guy: it is down to lvmh. they continue today. europe is being lifted by that story, but it's a story about a strong consumer. the countdown to the close starts right now. >> this is bloomberg markets: european close with guy johnson and alix steel. guy: let's talk about european equities. they are being driven higher by the luxury sector. a strong euro. is that a headwind or a tailwind for european equities? we are focusing on the earnings story and what's happening with management. leonardo is shuffling when it comes to management. they are up by 3.2%. novo nordisk the huge diabetes giant that has done so well off treating diabetes. their new drug is turning out to be even better than anticipated. these are two heavyweights out of europe. europe is going to creep higher and higher in terms of equity. alix: in the u.s., it's part of that than some perplexing parts. we talk about earnings, it feels like a bottom up scenario the next couple of weeks. if we dig deeper into the micro, alta had -- alta airlines had a good for crest --

tom: lvmh lifting the broader sector.et's get to sam. >> they have moved to sell most of their remaining stake. the japanese investor is selling about $7 billion, leaving their stake at about 4%. this shift can address a more -- business environment. dpm -- j.p. morgan chase saying that employees will need to come to work and be accessible for meetings. data comes from a time when the biden administration is trying to jumpstart the chip industry. import from taiwan into the u.s. has grown more than 2% in march. tom: thank you. let's get to another big story. up, tripling their output in u.s. stocks. let's get the details. we have our indo -- india tech reporter. what is driving this? >> it is apples recognition of their need to expand. this was also a lesson for apple. they were also at a loss with manufacturing. apple has become very successful in india and that is how those numbers have come up in the last year. tom: that is quite a number. what percentage is it for iphone production? >> the numbers are expected to go u

we are seeing a positive reaction not only in lvmh, but broader luxury space lvmh is a bellwether for the sector now investors are pricing in more robust rebound in the china mark hermes up 3.3% richmont up 4% lvmh is leading the pack the strongest performer in the stoxx 600 this morning. >>> shifting from luxury to the macro. we have a shift on interest rates with the fed and european fed. the ecb policymakers are looking to a 25 point hike in may. the smaller rate increase would follow six consecutive rate increases by the ecb meanwhile, we did get data from germany. f inflation eased to the lowest level in seven months. as food prices surge by more than a fifth in terms of the market from the interest rate perspective, yeste yesterday, the ecb governor and hawk on the council said the ecb should hike by another 50 points in may markets are pricing in another 50 basis points by the ecb by june that is significantly more than what is priced in for the fed. that difference is playing a role in how markets are trading. here is a picture of european yields you have the tgermany 10-year

aramis following lvmh higher yesterday of around 1.4%.eally strong sales in china following the chinese new year. also, the u.s. hit better-than-expected. that was ejected -- expected to be the weak spot. >> thank you very much with some of the key spots to watch. we stay in the luxury space and bring in our bloomberg opinion columnist covering all things retail, consumer goods and lecturing on the back of what happened with lvmh. then again, those earnings. they give or try to guess. i was getting a bit of an information with our producer. i'm not sure i've held onto the knowledge. talk to us about the china impulse coming through for demand that luxury. is it there? >> that's been the big worry on the big driver, with the chinese come back and spend with the ending of restrictions and it looks like they are spending. that was a big relief for the sector, all the shares have had an amazing run since the start this year. all on that expectation of chinese demand, if that hadn't come through, it would've been a bit of a fashion faux pas. >

lvmh is a different story. a half $1 trillion market cap now and the price target for you is further upside from lvmh. you are overweight on the stock. where does the further upside come from? carole: when you look at the numbers published from then in q1 it was quite a strong beat. it is from the chinese market so this is why i still see upside coming from that sector in the china consumer who is going quite strongly. q2 last year was facing letdowns in the chinese market. we should have easy growth to calm and q2. tom: is that revenge or sustainable upside coming through from china? carole: the upside is still there and they will be able to travel abroad a bit more this year from q3 onwards may be. there will be a push of the offshore spending of the chinese consumer coming back in the second half. you could have upside coming from the chinese both underground and also offshore. tom: the domestic demand as chinese increasingly travel to europe and start purchasing again. carole: exactly. tom: we are all debat

lvmh. we come in the numbers a little soft. see what happens after the numbers drop in a few minutes time. joe biden is in dublin. the tour continues. we get dithered on sales. we have mass later on this week. look to what is happening in the grocery sector of the u.k.. we have real price -- supply chain issues in fruits and vegetables. we have imperial brands out of numbers as but we get u.k. gdp data which will be fascinating. it is not expected to be a solid number. it is most likely a signal we are continuing with stagnation. we are not getting a recession but we probably will not get anything more exciting than that. the governor of the bank of england, andrew bailey, was speaking earlier about the impact the banking crisis is having on the u.k. economy. this may not be one of the biggest risks the u.k. faces right now. andrew: i believe the post crisis will form regulation of words. i do not believe we are facing a systemic crisis of banks. they are well-capitalized, liquid, and able to serve customers and support the eco

lvmh is now a $500 billion company.ot a $1 trillion company, but this is the story that has driven europe. you now have to wonder whether or not that is the moment when you want to think about maybe exiting. it has been a great run. 52-week high after 52-week high. should we start turning things around in europe? is it time to exit some of those positions? alix: it is a good question and you could have made the same argument three months ago and you would have missed out on more of the rally we had a guest on bloomberg tv earlier talking about the weight of european luxury stocks compared to the rest of the market. >> yes, they are expensive, but they continue to generate very strong revenue growth and stable margins. they are cash generative and paying dividends. just like the big tech stocks, they become much bigger in the index because of that. at the time of the financial crisis, those 11 companies were 10% of the 600 biggest things in europe. now they are 25%. guy: are they expensive? maybe big expensive is a good

lvmh owned by the richest man in the world. they are saying that is where the money should come from the french high court is set to deliver the statement today on the reform plans the proposed law would see the country's retirement age raised from 62 to 64 as noted among other reforms. the court could block the law from coming into effect and strike down specific measures or force a public referendum on the plan we will be on the lockok out for that one >> thank you, arabile gumede. >>> now to the big story big banks set to kickoff quarterly results. jpmorgan chase and citi and wells fargo all reporting before the bell the results on the back of the regional banking turmoil last month and fed signaling a mild recession. we have hugh son with us now to talk about the results hugh, good morning what are you watching for? is there one key met ric that i important to watch >> frank, good morning there is one dep deposits not just the absolute level of deposits at the banks, but the rate in which they heare forcedt pay for deposits

plus, lvmh shares in the u.s. hit a record high as chinese consumers propel the gains of luxury sales at almost twice the analyst predictions. a very good morning, i'm open to any louis vuitton bag or bottle of champagne that you may wish to send my way. luxury is pumping up prices and the cpi, we got warnings of recession and credit crunches, and yet -- announcer: markets, dani: it feels inappropriate to be popping bottles of champagne when we are talking about a recession, but just for you, i will get you a bottle of bubbly in the mail. it is too early here, it is 6:00 a.m.. but this is the divide, is not just a recession call but it's how much has the credit environment actually tighten. manus: mike nova writz talks about the regional banks, the scale of the downsizing, it's down to like single-digit landing, and i thought that narrative really caught my mind. talking about the risk on credit, she basically said banks are now showing some signs of pulling back in there in lies the point. there's two different v

lvmh was a little iffy year on that on. the services and manufacturing data also help explain that story. dani: we were just talking about joe biden passing more restrictions when it comes to china. he wants the rest of china to sign on, but emmanuel macron did a recent tour and asia. we had an announcement from airbus that they would be doing more production in china. at what point does emmanuel macron, do french companies feel the pinch of the geopolitical story? alix: in the u.s., i should point out we are pretty much flat on the major indices. the two year yield still higher. procter & gamble is still crushing. 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 >> stocks just finishing up the trading day in europe. it feels like we are in the summer sessions of t

. >>> and protests rock the streets of paris with protesters storming the lvmh headquarters. >>> happyriday warm welcome to "street signs." let's kick off with oil demand a record 1.1 million barrels a day. in the latest report, the group says not oecd countries accounts for 90% of growth. it says extra cuts by opec will push supplies down by 400,000 barrels a day by the end of the year with the production growth slowing dramatically let's look at the price of oil lower in brent and wti $86 and $82. we have head of oil and energy at iaea. a please ure to have you on the program. let's talk about the surprise cuts announced by the opec plus nations a few weeks back elaborate the impact the cuts have going forward the rest of the year >> thank you and good morning. the cuts announced by opec means we were expecting to shift in the second half of the year. now we expecting the cuts in may and the market to shift into deficit bigger losses in the sen half of the year russia extended the planned cuts through the end of the year and global oil supply will fall by 400,000 barrels a day after

today they stormed lvmh's paris headquarters. they're demanding that the rich pay more this is some of the protests that we saw earlier today. they don't like the fact that the ceo bernard arnault, is one of the richest men in the world. >> yes, lvmh is one of the largest companies in the word. first of all i actually even used to live in france. i always used to stay striking protesting was the french national pastime. they really do, they love their stocks. so i think, you know, asking for another two years in retirement age, i think this is very typical of sort of the french reaction. lauren: you're not bothered by this. >> no, no. this, this is is bigger than normal but this is honestly what they do. lauren: i was impressed, the market cap of lvmh is $500 billion. that puts them in the top 10, a retail stock of companies, apple in there, microsoft, saudi aramco, lvmh stepped into that group. >> the impressive thing, they are somewhat recession protected they have such a diverse group of companies that are all luxury brand, wh

shares of lvmh touching a record high the luxury company reporting a 17% rise in sales.rrying other names with it hermes and kering and moncler all higher this morning. >>> and prices for high end timepieces facing prior essure last year, but new owners moving in we have robert frank with more >> i follow the money, frank prices for collectible watches falling 27% over the last year is this a burst of the bubble which saw prices quadruple the past year. the ceo among with rolex told me he thinks prices won't go much lower than they are now. the reason is a new generation of millennial and gen z collectors >> the funny thing is we thought that young people could not appreciate craftsmanship and watchmaking. they did it is funny to see today that actually the young generation are becoming our top ambassadors. they are the ones preaching the choir with social media. they are the best advertising and bringing their parents to the brand. >> demand is soaring and supply is not audemars makes 50,000 watches a year they can sell over 80,000 if they want. because there are no wat

notjust luxury brand lvmh were infiltrated. not just across luxury brand lvmh were infiltrated.we will give you updates. we move to ghana now, which is the first country to approve a new malaria vaccine that has been described as a "world—changer" by scientists. the vaccine is called r21, and appears to be hugely effective. for more, our health and science correspondent, james gallagher. here you have it. the game changer. this is the malaria vaccine described by the university of oxford team of scientists. it is called r21 and we have the first country in the world to have approved it in ghana and other countries are likely to follow suit. the world health organization is assessing it, too. the way that it works is it tackles the first stage after you are bitten by a mosquito. as i am sure you know, malaria is spread by the bite of infected mosquitoes. it is right here, at the first moment when the parasite is injected into your bloodstream that the vaccine starts working. it protects your body in order to prevent a full bloodstream infection. that is what causes the deadly sym

same as lvmh >> how did it trade? >> nothing no effect. >> why >> i don't know. maybe we're the only smart ones at the table >> or -- >> not meaning these gentlemen they don't mean it, but we could be, you know, you look around, you say maybe i'm the stupidest guy in the room, because capri should have traded higher. >> interesting just say this, because i don't know that story, you know, i probably just drink the stuff and not -- >> not enough. >> not have it on my shoulder. but stock's at all-time highs. >> as it should be it's -- the growth is fantastic. >> i'm just saying this. if you weren't long it the way you've been long it and enjoy this thing, you're not really going to -- you wouldn't go out and establish a new long right here into this global recession we're all going to have right now. >> well, if you go home long, it's like you bought it at the close, so, if i want to be bigger, i would have to buy some right here but i whauns you're saying you wouldn't build a full size position right here. >> all right >> what do you drink do they have stuff -- >>

he sold lvmh. lisa: and looking at hermes as a potential add-on. when have we priced in fully the chinese boom? they are concentrated in the luxury sectors and we cannot ignore that. jonathan: got numbers on the panic of q1 for credit suisse. these are the numbers. credits we saw $69 -- $59 billion of outflows, culminating in the deal. they lust within $200 billion of swiss -- they lost $200 billion of swiss. i would've expected the numbers for q1 2023 to be a lot worse than they turned out to be. tom: i wonder if they keep going. and for the american audience think up this morning, this is incredibly a swiss domestic issue. we have to look at it within the prism of domestic politics. lisa: my question was -- what does this mean in terms of how difficult or less difficult will it be for ubs. they are of 2% after the earnings report. 258 money managers had left, so they were losing talent. how do you keep the talent out also having the ambiguity of what a four-year process could be of acquiring quite a suisse? tom: do they get this done quickly or i

lvmh had 25% growth based on china.big difference in the stock performance. dani: i was going to go there with you, is what is happening in china makes european equities more attractive than american? ankur: even the european consumer, besides china is re-accelerating. the european consumer is in a better spot than they were at this time last year. last year, it was energy and whether they be able to have discretionary income stay flat on the year it year basis because of energy bills. that was alleviated, they are in a much better spot this year. i think both european and chinese consumer are in this process of accelerating growth versus decelerating growth of the u.s. consumer. dani: what are you more worried about at this moment, sticky inflation or a looming recession? ankur: i'm worried more about sticky inflation. it is a misnomer to think that 2% inflation is here to stay. you think about the last two decades, we were helped on the inflation side the u.s. was helped that we globalize. we imported deflation. we fo

lvmh has done very well.an do to exceed expectations. >> they have quite a strong story since the beginning of the year. as we go towards q1 which they will report tomorrow. the report the group level around 10% growth and for the core division around 11% growth. i feel it this will come from the key brands. and by region will come from asia. and also from europe i think a key source is what we are hearing. in the u.s. market can be going forward. because of tougher -- some good cummings of the u.s. market. there's a key thing to look forward to in the u.s.. alix: what is in the price. the last time was the fifth of april. the run has been amazing. what's baked in at this point? i'm having a hard time understanding how we find upside. carole: i think what's in the price is the reopening of the chinese market for q1 and q2 especially. growth can still come from the chinese tourists in europe and the rest of asia and the second half of the year which i think is still hard to forecast at this stage. the chinese

i cut lvmh. i still earn earnings -- hermes bank -- the same reason i sold lvmh.l first is to make an acquisition good to shareholders. >> interesting. you think it may be in the market for something big? >> it is the 10th biggest tent spinning in the world. the business model is growing not just organically but the acquisition. if your company is trading at 20 times earnings, acquisition is not far off. jonathan: patrick armstrong of plurimi. an interesting final thought. lisa a: do you think it is a tiffany tie up? what other luxury players are out there? lululemon? jonathan: i am not sure they quite cry it. [laughter] lisa a: that is the issue. where you decide what to go for where it is not some brand solution. it is interesting. jonathan: what do i know? lisa a: brunello? jonathan: christians deal? brunello, i love. lisa a: you are genuinely offended. but he was also saying with this idea of understanding when something is overvalued at a time when people are hiding in what they perceived to be safe is an interesting one. what is a safe defensive? jonathan: h

lvmh closes in on tesla is a world ninth biggest listed company after the luxury goods maker's market cap surpasses 500 billion dollars. francine: futures a bit of pressure. a lot of earnings coming out this week and we will look at china and the headwinds there. tom: we will get mcdonald's and gmm out of the u.s. as well. the ftse 100 currently flat after again mixed closes yesterday on wall street. ftse 100 the down a little over .8% dropping 15 points in the first few seconds. on the macro front, data out of the u.s. when it comes to inflation of course is the end of this week. manufacturing coming off slightly as well and the fed now, markets pricing and the fed seeking in june and rates coming down to .5% by the end of this year. currently losses across the cac and france down .7%. some selling coming through more pronounced in the first few seconds. spanish ibex off .9%. in u.k., ftse 100 down .4%. let's see what is happening with reference to the picture in china. this is worth playing out and diving into. let's switch the board and see how the benchmark has been performing bec

lvmh is up 1.1%. decent bid for the luxury names. >>> the world's second largest economy is showing signs of recovery gdp accelerated to 44.5% in the first quarter. sam filed this report. >> china's economy grew faster than expected last quarter as it emerged from the lockdown covid strategy q1 gdp beat forecast coming in at 4.5%. the economy grew 2.2% on the quarterly basis. the recovery has been uneven with consumption and services and infrastructure doing the heavy bidding. 10.6% higher which is hitting a two-year high as consumption is recovering with restaurant growth industrial output was just below expectations, but also picked up from february at 3.9%. manufacturing has struggled to keep up with the post-reopening rebound. exports were strong, but the marketing is waiting to see if it has legs or factories playing catch up fixed assets missed at 5.1%. investment was up when it came to infrastructure, but down in the property sector. unemployment edged lower in march. jobless trade from 16 to 2

>> what worries me is everybody is saying the way to play china now is to invest in lvmh -- >> it's been working >> it has been working we still own it. once everybody said it and it had a fantastic quarter and the stock was up a little bit but not anywhere near where the earnings went up so that tells me there's a lot of expectations in the stock already. so, again, we like it. it's a core holding. it's done well for us, and we're just taking a little off the table. >> it's been trading at highs. i mentioned mester and wahler were speaking this hour. we do have these headlines now from loretta mester who says policy needs to, quote, move somewhat further into res restrictive territory, sees the funds rate moving above 5%, implying one more rate hike, which i think is widely considered progress is being made, inflation remains too high prepare to change views, quote, as changes in conditions warrant. closely watching lending conditions, tighter credit working the same direction as monetary policy. we've heard that from some of the other fed speakers as well you did have some fed spe

people continue to debate this and i wonder how much lvmh feeds into that.ata. u.s. jobless claims as well as producer price data. jobless claims information is getting more information as we see a slight uptick in people filing for benefits after losing their jobs. we are also following imf meetings. the bank of canada manager -- governor. also on bloomberg television we've been talking about our discussion with david malpass as well as gita, especially after they made this call. inflation and rates going back to pre-pandemic. how long will it take may be the key question. u.s. selling $18 billion of 30 year bonds. at what point are people going to price in that inflation is going to remain hot for a long time because no policymaker will ever have the conviction because the pay required to bring in from -- this lower in a structurally different economy. jonathan: credit conditions have tightened significantly for small businesses following the svb failure. account for almost 50% of total employment in the u.s. economy. that's the latest from torsten. >> whe

lvmh drags the sector along with it. you will see all the luxury names in there. manager will join us. this is bluebird. ♪ -- bloomberg. ♪ guy: monday the 20 point of april, volatility seems to have gone on vacation. as you can see, there is nothing happening here. underneath the surface, lvmh becomes a $500 billion company, the first time that has ever happened in europe. is it time to sell luxury? it has been a great run. we'll talk about this ahead of a great week of earnings. the countdown to the close starts right now. >> the countdown is on in europe. this is "bloomberg markets: european close" with guy johnson and alix steel. ♪

francine: i cannot believe the lvmh earnings. at is now the most valuable company -- it is now the most valuable company. i am only of you are and i do not buy anything. [laughter] when you look at in general the strength from china that is boosting, is it enough to fill the gap of credit issues like a big credit crunch in the u.s.? charlotte: i definitely do not think that credit crunch issue is in the numbers right now. 30% or 40% is what you see when you look at the credit issue and with china, it is coming back on track for the consumer, but it is not seeing the infrastructure boom we saw in the 2000's. tom: do you buy banks at this point? charlotte: we would not be particularly enthusiastic about banks. you have the benefit of moving up in interest margins that are moving up. tom: friday's numbers do not change that for you? charlotte: what happened on friday was that jp morgan and others said we are not in a credit crisis, and others bought into that, but if you have interest rates beginning to peek off, that is a sign that

meanwhile, dozens of railway workers storm the headquarters of luxury goods company lvmh, saying theernment should tax the rich instead. protests are final showdown before they -- before meeting on friday where authorities will decide if they will ask the legislation. >> and arrest has been made in what is believed to be the most security breach in a decade. the department of justice opened a formal probe last week after the matter was referred by the pentagon, which is assessing the damage done by this release. some of the most sensitive details are reportedly related to ukraine's shortcomings. the person who leaked the documents is said to be a gun enthusiast in his 20's who worked on a military base. this according to "the washington post," citing further members of an online chat group. tell us more about this latest development. >> things have been moving very fast all day in this case. we now have an arrest of a massachusetts air national guard. we have seen video footage of him being arrested at his home, justearing a simple green shirt and red shorts, short hair, being forced

how does kering stack up against lvmh?tha: quite attractively given that it is trading at a substantial 30% discount to lmh. that is partially because it is in a transition turnaround phase because of the flagship brand, gucci. there are only four brands in the luxury sector that are over 10 billion euros in revenues. louis vuitton, chanel, gucci, and hermes. the others have made significant strides in have grown substantially while gucci has pretty much stood still. in large part of you has been the creative direction hasn't moved forward and kept pace with changing market trends. that is set to change with the appointment of the new creative director. the jury is out on how quickly and much he can execute, but should he be able to stabilize and turn around the ship the valuation at current levels looks attractive. guy: lvmh on wednesday, hermes on friday. always a pleasure, thank you very much, indeed. gam investment director. we are done. the easter weekend is upon us and these are the final numbers out of europe. just

tend to do better than value stocks in a recession period microsoft, apple and also i like luxury lvmhg up next >>> good morning futures are relatively calm right now. in the red dow is six federal reserve officials held speaking events yesterday thanks for that. we have a full breakdown of their message to the markets about the may policy meeting >>> disney is not backing down in the fight against ron desantis, governor of florida. the company told lobbyists this week to get to work. >>> and elon musk's twitter started eliminating legacy blue check marks. musk is personally paying for some celebrities to keep theirs. that's a little hurtful. >>> it is friday, april 21st, 2023 "squawk box" begins right now. >>> good morning welcome to "squawk box" here on

if you think about that is going well you look at macao, lvmh, the numbers have been impressive i think the consumer has been hanging in there, to my surprise, but i actually have a lot of exposure. >> jason, what do you make of mcdonald's here? >> i don't own mcdonald's stock but to steph's point just on some of the staples that have done well the last couple of weeks, the earnings that have been surprising, the thing for me is pricing power, pepsi, procter & gamble, organic sales getting to the 6% to 7% range. on the high end of the guide from last quarter. this is a positive i think the market has early on in the season, early on this year, i think the concern around staples has been they're expensive the multiples have come in some and i think the earnings are backing up the story i really like some of these names. >> josh, i know you're not in mcdonald's but you are in shake shack. any read-throughs that give you confidence in the position in shake shack? >> not really although they both on the surface sell burgers and fries, i think it's a different customer base. >> sure. >> i th

lvmh, the owner bernardo mott -- arnold has reached 200 billion. only other people have done that art jeff bezos and elon musk. that stock powering ahead with little change at the moment. it was down slightly at the open and coming back up. you might lose a few pennies and trading today but you will mind too much with that big fortune. keep an eye out for that report over the next two weeks. francine: joe, oz -- as always a pleasure to have you on. the other story we have been watching out for was the aussie dollar. over the last couple of days a lot has happened in the aussie dollar. the new zealand dollar after we had the dollar rallying in the nation stocks retreating after the central bank raised interest rates by more than expected. we also have to keep an eye on credit suisse and ubs. we have the agm and a full team coverage in basel where the agm is taking place. finma still giving a presser saying the credit suisse outflows in march were similar to the october loans. coming up, the finnish prime minister will discuss the countries addition

we can now goods conglomerate lvmh. we can now go live to our paris correspondent hugh schofield.etween riot police and groups of revolutionaries who are mixed in with the quotation, but as usual, it lasted about 15 minutes, 20 minutes, and then it is moving off again. i think we can probably predict that there will be more to later on, perhaps at bastille but essentially it has been like all of the marches over the past couple of months, basically peaceful with with occasional outbraked of trouble. what makes thisday different is the fact that tomorrow is the ruling at the constitutional council, which everybody is waiting for, everybody i think on both sides of the debate feels that the nature of this confrontation will change after tomorrow, tomorrow is the day that the constitutional council of wise men and women will give their ruling on whether the law is in accordance with the constitution. they may say all of it is, they may say all of it isn't, and they may say that bits of it are in a way, that last option is the most likely, which is going to complicate things for the f

jonathan: we need to be careful with lvmh. very infrequent visitor to the bond market.to the credit market since spring of 2020, it came to the credit market for a good reason. there was a take over at tiffany's at the time, a lot of back and forth with the company. strong fundamentals for the company, tremendous profits announced the last week put on top of that, the fact they do not come to the bond market often, i am not sure the yield lvmh will offer is a great example of the broader credit market right now. tom: lisa: fair. lisa:i think that is correct. there is an increasing bifurcation the market is closed for a certain rate of issuers. this is a difficult moment the have scanned the -- can keep getting and the have nots keep losing. tom: going to be interesting to say the least. right now, we stay on the clarity of economics data that helps people make decisions on bonds, equity issuance. simon french is with us, i want to go to an absolutely scathing part of your latest note. i do not know how to translate it. it is lost in translation for me. on the bank of en

one big mover dutch health tech philips electronics and lvmh, the parent company of brands like tiffanyor, becoming the first european company to surpass a $500 billion market cap. of course, run by the world's richest man. lvmh feeds into it major european etfs up 15% to 20% so far this year and stock looking relatively cheap on a pe basis, compared to the united states this hour european central bank board member telling politico that it's clear that further rate hikes are needed and that a 50-basis-point hike is not off the table in may that's the problem the more robust everything looks, especially stocks for financial conditions, the more leeway is gives the european central bank, the fed and others to keep raising rates. >> we did get this one boe official over the weekend say we may be in the case of overtightening she called it the milton friedman fool in the shower who was waiting for the water to get hot and ends up getting scalded because you turn the hot up too much. >> too much too long that's the fear and that's the pushback against the central bank look at the forward loo

he has been dethroned by bernardo a nod who leads the luxury giant lvmh. through what happened? well karishma, anyone who has been keeping track of the news will tell you that it has been a busy year in the world of elon musk. take his controversial takeover of the social media platform twitter. elon musk paid about $44 billion for the social media platform and a lot of people believe that he actually overpaid and to fund that deal he sold shares in his main business tesla, even after telling investors that he had no plans to sell more stocks in that company. all of this while relentlessly tweeting in his usual combative controversial style. the result, tesla shares dropped more than 50% in value over the past year and elon musk�*s wealth also took a hat, he is currently valued at $180 billion, $39 billion less than a year ago but to be fair to mask he is not alone in the group of billionaires who saw their wealth shrink in the past year. in fact, the forbes billionaires list is shorter thanit billionaires list is shorter than it was a year ago and that is

. >> meantime, q1 numbers are out for lvmh the street was looking for 88.9.they said about credit card use in this country. we'll see what friday brings >> really bullish commentary from lvmh in china the reopening play, the luxury sector and the travel sector in china, they're just getting going and this is a reminder >> what a roundtrip we've had here opened up a couple hundred points on the dow as the shine was just on the cpi and settling back wholesale inflation numbers coming out tomorrow. let's get over to scott and "the half." >>> carl, thank you very much. welcome to "the halftime report." i'm scott wapner front and center this hour cooling inflation, the cpi coming in lighter than expected. stocks are higher. all eyes now on the fed's next move our investment committee debating what all of that means to your money. joining me for the hour here at post 9, everybody is in the house. anastasia amoroso, jim lebenthal and steve weiss. a little bit of a roundtrip. got off to a positive start after the cpi came out we did go negative we are back positive t

tell you where it is and where you want to deploy your money against the backdrop speaking of which, lvmh is the first european company to top the $ 500 billion market cap and hermes is the same as berkshire, but which makes the better vibe. carter worth tells us which one ahead and first we start with today's markets and at least the nasdaq has some action >> there's action and it's very much a holding pattern ahead of a very busy week of earnings and kelly, i knowyou'll delve into that story in the course of this hour, but we've got about a third of the s&p 500 reporting results throughout the course of this week, and that's maybe one of the reasons why you're seeing a little bit less movement in the broader s&p 500 which is down five points right now about 0.1% 41.28 4128 is the trade and in the middle of the range so far today. the dow industrials just about flat on the session, 33812 and real activity comparatively speaking and the nasdaq composite 11,99737 one of the four reasons why four related names mega-cap wise are reporting results. as i noted, it is amazon, meta platforms and

he is the chairman of the luxury goods giant lvmh his wealth.l, it's grown to around 211 billion while musk posted losses mainly from tesla stocks falling after his twitter purchase. that wraps up kron. 4 news at 6. more people need to buy twitter blue to help you on. >> means the money. so we've got $11 billion. tonight. i'll see you at 8 o'clock. ♪ ♪ >> announcer: a day that will live in history. >> donald j. trump is under arrest. >> announcer: scaling in court. utter chaos

tell us about it >> lvmh, that number $500 billion, the valuation of that company now.hole lot more people have continued to buy the brands that come out of lvmh, so it's very important even the ceo and owner has continued to rise up the ranks of the billionaire's index, more than $200 billion. man, definitely not a pretty penny there. >> no, that's a lot of money cnbc's arabile gumede live from london, thank you as always. >>> still uhahead here, the debt ceiling battle continues a look at how speaker mccarthy plans to raise his plan and bring you how the white house is reacting to it olivia dalton joins me when we come right back. (cecily) not that you're bragging. (vo) with verizon unlimited for $35 a line, your family now gets disney+, hulu, and espn+. all three included. verizon back when i had a working circulatory system, you had to give your right arm to find great talent. but with upwork, there's highly skilled talent from all over the globe. right at your fingertips. ♪ this is how we work now ♪ from prom dresses to workouts right at your fingertips. and new ad

he's the chairman of luxury goods giant lvmh.wn around 211 billion dollars us estimated net worth is at 180 billion dollars. nothing to sneeze at his net worth posted losses mainly from tesla stocks falling after he purchased twitter. well, former test or contractors set to receive a multimillion dollar compensation for facing races behavior at a factory in fremont. owen diaz who is black will get a little more than 3 million dollars. he said he was repeatedly subjected to racist offenses in 2015 2016. tess argue that he was exaggerating about the situation. so diaz was previously a war. you might remember 15 million dollars in this case, but he challenge that amount and he ended up with 12 million dollars less in this new trial. still ahead of the kron 4 morning news. the bay area is the new goal for the national women's soccer league. >> we'll tell you the plans for expansion and a city leaders putting the pressure on a music company to come up with a plan for the castro theater. what community members say they should preserve

. >> better than lvmh was herm es. >> incredible growth big heavies like target and gap and carters,ially this dog world hunt they're not doing well i think it's -- there's a message there. >> mike? what do you think? >> yeah, it's interesting, of course, so we've seen recent underperformance it's important to remember if you're looking at xrt, it's still up 34, 35% from the pre-pandemic highs that's actually more than the s&p is up over the exact same period there's a reason that we've seen that kind of outperformance. that was that basically it was the perfect setup for retailers during the pandemic consumers were flush, they went up and spent. basically, that is the dynamic that's coming unwound and that's the reason the trade itself is coming unwound if you take a look at the entire group, now i'm going to talk about the p/e of xrt i'm going to exclude the outliers i'm not going to include amazon or gap stores which doesn't have any earnings at all to speak of right now. all of the cheapest stocks in the group, which you actually mentioned a couple of them, we're talking now abou

widespread protests against the plan continued on thursday as activists stormed the headquarters of lvmh, the parent company of louis vuitton for more on this, we're joined by nbc's claudio lavanga in rome good morning what's expected to happen in france as that rulin 11:30 today? >> reporter: it could go two ways if it is to be amended or dropped, expect the protests to turn into a mass party if the council approves it, expect the protests to continue and stintensify. if they have a public referendum, there is a chance that the majority will vote no to that. a decision by the constitutional council today expected in a few hours from now cori, phillip? >> house authorities are ready for that amount of crowds in the streets. >>> let's take a look at our weather now on this friday angie lassman is here with us with a look at our weekend weather. it's been unusually warm for so many of us. >> have you liked it or are you looking for spring? >> yeah. >> i think people go both ways jumping into the 90s may be not everybody's cup of tea, but i enjoyed it chicago's going to run 20 degrees plus

. >> restaurants have been good, and luxury look at lvmh now the richest man in the world. >> it's true hermes, i don't know if you saw overnight. double digit growth in the u.s. no slowdown. >> but the big heavies like target, gap, carters there's an expression -- this dog won't hunt they're not doing well, and i think there's a message there. >> mike, what do you think >> yeah, it's interesting of course we've seen some recent underperformance, but i think it's important to remember that if you're looking at xrt, xrt is still up about 34%, 35% from the prepandemic highs, and that's actually more than the s&p is up over the exact same period, and there's a reason that we've seen that kind of outperformance, and that was basically it was the perfect setup for retailers during the pandemic. consumers were flushed they went out, they spent, and basically that is the dynamic that's coming unwound, and that's the reason the trade itself is coming unwound if you take a look at the entire group -- i'm going to talk about the p.e. of xrt, but i'm going to exclude the outliers. so not going to

lvmh's global sales up 17% in the first quarter to 21 billion euros. up 18% in the quarter that was twice what analysts had expected wealthy consumers around the world continue to spend since they are less impacted by inflation pressures. but the big driver of their success is still that incredible diversification. they have 75 brands from dom, fendi, europe and the u.s. remain strong. sales at tiffany have more than doubled since lvmh acquired that company less than two years ago. and tiffany's flagship store on fifth avenue, that reopens this week that store used to account for 10% of tiffany's global sales. guys, you can count on a big party there with beyonce, jay z. bernard talking about this being a culture company as well as a luxury goods company >> in general about him, what's he do with all that money, beyond obviously what he owns in the company? we know what bezos does to a certain extent and musk. we don't seem to know as much about arnault's family office, where he has investments. >> he does have a family office. the trust that controls

we did mention lvmh in the introduction to you.g hai: in terms of the whole retail consumption, i think it will be a more gradual process than most people expect. i think the more experienced travelers, whether for leisure or business, you will see more things on dining, and off the beaten path trips, seeing places is actually much more interesting than buying things for most of these people. concerts, going to korea just for the gaming will become the more experiential experiences that people are willing to spend money on. i do think retail consumption will probably come back, but it will be more gradual. haslinda: you are very optimistic about growth and a peck, but the outlook remains pretty uncertain for the rest of the world. it is an interconnected world, what are the risks that we could see a slowdown? ling hai: that is a great question. it is spot on. i do think it is a very interconnected world. there is a lot of uncertainty still around inflation versus recession. the data seems to suggest maybe there is a little bit of e

earlier today, protesters stormed the headquarters of the french luxury goods firm lvmh in paris.t, on the french constitutional council. forthe moment, let on the french constitutional council. for the moment, let us return to our main story, president biden. he's met the irish prime minister and president and is due to address the irish parliament. do you know when proceedings are likely to get under way? we do you know when proceedings are likely to get under way?— likely to get under way? we were told he is pretty _ likely to get under way? we were told he is pretty close. _ likely to get under way? we were told he is pretty close. he - likely to get under way? we were told he is pretty close. he was i told he is pretty close. he was originally due here at about half past three local time. it is now about an hour later. people have had about an hour later. people have had a little bit longer to wait. but nonetheless, there has certainly been a sense of anticipation building here all afternoon at the irish parliament in the centre of dublin. people, as you would expect, having

in europe, that has been lvmh and the like. we always wonder how can bond markets befalling and the stockmarket market rallying? a lot of that is driven by the composition of the market. some people almost see the big tech names as a haven from turmoil in the real economy. alix: is there something more fundamentally at play or that situation may be different than in the u.s.. guest: it could well be very different. the thing with the tech leading in the u.s. is its the top three stocks. the market seems to have moved on from being at risk. it is believing that inflation is now yesterday's problem and its powering the market as though there has been a change. guy: the tech stock story is basically pricing in already the cuts the bond market is signaling the fed is going to have to deliver. this going to be a helping hand that will come from the fed. in europe we are still in a position where the market is pricing in a more hawkish ecb. it's behind the curve and potentially more work to do. europe doesn't have that pricing alread

he's been dethroned by bernard arnault who leads the french luxury goods giant lvmh.ok back to the beginning of my career in 9/11 was at huge story. it was difficult to tell because i had to interview people who had lost colleagues and loved ones in those towers in new york. moving on, the economic crisis of 2008 was a huge story both in the uk and globally. i talked to so many people whose lives had been turned upside down by the then banking crisis and the subsequent economic follow. i was a chief presenter during the covid—19 pandemic and i was trying to convey the story to interview is stuck at home during lockdown, not only in across the world. more recently i was sent to windsor windsor to cover the funeral of prince philip, the duke of edinburgh and i was there getting a real sense of loss and sadness. it was a great honour for and sadness. it was a great honourfor me to and sadness. it was a great honour for me to be sent there by the bbc to cover a story like that. you're live with bbc news. as we continue with our business coverage, it's a big day for europe

i'm looking at lvmh and her meds they've already hit 52 week highs. where can you get up site from that? michael: as long as the global economy in the u.s. economy keeps moving along, avoiding recession or avoiding further growth pressures. this could go on for quite a while. that is the risks to the out look in general. i don't think a chinese rebound will be able to decouple itself from more economic pressure globally. it certainly is very promising to see the chinese growth impulse is keeping equities well on track. dani: there's this recent survey from jp morgan, they asked investors where are you most likely to retreat from when it comes to e.m. and the majority of them said china. the thinking being that it was geopolitics that was more important growth. at what point do geopolitical tensions become more important than the china growth story? michael: that's 2-3 years out. i think the tension is building on the back of the conflict were experiencing in russia/ukraine. the players are positioning themselves for that. china has understood with its

seng is pulling back .60% we had signals building the last couple weeks around the china recovery lvmh delivering a strong set of first quarter results driven by the chinese consumer perhaps investors braced for a strong reading now in the banking sector, ubs will make changes to the $6 billion share buyback program. the swiss lender will use the shares for the takeover rather than cancelling them as planned. it still needs approval from the board. as i said, we are seeing strong gai gains. frank. >> a lot of banking news julianna tatelbaum live in london this morning. julianna, thank you. >>> time for the check on the top corporate stories. including disney's political battle with florida showing no signs of letting up. silvana henao is here with that story. >> frank, good morning florida governor ron desantis revealing a new push targeting disney that if passed would enoufull p null -- nullify the 11th hour deal desantis also floating the idea of developing land around disney's resorts, including possibly building a private prison >>> ford will import nautilus from china to the u.s.