the swiss national bank do to make their first decision of the year. me things say we could be in for a surprise cut. stick with us. this is bloomberg. ♪ >> this is bloomberg daybreak: europe. a central bank will visit this week. we kicked off with the boe coming up at 12:50. that means there is going to be a lot of volatility in the bond market and the effect space as well. this kick off our coverage with what to expect from the bla. lizzy joining me now. we had an uptick in some of the inflationary numbers. how much of that change is what we expect from the boe today? >> the services number was not what they want to but it was good news in terms of the headline level of cpi yesterday. maybe it doesn't change the picture. just encouraging news that it is moving toward the 2% target. with that in mind, yesterday you saw traders raising their bets for rate cuts from the boe but not by much. they still see too because this year fully priced. maybe with a third in play. even then, city economists say that they already left it too late. in terms of the deci

we see the announcement by the situ swiss national bank with the moves significant. we see the ftse 100 up by .80%. we also wait to hear from the p bank of england in a couple of hours. we have been seeing momentum when it comes to basic res resources. this after the fed's comments yesterday which state they are committed to three rate cuts this year. the overall narrative across the major economies, frank, are driving real estate, tech stocks. back to you. >> silvia, thank you. >>> so much at play in the markets today. let's get more insight from jeff kilburg from kkm financial and cnbc contributor and gunjan banerji who is the lead writer at "the wall street journal." her latest piece in the journal is "investors have not been this bullish in years." that's a great place to start as we talk about the s&p and nasdaq hitting record highs. after the fed's press conference maintaining the idea we are getting three rate cuts -- are investors more bullish than they have been? >> it seems like that with the simultaneous records in the handling or indexes and zooming out a

jordan from the swiss national bank to step down at the end of september this year. joined the swiss national bank is an economic advisor in 1997, at the details on to major swiss bank. let's get back to these oil markets and we will get more detailed set up the next few hours. the physical market showing some signs of site is. do you expect that tightness to continue in the weeks and months ahead? >> i think we are no moving toward seasonal higher demand, so particularly in the first quarter in the month of february we had refinery overall and maintenance, so as we are moving toward causing the first quarter, obviously we are having higher seasonal demand, so, yes, for at least the quarters we are heading to we are having a higher seasonal demand. tom: how much comfort to you think there is amongst opec+ and their members? do you expect them to sit this one out, or did they extend the cuts? at what level will they be willing to but were supply into the market? >> opec members but that the ministerial level and the secretary-general over and over said they do not tal

and be seen with the swiss national bank president earns? upwards of one million swiss. couple hundred thousand. granted you get money in the private sector nectar that. ecb, different pay structure. you get more as the natural -- national central bank governor of italy rather than ecb president. >> are you thinking of that? >> to serve as a bank president? i'm thinking about going on a crews. 880,000 swiss francs. >> you're going to run the swiss national bank. >> i don't think anyone wants me running that. i don't think they want me running anything. the fed keeping rates on hold for a fifth straight meeting, staring down a fifth straight week of harder than expected -- hotter than expected inflation prints. >> the inflation data came in higher. that's a separate matter. the caused people to write up their inflation. we continue to have been good progress. >> inflation came up as a separate matter distinct almost divorced from growth being better-than-expected. it's that message we keep hearing from this fed chair. >> which speaks to this point we have been talking abou

haidi: swiss national central bank delivering a surprise rate cut. annabelle: apple sheds value as regulators from the u.s. and europe close in. what a week of central bank action. surprise moves from the swiss national bank and taiwan as we end what has been a seismic week for global monetary policy. just in the first minute of trading, a staggered start in australia, 1/10 of 1% upside, we expect a mixed open for the equity session this friday in asia and investors are rethinking the one-way optimism that really propelled the hefty gains we saw in this part of the world and the u.s. session, fresh signs of inflation persisting in the u.s. and we are seeing the aussie dollar holding steady at 6570, we had a big move when it comes to that reaction of the labor market numbers we had yesterday. rba financial stability review is due out later. looking at the start of trading in japan and korea, a picture for u.k. -- nikkei for service -- futures up 1/10 of 1% but asian stocks researching to the high on the back of dovish expectations from the fed this wee

today the swiss national bank became the first bank in the group of 10 to cut rates this cycle.dan speaking to bloomberg television earlier today. >> look at our u.s. inflation forecast. it is much lower than the one we published in december. inflationary pressure in switzerland declined. they give us the possibility to lower interest rates today. >> do you think you are on the vanguard now? are you leading the developed world in rate cuts? >> we are a small country and we are not leading the world. we are looking at our situation, our inflation forecast. we have to adjust our monetary policy in a way we have the appropriate monetary conditions in order to ensure price stability in switzerland. >> the franc felt an eight-month low. how much of that was intended? >> you have the risk that the exchange rate moves at the same time. we had a situation where they swiss franc appreciated last year. in nominal terms, but also real terms. that led to the situation that you had tighter monetary conditions. that helped us a lot with respect to inflation. now the inflationary outlook is mu

that that's going to be important and it really kicked off last week — a surprise move by the swiss national bankby 25 basis points to 1.5%, and that's a move that we haven't seen since 2015, and it did come as a bit of a surprise to markets — markets had been pricing in eight basis points this month with a full cut expected byjune. and, of course, we sanapan going the other way with a rate hike — the first move since 2007 — so rates still very much in the picture but, of course, this quarter also coming to a close and it is easter holidays in many major markets, so it could be the end of month and end of quarter training is on thursday rather than friday in a lot of markets around the globe, but also watching those inflationaries coming out of singapore today — expected to be at 2.8% — and retail sales expected to slow in australia for the month of february, down to 0.5% from 1.1%, injanuary. hong kong's controversial new security law has come into effect over the weekend. critics have said article 23 could undermine the city's status as an international financial hub. beijing counters the legis

he kicked up last week with a surprise move by the swiss national bank heading 25 basis points to a movienot seen since 2015. and markets have been points us just not with a full cut expected byjune. 0f full cut expected byjune. of course saw full cut expected byjune. of course sanapan going full cut expected byjune. of course saw japan going the other way with a rate hike since 2007. the rates still very much in the region but this quarter also coming to a close and it is easter holidays in many major markets so could be the end of month end and end “p be the end of month end and end up order training may be on thursday rather than friday and a lot of markets around the globe but also watching those inflationary some out of singapore today, expected to be at 2.8 and retail sales expected to slow in austerlitz of the month of february down to just half a percent from 1.1 injanuary. it's a big week in asia in terms of economic indicators, as the first quarter of the year draws to a close. singapore and malaysia kick off the data flow with the latest inflation readings due later today. on t

inflation, that was expected, meanwhile this morning, a surprise rate cut from switzerland the swiss national bank cuting interest rates 25 basis points this morning ahead of what we're expecting to be a cuts from other banks, later in the year including the federal reserve in, june. as well as european central bank rate cut from switzerland no mover from ble thanks for being here i'm maria bartiromo thursday ub you march 21, 8:01 east coast president biden pushing for financial handouts americans face high inflation hillary vaughn on capitol hill with deals. some people this morning, will be waking up with an email directly from president biden, letting them know that he canceled their student loan debt, today 77,000 public service workers that includes teachers firefighters, nurses will be getting student loan sgs a paid off totally 5.8 billion dollars applies to anyone in the public service making payments on student loans 10 years in the public service loanps forgiveness program won't be only ones with annem the white house says 380,000 more public service workers will be emailed today letting

maria: from ecb, from the fed, the bank of england and there you have swiss national bank this morning when we come back, president biden pushing for more financial handout, hillary vaughn is on capitol hill with those details this morning. hillary. >> reporter: good morning, maria. thousands of americans will be waking up this morning with their student loan debt canceled. i'll have all the details on president biden's big anounsment this morning after the break. ♪ in a rocky mountain setting spanning over 280,000 acres. three forks ranch is the destination for luxury and adventure. enjoy fly fishing and america's finest trout stream. kick back for intimate performances from the best in country music. enhance your wellness and longevity through our mayo clinic programs, or plan your meeting for a memorable corporate retreat. discover the west kept secret. go to three forks ranch.com to book your luxury experience. ♪(voya)♪ there are some things that work better together. like your workplace benefits and retirement savings. presentation looks great. thanks! thanks! voya provides tools

this cutting kind of moted or at least -- mode or at least wanting to ease things with the swiss national bank surprise cut. jon scwk real quick, can the rally continue? >> i think it can. everyone gets freakedded out when the market's meting new highs. -- hitting new highs. usually that's a good thing. that's how it's been such a great investment for people over time so, yeah, keep riding it. jack: one stock that's not rallying, andrew, apple, and the justice department just announced this long-awaited antitrust suit. >> looks like an overreach by the biden administration. i don't think it's going to have any real success in terms of making a major impact on the way apple operates. it's essentially the government saying that apple operates as a monopoly in the smartphone market that was this innovative system of its ecosystem of the phone, the watches, services and software. and they're trying to basically change all that. apple says if the government's successful to hamper their ability to operate, that's right. jack: what do you think of the stock here? >> gene munster, an analyst, thinks t

and so you'll see the swiss national bank probably cut rates in march. so that's what they're looking for, but i think that's in many ways they're ignoring some of us challenges, which is basically a name economic, economic growth. so i think at some point they should pay less attention to inflation and think about economic growth you're seeing really in, in the growth in europe. you saw the decent economic growth in the us and the 4th quarter. and then most of last year. but most of that was due to government spending, which is inflationary by nature. so, you know, government spending is, is really a problem. it created a sugar high in g d p growth. but you've got this bad combination of artificial g d, p growth in the us as well as other places due to government spending, which is unsustainable. and then you've got this real regular tory birds. i'm subtle, which, you know, you mentioned in the, in this, in the segment about agriculture. but that's one of the real challenges is the supply side is, is the government hostility to the private sector is, is

talking of ubs, lines crossing from the swiss national bank on an annual report on capital requirementsing a review of ubs systemic capital requirements is needed, saying that stability of the swiss bank financing needs are strengthening and it says banks need to prepare more collateral for emergencies. we will keep across the story for you throughout the next few hours. lines crossing on the snb with this annual report with the focus on collateral and capital requirements they see needed because ubs plays a major part in that. barclays seeking to expand with the private equity giant as a broad its own footprint with executive underwriting. barclays ceo spoke exclusively to bloomberg surveillance. >> previously, in the investment banking side, we were working with corporations, and since then, we still work with corporations in a very big way. in addition to that you have the financial sponsors on the sovereign wealth funds. it makes an important to have the full relationship with those players in the market. tom: later, brian moynihan, bank of america ceo will join surveillance for an

and the battle against inflation is working according to the swiss national bank, who on thursday cut.5% — the first to do so among the major central banks. however, as inflation is still above many other central banks�* targets — which in most advanced economies is 2%, including here in the uk — policymakers warn it'll be difficult to meet that target. so, with higher prices globally, many are still feeling the pinch in their pockets. so how does it affect mortgages? let's speak to homeowner ben howard in bristol, who expects to see his mortgage payments double. thank you forjoining us. we've just given you a load of figures, it all sounds very technical and financial, but just tell us what this means when you heard that the interest rate level was going to remain unchanged today, what does that mean in reality for you? i unchanged today, what does that mean in reality for you?— in reality for you? i don't think it was necessarily _ in reality for you? i don't think it was necessarily a _ in reality for you? i don't think it was necessarily a surprise, - in reality for you? i don't t

francs from the swiss national banko shore up liquidity. the same week svb and the government fast tracked the rescue by ubs. ubs agreed to buy credit suisse in an all-stock deal worth not a lot of money. at the time, it was a bargain basement price. 3 billion swiss francs. former ceo sergio ermotti returns. we spoke to him a lot at ubs. the swiss establishment and the hierarchy of swiss banking said this is complex. we need sergio back. that is what happened. the acquisition was completed on the 12th of june in 2023. credit suisse shares closed at 0.81 swiss francs on the final day of trading. let's revisit the key stakeholders and what they had to say when the rescue deal was announced. >> translator: the latest developments that emanatesed from the banks in the u.s. hit us in the unfavorable moment. we were able to overcome the deep market an uncertainty, but not the second time. the escalation made it clear the last few days that credit suisse cannot exist in the current form. we are happy to bring a solution for fi

swiss national bank chairman will step down at the end of september after over a decade in the role.n a statement, the snb wished jordan the best for his next chapter, but did not disclose succession details. a quick check on the franc. falling to a 13-year low after the news of jordan leaving. we have a couple of monetary policies decisions. a bit of movement here. 88.58 for the dollar/franc. >>> coming up on the show, we will be joined by the california startup which views itself as a competitor to nvidia. we'll be back with that in two. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com. shopify's point of sale system helps you sell at every stage of your business. with fast and secure payment. card readers you can rely on. and one place to manage it all. whatever the stage, businesses that grow grow with shopify. is it possible to count on my internet like my customers count on me? it is with comcast business

. >>> the swiss national bank posting a loss of 3.2 billion swiss francs in 2023. e loss narrowed from the record 132.1 billion francs. it has an 8 billion francs loss on the bank position. >>> and henkel is up 4.2% organically. it wasn't enough to raise the stock as you see here down 1%. the german consumer goods and chemical company is targeting sales growth of up to 4% this year. >>> on the other side, you have the softwareone founding shareholders which would see bain capital buy the i.t. firm. the three holds 29% and tried to revive the board and delist the firm through the sale. 2.6% down on the back of that news for softwareone. >>> to the opec market where the nations expect output cuts of 2.2 million barrels a day in the second quarter as the group looks to shore up oil prices. saudi arabia will be responsible for under half of the cuts. let's head over to dan who will help us unpack this more. dan, if you look at the numbers more quickly, world cuts have piled up since 2022. you had in june of 2022, oil prices down 32% from that level now. over the last si

. >>> coming up, we will bring you the swiss national bank rate decision right after the break.hat is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com. when we started our business we were paying an arm and a leg for postage. i remember setting up shipstation. one or two clicks and everything was up and running. i was printing out labels and saving money. shipstation saves us so much time. it makes it really easy and seamless. pick an order, print everything you need, slap the label onto the box, and it's ready to go. our costs for shipping were cut in half. just like that. shipstation. the #1 choice of online sellers. go to shipstation.com/tv and get 2 months free. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com. when i was your age, we ne

you can see some interesting movement after a surprise rate cut from the swiss national bank , filteringhrough the fx market. go back to the u.s. bond market and you actually have yields rising right now. that's a reversal from yesterday in the aftermath of the fed decision initially yields fell but you can see we are starting to create this turmoil and you have the bloomberg dollar index currently higher by about 0.4%. that is the big macro look so let's take a look at some of the midday movers. like i said micron is on course for its biggest gain in more than 12 years after getting a surprisingly strong revenue forecast for the current quarter. it is the largest u.s. maker of computer memory chips. executives are optimistic about the booming market for ai and so too are the shareholders of course. in the ipo market, you had the conductivity firm continuing to climb following shares extending its wednesday ipo. that's a 72% gain yesterday and shares are up over 100% from that ipo. speaking of ipos, the big name is focused on now is read it. we learned a couple of minutes ago that it's i

swiss national bank, first into the easing pool. yes, cut 25 basis points.lar versus the swift. dollar surging on that surprise rate cut moving to the best levels in nearly four months. and the fed, ecb and bank of england on track based on markets to be first rate cuts in june. contessa, back to you. >> rick santelli, thank you, sir. >>> get to courtney reagan for a cnbc news update. >> hi, contessa. >>> u.s. officials say a landing jet that would facilitate delivery of aid to gaza could be read may 1st. pressure on after a united nations report suggested famine is eminent. the progress on the u.s. jetty comes as officials from 36 countries and several u.n. agencies met in cyscypress how get more via a sea route. >>> donald trump's lawyers asked an appeals court to excuse him from covering his $454 million fraud bond requirement. they argue it would cause the former president irreparable harm before his appeal is decided. new york attorney general letitia james can start taking steps to collect the money starting next monday. >>> and another best-selling vi

we're closely watching the riksbank the swiss national bank fire d them the progress we've seen on inflation mostly coming through on the good side rather than the services side, so the question there is given the head line, cpif has come in at 2.5% in february, is that low enough to prompt some change in thinking the riksbank had seen roughly 2.9% on that february figure the call level is still high it's not on target it's at 3.5% again, it's lower than what it thought when they were calling for 3.7% there's been downside pressure here with the rate currently at 4% on the interest rate. we'll see whether that's targeted today as the bank reveals its thinking but fresh projections expecting to come through in terms of what we're seeing today but the weakness is something we're watching too don't forget, the dollar on the forefront as we set up for the decision currently 0.2 is what we're seeing the numbers today as we wait for the central bank to keep us, give us the news, we've got the swedish central bank the executive orders decided to keep the policy rate unchanged at 4%. so we do not ha

swiss national bank started last week. it it won't be the last. we are likely to see something of a cascade of central banks over the next several months starting to cut rates. it creates a supportive environment for equities. add to that or that we have a very very significant cash on the sidelines, and overweighting for many in cash that can be deployed. two catalyst for redeploying are lowering rates as well as fomo, let's face it. katie: i want to talk about cash. we were talking at etf iq yesterday about the demand for income. you have money markets paying close to 5%. it is interesting that even with stocks at all-time highs that money is just not coming out of it. what do you make of the demand for safety and income even at this juncture in markets? kristina: so much money goes where the yield is. there have been very attractive yields, as you pointed out in cash instruments. having said that we are at the point where we will start to see yields go down. that comment to me, could very well move money into fixed income. locking in rates for

fed and the bank of england holding interest rates steady but hitting future cuts while the swiss national banka surprise move yesterday, the first major economy to do so. now, this morning asia stocks were kind of flat, a bit mixed, and the same in europe here with tech and household goods trading slightly lower this morning. >> all right, let's get to the big news of the day or yesterday i should say. u.s. justice department has filed an anti-trust lawsuit against apple, just a giant suit. what is the latest here? >> well, this is a watershed moment with the u.s. justice department accusing apple of monopolizing the smartphone market. now, it is alleging apple took measures to lock in its users and prevent competition by restricting access to its software and hardware. the lawsuit claims apple's noncompetitive behavior and practices extended beyond the iphone but its entire ecosystem including apple pay, apple watch, and face time. apple controls 56% of the u.s. smartphone market. in a statement apple said the u.s. case threaten said who we are and the principles that set apple products apart

central banks globally whether it's a swiss national bank whether it's a one and done. central banks are really coming back into focus we are going to get those cuts in u.s. in june. it helps support evaluations. i think the u.s. is, the slower little bit from here but this is semantics whether it's a slow slow down or landing. reaccelerating both sides of the landtag. >> the reason it matters a bit is it seems in the past no landing had the unwelcome consequence of potentially higher inflation. it's something that's not formally in the cards. this idea we will not see some sort of material slowdown. why is that not a consumer we will see greater inflation on the other psych? ben: one risk is we cannot afford the u.s. to stop here. we are reliant on this immaculate disinflation continuing in the way we have been able to square the circle so far. stronger than expected growth, inflation in those last five yards is this productivity boon in the u.s. weathered companies forcing use them better. the tech productivity paradox. all the investment we see from's -- from ai. that

rates but sounded a little more dovish on their message about progress with inflation and the swiss national bankse of the day, cutting interest rates. >> they cut interest rates. >> they cut interest rates. >> most never figure them out. >> so the swiss franc is weakening and their stock market jumped more than 1%. here's the bank of england changing their tune as well for all these members of further accumulation of evidence on inflation persistence would be required to warrant a shift in the monetary policy stance with members differing on the extent of evidenced that was likely to be needed. they would continue to consider the degree of restrictiveness of policy at each meeting. translation, they're trying to figure out when to cut and that's what everyone is doing now. they're all in it together like they hiked together and now the easing cycle has begun. >> except in japan. >> except in japan where they're always kind of going against the grain and now they're trying to be a little more hawkish as the yen has weakened substantially posted hike but they're still the easiest around. >> yeah.

the swiss national bank, the european central bank, many central banks do not pay interest on that phoneyrest rate rises. stop that tomorrow. don't kill inheritance tax and pander to the wealthy. you've got £42 billion. mr hunt and mr sunak. >> okay. roger. >> okay. roger. >> roger. thank you. thank you both very much indeed. thank you. appreciate that. thank you, some other stories coming into the newsroom today. here's how they're stacking up judges across england and wales are deprioritized the longest alleged cases in a bid to alleged rape cases in a bid to end the of victims in end the anguish of victims in backlog limbo. >> the unprecedented move to surge resources into the oldest rape cases is an attempt by the judiciary to crack down on some of the worst court delays . of the worst court delays. >> junior doctors in northern ireland have begun a 24 hour strike for the first time in a dispute over pay, northern ireland's department of health has said there will be significant disruption to patient care. the bma has said it shows junior doctors felt they had no other choice, and it