morgan stanley out a bit earlier.ig issues, wealth management doing ok, trading doing ok. stop this negative. in the every market, down .6% on the s&p. there is that bond move. yields up on the front end of the curve. 10 year at 3.61 57. we are seeing some dollar strength, euro-dollar down about .3%. tom: looking at the euro yen is a global metric, we have not rocking of the strong euro. joining us to piece this together is someone widely followed worldwide, james 80 -- athey joins us. what we write about this week? what is the theme for you when you are writing, given the immense jumble of the moment we are in? james: that is exactly how i would think about what we are seeing. this is the signal you are getting from looking at equity and bond markets. it is jarring, very much a confused macro picture, where bonds are probably priced somewhere between bimodal outcomes in a world where both of those are bad for risk assets, but one is higher and more persistent. one is inflation and the other is lower growth. we have p

. >>> morgan stanley is out with its quarterly results.hey did surpass what most analysts had been expecting but the stock is down. >>> fox news agrees to pay more than $787 million to dominion. that is settling a defamation lawsuit that was brought by the voting systems company >>> we're going to begin with netflix this morning mixed financial results, sub ads also coming in below estimates co-ceo ted sarandos was on the call last night talking about the company's quarter. >> on revenue and profit, we're growing, not as fast as we believe we can, not as fast as we want to, but we are growing, and we are profitable, and we have a clear path to reaccelerate growth in revenue and profit, and we're executing on it. you'll see a broader rollout of paid sharing in q2, and we're going to continue to grow that ad business. we're also aiming to continue to grow free cash flow. as we said, we're going to generate about 3 bi$3.5 billion free cash and on increased margins. >> we had the 10% drop before the recovery last night. i think it was the jpm

in the first quarter, you had a lot of volatility, at morgan stanley -- and morgan stanley, they'll benefitedat. the markets have normalized a bit. loans for consumers for a house today are of -- are a bit over 6%. that's the way to supposed to be. for the last year, as you know, the markets were badly disrupted. you have benchmarks well above deposit rates, we have not seen that since paul volcker. the banks will have to reprice their business. you see them out today, advertising well into the fives, for one your deposits. -- one year deposits. everyone is thinking the big banks will be at an advantage. no every bank will have to compete for funding on price. shery: what does that mean for the smaller, regional banks? christopher: it depends. if they have a good relationship with their business customers they will be fine. but they're going to have to pay them. that's the difference. i think every bank is going to be different. first republic got attacked, because perhaps it was perceived to be not as robust in terms of funding. they were also a big issue were of mortgage securities. -- issu

morgan stanley's about to come out. what are you expecting there? we saw the goldman numbers and it was largely the impact a quiet investment banking season. >> yes. maria: will we see a similar situation at morgan? >> i think you will because deal making is a big part of their business and let's face it the fed took the punch bowl away. rates are up, financing costs are up. i think that also bodes well for down the line. there's pent-up demand. as soon as we know when the fed will stop raising interest rates, a lot of companies will do delts. when we look at the forecasting that will be good for goldman and morgan stanley. morgan stanley has an advantage, they have a huge wealth management business. that's 50% of the revenue, it's very consistent revenue. very good for their business as it is for mine. maria: would you buy tech here? you've been bullish on this market. you've been right. the nasdaq is up 16% year-to-date. would you put money there now given the valuations. >> good question. i don't love tech. tech had a magnificent bounce this year

tom: morgan stanley coming up later today. they again just grind goldman's face into the dirt on fixed income? how much of the focus is going to be around fixed income for morgan stanley? charlie: this is one of goldman's archrivals and morgan stanley focuses less on fixed income trading and more on equities. that could be a trouble spot. some estimates from jeffries put equities trading volume down 7% in the first quarter so that could spell a little bit of trouble although morgan stanley has been performing well recently. the share price is up 6%. that's actually been down 3% in the s&p financials. tom: this is an earnings season when it comes to banks and also looking at smaller regional players as well. western alliance, what is the picture there? charlie: they saw a share price a surge of 20% yesterday and this was on news that there earnings had beat estimates but also they had good news on deposit up more than expected following the banking crisis in march. tom: charlie wells with a roundup of banking news. coming up, u

it's morgan stanley right there. the stock is still down, sarat, .75%. profits down 19% revenue down 2%. ib revenue, investment banking, down 24% all of these are versus year ago numbers. so you're a shareholder here it's the last big bank to report what's your takeaway on this one? >> i think out of all the banks, i like morgan stanley the best they have the best, most well managed team out there 60% of their income comes from west management up year over year we knew revenues were down capital markets have been zero for the last six months. we've had very minimal ipos, very low debt issuance m&a is pretty much dead, very little to do that was all baked in. but this company's balance sheet is so strong they have a dividend over 3% james gorman who runs it is very disciplined in how he runs it and the focus on wealth management is what i really like about this company the amount of assets they're going to get as people move away from the smaller banks will be tremendous it's an opportunity if you don't own it add more at these levels. i think it's truly

morgan stanley tomorrow.er the close a little later on this afternoon, united community banks, western alliance. a big focus. tom: western alliance is a big deal, outlier. jonathan: is a west coast bank. tom: there are different west coast banks. zions has always been a struggle and there are certain banks where riveting knows when you hear the name, what is going on now and i would suggest western alliance is one of those. ritika: many of -- jonathan: many of these names we would never talk about. we would just look of the global economy and move on. tom: spx breaking out to new heights, 41.92%. for global wall street and for american wall street, now is the time to stop and lean forward. david konrad have done -- has done two tours of duty at keefe bruyette and woods. road to have you on today. 48 thousand people at goldman sachs, a quarter million bodies. i know when there is stress, bodies go out the door. will there be layoff announcements today? david: probably not today. we have seen a few and that wil

morgan stanley's wealth revenue clients. deposit outflow trying to stabilize and we will talk to a bank investor. tesla and netflix ways on the nasdaq. the other adds less surfrider's -- subscribers then expected. the dollar gets a safe haven flow as hot u.k. inflation shapes of the bark market -- bond market. guy johnson is off. this is the worst performing stock at the s&p -- at -- s&p. it is saying clients are's cap bar bahamas demand they will do and how much -- clients are demanding how much money they would do. >> it is one of the worst-performing autos. it is the fear over ev that folks are willing to spend and not willing to buy big ticket items like electric vehicles and tesla is underscoring that so the same story and different sector. alix: you have the netflix thing. they won a slick of cash flow. is that the right indicator to look at and all this comes as tech indicators are brought. --fraught. >> in the u.k., they are buying beans" -- beans and toast. that tech story, the fact that the nasdaq was about to hit

. >> earnings full swing i want to get, correct on this asset under management morgan stanley earlierion-dollar number, we have aum morgan 1.36 trillion dollars versus a year ago 1.45 trillion so the assets under management morgan stanley, that was one of the positives of the report. maria: you are starting to see positives, we talked for months how much negativity pockets of strengthening dammed earlier proportionate kudos where he deserves it one of the only bulls on street six months ago. maria: he was. >> we are looking at biotech, bioa company got bought another deem by merck glaxo, m&a. maria: starting again. >> starting but -- >> first quarter for goldman sachs -- >> aun is keyr key for morgan anchors business fee generating continues to pay dividends dow industrials back near lows of the morning down 13 after morgan stanley report did have a double beat earlier this morning, on morgan stanley, capital markets managing director gerard cassidy here with his take on earnings we will getting into the regionals back in a minute. ♪ ♪ but -- beating ♪ ahhh, ahh. ♪ what if there was a

morgan stanley took in $110 billion, which is huge double the previous quarter.igantic win when we heard that, we knew they were golden and that's what we told people at the investing club morning meeting we do online stock was down big, goes from one of the worst performing to up slightly. what a turn. this was not guesswork but the micro staring down the macro and the micro winning. goldman sachs was down yesterda when you were aware of a major misinterpretation of a decline in a key line of trading in the earnings release business dropped year over year, scary, right looked awful except the decline was compared to the single greatest quarter this division had ever reported. the actual numbers, one of the best ever. next thing you know, erases most of the losses and opportunity. sometimes the stocks are more muted. abbott labs had an amazing quarter, every line better than expected but the headline writers were a tad confused seemed like a mild, ho-hum abbott beat, who cares but as the full earnings dec received love, they finished up eight bucks, one of the be

morgan stanley was a beat. fixed income was part of the mix for morgan stanley.estate down .2%. at the bottom of the list, real estate gaining .renault was part of the mix. iron ore, copper an brent all under pressure. you can link that to those mounting concerns about a recession in the u.s last i checked brent was trading at about $81 a barrel. let's switch to commodities and switch to soft commodities and the impact of russia's war in the ukraine fresh uncertainty about the agreement. a deal that is been crucial for bringing down global food commodity costs from records after russia's invasion. moscow has been accused of stealing ukrainian grain en masse since the outbreak of the war. joining us is the c.e.o. from one of ukraine's biggest grain producers crucial for the economy of ukraine and when you think about commodity price globally, it really sits at the heart. how have you and how has your company adjusted to russia's conflict on the ground in ukraine? >> thank you very much for your interest. actually the problem what we have is to explain there is a b

still pretty high. >> george machete from morgan stanley. we always appreciate perspective and insight and helping us understand what's going on out there in the wall street world and main street world at same time. thank you, george. yeah, jorja. i think we can say your money. >> it's still ahead tonight at 8 major developments tonight. the future of the most commonly used method of both portion in the u.s. is now uncertain. the new federal battle and a new water pipeline being built in the east bay. why officials are trying to get it done before the next big earthquake. >> in alameda east bay, mud is installing a new massive water pipeline that engineers say will withstand the next big earthquake. >> the new pipe is 32 inches in diameter. it will be installed through a bore hole drilled under the oakland inner harbor is phase of the project. expected to be wrapped up this weekend and by the end of the year will be connected to the existing water networks across the estuary. the new pipeline replaces one that is 80 years old. >> there is no

morgan stanley rising a little bit. take a look at how tesla is trading after hours. we are seeing a little bit of pressure. profit being squeezed. free cash flow fell to a two-year low. we are continuing to watch how investors are reacting. >> we are very much focused on earnings and what we are hearing from central banks. from the new york fed president, who is speaking at an event at nyu, some key headlines are banks will tighten credit conditions. they said it is too early to assess the impact of that even though we have seen stabilization coming back into the banking sector. inflation remaining too high and there is the need to bring price stability back into the market. more fed official saying there is need for tightening. we have seen the dollar rising somewhat over the past couple of sessions. in the asian space, on the new zealand dollar, you can see the drop as we have inflation numbers coming through in the last 15 minutes. a slowing, more than had been forecast. perhaps it will not be as aggressive as it has been. other central banks in focus include the

bank profits slid from morgan stanley.ning us is abigail doolittle covering all things bank and ripple effects. as they caused a frenzy last month, some pieces of the equation or things like western alliance and morgan stanley, what were some of the news we got today? >> morgan stanley is paring some of the law says it started to see earlier in the day. the initial knee-jerk reaction to the worry about net interest income paring off to the worry about the trading figures being below expected. when it comes to morgan stanley here, you are looking at a bank that has been trading more richly than the others to begin with. it's not going to cry about what the stock reaction really is today, essentially flat on the day. western alliance, soaring in the stock market. they have sold off very significantly. the idea of the deposit picture not only stabilizing but deposits coming back in at the beginning of april, a very positive sign for western alliance based on the west coast. people were really worried about the regional differ

what went right for morgan stanley? >> wealth certainly went right at morgan stanley.unit saw an increase of 11% from the year before. there cfo said $20 billion in assets came to that unit thanks to the turmoil of march. now morgan stanley, always a referred juggernaut in wealth management, seeing $4.6 trillion there, much of the envy of its competitors. what went wrong? the dealmaking slump is still weighing on this bank. we saw loan loss provisions quadrupled. we were talking yesterday about goldman sachs. morgan stanley's equities trading unit lost its top spot to goldman sachs. it did well in fixed income, but equities trading notched down. manus: charlie, good to see you, we are wrapping up hurling'-- earnings season in the u.s., credit suisse will give some numbers and deutsche bank. but regional banks are perhaps the next most important thing in the u.s. to really hone in on. we have looked at deposits flowing back in to one or two of them, but what can we expect? >> we don't focus so much on regional banks, but after march, they are so crucial to understanding

shares of nasdaq lower after the index was downgraded by morgan stanley. financial is better positioned in this environment. sonali basak joins us now. walk us through what this call was. when i think trading the macroeconomic environment, i don't think of exchanges. sonali: it is a good place to start because this is really the plumbing of the financial system. the concern is they are not necessarily going to meet their longer-term targets this year when it comes to their business solutions business. remember volumes are highly impacted in times of volatility for exchange businesses in market makers, but things like listings would be cooler in a market like this which is why when you are thinking about morgan stanley's call, you see them not excited about the near term for nasdaq because that business solutions -- solution comprises 75% of the firm's revenue. when you look at this call, they are not making it overweight yet, they are just making it not underweight anymore. last year, nasdaq and sold off more than 12% and virtue sold off 29%. they say the

having got morgan stanley this morning plus some regionals.ipal asset management with what you've seen so far, you feel estimates are where they need to be for what's left? are things a little bit better than you thought or are things a little bit softer than you thought? >> yeah, thanks for having me on i think what we have seen in the last month or so is you have seen a lot of downgrades of expectation, so this wasn't a very high -- this isn't a very high bar to clear at this stage. so, although i do expect earnings to deteriorate as you go through the coming months, i'm not sure the q1 earnings is really going to be that negative, but it is the one that breaks investor sentiment at this stage >> we just had thomas betterphy on who's worried about earnings and thinks stocks are way overvalued at this point do you share that opinion? >> absolutely. i think that we're seeing these overvaluations we are extremely worried about the outlook, expecting recession to hit q4 as you start to see long-term impacts from central banks starting to feed th

alix: are you bullish for morgan stanley? devin: morgan stanley is a little more expensive. than what you're getting a morgan stanley. it dictated less by this volatility. i would argue a lot of companies that are driven by interest rates are overburden. i want to buy businesses that are under earning and you get a risk reward which is why you go to those equity capital markets and then trading is an area can remain resilient. a good first quarter for the industry. second quarter is off to a healthy start as well. dani: in terms of those companies that are exposed to the deposit story, yesterday we learned apple inc. goldman will yield a high end investment account with the 4.5 percent yield. what kind of pressure will this put on other banks when it comes to giving depositors more to attract them in? devin: apple is a household name so it garner attention. there are a number of offerings were you can get over 4%. i would also say we are in the lehner endings of this cash deposit move. on the margin there will be the price of money moving but a lot of the money that is heale

morgan stanley. as a business owner, your bottom line new world ideas. is always top of mind.t saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network, with no line activation fees or term contracts... saving you up to 75% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities™. >>> welcome back to "worldwide exchange." bitcoin above the $30,000 mark the gains adding to the rally climbing 80% this year arjun kharpal joins us from london arjun, is this truly meaningful for crypto >> it is, frank. this is a psychological game with bitcoin it passed the 20k mark and everyone said this is great. this could proceed to 25 now everyone eyeing the 35k level and if that offers resistance that is why it is important because of the psychological factor more than anything else if we look at bitcoin, this rally has been in the making over the

edward jones what do you get from the morgan stanley client experience? listening more than talking, and a personalized plan ♪ to guide you through a changing world. ♪ >>> welcome back to "worldwide exchange." nio ceo says the products and services are worth the price consumers are paying this is front and center at the shanghai auto show kicking off today. we have eunice yoon with the latest from the key international auto show. >> reporter: frank, you know who is not here? tesla. tesla is not at shanghai auto show this year it is still driving market share in china and the latest is the price war. some would say that tesla is cutting prices of the model 3 and model y. in january, it slashed by thousands of dollars which is amid pandemic when consumption looks weak about on 40 brands followed suit cutting prices including xpeng this is what the xpeng vice chair told me about it. >> we have been under the tesla price reduction process for several years now. it is actually, one, providing capital for the wider auto world. that is why we enjoyed the process

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morgan stanley. ge aerospace, advancing flight for future generations. ♪ welcome to a new era of flight. i screwed up. mhm. ♪ i got us t-mobile home internet. now cell phone users have priority over us. and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud. well, i could switch us to xfinity. those smiles. that's why i do what i do. that and the paycheck. >>> welcome back to "worldwide exchange." we are checking in on the globa hot spots. french president emmanuel macron's pension reform act was signed into law. >>> next, the neavy war ship through the taiwan strait after the meeting with kevin mccarthy and taiwan president tsai earlier this month. >>> yemen's conflict is a proxy with the war with saudi arabia and iran >>> saudi arabia and iran ag

earnings from morgan stanley and netflix weighing on investor sentiment, although morgan stanley did turn around and is now positive that's where we'll begin today the company's ceo, james korman, saying on his conference call that the federal reserve is not done with rate hikes and we could see one or even two more he certainly doesn't expect rate cuts this year treasury yields are higher the 10-year and 2-year now at the highest level since mid-march. mike santoli is with us. we always get into this thing, where the market talks itself into rate cuts and gets all excited about it and then the fed comes out and talks and we get some data and it goes the other way. >> this was the reminder, i think along with the uk inflation number overnight, for those who needed it, a reminder that the fed remains many play that central banks are certainly not declaring victory, not done. if you look at how the yields have behaved, we're still one rate hike less than we were before svb failed, right so march 8th, if you look at the six-month yield, the one-year t-bill yield, you still got that one

and alba bet is reiterated at morgan stanley because a.i >> samsung could just be negotiating. keep in mind that google is at 90% share, and if you want to get your contract renewal price down, you will float a story that we are thinking of going elsewhere. right now i will assume that's all it is. i don't believe anybody is going to switch over to bing they may add bing as another button but i don't think they will switch over to bing when you don't know what the regulation will be on using -- >> well, it adds to the narrative that has been out there for the last few months that it's microsoft in the leadership role here and not alphabet that was a narrative that emerged and whether it's right or wrong -- >> if you look at the morgan stanley report, there are a couple things that have to go right. i wouldn't say that gave me a ton of confidence in the upside. >> one thing, it's not microsoft in the leadership role but in the challenger role. when you have 90% market share which is what google as right now, you have nowhere but up >> yeah, we're talking about the leadership in

shareholder, also likes the reinstatement of the buyback, of course >> we'll get goldman and morgan stanley next week. let's get to "the half." >>> carl, thanks so much welcome to "the halftime report." front and center the kickoff to earnings season, the banks deliver upside surprises between that and a flurry of economic data there is much today for our investment committee to debate this hour. joining us on this friday josh brown, stephanie link, jason snipe, baruch. let's check the markets. we are in the red across the board. a lot of the dow has lost, down 200, due to boeing and united health we will get into all of that josh, i feel like you got a lot of cross currents today, the retail sales miss. you put that against jpmorgan and what some of the banks have delivered, you have a new background behind you. nice flowers on this friday. so just add that to the cross currents and things we need to discuss, but what do you make of what you're dealing with today very nice. very, very nice. >> my guy. it's not very complex. what would you askyourself, what would you prefer, a blow-out reta

morgan stanley. >>> all right. welcome back to "worldwide exchange."our w.e.x. wrap-up, six stories you may have missed as we close in on the 6:00 hour. we begin with the biden administration announcing this morning new tougher rules around auto emissions part of that plan includes electric vehicles potentially making up 67% of annual auto sales by 2032. >>> chicago fed president austan goolsbee urging his colleagues to be patient around raising rates and says a pullback could potentially slow down inflation. >>> the parliament in the swiss house voted in a largely symbolic first round vote. >>> florida governor ron desantis reportedly looking to establish control over development of property around the walt disney world resort according to reuters. >>> walmart announcing it's closing four of its chicago stores losing tens of thousands in the last year. >>> and movie theater advertising national network filing for chapter 11 bankruptcy, the move coming after amc disclosed a large stake in sin media. >>> the banking organization is out with the weekly a

that's good for the stocks >> well said barry, i don't know if you have dug into morgan stanley. it would be unfair to put that on you why is it up to this point you are not so impressed by what we have seen in some of the bank results? >> i think the big banks were beneficiaries of some regulatory policy back in '21, in particular when the fed ended the exemption for cash and treasuries from the supplementary ratio, meaning the big banks couldn't take in deposits when the fed was injecting $3 trillion of liquidity of bank reserves into the system as a consequence, they didn't wind up that problem of what do we do with the cash in 2021, didn't buy as many treasuries and mortgage backed securities as some of these smaller bank where is the money did flow. so now that credit is tightening, the money is coming in but my issue is with the banks the last interview you gave was indicative of that, because he said -- analysts said they're de-risking so that means they're shrinking their balance sheets this is knock-on effects of credit tightening likely to permeate through small busines

does morgan stanley model something so grim?e are quite a few -- grim yes, we are above 2.5% which is sort of the threshold that say oecd puts out that says -- tom: global gdp about 2.5%? ellen: we have global gdp about 2.5%, not much better than the imf. tom: this is a new era. jonathan: but in the u.s., we are -- ellen: in the u.s. we are forecasting .3% on the q4 or q3 basis. tom: give me a three-month, six-month, payrolls, off gdp. ellen: looking at a three-month moving average by the middle of the year so we get out of these early in the year reads, you are talking about less than break even on payrolls, 90,000. you should see the unemployment rate -- tom: let me make this clear, from yesterday morning in the speech of the managing director, this is a massive global and domestic reset. this is not a normal good friday jobs report. jonathan: not at all. to ellen's point, there is a belief that maybe this is the month after saying that for about a year, perhaps this is the month we see the weakness. when we get to may 3 or ra

at morgan stanley, is not a trivial thing at all. they open for business in asia and there is a balance between what they want and what security guys want. to be in a constant patch cycle and you look at that with thousands of critical vulnerabilities, at the end of the day, we respect that software manufacturers are going to be driving down vulnerability before it gets to the consumer so you're not putting all the burden on users and small businesses to constantly be in this patching cycle. we talk about nsa. why doesn't that come baked in? why is it mandated to have enterprise nsa in a turnkey way? these are all things we think are incredibly important. i was at carnegie mellon talking about memory safety. 2/3 of the errant -- a vulnerabilities or memory safety issues. we need a way to be able to migrate to memory safe code whether that is job or python. -- whether it is jabber or python. - jav or pythona and we need to get university's teaching it so we have the next generation of coders coding more securely. we talked about the t

from my friends at morgan stanley and working with other big firms, everybody is on this journey and we can all learn from each other so that we can get to what looks optimal a lot faster. >> let's transition to jcdc. that's one of the areas that we were excited about for many years. one of the challenges on the private sector side is what i would call the simplex conversation. you have a one-way conversations and you never get anything back. with your leadership and many partners helping out, it has dramatically cnged. we appreciate that. we recently helped with some supp chain threats that were out there. maybe you can talk us through how this came together and what were the benefits and how can we learn from this and create more of these instances where we can rapidly share this information to protect to the community? >> it's important toive context. over the past decade or so, we have developed a much better understanding of the threats and developed more capabilities to do something abo it which is great. i do think we still are not at a level where we have a sustainable approa

. >> finally, any read-throughs on goldman, morgan stanley next week when we start paying a little more attention to capital markets activity >> i'm going to say they're looking pretty good today. as you saw the results out of fixed income at both jpmorgan and some of the other banks, they look really good. they actually outperformed, jpmorgan, did, by roughly $400 million, exceeding expectations on fixed income. as you know, goldman and morgan stanley both have sizeable trading operations they're going to look pretty good there, carl >> hugh, appreciate it a good wrap-up there's a look at what's coming our way in the next five sessions >>> so, from commentary on the banks to a resilient customer, jpmorgan says u.s. consumers and small businesses both continue to show some resilience. wells fargo ceo did add debit and credit activity is increasing and feels like there's a lot of activity in the economy, although they expect some slowing today's econ data shows cracks in the retail sales, down 1% in march, the lowest level since november and the weakest ex-auto number since late '21 the

morgan stanley says stocks are entering a dangerous phase. lisa shalit explain. automakers are in a decade-long slump. can branch of the other vehicle help car companies revive profits? is america's ramp up for a record-breaking vacation season? jack identifies the hidden gem in travelstar. three things investors ought to be thinking about right now. bond investors are on high alert with the debt ceiling deadline looming in washington. how long before the x state and why it doesn't bother the stock market, netflix kicked off earnings on a dismal note but the company's crackdown on password sharing could help drive revenue. bud light facing backlash over its partnership with a transgender influencer. the stock is hardly phased. on "barron's roundtable" my colleagues, ben levinsohn, carleton english and jack hough. we missed your analysis of the stock market last week. what is happening? jack hough: the s&p 500 did almost nothing. it was down 0.1% last week. jack otter: if you had not been around for two years. jack hough: i could have said that and that would have

goldman sachs and morgan stanley round out u.s. bank earnings this week after jp morgan citigroup benefited from higher interest rates. meanwhile, sky reporting barclays will cut over 100 investment banking roles. plus, french president emmanuel macron and axis controversial pension reform after clearing a key constitutional hurdle. he gives a speech later today. francine: last time he gave an interview, there was controversy. we will see what happens a third time. gains are quite sizable. we will see how the day pans out. tom: we are considering the day that came out from the u.s. on friday, where there were expectations around inflation picking up around the university of michigan survey and also the retail sales out of the u.s. the focus tomorrow is a big data drop for china, that index currently gaining. we will bring you that story in more detail in a few minutes. there also looking ahead from fed speakers before they go into their quiet period. there is a solid handoff from china as we look ahead to the data. the cac gaining 1

what do you get from the morgan stanley client experience?than talking, and a personalized plan ♪ to guide you through a changing world. ♪ >>> good morning new warning from the fed officials now expecting a mild recession beginning later this year details are straight ahead. >>> earnings on the way. delta airlines reports this hour we will bring you the numbers and interview with ceo ed bastian. >>> cnbc learned twitter will let users access stocks and crypto and other financial a assets with a partnership with etoro. the feature rolling out today. it is thursday, april 13th ugh. the 15th in two days. "squawk box" begins now. >>> good morning welcome to "suebquawk box" on cc i'm melissa lee along with joe kernen we have andrew ross sorkin live with us from seattle the >> melissa, we have a big show

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morgan stanley.ve made the switch from the big three to the best kept secret in wireless: xfinity mobile. that means millions are saving hundreds a year with the fastest mobile service. and now, get the best price for two lines of unlimited. just $30 per line. there are millions of happy campers out there. and this is the perfect time to join them... see how easy it is to save hundreds a year on your wireless bill over t-mobile, at&t and verizon. to learn more, visit your local xfinity store today. >>> welcome back to "worldwide exchange." gold prices are slipping on the back of the friday jobs report still gold is holding above the $2,000 an ounce mark and the metal has been climbing up 10% this year and it is just below record levels. for now, let's get insight on this with nicky shiels nicky, thank you >> great to be here. >> grold is above $2,000. what is the factor leading to the conclusion >> it is not a lot of mileage, but $130 up in the last few months there are a lot of things coming toward

new world ideas, morgan stanley get into the stanley cup playoff. there was nothing like it.mosphere are waiting to it. atmosphere are waiting to explode. hard grind. our customers don't do what they do for likes or followers. their path isn't for the casually curious. it md ter the most when they find it. the exact thing that can change the world. some say it's what they were born to do... it's what they live to do... trinet serves small and medium sized businesses... so they can do more of what matters. benefits. payroll. compliance. trinet. people matter. started. take the adviser match quiz now at smart asset .com was this close? it's close natasha chen in los angeles and this is cnn. we're just getting new information into our newsroom. the justice department is appealing that judge's order to halt the fda approval of that abortion drug that we have been discussing earlier in the program, and danko, a manufacturer of the drug also filed notices of appeal to the us fifth circuit court of appeals. we will keep you posted on all of that now to this story. president biden is

isabel: morgan stanley said it is overdone. last we could hit the bull market which means it was up 20% from december lows. for mike wilson, that was a bit much. he said they were treating it as a traditional amid the aching turmoil but still recommends utilities and consumer sector because he also says when something hits its trough, likelihood it will move back up. wanted to see more durable lows. for now, kind of a no go for him. ed: if there's one thing we have learned recently around the tech sector, one session a market does not make. looking at economic data. still way back to the same discussion around inflation and the fed. >> that is right. that is why people are probably thinking, ok, that is why risk assets are rallying. the fed will start cutting. people have various estimates. it is bullish overall. bitcoin is up. enjoy its best quarter, 72% or 74% in the past two years. all risk assets are up and they are enjoying the bounce. good news for the bitcoin lovers, april is usually a good month for bitcoin. it was up i

bank of america and goldman sachs and charles schwab morgan stanley as well this week is reporting >>we have weak trade this week down 25 basis points against the dollar right now, $109.74 the dollar index hit the lowest level since april of 2022. we have seen a decent amount of action that as futures price in a more than 80% chance of may rate hike from the federal reserve >>> as for u.s. futures, green on the board it looks like investors are taking a bit of a pause. we have positive indication for all three of the major indices stateside. >> let's bring in our next guest from goldman sachs james, thank you for joining us. >> pleasure. >> i don't know if you were listening to us earlier. i was at the imf conference last week we had a wide range of conversations with a number of policymakers one question is major advanced economies will manage to achieve a soft landing, but they highlight risk to the down side which feels like we are in a more optimistic, but less pessimistic vienvironment today. is that where you are sitting? >> we are more cautious. what i hope is europe and the u.

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managing director and global head of banks at morgan stanley, thank you as always for joining the showmorrow. jp morgan taking it off, unchanged at the moment. jon, these broader markets are rolling. s&p higher by 1.2% and nasdaq just shy of 2%. 3.41 yield on the 10-year. more markets coverage ahead. this is bloomberg. ♪ romaine: software economic data equals a stronger equity market here on this thursday afternoon. romaine bostick alongside katie greifeld kicking you off to the close. katie: that ppi data is telling the same story that we got from cpr yesterday. much bigger action in the bond market. romaine: this gets to the divergence that we continue to see in markets. maybe that is telling the same story, just different sides of it. for equity investors, they seem to be thinking this might be exactly what they need for the fed to slow its role. katie: apparently that's good ,

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you have the more immediate results, goldman sachs, morgan stanley. the big banks have shown you they are -- that there trading figures have been stronger than expected. jp morgan have the surprise deposit increase. morgan stanley would have been a big beneficiary of a lot of the banking movements we stopped seeing. do they have the same interest income expectation as well? because they have gained larger banking clients? ones that need funding and high net worth individuals who might be looking to morgan stanley to get their loans. a lot is changing this week. the question is will it change the near term outlook or is this a long-term play that the market needs to start being more aware of? alix: hence our question. we don't know the answer. we need to get more clarity. sonali basak and edward harrison joining us. coming up, more on our question of the day. are we passed the banking stress peak and if not, where does that show up? stephanie lang is joining us next. this is bloomberg. ♪ this all-new ariya is an elegant ev. yeah, with 389 horsepower. ♪♪

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