i believe we will be listening in >> that's right, joumanna.et's get to the agm which is kicking off now. >> your security and i would like to thank you for your patience we need to make some formal statements at the beginning of the agm. i'll be brief as you are expecting substantial statements it is important for me to give you time for your questions and statements you have the right to do so and we would like to create the framework for it i would like to welcome all of the members of the board of directors and executive board here today on the podium from your right, we have the chief executive officer and the general counsel and the chief financial officer. on your left, the secretary of the board of directors, on the site, the notary office executive and the proposed head teller according to pwc, we are represented by these two welcome lawyer keller who is representing the proxy from the lawyer's office. dear shareholders, we stand here today in a situation no one could have anticipated it's a sad day for you and for us, too. i can under

i'm joumanna bercetche >> and i'm julianna tatelbaum.hese are your headlines. >> markets are on pace to close on a down note as europe services sector is roaring back with french data beating forecast and german business activity expanding for the third month in a row. >>> shares in mercedes-benz get a boost as profit margins speed ahead topping expectations after a 15% return on net sales in the first quarter. >>> german software giant lowers the outlook despite the top beat the company is helping customers contend with higher prices >> not everyone has the pricing power to offset pressure from inflation. that's where our technology comes into play. ceos care about a sustainable business our portfolio is well run and this is why we are going to see a healthy pipeline for the year. >>> and uk consumers pull back on spending. retail sales figures fall for the first time in two months amid the double digit inflation. >>> we are just getting the flash pmi numbers from the eurozone countries we heard from germany and france we got the compos

i'm joumanna bercetche with julianna tatelbaum in london and geoff cutmore in zurich. these are your headlines >>> shares in ubs slump as the bank reports a 52% drop in net profit it sets aside additional provisions and focuses on the continued integration program of collapsed credit suisse. something the ceo sergio ermotti says he is optimistic about. >> the risks are complex i don't think this transaction is a risky transaction it will take time to get to the final operating model. >>> the dispoiappointing ubs numbers brought on the biggest drop in a month which is showing issues in the quarter. >>> and novartis hikes the full year jouloutlook. >> unless there is a challenge in the market environment, our push is to make that happen and strategic and long term and know this is the right thing to do for shareholders. >>> and nestle hits the sweet spot with the food giant topping first quarter estimates as prices offset over declining volumes. >>> the earnings are coming thick and fast today let's start with ubs a 52% drop in first quarter net profit after a legacy leg

i'm joumanna bercetche >> i'm julianna tatelbaum. these are your headlines. >> european equity markets are set to close the week on a mixed note after the dow and s&p 500 enjoyed their best day since januar january. >>> and the new chief for the bank of japan keeps rates the same as they introduce the loose monetary policy. >>> nat west shares slide despite beat on the profit in the first quarter. cfo katie murray says how the lender is handling stubbornly high inflation. >> it is sticky high we have always demonstrated when rates come through, we expect to see that go to depositors and some to remain on the balance sheet. that level of deposits is important. >>> and amazon shares rally into the close, but slip in extended trade after the company posted earnings beat, but warns of a slowdown in the key cloud business. >> optimize cloud spending in tough economic conditions in the first quarter. we are seeing this continue into the second quarter with april revenue growth rate about 500 basis points lower than q1 >>> happy friday warm

i'm joumanna bercetche. >> and i'm julianna tatelbaum.hese are your headlines. >>> the beginning points to sessions of reopening and the futures of first republic. >>> rising rates and higher trading income with first quarter profit jumping 24% and topping forecasts. the ceo tells cnbc the bank's strategy is paying off. >> the recovery the bank has been on for the last several years is really coming through we had a double-digit growth last year and started this year. actually this is the highest income and profit we've had going back to 2014, 2015. >>> covid negative sales fall 7% but still top estimates despite falling demand for covid tests. the swiss giant outline's the strategy. >> we always knew the covid conundrum would come to an end and has come to an end what really carries us forward is the base and that's being felt in both division. >>> and the riksbank hikes with a warning inflation is still far too high ♪ >>> good morning, everybody, and welcome to "street signs." as you can see behind me, there is a lot of red on the board

i'm joumanna bercetche >> and i'm julianna tatelbaum.hese are your headlines this hour >> renault shares fall to the bottom of the cac 40 pulling the rest of the sector lower overshadowing a 30% increase in sales in the first quarter >>> tesla shares accelerate losses after a 24% loss in first quarter net income elon musk is prepared to sacrifice profits. >> we want to make as many cars as we can despite this being an uncertain macro environment. this is a good time to increase our lead further and we'll continue to invest in growth as fast as possible >>> germany's factories get some respite in march with producer price inflation with the smallest annual increase signs june of 2021. >>> asian chip giant tsmc with a gain in first quarter profit beating estimates with the uncertain global macro environment. >>> good morning, everybody. welcome to "street signs." you can see a lot of red on the screens behind me as european indices are digesting the macro data the last 24 hours focus on the high uk inflation print and high core inflation p

i'm joumanna bercetche back in the studio these are your headlines european equities rise in early tradebut investors turn attention to the friday nfp report after a down turn stateside. >>> higher gas vaolumes ahead fr shell citing tax charges. >>> xi jinping rolls out the red carpet for emmanuel macron as the two prepare to hold talks for the stance on russia set to be a key topic. >>> t'aipei keeps a close look at the taiwan straits after kevin mccarthy meets which puts stability at risk. >> peace we maintained and democracy we worked hard to build is facing unprecedented challenges >>> good morning welcome to "street signs." generally speaking, markets have seen a risk off environment. we have seen the mood turn a little bit sour. investors focusing on data prints from the u.s. adp coming in below expectation and ims services coming in weaker than expected all soured the mood which is why leading into today we saw a weak hand over from wall street and asia as well you see the stoxx 600 is actually trading nicely in the green now. up .40%. for the week, the index is flat. we were down

i'm joumanna bercetche >> i'm julianna tatelbaum.hese are your headlines >> deutsche bank marks off the turmoil to bring on the highest profit in a decade the bank showed strength in overcoming the crisis. >> it was an interesting market environment in march we were tefsted and i think the silver lining of the test is we passed with flying colors. barely a scratch. >>> unilever rises as sales surge 10% in the first quarter as they hike prices as they combat supply and inflation. the ceo warns of more price pressure to come >> we are past peak inflation. our price growth this quarter was more than previously we are still not at peak prices, but more inflation coming into the unilever price base. >>> shares of circusym corp sure >>> and meta reports the first sales increase in three quarters and lowers expense guidance. mark zuckerberg doubles down on investment in new technology. >> a narrative developed we are moving away from the metaverse vision i want to say that is not accurate we are focusing on a.i. and the metaverse for years.

i'm joumanna bercetche. >> and i'm julianna tatelbaum.hese are your headlines. >>> march's inflation print surprises to the upside, keeping pressure on the bank of england. >>> heineken's hosts a first quarter revenue beat while brew falls flat falling apart from the americas. >>> shipper asml's stock slides as demand exceeds capacity. >>> a plot twist in after hours for netflix after the streaming giant post a beat on eps but misses on revenue. co-ceo greg peters outlines the delays to the crackdown on password sharing >> this is an important transition for us. we're working hard to do it well and as promptly as we can. we see an initial cancel reaction, and then we build out of that. >>> well, global markets have been dipping south over the last 24 hours we heard from wall street. we had quite a negative close from goldman sachs after reported earnings missed the mark, sending the stock about 2% lower, 1.7% by the end of the day. johnson & johnson also another drag on wall street. this transpired into a negative session for asia as well

joumanna bercetche is live outside the meeting room in zurich joumanna, what is the mood on the ground >> reporter: emotions are running high into the agm. as you said, it is the first opportunity for many of the credit suisse shareholders to listen to what credit suisse management has to say about the takeover deal put in place a couple weeks ago it started half an hour ago. we got the chance to hear from the chairman, mr. lehman, and existing ceo, korner, over what they had to say about the takeover and how we got here it was a mea culpa a sad day indeed and they worked hard for the transformation to go ahead, but in the end, there was no other option. they had two potential avenues to go. one was bankruptcy and the other was this deal. let's take a listen to the chairman >> we stand here today in the situation no one could have anticipated. it's a sad day for you and for us, too. i can understand the bitterness and anger and the shock of all those who are disappointed, overwhelmed and affected by the development. >> reporter: that was the chairman speaking a short while ago encapsul

i'm joumanna bercetche >> i'm julianna tatelbaum.hese are your headlines >> ecb policymakers forced the hiking path. it would be premature to stop rate hikes yet according to some >> we are reaching restrictive territory. it is important we don't relax early. >> we need to read the data carefully to understand the monetary mechanisms are at work. they he are bringing inflation down >>> the ftse mib hits the highest level since january of 2022 and equities kickoff with key data and earnings ahead. >>> shares of angry bird maker c catapult higher after an offer to the finnish company. >>> and french president emmanuel macron signs his pension reform bill into law french party members tell cnbc there is a problem with the democratic system. >> the unanimity of the trade union in france. 80% of the population. the parliament opposed to that law. the law adopted without a vote in what democracy do you have a law without a vote >> welcome to street signs joumanna is back from d.c. >> i'm back in one piece it was a busy week it was great to

. >>> thankfully, joumanna has been busy in d.c. talking about ecb.olicymakers warned of the banking turmoil on the central bank rate hiking path. the governing council member robert holzmann says this is weighing on his hawkish outlook. and meanwhile, credit conditions in the euro area have tightened. holzmann argued that the ecb would need to continue the 50 basis point rate hike telling joumanna recent events shifted his views. >> his comments two months ago were well before things that happened in the u.s. and switzerland. and if things remain unchanged means the inflation rate remains high and particularly the core inflation. if the rest of the economic conditions do not deteriorate, then we need to think about more increases than what we currently have things have changed in the meantime and when this happened, we had the experiences in the u.s. and switzerland what we have are the experiences of the monetary conditions are claimed to have firmed up. credit is sparse compared to before now credit is given out and rates mean we have a different s

joumanna bercetche live in our newsroom joumanna, thank you very much. >>> time this morning for a checkn our top corporate stories. our silvana is here. >> that's right, frank disney plans to cut thousands of jobs next week including 15% from its entertainment division. bloomberg records it will expand companywide impacting movie, tv, film, and theme park positions in february the company announced plans to i'm lit nate 7,000 jobs as part of efforts to cut more than $5 billion in annual costs meanwhile meta is expected to cut more jobs today. the latest round of layoffs since november box reports roughly 4,000 people will be affected another work force reduction is anticipated in may vox has settled a domestic lawsuit of dominion of $787.5 million. this averts a trial over a coverage of false election claims they settled a ahead of the opening statements the settlement is called historic and says fox admitted to telling lies that damaged the company. in a statement fox says it wanted to avoid the actrimony o a divisive trial >>> and apple's tim cook is expected to meet with india's prim

joumanna bercetche is standing by in the london newsroom with the latest on that joumanna >> good morning, frank you said tesla is having huge ramifications on european stocks auto sector under performing renault in the cac 40 down 7%. stellantis down 6% vw down 4% as well news from tesla has had a knock-on effect. all of the indexes are trading in the risk off. let's switch to asian markets overnight. it is a bit of a mixed bag shanghai is mixed. nikkei up .20% exports are weaker australia with big news. the country announced it will overhaul the central bank creating a new board for setting interest rates the shake-up comes after the review found the rba mishandled guidance and slow to respond to rising inflation big news out of australia. switching to one other stock overnight. tsmc the chip maker is up .60% after posting a 2% rise in first quarter net profit that is the smallest growth in four years revenue dropped 4.8% asia's most valuable company expects chip demand to recover in the second half of the year and it is evaluating the possibility of the plant in europe that is the take

. >> joumanna also caught up with tobias adrian and asked him about the impact of the higher interest rates on the banking sector. >> in the banks we have seen some of the stress it was badly managed, had risks on the asset side and the liability side of the balance sheet, and when inflation surprised to the upside, those risks were triggered, and, you know, the bank imploded very quickly. you know, other banks have these exposures, but most of them to a lesser degree. the good thing is that capital and liquidity is much higher today than it was in the 2008 crisis, and we have not seen a sharp rise in credit risk at the moment but we also worry about the known bank financial sector, so the ldi is one example. in the other aspect we saw that there could be other stresses in the financial segment as well. >> elevated stresses right now potentially. the big question that market participants are asking is whether these episodes that we saw in the u.s., obviously in switzerland as well has been a focus in europe are idiosyncratic events or systemic events i looked at a couple of charts you

newsroom hi, joumanna >> good morning, dom risk-off sentiment is prevailing here in europe not muchyou see the major indices in the red. ftse 100 is down .30%. dax is trading in the red. ibex in focus. santander is down 4% the green spot is swiss index on the back of novartis earnings. you were talking about the the regional banks european banks are in focus today. santander is down. the result is negative down 2.5% the company posted a 52% drop in first quarter net profit after the leissues in the u.s. and ubs ubs has $42 billion in the first quarter. $7 billion in the wake of the collapse and takeover of credit suisse more money deposits coming into ubs after the deal announced stock reacting negatively. on the flip side, positive from novartis today a 3% rise in first quarter group sales. the swiss drugmaker upgraded full year guide and and the spinoff of sandoz. positive reaction. that is boosting the swiss index. dom. >> joumanna bercetche live in london we appreciate it >>> let's get to the top stories, including more esg investment backlash. silvana is here with those head he

bercetche in the london newsroom joumanna, thank you. >>> turning attention back home to kickoff the trading day with the futures. the dow and sap posted the best day since early january. as you see, the futures right now are in the red dow looks like it would open more than 150 points lower we are seeing the s&p and nasdaq down .25%. all that investor enthusiasm boosted by meta. shares to a new 52-week high this morning we are seeing that impact when it comes from the futures on this name here down .50% this morning a big jump after earnings report yesterday. up double digits yesterday we are checking the bond market. we continue to watch that market as we come closer and closer to the fed rate decision. 10-year treasury at 3.45 we are seeing the yield on the 2-year treasury back above 4%. a lot of investors going to the bond market for safety worried about the rising rates we are watching oil. wti is still below $80 a barrel. $74 a barrel brent crude at 7$77.70 natural gas is down 1.5% we are watching crypto we have seen movement in cryptocurrency bitcoin below the $30,000. the boa

so some direction, joumanna, but still a long way to go >> that is true. it's worth going back and declaring what he said he started off by saying this was a milestone. the tie-up is a significant milestone not just for the swiss banking system but the entire system the tie-up of two of the largest banks coming oath. of course, they understand what's at play i think he made it very, very clear that the focus of this integrated energy is going to be under the wealth management business, private banking business, and not so on their investment banking business. and they've been saying so from the very, very beginning still don't have a lot of detail as to what that translates to in terms of numbers, cross cuts, revenue reducks, businesses they're going to have to spin out. do know it's going to be the overarching strategy for ubs and the combined entity going forward. so the strategy is un chachange they're laser focused on a smooth integration and executing and delivering this deal so they do understand the challenge, the immense responsibility that they're

. >>> time for the check on the early trade in europe with joumanna bercetche in the london newsroomk, today is all about earnings earnings, earnings, earnings a bunch of companies reported. unilever and gsk and rosche. this is translating to the broader section in the ftse 100 down 6 points. the focus in earnings has been the banks. let's take you to the key results from deutsche bank the stock is up 2% posting a first quarter net profit of 3.1 billion euro it was boosted by profits from higher interest rates. we spoke to the cfo earlier who was feeling confident about the results. switching to uk, barclays beat on the first quarter profit and strong consumer banking unit it posted 2.6 billion pounds in pre-tax profit and net income rising 47% the stock is performing well up 5% finally, samsung is another stock we are looking at which is up .80% despite the record $3.4 billion loss frank. >> joumanna bercetche in the london newsroom. thank you very much. >>> time for the check of the top corporate stories, including a d.c. showdown taking shape silvana henao is back with those headl

which pointed to a mild recession in the u.s., the 2-year treasury ended six basis points lower joumanna caught up with the imf deputy managing director who said the fund is more cautious about the outlook for global growth amid the turmoil in the financial sector. >> since last january, we have seen developments in financial markets which have given us some pause in terms of thinking of what the output can be we see the possibility of a soft landing. it has gotten harder than january. the reason for that is the financial stress that we saw in martha has come down this is the beginning. we could see more with financial stress and low interest rates and sudden hike in interest rates like we have seen. this is why we have more caution than we did in january >> i wonder if the whole banking stress did not happen in the u.s. and switzerland and europe, if that outlook would have changed. how much did that role play? >> it did play an important role, especially with the balance of risks the baseline hasn't changed that much the balance of risks we now see firmly to the down side as opposed to

joumanna is there and she will bring us interviews from the forums. >>> let's break it down across the region we have green for the majority of reegions in europe. ftse 100 is .80% dax is trading .50% higher red on the board for the ibex 35 from the sector, an interesting split is emerging. basic resources and autos out in front. the china sensitive sectors performing well. we did get the chinese inflation data overnight which proves slowing of inflation data in the country. why is that a positive for the sectors? because the sectors are taking a view of the policy response from the chinese government not necessarily the case, but perhaps factored into the trade. on the down side is food and bev. >>> u.s. futures here for the wall street open green on the board, but muted overall in terms of the moves higher this follows the flat session yesterday for u.s. stocks. fairly muted start to trade indicated by the current futures. >>> let's look at where the dollar stands this morning the dollar trading significantly weaker against the swiss franc down .50%. euro is trading firmly against th

. >>> time to check the action in asia and europe with joumanna bercetche in the london n newsroom >>g, tfrank. we had a positive hando over frm asia you see all of the boards are trading in the green last week, the stoxx 600 was up 1.76%. today, we are up in trading. ftse 100 up .50% seeing good gains in the commodities sector basic resources taking their cue from china big week with data inflation and wage and flash pmi data dax is trading higher at .10%. cac 40 in france is flat now the constitutional court actually allowed mr. macron to proceed with the pension reform we have been talking about the last couple months. i want to talk about the european yields. we saw a mega yield for bund on friday up 26 basis points on the week last week. about seven points on friday this is the biggest move in yields since last september. investors are re-pricing the inflation profile coming out of europe the spread between is continuing to trade tight the movement has been higher, frank. >>> joumanna, thank you. let's partstick with europe. lawmakers want to give regulators new power to govern a

our joumanna bercetche joins us from switzerland with much more on this story. you mama. >> good morning, frank remember yesterday we were talking about the huge throng of sharmds who showdown up who were angry, frustrated. they saw it as an opportunity to vent their frus vags and ask questions of credit suisse today we're in basel the stock has performed quite well many shareholders are showing up thinking perhaps this is the start of something new, the birth of a new unit. lots of questions about what that unit is going to look like, which is why everyone should listen to what the chairman colm kelleher had to say where he spelled out his view how he sees the integration going. he said very, very clearly that the model for ubs is going to be very similar and the wealth management unit ts, private banking units are going to be at the sector of it it will play less of a role and they'll be looking to cut down that part of the business. very consistent with the messaging there. they're laser focused on the execution. they're laser focused on delivering, on integr

price is dropping fast that is consistent with the underline price plressures >> i'll have to fill joumanna when she is back tomorrow. how are consumers holding up in the hotter than expected inflation? >> the big issue that we have had at the moment is when you have high inflation, it is difficult to get a good idea on what demand is doing that is the willingness to spend. if you look at the uk consumer in cash terms, it has been robust even with the high inflation households have decent balance sheets labor markets are strong we have the spending power and savings just to keep spending and hold our nose. in cash terms, things look good. where we see the big damage is real terms much less for money now prices have risen by so much. my outlook is that in cash terms, consumers will continue to spend strongly. what will happen is as inflation normalizes, people start getting more for their money the overall demand situation probably won't change. it is actually on the price and supply side where things improve and that makes for a decent consumer recovery in terms of what you get for your mon

. >> that was joumanna bercetche. >>> the british bank's u.s.ns of bankers including david say beau who led the collapsed lender technology and segment. they'll focus on serving companies in the tech and health care spaces as well as investors who support them. >>> one of the baivgs at the center getting a public flogging our geoff cutmore is there good morning the swiss lawmakers are not holding back at all over their an gefr over the rescue of credit suisse. what are the bones of contention here >> i think if you look at the market performance, you get a very clear impression as to how investors feel about what the politicians have had to say. let me just walk you through the story, swiss lawmakers using a very late night session to show their anger about the takeover of credit suisse, and they held a symbolic vote against the move and against the $100 billion guarantees that were offered to ubs to do the deal by the government but in reality they can't stop it from taking place because they used their powers and they're binding under swiss la