european economist at bank of america merrill lynch.ad to the shores of lake como where it is shaping up to be a beautiful day. annual finance workshop. joining us, francine lacqua. who better to lead our coverage from this glamorous event? what is in store? rancine: a lot about finances and the global economy. it is really quite difficult when you look at some of the kerryes italy is facing yesterday, we had the amazing scoop saved when you look at growth, it was going to be a 0.1% instead of the 1% predicted. what does that mean for the budget? we discuss that with two former prime minister's and we talked to economists. we figure out what negative yields mean for european banks. we tried to figure out f intech and what they could do with a merge and how unicredit could come in. we talk about recession risks. it is almost like being on "surveillance," but with this beautiful view. much more from italy throughout the day. this is bloomberg. so with xfinity mobile i can customize each line for each family member? yup. and since it comes

coming up in the next hour, be of a merrill lynch -- in the next hour, b of a/merrill global head ofties research. a startup challenging starbucks aboutna plans to raise $300 billion for an ipo. starbucks has more than 3700 outlets there. job cuts are on the way at franklin resources. it plans to cut as much is 5% of its workforce. this follows continued outflows the last five years. franklin is a holding company that operates as franklin templeton investments. a massachusetts hedge fund manager is accused of taking $570,000 from investors to buy tickets to a taylor swift concert and broadway shows. , he also to the sec launched a fraudulent securities offering. the agency once a judge to free his assets. he has not responded. that is your bloomberg business flash. david: for the record, i like taylor swift, but that is a lot of taylor swift. $570,000? alix: they said broadway, too. "hamilton,"is a "frozen" tickets. i would make a down payment on a brownstone. david: buy a house. [laughter] david: we turn now to wall street beat. first up, what research costs under method two. resear

still with us from bank of america merrill lynch. at emerging-market currencies overall, put that into perspective for what we're seeing in terms of world growth. >> we're seeing now is the china and itside of think it has to be positive for the global growth backdrop. the currencies have come under some significant pressure since until last moved year. the value still seems to be in emerging markets and the pace remains quite strong. when we thought to remain steadfastly bullish, and if you're looking for the big bang , must notably u.s. , it will betalks the flavor. stories, idiosyncratic but the broader base in the backdrop in asia particularly looks to be improving somewhat. picky so much, director of strategy at bank of america merrill lynch. let's get a check on what is moving today. here is bloomberg's emery. up higher today after a successful satellite launch for the company. ems the biggest gainer this morning, a swiss-based company. first order net sales came in 1.5% higher than the previous year. sapem higher this morning

the head of global economics research at bank of america merrill lynch.an, welcome back again. >> thank you. >> you ow, it's really econtent 1 wh 101 when you raise wages.at hat point do we start to see that creep into inflation nu ers, do you think? >> i think we've got a ways to go. seeing now t we're is more in the nature of catching up. wages have not gonep very fast in this recovery. it took a long time to get thet job marack to normal. right now there's a little catching up going on for joe six pack. i do thinkthe next two or maybe three years we'll see a more significantspillover into price inflation, but right now i think we should enjoy the improvement. >> now it also, does it not allow employers even in a tight labor market to be more w discerning abot type of worker they want if they're going to raise pay. they're going to have a lot of l ant, but they can be a little pickier. >> yeah. the firm, there is a real benefit here. not only do y get to pick better workers, but you retain them longer and you havemo much of an incentive to invest in the

preusser from merrill lynch stays with us.oming up later, we speak with the economic commissioner of economic affairs. you can catch that at 5:30 p.m. london time. this is bloomberg. ♪ ndon time. this is bloomberg. ♪ nejra: it is earnings season for big banks. jpmorgan kicks off this morning with net interest income. a key driver that is weaker supporters may have peaked. the group top lining declining from earlier, but against the global revenue trend is critical. the group's trading numbers may hurt the overall revenue picture. improved industry loan growth in the fourth quarter cook, however, the positive for the group. let's go to the bloomberg business flash now. viviana hurtado in new york. viviana? musk fight perceptions about the company's massive debt load. the company pays billions of dollars in yen. efforts have not swayed s&p and movies. boeing says -- and moody's. it still says the bond rating is junk. boeing says the upgraded planes cannot be use as what are referred to as high hotspots. says thean for boeing air

ultimately ran merrill lynch. -- david: these are all prominent african-american business leaders. robert: all prominent african-american business leaders. and all of them took the meetings. from there, they introduced me to other people to take meetings. i literally had 100 interviews in my fall of the second year of business school. i figured out that mergers and acquisitions was the only business i wanted to be in in investment banking. and i said -- because with the exception of warfare, it is how assets get transferred on this planet. it is a ceo-level discussion, a board-level discussion, a strategic discussion, and that was quite interesting to me. and i thought i could add particular value and insights into that particular business. david: the three jobs you had before you went to business school, did you feel any discrimination against you because you were african-american? robert: oh yeah. oh yeah. it is one of those in america, i have and still do. oh yeah. i remember a time when i was actually at air p

bank of america sending 300 employees to merrill lynch wealth offices it's the first time these specializedyees will work outside call centers i think this is representative of a dilemma that all wealth management businesses have, the advisers are on the older side, when wealth is inherited typically the younger generation fires the adviser. there's a clog in terms of them getting their services to the younger people >> the tech side of this as well is showing the opportunity, i agree the trans significance difficult. but the opportunity to lower the cost -- financial advisers are very expensive and if you can really build this in in a tech platform that millennials welcome and want to engage with, the cost going-forward is massively reduced. >> merrill edge is something that was launched years ago, a little like mass affluent. >> coming up next, cracking down, big tech coming under fire 'ldiuss enwel scwh closing bell returns. looked at chart patterns. i've even built my own historic trading model. and you're still not sure if you want to make the trade? exactly. sounds like a case of anal

this is not our term, but one coined by bank of america merrill lynch analysts after they double downgraded u.s. steel stock from a buy to an underperform which was really wall street's way of saying sell. this is the second bashing this week. tuesday, credit suisse slapped it to sell and put a $13 price tag on it. at $16.76, it's hitting a two and a half year low. this was a $45 stock four days before president trump instituted 25% tariffs on all foreign steel coming into the u.s. since then, the stock is down 61%. formed steel has become more expensive but it hasn't exactly translated to people buying more u.s. domestic steel and that's pumping up prices here. they haven't really budged even though iron ore input prices are up 45% year to date. iron ore of course one of the materials used to make steel. u.s. steel therefore becomes a steelmageddon victim as it burns through cash and piles of it, as prices either don't budge or plummet. we need to bring in james bachus, chairman and founding member of the world trade organization appellate body. he just returned from china. china was reall

angst over the iran waivers priced into the market or is bankamerica merrill lynch right? you could kiss $100 oil. nejra: who is right on the stock market? recovery weeks of after 14 weeks of dropping and we are at over 100 on s&p and nasdaq. futures off by .1%. the bulls will say to you, valuations still aren't setting off alarm bells. the bears might turn around and say it has been led by big tech names, maybe valuations have gone too high for some of those tech names. on theount too much earnings. even though 80% of companies reported so far have managed to beat. it has been the best start to the year since 1987 for u.s. stocks. how much further can it continue and what will drive it? is the fed a wildcard? what if china doesn't put its foot on the pedal for stimulus? the 10 year yield on the 255 handle, down the basis point and dollar index, up .2%, a seven-week high on the dollar. what is underperforming in the g10 against the dollar, the aussie is down 1% at one point. aussie markets have been rocked by the cpi miss and who better to take us through the details than

high net worth channel through a feeder fund at a high net worth channel like an investment bank, merrill lynchyou can get access to some of the products, but it is much harder for retail to get these products. longer-term, the door is water for retail. amanda: when you look at blackstone and appreciate that much will change in terms of it power and its ability to attract capital and grow, what do you think of his valuation at current levels given it is trading at record highs? >> the way miller get the valuation of the alts is twofold. what level of free cash flow can they generate on a five-your basis, and we also use a special methodology called some of the parts where you give a high valuation for the fee related earnings. if you look at where blackstone is today, pretty c corp conversion, you are looking at a stock that should've been in the mid-40's. now that they are c corp and ownership opens, there is potential upside to that. let's take it one day at a time and also remember, the long only's cannot own the stock until july 1. blackstone has a really nice day today. we think it will ou

. >>> also this weekend, people with bank of america, merrill lynch, or u.s.ccounts can get free admission to eight bay area museums including the oakland museum of california and the san jose museum of art. >>> bart says the long-awaited bart extension to silicon valley will open later on this year. a high-tech representative says this will be great for business and will also help calm the frazzled nerves of south bay commuters. >> great news for voters and tax payers. it's going to open $140 million under budget. yes, you heard that right. a government project that's coming in $140 million under budget. n under budget. >> some items still need to be worked out, including a maintenance and operation agreement for the stations that bpa owns but that bart will operate. >>> the warriors want to clinch the no. 1 spot in the west. and they're getting close. next in sport, scott will have highlights from tonight's games. tonight's games. >> this is seriously cool. a dream come true for a teacher from turlock. it happened when michael buble came down from the stage

steel was downgraded to underperform from buy atank of america merrill lynch and the analyst cited market conditions ha the u.s. and price target at >>8 andres were down 3% to $16.69. chipotle was downgraded to hold from buy and the analystci s a valuation after a 65% gain in the first quarter and the price target is $700 and it fell to $7.53. dr pepperas downgraded to morgan stanley. the analyst cites concern r abot growthes for the single-serve coffee business. the price target was $24 and the shares were off 4 hers to $26.87. >> still ahead, boeing faces a number of questions about its plane that's considered a cash cow for that com t' >>>been almost a month since the governments around the world grounding boeing 737 max and since then boeing says it has made progress, iy,hould on a fix for the plane's flight control system, but how long until the max is back in the a and will passengers be okay flying in it? phil lebeau takes a look. >> outside boeing's plant in renton, washington, 737 max jets parked waiting to be cleared for takeoff. at an event in dallas dennis mullenberg sai the c

if you have a bank of make, merrill lynch or u.s. trust card eight bay area museums are free for you on saturday and sunday. they are de young in san francisco, the legion of honor in san francisco, the contemporary jewish museum in san francisco, the oakland museum of california, the computer mystery museum in mountain view, tons to choose from. the san jose museum of art, tech museum of innovation in san jose and the napa valley museum in yountville. make a list and visit them all. >>> on the other hand, you might want to be outside. yeah. it could be a combination of both. visit a museum, get a little history, and then go to the beach. once that beach hazard statement expires at 9:00. until then, don't turn your back to the waves. we are talking about a westerly swell. that could mean higher sneaker waves out there, rip currents. south bay, peninsula, tri-valley in the 60s. very comfortable weather. aside from a little humidity, a little muggy out there, 66 degrees for the peninsula. check out san francisco. beautiful skies. i kno

bank of america merrill lynch is due later — and more of the same is expected there.nemployment numbers. it's expected to stay steady — at a low of 3.9%, while wage increases have doubled in two years. more on that in a moment, but first samira has the details of what's ahead on wall street today. how much does netflix have to fear from rivals like walt disney? the video streaming service reports first quarterly earnings after the us market closes on tuesday. its results come after disney and apple both said they were getting into the streaming video market later this year. will its recent price hikes have an impact on subscriber numbers? just some of the questions netflix investors want to have answered. also, we will hear earnings from bank of america. will they please or disappoint? this comes after goldman sachs reported earnings that disappointed wall street on monday. expect much of the focus to be on its loan growth trading revenues and expenses when it turns in its first quarter results. and united airlines reports the first quarter earnings the day after the

another amherst man charles merrill kind of what we would call merrill lynch and merrill would seem and they would talk about it. coolidge was terrified because he is so conservative any new what a crash was, but he didn't see it as the president's role and neither did merrill. that would be a state authority. another factor was what that policy was and we all know benjamin strong, the great fed leader.com another fed had came and maybe the fed was to lose and that's an important discussion, but i don't blame this on coolidge in the lease. one of the important fact is you is look at is was the growth real or "the great gatsby" is coming out now, or was all champagne and a lie? the growth was real. most of it was real. the stock market went to high and people should have bought on margin but he was not a light of the decade, , which is something we learned in school. that must be revised and this is an effort to do that revision, to expose the true 20s. c-span: when did you first start being interest in calvin coolidge, do you remember the time? >> guest: in "the forgotten man," fisher t

a big bank, merrill lynch, it says it has managed to sort out an algorithm looking for an clear languageis ahead. if these people, the top of the tree, are using an clear language, this bank will sell the stock. what do you make of that question of yes, it's pa rt of make of that question of yes, it's part of a lot of the data analytics, you have seen people doing things like scour reports to find trends, what things are companies talking about. a lot of the algorithms are based on common sense. the common sense here is of somebody at the top cannot articulate in clear language what the strategy is and what is going on, chances are, they probably are not articulating it and managing well in their company. things like that make sense. we try to do that at coutts, and we look for trends. a lot of the reporter hundreds of pages long. why not use data where you can? talking about use of land which, apparently alexa, amazon is using language, listening in, real people listening in to recordings made on alexa devices made in people's homes? a bit unsettling? perhaps. the headline sounds worse

bank of america merrill lynch and policy editor having his in tokyo.ed any part of this conversation, tv is your function. you can watch us live and live into any securities or functions that we talk about. become part of the conversation by sending us instant messages during our shows. this is for bloomberg subscribers only. check it out at tv . this is bloomberg. ♪ ♪ paul: saudi energy minister says he sees no immediate action on the oil markets, signaling a cautious response to the united states decision to say in sanctions on iran. he spoke that the finance sector in riyadh. >> i don't see the need to do .nything immediately we are talking to our customers, watching inventories. talking tog to be other producers, as i mentioned in my statement. weeks, we will have the monitoring committee and many ministers have already reached out to me and i reached out to a number of them yesterday after putting out our statement. we're all in dialogue. we will decide what we are going to do beyond june. i think the sentiment in general is that we as oi

a bank of america merrill lynch analyst downgraded the stock from buy to neutral, warning it will takean a software fix for the 737 max to be recertified. the u.k. is set to crack down on facebook and other social media. prime minister theresa may's government is proposing a new industry funded watchdog. the regulator would enforce rules on removing online content that encourages terrorism and child abuse. companies could face heavy fines . individual managers could be held liable. out at the annual london metal of change gathering, playboy bunnies. the l.a. me is proposed -- the limitationssing new on the event held at the playboy club. the infamous strip club offered free entry and drinks. alix: thank you. for thecode of conduct event "should not take place at venues which could make some market to dispense uncomfortable -- some market dissidents uncomfortable -- some market participants uncomfortable." david: they need a role for that. ok. as we move into the 20th century, we covered three things wall street is buzzing about this morning. first up, saudi aramco set for mega debt dea

getting a quick check on shares of boeing on the move, lower this morning, as bank of america merrill lynchneutral to buy saying the recent troubles areor t wsehan expected "squawk on the street" will be right back >>> time for our etf spotlight today we're looking at ticker symbol xli, down this morning because of general electric. the stock falling to underweight from neutral by jpmorgan stephen tusa who cut his price target down to $5 per share from $6 still, we should note, ge shares are up 28% this year >>> when we come back, the ceo of philip morris international, the world's largest cigarettemake, will join us to explain why his company is pushing for a smoke free future. we're off the initial lows, dow is down 127. back in a minute >>> good morning, everyone i'm sue herera here is your cnbc news update at this hour. president trump urging uganda to find the kidnappers of an american tourist freed over the weekend. kim endicott arrived before being turned over to the u.s. ambassador a ugandan police spokesman says he does not believe the ransom had been paid. >> an implicit threat of

bank of america merrill lynch cutting boeing to neutral my saying that getting the 737 max 8 back inhe air will take longer than expected. both of these gaming stocks lower as the ftc is to examine issue with in game rewards, especially around aleut boxes -- boxes.loot up above the $72 mark for the third time this year. the saudi arabia oil minister saying opec is looking to keep its reserves focused on keeping inventories down, so that is helping out oil here in the u.s. vonnie: all right. thank you for all of that. let's get to the latest now on deutsche bank. it is lower in german trading. talks of commerzbank over a merger are continuing. this was supposed to be the weekend that commerzbank and deutsche bank decided whether to intensify or break off talks. what is the end result? did they intensify talks? reporter: the talks are ongoing, as far as we know. there was speculation that talks would have a significant a filament over the weekend, but -- significant development over the weekend, but no development on that front. nothing really material there. it is possible we will see

bank of america merrill lynch has grown cautious on the shares, downgrading the stock to neutral from. they see a longer 737 max recovery than initially thought. it could take six to nine months to get that plane back up in the air, and this could create inventory issues, among other issues. boeing is dragging on the s&p 500, but also dragging on the s&p 500, ge being cut back to underweight on a price target of five dollars on overrate -- on overturn issues. cut, analysts saying there's very little wiggle room on price targets. finally, you were just talking about sony. let's take a look at a today chart of the adr for sony, popping up 8% over that time period. this on the reuters reports that third point is building a stake. the size of that stake unknown, but clearly bullish action on the day. vonnie: people familiar with the matter telling reuters that there an investment vehicle being looked to be built, the second time in six years that third point has targeted sony. neither sony nor three point is, thing right now. new white house turmoil as homeland security secretary kirstjen

for offshore 670 renminbi and bank of america merrill lynch revising forecast in thegiven the upside economy, we could see a 6.6% print euro-dollar china. 71 .82 right now and the korean won strengthening at 11.35 against the dollar. reaction so far carried the bond market seeing a selloff and yields, slightly higher, as well. rishaad: we have the head of research. at first glance, a solid set of numbers. figures, 8.4% industrial production coming through, above economist consolations. we did have above consensus estimate ourselves but the speed how are quite optimistic estimate. think the number basically says the soft patch is largely behind us but bearing in mind march that gets affected by seasonal factors. you see big rebounding exports from march from a very negative number in february. that could push up the march number. rishaad: it is a year on year figure, don't forget. cui: still, different days and different years could have a weird jumpiness in the first quarter so i wouldn't be surprised if some of this momentum page a little bit in the coming months. average, ifthat, o

anderson and destroyed thousands of jobs that was reversed by the court later, same thing with merrill lynch went to pri prison for a yr on a made up crime. that is what this is. the obstruction allegations is conduct that not criminal, there is no valid obstruction charge there. if you read it carefully they talk about them being potentially relevant statutes, none apply to conduct alleged. >> there are critical key words through out the report. also this is robert mueller's job, he is not someone who just has to give his opinion on these things. it is either prosecutor decline. >> when he declined high exonerated him, so all this is just -- >> what is the destination in from way summary reads, it is not a full -- what is it? >> we declined to recommend charges that is a declinination and exoneration. >> this is 182 pains tha82 painl with obstruction aspect of the investigation, there are things that are problematic for president, asking attorney general to recuse himself. himself. >> unrescues. >> right. kennedy: that is nothing in the world but an innocent man trying to figure his way out

another amherst man was charles merrill who founded what we would call merrill lynch and merrill would see him and they talked about it and coolidge was terrified. a person was so conservative and he knew what a crash was but he didn't see it as the president's role in neither did merrill. that would be a dates authority. another factor in that period was within the policy was. benjamin strong the great leader died. i do not blame this on coolidge in the least. one of the important factors and the only one you look at as was the growth in the 20s real or with "the great gatsby" coming out was at all champagne? the 20s most of it was real to the stock market might be high but it was not the lie of the decade which is something we learned in school. that must be revised and there's an effort for that revision. c-span: where did you first start being interested in calvin coolidge? do you remember that time? >> guest: in a forgotten man, the history of the 1930s was about how the government came in starting with herbert hoover and mess it up. beyond all the things who for dead bigger gover

. >>> another survey by merrill lynch showing most millennial's define adulthood as being on their ownmore than half say they still depend on their parents for money. and 60 percent say they couldn't afford their lifestyles with the extra help. parents often help pay for cell phone services and food and one third of millennial say their parents pay some or all of their rent and 25 percent say yes, they moved back into their parents home.>>> wall street closely watching two bay area companies this morning. pam cook in the studio now with today's dollars and cents. >> i'm looking at them to see if they've started trading yet. were talking about san francisco's pinterest and zoom, both go public today. zoom was priced at $36 a share and right now it looks like it's going to open up at $60 a share. we will keep watching that. pinterest also a lot of interest there. it rang the opening bell this morning on the new york stock exchange. if you are on pinterest, you know what that is, that will be the symbol. it was priced at $19 a share and right now indications higher there and we will keep

this morning, bank of america merrill lynch downgrading that stock to a neutral from a buy.nals that the disruption will be longer than initially expected initially they expected it to slow things down for three to six months now they're saying it's probably more like six to nine months the 737 is the most profitable program for boeing >>> and warren buffett is urging wells fargo to look beyond wall street for its next ceo. buffett is the bank's largest shareholder and he told the "financial times" that the next chief should not come from inside wells and shouldn't come from jpmorgan or goldman sachs former ceo tim sloan stepped down at the end of march >>> and hedge fund titan ray dalio who's made millions through the buying and selling of securities says capitalism is not working and that income inequality is a national emergency. many politicians in the democratic party agree with him. we're going to be speaking with the governor of connecticut, ned lamont, in just a few minutes. you gave $100 million to connecticut. we'll talk about that in a second, but we start with br

if you have a bank of america, merrill-lynch or u.s. trust card, eight bay area museums are free for you. they are deyoung in san francisco, legion of honor in san francisco, contemporary jewish museum, oakland museum of california, and the computer history museum in mountain view; the san jose museum of art, tech museum of innovation in san jose and the napa valley museum in yountville. lots of choices for sunday. >>> it is 7:40. speaking of sunday, it is sure to be bittersweet tonight at oracle arena. fans celebrate the end of an era while the warriors gear up for the playoffs. from oracle arena to oracle park. the giants look to win their first home win of the season. did they do it? sports is next. each morning, people wake. and smile, when they see the sun. not that one. this one. it makes knowing when to take your prescriptions clear as day. up to fifty percent of people don't take them properly. so at cvs pharmacy we got up early and built a system that helps calculate each person's ideal schedule. it's great for doctors. and car

every day i'd commute to grand central station to cram classes for the test there was a merrill lynch quote machine right on the floor there and it was not too far away from a pay phone and always jonesing trying to find a good entry point in the stock of this company that popularized basic semiconductors 35 years ago this is what i found out. the stock seems totally divorced from the company if you only looked at the company it was very much a feast or famine operation but the stock never reacted to the feast. when i used to trade out of my dorm i'd get my head bashed in by texas instrument stock because i kept hearing all those great things about it. what did i do? >> buy, buy, buy >> i went to harvard business school and would read reports and told me it was in the sweet spot so i'd figure the coast is clear. then the stock would go down and i would feel like a total dope i couldn't figure out what i was doing wrong. so i did some digging. i looked at the history to see when the stock would make its biggest moves. i wanted to know the best time to buy the stock of texas instruments

down 1% year-over-year that's according to boa merrill lynch.witch over to the banks, prospect of consolidation in european financials continues to get some attention unicredit is preparing a bid on commerzbank that signs for deutsche bank is seeing a push back commerzbank up 2.8%. carl, back to you. >>> thank you very much. let's get to sue herera and get a news update. >>> good morning here's what's happening at this hour president trump tweeting the u.s. economy is very strong, despite what he says were quote unnecessary and destructive actions taken by the federal reserve. he says there's little or no inflation and optimism is very high >>> at the white house this morning press secretary sarah huckabee sanders defending attorney general william barr's summary of robert mueller's report on his russia investigation. >> i have full confidence in the attorney general, in his assessment he's one of the most respected members of the law community in the country. and i think he's laid out very clearly what his assessment is and i have full confiden

after a downgrade from bank of america merrill lynch that caused the stock to go down at the open.ould have been up if not for boeing. boeing knocked off 118 points off of the dow. take a look at the s&p 500, eight straight days of gains there. the longest winning streak in eight months on strength in the energy sector. let's get to the tech-heavy nasdaq, delivering the highest close since october 3rd. the nasdaq is up 7 of the last 8 trading sessions. coming up a new deadly invisible killer, slamming u.s. hospitals. panicking hospital officials. it is around the world. it is preying on people with weak immune systems. it is so bad, it is so invasive, hospitals have had to resort to physically ripping out ceilings and floors to get rid of it. we're on that story. >>> also ahead, now president obama warning democrats, hey, you have gone way too far left. you are too ridge gid. you rigid and be more compromis. fears grow that president trump could win in a landslide 2020 if bernie sanders is the candidate a new poll favors joe biden as the front-runner. details coming up. ♪ do you wa

look at the merrill lynch people, kept in jail for seven months, found innocent. he wouldn't let them out on bail pending appeal in a white collar case. look at the situations in which he withheld exculpatory evidence. this guy shouldn't have been working. i will amend hit man if anybody is too sensitive. i mean unethical prosecutor. he put together a staff of hillary loving, trump hating people who luckily -- >> robert mueller very well regarded. >> maybe he wasn't paying attention. >> when he was e appointed, president trump supporters like newt gingrich and yourself phrased him. >> you got it. >> -- ultimately cleared president trump. >> and that takes every cheap shot imaginable because he couldn't prove it -- >> you call it cheap shots. other people call it evidence. >> why don't we hear how often cohen perjured himself under oath as a way of evaluating the truthfulness of what cohen is saying today. >> i have to cut you off because we're out of time. >> you think that's a fair document, using a standard of proof that you have to absolutely prove your innocen

bank of america, merrill lynch does the sell side indicator they look at strategist calls. they're showing that we're matching a cycle high back to 2011 in terms of optimism on people on the sell side on the street so you look at that and say, oh, everyone is bullish. that's it. but then understand something. that can persist for months and quarters on end provided the market continues to provide the backing for people to feel good about that decision to be bullish. and that is what we've seen throughout the first quarter >> it can change in a dime, though you mentioned it yourself. >> it has changed on a dime. >> it persists forever >> but why wouldn't sentiment be good if people were rewarded for -- >> the rug could be pulled out from everybody's feet if you don't get a trade deal on china. if that thing gets worse, this thing will turn on a dime. >> i'm going to let my attorney explain -- >> i have to disagree. we've gotten here without that >> no, we haven't. >> you can say it's all baked in it is not baked in >> it's totally baked in >> we have no idea what the deal is

. >> i'll connect the dots and bank of america and merrill lynch had their flows survey out and said the most crowded trade is the -- the most crowded trade right now is short europe. >> right >> we should be pricing in growth in an upturn in growth, is that going to just -- are those people going to be crushed in this trade? >> we think it's crowded to be negative on europe we love it here. look at the daimlers and the continentals and these things were down 50% last year and they priced in a lot of bad outcomes and look at the european luxury names all getting better and this is where we think you want to find risk on exposure this year going forward >> when you get less risk prone in the markets, do you look at the s&p to dictate from top down, 50,000 foot up macro versus granularity or do you look from the bottoms up where you start to see the utilities and the staples and start to rally? >> we look at leadership relationships. we look at discretionary over staples. what's better? >> we look at copper versus gold what's better? copper that dictates how our call is from here. >> g

bankamerica merrill lynch talking about the two standard deviation move from the historic level of evaluationthis point -- and this is a macro call rather than an earnings call -- if rates go high, they say favor banks over utilities because of the extreme valuation gap. given what you have said about the low rate environment and where you think we are in the cycle, would you potentially disagree with this? there are still quite a few problems for the banking industry in the u.s. at this stage of the cycle. the have seen their earnings potential, revenue potential drop-off because of the flat yield curve, their interest margins have been reduced. have we seen the steepness of the yield curve such there can be probability? we are also in part of the cycle where we see a loss of provisions and there is quite a deal of competition gathering at the moment. we aren't really in the sweet spot as revenues for u.s. banking. herenk what we are seeing in the differentiation or dispersion between highly, cyclical stocks and more high-quality, more defensive stocks like utilities is that it is just that.

bank of america, merrill lynch is also cited in the report as an underwriter. furthermore, the oversight board for puerto rico issued a report that stated popular securities underwrote the 2014 general obligation ban even though they did not think puerto ricoing repay it. mr. gorman, did morgan stanley know at that time that puerto rico could not pay back its debt? >> congressman, unfortunately i'm not familiar with the exact facts around the underwriting. i'd certainly be happy to get the details to you rather than guess at it. we have a global underwriting business where typically one of the top two, three, four underwriters. >> okay. you don't know. okay. did you know puerto rico's constitution does not allow the use of bonds to balance it? >> i'm not familiar. >> yet your colleague from citigroup here did know that. and refrained from participating in that endeavor. it makes me really, really think. why did you go ahead and underwrite the 2014 general obligation band offering? >> well, i believe we've done a bunch of underwritings across all of the municipa

look at the merrill lynch people, kept in jail for seven months, found innocent, and he wouldn't let them out on bail, pending appeal in a white collar case. look at the situations in which he withheld exculpatory evidence. this guy shouldn't have been working and i will amend hitman if anybody is too sensitive to that. >> i'm not sensitive to that, i'm just being -- >> i meant unethical prosecutor. you didn't care he put together a staff of hillary-loving trump-hating people led by an investigator who luckily we have his text wanted to prevent donald trump from being president and remove him afterwards. >> robert mueller well-regarded republican former head of the fbi. >> maybe he wasn't paying attention. >> when he was appointed, republicans including presidents trump supporters like newt gingrich and yourself. >> me, too. >> and a report ultimately cleared president trump of conspiracy. >> and he couldn't prove it. >> you call it cheap shots, other people call it evidence. >> you don't spew out this stuff and criticize it. why don't we hear how often cohen perjured himself. evalua

speaking of hong kong, a liquor %,ker is down by about 0.4 despite bank of america merrill lynch upgradingir price tag. their first-quarter results came in better than expected. hitachi also in focus and japan. it is considering selling its stake in hitachi chemical. another player in japan, the worst performer up by almost 10% , stanley electric lighting equipment. you have some his is that mrs., it's -- some misses, some hits. a very busy day for asian investors. nejra: always busy for you. is very busy for us as well with all of these earnings. thank you, juliette saly in singapore. shares surged in after-hours trading after the social media group posted robust sales growth. asides after it set billions of dollars in legal expenses related to a federal trade commission investigation. >> to the ongoing settlement discussions we are having with the ftc, this matter is not resolved. the actual amount of payment remains uncertain. we are estimating its range to be a billion dollars-$5 billion. $3annot comment -- billion-$5 billion. i cannot comment further. nejra: a different story at reope

bank of america merrill lynch, upgrading their revisions for forecast rmb.hey are seeing 6.6 now that we could hit for dollar china. , hovering dollar around $.72 at the moment. .et into the aussie ore, i want to focus on that. bolle bringing news here. they could be resuming operations as swiftly as 72 hours. we see iron ore prices lower. the miners tumbling in australia today. manus: we will touch on those numbers with our guest. the very latest on the asian session. world'slowdown in the second-largest economy abates, let's take a look at the data we have been referencing in china. consumer inflation jumped in march. the biggest increase in more than a year. while the trade talks rumble on, exports jump 14.2% in march from a year earlier. falling imports. the trade surplus balloon from the previous month. strong credit numbers with aggregate financing exceeding alexa and its. a trio of strong data points today. much higher than forecast. retail sales, it .7%. 6.4% was the number that got stamped on the bloomberg. joining us now to put it in context, our g

>> we have commercial banking and merrill lynch that might -- i'm not sure we're quite in all 50 states but we're close. >> what's the name of the bank you represent? >> bank of america >> the bank of america do you think the policies of the bank of america represent the values of all of america >> i think we have a purpose, we have a company that has a great purpose. we have 200,000-plus teammates at work and we continue to build the company. >> where are you from. >> southeastern ohio >> and you live now where? >> in boston >> do you ever go back to ohio, wisconsin, minnesota, oklahoma, texas? >> yes >> you go to those places? i bring that up because i look at the gun policy and i think that there's a lot of americans who you serve would greatly disagree with that policy. it might play well on the east coast, might play well in california, and maybe your bank is not the bank of new york or california, it's the bank of america. and i would just point out that you can look at guns but do you bank hollywood you know any movie studios? >> we bank movie studios, we bank all kinds of kpaepz

>> we have commercial banking and merrill lynch that might -- i'm not sure we're quite in all 50 states but we're close. >> what's the name of the bank you represent? >> bank of america. >> the bank of america. do you think the policies of the bank of america represent the values of all of america? >> i think we have a purpose, we have a company that has a great purpose. we have 200,000-plus teammates at work and we continue to build the company. >> where are you from? >> southeastern ohio. >> and you live now where? >> in boston. >> do you ever go back to ohio, wisconsin, minnesota, oklahoma, texas? >> yes. >> you go to those places? i bring that up because i look at the gun policy and i think that there's a lot of americans who you serve would greatly disagree with that policy. it might play well on the east coast, might play well in california, and maybe your bank is not the bank of new york or california, it's the bank of america. and i would just point out that you can look at guns but do you bank hollywood? you know? any movie studios? >> we bank movie studios, we bank all kinds o

grad school, they started their lives and their family abroad, naji as an investment banker at merrill lynch for naji, the pull of home was strong. naji: oh, it was so beautiful, i mean, for me, 17 years living overseas, coming back here and planting my grandfather's land. lemonis: it was awesome. naji: it was awesome. yeah. lemonis: in 1860, naji's great-grandfather built hotel belle-vue, the winery's namesake and his childhood home. naji: it was impeccable. it was known to be the most beautiful hotel in mount lebanon at the time. lemonis: and what else was around? naji: well, it was basically homes like this and vineyards everywhere, everywhere you look up in the mountains, all these hills were vineyards. lemonis: bhamdoun was known throughout the middle east as the place to vacation... ...until the civil war. tourists were replaced by militias. in one battle, some 300 people in this small village were massacred. reporter: the mountain town of bhamdoun fell, some of its wrecked buildings still smolder. lemonis: by 1983, hotel belle-vue and the place he loved was destroyed. naji: the entire

think it has room to run, joining others that have become positive on this name bank of america, merrill lynchng it on its u.s. one list. they raise the price target to $168 guggenheim resumes coverage at a buy. man, boy has the narrative, steph, changed on this thing since disney plus. eiger did that 30-minute sitdown with faber and i mean, the story has changed. >> i know. >> people view this company in a whole different light. >> and they should they really should i think people thought that the ott meeting that we were waiting for was going to be a bust they thought it was going to be like the apple announcement, right, that you couldn't put numbers to it. you could actually put numbers to this thing. it's a very compelling product but then you also have parks, theme parks, you have fox synergies, you have the film slate, you can make a case that it's $8 in earnings power by 2021 and you're trading at 16 times that number. so it's not a very expensive stock if you look at the earnings power it's had a nice run, i wouldn't change it, i would wait for it to settle but i still think it goes h

merrill lynch downgrading three-on-two neutral cutting the price target to $205.lyst says it is unclear how and when the company can return to expanding margins, instead seeing several tough quarters ahead below the price target. several analysts reiterating calls on intel. jeffries keeping the underperform rating following the report on thursday. the analyst is seeing a shift to a cost-cutting story. duncan percent -- down 10%. goldman sachs raising the price to $2400 amazon keeping the buy recommendation. up 1.9% as we speak. those are our top calls. lisa: thank you. amazon's quarterly results beat the streets. among the highs, some concerns among analysts about weaknesses in amazon and tech more broadly. ben schachter has outperform with ann the stock $1850 price target. thank you for being with us. i want to start with how good the earnings were. are andhink where we how high we have climbed since october is justified? >> i do. broadly speaking, this company continues to execute across the board. they are deepening and widening the competitive moat. i don't se

economist at by merrill lynch, xiaojin zha. is it going to be sustainable?acturing pmi will come out today. it will be slightly down from 15.5 in march. it is still quite a healthy reading. it is up from above 50 in the previous month. cycles,that in the past when pmi comes back, about 50, it stays at 50 for the next few a major downside surprise on growth. if you look at activity indicators, such as the high frequency level available in it remainedfound quite healthy. jump intost want to our chart library and show you a chart. that the pmis data, the rebound in march, i had a strong seasonable actor -- seasonal factor. there was a. -- a period where we saw a lot of stimulus. how reliant will those numbers be on those two factors? we have already seeing some green shoots coming out from the chinese economy, not just from pmi, but also from a range of various indicators we saw in march. it also showed some broad improvement in the chinese economy. we are quite confident to say that the worst in this current cycle is behind us for the chinese economy. we would

joining us now is fidelity investments and savita subramanian from bank of america merrill lynch.i'll start off with you. 2,900 is your market. >> yes. >> seems like the market's sord of tired here. testifies within pretty much flat lining for the past at least month. what is the contour of 2,900 look like toward the end of the year >> yeah, obviously not a straight line, but our target for year end is 2,900. at this point, i feel relatively neutral on equities. i think a lot of the easy gains for the market are in the stocks, and we saw this complete round-trip in equities over the last couple of quarters. from here on out, i think what's more interesting is the internals of the market. so, i think what's really fascinating right now is that the world is still very defensively positioned but cyclical sectors and stocks look like they could actually have a pretty great second half so, where we're putting our money at b of a merrill is on cyclical sectors -- industrials, consumer cyclicals, tech old tech, not new tech, so more cyclical tech, rather than secular tech but the market