you've got santander right at the top of the stoxx 600.stock up more than 8% gsk in the pharma space also catching a strong bid this morning alongside novo nordisk. on the downside, pandora shares about 1.6% lower. also in focus from an earnings perspective. now, i also want to mention that china has returned to action today, returning from the lunar new year. here's a look at how things shaped up overnight. shanghai composite down 6/10 of a percent as investors of course, digest all the news over the last week or two. you've got the tariff risk, deep sea, the emergence of the low cost, the low cost rival to those us incumbents. so much to interpret there from a china perspective. hang seng index down 9/10 of a percent in overnight trade. now on to us futures. here's the picture for wall street. we are looking now at a more than 200 point drop in the nasdaq. apple shares are down premarket as we just mentioned in the headlines. alphabet also down in extended trade after delivering earnings last night that really shook investors from a cape

coming up we will speak with executives from credit agricole and santander, credit agricole coming ing. join me tomorrow as well, i will speak to germany. we will be speaking to the ceo of commerzbank bank as well, so tune in. this is bloomberg. a sleep number® smart bed is perfect for couples the climate360® smart bed is the only bed that cools and warms on each side and all our smart beds adjust the firmness for each of you and now, save 50% on the new sleep number® limited edition smart bed. shop a sleep number® store near you. >> earnings rolling

. >> banco santander. >> no, banco santander is very inexpensive still and is doing a great job. now. admittedly, i did like it in three and four. i know, i just endlessly pounded the table, but at five i still think it's a great situation. let's go to oh, my old friend trey in texas. trey. >> jim. >> i can't. >> believe it's been five. >> years and i'm. >> still wearing this. >> darn mask. >> see, the thing is. >> when i got my boxer puppy in early 2020, it was love at first. >> sight, but. >> i had no idea his natural gas production would. >> rival that. >> of exxon. >> i've had to repaint the walls in my house. >> a. >> few times, but on that note, i know you're bullish on lng, and. >> since you're the goat, so. am i. >> absolutely. >> question is. >> is exxon the goat. >> in the. >> omg space? >> no it's not. and i you know, frankly i'd rather see you in chevron if you could do that. sorry about your dog. i wish i had something for the dog. i'm trying to think. i mean, maybe zoetis has something i don't i can't doesn't come to mind, but i know we want to stay away from exxon.

stephen stanley of santander saying tariffs are likely negative for growth.s for more. good to see you. stephen: good to be here. jonathan: chairman powell said he would wait to see poll policy articulated. what does he do now? stephen: you have to wait. this is a day-to-day thing. president trump is speaking with the leaders of canada and mexico. there's at least a nontrivial chance we never see these 25% tariffs. >> given that a lot of companies aren't sure what to do with this, the former st. louis fed president was earlier on and says he sees this as more of a growth shock than inflationary shock. based on everything you have read and seen so far would you agree? stephen: totally agree. so the inflation story has been the one that's gotten the most run in terms of tariffs. the problem with that story is that tariffs are a one-time change in the price level. it's not a persistent change in the rate of change of prices which is inflation. and so in theory the fed is supposed to look through that. i realize easier said than done but if you go back to 2018, i

you have to have a separate bank, go to santander, go to santander. >> yeah. >> but my city is not connecteded after quite a few years jane frazier was like, we're out of here, right? >> right. well. >> all right. >> so, look. >> i to carl's point, right? what's the end game? what is and how do you. >> measure the end game is to call. >> is it is it migrants at the border. is it fentanyl? what is it? how are you measuring this? >> the end game is to say to president trump, you know what we have, we do have a very big imbalance with you. and we're going to fix that. and if you give us some ideas of how you think, we'll fix it, and we'll give you ideas and we'll come to some sort of happy conclusion, happy 46. >> billion on $1 trillion of trade. i mean, is that really the is that the biggest crime we've got? >> it's 37 million people in canada. that's all they got. >> well i mean doesn't doesn't like the imbalance. there's an imbalance. i thought that the oil trade was very interesting. only 10%. he could have done 25% there. remember they send 4 million, 4 million gallon. >> enforcement admin

. >> banco santander, i knew it was going to say that. >> well, it's, it's a 40% gain. isn't that what we're about? >> i know you also have a. you like her sock? jen i won't say i won't. i mean, lisa watches now the show, so i won't talk about you. >> know, she's. >> not, but. >> she's a. >> banco santander ceo. >> but she's not at least. but she said, listen, i think that the 1015 is when you really swing into action. so that's great. just great. i do think that ford is a tough read. you know, they gave you this 15 cent dividend and nobody cares. we wanted a buyback. you're not going to get a buyback. and it is a very poignant call because it shows you that what trump wants to do is going to hurt them, hurt them more than anyone else. >> so he wants to hurt. >> he doesn't mean to, but the ford makes the most cars that have to go back. >> in mexico. yeah, back and forth or their components and things of that nature. >> i'll take you to one of the ford plants. >> yeah. you always promise you never take me anywhere. >> yeah, i don't, i mean, why would i want to go with yo