citigroup saying that it was a single trader. and people close to the matter saying the bank is now in talk with regulators and exchanges about the incident. market observers say this kind of mistake really can -- cause reputational damage to a bank. it is not the first time citi had been caught in a very perishing mistake in 2020 they famously paid $900 million more than it meant to pay on behalf of revlon. revlon owed them the money. there were not giving it back. citi had to sue to get it back and lawson an appeal. this error probably something that will be scrutinized going forward. haslinda: $315 billion out of one mistake. meanwhile, goldman's trading decks in the spotlight for a different reason. su: goldman filed regular trade statements that said on 32 days in the first quarter every other day the trading desk revenue exceeded $100 million. the best in 11 years. their revenue accounted for 61% of goldman-s total for the quarter of $7.9 billion. a remarkable winning streak. we've talked about volatility in the past two mo

citigroup's london trading debts is believed to behind -- be behind the flash crash in european stocks caused by a sudden cellophane swedish equities. the selling western goodbye along erroneous transaction that caused the index to plunge 88% in fiv minutese that left the m ain european indexes losing 3% and wiping out $315 billion at one point. citigroup is in active dialogue with potential buyers of its consumer and commercial banking operations in russia. the ceo also said the financial -- on many of russia's largest banks -- to exit its operations in the country. citi is seeking buyers in russia, poland, china and mexico. >> we are -- sending our commercial banking franchise on there and we are in active dialogue around that. we have also been focusing on helping the multinationals on the ground because a lot of our client base, are the fortune 500, they are names that we all know. and many of those are looking at exiting. you can't exit if you do not have your bank on the ground there. shery: trading after reporting eps beat estimates. adolescent been expected the company to repor

sarah. >> reporter: carl, after the break, don't miss my interview with citigroup ceo jane fraser her first comments on how she learned that warren buffet structure hathaway was buying zbruchlt it was revealed in a new filing of course, the state of the global economy much more as "squawk on the street" comes right back itwn o minutes. minutes. >> wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq your shipping manager left to “find themself.” leaving you lost. 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 i'm dan o'dowd and i approved this message. matchtesla's full self-iption. driving technology. the washington post reported on "owners of teslas fighting for control..." "i'm trying..." watch this tesla "slam into a bike lane bollard..

haidi: the citigroup ceo speaking with bloomberg. let's get to vonnie quinn. vonnie: hong kong's economy contracted in the first quarter as the government imposed tough covid curbs and china's -- that would be hong kong's first contraction since the end of 2020. citadel founder ken griffin things the fed will be able to ease off monetary tightening if inflation drops to 4% by year end. however he warned that if inflation remains around the 8.5 percent level -- the billionaire also highlighted the big disconnect in the labor market. >> we are better off running the economy with a slightly higher risk of inflation then -- and try to bring back as many people into the workforce as possible rather than letting people be out of the workforce where their skills and employ ability crumble quickly with time. vonnie: a measure of u.s. manufacturing unexpectedly dropped in april as growth in orders, production and employment softened. the gauge fell to 55.4 weaker than all but one estimate in a bloomberg survey. the latest data underscores --. new zealand's governor wil

jane frazier said the financial sanctions on many of russia's largest banks caused citigroup to exit in the country. powered my bimore than 2700 journalists and analysts in more than 120 countries. this is bloomberg. dani? dani: coming up, b.n.p. paribas posts a bumper set of first earnings. we'll have details next. this is bloomberg. dani: it is bloomberg daybreak europe. i'm dani burger in london. b.n.p. paribas reported a 19% year-on-year rise in first quarter net income beating estimates. the trading activities increased 48%. equities trading from 61%. the c.f.o. spoke to bloomberg. >> the growth is stemming from the fact that we entered the quarter with very risk averse positions on top of that, if you look in europe, there was a high demand for macro and all the rest. we were open to do that. more over indeed, we have been -- on activities in prime brokerages and prime equities. it is covering everything and that was strong demand in all of that. >> you note however an environment that is more contrasted in the short-term. what is the impact of the war in ukraine on your busine

but remember back in 2020, citigroup paid $400 million to the u.s. for failing a risk requirement. it is in touch with a risk regulator and they will be asked some hard questions about what they will do to prevent this. and it highlights that citi might have to pay fine again. tom: what other safeguards can be put in place to avoid these kind of fat finger trades? >> usually the system should check if you put in a zero to much for the decimal is wrong. they are dealing with big orders . there should always be a four eye principal when they execute a big order just to make sure that everything works like it is intended to cause those -- to avoid causing those ripple effects. francine: jp barnet, in frankfurt. i give him a 15 out of 10. tom: fantastic insights into that flash crash. features a stateside looking at gains .3% across s&p mini's. francine: they are swinging between gains and losses. you look at the fed, what they are focusing on, we could see a huge move in treasuries after they hit 3% on the 10-year yesterday. tom: there is a selloff in bonds across europe. the german t

he has loved banks that explains citigroup. citigroup has been unloved for a while. he has a huge position of bank of america one of the four biggest in the portfolio. it is number two or three d depending where chevron is right now. >> when we talk to andrew's point the 13f from berkshire hathaway how much can -- do we assume it's him does he always have a say? does he have a veto power on anything odd >> some of the things are todd and ted and he doesn't know until after the fact they all talk. they have lunch. they hang out. they trade ideas it is helpful for all of them to think about what the others are thinking >> if you remember the whole controversy around it on ac activision it wasn't his stake. >> it was todd or ted. >> he got into it later. that is a separate situation the point is we often times take away an extraordinary amount >> apple was not him originally either it was brought to his attention and turned into the huge play he put into the three of them and charlie munger trade ideas and talk about what they see and think. it is a lot of brain power.

citigroup thinks value has more performance. but growth is so annihilated, -- how dare i have an opinion -- are there huge opportunities in growth stocks you should use right now? >> i think with the growth versus value debate, it boils down to fundamentals. look at the areas of growth, consumers are interested in the space right now. look at the point of macro. some of the risks on the downside is trying to get priced in. some interesting examples, u.s. housing names, the home-improvement sector, home depot and building product names. quite interesting right now, where the underlying structural drivers, whether it be under supply of new homes, aging household stock, demographics, still a robust consumer. those items are interesting. luxury ties a lot into weak sentiment in china. but if you look at some names reaching the growth potential -- these companies are doing well in the u.s. and europe from an operational perspective. china is a big piece of the puzzle. a lot of uncertainty. there is growth, but investors need to take

we look at it too $.9 million bet on citigroup. concessions. sweden and finland to nato are facing complications after turkish president erdogan says he was -- not allow them to join the alliance. >> sweden and finland have a clear stance against terrorist organizations throughout this process even if they say they are against terrorist organizations, they have statement that they will -- certain terrorists. manus: let's get to our european government managing reporter. is this a russia-stumble -- is this a moscow-istanbul told? -- tilt? >> the expansion of nato north is a key move not just finland, but sweden who feels like they're are under pressure from russia and also the baltic nations. those three countries on the south side of the baltic sea who have been most acutely sensitive to their vulnerability to russia. the oil quip thing is that putin has been threatening with retaliation if they declare their colors. one of their worries has been what happens in between declaring your loyalties and giving a guarantee, and now that they have the

our guest is the head of asian strategy at citigroup. what is going on? >> i was hoping you would not ask me that question actually. obviously the narrative is very well known. people are concerned about interest rates with recession and everything. there is something particular going on in u.s. equity markets. the u.s. equity market yesterday was showing an 80% probability of recession, compared to 30% in the rate market. i don't think equity guys are that smart to be able to decipher whether a recession will start, but what they are doing is pushing the economy into a recession, if they are not careful. it is as we saw the equity market, especially wednesday night, the credit spread starting to widen, and starting to see that circular contagion happening. we saw the same thing happening last thursday, and we saw some liquidity support that was not public, but if you look beneath the surface, you saw that liquidity support coming through. today, we should have a chance of getting close to 4000 on the futures once again. rishaad: the other thing is, there

. >> this is something we heard from the global head of commodity research at citigroup. he has a pretty bearish prediction of where prices are headed, trading at around $115 per barrel. actually, the fair value should the at $70 per barrel. it is a key reason he's looking at this. he is a well known oil market there. primarily, demand for oil and oil products is falling as he said the economy braces for recession. citigroup has downgraded the forecast for those products, announcing demand at 2.2 million barrels per day, down from 3.6 million at the beginning of the year. kathleen. kathleen: ok, so i guess we are going to do -- to wrap it up. thank you so much. now, we are going to move on to this question to haidi. gdp. haidi: due out later today, analysts are expecting growth to slow due to flooding, and rising inflationary pressures. our economics reporter joins us now so these numbers are always a bit backwards looking but it does give us a good sense of what sort of economic landscape the new government is dealing with. >> that's right. the treasurer has done a few s

economist at citigroup. his aggressive research has been out front with an incredible -- aggressive rate -- statement i should say. on the fed's trajectory. how do you amend your call on the fed trajectory of rates if we see a more persistent inflation? that seems to be the question of the moment. andrew: thank you for having me on. i think what we are seeing already is a more persistent inflation. that is why we are calling for the fed to hike in 50 basis points increments. we have guidance from fed officials for the next couple meetings, and i think the big question is how far do you need to go? where is the neutral rate? that is what chair powell is a lot quieter at the press conference and giving some indication that yes, it could be higher, but i think the reality is that we have persistent to high inflation. we have heard chair powell say . 50 basis point hikes at coming meetings. how high will it go? tom: i was a nerd as a child that i would read economic papers. lisa finds this hard to believe. one o

paul at citigroup talks about $1 billion out of the blue of new supply chain costs. define that. on a cfa exam which does a supply chain cost? reporter: it is the cost -- poonam: it is a cost to make the product, to get the product to the just to be concentric, and then into the store and people's homes, so the costs are rising on every snuggle front. it is not one piece of the puzzle that you have to fix. it is from the start to finish. tom: what is the history of them raising prices? jon has been talking about the initial tranche. is there a wall they run into, or do they just say this is what the bicycle costs? poonam: it depends on what competition is doing. when you see the price of milk going up across the board, it is ok to raise them. but if you start to see some retailers do it and some not, than there will be a shift in where consumers spend. so it is a hard and difficult thing to do to raise prices without trying to press on other levers you have in place. i think retailers in general will try to flex cost where they can before taking a meaningful price increase. lisa:

right now we do go global, and it is wonderful to have with us again, from citigroup, nathan sheets, global chief economist and former undersecretary of the treasury for international affairs, was public service at the federal reserve system as well. wonderful to have you with us. i want to go to stanley fisher, who you had an acquaintance with at m.i.t. a number of years ago. suddenly, the u.s. central bank head is central banker to the world. how close is jerome powell to being central banker to the world? nathan: that is certainly true during times of stress, when global markets are under duress and under pressure. they need dollars. several indications over the last few years, the fed has stepped up and provided that. but similarly in an episode like we are in right now come over central banks are struggling with is truly extraordinary set of shocks, and at inflation environment unlike anything we have seen in decades, the fed is pretty much setting the tone. as the fed has shifted more hawkish, that opened the way for a lot of central banks to be more hawkish as well. tom: one o

do you believe them, michael citigroup telling clients u.s. equities are not the place to be and they believe china out performs the u.s. in the requi environment? >> thank you for having me here. our members tend to be conservative people built great businesses and sold them. now they are in a wealth preservation mode. they are diversified and ready for whatever is going to come. >> if that is the base you are drawing the information from and they are conservative, what are they doing this is an inflationary environment. this is a group that understands cash on the sidelines is continuing to lose buying power. what do you do in the environment where bonds are under certain and equities are uncertain and everything else in cryptocurrency is uncertain as well >> sure. our members are long-term investors. they have themes cryptocurrency is concerning for the portion of the members invested in crypto, this is a buying opportunity because they have a believe it is little like a tesla owner when tesla was one tenth the price. they still made fortun

so i find berkshire's 13-f filings more interesting in down markets than in up markets so as a citigroup holder, i am encouraged and wells fargo he kind of blew it. i think he sold -- not great usually he's pretty good in the bank >> citi is up 1.5% after hours come up at 7:00, a special edition of the news with shepard smith. he's live in buffalo reporting on the deadly shooting there we'll be right back. esg is responsible investing. who's responsible for building esg into your investments? at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this. your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your

it folse similar decisions made by apple, citigroup, apple and others the decision could come at any minute, likely in june or july, abortion would not become illegal right away it could take months in places where it is likely to be banned. >>> breaking news, russia's war in ukraine has pushed the european union to declare a complete ban on russian oil. the eu president said that getting all 27 member states to agree would not be easy, as many nations are strongly dependent on the oil this comes as ukraine's president says 156 people finally made it to safety after spending weeks trapped in that steel plant in mariupol. we spoke with some of the evacuees >> reporter: after so much darkness, they're finally stepping into the light. ukrainian civilians evacuated by bus from that mariupol steel plant where they were surrounded by russian forces, many women and children looking dazed, exhausted, relieved. these are the first arrivals coming from underneath that azov steel plant. their journey is just beginning. a two-day cease-fire brokered by the u.n. allowed about 200 civilians to esc

this month, financial company citigroup published a report on space travel. it estimates the industry pioneered by space x reasonable falcon nine rocket is going to reach $1 trillion in annual revenue by 2040. the cost to launch two space is expected to drop by 95%. so, maybe more customers. the dramatic drop in cost is the main reason for the revenue boom. the report is optimistic. there are some things out here. for example, the future of asteroid mining, and space tourism. they are still up in the air, so to speak >>> coming tomorrow, johnny depp expected to be back on the stand in the high-profile trial between him and his ex amber heard. he said a couple weeks ago in his $50 million defamation trial against her, she is countersuing for 100 million. now her legal team is expected to call him as a witness tomorrow, they both deny the abuse to the other during the relationship and marriage. we will be back in a moment. what's it like having xfinity internet? it's beyond gig-speed fast. so gaming with your niece, has never felt more intense. hey what does th

one of the reasons, a big lift from shares of citigroup. in an sec filing, berkshire hathaway says it attire quire -- acquired 2.9 billion worth of citi stock, also loaded up on paramount, by way. both stocks are rallying. home depot up 3%, walmart down better than 7%, citigroup up 5% and paramount up 10% on that berkshire buy. this after the market finished mixed yesterday. take a look, the dow industrials yesterday up, but the others lower. the dow was up 26, the nasdaq was down 142, 1.25%, and the s&p lower by 16 at 4:00 on wall street. all of this ahead of the retail sales number for the month of april that is out in about 30 minutes. we are expecting a gain in retail sales for april of% 9% oe depot reporting 38.9 with, the highest -- 38.9 billion the highest first quarter record, walmart reporting a big with miss as supply chain challenges cut into its profit as you can see, both those stocks out today, but it kicks off a whole host of retailers later on in the week. going into those numbers, yields are moving higher. the 10-year up th

haiti and occupied it for a very long time, starting in 1917, was because a bank that is now known as citigroup had really prodded the state department to go in and secure its interests in the haitian tional bank. and that then quickly developed into a full fledged occupation. so part of the impetus was financiainterests of wall street bankers. ali: catherine porter with "the new york times," thank you so much for joining us. catherine: thank you so much for having me. ♪ geoff: for the first time, the u.s. government released a report this month detailing the abuse and mistreatment of native children who were forcibly sent to boarding schos in the 1800s. our st. louis community reporter gabrielle hayes has been reporting on one school in missouri that fits into this painful history. and gabrielle joins us now. so tell us more about this boarding school. the st. regis seminary opened in 1824. what did your reporting uncover? gabrielle: yeah, so we learned at the school, as you said, opened in 1824 and it later closed in 1831. so it wasn't open for that long. but what we do know is that, you kn

and they're gonna keep refreshing and re- citigroup. is expanding its vision to close the digital divide in oakland in five years . oakland undivided says it hopes to give internet access to 90% of the estimated 36,000 unconnected households in the city. the group first began its efforts to make sure oakland school children had access to a computer, the internet and tech support during the pandemic, which many did not, and by the end of 2021 2020 2021 school year, web access had been raised from 12% to 98% among public school students from low income families. the group also gave away more than 29,000 laptops and more than 10,000 hotspots. well. san francisco district attorney chasing nadine visited chinatown today updating business owners on legal action to block what he calls quote. frivolous lawsuits targeting chinese american businesses. as ktvu christien kafton tells us with a recall election a month away. his visit highlights divisions in the chinese american community over the d a. san francisco's chinatown is still recovering fr

lisa: we will speak with ed from citigroup who has more on that perspective step on the flipside, people say there are tight supplies and that will be the driving each are and demand will come back certainly in the western world when it comes to travel. then we don't get the same kind of suppression to cost once the oil reserves have been used up stuff this push/pull on both sides makes it in credibly difficult. jonathan: even the hungary when it comes to russian energy. lisa: could be moving closer to some sort of deal. it's hard to know what their view is. he phased in oil embargo? two companies really start paying in rubles? do you have any sense of what will happen? jonathan: i'm still confused on what happens with russian energy why some countries got cut off. crude is down by 2.6%. equity futures are positive for/10 of 1%, bouncing back from a brutal month of april. the chief economist of wells fargo's coming up as we count you down to a big fed decision this weekend payrolls friday just around the corner. jonathan: live from new york city for our audience world wide on tv and radi

citigroup has acknowledged that one of its traders made an error when facilitating a transaction. the mistake had led to the sudden and sharp fall of european shares early in the day. the company said in a statement that they corrected the mistake, quote, "within minutes." stay with us on bbc news, still to come: re—open for business. new zealand welcomes tourists after its long lockdown. i'll speak to the man in charge. i, nelson rolihlahla mandela, do hereby swear to be faithful to the republic of south africa. after six years of construction and numerous delays, the channel tunnel has been formally opened by the queen and president mitterand. but the tunnel is still not yet ready for passengers and freight services to begin. for centuries, christianity and i islam struggled for supremacy. now, the pope's visit - symbolises their willingness to coexist. roger bannister became the first man in the world to run a mile in underfour minutes. memories of victory as the ve celebrations reach their climax. this night is dedicated to everyone who believes in the future of peace and fr

i think citigroup is on that page. i think that is what citi is looking for it which is why they see a more aggressive fed than others do. tom: 3% inflation is an academic discussion, think adam posen and olivier blanche are. 4% inflation, nobody the game think that is acceptable. jonathan: joining us is steve sosnick. how important is this number to you at 8:30 and what are you looking for? steve: good morning. i'm not going to deviate too much from the economist estimates. i am not an economist so i will not play one on tv. i think it is right to think we are seeing a peak in inflation. remember inflation is a rise in prices. it does not mean we are seeing peak prices even if we see inflation abate and i think that gets lost sometimes. we focus on the headline number but do not necessarily realize it is a rate of change, not the price level. lisa: what is your expectation for how the market is positioned in terms of where the parameters of risk are? how much is the setting up for a rally or a selloff on a number that

also bank of america and citigroup, you can see the gains. as for whether or not the bottom has been put in, a survey with bloomberg suggests that most participants do not think so. this is the s&p 500. here's the all-time high below, closer to 2400, that would be a horrible bear market. 3500 in terms of where some on this survey think the s&p 500 could go, but could we within this downtrend seat something similar to march? maybe 4500 before where the s&p 500 is right now, right below that middle redline. another good sector, up more than 2%, this is over the last two weeks -- oil is flat on the session, but over the last two weeks up 8.5%. some of the usual suspects getting a lift, energy up 20%. oil and gas production index up 9.2%. energy equipment and services up 15%. last year's sector is this year's sector. basis also up 50%. double in two years for the energy index. guy: these stocks are up a long way from pandemic lows. it feels like a long way down from here. abigail, thank you. let us talk about what is going to be happening over th

citigroup saying it's time to buy the dip in emerging markets. a trade looks appealing as valuations come down after the recent global strut -- global selloff. stata just say there bear market checklist is only six of 18 red flags. haidi: china is now second to last in bloomberg's covid resilience rankings which lists the best and worst place to be during the pandemic. the cdc may stop collecting data from hospitals of suspected covid cases. our managing editor joins us now. there's a number of factors that you would imagine contributed to china falling down these rankings. >> we look at 10 data points. they all fit into the covid resilience score and what it's the best place and worst place to be in the covid pandemic when it comes to everyday life, business. we are looking at community mobility, access to vaccines, and cases. we have seen these outbreaks flaring in china. they aren't huge, but they are leading to quite a lot of restrictions, lockdowns. one in shanghai we are gradually easing out of. across the board, you are seeing a lot of res

year for workers who need to travel to our states so seek medical care other companies like apple, citigroup, lev ice and yelp have made similar promises to employees. >> trevor: that's a big deal, companies like apple, sti group and even am zohn-- amazon are promising to help their employees travel to other states if they need to get abortions, which is amazing. that vl amazing, usually you only see that kind of offer when a member of congress gets his mistress pregnant. really powerful. and considering the political climate right now any company wading too controversial culture war issues, like they could face serious backlash. i mean prolifers could start a boycott against amazon that could last minutes. before they get tempted on a deal on a knockoff roomba. and to be honest i'm surprised amazon is doing this. because it's wild. they will let employees go to a blue state before they let them use the bathroom. i mean that is pretty wild but they deserve the praise. in fact i propose a toast. let's all raise a gatorade bottle of pee in amazon's honor. here here. ah, i thought it was piss,

if you look at the likes of citigroup, they said similar things. it is interesting. these are three metals that even goldman sachs says have very good future because of the uptick with batteries and electric vehicles and all of the metals needed for solar power plants and wind plants. they say for the next two years we will see a downturn in lithium, nickel and cobalt because investors got in too quickly. manus: our exuberance led to oversupply. >> they say if you look at these metals in particular, supply is coming on stream more quickly and that is why investment has been ahead of fundamental demand. they do say it could be another super cycle and the second half of the decade. they're not writing off the metals completely but they say for now, if you are an investor, take a breather. manus: the price of cobalt, down 1.34%. how is that a relative to copper? iron ore? china and australia concert. how do these three stacked up to the other base metals? >> the reason they chose these three metals and their note, lithium, cobalt, and nickel, was because the supply is i

at the same time, you have citigroup saying there is opportunities dubai right now, but for the most part strategists are not so keen on u.s. markets because it is so much more expensive, so they are looking at is developing areas of the market and also europe, which is historically cheaper than the u.s.. francine: do you agree with that, because usually emerging markets in europe are cheaper for a reason. if the dollar rallies, you could be in trouble. karim: when you look at the overall equities complex, we have moderated our view. we were overweight, we are no neutral. i do agree, we are getting to this point where investors are asking have markets priced in enough? when we think about u.s. inflation, we may have passed the peak, in europe, it is not so clear, there may still be more volatility. francine: can i actually bring you to an inflation chart, we put this together looking at the price pressures coming from inflation across the board. in europe, if you break it down, that inflation surge, was also to do with airlines. there is two schools of thoughts, the ones that basical

strategists from the likes of goldman sachs and morgan stanley and citigroup have upgraded australian or touted them among top picks. the australian benchmark has outperformed by 10% this year. we'll be watching the market opens in one hour's time. investors looking from shelter-- for shelter. they are buying into cash cows, etf assets. they have ballooned to $5.6 billion on inflows every week so far this year. the top holdings include multiple energy mains, haidi. haidi: let's get a quick check. of glencore has admitted to a decade of market manipulation. the u.s. regulators say the offenses took place from 2007 through to 2018. glencore agreed to plead guilty to charges including burglary, corruption and price me feel asian. -- the first quarter revenues -- barely beat. the growth slumped to the slowest pace since the company went public in february last year. its worst earnings as regulatory issues. elon musk personal wealth has fallen below the $200 billion. it dropped to $192 billion as tesla shares fells. since he announced his intentions to buy twitter and the billionaires weal

lisa: christine lagarde saying it is not inevitable, others saying it is, including the citigroup ceo. these are the cross winds underpinning the discussion. tom: can we say -- in the sky? there was a windstorm. this is what saved us yesterday. lasting freeze spray. we thank the schwarzkopf people. lisa: it did not save us yesterday because our hair was wild. let's take a look at the market. you are seeing the nasdaq is giving up the gains from yesterday, at least in early trading. you can see it down almost 2%. the s&p down 1.3%. 39.22. the euro continuing to make gains. the reason that is interesting, christine lagarde saying she will not accelerate this and drawing a nuance between supply-side and demand-side inflation saying this is supply-side driven and demand does not have to be what they address. 10 year yields down, bonds up. you're seeing that 2.8%, not a huge move. today we have amazing guests. tom: amazing guests. two days in a row. what i'm looking for for global wall street is bob prince. lisa: will be speaking with bob prince of bridgewater right now. will be speaking w

like citigroup they were anticipated. monica crawley is former assistant treasury secretary. they're out in front of it. they're not waiting for the supreme court. >> i want to know if levi strauss will stop making maternity jeans. now they will be paying for their female employees abortions and travel expenses. i want to know where the fairness comes in? if you're a female employee at , andyou decide to have a baby l they give you a $4000 bonus to even it out? also, if you got a female employee who wants to have fertility treatments to have a baby, are these companies going to pay for that? this is all about pro-abortion. this is not pro-choice. you have to wonder when these woke corporations do this. are they trying to avoid paying for maternity leave? which is lot more expensive than $4000 for travel expense. it's a business decision rather than a political commentary. >> pete: i hope not. i didn't think of that. in the wake of disney. they took a public stand. is this company trying to have their cake and eat it too? >> you know what's interesting, there's a massive p.r.

worlds investors bought and sold in the first quarter warren buffett purchased 55 million shares of citigroup and media firm paramount global. it sold the verizon stock and exited positions in wells fargo. and dand loeb sold shares of amazon and 70% of microsoft. lots of move there, frank. >> a lot of movement >>> the health of the consumer is front and center as the biggest retailers roll out results and investors are looking for signs of inflation pressure joining us now is jan nippett. >> it's a pleasurepleasure >> we have home depot coming up in a half hour and then walmart later this morning what can we learn from the consumer >> i believe we will see walmart at 2.5% on comps what you will find there is multichannel retailing is starting to win the game against the great amazon that is really only online. that's going to be a big lesson for all of us. target is proving it and walmart is proving it. we will see the multichannel is where you have to be walmart is proving that and so will target. hd is a little different it will tell us if the rotation had started. with removing way from ho

jonathan: the citigroup ceo, just futures are negative a half a percent step the nasdaq 100 down a half a percent. your 10 year yield is 296.53. tom: we will watch that and i thought it was interesting before about the push through. where is the 10 year yield going to be monday? jonathan: later this year, the fed has a decision to make between supporting growth or containing inflation. the hope is they don't have to make that call. tom: absolutely. we are going to get to this in a moment but we need to reappraise our soccer talk and the mets-yankees verbiage. we have a listener in cambridge, mohamed el-erian who says he wants more mets talk. the red six -- the red sox are going against the los angeles angels tonight. jonathan: i met that guy wants, he's huge. the people i was with were looking at him. a lovely guy. that was like seven years ago. tom: i'm worse than he is. right now, we digressed to commodities and there's only one commodity that matters. when the head of research talks, we talked about egbert culture, i want to talk about the smart people at jp morgan who are modeling o

we heard citigroup saying they would pause these back issuance. sources telling goldman that goldman would only work with select spac's, finding a merger target so that spac can take the company into public markets easier. you also have this slew of spac's a lot of questions are surrounding. do you have is the good daesch and -- do you have this liquidation -- alix: blood banks are still in the business that can pickup slack? sonali: one question is around cantor fitzgerald. they were one of the biggest underwriters and hiring for spac's. this was supposed to be the new model of taking companies public. with the sec rules the worry is around forward guidance as well as conflict of interest. will the rules change? will there be repercussions around the disclosures? guy: what are the revenue implications? sonali: i just gotten back from milkin where spac sponsors were roaming free and looking for deals. you have had sponsors conceding they have lost money. you have costs associated with having lost the spac and not be able to fulfill that deal. ther

when a citigroup analyst said they really thought that softbank was raising the caution flag and they see a tough investment environment for the next two years. haslinda: thank you. land rover sees the semiconductor shortages persisting into 2023, after an unexpected quarterly loss of $130 million. it says inflation issues and sourcing chips of the biggest concerns for tata motors and it's trying to limit the fallout on its bottom line. hsbc has been said to have begun a review to spin off its asian operations. it has drafted goldman sachs to examine the case for a breakup after its biggest shareholder pushed for a split on the business to improve returns. hsbc executives are against a spinoff. twitter has announced a hiring freeze in cost-cutting efforts, reflecting the uncertainty while it awaits takeover. the company will not hire new employees and may rescind offers party out, with some exceptions for roles considered to be business-critical. rishaad: we are looking at markets as we head towards the japanese lunch break. this is the jakarta composite index. it is heading for corre

citigroup led the surge after berkshire hath warn diy disclos big stake. and signs of easing supply chain problems. and new data shows a still resilient american consumer navigating through inflation. retail sales strong. dimming for now worries about a recession. speaking of inflation, for the first time the average gas price in california soaring to $6 a gallon yesterday. and then this brand new warning from jpmorgan, the rest of the country will see that before the end of the summer. the analyst's report titled "cruel summer." cruel indeed. gas up nearly 50 cents in just one month. today's national average $4.57. so some perspective here. canada already seeing gas prices well above $6 a gallon. look at these numbers that we crunched earlier this month when the u.s. average was $4.33. the average in canada was $6.13. in the uk, it was $7.68. and in norway, $9.23 per gallon. why is it so different? the u.s. energy industry is heavily sub city dieded with all kinds of tax breaks so americans pay a little less than the rest of the world. >> $9.23 is no joke

citigroup has also been reported to have suspended equity trading with the company, but continues to trade with it across other financial instruments. next, we speak to the u.n. food and agriculture organization's chief economist as a rising food protectionism threatens to worsen global inflation. this is bloomb this? this is supersonic wifi from xfinity. it's fast. like, ready-for- major-gig-speeds fast. like riding-a-cheetah fast. isn't that right, girl? whoa! it can connect hundreds of devices at once. [ in unison ] that's powerful. couldn't have said it better myself. and with three times the bandwidth, the gaming never has to end. slaying is our business. and business is good. unbeatable internet from xfinity. made to do anything so you can do anything. vonnie: you are watching daybreak australia. i am vonnie quinn. china's premier li keqiang says the country is facing economic difficulties much worse than at the start of the pandemic in 2020. his emphasis on growth is seen as an acknowledgment that china could find it tough to meet its target while remaining committed to reside

you look at citigroup strategists and their note that tech is an area you don't want to be now. there's no evidence that yields will stop rising or little evidence they will stop rising beyond where they are. valuations have come down. off the record highs we saw in november, but still at highs, and remember, you pulled up the max chart for the nasdaq 100 on the bloomberg and the direction of travel on the nasdaq 100 now versus march of 2000 looks pretty similar from what we are seeing in a visual and numbers perspective. alix: to that point, the dot-com bubble was impart part macro but also idiosyncratic in some ways, some companies that just didn't make any money. the case of apple and google is different from the likes of carvana. what are we learning from earnings season in terms of where the floor is for some of these? ed: apple is a case in point, down 20% from the january peak, and other guests on bloomberg have talked about how you want to look for companies that have a quality balance sheet, predictable earnings. apple's selloff is quite recent. if we look at the chart,

bank of america, occidental, citigroup were among some of the biggest sellers in the investment firms. warren buffett was a big buyer of those. looking at what kinds of hedge funds they are doing in this environment, the long short managers. some of them doing well. it's heavenly not all of them. stocked out by surprise in the market. it's really the macro funds at the end of the day which is not there that are by and large doing well in the most recent environment. guy: there is pain, but is it real or manageable or problematic? >> there's a couple reasons, there still a lot of leverage in the system. if you look at the prime brokerage data is how much does that hurt the cost of leverage starts to go up as well. to your point we talked to bruce richards. liquidity in the market but that looks for, these stocks as well as others as well. think about how much these funds tried to diversify into private markets that are not even started to see the brunt of the pain the public market has seen and to go the market to market losses burn these players as well. guy: bank of america -- alix:

citigroup needs to finance -- needs to verify that. that whole process is cumbersome. it takes a lot of time. the question you're asking is the right one pair at how much longer can putin and russia really want to play this game with the west? in the west, we certainly know that on may 25, basically u.s. investors cannot accept coupons from russia. it is inevitable. at the end of the day, prudent and russian want to force the u.s. into an issue where it will not be on them, it will be on the united states. that means somewhere further on in the future, the court system is going have to say, wait a second, with this capacity or willingness to pay on the part of russia or were they first -- four they forced into default by the u.s. government? that is where we are right now. guy: you talked to a lot of trading desks. what is their expectation for what the move of the u.s. government here is? they say it must fail. how did they make him fail? what needs to happen here? it is just about working. why is it still working when the political narrative is that putin must fail?

coming up, the citigroup ceo jane fraser joins bloomberg markets at 2:00 in new york. this is bloomberg. keeping you up-to-date with news from around the world. here is the first word. in india, blistering heat wave has forged wheatfields. that is were duce -- that is reducing yields to the world's biggest grower. it could be a blow to global wheat suppliers. russian billionaire is reportedly in hiding after criticizing his country's war in ukraine. he told the new york times the day after his instagram post on the war that vladimir putin's administration contacted his executives and threatened to nationalize his bank. he tells the times he ended up selling his 35% stake to another russian billionaire and what he called a fire sale. coronavirus lockdowns and china are taking a toll on the country's economy. over the weekend data showed manufacturing and services activity plunged in april to their worst levels in more than two years. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries

citigroup. then today, everything went kablooey. the dow tumbled over 1,000 points, in the worst day of the year, so far. eclipsing the previous worst day of the year: every day of the year. speaking of worst, there's been a sighting of former president mopey prick. there he blows. blows. just yesterday, he gave an interview to the christian broadcasting network, and made a pretty wild claim about religion. >> nobody has done more for christianity-- nobody has done more for religion of all types, than me. >> stephen: bold statement. but he's right about christianity. for four years, he certainly inspired me to say, "jeeee-sus." remember, it's not just christianity. he said no one's done more for religions of all kinds. which also makes sense. he's got the wrath of yahweh, the destructive power of shiva, the b.m.i. of the buddha, and the sexual assault history of zeus. (applause) he also in its same interview, he for some reason he also bragged again about that old "person-woman-man-camera-tv" cognitive test a few years back: >> i de

next we speak to the global head of commodities research at citigroup. this is bloomberg. ♪ (inspiring music) - [narrator] at southern new hampshire university, you can reach your goals faster. that's because you can transfer in up to 90 credits towards your online degree. - i was able to cut my time in half. - [narrator] apply free at snhu.edu >> yesterday in the middle of the night we decided to have a ban on defective 90% of russian oil imports to the european union by the end of the year. alix: that was ursula von der leyen and speaking at the end of a news conference of two days in brussels after eu leaders decided to pursue a partial ban on imports of russian oil. let's get the details here from ed morse, great to see you. ed: likewise. alix: basic numbers, how much oil production or exports could be at risk from this partial ban? >> 2.5 million barrels per day. some of it has been at risk for a while, however. a lot of the run-up in prices we have already seen has been a result of european countries moving away from russian oil, building up the

two reports in the last 10 minutes, abraham reb ari at citigroup reframes a strong dollar and also says yen quiet sent until -- yen we have sent -- yen quiescent until a 135 level. where is that scope and scale in the bond market? we don't have an acquittal interview in the bond market like strategists are guessing and foreign-exchange. jonathan: that's the cross asset price action. let's get you some single names of stock movers in the premarket. let's get to romaine. romaine: the macro story driving the equity action, but raising a lot of questions as to whether people are overlooking the micro. apple is down 16% now from that all-time high. a company with $95 billion of free cash flow, $100 billion in net income, and a p/e ratio that is smaller than more than half the member's of the nasdaq 100, now near oversold conditions. you are seeing a bid come back into this market, only up about 1% after slipping up 8% over the past few days. it will be interesting to see whether these stalwarts of the market can reassert themselves. do you put apple in the same basket is upstart, down 52% ri

the best call of the day, citigroup talking about the railroads lowering the ratings on the railroads and weakening going forward and this is what they should be doing talking about lower earnings and it is up 9% this year. they're way too high and city is making a call. meantime, the metals have been bouncing and they've been a little more stable in the last fewdays and that's because the news out of china has been much better about what's going on in shanghai and they're trying to re-open shanghai at this point and that's been a help s&p 500, just remember the intraday low and last thursday, 3858, who knows? we could go positive very quickly. wouldn't that be nice to have a positive day >> a rebound, bob, thank you very much. the yield on the 10-year is sinking as investors look for safety rick santelli is tracking the action rick >> yes rejected 3% let's look at the week to date of tens and you can see yesterday we literally popped slightly above 3% and that was it if you open the chart month to date, we've had three closes above 3% on this cycle it's good psychological resistance

citigroup doing well and number six and bank of america rounding out in the top 10. analysts on investor day were generally happy after a very difficult five months for jp morgan with a lot of concern about expansion. manus: we are all searching for that moment of zen. christine lagarde joins the bloomberg team in just over 30 minutes. this is bloomberg. ♪

finally closing up at stake in wells fargo, taking the steak and a lot of consumer lenders, including citigroup. those shares higher by about 5%, and ally shares also rallying this morning. maybe buffett and his team seeing some opportunity there on the credit side -- or the loan side, i should say. in china, headlines crossing the wire a little while ago with regards to that meeting with a lot of the chinese tech companies, the vice premier saying the chinese government to support these platform companies. those shares higher by about eight in the premarket -- by about 8% in the premarket on alibaba. in the u.s., twitter shares continuing to sink lower, down about 1.5% on the day as you continue to see a lot of nonsense going on with what elon musk may or may not do. tom: romaine bostick, thank you so much. more this evening on walmart and home depot. it is yield up and price down. that is the mix for something rare in the last decade, a bond bear market. winnie cisar is global head of strategy at creditsights. you can talk about spreads, analyze loans in different categories, and the answer i

but you continue to see these concerns, whether from morgan stanley or citigroup, that we could fall further given the high inflation, hawkish central banks, growth concerns, and of course we have u.s. key technicals pointing to perhaps more downside at this point. haidi: and that rout in the stock markets is now starting to lead a few great -- wading back into the bond market. most have been crushed this year but we are seeing treasuries look a bit more appealing after the historic rout. we have seen the selloff in the equity space juice the u.s. debt. citi seeing a peak as well. as we see the market sentiment shift over the past week from inflation fears now to growth, we're seeing some of this play out in a comes to potentially a bit more of an argument that yields may have started to peak. it is a pretty brave call, but you are starting to see that start to turn around a little. lots of investors saying they are buying more treasuries. you are seeing that when it comes to australian and new zealand bonds with those yields falling. shery: no wonder we are hearing from the likes of