peter schaffrik, global macro strategist / analyst, rbc europe is still with us. i'm quite taken that the european union seems to be the first economy out front when it comes to the certificates, which any say can speed up the recovery. assessment, and which sectors will get a boost from a vaccine passport? peter: europe has generally been -- already last year was trying hard to keep the economy open, particularly as tourism as concerned. when you think about why, it makes sense because those countries most affected by the crisis are the southern european countries. those countries have a significant tourist sector. you try to help these guys, it is what the european union wants, and it is one of the things to get going first. i'm not surprised they are talking about vaccine passport so certificates, that makes perfect sense to me. when you look at the other support mechanisms in place that primarily support the southern european union. it is a story about which geographic region do you want to help, and that is clearly southern european. going forward it is clear

tom porcelli is with us now for rbc capital markets. i want to start with your headline reaction to the data. it was such a miss that i'm curious to know what you made of it. tom: it was a wild miss. such a mess that our immediate reaction was you have to fade the number. we have to bear in mind there is an assortment of labor data we get over the course of any given month. this was the one outlier. jobless claims continuing to perform incredibly well between the survey periods. if you look at consumer confidence toward the labor backdrop, another indicator that improved dramatically over the month. when we saw this 266,000 our immediate reaction was it does not smell write. -- right. matt: it gives a little bit of weight to the biden administration's narrative that the economy needs a lot of help fiscally. it gets behind the fed's narrative that there is no trend in place yet and it's not time to even talk about tapering, right? tom: the fed will use this as an i told you so moment. i don't have any doubt about that. the notion of wait

rbc wealth managementhead of investments tragic. israel continues to pound gaza with air strikes and artillery, as hamas militants fire rockets in the territory deep into israel. an update on what is going on there, next. this is bloomberg. ♪ ♪ annmarie: good morning. this is "bloomberg daybreak: europe." i am annmarie hordern in new york. israel has fired artillery and mountain more airstrikes into gaza, as hamas militants launch rockets deep into israel. over 100 people have been killed in gaza and seven in israel since hostilities began five days ago. we are joined now by bluebird' international executive --s bloomberg's international executive editor. how are ground troops now being involved in all this? >> that's right. initially, there was the suggestion that ground troops had gone into the gaza strip. there is a combination of aircraft, tank, and artillery fire coming into gaza, another very heavy barrage overnight from the israeli side. there is a possibility that ground troops could go in. the military says they have be

fiscal plan with rbc. and the outlook on jobs, look at the market. this is bloomberg. ♪ kathleen: the dollar has been moving in a tight range as the trading week gets underway in the asia-pacific after at 10 big low after friday's week u.s. jobs report. --the focus weak u.s. jobs report. now the focus shifts to inflation. now is between market analyst with ig markets. let's start with the jobs report, 260 thousand new jobs created in the u.s. in the last month. in normal times that would be a decent number. the market was expecting a million, for the second month in a row. the dollar weekend and-- weakened, a logical conclusion. are we going to see more this? >> i think so and i think we are seeing at downward trend in the dollar putting out anyway. since we saw that unwinding of the heavily short positioning in the u.s. dollar, it has more or less been downside story to see yield compressed and that tenure stabilize over the last couple of weeks -- 10-year stabilize over last couple of weeks. it play so

to us why the rbc call is important. jonathan: the adjustment is important, she has been in the market for so long a lot of people are stuck with their year end price targets in the last few days. she is one of my favorite guests. lisa: she is awesome. she nailed the small and mid-cap move. jonathan: correct, tom. tom: they were both at nuance. i will carry on. nasdaq futures are up 1.3%. we will talk about the negative skew to price action in response to the earnings and the data. but let switch and get to the bond market. twos, tens and 30's, yields on the 30 years, 2.29. yields coming up couple of basis points. speaking of a break, let's switch and get to the euro-dollar. and break of 1.20. you could just about see at a couple of hours ago. tom, interested to see this play out. we are down 0.4% on the euro-dollar. the direction of travel, reopening may be. but the euro is clinging onto the 1.20 handle in today's price action. tom: very good, jon. turkish-lira bears watching, it is way off the radar. dollar-yen. the we

[laughter] i want to finish on this, rbc's adam cole, a nice tip to that to him this morning. dollar-yen, started the month that 1.09, finishing at 1.0 nine. outside of december of 2019, it is the slowest -- lowest dollar-yen since 1975. tom: it's cratered the yen, and i say cratered. i noticed in the been labeler note, he really reemphasized big tech is not just about a bond yield story. there is a lot more going on there. more than analysis of the duration. jon: you look at alphabets, facebook, and less and the second look at gdp will be important. this is without question our conversation of the day on the state of the american economy. high-frequency economics rights brilliant sharp notes on global economics, interest-rate dynamics, that another right on the american economy. she joints this morning. i have been looking forward to this. you move from a 10% boom economy down to something in the vicinity of 5% economy. when you and carl weinberg look at that shock of deceleration from a boom economy, what are the inertial forces we will for -- will face as we slow down? >> t

lori calvasina, rbc capital markets has u.s. equity strategy -- markets head of u.s. equity strategy, will be joining us. this is bloomberg. ♪ this is bloomberg. ♪ ♪ >> we do see a lot of opportunities out there, and more opportunities being created by the rotation. >> a market that is very clearly rotating and has been a rotational market entire year. >> the value rotation is present, it is here and now, but it is a trade that is very likely to plateau, if not reverse, and the latter part of q2. >> in this reflationary environment, it is really the cyclical sectors that are going to be hit the most, and the value trade. >> you are going to push more towards those countries and sectors that are going to benefit from nominal gdp growth and not be so long-duration. >> it is time to go back in real earnings, real value, low multiples. >> be very wary of the stocks that have benefited from massive liquidity and have very long-duration cash flows. >> it will inevitably be quite challenging for tech. >> that to me is what investors should be doing for the next two yea

so, maybe rbc was listening. today they upgraded ford to a buy, also on a $30 billion ev overhaul news, shares now moving higher by 6% to 14.73. ford's not the only stock getting juiced by rbc. bullish calls by the brokerage also fueling big jumps for ipo twins airbnb and doordash both went public back on december 9 you've got airbnb gaining 6% doordash up 6.8% at the moment. time to get out your hot dogs and grilling aprons and the ton gs, the whole match, millions of americans thrilled to get ready for memorial day weekend, backyard barbecues. but what won't be so exciting? the cost of the cookout, inflation has been heating up the prices offer all your summer favorites from the meat on the grill to the fuel in your propane tanks, by how much? well, i don't know. let's get to edward lawrence because he's live in his backyard in kensington, maryland , firing up the barbecue and the data to tell us exactly how much more we'll all be paying this memorial day. edward? reporter: yeah, you talked about it, liz so i'v

rbc initiated the price target for wells fargo positive this stock off earnings i think it's got its mojo back i think this is a stock that can sort of try to get back to those levels we saw earlier this year. i think air bnb for a trade with everything going on giving the sell offsets up well into june and july. >> right out of the gate, 01 5 01 you have one specific stock you've been pounding the table on for the past few shows. according to dominguez how do you think of the environment in general and what sorts of areas in the market will work with this sort of back drop. >> i'm completely on the same page with you, i think we'll continue to see this reopening and memorial day kicking off travel also the reopening in general. interestingly enough you're seeing 57% of americans plan to do a road trip this summer, oddly much, up 30% from last year, really seeing the demand come in but we're in a period with low interest rates and likely will see more stimulus with biden announcing that today. we also have a weak dollar right now. all those things will really benefit cyclicals cyclic

michael tran is energy strategist at rbc capital markets in new york. he's been telling me more about what this cyber—attack means for the eneregy market in the us. this was not an attack on a us pipeline, this is an attack on the us pipeline. colonial is the biggest and most important refined product artery in the entire country. this could not come at a worse time and a more vulnerable part of the country. timing wise, we are all heading into summer driving season in the us, we are expecting a very robust summer driving season, and number two the us northeast is the most densely populated us region, and also it's the least energy secure region in the entire country. significant portions of the us east coast feeds himself gasoline and diesel car really hand to mouth pulling barrels off that pipeline for near immediate consumption. at the pipeline has been off—line for for days now and you're already seeing gas stations in north carolina empty. 8% in virginia bone dry, 5% in georgia. the list goes on and on. i remember hearing from my colleague in w

they didn't have any — let's speak now to michael tran — he's energy strategist at rbc capital markets in new york. thank you so much for being with us on bbc world news. this must be a headache notjust for those diversity effective analyst trying to work out exactly what the damage is going to be from this.— is going to be from this. exactly. this was not _ is going to be from this. exactly. this was not an _ is going to be from this. exactly. this was not an attack _ is going to be from this. exactly. this was not an attack on - is going to be from this. exactly. this was not an attack on our - is going to be from this. exactly. this was not an attack on our us| this was not an attack on our us pipeline, this is an attack on the us pipeline. colonial is the biggest and most important refined product artery in the entire country. this could not come at a worse time and a more vulnerable part of the country. timing wise, we are all heading into summer driving season in the us, we are expecting a very robust summer driving season, and number two the us northeast is the most densely po

. >>> rbc still sees room for stocks to go higher. have we already seen most or all of the gains we're going to get? lori, welcome. even in raising the prices, it still implies the gains are in >> yes, we see a bit more room, but i think you're right, you priced in a lot of those gains, especially when you think about the earnings backdrop. so the question is, where do we go from here i think the price action today is really interesting. no one can really pinpoint a precise reason for the sell yoif i even saw someone saying the weather is nice in new york, so maybe people are wanting to go outside. i think it's interesting, we are in the middle of what is likely going to be the peak in the earnings growth rate 56% year over year is what the consensus is anticipating, so what happens to markets when we start to see slowing earnings growth in the market well, you usually get a hiccup in the stock market. you usually see prices down over the next six months, they tend to be up 12 months, but this is what naturally happens markets get exh

it is the rbc looking to me -- to be among the central bank to begin a tightening path that could help push the dollar. flipping the board and focusing on india, we are seeing it move after capping a five-week gain. seeing it be the best major performer in the world over the past year and economic earnings is helping to underpin the events. it does pose a risk of a hike. haidi: let's take a look at the bank of japan. the governor backing the feds transitory view on inflation and you can hear our excuse of -- our exclusive conversation. vaccination speeding up in victoria. catherine bennett tells us it's time to drop the phased rollout. this is bloomberg. ♪ vonnie: you are watching daybreak australia. u.s. covid death fell over the weekend to the lowest in months. johns hopkins university and bloomberg figures of that show the u.s. added slightly more than 12,000 new cases. does the fewest since the early days of the pandemic last year. deaths from the covid-19 virus have declined consistently as the vaccination campaign to cold. to u.s. disease experts say china's help is needed to c

tyson, value stores, grocers like dollar general and kroger, clorox all facing inflationary head winds rbc downgrading dollar general saying improving employment and rising gas and food prices are a tough combo for the value store. goldman sachs says put the boogie man on kroger warning that grocery chains will have a hard time passing on costs to consumers and wells fargo bearish on clorox saying they face an uphill battle and the firm saying the inflation we have seen is quote once in a generation wow. so how concerned should you as a stock market investor be is it transitory as the fed says let's bring in dan suzuki where did us go? >> hi, tyler i think it's going to last longer than people think if you look at the reasons why we're seeing inflation today some drivers are transitory but if you step back and look at the big macro backdrop the big drivers are all sort of piling up telling you that inflation will be a story that will be with us for a while. everything is telling you that inflation will last longer than people think and in terms of the transitory nature we see imbalances in

one o 9.89 and kiwi weakness after touching big milestones this week, given what we heard from the rbc. austria 10-year old -- 10-year yield taking higher at 1.69. jd logistics in hong kong up close to 12%, another company earnings out later today and next digital down 7% after it surged 50% yesterday after it resumed trading. hong kong warning hsbc and citibank of jail time over jimmy li's accounts, the next development in this saga. and south32 gold minders up 6%. haslinda: coming up, inflation a different beast today than it was in the 1970's. find out why central banks can't wait to react to price pressures. plus, our guest from coalition for epidemic preparedness innovation is parts of asia see resurgence in covid cases. keep it here with us. this is bloomberg. ♪ (announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise breakthrough that cradles your body so you can stretch and strengthen your core, relieve back pain, and tone

if you go to the research next year, rbc, credit suisse, what are they plugging into the forecast? 25% on corporate taxes. maybe that is the number. tom: i would say in the text seen, the basic idea is -- taxing, the basic idea, the graham has shifted in the last two weeks. in illinois and texas, it changes the calculus. i think it is a very removable feast about where the compromise will be on that. someone who knows compromise, ben from washington. i think you have to go to the patent discussion because it is such a stark discussion between the trump administration and the biden administration. how big is that political divide on how u.s. companies should be compensated for their intellectual value? how big is that divide in your washington? ben: it is night and day. the trump administration was against the idea of offering this waiver for i the patent and now yesterday were the u.s. trade representative and part of the bite white house essentially saying extraordinary times demand extraordinary measures. indeed, there should be a temporary waiver at least for these patents. it i

tom: i murmured in june, we are supposed to go up, the gentleman from rbc capital markets up the coast of maine. lisa: all the way to 97th street. [laughter] tom: i made it down to soho this weekend. but seriously, they do not have nutella lattes in maine. lisa: you are starting to feel a buzz. romaine: you walk up and down the streets here, and you can feel it. i welcome the other day up park avenue. tom: this is critical. you do this on "the close." do you see a reset and the equity market because people are assuming better growth than the caution of two months ago? romaine: absolutely, and you are hearing from strategists saying now is the time for a little bit of a re-think. we have key economic data. next week, big jobs report. lisa: is it just that everyone has been sitting in triple leveraged cash? romaine: we will let tom work out his levels. tom: jon ferro off today. he's going, what is happening? chris chris anti--- chris -- chris grisanti of mai will join us in a bit. this is bloomberg, on radio and on television. ♪ (announcer) back pain hurts, and it's frustrating. you ca

let's bring in our friend at rbc capital market all around superstar helima, good to have you on. colonial was a hell of a story the story is not over. a lot of questions still remain. longer term. the price of oil is more than about colonial we have tensions ramping up in israel we have the uae under fire for cozying up to israel as well the geopolitical situation which drives oil long term maybe has not been more confusing, if that is the right word, in years, has it not >> it is an interesting story. we have a back drop of certain countries seeing the united states where people are driving and flying again the demand in certain markets looks very good. u.s., china. those concerns with india and covid cases. you layer on the other issues. cyber attacks, tension in the middle east. if this had been ten years ago, i think it would have put more pressure on prices now you can have incredible unrest in the middle east. the worst violence in the middle east in seven years. real talk about ground troops going into gaza. because you don't have physical energy disruption, it is not putt

markets in may let's find out we have seen a sudden bit of nerves after a calm april joining us now is rbc capital management director and head of strategy amy wu silverman. amy, good to have you back on. i don't want to say huge volatility, but it has been more than we have seen. what's going on? >> look, i think in april when vix was sustainably below 20, that was the head fake the reality is we have not moved to the low volatility yet. the reason is as long as we continue to get economic volatility, we will get real volatility with the data points that are coming through with inflation and the giant experiment we're in right now, i don't see how we go back to the realized volatility environment for a while. in particular, when you look a other crisis periods, it takes three to four years for volatilitynormalize. i think people thought the pandemic would move along quicker. that is not the case. >> iry to avoid the jargon this morning i used a term last week, shame on me, and i saw the stats the week of options in may, this week, tends to be negative the last few years how much are wonky

. >> sticking with that claim that the gains on the s&p 500 are capped, you look at rbc analyst showing when the rate increase in the past the s&p 500 index on average increased by 11%. >> sure. that may be the case but that's a historical analysis based on averages and this is not an average period why this is a unique backdrop due to the pandemic and a lot of other things going on. especially with the policy stimulus we're about to get from the u.s. so we think the earnings estimates on the street continue to be too low for 2022 and continue to rise just about every single day so while everyone is focused on the tax hike to come while they have been focused on that the earnings estimates rising more than the hair cut to see from the tax hike. >> you could maybe say the market isn't responding to higher taxes because biden's plan will need congressional approval but do you think that's a fact or behind the underperformance in tech >> not really, no. tech is underperforming in a textbook fashion most of the tech sector looking at the indices is heavy with regards to the growth atributes

telegraph l want to pick up from the telegraph macaw for un inquiry into theory that covid emerged this was rbc the claim that donald trump was promoting when he criticised china as having given the world covid. if it came from anywhere, perhaps he came from a naturally occurring virus from animals to humans. sort of excite —— intriguing thatjoe biden wants to revisit this amazing to? ~ ., , biden wants to revisit this amazing to? . . , , , biden wants to revisit this amazing to? . ., biden wants to revisit this amazing tot). ., ,y . ., to? we have news yesterday that joe biden with to? we have news yesterday that joe iiriden with the _ to? we have news yesterday that joe biden with the intelligence _ biden with the intelligence agencies, and the telegraph... with the report— agencies, and the telegraph... with the report that they've obtained from _ the report that they've obtained from scientists in the uk and in norway, — from scientists in the uk and in norway, which says that basically, it's not— norway, which says that basically, it's not a _ norway, which says that basically, i

you know, to put it perfectly —— respectable show of rights for palestinians, he was rbc wrong to suggest that there was a problem with that. i think that should be the end of it. i don't think it's really a front—page story. vaccination won't mean an end to self isolating, definitely a front—page story, lucy. yes, definitely it is. i think it will— yes, definitely it is. i think it will surprise a lot of people to learn — will surprise a lot of people to learn that the government's current thinking _ learn that the government's current thinking is — learn that the government's current thinking is that even once you've -ot thinking is that even once you've got troth— thinking is that even once you've got both doses of vaccine and we have _ got both doses of vaccine and we have seen— got both doses of vaccine and we have seen all the evidence so far suggests— have seen all the evidence so far suggests that the vaccine cuts the link between serious illness from covid _ link between serious illness from covid and — link between serious illness from covid and hospitalisation

joining us now is amy wu silverman, rbc capital markets equity derivatives strategist. we are off the lows here. how are you playing this. -- how are you playing this? amy, can you hear me? amy: sorry, you cut out a little there, but you were talking about the tech selloff, just given where the market activity is. i will just tell you, to really interesting things from derivatives. the first is friday, which seems like ages ago now, when we had the nfp miss, we rotated back in tech. even then, the options markets were picking up hedges. even with the selloff today, the options market wasn't that caught off guard because hedges have been rising consistently, even when we were rotating into tech for safety reasons. the second thing i would say is if you look to earnings season, it was actually kind of blah from an options perspective. we were not beating the implied moves set up by options. in tech, all of the moves that were beat on the options were to the downside. for example, twitter. i think the options market was signaling that for a little while now area. -- a litt

stock -- guess what happened today, melissa lee, you don't have to guess, we don't have much time, rbc capital initiated the stock with $17-dollar price target funny how the math works i think it goes higher from here. >> what's the best ev play, steve grasso >> i don't know if you want to buy -- well, you definitely don't want to buy a ford as far as an ev play or gm on an ev play, you have to buy tesla if you believe in ev -- >> why but why? they're going to make a lot of ev's, 40% of ford sales globally will be ev's eventually >> right how many combustible engine cars does tesla make. >> zero. >> i would rather play the direct play in ev. but the problem is you have too much noise around bitcoin and you have too much noise about the ceo who is great as a tailwind and probably just as good as a headwind, but when you look at ford, the chart, it extended itself over the 50-day moving average about 38% back this january it's extended about 33% now. so i like guy's number of 17 as a price target i don't think it gets there. i actually think it gets somewhere in the mid-zone from here an

tyler broda, head of mining research at rbc capital markets. the london market actually lower on the day. a little bit lower during the auction. it is been interesting how well bid some of the metals and mining's names have been cured the ftse 100 finishing flat. that is not an exciting board, is it? alix: is really not. guy: below the surface, some real churn. alix: interesting stuff on that level. headlines coming up from san francisco fed president mary daly. this also no surprise, saying the labor market is in a state of flux, there are constraints, but she does not want to call them shortages. she wants to call them bottlenecks. she also talks about imbalances in the market. she says she does see evaluations that are pretty high and to rethink financial systems to be resilient to shock. either way you slice it, it is the same idea. we will let it run hot, there'll will be some frothy stuff, but there is no problems. guy: if you're worried about the level of markets, do not put quite some much liquidity. alix: not shortages. bottlenecks. gu

tom porcelli of rbc yesterday had a great stat that said basically, a house sitting on the market for 10 days right now on average versus 100 days back in the financial crisis. guy: what explains that chart, you of all people should know this, that interest rates have been coming down. so your interest portion of the loan has been coming lower and lower, which makes affordability in terms of the multiples may be a little bit more redundant. so i am not sure you are comparing apples. i remember when interest rates were in their teens. now in parts of europe, they are negative. what was the rate you got? alix: i had a cash out refi for 2.98%, and got my 30 year fixed for 2.75%. guy: ok, alix has been crowing about her ability to time the market for the last six months. i think you got the loan with caliber, so we should take the opportunity to benchmark just how good alix's market timer really is. [laughter] sanjiv das, caliber home loans ceo, joins us now to give us an opportunity to help us out here. alix has been thinking she's pretty clever. she's time to the market. she's done real

under the radar real estate play before break tack a look at shares of airbnb up today nearly 5% after rbc initiated it with an outperform. that's 30bucks of upside we're back in a moment our clients come to us with complicated situations that occur in their lives. for them it's the biggest milestone, the biggest accomplishment, the sale of a business, or an important event for their family. for them, it's the first and only time. we have seen this literally thousands of times, in thousands of iterations. ♪ ♪ i am vince lumia, head of field management at morgan stanley. whether that's retirement, paying for their children's college education, or their son or daughter getting married, our financial advisors need to make sure that they are making objective decisions, every step along the way. every time you hit a milestone, an anniversary, a life event, the emotions will run high. making sure that you have somebody, a team of individuals that have seen it before, have seen every circumstance and seen every challenge, and have your back when you need it most, is one of the most valuable t

landmark day, guys between exxon and shell and chevron and ford, by the way, an upgrade at ford at rbc we will talk about that call regarding the f-150 widening and in the meantime, the nasdaq needs 225 points to go positive for may. we'll see if we can make any progress in that front 'rba ia mewee ckn mont in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. age before beauty? why not both? visibly diminish wrinkled skin in... crepe corrector lotion... only from gold bond. wondering what actually goes into your multivitamin? at new chapter, its' innovation, organic ingredients, and fermentation. fermentation? yes. formulated to help you body really truly absorb the natural goodness. ne

rbc -- rbnz buying bonds. china is setting prices higher. we have crewed up by a 10th of 1%, 65-37. -- 65.37. >> this is an encouraging sign for the dozens of developing countries relying on the chinese shot. an exclusive interview with bloomberg has him saying there was growing evidence that corona vaccines were -- coronavac is becoming better when applied to the real world. >> the more important data is mass used in the real world. we now have real-world data in chilly where tens of thousands of people have been inoculated -- chile where tens of thousands of people have been inoculated. the result and the data we have from clinical trials will allow the world to judge our vaccine copperheads of the -- copperheads of -- comp rehensively. >> coronavac does bring down instances of severe disease and death. cases are rising in chile again. what is your response? >> sinovac was dissed bit it from all the older groups to the younger ones in chil -- distributed from all the older groups to the younger ones in chile. only 7 million people have bee

the head of investment strategy at rbc wealth management. get to speak to her about the u.s., the picture for interest rates and debts and the data coming out later on today. see you numbers of course. we talk about the future of crypto's and regulation with the ceo of the digital exchange. we had a lot of conversations with central bankers who talk about this being a speculative asset, not the currency. we will see whether the ceo has a different here. that conversation, coming up next. this is bloomberg. ♪ anna: welcome back to the european market open. a half-an-hour until the start of trading this writing morning. this is the picture as we head to the end of the month. many parts of the developed markets because the u.s. and the u.k. are closed on monday. european equity market futures pointing to the up side. there are some headlines surrounding credit suisse. officials warned -- ignored warnings about gupta. that is the headlines coming through. this has to do with the extent to which internal parts of credit suisse have not been tal

rbc analysts talking about the value potential of h&m. moving to the upside by 1.6%. city world also in focus, a movie theater operator. they have or they have reported a strong opening weekend and the u.k. and that stock is up 1.9%. so talking about the extent to which they were able to open in the united states. a sick resources also in focus. we mentioned this when we were talking with chris wyllie. talking about what is going on and no surprise to see that we have basic resources as one of the worst performing sector in europe. on the back of china giving further guidance that it is unhappy to see commodity prices rising too far too fast. let's get back to the global growth narrative. georgieva says she expects approval for $650 billion in new reserve assets by the board of governors by the end of august. she spoke in an interview with david westin from washington. >> we recognize we are not going to see full economic recovery until we are out of the health crisis and we asked the question, what would it take to vaccinate the world population by the end of this ye

joining us is a member of the national petroleum council and the global head of commodity strategy at rbc capital markets. she knows gas prices, why they go up, why they don't. good morning to you. >> good morning. >> seven years ago gas prices this high was blamed on turmoil in the middle east. now we have the conflict on our own soil. how did we get here and what needs to happen so this does not happen again? >> it's the story about the rise in cyber attacks. it's the perfect weapon as david says, it's the short of war weapon. so you have a number of state actors, non-state actors being able to use this technology to wreak havoc on infrastructure across the world. so we are talking about an energy story this week. the question is we'll be talking about electricity supply, the water supply, so i think, again, this is a story about energy this week, about, you know, gas lines, but the cyber story and the story of soocyber attacks i not going to go away. cr colonial said they should have it back on line this week, in the meantime, do you expect prices to continue to go up? >> i expect pric

over at rbc tell they likes twilio, dock u sign and zoom, which will be critical as people return to the office back to you all. >> josh l thank you very much. mic, the nasdaq lower for the week but good day today and there's questions if we keep getting disappointing data like we had will tech come back in favor as yields stay low >> might require a rethink in pace in overall growth to be the leader again a lot of people will have eyes on not just amazon down 5% this week and haven't been able to get out of its own way despite those great numbers, even semi's down five to six percent from their highs. to me it seems like they're just not right now particularly special on a fundamental basis because the overall s&p 500 is on pace to expand earnings this year more than 30%. so tech is a little bit more expensive than the market in aggregate without as much growth as the overall market and the key theme drawing everyone's attention is just the acceleration, underlying economy, and kind of the return to normal. i do think that's much more about fun flows within the market than a judgmen

it really has accelerated the last couple of weeks rbc upgrades ford to outperform today. that lit a fuse under the stock. then they have ev enthusiasm growing. remember, they had their capital markets day yesterday. the bulk of what they were talking about is preparing for a future heavy on electric vehicles then there's the possibility for the entire industry, the chip shortage may be easing take a look at shares of general motors they said they're going to be restarting production at five plants that stock up 5% all of the auto stocks higher today. the parent of fiat-chrysler, toyota both at 52-week highs a big week for the autos all around, guys. >> phil lebeau, pretty stunning to see thank you very much. steph, so how does the valuation look on some of these names, a ford or a gm and how do you think about valuation when there is ev hype around these names and you have a stock like tesla out there >> i know. i can't believe i've missed both ford and gm. they're doing a lot of good things gm was the start in ev obviously and ford is following. but ford delivered the f-

shares of viacom, did not respond well yesterday, and started up, ended down, an upgrade today from rbc. >> an upgrade. >> upgrading to outperform continue to believe investors underappreciate the subscriber and arpu potential across the global streaming marketplace but what about the transparency that perhaps is demanded of some in the total return market where archegos was able to essentially disguise what was enormous positions in both viacom and discovery and a number of other stocks here's what gensler had to say. >> we have a history in the markets to say if you have significant positions there's transparency in the public, if somebody's over 5%, or sometimes it's over 10% of the company, and so that transparency was lacking here and you're absolutely right also that through these derivative contracts and multiple banks, there is a lot of leverage in that, that trade we're going to examine and enforce the rules, without fear, or favor, we're going to look at individuals, and corporations, and yes, that includes hedge funds. >> so we'll have to wait and see but it does appear that

and check out shares of viacom, cvs, higher right now, and more robust volume, it gets an upgrade at rbc capital markets and like the strength in the paramount streaming service and watch the shares of viacom, cvs, the first one up there as well and watch what is happening with shares of again, some of the other ones out there, take a look at the other moves out there, brinker, one of them, we'll pop that up there, the parent company of chili's and gets upgraded by jpmorgan analysts and etsy, an upgrade at stifel as well, back to you. >> happy mother's day becky. >> happy mother's day. >> and to all of the super women out there. >> "squawk on the street" is next >>> good friday morning. welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber futures are on the move on this big miss on april jobs 266,000. well shy of the one million estimate negative revisions yields are lower 10-year below 1.47 that's going to take you back to march 4th. the road map will