slightly higher year on year so a beat on the revenue front and the fixed income trading team at deutsche bank doing the heavy lifting in the latest quarter in terms of sales and trading revenue. in terms of 2024, the private bank revenue has been flat year on year and in terms of expectations, 2024 around fic, fixed income and currency trading revenue, slightly higher year on year is the expectation. the ratio is expected to remain flat. in terms of net revenue, seven point seven 8 billion euros net revenue in the first quarter for deutsche bank. estimates were for a 7.7 3 billion so that is a small beat in terms of revenue but importance of the focus on fixed income trading. adjusted costs was in focus around 5 billion euros in the first order. we will be hearing from deutsche bank's cfo. that conversation at six: 30 am stay on the banking space but switching to bnp paribas, a different story versus their counterpart deutsche bank. the first quarter fixed income currencies and commodity sales trading revenue coming in below estimates. it is amiss for bnp paribas on that front, revenue 1.6 bi

the question is when did deutsche bank seize control over the bank the plaintiffs are saying deutscheank seized control in 2008 and that should lead to a higher prize for the old shareholders of post bank. that is what the potential payout is all about. 1.3 billion is the maximum which is at risk that is equaling the net profit of deutsche bank of the first quarter just to give you an idea of the size of the potential fine deutsche bank is looking at here what is the likelihood it is apparently more likely than before. we just had last week the quarrel earnings and no word about the potential fine ling lingering. what happened is there was a hearing on friday at the regional court and they argued in favor of the plaintiffs the timeline is assessed with the second hearing in june where we will get more evidence of the court moving in the direction of the plaintiffs and deutsche bank is saying in the document they are expecting a final ruling on august 21st. still, the likelihood of the settlement is what deutsche bank is saying between them and the plaintiffs why does it matter 1.3 bil

outline for us how important the message from deutsche bank was this morning >> reporter: actually, ifou look at the share price, that is divergent and you have to dig into the numbers to find the negativity in the numbers. we have investment banking better than expected which is crucial for the bank and if they wanted to diversify from the investment banking which is going weak and the share price is going down. we have others like private banking and corporate banking with weakness. there is the cost side of things if you look at costs, one could argue that is a slight miss and that could be one reason for the lackluster share price today all in all, the business momentum seems to be in tact and also the outlook for the year seems to be positive i asked the cfo of deutsche bank how the quarter or the year started and whether this momentum, this activity, is sustainable. let's listen in. >> there is momentum in the businesses and we do think it is sustainable. just to round out the picture, we are delivering on the commitments of costs and capital returns in the quarter we are pleased

deutsche bank says they see strong momentum in investment banking and barclays says they need more moneyclimate transition projects and that will fuel some work for their investment bankers. what is the play that deutsche bank is making here? >> deutsche bank is relying on its investment bankers, it's traders to grow their revenue. what they are seeing is a lot of the rapid rate -- rate increases weighing on their core lending products. the recent results are showing strength in investment banking. it's reflective of what we saw from a lot of the u.s. banks in a return to capital markets for m&a picking up. it is not only reflective of the strong momentum in the first quarter which is what they are talking about now but it's an indicator of the rest of the year, a lot of the executives including the deutsche bank executives with the cfo speaking on tv talk to -- talk about expected momentum continuing into the next quarter and maybe for the remainder of the year. sonali: deutsche bank is historically big in the fixed income market. fixed income trading not only came in better than expect

deutsche bank highlights the reporting so far this morning, but you see with hermes shares, showing a busy day this is the start of the thick of the earnings season in europe >> you had two big bank earnings it was a very busy day thank you. >>> we turn attention back to the u.s. and wall street jim cramer weighing in to the stock market turmoil suggesting it may be time to raise cash as investors look to other sectors of the market outside of stocks. >> the bond market has gotten so compelling to so many people, that they want to buy some of the bonds. they need to sell stock to swap equities they have to raise cash to buy bonds. you need buyers to come in because so much is for sale. for many, that means cash the stocks to be able to sell and buy. >> joining me now is gina sanchez. good morning i want to get your take on what jim cramer said. the bond market is creating competition for the equity market right now. >> yeah. i do think it is a real issue that you cannot ignore, particularly when you still have segments of the stock market whose price to earnings ratio have not priced

deutsche bank. >> it el tells me how correlate are and we've watched the 1 0-year tumbling back down and now each day seems like as the day goes on, 10-year starts m oving back up again. as a matter of fact it's made a pretty substantial move oriented the last few months and going from 386 and now pushing towards the 4.7 practically level. that's exactly what i'm seeing in the markets and it's d efinitely an influence i can tell you on the markets themselves because when we're up 300 points, 10-year was a bit lower and then all of a sudden this whole thing started all over again. liz: scott, you want your opinion because you look through a different prism and is this knocking on the window of people heavily exposed to equities and might want to do rotation into bonds and not necessarily treasuries. >> it's hard to argue with 10% and even on the 10-year yield and people marketing two, three, four rate cut this is year and slowly but surely we're going to get rate cuts. slowly but surely we've seen this data come through and it's going to be very, very difficult for fed to cut interest

this comes after deutsche bank raised concerns over the electric vehicle makers focus on creating news like the robo taxi while its profits are still under pressure. the brokerage cut its price target for the stock. is the boom time over for electric vehicles? rising electricity costs and an end to generous government subsidies in some countries have made running electric vehicles are more expensive than running petrol and diesel —— diesel vehicles. but norway is bucking the trend, nine out of ten cars sold their this year have been electorally. michael expected the ministry of transport. the reason for this is we introduced a broad package of incentives and of course you need a good economics but we agreed in long—term and medium—term that was predictable for the customers and predictable for the private sector, so it was both tax incentives but also user incentives but also user incentives for the customers. you know some critics may ask, if you're incentives have been too successful, because the argument is that these generous incentives actually make norway even more car centric,

deutsche bank downgrading them, they go to hold and cut the price target to one hundred 23. the only reason deutsche bank said they had a by was because they were really hopeful about that $25,000 card of the model 2. they expect that to be delay. elon musk going to address any of this with investors when they report earnings tuesday? you need a growth catalyst. the robot taxi, great, but seems a far way off. stuart: next case is dr horton. neil: raise the revenue forecast for the year, set up 3%. it had been up more than that, the largest in the country, they say home closures grew 15% in the quarter and those homes combined valued at $8.5 million. stuart: what's wrong with las vegas sands, down again today, 9%. 9%. >> 3 brokerages cut their price targets and all of a sudden weakness, not the tourism isn't bad but it went under recommendation and things are not where they need to be. that's a harsh reaction. stuart: thank you. throw out -- i'm getting confused, we throw out $68 million worth of coins every year. where that money winds up. time magazine published the most in

this week so that is kind of across-the-board and if we look at specific banks for companies like deutsche bank and barclays, the performance of the investment bank is also going to be quite important in any kind of indication that the activities picking up a little bit going to be welcome. tom: more ipo's in the pipeline, more fundraising going on, so all of that as well. in terms of the broader outlook for the banking space in 2024, what kind of potential headwinds or tailwinds for the sector that you and the analysts will be looking at? chloe: looking at this is the idea of cost controls. difference between revenue growth and cost growth and that is likely to turn negative for quite a lot of banks. that is going to be in focus. it's about 15 out of 25 big european banks are likely to slip into negatives this year compared to three in 2023. there's also this idea of rising loan loss provisions that will not necessarily be seen in the first quarter but the gradual increase will come through 2024. there's also as you mentioned the beginning of the conversation, the stocks are trading near six y

and this comes after deutsche bank raise concerns over the electric vehicle makers are focused on creatingxi while this profit is under pressure. and staying with the ev space, could there be more troubles ahead for electric vehicles? writing a literacy cost, plus the end of generous government subsidies have made ev is less popular in some countries. but in norway, nine out of ten cars sold have intellect models. my colleague has been speaking to the state secretary of the region ministry of transport. —— norwegian. i think that the reason for this is that we introduced a broad package of incentives and, of course, you need a good economics, national economics to do that, but we agreed upon a broad package in long—term and medium—term that was predictable for the customers and predictable for the private sector. so, it was both for tax incentives but also user incentives for the customers. you know some critics may ask if your incentives have been too successful because the argument is that these generous incentives actually makes norway even more car sentric, as opposed to following othe

the team at deutsche bank are calling a midcycle adjustment. dani burger. dani: shares of spotify higher 10%. paid subscribers are now at almost 240 million. spotify plans to raise prices for the second time in a year. shares of ups lower this morning. they were higher. despite the fact they did beat estimates in the first quarter and reaffirmed its guidance for the remainder of the year. the headcount, management, and restriction of delivery appears to show through. apple is close to inking a deal with fifa to get worldwide television rights for a month-long u.s. world cup style competition according to the your times. it would be apple's latest venture into soccer after it secured a 10 year deal for world streaming rights to major league soccer. jonathan: up next, all eyes on tesla. >> instead of focusing on technology for the sake of technology, what i like is tesla succeeding to make tv's in the foreseeable future. jonathan: up next, vishy rakesh. ♪ school hard work meets bold new thinking. to help you see untapped possibilities and relentl

this came after deutsche bank raised concern over the electric vehicle makers on creating new productsits profit is under pressure. shares in the elon musk led company fell after the brokerage cut its price target for the stock. is boom time electric vehicles over? rising electricity cost plus the end of generous government subsidies in some countries have made it is more expensive compared to cars running on petrol and diesel. in norway, nine out of ten car sold this year have been electric models. my year have been electric models. my colleague has been speaking to the state secretary of the norwegian of transport. i think the reason _ norwegian of transport. i think the reason for _ norwegian of transport. i think the reason for this _ norwegian of transport. i think the reason for this is _ norwegian of transport. i think the reason for this is that - norwegian of transport. i think the reason for this is that we l the reason for this is that we introduced a broad package of incentives and of course, you need a good economic national economics to do that but we agreed upon a broad

deutsche bank experts predicted that this event will not have a big impact on the price of bitcoin andigital latitudes in general, but it is likely to change the geographical location of miners, that is, from countries with high energy costs to countries that they have cheaper energy, they are nonsense , said the head of sedava sima news agency, more than one million and 700 products were released in the commodity exchange today saturday. 99 thousand tons of all kinds of goods and products were displayed in the hall of industrial and mineral products. more than 11,000 tons of polymeric and chemical materials were offered in the petrochemical and oil products hall. the export hall passed the supply of 25 thousand tons of bitumen. in the open auction hall, more than 83 thousand tons. iran energy on the last trading day of the week. in the past , he witnessed the sale of all kinds of products worth more than 1336 billion tomans. in the trading week ending on the 9th of april, the real share of the trading turnover and the pre-emptive right of the stock market increased to more than it rea

royal caribbean hitting a 52-week high after deutsche bank raises its price target on the cruising giant, hitting highs after the pizza chain saw stronger-than-expected sales growth, good for a 6.3% rally on the heels of earnings. santander, a sad story, hitting a high earlier, but then the enthusiasm, as you can see, faded a bit, currently down 2%. if you broaden out, it's a quiet day for the overall market. the s&p 500 is higher, but not by much, talking about .3%. a big week for the equity market , the benchmark best performance of 2024 seemingly out of nowhere . that's what it felt like to me. more earnings this week with the fed on wednesday. it will be fun to see how those lines wiggle around. coming up, we have anthony noto joining us next on "bloomberg technology." that does it work "bloomberg markets." i'm katie greifeld. this is bloomberg. and they're all coming? those who are still with us, yes. grandpa! what's this? your wings. light 'em up! gentlemen, it's a beautiful... ...day to fly. >> from the heart of where innovation, money, and power collide in silicon valley, this is

we have deutsche bank and barclays reporting as well. it will be a very busy week for investors, frank. >> a busy week for investors. silvia, thank you. >>> we turn attention back to wall street. investors are waiting the busy week of earnings season. 29% of the s&p and 30% of the dow are set to report with mega cap tech being in focus. it is a big week for industrials and transports. with the s&p on the pace with the biggest drop since december of 2022. do they have what it takes to bring stocks back to life? we have seema shah with us. we have a big question for you, seema. will earnings take the market around? do earnings have the power? >> good morning, frank. it is an important week. before the last couple days when we had the controversy with the fed, i think we will look to the earnings season to shore up the growth expectations and realistically, you may go through a bit of time in the coming weeks. if it can reassess, earnings should return to the upward trend. >> i want to ask about tech specifically. how important is the quart

start of production in the second half of 2025 they're looking at the much prompted robo taxi deutsche bank said such a pivot would be thesis-changing musk explained when customers may be able to get their hands on the new range. >> we've updated our vehicle lineup expect it to be more like early 2025, if not late this year. these vehicles including former models will use aspects of the new platform as well as the current platform it will be made on our current production lines much more efficiently. >> investors will be watching to see if tesla can stick to the timeline in the meantime, they can only go on the fundamentals the operating margin fell by half in a year global inventory nearly doubled in the space of a quarter, plus there's very little visibility on what these new affordable models actually will be. musk told investors, focusing too much on the cars, that's the wrong approach >> really we should be thought of as an ai robotics company if you value it as an order company, you have to -- it's the wrong framework. if you ask the wrong question andquestion, then the right question

. >>> deutsche bank reinstating cisco.leted acquisition of splunk could reaccelerate. shares of cisco up over .50% in the pre-market. >>> time for the global briefing. hsbc is selling in argentina to focus on asia. the company will take a $1 billion pre-tax loss in the fiscal first quarter. hsbc is selling assets which include banking and asset management and insurance to the argentinean fifth's largest bank. >>> and bloomberg reports that blackstone will take l'occitane deal private. >>> berkshire hathaway is selling yen bonds. that is over warren buffett considering more investments in japan. berkshire is the first major overseas debt issuing insurance the bank of japan scrapped negligence tough rates last month. >>> we turn attention now to the cryptocurrency sector with bitcoin crossing above $72,000 for the first time since the middle of last month. we saw it down 1.5% this morning trading at $70,600. and the coin ethereum is fueled by the expectations of the approval of a spot ethereum etf. sarah kunst is still with

deutsche bank had them at 413,000 deliveries. i would bet on the bearish side for deliveries.n europe, the gigafactory in berlin saw a slowdown due to outside issues that elon musk flew out there to help deal with. a lot of competition in china. europe, issues. nowhere is going particularly well. tesla is still likely to outpace the byd. caroline: let's go into the context here. if we do see an actual year on year decline, how unheard is that for tesla? corey: the last time it happened was 2020 during the pandemic. before that, you have to go back to 2014 to see a slight decline year on year. in general it has been flat or tesla has seen a lot of growth. elon musk has said, we are in between two waves. what happens this quarter and what does tesla do do corrected going forward? you want to see reassurance if you are looking for the ev sector to grow. tesla was about 46% of u.s. ev sales. they are becoming less important to the health of the overall ev market. ed: last thursday in the bay area in an undisclosed location, i picked up a model y, i least one because i needed a new

analysts from goldman and deutsche bank say that could happen, but it is not the best tool for the bankf england to assess this. the way the fed works and bank of england works are different. you look at the united states economy. they have data from all of the states. here, you have one economy to look at and it will be harder for the bank of england to apply and use dot plots as a useful tool. that is the purpose. >> here in the uk, they use the fan chart. is there talk about trying to tweak that or find a way to make it more accurate. the question is about communication, but the accuracy of the fan kachart. >> expectation is a change in that. perhaps it will be less used by the bank of england. what we could see is the change of having alternative scenarios to look at what is happening in the economy. when i spoke to the director, she said the bank of england is transparent when it comes to the way they vote. you can tell three members will vote for a hike or cut or a hold. there is transparency when they are thinking about time to announce a cut or not. >> while this report is natur

robo taxi unveiling august 8 according to ceo elon musk as a growth catalyst the stock is up 4%, deutsche bankthey like that they're going down this route of autonomous vehicles, robo taxis because it avoids the rabbit hole of cheap ev competition which is what the regular tesla model three and model why is facing now. >> will be on the road in 2027, three years from now. >> i don't think he said that exactly. >> i thought we had the earlier. >> he sees it coming up in the near future. i don't have the time frame but he says one timeframe and then you have to add on a few years, that is a problem. cathie wood cease free cash flow 100 billion in 2027. stuart: i don't understand the relevance, warner music drops plans to acquire. >> they were trying to buy a french digital label called believe it is a french company, there was a lot of talk about regulatory hurdles and now they have dropped out of the bidding a day before the bid was due, warner music is a 3.5%. stuart: them europeans. president biden headed to wisconsin going to unveil a new plan for student debt forgiveness. edward lawrence is

deutsche bank saying at this point the halving is already baked in.erent implications in one of the things they are looking at is bitcoin mining instead. given that when you have halving you get less reward for mining tokens and that will put pressure on unprofitable miners who have to exit the network. they are expecting the network to consolidate. look at publicly traded firms they could be the ones best positioned to take market share. haidi: we will be watching that but also look at some news we are watching when trading begins for this friday. sk hynix among the asian semiconductor stocks that will be in focus. we could see declines despite the resiliency of that last close. tsmc scaling back its outlook for a chip market expansion so that could weigh on some names. sony and apollo talking about a joint bid for paramount. we will be watching for some entertainment and streaming stocks. netflix with the best start to the year since 2020. a muted outlook change when it comes to reporting, investors were not that impressed. this is bloomberg. ♪ ♪ ♪

looking at the european corporate releases, we hear from spotify and deutsche bank and barclays. there is a lot on the agenda for investors this week. with that context in mind, let's show you the boards. we have seen a little bit of green here in germany, spain and in the ftse 100 with the ftse up 1%. however, some of the narratives when it comes to france, italy and switzerland are quite negative to start the session. i want to take you to the sectors to understand the message from companies at this stage. we have at the top, the best performer which is retail up 1%. a lot of that has to do with the upgrade of the rating forecast for the sector this morning. we have real estate up by 1%. it is important in the context of the monetary policy. the worst performer is autos down 1.5% this week. we are keeping an eye on the banking sector as we hear from several european lenders. stateside last week, tech was down 1.7%. a lot of the tech companies are due to report this week. with the u.s. performance in mind, let's show you futures. they they are suggesting a positive trade this we

deutsche bank says it is best positioned into earnings with strong pricing, sustained cost-cutting, fortst deutsch watching spending on the more speculative ev and cruise programs. what's your view on gm here? >> tyler, i agree with what those analysts are talking about what they're going to see from the perspective of what's the uncertainty in china and what are they doing with the slowdown in ev, but i want to be a buyer here of gm and that's due to the fact it's had a great year to date and there's still more room to run. it's still down about 25% and by and large about a 4.7 times forward p-e ratio it's not that expensive. so i think there's opportunity here, but we really are going to be focused and it's critical not just for gm and it's for ford and all of the motor companies understanding how are they going to handle the slowdown in ev and more importantly, how are they going to grapple and digest the china uncertainty? i know ford, as well. about two years ago it was trading up over $65 and here in the mid-40s it seems to be offering a discount. >> it's 36% six months and it's bee

. >> deutsche bank had a survey on the issue of price, not the stock, but the coffee itself.g, people are sick and tired of playing $7 or whatever for a latte, the expensive drink and that's finally catching up. >> i'll never buy a latte, but a good old-fashioned coffee that costs $4.75, that costs $2.80 pre-covid. it's absurd, i think, what they've done. i think there's an expectation that you're going to see eps guidance, a cut, and there's a combination of things. you've got higher input costs that includes labor. they've had some very significant labor dynamics within starbucks, the unionization concerns and certainly higher prices. but i think you're going to see lower margins and a company that -- look, i love starbucks, the stock, i love the product. i go there all the time. i'm frustrated. but i think you're going to buy it lower. >> seasonally, the spring and summer are better times because they're more dependent on cold drinks with better margins and people want cold drinks starting now. so that could be an offset. >> yeah, it's trading around a 52-week low. you men

from his father to deutsche bank to other financiers, trump has always had financial rescuers swoop in and come to the rescue when he's messed up, which has happened a lot. the latest is billionaire don hanky, owner of the insurance company that just put up the $175 million bond in trump's new york civil fraud case. according to forbes, hanky's company knight specialty insurance is the one that initiated the deal with trump. he told forbes that trump's collateral to secure the loan was a combination of cash and investment grade bonds. you may wonder why hanky or really anyone would want to put up such a large sum of money for trump. especially now. well, it turns out it's not the only loandoled out to trump recently. he's also the largest investor in aos bank which refinanced trump's loan on trump tower and his golf course in 20 to the tune of $100 million and $125 million respectively. perhaps hanky doesn't want to see trump's assets get seized so that he can keep collecting his money, including interest. this comes after another of trump's failing businesses, truth social, seems to b

deutsche bank was hitting a 52-week high ahead of its first quarter results, now taking a little bitleg lower, about .6%. the luxury company morning the profit will plunge in the first half of the year on slow sales at gucci, its biggest brand. it is down by more than 5% over the past two days. president biden set to deliver remarks on the ukraine aid package from the white house. we will bring that to you live when it happens. coming up we have bloomberg technology in the next hour. that does it for bloomberg markets. i'm katie greifeld and 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 when i was your age, we never had anything like this. what? wifi?hhhhhh wifi that works all over the house, even the basement. the basement. so i can finally throw that party... and invite shannon barnes. dream do come true. xfinity gives

i read the reports from deutsche bank and goldman among others.ll us the reason you're cautious. >> well, i think netflix's stock has a strong history of really moving in tandem with subscriber growth and they've had a tremendous lift in 2023 from the pay sharing crackdown. they added nearly 30 million subscribers in 2023. and that was on 100 million globally in the u.s. being impacted by paid sharing many of them have signed up if they were going to i think the impact of that fades and i think probably looking at a 2024 where there's much less subscriber growth than last year history will tell us that's a tough setup. that's number one. and i think we'll start to get a sense of that here with the march quarter earnings, but really, the story will be told in the june, september, december quarter when the paid sharing comps kick in. >> is it competition and also just trying to figure out their ad tier strategy, or could we put some of the challenges at the macro level, consumers being more selective where they're putting money to work and what they

deutsche bank cutting their price target to 1189, so -- 189, so still nicely above where they're tradinghe inventory, they did so many price curts, and they're still sitting on an inventory that is the at a 2019 high. they've got a lot of cars for buyers who don't seem to want with evs in general. stuart: therein lies the problem. taiwan with semiconductor, they were forced to evacuate briefly after an earthquake. is that going to slow e production? lauren: it could briefly. they were very well prepared for this, or but think about this part of the world. taiwan is the silicon valley of asia, right in taiwan semi particularly supplies apple, nvidiainging all the big names. so the uncertainty because of that earthquake is rippling here to the u.s. amd is down, you can see all the names here. i want to point out micron, today say they've evaluated the impact on their operations and their supply chains, they're currently doing that, all of their team members are9ed for. -- accounted for. stuart: dave and buster's, they're up%. lauren: i love their ticker, play. because you go there to play

. >> that's why i wanted you to weigh in deutsche bank cut it to hold, cut to 123 from 189. they say earnings will be under pressure and free cash flow will be as well do you have a take on this situation? >> so the stock, even after everything it's gone through in the last year and a 60% draw down ish is still up 675% over five years i am maybe the worst person to offer a take because i never owned it i missed the entire run higher i just never understood it i never understood why it was so popular. i understand the appeal of him i understand it's not a car company, blah, blah, blah. it's electrical, whatever. i get all that i'm not stupid i missed it. i was wrong, wrong, wrong, wrong. just because it's now at a 60% drawdown, though, i don't really change my mind as to being short, i know weiss' finger is on the trigger he's watching it all day that's great for most people shorting tesla historically, it's like never fight a land war in asia it's just like one of those unwritten rules. you just don't do it because of how quickly you can get your face ripped off if he sends

, has been one of the largest shareholders of a company called axios financial, which replaced deutsche bankg of choice after he left the white house. so you have two different scenarios having a connection to the two different institutions who bail trump out when he's in deep financial trouble. >> donald trump sold this image of his wealth, his status, his glamour. that was his whole persona, the trump brand he thinks alone is worth billions. you ran against him. we ask this question a lot about whether or not all the changing financial fortunes and questions about his wealth affect voters perceptions but i wonder if the stronger question is about how he feels when these things happen and how it might impact his own arguably volatile approach to politics. his mood, essentially, governor. >> you know, there's a lot of things that i could speculate on. his mood and the way he looks at things is one that's, i just, beyond my purview. what i would say is there's no indication that he wants to fund his own campaign. the indication is that's why he put lara trump in there because then she came ou

and emanuel rosner at deutsche bank, he's coming in at 414.nalysts have all been bringing down their estimates, not just for the first quarter, and we'll talk about why that's the case, but also for the full year. it's more than common now that you will see analysts saying, when it comes to full year deliveries, we don't think they're going to get to 2 million. they were at 1.81 million last year. i've seen a couple of analysts say, if they get to 1.91 million, we think that's what we can expect for the rest of this year. so, as you take a look at shares of tesla, the bottom line is this. the competition in china has been brutal. that has hurt deliveries there. there have been problems with the giga factory in europe, as well as demand in europe. and then here in the u.s., it's a softer ev market. just look at what they're doing when it comes to full self-driving. they're now offering tesla owners a one-month free trial. you never saw that in the past. that's not only for tesla owners currently, because full self-driving, as far as a subscript

the year donald trump left office, 2021, deutsche bank commissioned a highly confidential appraisal of one of his properties, the trump national golf club in doral, florida. thanks to the new york attorney general for civil fraud lawsuit, that highly confidential document is now public. the findings in it were not great for donald trump. the trump brand has negatively impacted property performance, due to multiple when he was running for and after he became president. mr. trump is a polarizing figure who ignites strong feelings for both supporters and supporters of his political opponents. this resulted in many groups canceling events of the property, and has kept the resort from achieving results commensurate with the facility. so the trump brand was toxic to have the country, and therefore doral golf course was in trouble. the ex-president needed a way to make his golf course profitable. and he found it with the help of an old friend. >> describe doral in one word. >> brutal. >> tough. >> challenging. >> tricky. >> treacherous. >> monster. >> when you win at the row, you earn it and

deutsche bank is overhauling its staff, trimming 10 private banking roles.cut in singapore and hong kong. deutsche bank wants to focus on more profitable markets and weed out underperformers. tesla shares lower premarket, down nearly 2%. they recalled almost 4000 cyber trucks. tesla will be repairing cyber pedals that can dislodge and because the cars to unintentionally accelerate. tesla says the fix will be free of charge. that is your bloomberg brief. jonathan: that is a problem. up next, tech earnings season kicking off. a new approach from netflix. >> we will not be silent on members as well. we will update when we grow and when we had certain major milestones. it will not be part of our regular reporting. jonathan: that conversation up next. live from washington, this is bloomberg. ♪ to me, harlem is home. but home is also your body. i asked myself, why doesn't pilates exist in harlem? so i started my own studio. getting a brick and mortar in new york is not easy. chase ink has supported us from studio one to studio three. when you start small, you need

i want to start from a quotation from deutsche bank.oduction bottleneck, there may also be a serious demand issue. how much of that number was about the bottlenecks in the connection issues they had in the last few months? how much was a fall off in demand? >> we were really on top of the issues the issues related to the situation in the middle east. we were expecting 410-420,000 units. this is a significant shock. now it's tens of thousands of cars not reaching the u.s. and demand has been extremely low in territories but they are building less than anticipated. they also had discount activity on inventory so demand is really bad. if you have supply issues but demand is still fine, even if samantha slightly weaker, it shouldn't be affecting the bottom line at the end of the quarter. this means that demand is extremely poor. this quarter was a tough wake-up call for tesla. remember, it's winter, january, february march, these are months that have been historically extremely difficult and volatile. that's for the high end of the car mark

this came from jim at deutsche bank, up more than 10% in q1. marking the first time in over a decade it's been back-to-back quarterly gains in double digits. first time in more than a decade because the -- because they weren't convinced. thinking about how they came out of that. having seen back-to-back double-digit quarterly gains in more than a decade. lisa: we get numb to this idea. what's new. that was the pandemic era. a lot of disruptions but you talk about another era and we saw that with the japanese stock market pointing out the fact the japanese nikkei is the most going back to 2009. we are talking about post great financial crisis recovery types of level. jonathan: this morning just a little bit softer down on the s&p 500. here is your bloomberg brief. >> iran vowing revenge against israel blaming the country for a deadly airstrike on its embassy in syria, the strike killing at least seven iranian personnel including military commanders. they've yet to confirm the attack but the country's forces have struck iran linked -- this be the

jonathan: you mentioned the close out at deutsche bank. he bank of japan needs to engineer an expedited hiking cycle similar to the post-covid experiences of a central banks to put a floor or ceiling on top of dollar-yen. lisa: we have heard from the bank of japan a lack of willingness to do so. they're counting on the fed in the meantime coming out a little more dovish then the market is expecting, which some people think is possible. are they trying to see, how much bang can we get jonathan: for our buck? jonathan:when mike mckee pops the question in tomorrow's news conference the make of japan is hoping that he says no hikes. lisa: will you, fed chair j powell, possibly think about making a yen? jonathan: no. that is how that proposal is going to go. thank you, sir. your bloomberg brief with dani burger. dani: the hsbc chief executive is stepping down. he was at the job for nearly five years. the board has started the formal process to find a successor. quinn said we have to give 100% if not 120 percent. and that doesn't necessarily achi

more difficult to really believe exactly when that day will come, and clearly, in this case, the deutsche bank analyst no longer is interested in waiting they're talking about 2027 for the model 2. that is that lower-priced automobile that -- ev that is no longer a part of the near-term consideration, jim, and i did note -- so, they go to $2.40 in their estimates for '27. overall, cut numbers across the board, hence even with current multiples, you can't get a price target that's anywhere near where they are right now >> i think they're going to have a loss this quarter. i think this "hail musk" play was played out already it failed. i expect to see something that is monumental. instead, i see something that is incremental, and that, carl, is not going to stop this decline, because look, if it were earnings, if it were on earnings, the stock is 23 or $25. i don't believe that you're looking at a man right now who better have something. but before i say you got to sell tesla is maybe he does he's not playing his hand. but right now, we've got -- look, we've got some top leader cashing out. we d

deutsche bank goes to december. the december meeting followed by reductions in 2025. beyond next year we expect the fed to guide the policy rate back to a neutral level likely below 4% by the end of 2026. now we're into 2025 rate cut expectations. the question is, is the market going to be okay with it because can the economy hold up without rate cuts? >> right. as for the broader equity markets, of course, trying to weigh this, to the point of your debate with mike in terms of the influence of rate policy on equities. it would prove your point this week perhaps given the weakness we've seen to a certain extent, but the economy is strong and, therefore, as we move into earnings season, the expectations are we will see fairly strong reports and/or the possibility of decent guidance, although then i come back to so many things you share with us from the conference call from last quarter. >> uncertainty. >> it's a lot of uncertainty. >> depends what industry you're in. the economy is not strong if you're in some parts

control over huge infrastructure projects, we know that large german companies, such as dutch bank, deutschelekom, at least negotiated with chinese companies. that supply telecommunications equipment to simply mass-use chinese telecommunications equipment in germany for the purpose of providing information. this is actually an invitation of chinese intelligence to your home, because if you have your state, non-state communication, even, and communication related to basic infrastructure, such as information infrastructure, energy infrastructure, transport infrastructure passes through its devices, which you do not control, or do not fully know who controls them, in fact, at the right time, it can... be either a leak of information or simply sabotage of your infrastructure, well, look, the level of understanding of this, at the moment when it comes to banning, let's say, the use of tiktok on there official platforms or in general the use of tiktok in countries like united states, chancellor scholz starts a tiktok account, and you don't know it, not such a creative thing, but like everyone is d

in that environment you'd expect -- jonathan: we have had some big changes, deutsche bank say decembero cuts this year, including the likes of apollo. where are you now on that issue? tiffany: we agree. we think ultimately they're not going to be cutting in the middle of the year as they had previously been telling us they're going to do. they will show us their new -- and we would get clear guidance on when exactly did explict a cut -- when exactly they expect a cut. we needed to see two consecutive quarters of point something efficient. our own forecast as it will be three at the second quarter. if they still interested two quarters of two point something, that suggests december might be the first time they're looking to potentially cut. they have wiggle room. i think there is a clear message coming from them they're not going to be cutting. lisa: if nikki bowman has lunch with chair powell and talks about it being restrictive, that puts the idea of a rate hike back on the table. if you look at inflation running hot, as jonathan engel says, that raises the spectrum next year of addit

taking a look at some of the ones and now and likely down to sourcing and the likes of deutsche's, hsbc, ubs, bankamerica have reduced headcount in the last few months. hong kong mainland china will be certainly bearing the brunt and our next guest says there could be further reductions to calm and is the managing director at robert walters and where do you think the are in the redundancy cycle at this time? >> it is hard to call it. many clients say we are at the bottom in terms of where the cuts are. this has been happening for almost two years. the hiring from the getting of 2021 to the middle of 2022 and at that point it was clear the revenue did not support the amount of hiring they had done so you have to consider the base perspective and where they are now and we get the sense that will probably be more trimming in the next quarter but as we go into the second half of the year there will be some improvement that will not necessarily results in hiring anywhere near the levels of 2021. annabelle: we talk about pre-covid levels. going back to before 2019 hiring trends or is this going to be cr

others have joined you the last couple days at saying no cuts in 2024, even deutsche bank saying one ca. what is interesting about the way you frame it is you put it on looser, dz, financial conditions. when you speak to the fed, they say conditions are tight, not loose. even with credit spreads really tight. what are you seeing they are not? torsten: that is really important because the discussion splits into two points mainly if you look at the rates at 5.5, that is certainly above most estimates meaning the long run equilibrium interest rate for the economy, which only the fed would say is 2.5, so looking at rates on their own and the old-school models in economics literature, you would look at that and say you have the monetary policies tight, but what has happened is that has been completely neutralized and offset by the rise in the stock market, the rally in high yield and loans, the incredible increase we have seen in issuance in high yields and m&a activity coming back. yes, it is to your old-school textbook model tells you rates are higher than where they will be in the long

meanwhile, you've got shops like deutsche bank and loop capital markets among some of those startingr equivalent rating. reddit shares up 1.25% on thinner volume. for more on those calls head to cnbc.com/pro. leslie, i'll send things back over to you. >> dom, thank you. i don't believe it's already been four weeks since that company has been public and they're getting those analyst initiations today. >>> coming up, we'll talk markets and the fed. >>> plus, it's tax day. irs commissioner danny werfel joins us. we are awaiting earnings from goldman sachs. the numbers and market reaction are coming up. we'll be right back. (grandpa vo) i'm the richest guy in the world. hi baby! (woman 1 vo) i have inherited the best traditions. (woman 2 vo) i have a great boss... it's me. (man 1 vo) i have people, people i can count on. (man 2 vo) i have time to give (grandma vo) and a million stories to share. (grandpa vo) if that's not rich, i don't know what is. (vo) the key to being rich is knowing what counts. frustrated by skin tags? dr. scholl's has the breakthrough you've been waiting for. now t

jim reed at deutsche bank, we have gone seven consecutive sessions without a new record. the longest without an all-time high since january. lisa: the only negative thing you can say about a rally that has not gone down very much. there has been really interesting price action under the hood. you've seen the magnificent seven underperforming. the video was fascinating. the fact intel came out with a chip that may or may not take off. intel shares, met, nvidia down. there is a feeling people are trying to hedge the high flyers. jonathan: yields unchanged, lower yesterday on the tenure. at the moment for .36. coming up this hour dan morris of bnp paribas. tobin marcus of wolfe research, and bloomberg's george ferguson with new concerns over at boeing. we begin with the top story come investors weighing today's inflation data. dan morris saying "march cpi data will be critical, telling us whether the big increase in inflation was just a blip and whether goods inflation is returning." are these pumps in the road or new terrain? dan: as pointed out from one of your previous co

bank of america, deutsche bank forecasting a first rate cut in december.ur outlook to two rate cuts this year from three, but that can change if inflation remains stickier than expected. rate cuts should be driven by the wish to normalize policy rather than a need to stimulate economy. dissecting which is which has become increasingly difficult in a time where we don't know where the neutral rate is. i want to call on the idea of just how much the data that we got this week reset expectations. much did it shift your expectations of how sticky inflation is, whether disinflation narrative has legs. collin: it did shift our expectations. two weeks ago, we were in the camp that three rerate cuts seemed appropriate. going back to the end of last year, most readings were continuing to fall, annualized rates close to 2%. what we saw this week is it is sticky. two months, you can say that is a blip, but three months, cpi expectations, that is shown it is sticky. lisa: this is the reason why people were struggling with what to do with this. on the one hand, higher

even deutsche bank up 24%. what is supporting some of those banks at the moment?e. these stocks have been absolutely brutalized. even though things were going ok, the idea was, if we are going to cut right -- cut rates, it will be better for banks. that story started to fade, and the bank started to perform not well. european banks have been under scrutiny for a long time, so it is a little bit of a non-spec. if europe is going to be ok, than the banking sector will be ok, and these stocks are really cheap. in the u.s., they are less extensive, but you have consolidation, so the bigger bangs are doing better but the smaller, regional banks are still struggling. it is sort of the story in megacap's not just in tech across the sectors. jonathan: sarah hunt going to be sticking with us for the hour. i mentioned this earlier this morning. it interests me. we do not expect eurozone to directionally decouple from the u.s., but it is interesting that the s&p was down 5% to 6% in contrast to the euro stoxx the down only 3%. we continue to see an improved relative risk rew

lisa: george of deutsche bank nailed it. benign neglect, essentially this is a bank of japan that does not care. it's like ok i guess this is happening. does it bother the japanese economy. he went through the reasons why it does not really matter which is the reason why fight it? jonathan: the yen has declined it's becoming disorderly which goes to a sharp decline. we will see if this will be the potentially sharp decline before it finds a floor. putting out a survey early this morning who needs a soft inflation print more. chairman powell, president biden or the bank of japan. at the moment the boj must be begging for a downside surprise on u.s. data. lisa: right now it seems that the only offramp they have. they've adopted' talking more about positive consumption and inflation which is still around 2% in the region which raises the question do they really care about the yen weakening or not. we try to have this attitude and annoy you that's very connected to who you are. >> is that where you're going with this? >> keep se

store too bad, engaged in various ty, risk business practices, deutsch, somebody who's basically involved in every shady scandal in the banking sector worldwide. race for as a higher process. and then the demise of a german institution. the dodge of back story stuff may 2nd w a lead before the flat to happen in this area. my daughter was only 2 years old. the water came slowly, like a lot of stuff and starts getting bigger, bigger and bigger and everywhere. the my, i need to talking about what happened. one thing i can do is just japan. what out what i'm thinking and let us be in 60 years, almost off offices i'm calling is going to be under water. sea level is rising fire for me the me to say yeah. and in the coffee also how to the progress of the substitute a $12.00 centimeters a year. so it's a c t that just one meter of of the c that home so we need to be very adaptive if people can know in advance because the parents, so we work on open data called is a city awarded. we have water in every direction. i phone the pouring rain and storm season of flooding from the not as you can experience, only 15 minutes of rainfall. the

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start you back in gauged in various time risk business practices deutsche somebody who's basically involved in every shady scandal in the banking sector worldwide. raise ever higher process. and then the minds of a german institution, the georgia bank story stuff may seconds on d, w. people in trucks injured was trying to feed the city center, the straight pieces explain the around the world more than 150000000 people of we of mine because no one should have to make up your own mind dw, may for mine's the . this is dw news, live from berlin. the guilty verdicts against him helped ignite the meet to movement. now, one of harvey weinstein is convictions has been overturn new york's highest court cautious of 2026 crimes convention, conviction against the disgrace. hollywood producer. that doesn't mean weinstein will walk free, also coming up. supporters of donald trump face off with his critics outside of the us supreme court. inside justices consider a historic case. should the president be immune from prosecution for a legend, primes committed while in office? and then is introduced as an entry feet in an attempt to curve mass t