether it happens and what happens. where people have been wrong in the past including last year, is ignoring the technicals. the technicals right now are incredibly verbal. so the question for me is -- there is money in the sidelines that can be put to work. no dips will be viewed as buying opportunities. the thing i worry about most is the sense that growth is going to disappoint with a downward risk. this comes against the universal romance with the softest of all soft landings. secondly, a recognition that the fed is not going to validate what is being priced in right now in terms of cut. >> was the first rate cut coming, mohammed? >> might win feeling is that it will come -- my gut feeling is that it will come in the beginning of summer, colic june, maybe july. in that it will be 25 basis points. not only do i think that is what is going to h

plenty more coming up even zeynep ozturk-unlu from deutsche bank will be joining us.omberg. ♪ 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 hi, i'm jason and i've lost 202 pounds on golo. so the first time i ever seen a golo advertisement, ahhhhhh i said, "yeah, whatever. there's no way this works like this." and threw it to the side. a couple weeks later, i seen it again after getting not so pleasant news from my physician. i was 424 pounds, and my doctor was recommending weight loss surgery. to avoid the surgery, i had to make a change. so i decided to go with golo and it's changed my life. when i first started golo and taking release, my cravings, they went away. and i was so surprised. you feel that your body is working and functioning the way it should be and you feel energized. golo has improved my life in so many ways. i'm able to stand and actually make dinner. i'm able to clean

and so here really should go to deutsche bank and say how much did you actually lose through this longve that you got paid back on. but >> they would say nothing. that's donald trump's claim that there is no victim. here >> exactly, and so that's why you could very easily say that the damages, here in therefore the judgment should be zero. when you get into numbers like this a lot of times it's more of a statement than it is an actual legal judgment. it is sending a message of, we don't like this type of behavior and that's why you are going to have this type of high judgment. the same thing with giuliani judgment. i mean that is a number that you don't normally see in any defamation case. and i don't think they would've been able to show a specific monetary loss of that amount. but juries and judges they will sometimes give those higher amounts. more as a message. and then, is that something that's going to withstand an appeal. when you think about it chris kais, the attorney, he is not a trial attorney he's an appellate attorney. and so one of the reasons why he's here is just a prac

and so to hear it doesn't matter the deutsche bank is somehow not identifying its south as a victim. what matters is the integrity of the marketplace and deterring people from doing this behavior. because of course if everybody did it, our markets would not be functional. and that's the argument to try to make. >> let's talk about the judge specifically and this back and forth over oral arguments. i think there was the e. jean carroll trial. trump was less invested in that. and for impact the kind of wanted nothing to do with it. now we have this civil fraud trial. but we're probably gonna have more trials, especially criminal trials. there are some lessons to be gleaned, i think, for future judges, about that. what do you see is the lessons for judges overseeing trump trials, from judge engoron in this proceeding? >> it's a lot like parenting. when you say no, mean no one stick with your no. so yesterday we saw this extensive back and forth over email that judge engoron doctored for all the world to see. >> this is not some side channel. >> i gave you three opportunities and extensi

stephanie: you were sitting at deutsche bank.s your heart leap and here this will be a priority? is this something that is remotely exciting to you or just not a big deal for your business? >> it is super exciting for me. if you have followed me for the last five years i am one of the biggest pushers and fans of the european capital market union. for a couple reasons. number one, christine and paschal said it. we are coming into any era in the next 10 years -- forget about the banks. from a corporate industry we are operating expenditure that is being replaced by capitalist managers. the number of investments that corporates have to do in europe in order to be in the game, and competition from a digital, a sustainability esg point of view is tremendous. i think those companies who are investing will be successful. those companies were not following on ai and esg will not be there anymore in 10 or 15 years. therefore the necessity to invest is huge. we can't do it. even if i would love to do it. by the way, the european banks have

blackburn to reveal flight makers that are available and we have to remember big banks, jp morgan, deutsche banknder allegations that they were financing his activities. where are the bank records? what could those tell us are we ever going to see those? cheryl: we talked about that earlier, there's a lot of bank executives that likely don't want more of these allegations to resurface. >> if there is more information to come out, it needs to come out. all of this stuff has been under lock and key for way too long. we knew january 6th conspirators within a day of that happening. this has been under lock and key. but again, just to kind of reiterate what we've talked about earlier, if your name's on this list, it's very disturbing and suspicious but it's not incriminating by any means. cheryl: i think too, the other question here is going to be especially for bill clinton, this resurfaced. this has been going on -- we've know about his relationship with jeffrey epstein. this is an election year. the democrats are going to need bill clinton to go out and there and give speeches and raise money and

secondly, one of the deutsche bank loan officers who worked with trump on a lot of these loans said that the bank does their own due diligence. it is not unusual for somebody to over-value their property, then the bank looks at it and they ratchet the valuation back down in the due diligence process. maria: that's the way it works everywhere. >> correct. then you hav have latisha jameso claims mar-a-lago is worth 18 million. there was a luxury real estate broker in palm beach who valued it at a billion with a b. come on. maria: it's really hard to believe that charge, mike, when we all know you have auditors in place, they assess properties, they assess wealth and it's not for the person to be -- to say this is what something is worse. they have people who they pay to do that. >> maria, this is the latest in a long line of communist tactic from the left and this trial should be terrifying to every single private business owner in the state of new york and in the united states of america. there is no reason for this trial to exist. as mark pointed out, you cannot have fraud without a vict

-- wrong, that his statements actually gave too much information and there were no victims and deutsche bank working with trump, he actually paid his loans off early in many instances if not on time, we all made money, and he overinvested in the properties and he was a great client. after that she thinks it's time to up the ante on how much he should pavement shen't -- she wants to completely wipe clean the bank account of the trump organization. she wants to hurt individuals who have done nothing wrong, disgorge them of their severance pay. imagine, imagine the lengths she is going to to personally hurt trump because she ran a campaign on going after trump, and she has to keep her political promise. it is so, so sick and sad, honestly, for new york. i love the state of new york -- i should say i loved the state of new york, but i have real concerns for any business that is doing business right now in the state of new york understood lee tier shah james. >> maria: trump built his empire in new york, and now she wants him banned from the real estate industry in new york. it's extraordinary. w

lauren: deutsche bank. they say buy it, and and shares are going up 16% to $19.a clear, strong catalyst path towards higher revenue. stuart: all right. let's wrap it up. take a look at the big board. we opened lower, or now we're up about, what, 60-odd points. yeah, 66. 38,100. dow winners, see that list, please. topping the list is american express. 4.8% i higher. boeing, boeing's bouncing a little but not that much. nike, ibm dow inc. sorry, go ahead? lauren: i just wanted to correct movements i said 73,000 job cuts this year, it's 23,000. just for the record. don't want to give wrong information. i read my handwriting wrong. stuart: s&p 500 winners, biorad labs, american express, estee lauder, whatever, donahoe group with. [laughter] nasdaq -- i just don't know. [laughter] i hope they're not offended i get their name wrong. tesla's at the top. lauren lauren just a 1 gain. stuart: tesla's now at 185. okay, the 10-year treasury yield, it's actually moving up a little, 4.14. the price of gold still -- lauren: that's surprising because we got the core pce inflatio

being targeted for political reasons, emphasizing that their client had no motivation to defraud deutsche bank. at the very end, though, guys asked if his former -- could speak, the judge allowed it and not surprisingly trump went on a bit of a rant, attacking the district attorney, attacking the judge, attacking the entire process. as you noted, our colleague kara scannell was in court today. this was a little bit of a surprise but it wasn't really a surprise that trump got the final word, right? >> right. it wasn't supposed to happen, but with this trial a lot of things happen that we don't see coming. the reason why the judge let trump speak is the he said initially from had the most to lose in this case. his business in new york is on the line, he could face a fine or discouragement of $370 million, so really a significant amount of money. so the judge let him speak. he gave him about a five minutes, he had a hard stop at 1:00 for lunch, and that is the reason why judge cut him off. -- trump was speaking pretty rapidly wanting to make the point he wanted to make, and he did go beyond just