u.s. banned all new investment in russia by americans, blocked assets from two of russia's largest banks frommerican financial system, and targeted kremlin officials and their relatives. the u.s. also sanctioned vladimir putin's adult daughters: mariya putina, a scientist, and katerina tikhonova, a former acrobatic dancer-- both billionaires living in russia, and rarely seen in public. the u.s. also leveled its first criminal charges against a russian oligarch today: konstantin malofeev, accused of evading sanctions, millions of his assets in the u.s. seized. >> these oligarchs and their family members are not allowed to hold onto their wealth in europe and the united states, and keep these yachts worth hundreds of millions of dollars, their luxury vacation homes, while children in ukraine are being killed, displaced from their homes every single day. >> reporter: but the sanctions so far have not targeted russia's energy sector, the country's biggest money-maker, and the ruble is now back to its pre-invasion worth. ukraine's president volodymyr zelenskyy dismissed the tough rhetoric around s

how exposed are u.s. banks to russia at this moment? se are the headlines we have been hearing all quarter. it will be reassuring for investors to hear that american banks have been drawing down operations since 2014, 2015. for jp morgan, bank of america, russia was not in one of their top 20 market. citigroup was the most exposed of the large american banks. last month, they said they had about $10 billion in assets tied to russia, compared to the $2.3 trillion they have. i think what is important is to focus on the secondary effects. we know about the primary effects. u.s. banks want to get out, they know they need to get out. what about a potential recession, what do fed moves mean for these banks? that is what we should be looking at. manus: good to have you with us, charlie. we are about to have a conversation with an analyst on the banks. part of that will be about the interest rate cycle, what is priced in. that comprises the net income narrative for 2022 and beyond. how significant is the speed of these hikes to the banks' narrat

that's what u.s. bank is for. >>> the full center has been set up in germany to coordinate shipments. the command post includes from 15 other nations and as well as the need to get war supplies into ukraine as quickly as possible. for more on the administration with all this, we are joined by mj lee. we heard secretary lloyd austin moving quickly to provide ukraine with the military needs they need. what more is the white house saying of their next step? >> there is so much money and aid that's pouring into ukraine from the u.s. the latest announcement comes from secretary blinken and austin announcing $713 million that would go twoowards ukraine and other ally countries. in the big picture that means the u.s. committed around $3.7 billion to help ukraine and along with this, we have seen in recent weeks the u.s. increasingly willing to send heavier duty equipment and weapons. we are talking about high prevision drones and this has come as ukrainian officials have been very vocal in saying, we can't receive this h

u.s. economy for the banks.here looking at an economy which shows a healthy growth level where the consumer growth balance sheets are healthy. this is a healthy environment to operate in. we remain positive on the banking sector. more generally on the side of the market, given the rising interest rates, we continue to believe that is the way to go for investors. tom: thank you for coming into the story -- studio to give us a preview of what is happening in the markets and a look ahead at the bank earnings. vincent juvyns, global market strategist at jpmorgan. coming up on the show, president biden biden accuses into of committing genocide in ukraine and his condemnation on russia's invasion. -- putin of committing genocide in ukraine and his condemnation of russia's invasion. more on that next. this is bloomberg. ♪ tom: welcome back to the european market open. let's focus on the latest from the war in ukraine. u.s. president joe biden has accused russia of committing genocide in ukraine. this marks an escalatio

let's bring in charlie wells to break down the latest on u.s. bank earnings. erica one of the last of the major u.s. banks to report this quarter, what are analysts saying about the sector overall? charlie: there was below expectations going into this earnings week. the number one issue was the russian invasion of ukraine and that created so much uncertainty from deal flow, about volatility. it seems like some things were able to capture that volatility in a positive way. but low activity stations -- expectations that seem to have been exceeded. analysts were expecting earnings of $.74 a share, but bank of america got to $.80. what was striking was the shift toward consumer lending, and a hope for more net interest income. they are projecting a 20% increase in this quarter. bank of america has exposure to a lot of consumer deposits which is not the case with a lot of other large banks. other banks posting more revenue than expected from trading. will that continue or not is the big question going into this new quarter. francine: what can we expect from u.s. ban

that's what u.s. bank business essentials is for. (oven explosion) what about a new oven, can u.s. ns in as fast as 12 minutes. that would be a big help! huge! jumbo! ginormous! woo! -woo! finding ways to make your business boom. that's what u.s. bank is for. we'll get there together. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire >>> "lightning round" is sponsored by -- ♪ >>> it is time! the "lightning round." and then the "lightning round" is over. are you ready? jeff, pennsylvania jeff >> hey, how you doing? >> what is going on? >> optimize rx corporation go sixers! >> hey, i love that final shot with one second left there's not enough there at that company and i will tell you why. many, many competitors in that advice to consumers about doctor stuff. can't go there allen in new jersey. allen. >> mhey, mr. cramer. booyah >> booyah back >> what do you think of american airlines >> i though

a pnc and u.s. bankw, they are not going to have the same issues that you saw with jp morgan's capital levels, and therefore they should fear a little better. kriti: want to talk about the trading revenue you just mentioned. sonali was walking us through those rise as a function of the volatility you are seeing in markets. one of the bookcases for the stock market is simply that that all the to letty going to decrease as the supply chain issues, the information eased just a little bit. talk to us a little bit about what that means for the banking sector. if you started to see volatility come back down, is that heard some of these banks and their trading revenue? gerard: it is interesting, because there is good volatility and bad volatility. the unexpected volatility in the first quarter was handled well. if we get into a normalized market or a more stable market and you start to see the 10 year bond yields stabilize and come down a bit, you could see trading increase without that volatility as more inves

that's what u.s. bank business essentials is for. (oven explosion) what about a new oven, can u.s. p us there? we can serve loans in as fast as 12 minutes. that would be a big help! huge! jumbo! ginormous! woo! -woo! finding ways to make your business boom. that's what u.s. bank is for. we'll get there together. the bad guys is the winner of the truly moving picture award. oh, stop! you making me blush. it's an action packed animated adventure. show the world that you're more than just a scary stereotype. everyone will love. is this wagging? - good right? >>> we have a couple of calls, union pacific down almost 3% downgraded from buy, ubs, shannon, you own it. we do have a big debate on the state of the transports, shirngs et cetera. what's your take on this stock and this call? >> well, the call is basically that they can't meet the demand that they have, so if you look at total traffic growth it came in shy of 5% and the expectation and that was because they're having trouble hiring engineers and conductors and this again, this trickle through of, you know, tightness in the labor

lissa erickson, u.s. bankenior vice president and cohead of public markets group, joins us to break it down. thank you for joining us. let's talk about the balance sheet of a lot of these companies. yes, there are commodity shocks. there's a war. there are a million risks on the horizon. but at the end of the day, when you look at the risks for consumers or corporations, there is a lot of risk on the balance sheets. at what point does that repeat her in -- does that repeal with a reluctance to spend? lisa: on the consumer front, we are coming into this year with a relatively healthy financial position. consumers have built up cash positions throughout the extraordinary events of the 2020 and 2021 stimulus, and certainly corporations have done very well in terms of their leverage and managing their cash flows. do your point, i think the question becomes really how long can that continue. what we see right now is there does seem to be a desire on the corporate front to continue to invest, with labor market tight

hey, that's what u.s. bank is for. anything else? how about a loan for a bigger car? yeah, my brother's moving in with his five dogs. oh... heyo! and we're expecting. ahh! (dog sound) expecting what? help for today, planning for tomorrow. u.s. bank. we'll get there together. hybrid work is here. it's there. it's everywhere. but for someone to be able to work from here, there has to be someone here making sure everything is safe. secure. consistent. so log in from here. or here. assured that someone is here ready to fix anything. anytime. anywhere. even here. that's because nobody... and i mean nobody... makes hybrid work, work better. is it some magical number? something we just achieve at the end? or is it a feeling? a freedom, to live our lives the way we intended. through the ups. the downs. all of it. this is financial security. from long term care planning, to annuities and life insurance, lincoln helps you plan, protect, and retire. this is lincoln financial. >>> and while there was confusion, it was certainly better than expected ford reaffirmed a full-year for

now, we'll start with the japanese central bank's policy decision and a u.s. 's earning results. >>> thursday is decision day for the bank of japan. policy makers are expected to stay the course with their long-running monetary easing program. it differs from other banks which have been shifted to rate hiebs. the yen hit its lowest level against the dollar in two decades. the gap widens between the lewis monetary policy and the fed's tightening in the u.s. they ramped up importd inflation pressures in japan and oil costs as well as supply snags in the wake of the ukraine crisis. now, what that all means is that boj governor will inevitably come under the spotlight. >>> now, in the u.s., the same day we'll see apple announce its financial results for the january to march period. it booked a record net profit in the last three months of 2021. up 20% from a year earlier. withchina's so-called zero-covid policy putting the supply chain at risk, how that affects apple's sales is sure to attract user attention. >>> now, the world's number one currency block will repo

we had jp morgan and the russian banks and also the rest of the u.s. banks. kristine: it will be interesting to see how the banks are taking the hit as a result of their exit from russia. some of those exposed to russia among the banks reporting today, nearly 10 billion worth of exposure to the country in terms of assets and loans and everything else. it is going to be interesting to see whether that really shows up in a big way in earnings and it could have potential to look at reviews of any of the results. tom: thank you very much, kristine. have a great easter if we don't see you again. we look at the rest of the earnings pictures, particularly the banks stateside. caroline simmons, ubs u.k. cio, stays with us. coming up, goldman sachs managing director jari stehn. we will get his thoughts on the ecb decision. this is bloomberg. ♪ tom: welcome back to the open. let's check in on the stocks in the move is in the first minutes of trading. ericsson, it was mid of the first quarter results for the telecom company. they have an additional fine over a corruption

u.s. banned all new investment in russia by americans, blocked assets from two of russia's largest banks from american financial system, and targeted kremlin officials and their relatives. the u.s. also sanctioned vladimir putin's adult daughters. mariya putina, a scientist, and katerina tikhonova, a former acrobatic dancer-- both billionaires living in russia, and rarely seen in public. the u.s. also leveled its first criminal charges against a russian oligarch today. konstantin malofeev, accused of evading sanctions, millions of his assets in the u.s. seized. >> these oligarchs and their family members are not allowed to hold onto their wealth in europe and the united states, and keep these yachts worth hundreds of millions of dollars, their luxury vacation homes, while children in ukraine are being killed, displaced from their homes every single day. >> reporter: but the sanctions so far have not targeted russia's energy sector, the country's biggest money-maker, and the ruble is now back to its pre-invasion worth. ukraine's president volodymyr zelenskyy dismissed the tough rhetoric around

investors have halted dollar debt payments from russian account at u.s. banks. russia can drain its dollar reserves, spend on new revenue or going into default. the u.s. senate has judge ketanji brown jackson on track to be approved for the supreme court this week stop for confirmation is all but set with three republican saying they will vote in favor. in shanghai, a sweeping lockdown of 25 million residents has said it's stemming the spread of covid. they have reported level of over 13,000 cases. north carolina was beaten last night for the men's best ball championship in the ncaa. it's the fourth time kansas has won the title. global news, 24 hours it day, this is bloomberg. ♪ >> the commission is already preparing the next sanctions package and we should be able to decide on the ambitious next steps regarding the sanctions so we must step up pressure against russia we must step up our support for ukraine. jonathan: that was the vice president of the eu commission, the proposal is a phased out than russian coal imports. future this morning are down about order

that's what u.s. bank business essentials is for. (oven explosion) what about a new oven, can u.s. can serve loans in as fast as 12 minutes. that would be a big help! huge! jumbo! ginormous! woo! -woo! finding ways to make your business boom. that's what u.s. bank is for. we'll get there together. hey businesses! you all deserve something epic! so we're giving every business, our best deals on every iphone - including the iphone 13 pro with 5g. that's the one with the amazing camera? yep! every business deserves it... like one's that re-opened! hi, we have an appointment. and every new business that just opened! like aromatherapy rugs! i'll take one in blue please! it's not complicated. at&t is giving new and existing business customers our best deals on every iphone. ♪ ♪ >>> after the break, our interview with mike sievert here at post 9 of the new york stock exchange first the biggest laggards on the nasdaq 100 for month of april. we're in the final three trading days of the month. nasdaq 100 down 11% for month. we'll be right back. it's an entire trading experience. with innovat

u.s. central bank will continue tightening policies and shrinking -- the u.s. central bank will continue tightening policies and shrinking. esther george spoke exclusively with mike mckee about the problems sheet and the path of raising rates. >> 50 basis points is going to be an option we will have to consider along with other things. i am focused on how the balance sheet moves in conjunction with policy rate increases. >> let us talk about the fed saying that the balance sheet is to shrink more rapidly than in the revis recovery with significantly larger caps and a n increase in maximum caps. >> we do compare this cycle to where we were the last time, we were reducing the balance sheet. we did not go very far because of the needful reserves and the decision around that. -- need for reserves and the decision around that. i think it argues for going faster and moving along at a quicker pace than we did before. we have a ways to cope to get the accommodation out of the economy. i think we are still talking about what the right approach would be relative to last t

transactions involving hunter or james biden's global business affairs were flagged concerning by u.s. banks some of those concerns included large wired transfers. this week the released bank records indicating james biden's company the line-haul group was paid by a chinese limb and chinese financing consultant firm. it shows a federal investigator also sought hunter and james bidens business records from a major u.s. bank dating back to 2014 as part of a separate probe by the u.s. attorney in delaware. into possible violations of tax and foreign lobbying laws. >> tucker: hmm? we know that there is or at least was a department investigation into the biden family of four and business operations. they have not publicly commented on the status, merrick garland has refused to appoint a special counsel. needless to say it's not for lack of evidence print in october 2020, we spoke to one of hunter biden's business associates. bob linsky told us that joe biden was directly involved in the overseas business deals. he met with joe biden to talk about those deals. bob linsky also told us that joe bide

u.s. sanctions in a scheme to transfer shares he owned in a texas bank to a business associate in 2015. today, in addition to the criminal charges filed against mr. malofeyev, we have seized that multi-million-dollar investment. while the oligarchs provide some of the most ostentatious displays of russian illicit finance, they are not the only ones whose financial misconduct is tied to russia. yesterday, the department of justice disrupted the hydra market, the world's largest and longest-running darknet marketplace. at the same time, the department of justice brought criminal charges against dmitry pavlov, a resident of russia, for his role in operating and administering the servers used to run hydra. our partners at the german federal criminal police played a critical role in this operation and seized over $25 million in bitcoin from hydra. and our partners at the treasury department announced sanctions on the cryptocurrency exchanges believed to have facilitated many of hydra's transactions. as alleged, hydra enabled users in mainly russian-speaking countries to buy and sell a stagge

sevens report research tom essay joining us along with u.s. bank asset management group chief investment officer eric friedman , who last time he was on in february made some winning picks that look very smart today. tom i want to begin with you. are we or not at the lows of the year or just the first half >> hi liz thanks very much for having me on. i don't think so. i don't think so because frankly , this market is facing a lot of headwinds and every month that goes by this year the headwinds are getting stronger, we knew it was going to be a hard year to begin with, we didn't know we were going to have a war in ukraine and all of the economic and inflationary headwinds that comes with, so i think that no, unfortunately, we are not at the lows of the year or even the first half. liz: okay, but when you also ask in this , how bad could it get? all right, our investor audience is wondering yesterday looked bad. we have 800 point loss on the dow, we saw what happened with the nasdaq, you know, the ugliest day certainly in many many years, so how bad

with violating previous sanctions and the doj is seizing millions of dollars at an account at a u.s. bank our goal is to ensure sanctioned russian oligarchs and cyber criminals will not find safe haven. >> reporter: as officials in ukraine collect mounting evidence of war crimes, u.s. attorney general merrick garland says his department is helping international efforts to hold those responsible accountable. the white house also sending additional $100 million worth of javelin antitank missiles to ukraine and senior defense official says small number of ukrainians in the u.s. have received weapons training. >> they will be going back soon, back home, to train others in the ukrainian military. >> reporter: the pentagon says russian forces have withdrawn from areas around gf. fighting in the donbas region expected to intensify could natalie brand with cbs news, the white house. >>> this would be a first within all u.s. armed forces. president biden nominated a woman to leave the coast guard. if she is confirmed, admiral linda fagan would service coast guard commandant. required to require on

including making payments to u.s. banks for the support and maintenance of his yacht. direct violation of the sanctions imposed on him. in seizing the tango, the department demonstrated our -- holding accountable crush -- corrupt russian all the guards. a commitment we are not finished honoring. today, charges have also been -- southern district of new york against constantine malatesta. russian national and russian oligarch. he's charged with conspiring to violate and violating united states sanctions. these are the first criminal charges brought by the department of justice against a russian oligarch since russia invaded ukraine. in the years since, he was sanctioned, he was flagler -- flagrantly and repeatedly via violating the sanctions opposed on him while attempting to establish media companies across europe, companies that would help spread pro-kremlin misinformation. he further violated misinformation in a scheme to transfer information he owned into thousand 15. today, in addition to the criminal charges filed against him, we have seized that multimillion doll

u.s. bank. we'll get there together. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire you can't buy love. happiness. or confidence. but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. ♪ ♪ >>> first "mad dash" of the open and getting close to the opening of trading for the week. i love evtol is what they go by. there's another one out there, as well. >> yeah. evtl now i'm bringing this up not because i care that much which is a company that is a flying car. deutsche bank talking about leading the margin not far behind what i liked about this, david, is a recognition that it's niche. so those who are saying i want to be -- this is a favorite of cathie wood. basically, you know, guys, you may want to be interested in third dimension in the sky, but let's not forget, this is just not important! and i fe

just from banks but from non-banks, neobanks, and shadow banks which are twice as large as the u.s. bankspending, buying, and paying whatever it takes to compete on all events. they say they want to be an international digital consumer bank on defense, they say they want to make the ship tip top shape, unquote, but they'll still have likely the greatest expense increase in history, so the devil is in the details. so we need more information. revenues, returns, and key performance indicators for all this spending. we have one of the low estimates on the street for the year for jpmorgan, and for morgan stanley, the transformation with their deals, e trade, the engagement has fallen off and with the bond fund outflows have been happening for the industry as a whole, we think jp morken and morgan stanley don't look as good as investors think they do. we would prefer being with the likes of a bank of america >> because you like the whole mainstream banking theme better, given the weakness in the markets? >> absolutely. look, you have wall street banking headwinds, main street banking tailwinds

. >> reporter: cbs has learned that more than 150 transactions were flagged as concerning by u.s. bankstransfers. >> you've just got to make sure you have all the evidence. >> reporter: after nearly a three-year investigation, republican senator chuck grassly said he believes the president's younger brother, james, was instrumental in hunter biden's chinese business ventures. >> i think james biden was very much part of this. >> reporter: james biden has worked as an entrepreneur, and recently in the health care industry. >> we will focus on james biden, the president's brother. >> reporter: this week, grassley released bank records, indicating james biden's company was paid directly by a chinese consulting firm. these are records that come from the banks, no third party? >> yes, that's right. >> reporter: in our interview, he did not allege the bidens broke the law, but it is concerning that hunter and james biden were promised retainers for their china work. after joe biden left the vice presidency. >> we have people with the biden name dealing with chinese business people, that have

a warrant lists the violations, among them, u.s. bank fraud and money laundering. >> today marks our task force's first seizure of an asset belonging to a sanctioned individual with close ties to the russian regime. it will not be the last. >> the sweeping sanctions are in response to the military invasion of ukraine. you can also follow us on twitter, facebook, of course our home page, nbcbayarea.com. >>> in washington, the senate judiciary committee deadlocked today on whether ketanji brown jackson's nomination should move forward. the vote delayed for hours. the one senate face she didn't see was alex padilla. his plane returned to los angeles because a passenger on board will a medical emergency. so after he finally arrived, the vote tied on party lines, 11-11. that means jackson's nomination is stuck in committee. chuck schumer is asking the full senate to put her nomination out of the committee so floor debate can begin. that final vote will be later this week. >>> president biden is touting efforts to boost the trucking industry a

involving either hunter or james biden's global business affairs were flagged as concerning by u.s. banks for further review. some included large wire transfers. >> this is the way it is -- >> reporter: after a nearly three-year investigation, republican senator chuck grassley told cbs news he believes the president's younger brother james was instrumental in hunter biden's chinese business ventures. >> i think james biden was very much a part of this. >> reporter: james biden has worked as an entrepreneur and recently in the health care industry. >> we will focus on james biden, the president's brother. >> reporter: this week, grassley released bank records indicating james biden's company, the lion hall group, was paid directly by a chinese financed consulting firm. these records come directly from the banks, no third party. >> you're absolutely right. >> reporter: in our interview, grassley did not allege the bidens broke the law, but he said it's concerning that both hunter and james biden were promised retainers for their china work totaling $165,000 a month in 2017 after joe biden l

guest: you cannot deal with foreigners and take for money if you're running the u.s. bank. it is a serious problem. having associates all over the world, i didn't talk to any of them and engage in financial -- i was running them when they were doing these sorts of things. i do not think they knew. i do not know why they didn't get better campaign advice at the time but you cannot get foreigners in federal campaign. they should have said we cannot talk to you. host: the first impeachment trial over russian collusion, do you think that was legitimate? guest: the probe proved nothing. they didn't prove any collusion or practical output. russia was bombarding us with disinformation information they are now. i think they were doing it longer than we know. john durham, his inflict -- his investigation is continuing. have you been keeping up with that? guest: there have been a few things i have come out of that to confirm these comments. we will see where they go. host: sean is in indianapolis on the democratic line. caller: good morning. i am a lifelong democrat. if mr. trump is

meanwhile, the treasury department says it will no longer allow russia to pay its debt through its u.s. bank accounts, turning up the pressure on the kremlin. >>> judge ketanji brown jackson has cleared another hurdle. senators mitt romney and lisa murkowski have joined susan collins in supporting jackson. the news followed a party line deadlock on a vote to send her nomination to the full senate. murkowski says the partisanship is out of control. >> i have assumed a level of risk in doing this because it is -- is -- is a position that, um, that my conference has not taken. i believe that the strength of the qualifications of the candidate are such that i will provide -- provide support. >> judge jackson is the first nominee whose committee vote was tied since clarence thomas in 1991. the full senate vote is expected by the end of the week. >>> more states are seeing an uptick in covid cases. 15 states and puerto rico report at least a 10% increase in cases over the last week. the new york area has seen cases rise more than 50% recently, and infections among children are now plateauing after

u.s. banks have halted dollar debt payments from russian accounts at u.s.cial institutions after elected atrocities committed in the town of bucha were discovered. >> we have to gather all the details we can have a war crime trial. this guide's brutal, and what is happening in bucha is outrageous. i am seeking more sanctions, yes. francine: we are joined by our editor for international government and by maria tadeo in brussels. maria, let's start with you. condemnation growing over these atrocities. by the u.s. and europe are promising more sanctions. how effective can they be? maria: what is clear is that more sanctions are coming, this is just a matter of time whether it is today or by the end of the week. that moved by the u.s. treasury to force russia to either dispersed through reserves or default on payment. when it comes to the eu, there will be eight meeting up european ambassadors and they will signal whether they are ready to touch energy. we know this is very divisive, the official line out of germany is that they are not ready to switch out from

. >> the central bank cutting rates, to boost the economy after the covid lockdown. >> we are seeing u.s. futures muted at the open after the fall on the s&p 500. we saw a gain ground for the first time in four sessions. technology leading the advance. it was interesting to see investors pulling back despite the fact we saw ppi numbers jumping the most on record, perhaps more focused on the core cpi numbers. we have the 10 year yield down, that also sends a dollar to the biggest loss. we are watching the canadian dollar which rose to around the 125 level. we are talking about a 50 basis point hike. oil was also trading higher in the asian session, it was still about the no four dollars a barrel level. the focus was on financials because two look at this chart. we had a jp morgan reporting earnings, the first quarter results not looking great, that is because of the $400 million lost to the russian invasion of ukraine. you would expect financials doing well. financials are actually lagging. we were focused on what jp morgan was doing because russia's fallout is being. jp morgan is one of

citi saying that wells fargo's balance sheet stands out among the u.s. banks in particular. has a buy rating on all of the other financials, including jp morgan and the like. flatter curve not as much a problem for. . these banks tom: deep into -- for these banks. tom: deep into april 2022, it feels like november. on his france, it is definitive come of the history of modern france. we are three yield -- we are thrilled to bring youth jonathan fenn be -- jonathan fenby. we will do that. futures negative six. ritika: keeping you up to date with news from around the world, with the first word, i'm ritika gupta. in france, president emmanual macron's team is painting nationalist marine le pen as an ally of vladimir putin. macron and le pen will square off april 24 and a runoff election. they were the top two vote getters in sunday's first round. le pen has been playing down her previous support for putin. three poles show macron with an eight point lead. russia's invasion of ukraine will cause the ukrainian economy to shrink by 45% this year. meanwhile, the russian economy will

it is a jumbo day for u.s. bank earnings.man sachs, morgan stanley and wells fargo reporting first-quarter earnings in the next few hours. j.p. morgan posted a five has $24 million loss due to its exposure -- a $524 million loss due to its exposure to russia. i thought it was interesting this morning coming from j.p. morgan about potential recession because of the war, because of slowing demand. as we look to the earnings ahead of us, what are the key things that we will be watching out for? charlie: i think there's a lot of factors here. jamie dimon saying he cannot predict if there's going to be a recession or not. we are of course looking at what the fed is going to do. is a going to move slowly, is it going to move quickly? we've got russia hanging over pretty much everything here, right? hanging over trading, commodities, that deal pipeline that we heard so much about earlier this year. i feel like those are a lot of things that we will hear about from some big angst today -- big banks today. manus: they gave us the curt

[indiscernible] but we need support of the congress, the ministry of justice, the economy, u.s. banks, state departments, and even the u.s. lawyers. we will have a lot of cases about war crimes, return of profiteers, other things. mr. herbst: thank you very much. thank you everyone for tuning in. we will be doing something -- in a week or two again on the subject. >> now available in the c-span shop, c-span's 2022 congressional directory. go there today to order a copy of the foundry directory. this book is your guide to the federal government, with contact information for every member of congress, including bios and committee assignments. also, contact information for state governors and the writing administration cabinet. or your copy today at c-span shop.org rescan the code with your smart phone. every c-span shop purchase helps support the c-span nonprofit operation. >> middle and high school students

less expensive bank of america i compare to jp morgan that is why i picked what i got, i have that u.s. bankng of, jenni is all about the regionals. >> so what i leek about the regional banks in this environment is that in the environment that we're in,wher it is complexion and uncertain, you can look at the community banks, and you can know exactly what they're interest rate exposure is. they become immune and i like that level of granularity. i don't want to read the report and see they had russia exposure you only want to own those in a rising rate environment. some are hurt by rising rates, there is too much complexity this is not the environment where you want overly complex businesses and that's what all of the rest are. stick with your transparent banks right now. >> we're going to talk shares coming up. phil lebe a au got a look at the challenges we'll see how the committee is playing that space here is tim seymour. yo young people in this country are our most valuable assets teaching her to prepare for the future it's about helping her become independent and charting her own path in

the false flag attempt over the russian atrocities and the treasury stops russian payments from u.s. banksoldings of the u.s. dollars and brings russia closer to the default on its global debt. more sanctions on russia by the biden administration could come this week. national security adviser jake sullivan says it will target elements of the russian economy fueling the war. >>> coming up, elon musk taking on twitter will the s.e.c. have something to say about that? that's ahead >>> right now, a quick hit of the other headlines happening now. a former employee downloaded customer data from the cash app from the company formerly known as square. now block took information, including broker numbers >>> s.e.c. chair gary gensler saying the agency is planning greater insight over the cryptocurrency market. he added the s.e.c. will partner with the trading commission. >>> and exxon expects the profit to top $9 billion in the first quarter. it adds thinner margins on chemicals as hits from russia will offset some of the profit "worldwi ehae"s ckn momentng iba i i'm so glad we did this. i'm so gl

u.s. banking system can no longer be used to honor its debt obligations. that gives russia a very stark choice. either it has to come up with dollars held in moscow to make its debt payments, or it will face default. if it defaults, that will cause generational harm to russia in terms of borrowing costs, the investment going into russia and its growth profile. and lastly we added to the individual sanctions including putin's daughters, lavrov's wife and a number of members of security council. >> right. and that's powerful. but you didn't answer may question. why weren't we already doing that? it's not as if bucha is the first bad thing that putin has done in ukraine in the last two months. i mean, why are we not giving him the maximum? a complete blitz. >> today's actions are done in line with the eu and the g-7. and sanctions alone are not a stand-up solution. you know what the elements are. aware doing all we can to help ukrainians fight for freedom. we're doing all we can to fortify the eastern flank. we're doing all we can to help europe with its dive

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banks are shut. they can't get access to the money. where is the money? new york. the u.s. refuses to release to the people of afghanistan their own money. the banks are supposed to be fiduciary institutions. you place your money in them, with the assurance that it is yours to attain when you need it. not in this case. the u.s. government has stepped in, not just in this case, but others too, to block people from getting their own money. there is a pretext for this. the pretext is, we have to assure that victims of 9/11 have a right to compensation from afghans who had nothing to do with 9/11. the rural people of afghanistan who are starving had nothing at all to do with 9/11. in fact, those with good memories will recall that the taliban offered total surrender, which would have meant handing over to the united states the suspects in the 9/11 attack, the al qaeda suspects. remember, at the time, they were suspects. the fbi informed the press months later that they suspected them, but did not have definitive evidence. but, the taliban offered to turn them over. the u.s. reac

authorities have halted dollar debt payments from russian government accounts at u.s. banks. russia now has three options. drain dollar reserves it holds, spending new revenue, or going into default. the u.s. senate has set ketanji brown jackson on the path for confirmation. jackson's confirmation is all but certain now. three republicans say they will vote in favor. the black boxes from that china boeing crash have now been sent over to the u.s. did you flight recorders have become central to solving the mystery of why the jet intraday sudden nosedive before crashing. any evidence that clears or input case boeing could be crucial to the company's future in china. pressures on the u.s. supply chain have risen to a record. logistics manager index rose for a third straight month in march. it found wendling warehouse space -- found dwindling warehouse space and companies trying to figure out if they overbought. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is blo

u.s. bank. we'll get there together. >>> time for a mad dash.e really didn't get to j&j's earnings at the top of the show, so let's do it now >> all right, i love this quarter. i'll tell you why, people have to look underneath the hood. this is down 6.5 when they reported the amazing thing about this is the tremendous growth in med tech it had been very weak, particularly during covid. now, david, you remember that when your kids were little, they didn't just become 17, 18, do you remember the song head and shoulders knees and toes >> yes >> hips up 11%, knees up 8%. those are major market share gains, and then david, the consumer it's being valued, the consumer unit, if you value the way smith klein is valued, the thing would be up huge so i really like on a breakup basis. >> it is breaking up. >> i know, but i'm saying it was down six, okay and that was just stupid, stupid, stupid. >> we sometimes forget it is a long way in the future still for the split, but that is happening, correct >> but the valuation is too low. david, you often tell me,

let's bring in gerard cassidy, head of u.s. bank equity strategy at rbc capital market. point, it is banks adapting and adjusting, adapting to the new digital model that is required. which bank is winning right now? gerard: i would say the banks that have the best digital products include some of our banks and bank of america would be at the top of the list followed by j.p. morgan chase and we are seeing more and more businesses through the digital channel, not just with consumer but also with the commercial customers as well. tom: if we presume an economic slowdown, how do the banks adapt to that? gerard: that is a really good question. a lot of investors are wrestling with that today because if you recall coming out of the pandemic-induced recession, the federal reserve and federal government moved aggressively and as a result, one of the outcomes was the incredible credit quality the banks had over the last eight quarters. what is happening is that credit is so strong, even in a normal environment, it is not sustainable area did when you listen to jp morgan's call yest

bank in asia to raise rates. when you look at the trend compared to the u.s. ies, the normalization, i think we will see more next week when the governor nominee will testify in the congress about the policy. shery: we don't have a central bank governor at the helm when they are making this decision. does it affect policy changes and what do you expect if he is put at the helm of the be ok? guest: they made it clear they want to raise rates. it doesn't matter much, but what matters is that this requires not just the governor, but they need more data. it's very challenging, i think they set the tone in may with the new set of data and the new governor in place. there is no urgency as far as we know based on inflation and growth for the be ok to move. haidi: certainly when it comes to the labor market which has seen impressive resilience and recovery, take a look at this chart where we are seeing the unemployment rate sit at a record low. the jobs market has always been such a huge issue economically and politically. what is the level of resiliency see in the eco

regime's continued oppression, president bush has referred to freeze burmese state companies held in u.s. banks, and it's to expand sanctions against the regime and tighten sanctions against its top leaders. we thank the european union for similar restrictions, and we appeal to others to use their influence to encourage a democratic transition. burma's ruling generals have had their chance to implement the good government they promised to their people. if it proceeds undercurrent conditions, the constitutional referendum they have planned should not be seen as a step toward freedom, but rather as a confirmation of the unacceptable status quo. thank you all very much for giving me a chance to speak. i am going to leave tomorrow for crawford, for jenna's wedding, and i wanted to be able to make a statement about burma before i left, so i am happy to take questions. >> could you offer us any specifics yet about the scope of the u.s. disaster relief package? >> right now -- the earliest part of the relief is money the embassy already has, that is already there that we can distribute to other mgos,

credit default swaps on u.s. banks are very elevated. high yield is underperforming u.s.ically, same with investment grade bonds. so credit markets are telling you that the fed will have very short window to hike rates whereas the economists, they mean well, but they're really focused on academics and economic data, they're looking at backward-looking data and if we look forward to risk metrics no way the fed can hike rates 10 times in the next 12 months and reduce the balance sheet. it is absolute baloney, charles. charles: i got less than a minute to go. i think i read somewhere where you say don't trust rallies, equity rallies. are we selling the rips here instead of buying dips? >> yeah. remember the indexes are, like apple is 7% of the s&p. apple and tesla together are 8% of the s&p. you have a huge problem there. if you think how much, what is leading the market? you've been so great over the years at looking at different sectors. like, really i'm not excited about markets being led by utilities, staples. feels like a flight to qualities. charles: yeah. >> those typ