i'm julianna tatelbaum "worldwide exchange" is up next. >>> it is 5:00 a.m. at cnbc global headquarters. here is your top "five@5." stocks trying to snap a multi-week losing streak despite treasury yields surging to the highest level in decades futures are in the green. >>> duelling fed heads putting investors in a tough spot. why wall street will have to brace for more jumbo hikes. >>> and looking for the veto pen. the fight is still not

julianna >> fascinating nasdaq is poised to open heiigh. dow jones industrial average now looking to open 111 points lower. we were looking at 200 ten minutes ago. we are curious to see the change and if it continues. >>> now to politicians president biden outlined the federal budget on thursday and setting plans to cut the deficit by $3 trillion by raising taxes on those earning more than $400,000 a year and reversing the corporate tax breaks from 2017 speaking in pennsylvania, biden hit out at republicans opposition which means the bulk of the proposals will be dead in the water. >> i guarantee i will protect social security and medicare without any change guarantee. i won't allow it to be gutted as maga republicans threatened to do maga republicans don't pose an answer to social security. my plan will not cut benefits and it won't sunset programs like maga republicans want to do secure medicare through 2050 and beyond and ensuring the program is strong for generations without cutting a penny in benefits. >>> now to the political side. pr

tatelbaum in the london newsroom julianna, a lot of red on that board as well. >> that's right, frank good morning the selloff we saw late in the day on wall street has created quite a negative back drop for trade across the globe in the asian session, nikkei pulled back 1.7% bank of japan holding the the p policy meeting with rates unchanged. hang seng and hong kong dropping 3% joining that selloff in the banking sector shanghai down 1.4% in china, the big news overnight is xi jinping who is beginning his historic third term as president. as for european markets, it is red here heavy selling as well, frank, in terms of the magnitude ftse 100 is down 1.2%. cac 40 is down 1.4%. on the political front in paris, emmanuel macron meeting with rishi sunak for the first time in five years nfor a bilateral meeting. dax is down 1.6% frank, much like you saw yesterday, it is about the banks in europe. here is the look at the individual movers. the banking index down more than 4% at one stage. deutsche bank is the worst hit among them down 7.6% hsbc in the overnight session flagged with steep lo

i'm julianna tatelbaum >> i'm arabile gumede. these are your headlines >> another blow for credit suisse as the bank delays release of the annual report after a late-night call from the u.s. s.e.c >>> the next domino falls as silvergate is closing down and returning deposdeposits. >>> deutsche bank hikes dividends and extends share buy back program as revenue jumps 15%. >> first quarter market is the most predictable one, but there are signs that fovolumes are coming back. that is encouraging, but it is too early to celebrate >>> hugo boss says sales will slow this year it tells cnbc the firm is still resilient. >> despite the economic information we had in 2022 or situ situation, we managed through the headwinds with the circumstances and we are very positive and think also in 20 if we can continue with that growth >>> good morning warm welcome to the program. let's kickoff with the story with credit suisse the bank delayed publication of the annual report after inter investigation of the u.s. s.e.c. it raised questions of the c

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good morning, julianna >> frank, good morning this morning, it is all eyes on first republic bank. u.s. banks, including bank of america and jpmorgan chase agreed to pool $30 million to rescue first republic bank shares popped 10% yesterday. but shares are down 4.6% this morning in early trade looking at u.s. banks broadly, they sought record amounts of liquidity. they they are taking nearly $12 billion in short-term loans this week the facility offers one-year loans in exchange for collateral we continue to watch credit suisse this is the epicenter of the selloff. we saw shares close yesterday 20% higher after the bank would borrow up to 50 billion francs from the swiss national bank today, credit suisse is under pressure shares down 3.4% we crossed below the two swiss francs per share level worth noting the stock is not continuing higher after the floor was put in, but the stock pulling back frank. >> julianna, something to note there. what about the stocks this week? seeing any relief? >> frank, yesterday, we did see a sigh of relief breathed by investors in the financial sector

julianna here.et me ask you about credit suisse and ubs yesterday, the big news that shifted the market and joumanna and geoff talked about it yesterday on the program the fact that sergio is returning to ubs and run the joint bank and lead the bank through the massive integration of credit suisse how do you think the leadership will be different under the chair versus keliher he is known as a powerful leader in the banking space running morgan stanley through the banb banking crisis in 2007 and 2008? what is going to happen going forward? >> i think he was brought back to replicate what he did earlier at ubs and wind down the investment bank. i think the contrast to be going between the two would have done and this is moving to a more focused ubs and that is a number one priority which is to bed down the integration of credit suisse and to try to stem revenue attrition. that is the biggest challenge that he faces. >> what kind of bank do you see ubs coming out as in five years time medium term? >>

, julianna >> good friday morning to you, dom. let me kickoff with asia equities move higher in overnight trade as china's services sector grew at its fastest pace in six months according to the latest pmi figures. beijing gears up for the national people's congress this weekend and they are poised to tighten its grip hang seng is 0.7%. nikkei is out performing gaining 1.6% the positive momentum on wall street has carried over to asia and europe here is the european equities trading this morning we have ghave green across the . decent gains in ftse mib up 1% we had some fresh final pmi for the month of february for the eurozone today what they told us is the recovery in the services sector continues easing concerns around recession in the eurozone. at the same time, boosting expectations we could be in store for more rate hikes from the ecb. dom. >> julianna tatelbaum live in london thank you. >>> let's check on the top corporate stories with pippa stevens. >> good morning, dom the case of the buying at the bottom shares of adani

i'm julianna tatelbaum these are your headlines this morning.nflation fears take hold as european equities slump and bond yields hit highs lagarde says there could be enough hike this month >> i expect the 50 basis point hike for march and it looks like also for the upcoming meetings in may and after may >>> activist investors seek to spin off hsbc asian business demanding a vote at the meeting in may. >>> beijing holds up arms attempts to offload china and sending shares sharply lower. >>> and elon musk master plan fails to create a spark. tesla stock slides as he doesn't provide details as production costs are slashed in half. >>> good morning warm welcome to today's program. we are looking at muted trade in europe this morning. stoxx 600 off to a slow start. down .80 points right now. this is following a tough day yesterday. the stoxx 600 pulled back 0 .7% hitting a three-week low this came after a significant selloff in bond markets sparked by regional german inflation which showed acceleration in price growth and set the scene for the euroz

i'm julianna tatelbaum, and today we are live from london and the mobile world congress in barcelona. these are your headlines chinese factory activity comes in hot as the country's reopening sees official pmi rising at its fastest pace in more than a decade sending the miners way into the head 10-year bond yields the highest since 2011, raising 50 basis points. >>> rur owe nets surge as the exchange group walks away from a proposed 5.5 billion euro deal pulling its fund from the platform after just one week >>> the u.s. c.h.i.p.s. act. what it means for american allies and rivals while congress will be speaking to the qualcomm ceo cristiano seamon first on cnbc >>> a very warm welcome to "street signs. we're going to kick off the show with the pmis. we've got the final manufacturing pmi in at 48.5 which is bang in line with the estim estimate in terms of the detail, we're dipping from january when we clocked a 48.8, however, an index manufacturing output which feeds into the composite pmi, which is seen as a good gauge over the health of the economy came in above the 50 mark. so not

julianna. >>> european central banks is ready to supply lenders with emergency liquidity if necessary. this as the bank stuck to the hiking path raising another 50 basis points yesterday and lifting the key deposit rate to 3% christine lagarde said the move was justified saying high inflation is the key concern and the bloc lender is well capitalized. price pressure is the risk >> we are not waning on the commitment to fight inflation and we are determined to return inflation back to 2% target in the medium turn. that should not be doubted the determination is in tact and the path at which we will cover the ground and pace we will take will be entirely data dependent. that is what we have always said we are saying on this specific occasion that given the level of uncertainty that has been significantly increased as a result of the most recent financial tension and development given that level of uncertainty and it is better to make the decision that we believe is a robust discuecisio with 50 basis point increase and see what the data tell us and what next assessment we make on the bas

i'm julianna tatelbaum and these are your headlines european equity markets are in awaiting pattern as jay powell is giving testimony. >>> and china ratchets up the rhetoric and xi jinping is blaming the west for the country development and the diplomat says both countries could be on the verge of conflict. >> firmly oppose the cold war mentality and confrontation and acts to contain and hold back other country's development. >>> china imports and exports pull back as the country exits from covid. >>> and carlsberg trade slows as the ceo will retire by the end of the third quarter >>> warm welcome to "street signs. it is a big day in terms of monetary policy. we have jay powell kicking off the two-day testimony before congress where he will try to convince lawmakers the ability to cut inflation taking the benchmark rate between 4.5% and 5%. in the key report on friday, fed policymakers expect ongoing increases in rates wall street chiefs, however, don't feel the same as jamie dimon expect a down turn on the horizon. dimon told bloomberg a soft landing could be possible, but the fed wil

i'm julianna tatelbaum >> i'm arabile gumede.hese are your headlines >> european mining stocks fall as china lays out a modest growth target of 5% for the year during the national people's congress outgoing premier shows a tough economic back drop. >> the economy maintains stability in overcoming issues the chinese economy has shown strong resilience. >>> credit suisse shares claw background after heavy losses as top shareholder sells remaining stake in the swiss lender amid doubts over the strategy of the overhaul. >>> arm looks to raise $8 billion of valuation with $50 billion following the chip designer's decision to shun the uk in favor of the u.s. listing. >>> wall street eyes a madodest start after last week's gains as the fed chair's testimony is expected to lawmakers. >>> good morning warm welcome to "street signs. this morning in europe, we are digesting news from china. the country set a modest target of 5% growth this year after another covid curb this comes at the national people's congress which kicked ove off over t

julianna commented on the snb. the swiss national bank which provided a backstop to credit suisse guaranteeing a line of $54 billion here for the time being, that seems to be enough to calm nerves. that's for the time being. the problem for credit suisse is it just can't seem to get out of its own way. earlier in the week, we had further comments around technical reporting. the s.e.c. has had its issues with the way it thinks credit suisse is compiling its financial reporting. go way back at the end of the year with the news of the significant outflow of client money in excess of $100 billion. there are lots of small cuts here that the market has interpreted into a bigger picture which credit suisse management says is not justified. if you look at the capital levels here, liquidity capital ratio at 150% for the end of the fourth quarter ultimately, the ratio at 14.1% numbers would look healthy if it weren't for the fact we had svb and markets being fragile and jittery about financials we have the latest backstop. t

newsroom with more on that good morning, julianna >> good morning, frank let's kick off with europe the mood continues to improve after yesterday's massive turn around around this time yesterday where the sentiment was turning positive we opened 2% lower yesterday and closed 1% higher a 3% turn throughout the day. investors continue to pile into equities very strong gains. italian markup 2%. spanish market up 2% as well cac 40 is up 1.3%. the rally is broad based every region participating in the march higher the turn in sentiment seemed to come around two statements yesterday. one from the banking authority and bank of england assuring that at-1 bonds, at the heart of the concern for credit suisse, will rank in the pecking order easing concerns of the ubs merger is precedent setting for the at-1 bondholders here is a look at the european banks. commerz bank up 6% deutsche bank up 3.9%. ubs building as up 4%. asian markets rallied in the overnight session. frank, back to you >> julianna, thank you. >>> turning attention this morning to the top stories as we watch shares of first rep

. >>> let's get a check of the trade in europe with julianna tatelbaum who is standing by in the london newsroom with the latest good morning, julianna >> good morning, dom here in europe, investors are paying attention to the headlines in china the 5% growth target for the year which some said was disappointing relative to expectation. despite that, we are seeing green on the board the dax up .30%. the cac 40 is up .40%. the ftse 100 is down .40% because of basic resources stocks this morning. most likely in part on the back of the china story the minors are selling off heavily. in terms of single stocks, two names. harris associates, credit suisse shareholder, divested the stake in the lender. that moves the saudi national bank and qatari bank holding 17% shares between them. the stock is down 1% harris associates had been the strongest proponents of credit su suisse, the defender taking place at the company, but said why go for something that is burning capital when the sector is generating that higher interest rates are providing a boost to the sector. the other name is ubs. the ceo

thank you. >>> time for the global market reaction with julianna tatelbaum. what are you seeing? >> frank, good morning here in europe, we opened up deeply in the red as investors began to digest the news over the weekend that geoff outlined. notably, sentiment has improved the last half hour we actually got a bit of green on the board the cac 40 in positive territory. now before your eyes, the german market and italian market also crossing into positive territory. we have bounced well off the lows of the day. the stoxx 600 opened 1.75% lower. the swiss market clearly still under pressure ubs and credit suisse trading lower within the region do down .80%. notable that sentiment has improved now we will see if that positive momentum continues and if investors deemed the lows of the day. the banks more broadly are selling off sharply. ubs down 9%. credit suisse trading around the level of the terms agreed in the deal over the weekend. you see the italian lenders turning positive as well investors really trying to understand what the implications of the deal are and as geoff mention

by in our london newsroom you are standing there live, but i was jumping the gun, julianna. >> i amndeed live in our london studio. in terms of the market action overnight in asia, we saw the markets follow the relief rally we had on wall street yesterday, so all of the majors there catching relief overnight. shanghai catching about 0.5. we got some fresh data out of china that which effectively shows the recovery is happening gradually post the covid reopening. clie naree tail sales growing 3.5% that was in line with expectations a little bit softer than expected was industrial production for the period. now in terms of european market trade, we had a solid rally yesterday, but this morning investors are taking some profits after the bounceback that we saw. on the downside cyclicals are underperforming. two names in the retail space in particular camping a lot of focus, inditex and h&m both are trading lower the companies delivered disappointing numbers despite higher profits in the uk, we're keeping an eye on the budget. chancellor jeremy edmonton will be delivering measures to im

i'm julianna tatelbaum. >> and i'm arabile gumede. these are your headlines. >> we would be prepared to increase the pace of rate hikes. >> fed chair jerome powell warns he could return to bigger rate hikes with a 50-point basis hike this month. >>> european equities avoid th worst of the sellings after po powell's warning pushes things to the steepest level in nearly 40 years. >>> adidas faces a quarterly loss ahead ahmed another half of a rise in profits in 2024. >>> and continental shares pop on the back of bullish four-year guidants despite the car parts manufacturer reporting a drop in income we'll hear from the ceo at 10:45 on cet ♪ >>> a very warm welcome to the program. let's get right to it. the big news yesterday, fed chair jerome powell's testimony before congress. his message sent bonds sharply lower warning the central bank may need to raise rate hikes more in the first of his two-day testimony before lawmakers, powell set out the social costs of not tackling inflation. in his first remarks since january, powell cast doub

tatelbaum standing by in the london newsroom good morning, julianna >> frank, good morning overnight trade in asia, as you said, was down we saw heavy selling across the region nikkei 225 in japan down 2.2%. hang seng suffering steep losses down 2.3%. it was the banking sector, of course, in focus that is driving losses within japan, the tokyo stock exchange index fell more than 76%. w -- 7%. we saw a number of bond yields as investors abandoned bets to see a change and exit from the loose monetary policy in japan all of those lower yields filtering through to the japanese banking stocks. and accordingly they have pulled back substantially in the overnight session. there is the look at the individual movers. as for europe, stabilization coming through in line with the positive picture with u.s. futures, we have green on the board here the stoxx 600 is trading higher this morning the banking sector seeing signs of stabilization in europe here is the look at the banks. the key movers within europe there is one name that is seeing continued heavy selling. that is credit suisse. the stoc

credit suisse and the banks, they're under some major pressure let's go overseas once again, juliannam live with the selling we're seeing >> hey in terms of where we stand, as we head into the final hour of trade in europe, every region is significantly lower on the day now this, of course, after the major sell-off in credit suisse shares the stock had been down as much as 30% at one stage. just to bring you up to speed with the absolute latest the "financial times" is reporting that credit suisse has appealed to the french swiss national bank for a public show of support credit suisse shares have bounced off the lows of today. outside of credit suisse, we are seeing those more cyclical parts of the market sell off most heavily. the worst-performing successors, banks, of course, but oil and gas, basic resources in contrast, we have a little bit of green on the board in the health care sector that is trade higher today we are also seeing more support for the telecoms, food and bev names. so more defensive names performing best in equities. as for bond markets, we're seeing european bon

. >>> time now for business, and for that let's bring in julianna tatelbaum in london.gher what's the sense on the market today? >> good morning, jon right now investors are pointing to a weaker start after a roller-coaster weekend credit suisse and ubs took center stage over the weekend, which we can get into in a moment, but broadly speaking u.s. markets are pointing to a weaker start today attention is turning to the federal reserve meeting this week investors are expecting a quarter point rate hike from the fed despite the market turmoil they're dialing back their rate expectations as they're grappling with the question and the balance of how the fed moves to fight inflation, continuing to try to bring it down, at the same time manage the risks in the banking sector it's all about the fed this week. >> we'll certainly be watching that as the week goes on you just mentioned ubs and credit suisse and bank shares collapsed this morning after the 3.2 billion dollar emergency rescue tell us exactly what happened and how do things look right now for these entities and oth

julianna, i'm not much of a car guy, but that seems bad. what's the latest here? at this stage. safety regulators have opened an investigation after two complaints the steering wheels came off while driving. thankfully they came off while the drivers were operating at low mileage. now the national highway traffic and safety administration said the probe is going to cover about 120,000 vehicles all from this year, and in both cases we know that the model ys were delivered to customers with a missing bolt that holds the wheel to the steering column. as for tesla nbc saw comments from the department. that's where it stands. >> i think it sums up right now. i'm sure he'll tweet about it soon enough. thank you as always. still ahead here on "way too early," we're going to dig into president biden's budget proposal ahead of the unveiling of it today in philadelphia. what we know about it so far and how it could impact the deficit coming up ahead on "way too early." ahead on "way too early. boost glucose control®. it's clinically shown to help manage blood sugar levels a

julianna, i have an idea watching the last hour of programming. tell others why we see so much red on the screen. >> dom, good morning in terms of the red in the overnight trade, it is a pull back after the strong surge we saw yesterday on the back of the stunning china pmi numbers a little bit of profit taking in the asian session. hang seng pulling back this morning. the real issue is the cpi print which came out three minutes ago for europe eurozone inflation is easing, but not as expected. for february, the cpi for the euro has come in at 8.5% 8.2% was the expectation a little lower than the january figure still the theme remains the same inflation proving more persist sent than many expected. similar story to what you have seen stateside european equities are selling off and it has exaccelerated. dax down .60%. ftse mib down .50% ftse 100 is trading down lower as well. of course, this implication is for the ecb and investors pricing in more aggressive rate hikes from the european central bank and bonds have reacted. we have seen a step up in

frank. >> a lot of red on the board, julianna.attention to the oil market. prices are falling today following yesterday's losses and it may continue to sell in the equities market. the move coming a week before the next opec plus meeting on april 3rd. the group is sticking to at agreement to keep reducing output p. if wti and brent keep falling, will opec reverse course? let's bring in helima croft. helima, great to see you. >> thank you for having me on, frank. >> we see wti below $70 a barrel. what does it mean? >> this is not unexpected. the white house indicated previously that they would commence buying back for the spr at $67 to$72 range. i think that is adding to the oil pressure. i don't think this was widely unexpected. the white house is in not looking to go this year. >> you came back from europe with a big gathering of the brightest minds with oil. we touched on brent. where is the forecast for brent? the forecast was up to $200 a barrel. it is at $75. has the forecast changed? >> people were at the energy con -- confe

>> julianna, thank you very much. time to get over to our kristina partsinevelos with a market flash. kristina? >> reporter: just in the last few minutes, and this is on a report that extra space storage is making an offer to the company. more details just as soon as we get it. extra space trades a little lower. at least the names are similar. frank? >> kristina, thank you very much. >>> up next, a story on moderna. the ceo testifying before congress on a planned price hike congress on a planned price hike for you'll always remember buying your first car. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine. what do you see on the horizon? uncertainty? or opportunity. whatever you see, at pgim we can help you rise to the challenges of today, when active investing and disciplined risk management are needed most. drawing on deep expertise across the world's p

. >>> let's get a check from overnight action in asia our julianna tatelbaum is in the london newsroomnd jp ong jp, let's start with you. >> we saw the stockmarket pull back you saw it play out despite the fact that the r and b governor said they my be close to taking a pause. the stepback pointing to the asx200 in sidney we saw the chinese markets mixed. there's also the prospect of less stimulus from the national people's congress laid out by beijing congress makers that isn't adding much support for lack of a better term for the prospect of the greater chinese markets. there was one exception and that was the nikkei 225 which held onto its gain and closed modestly in the green. it led to many currencies including japanese to weaken there's one exception. it happened to be nissan motors which saw shares take a step back and pull back significantly because of the s&p or standard & poor's cutting the rating to junk status. they're one of the few carmakers that actually lost ground in tokyo. one of the survivors was the nikkei taking it on the chin for lack of a better term for asian st

julianna, it wasn't that long ago facebook's parent company meta announced layoffs and now we have newsithdrawing roughly 5,000 job openings that haven't filled yet and the series of tech sector cuts what happened from meta to prompt a significant wave of layoffs? >> significant indeed. i mean these numbers are huge. 10,000 employees due to lose their jobs at meta what's prompted the move, john well, it's meta's year of efficiency that's how the company is calling it they're effectively trying to cut costs and improve profitability, so 10,000 layoffs, they're canceling thousands of open positioning and they're killing low priority projects in terms of whose jobs are at risk here, company recruitment teams will be cut first following structuring layoffs in the technology groups in late april and business teams are going to see layoffs in may. as part of the restructuring the company will also increase the number of direct reports each manager has and when delivering the news to company mark zuckerberg said economic instability could toip for years, but again meta not the only company tha

. >>> time now for business, and for that, let's bring in cnbc's julianna tatelbaum.t this point, markets are expecting a 25 basis point raise from the fed today. those expectations have been bouncing around since the svb collapse came about. investors going to be looking for assurances on how the fed plans to contain potential banking crisis at the same time continue with its fight against inflation. as for markets, u.s. futures are trading cautiously this morning. yesterday we saw banks rally very strongly. the vx index fell to its lowest level since the turmoil began. there has been calm returning to u.s. markets. one data points to flag out this morning. uk inflation running hot, unexpectedly jumping to 10.4% in february from 10.1 in january, well ahead of the 9.9% expected. bank of england is meeting tomorrow, and now investors ramping up their rate hike expectations for the boe. inflation continues to be a problem that central banks around the world are grappling with. >> yeah, a huge headline out of the uk that caught a lot of people off guard. back here in the

european markets are closing -- >> i'm always here for you >> thank you >>> to cnbc's julianna tatelbaum. >> reporter: markets breathe add sigh of relief in europe after credit suisse drove stocks 3% lower. today not only were investors and european central bank meeting and delivering a 50 basis point rate hike that was in line with what they intended and what the market was expecting. initially investors weren't sure what to do very choppy trade throughout the press conference but into the close we've seen stocks rally. looking at the banks specifically we've swung between gains and losses throughout much of the day but the banking stocks ending firmly higher. the bank's index up more than 1% credit suisse shares closing 20% higher after the swiss national bank stepped in with that liquidity backstop outside of the banks the worst performing sectors in europe, oil and gas and telecoms, the only three to end in negative territory. on the upside retail household goods performing quite well along the financial names. scott? >> julianna, thank you so much >>> coming up, energy is among the

makes up 70% of gdp. >> julianna, spring training is here.e news from major league baseball their average salary rose to record level last year after the lockdown. tell us more. >> that's right. the average mlb players salary rise 15% to a record $4.22 million last year. that is the steepest percentage increase since 2000. but for context if you've been following mlb you will know this, but the average salary had dropped in each of the previous four seasons leading into 2022, which obviously was a big part of the anger we heard among players last year and led to that bitter holdout between the players association and management. now, the salary increase comes at an incredibly interesting time for the sport. we've seen a number of changes agreed and the sport is obviously trying really hard to drum up more interest, trying to increase action, and the pace of play, which i don't understand this, many people say it's too slow. things like new pitch clock, bases getting bigger in size, a lot of these changes we're anxious to see whether they have

european markets are closing today, right to cnbc live in london in the newsroom julianna >> reporter: what a day it's been in europe heavy selling across the region and the epicenter of that selling, as you said, has been the banking sector credit suisse leading shares lower across the banking space down more than 30% at one stage. what sparked this sell-off in credit suisse was a line from the top shareholder saudi national bank ruling out more assistance to the troubled lender credit suisse has appealed to the chris national bank for a public show of support shares briefly did trade up off of the lows and now into the close we've sold off once again. beyond the banks underperformance in oil and gas, names and more heavy selling into the close on the reverse, on the upside health care, the best performing sector in the mark as investors flee for the more defensive names. food and beverage and telecoms have been more resilient on the same basis you are seeing a plunge in europe the euro has come off sharply versus the dollar over the course of the day. the expectation is the bank goe

and for that let's bring in cnbc's julianna tatelbaum. how are we starting the 2nd?t inflation running hotter than expected, remaining persistent for longer than expected for both sides of the atlantic. here in europe we got a fresh inflation read this morning just about half an hour ago that shows inflation pressures are easing but only slightly in the region, so it is holding up much more strongly than many had expected, similar picture to what we've seen state side. keep an eye on bond markets today. yesterday we saw a significant sell-off in treasuries, the ten-year treasury yield moved above 4% yesterday for the first time since november, so investors really beginning to expect more hikes from the federal reserve, much of the same story, the same debate we've been having for months but it's been heating up lately. we're going to get a fresh read on the labor market today with the initial jobless claims reports. look out for that. >> we'll look out for that as well as more retail earnings economic data. salesforce had some negative headlines of late but posted st

julianna tattlebaum joins us with the latest. >> we have seen a massive sell-off across the europeanthey are morning, credit suisse shares are bearing the brunt of the selling, now off more than 22% but as you can see, the concern has spread beyond credit suisse. several italian lenders have been halted throughout the morning, limit down. and looking at credit suisse shares, as you mentioned, a lot of the concern seems to be coming on the back of fresh comments from the saudi national bank, top shareholder in credit suisse, speaking on bloomberg earlier tv earlier today and ruled out providing further assistance to the troubled lender that's what kicked off the latest wave of selling but clearly the investment community in the banking space is quite nervous a lot of jitters given the turmoil of the last several days so, it has spread beyond credit suisse to the broader banking sector, but a lot of the concern seems to be coming from what happens next for credit suisse and not just the stock that is lower, we also have seen the cost of default insurance on the bank, on short-term debt

the same courtesy to arrest that sputnik journalist mata, cast them onto with the lord. indeed, julianna's son, she was facing extradition to the u. s. on a possible sentence of a 150 years. us journalist and author, daniel as our say, it's hypocritical for the west to act outraged, while detaining the wiki likes funder. what's been done to julian sanchez, i is tragic. it's brutal, it's unjust, an extreme. and it shows that the west really is not committed to a free press at all. i mean he's and he's and i and a maximum security prison. his health has suffered, his mental balance appears to have suffered. i mean, he, how he may have done things that were, that, that, that upset people who received information from corporate saw sources. he published it. ah, he made people like i like, like joe biden very angry. in fact, joe barton called him a high tech terrorist at one point, but he is, but hitting him with a, with a m, an espionage charge that could keep them behind bars for the rest of his life is also a grotesque crime against journalistic freedom. it's this grossly hypocritical, i mea

the same courtesy to arrest that sputnik journalist. madame cast them onto whistleblower. indeed, julianna's son. she's facing extradition to the u. s. on a possible sentence of a 150 years, u. s. journalist and author daniel as our se.

he could show the same courtesy to arrested sputnik journalist, murat calcium unto whistleblower julianna's, son. she is facing extradition to the u. s. and a potential sentence there of 150 years. u. s. journalist and author done, the lazar said it's hypocritical for the west to act. i raged while detaining the wiki lix finder what's been done to julian sanchez is tragic. it's brutal, it's unjust and extreme. and it shows that the west really is not committed to a free press at all. i mean, he's, and he's in a maximum security prison, his health has suffered, his mental balance appears to have suffered. i mean, he, you know, he may have done things that were, that, that, that upset people who received information from corporate saw sources. he published it, he made people like, i like, like joe biden very angry. in fact, joe biden called him, are high tech terrorists at one point, but he is, but healing him with the, with a. and that's been our charge that could keep him behind bars for the rest of his life is also a grotesque crime against journalistic freedom. is this grossly hypocritica

living illegally further up the valley and the occupied west bank haven't stop since i had 2 of julianna last week was a 4th time. he says is ready. settler said one of his calls on fire and light, thousands of palestinians have been regularly targeted. he won't be receiving any compensation. i mean, mother, if i was, if we have full insurance, that our case would be considered as similar. attacks aren't covered. it's costing us a lot. no one from the government has come to assess the damage either. we can't leave like this opening. israeli settlers attack palestinian homes and her water town that same day in the worst such violence in years. it lets international outrage. but people who say they haven't received any of the $100000.00 promise by the palestinian authority. and it wouldn't be enough to cover the costs. so to say that the highlights, the lack of consumer protection laws and the need for a long term solution and business. and for all the coffee law, we have a social responsibility. we live under occupation. we call on the government to introduce special policy reforms for th

thank you for joining us >> good morning, julianna and karen. after a five-day selloff at silicon valley bank, there were questions of all regional banks. a bounce back of sorts the kre etf is still down 25% over the last week we are looking at some of the names in the etf first republic catered to a simil similar clientele to svb with. pacwest is up 9% we are watching the 2-year tre treasury investors continue to run to bonds for safety a week ago, the 2-year treasury closed above 5%. this morning, that has fallen below 4% prices and yields move inversely. we are watching the yield curve. it is seen as a recession indicator. we have seen reversal. the spread now 46 basis points it is shaping up to be a very interesting morning here on wall street as you were talk about it, the inflation gauge cpi is a data point. jay powell said the fed is watching as they make decision of rate hikes this month now after svb could a hike be off the table? our fed watch tool has even odds, ladies >> frank, thank you for breaking it down. it is remarkable looking

our julianna tatelbaum is in our london newsroom with much more on that action good morning, jewel njulianna. >> chinese factory tractions improved it. was the highest reading since april 2012 far exceeding analysts' expectations as you can see it drove major gains overnight. the hang seng leading the pack up 4 pnlts 2%. very strong gains in the tech sector in particular that's feeding through to europe as well. we've got green across the board in europe. we're seeing an easing which feeds directly to europe we've seen in terms of the european manufacturing pmis this morning supply chain pressure is easing easing it's buoying sentiment across asia and europe. frank, that's the positive handover you're working with today. >> dwrt to see you as always. >>> let's get a check on this morning's top corporate stories. silvana is here with those. >> good morning to you general motors is cutting some 500 salaried positions as it looks to preserve cash and boost its bottom line. the cuts which extends across saevl iryas of the company comes one month after mary barra and paul jacobson told investors

. >>> time now for business, and for that, let's bring in cnbc's julianna tatelbaum who joins us livee will all be watching very closely. what are you expecting in the day ahead? >> good morning, john. well, the mood has been improving across global markets, and as you said, u.s. futures are pointing to a positive start. all eyes on the federal reserve. investors have been dialing back their expectations for fed rate hikes given the market turmoil, and traders and economists really split heading into today's decision around whether the fed will raise their benchmark policy rates. as we just discussed, u.s. markets are pointing to a stronger start. all three majors ended higher. the takeover of credit suisse by ubs in switzerland easing concerns around the banking sector in europe, and providing some calm. first republic remains a trouble spot in the u.s., shares plunging yet again as jp morgan ceo jamie dimon leads fresh efforts. >>> amazon planning to lay off 9,000 employees by the end of next month, that's in addition to the 18,000 jobs it already cut. what's the context behind this

. ♪♪ >>> time now for business, and for that let's bring in cnbc's julianna tatelbaum who joins us livean jay powell wraps up his two day testimony before congress today. tell us what he said so far and how the market's reacting. >> you can certainly say that again, john. markets were all about this testimony which kicked off yesterday, and we saw markets really plummet on the back of these comments from jay powell. equity markets, bond markets both selling off. we saw the dollar index surge about 1.2%. all of this as powell essentially said he's open to larger interest rate hikes again. all three of the major indices pulled back and it was broad-based decline with every sector selling off. now this morning we're looking at u.s. equity markets edge slightly higher and the focus is turning to the data. in addition to day two of his testimony he essentially did say the fed meeting -- the fed decision will be data dependent, so keep your eyes on the job survey today, initial jobs report tomorrow, and next week we've got the latest inflation rating. >> yeah, the seesaw between good economic

on that note let's get to julianna tatelbaum in london morning. >> reporter: good morning.are watching credit suisse investors across the globe are watching, they've fallen about 7% today shares plunged as much as 30% at one point. cds widening in what some are calling a crisis of confidence it came after saudi national bank ruled out providing more financial assistance to the lender triggering a selloff across the european banks. trade halted earlier due to the sharp falls. credit suisse has been trying to reassure the market throughout the day saying we are a strong bank and overshoot all regulatory requirements, our liquidity base is strong and the chairman said the bank has strong capital ratios, strong balance sheet, and all hands on deck. but this is a troubled lender and the market has yet to be convinced. it's faced problem after problem and facing head winds on a number of fronts the bank is engaged in a multiyear complex transformation trying to stem outflows and as of yesterday outflows had stable la stabilized but not reversed. and they had concerns from the svb