morgan stanley trading in line with where jp morgan has been. lisa: morgan stanley first quarter trading equity came out, beating soundly,. . how much of this is a tale of volatility driving trading versus morgan stanley winning a greater share of hedge fund and other business? sonali: interesting that you ask. we know there been a lot of questions about how we consolidate in the wake of archegos. jp morgan said prime palaces are still at record highs, which shows you jp morgan can take shares on the retail side but also take advantage of the volatility on the client-side. this is a mixed quarter for hedge funds. for morgan stanley to make so much money in equities is a big deal. the buy side story is still shaky. tom: thank you. we expect to have goldman sachs out in any moment. devin ryan joins us, the jmp securities senior research analyst. what is your distinction of the difference between morgan stanley and goldman sachs? devin: i think it's pretty simple. morgan stanley over the last 10 plus years has been focused on building on wealth man

morgan stanley fell in line with last year, more than $2.9 billion for morgan stanley in trading revenues, higher and higher than the historic for what we have seen before with morgan stanley. for citigroup, even with a slight decline, they beat expectations. equities, morgan stanley taking the lead again, with almost 3.2 billion dollars of equity trading revenue in a tough environment. guy: these banks used to make a lot of money in russia. they will not make that money going forward. what we have learned about the exit going forward? sonali: we are learning how the losses are being contained. citigroup was the most exposed and their exposure has dropped $2 billion to about $7.8 billion. they still have loans, counterparty exposure in derivatives, but it is much more contained and we know that it is about $1 billion for the russia closure alone when it comes to citigroup's positioning. another $900 million when it pertains to other risks surrounding the uncertainties of the ukrainian invasion. kriti: there's a massive debate -- are we in for a recession? does that on the horizon or are w

i can't guarantee morgan stanley is going to get charged. all i can guarantee you is my sources who are talking to people at the sec and the justice department believe the following. they don't think there's a criminal case here. they believe there's going to be a civil settlement here and they believe there will be a fine and they believe the person at the top of the list, the firm at the top of the list is morgan stanley given their breadth and size in the market, goldman sachs the second. liz: morgan stanley down about a third of a percent charlie thank you very much. the feds highly-anticipated rate decision just one week away and today's countdown closer, an a tara omarosa shares her thoughts on how to avoid fighting the fed and win in your portfolio closing bell ringing in eight minutes we're coming right back with anastacia in a moment. ♪ ♪ it's electric... made extraordinary. ingenuity... in motion. it listens, learns, adapts period of time. . e eqs from mercedes-benz. it's the car electric has been waiting for. ♪ liz: four min

he used morgan stanley's name. >> morgan stanley signed off he did, once an underliner of twitter. >> on april 4th, a note suggesting there would be an alliance between musk and silverlake on the board, right >> i think if he'd said, i'm making this bid. i have morgan stanley as my banker, then the conversation, again, would be, david, do you think anyone will pay 60 that's what it'd be like instead, it's like -- >> i know. though -- yeah morgan stanley doesn't typically sign onto something like this unless they actually think they can win. i'm not sure what that means >> serious person. >> i would expect that morgan would have pushed them a little bit on providing more definition around how you finance the transaction. >> do you think -- >> again, come on, he is the richest guy in the world, but still, you want that it adds to the level of seriousness of it. to your point, jim, there is a lock of it in certain parts of what musk does. >> do you think tesla down 2 today is fears he would have to liquidate some >> absolutely. like david said, the bump in the price today isn't nothing.

they're half of the value of morgan stanley that's why i'm in those names. i think they're less expensive bank of america i compare to jp morgan that is why i picked what i got, i have that u.s. bank exposure as well. >> speaking 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 i

morgan stanley is number one. they ended up with a couple hundred million dollars more than goldman sachs that has been holding onto a lot of share in the market when it comes to equities. commodities, remember, goldman sachs has traditionally been a lot bigger for a long time in fixed income. they still were this time around. morgan stanley has shown over time to make that a bigger business. if you are talking about the archegos hit another thing i want to talk about is the fact that prime balances have come back in the middle of a rocky quarter. you and i have been talking about this a lot. the buy side was very shaky. the performance you saw in macro funds has shown in the bank trading businesses as they have made markets as well. kriti: speaking of making markets, windows that stop? when it comes to the treasury market, banks are primary dealers. in an inflationary environment, a volatile environment where moves have been among thin liquidity how much longer will they play that role? sonali: market strategy ha

matt hornbach of .morgan stanley -- matt hornbach of morgan stanley. tom: in that conversation, that was just a jewel of a conversation with hornbach. you nailed it. it is an artificial market. i have always been more strident on this. they are yield curve control policy is not in any of the textbooks i have. to me it is a structured fiction. i understand a lot of people in authority would say " you are wrong about that." jonathan: you and i said the same thing over the last couple of years. we touched on it., joked about it -- we touched on it, joked about it, but there are some days where you do not get any trading. lisa: overnight " recent yen moves has been rapid. is significantly week yen -- weak yen," but he reinforced the need for their policy. jonathan: we were talking about getting out of the last decade, now we are almost 10 years into this experiment too. lisa: we are seeing a shift. jonathan: perhaps. futures down a third of 1%. nasdaq down half of 1%. this is bloomberg. ♪ >> keeping up-to-date with news from around the world, i'm ritika

i throw morgan stanley in there. to me, it's not going to be a good story volumes are going to be down >> jim says easterrnings are gog to save the day. the resident bull not afraid to admit it and talk about it how are you feeling right now? >> i'm looking at for now, analysts estimates on the s&p 500 continue to go up and i will grant you, there's a legitimate question as to why that is i would feel a heck of a lot better if i get confirmation of that top down analytical optimism from the companies themselves the good news we're going to get in just a couple of days, it's going to start we're going to get delta in the bank and it's going to pick up next week. my thesis has been, not withstanding what steve said, this economy is very strong. there's an opinion as to what is priced into the market and what is not the last week and a half, i would say what's priced in is not that earnings estimates are going up, but down number one, we need to see if companies confirm that i suspect they will because if i look at this

[ding] e*trade now from morgan stanley. at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. i brought in ensure max protein, with thirty grams of protein. those who tried me felt more energy in just two weeks! (sighs wearily) here i'll take that! (excited yell) woo-hoo! ensure max protein. with thirty grams of protein, one gram of sugar, and nutrients to support immune health. ♪ ♪ ♪i'm so defensive,♪ ♪i got bongos thumping in my chest♪ ♪and something tells me they don't beat me♪ ♪ ♪ ♪he'd better not take the ring from me.♪ there are lots of choices when it comes to your internet and technology needs. but when you choose comcast business internet, you choose the largest, fastest reliable network. you choose advanced security. and you choose fiber solutions with speeds up to 10 gigs available to more small businesses than any other provider. the choice

[ding] e*trade now from morgan stanley. bipolar depression. it made me feel trapped in a fog. this is art inspired by real stories of bipolar depression. i just couldn't find my way out of it. the lows of bipolar depression can take you to a dark place. latuda could make a real difference in your symptoms. latuda was proven to significantly reduce bipolar depression symptoms and in clinical studies, had no substantial impact on weight. this is where i want to be. call your doctor about sudden behavior changes or suicidal thoughts. antidepressants can increase these in children and young adults. elderly dementia patients have increased risk of death or stroke. report fever, confusion, stiff or uncontrollable muscle movements, which may be life threatening or permanent. these aren't all the serious side effects. now i'm back where i belong. ask your doctor if latuda is right for you. pay as little as zero dollars for your first prescription. ♪ ♪ i came, i saw, i conquered. (all): hail, caesar! pssst caesar! julius! dude,

we are morgan stanley. >>> i never wanted to be the gloom buster in chief. but somebody has to got to do it i'm on conference call after conference call trying to understand why everybody is negative and it is critical clear, the analysts believe that we'll be in a recession at this point next year. they listen to the fed as it gets tougher and tougher in november, jay powell -- and from that perspective the situation is quite different the conventional wisdom said small businesses are getting crushed, it is worse as the fed hits the brakes in the economy i saw that in the restaurants that i used to run but the ceo of paychex said more companies are opening more than ever and he's a straight shooter. and then the head of bank of america who said the same thing, small business are doing terrific i bet we'll hear again and even more resoundingly from american express when they report on friday how do i know this because we talked to the ceo and he made a great case for am ex's growth and you could argue that is all backward if we get hit with a recession, ever

[ding] e*trade now from morgan stanley. 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 ♪ ♪ with the new schwab starter kit we're rewriting the book on investing 101. new investors can open an account and get $101 to split across the top five stocks in the s&p 500®. you can also unlock short videos, step-by-step guides, and other easy-to-use tools designed for people just getting started. plus, investment professionals are on standby 24/7 if you ever have a question. it's investing 101, reimagined. at xfinity, we live and work in the same neighborhood as you. we're always working to keep you connected to what you love. and now, we're working to bring you the next generation of wifi. it's ultra-fast. faster than a gig. supersonic wifi. only from xfinity. it can power hundreds of devices with three times the bandwidth. so your growing wifi needs will be met. superso

tom: how important is it that morgan stanley is reportedly involved? they have a huge tech history out there. these are names people can become dribble with. how important is that in the banker to banker chat? ed: crucial because of all of the parties involved in this. elon musk is trying not to just secure the debt financing, the 25.5 billion dollars part of the deal, but also investing equity partners, high net worth individuals. he has to convince a lot of folks that he wants this deal to happen. lisa: not only that he wants to deal to happen, but that he has financial interests at heart when he talks about the deal. he talked about how he wanted this for the idea of free speech, not necessarily an economic interest. that does not sell to investors, does it? ed: no it doesn't, and you are exactly right, there's a key piece according to sources that contradicts that, which is in the powerpoint presentations, which has shown there were slides about how he lands to boost revenue. this was a question for twitter, how they monetize the full potential of

morgan stanley has been trying to push into wealth management. institutional sciewrtle on the fixed income -- sciewrtle on the fixed income side 2.92 billion. looks like they're also saying their compensation expenses, those bonuses, we love to talk a about that on wall street, 6.27 billion for compensation bonuses. so there you go. that is the morgan stanley numbers. and they also are talking a little bit about market volatility. they said investment management assets under management were impacted by -- this is interesting -- market volatility and outflows. people were getting nervous in the first quarter of this year with everything happen aing geopolitically. stock is up 3%. we're waiting on goldman. i've got my eyes on it. back to you. maria: we are watching that. big move in morgan stanley. stay with us. we'll be right back. at jp morgan, the only definition of wealth that matters is yours. it can be a smaller house, but a bigger nest egg. a goal to work toward, or the freedom to walk away. with 200 years of experience, personalized advice,

after jp morgan yesterday, it is citi, morgan stanley, goldman sachs during post first-quarter earnings. manus: we will cast ahead the ecb's hugely anticipated rate decision. will christine lagarde and colleagues signal a lift off? this is bloomberg. ♪ manus: this is "bloomberg daybreak: europe." i am manus cranny in dubai. amazon is set to levy a 5% fuel and inflation fee on online merchants that use its shipping services, putting more pressure on sellers to raise prices. what does that mean for the inflation outlook? martin muller is the cohead of swiss and global portfolio management at ubp. thank you for joining us. the debate is this, as ppi hits record, cpi is over 8% and we have amazon adding pressure on those sellers to raise prices with a fuel charge, now, your house view is that this is the beginning of a second-round evolution of the inflation narrative, where this is going to add to the inflation spiral, not peek out -- peak out. talk us through your thinking. >> absolutely. this is our view because we have seen inflation creeping up actually last year. . we started at aro

. ♪ “baby one more time” by britney spears ♪ e*trade now from morgan stanley. check out this vrbo. oh man. ♪♪ come on. ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ >>> welcome back to "fast money" we've got an earnings alert on ibm shares jumping after beating the top and bottom lines now seema with the details. >> the growing footprint of the cloud is a big topic of discussion hybrid cloud revenue reached $21 billion in the quarter, up 17% year-over-year cfo jim cavanaugh telling me acquisition remain key priority and they've acquired 18 companies since january 2021, $4 billion, and another three in the first quarter and can expect more on that front revenue and software makes up 40% of its revenue up double digits sequentially and year-over-year, given two-thirds of the business that come from non-u.s. dollars, currency headwinds remain a challenge and will be addressed on the call that's underway. the stock is down but has outperformed the s&p and nasdaq thus far as well as other tech heavy weights, meta and microsoft, analysts say in part due to 5.1% dividend morgan stanley ca

jpmorgan, wells fargo, morgan stanley. if you look at the banks that they are drags on the market right now in terms of revenue and earnings jpmorgan has not been the superstar it once was. >> i know. it's so surprising down 15% on the year this is getting close. i don't own it yet because it trades about 1.5 times book. this stock traded closer to two times book but we'll talk about the other names that are more attractive the key is expenses because they did increase expense guide for 2022 last quarter and what is the return on tangible equity figure long term they have a goal of 17%. they have an analyst day in may and the rotce but i think you will have puts and takes volatility helps trade jg the volatility probably eating into m&a fees so watch for this one. if it pulls back it could be attractive long term. >> would wells and morgan stanley to be more attractive here >> i own them and i think they are more attractive. they make good progress. these guys have the most exposure to higher or lower interest rates an inc

morgan stanley is in there, they are all in. wall street was to be a part of this. >> it is one of those typical goldmans versus morgan stanley. morgan has been a longtime supporter of elon musk and spacex. the big question is the $21 billion of equity financing. it is heavily reliant on his test was shares, so he need -- tesla shares, so he needs to get partners. it will depend on whether he get support for that equity package. manus: matt bloxham from bloomberg intelligence on the latest with twitter. let's get the latest with the french elections with francine lacqua. francine: good day, we are joined by the global head of fixed income at candrium in belgium. nicolas, so many questions, do you trust the polls, do you think emmanuel macron will be president on sunday? nicolas: yeah, i think so. i believe that macron will win the election on sunday. the market does underestimate the risk of marine le pen. it does not care about le pen and believes she won't win. but when we look at the polls, it seems clear that macron will win

stanley. perhaps there is a reason why goldman sachs is cheaper, why goldman sachs is at a one price to book, why goldman sachs is at a 52-week low versus a morgan stanley. what do you think? >> well, so that's interesting you're saying is it cheaper for a reason because it's growth is not as robe ust over the last fr years. if you look at the history of goldman and where they made their money, they're strong reformulate and reimagine the company to some extent, but i understand what pete's saying and one times booked isn't a lot for a growing financial, and i think that's a reasonable purchase and entry point right here >> i think we've got pete back carrie approves of your purchase just yesterday when we spoke about the markets you couldn't find a single stock to buy, what else is on that list of yours? >> we were talking about that yesterday and best buy was one of the names i was definitely looking at there's a few names and multiple names each and every day and sometimes something else po

stanley and morgan stanley has underperformed the investment banking group, at least goldman sachs. they are well positioned and at some point could do a strategic acquisition in the different demographic whether it's going to be robinhood or not is another story altogether i would rather be driving with morgan stanley leading the way here they are the class of the operation. >> ibm on deck to report results tomorrow the legacy tech giant faring better than the broader tech space down 5% on the year. options traders are betting that outperformance might not last much longer. mike >> so on ibm we saw two times the daily options. the options market is implying the stock could move 5% after they report earnings in line with the average over the last eight quarters now as you pointed out bearish bets edged out, the purchase of 300 of the october 125 putts at nearly $1,000 an outlay of $300,000 in premium. the buyer of those is betting that ibm could retest from last november >> mike, thanks for that dan, what do you make of ibm here >> sales have been declining for years and earnings ha

[ding] e*trade now from morgan stanley. as a main street bank, pnc has helped over 7 million kids develop their passion for learning. and now we're providing 88 billion dollars to support underserved communities... ...helping us all move forward financially. pnc bank: see how we can make a difference for you. >>> welcome back. we're back at work but the holiday weekend continues for one new england state today. after two years of the pandemic, it is once again marathon monday in massachusetts. athletes have not run the boston marathon on patriots day since 2019 after the covid-19 pandemic forced the cancellation of 2020's race and postponed 2021 race until last october. all were required to be fully vaccinated before taking on the world famous 22.2 mile course. another honored tradition is making a comeback, the easter egg roll made its triumphant return to the white house this morning with the president welcoming thousands of children and, yes, of course the easter bunny to the white house south lawn for a full day of fest

. ♪ “baby one more time” by britney spears ♪ e*trade now from morgan stanley. cal: our confident forever plan is possible with a cfp® professional. a cfp® professional can help you build a complete financial plan. visit letsmakeaplan.org to find your cfp® professional. ♪♪ this is elodia. she's a recording artist. 1 of 10 million people that to f comcast has connectedonal. to affordable internet in the last 10 years. and this is emmanuel, a future recording artist, and one of the millions of students we're connecting throughout the next 10. through projectup, comcast is committing $1 billion so millions more students, past... and present, can continue to get the tools they need to build a future of unlimited possibilities. mover. it's roku, the stock getting a pop after the streaming company said it reached a multi-year extension of its distribution agreement with amazon, which allows customers to maintain access to prime video and imdb terms of the deal weren't disclosed. roku had been one of the darlings of nand, but shares have had a rough stretch down

we are morgan stanley. 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. ♪ ♪ prepare for an influx up to 18,000 migrants a day. >>> the u.n. reports more than 4 million refugees have fled ukraine since russia invaded the country. that's about one in ten ukrainians. many other millions had to flee inside to other ukrainian cities. one mother and her daughter made it all the way here to the u.s. >> they made it here, but they were forced to leave part of their family behind to defend the country. joining us now is that ma'am katrina and her daughter alice and dear friend hosting them in houston. it's good to have all of you with u

citi citigroup, wells fargo, morgan stanley and goldman sachs rolling out numbers. all this after jpmorgan chase reported yesterday and beating many and spooking some others. jamie dimon calling for a slowdown ahead what to watch today? we have ken leon with cfra ken, markets, rates, war, what are the one or two key things that you are watching for the most today >> it is really management worry about run away inflation and geopolitical risk. that sets up the conversation related to the consumer for loans and what ceos think about raising money for m&a or investment ultimately if we are getting a shift back to a higher credit risk exposure. all three of these are being affected as you said, brian, because of the macro back drop >> you heard jamie dimon comments the numbers for jpmorgan chase, ken, the numbers seemed okay not great. okay writedowns reporting on to russia jamie is more vocal than other ceos of the other companies. do you expect these numbers to be good and maybe ceos coming out and putting up a warning flare? >> we are not firing on all cylinders as w

have unsecured lending what would morgan stanley be willing to step for? we'll look into it it adds up to a decent amount of money there. something the twitter board has to consider as it potentially begins discussions with him. i believe he does say that haven't had much of any back and forth yet with the company. >> yeah. that's true. i will tell you, david, there's a process going on he's saying they haven't responded to the proposal given the lack of response they are exploring whether the tender offer to acquire all the shares i would only point out you can't close said tender offer. weather it prevents you from exceeding 15% of the stock. >> right. >> you have to have an negotiation with the board that has yet to happen. >>> it lululemon announced a five-year growth plan to double revenue. iblgt they'll be able to do this ahead of plan. and the reason -- one of the reasons it's ahead of plan is lululemon's ceo, calvin mcdonald -- >> thank you. >> yeah. >> when you talk about what is doing it you talk about team and talking about something that i foun

stanley. and if you can prove to goldman sachs. ready who's representing the twitter board and the twitter board that he has this been asking why got then those big shareholders vanguard, black rob, morgan stanley, are going to go in, take this money and run. this is the, the best thing that's happened to twitter in, in, in years. jim addison, what would that just go down the road and imagine what would a twitter with an evil musk having a controlling state? what would that look like? what changes could we see? i mean, i know is included called to remove advertising and dropping w from the name twitter. but apart from that, i mean, what could that look like? so i think it would be wildly unpredictable that that's maybe part of the excitement. i think when people look at this, as you mentioned earlier, wow, he's made twitter relevant in a way that the topic of twitter, not just what's going on on twitter by other people, just the copy of the topic of the company in the platform itself. so i thi

[ding] e*trade now from morgan stanley. at xfinity, we live and work in the same neighborhood as you. we're always working to keep you connected to what you love. and now, we're working to bring you the next generation of wifi. it's ultra-fast. faster than a gig. supersonic wifi. only from xfinity. it can power hundreds of devices with three times the bandwidth. so your growing wifi needs will be met. supersonic wifi only from us... xfinity. this is xfinity rewards. our way of saying thanks, with rewards for the whole family! from epic trips... to the original jurassic park... on us. join over 3 million members and start enjoying rewards like these, and so much more in the xfinity app! and check out jurassic world: dominion, in theaters june 10th. >>> back in tomsk, there was a surge in communications between the fsb and their bosses. if it was expected that navalny would die on the flight, they're now scrambling to deal with a very different situation. we enter a rundown apartment building on the outskirts of moscow where

[ding] e*trade now from morgan stanley. at xfinity, we live and work in the same neighborhood as you. we're always working to keep you connected to what you love. and now, we're working to bring you the next generation of wifi. it's ultra-fast. faster than a gig. supersonic wifi. only from xfinity. it can power hundreds of devices with three times the bandwidth. so your growing wifi needs will be met. supersonic wifi only from us... xfinity. as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts... saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities.™ >>> the moment when i heard the news that navalny was poisoned, my first thought was

[ding] e*trade now from morgan stanley. 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 know liberty mutual customizes your car insurance, so you only pay for what you need? like how i customized this scarf? check out this backpack i made for marco. only pay for what you need. ♪liberty. liberty. liberty. liberty.♪ if you have type 2 diabetes or high blood pressure you're a target for chronic kidney disease. you can already have it and not know it. if you have chronic kidney disease your kidney health could depend on what you do today. ♪far-xi-ga♪ farxiga is a pill that works in the kidneys to help slow the progression of chronic kidney disease. farxiga can cause serious side effects including dehydration, urinary tract or genital yeast infections in women and men, and low blood sugar. ketoacidosis is a serious side effect that may lead to death. a rare, lif

that's yours >> yep i'm staying with morgan stanley. i think that's to the right position i also think bank of america is another name to own. something is specific to jpmorgan as to why it's underperforming, keep in mind, it's right now below where it was january 2020, that peak. that's telling you something the rest of the financials are above that >> we're going to take a quick eaand mebrk co back and we'll do final trades alright, so...cordless headphones, you can watch movies through your phone? and y'all got electric cars? yeah. the future is crunk! (laughs) anything else you wanna know? is the hype too much? am i ready? i can't tell you everything. but if you want to make history, you gotta call your own shots. we going to the league! >>> i hope you'll join me with the 4:00 with glen kacher. we'll find new stock picks from him as well. looking forward to seeing him in a little bit joe, your final trade? >> final trade is to sell cvs. i'm going to let the viewers do that first i'll do it by the end of the day. bought it january 24

i think that as i said, morgan stanley might do better than people had thought, including myself, had thought they would, but i believe regional banks that are not involved in capital markets activity like our regions financial, for example, our coamerica, their earnings are likely to be a lot better than what we saw from jpmorgan and therefore, those stocks could produce a little bit better result, but again, you have to look at a bank as the seller of a product, not as a price. in other words, interest rates are the price of the product which is being sold. if you don't sell the product doesn't matter what the price is you're not going to show an increase in earnings. liz: thank you for clarifying that because a lot of people have a love affair with jpmorgan , they love jamie dimon, and again, year-over-year the stock is down. dick, good to see you thank you very much. dick bove. fox business alert, a surge in travel demand is lifting up the fortunes of delta airlines, which expects to return to a profit this quarter as bookings and higher fares offset soaring fuel costs. delta, loo

goldman, citi, and morgan stanley are next to report. gains in the s and p and on the nasdaq are very pronounced. yields were lower and that led to a supportive environment. some investors are starting to bet that inflation is starting to show signs of. eking. -- show signs of peaking. the ftse 100 currently range bound. you're looking for the geopolitics as well and the focus on china. chinese markets performing well on the back of a potential stimulus or cuts to the rrr ratio as well. president xi jinping coming out to say that the zero covid policy has to be maintained. still focused on the policy response out of the pboc. the cac is gaining 0.2% and we continue to keep and i on the earnings picture. the german dax is gaining around 0.2%. the spanish ibex is a range bound. let's move and see how things are playing out across assets. it is worth mentioning that the nikkei performed well in the sanction -- in the asian session today. we see gains on those futures. we look at the front end of the yield space because that is where we saw

[ding] e*trade now from morgan stanley. that oddly satisfying feeling when you don't do it yourself. there's a different way to treat hiv. it's every-other-month, injectable cabenuva. for adults who are undetectable, cabenuva is the only complete hiv treatment you can get every other month. cabenuva helps keep me undetectable. it's two injections, given by a healthcare provider every other month. it's one less thing to think about while traveling. hiv pills aren't on my mind. a quick change in my plans is no big deal. don't receive cabenuva if you're allergic to its ingredients or taking certain medicines, which may interact with cabenuva. serious side effects include allergic reactions, post-injection reactions, liver problems, and depression. if you have a rash and other allergic reaction symptoms, stop cabenuva and get medical help right away. tell your doctor if you have liver problems or mental health concerns, and if you are pregnant, breastfeeding, or considering pregnancy. some of the most common side effects includ

[ding] e*trade now from morgan stanley. (johnny cash) ♪ i've traveled every road in this here land! ♪ ♪ i've been everywhere, man. ♪ ♪ i've been everywhere, man. ♪ ♪ crossed the desert's bare, man. ♪ ♪ i've breathed the mountain air, man. ♪ ♪ of travel i've had my share, man. ♪ ♪ i've been everywhere. ♪ ♪ i've been to: pittsburgh, parkersburg, ♪ ♪ gravelbourg, colorado, ♪ ♪ ellensburg, cedar city, dodge city, what a pity. ♪ ♪ i've been everywhere, man. ♪ ♪ i've been everywhere, man. ♪ ♪ i've been everywhere. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ we have to be able to repair the enamel on a daily basis. with pronamel repair toothpaste, we can help actively repair enamel in its weakened state. it's innovative. my go to toothpaste is going to be pronamel repair. i have moderate to severe plaque psoriasis. now, there's skyrizi. with skyrizi 3 out of 4 people achieved 90% clearer skin at 4 months, after just 2 doses. skyrizi may increase your risk of infecti

tom: is morgan stanley onto something that everyone is doing demand studies in morgan stanley is suggesting supply dynamics is the thing to study? >> i think we have to study both. we've been talking about big production cuts in russia. also you mentioned iran, it doesn't look like it's going ahead which means iranian production is not going to come back to the market this summer. the same time, you don't focus on demand, there's been a big hit to demand in china, that helps in taking away some of the tightness so you need to do both. lisa: given the fact that you are talking about the tightness of the market, everyone sees this tightness. why are oil prices not higher? >> first and foremost, liquidity is an issue. we have seen huge margin calls by exchanges possibly because of what happened with nickel after the russian crisis and you are seeing bigger and bigger margin calls. that means traders had to exit their positions in order to meet that arjun call. we don't have enough just to meet that margin call. we just don't have enough liquidity. that's one thing i would say. the other thing

we are morgan stanley. this is xfinity rewards. into strategies our way of saying thanks, with rewards for the whole family! from epic trips... to the original jurassic park... on us. join over 3 million members and start enjoying rewards like these, and so much more in the xfinity app! and don't miss jurassic world: dominion in theaters june 10th. >>> welcome back to "squawk box. "the wall street journal" says officials adopt a new message. it's your call what do you think of this advice we were just talking, by the way, during commercial break about this very issue. if you have it, if you haven't tested, if you go out, i'm saying if you have a cold -- the whole lesson from this experience is stay home. think about the billions lost every year for people who used to play jirned we'd come in, people would be sick, and that would be a sign of being some kind of hero. >> yeah, andrew, and how many, myself include, how many people do you know who have actually gotten a cold, nasal symptoms, thought i might hav

[ding] e*trade now from morgan stanley. before i got aura, twenty-four of my online accounts were hacked! he uses the same password for everything. i didn't want to deal with it. but aura digital security just dealt with it. what were we worried about again? shopping on public wifi is sketchy. but with aura digital security, my devices are protected in like 3 minutes. it's time to protect your life online with aura's all-in-one digital security. try for free today at aura.com what was that password anyway? ew. >> this is sergei protosenya. until recently he lived comfortably in france with an estimated wealth of more than $400 million. money he made as a former top manager of the kremlin connected russian gas giant no but tech. he is basically the textbook example of an oligarch. on tuesday, he was found dead in a rented villa in spain. according to the spanish news outlet, spanish police found his wife and daughter dead with acts and knife wounds in side the villa. hanging by a bathrobe in the garden. spanish police believ

morgan stanley has given millions of dollars of loans to musk in the past when it comes to his mortgages. they are converting to a bigger corporate client as they help him with this. jp morgan has actually sued elon musk before. part of twitter's defense team. are they going to bring in any other banks? allen and company worked with the company's in the past. can there be more players and any potential bidders will start to bank up. jon: lots to continue watching. sonali basak and ed ludlow joining us. we stand the twitter story. coming up, oil prices under pressure for the first day after four straight winning sessions. imf cutting its global growth. this is bloomberg. ♪ kriti: this is "bloomberg markets." i am kriti gupta with jon erlichman. the imf fleshing out looks due to russia's invasion of ukraine and china's covid lockdown. joining us with her expertise is oil futures reporter julius and sarah's. -- julia. >> they/growth outlook ticket is the first time they did since the pandemic started. if growth is not -- there was china lockdowns and china is the second-biggest oil consum

morgan stanley is our only performing name of that group. just because of the offsetso on revenue as we come from the high numbers which is probably more than offset some of the nii benefits and now capital is creeping up on the requireps while one thing that we're seeing that will be a read through across the industry is the aoci hit which is effectively the mark to market of your bond book as rates move up and that was a bigger number than what we thought it was about $9.5 billion and we were forecasting $8.5 billion. >> leslie, what did we learn about the outlook for capital markets? clearly it is a headwind m&a is down, we've covered that, that hurts the big banks what did you hear out of the call >> yeah. >> i think it was a bit more -- oh, sorry, david, that was for leslie but then i would love to get your thoughts after. >> okay. go ahead. >> just wanted to share some sni insight from the immediate caw call where we talked about the and its prospects. interestingly, they said that initially that a lot of deals were punted toward the b

[ding] e*trade now from morgan stanley. inner voice (furniture maker): i'm constantly nodding... ...because i know everything about furniture ...but with the business side... ...i'm feeling a little lost. quickbooks can help. an easy way to get paid, pay your staff, and know where your business stands. new business? no problem. success starts with intuit quickbooks. medusa lived with a hideous curse. uhh, i mean the whole turning people to stone thing was a bit of a buzz kill, right? so she ordered sunglasses with prime, one day delivery. ♪♪ clever girl. people realized she's actually hilarious once you get to know her. eugh. as if. ♪♪ well, he was asking for it. prime changes everything. what does the future of strength look like? it's dynamic weight that adjusts for you in real time for a more efficient workout. and you can only experience it... (sigh) on tonal. ♪♪ when it comes to tech, everyone wants the next best thing. now with xfi complete from xfinity, you can get updated wifi technology with the new tec

i worked over on wall street in morgan stanley and deutsche bank. i realized my passions lie within travel. any time i had a three-day weekend or up coming holiday, i was always trying to find different destinations to get to. that kind of started my peek i guess you could say into travel. over time, that itch kind of continued to get scratched. i made the jump into entrepreneurship about two to three years ago. cheryl: it's great you've got all the support from the bank on this. i would think because of the budget, you know, aspect of what you are doing here that you are kind of targeting the gen z traveller, the millennial travel group. what are they looking for? what is that crowd into now? >> great question. i think most of the millennial and gen z are looking for multiple trips many trips throughout the year. the death of the ten-day vacation is in place here. people are no longer looking for seven to ten day trip. they want multiple trips throughout the year, weekend getaways. also too i think with the flexibility of work right now, many peopl

[ding] e*trade now from morgan stanley. ♪ ♪ ♪ ♪ we believe there's an innovator in all of us. ♪ ♪ that's why we build technology that makes it possible for every business... and every person... to come to the table and do more incredible things. at xfinity, we live and work in the same neighborhood as you. and every person... we're always working to keep you connected to what you love. and now, we're working to bring you the next generation of wifi. it's ultra-fast. faster than a gig. supersonic wifi. only from xfinity. it can power hundreds of devices with three times the bandwidth. so your growing wifi needs will be met. supersonic wifi only from us... xfinity. david rothkopf, communist for the daily beast and usa today, and host of the deep state radio podcast. and fernand on monday, democratic pollster at an msnbc but. excuse me. let's start with you. your reaction to the mccarthy reporting? >> you know, well, it has been out there in plain sight, frankly for a very long time, which is that that republicans no one, that there was a big lie. number two, it was outrageous what we saw o

[ding] e*trade now from morgan stanley. step up. prep up. to help keep you free from the risk of hiv. descovy for prep. a once-daily prescription medicine... ...that helps lower the chances of getting hiv through sex. it's not for everyone. descovy for prep has not been studied in people assigned female at birth. talk to your doctor to find out if it's right for you. descovy is another way to prep. descovy does not prevent other sexually transmitted infections, so it's important to use safer sex practices and get tested regularly. you must be hiv-negative to take descovy for prep. so, you need to get tested for hiv immediately before and at least every 3 months while taking it. if you think you were exposed to hiv or have flu-like symptoms, tell your doctor right away. they may check to confirm you are still hiv-negative. serious side effects can occur, including kidney problems and kidney failure. rare, life-threatening side effects include a build-up of lactic acid and liver problems. the most common side effect was diarrhea. tell your doc

had of european banks research at morgan stanley. coming up, we break down the collapse -- he was arrested and charged with fraud. a stories of next. this is bloomberg. ♪ >> will come back to the open. 53 minutes into the european trading day. the equity markets of gains of 1.2%, 600 -- the s&p, between 2.3% for the nasdaq futures. >> now, accused of -- bill hwang has been arrested on a 100 billion dollar bond. he denies any wrongdoing. joining us now to break down all this is bloomberg's managing editor for ame a finance. is something out of a jean novel -- john like a rate novel. >> it shows that the banks were pretty unaware of the -- they each thought we are the main player here. when you put it altogether, it was a huge exposure, bigger than anyone knew. 160 billion dollars worth of exposure to stocks, starting out from a fortune of about a billion dollars. massively leveraged, continued as the stocks went up. >> what we know about the charges from u.s. prosecutors for bill phuong -- bill long. >> big charges all carrying big

[ding] e*trade now from morgan stanley. (vo) your home internet is going ultra! introducing verizon 5g home. see ya cable! with 5g home you get blazing fast 5g ultra wideband internet to power your entire home. (mom) i'm ordering pizza! (vo) yeah, i could eat. (mom) what's our new address? (vo) i dunno. set it up yourself in just minutes, no drama. and look here, 5g home is 50% off with your unlimited plan, just 25 bucks a month, no contracts, no hidden fees... what do you say to that?! (mom) shhh... (vo) right, you enjoy that internet. verizon is going ultra, with home internet at our best price. >>> last year, hundreds of companies became public. 600, it was crazy. and all their stocks have been completely obliterated during that period, i told you most of the new ipos were overhyped or immature companies making their debuts way too early. but with hundreds of new names, some of them are bound to be legitimate especially now that their stocks have come down from their highs. that's why we've been looking for profitable companies with cheap stocks and good growt

[ding] e*trade now from morgan stanley. allergies don't have to be scary. spraying flonase daily stops your body from overreacting to allergens all season long. psst! psst! flonase all good. >> so there's one more angle to the kevin mccarthy saga that we wanted to discuss tonight. and it has to do with the we wanted to discuss tonight, and it has to do with the audio recordings themselves. two reporters from the "new york times" obtained these recordings and waited to release them so they could be used in their upcoming book. so, the question is, is it okay to hold on to information like this? these journalists are certainly not the first to hold on to explosive information to help promote and sell their books. but when recordings could change the course of history or have serious political ramifications, shouldn't history win out? my panel is back to discuss this. danielle, should this audio have been released as soon as it was obtained, or is it being released at the right time? >> you know, ayman, it should have been released when it was obtained. i actu

we are morgan stanley. as a business owner, your bottom line into strategies is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts... saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities.™ >>> check out today's stealth mover, plug power. shares of the alternative energy company surging after a deal to supply walmart with up to 20 tons of hydrogen per day to power the forklifts that the retail giant's u.s. distribute and fulfillment centers. don't miss a an interview with the ceo tonight on "mad money. check otshares of citizen financial, near the top of the s&p 500, after a strong q1 report and pretty upbeat guidance for 2022. joining us now is citizen financial's ceo, bruce great to have you back the quarter looked good. the earn