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tv   Street Signs  CNBC  April 30, 2019 4:00am-5:00am EDT

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bp first quarter profits fall on weak refining margins, but still beat estimates the cfo brian tells cnbc the company has weathered a difficult period >> given the tough environment that we had in the first quarter
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with assets being out of action, whether -- and the oil price slowly recovering, so i think we're set prettying with for this year, and this is the tough quarter for us to get through. >> ams shares soar as the apple supplier delivers a positive outlook for the second quarter on growing android demand for its 3-d optical sensors. >> alphabet shares slide after its first quarter revenue misses expectations rising at the slowest pace in three years. it's increased competition in advertising ways zblaefrmts awe nigh bank of england. governor carney tells the global summit we'll be speaking exclusively to the deputy governor about all things fin tech in half hour.
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this really masks big single stock moves we're seeing today firstly, ams shares over here, i want to bring you to trading 20% higher this morning at the top of the stock 600 this comes after the apple supplier reported increased demand from android smartphones. really taking a huge leg higher on that news in contrast to the down side barang trading near the bottom of the index after they saw first quarter revenues fall fragd down nearly 3% in addition to these two stocks, we've also had a raft of financial earnings paint ag split picture of the european banking sector
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i'm going to bring you to two of those in particular. firstly, danska bank and that's trading at the bottom. it saw a difficult start to 2019 as it report a first quarter net profit of 3 billion danish krone. the lender warned its 2019 outlook is subject to uncertainty and macroeconomic developments as it forecasts net profit for the year in the range of 14 billion to 15 billion danish krone danske bank says it remains under investigation by danish estonia and u.s. authorities all regarding alleged money launder, but it's unable to give guidance on potential fines trading lower to the tune of about 6.7% i want to take you to standard charter, though, where it's a different story. shares here trading higher about 4% after they unveiled a share buy back program of up to $1 billion. the asia-focused lender announced the plans after it posted a rise in first quarter pretax profit as its turnaround
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strategy appeared to bear fruit. ceo bill winters said in february he plans to double returns on tangible equity and dividends by 2022. >> set aside the korpts for the moment now look at several counties countries. french gdp was steady in the first quarter as household spending rebounded after the yellow vest protests lost momentum the second largest economy grew -- french inflation was also higher in april and matched expectations elsewhere the spanish economy grew at the fastest pace in more than a year. in that first quarter due to higher exports and stronger domestic demand. we're joined by gregory peters, senior fixed income portfolio manager. let's start with spain we had the election on sunday. when you look at spain compared to some of the other nations it
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seems like a slightly rosier pictures in terms of the fixed income space what do you think in terms o spain? >> spain is a country that we have liked italy as well and portugal the peripheral countries is an area that we do like political uncertainty is a new normal that's something that we have to contend with as investors both in fixed income and equity space. we're dwul quite constructive. >> one of the things that was bent on these the last couple of days had a religion chart looking at the spreads between italian and spanish bond yields, and i wonder from your perspective, is italy a bit more of a concern in terms of both the volatility on its yield as well as the long-term fiscal
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outlook. >> you are getting paid for it as well, and absolutely. if you look at it versus bunds, it's been the past six months. call 300 to 250. i sympathy italy is always a source of volatility particularly politically, economically same sorry kind of not growth gangbusters by any stretch i think it's a stable story, and you are getting paid for it. >> we saw italian banks react really well to the s&p's rating information with italy on friday what does it say about sentiment the fact that we did see such big moves on the back of this? were investors really positioned for a change in outlook or possibly even a downgrade to italy?
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>> it suggests that they've been too negative aren't the prospect >> how much of that is predicated on the ecb stepping in with their tltro. how much of this optimism that you are suggesting we should have on italy is predicated on the ecb's moves? >> i think that's a big part of it.
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to me it is a known known. zlo we just saw it come through the spabish election zone in mad rid covering those italy potentially we could be looking at an early election in italy depending on how things progress >> i think the point is there's a tremendous amount of volatility politically in italy. that's not changing any time soon being an investor in italy whether it be the sovereign bonds or the banks, you're dealing with that uncertainty all the time.
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>> he is saying don't blame u.s. budget investors he is saying -- how do you respond to that? >> well, you know, i didn't see that quote, but it's not uncommon to be blamed as a debt holder as part of the populist rise kind of globally is complaints around debt holders. >> the stock 600 is down nine basis points, and that's a fairly muted move overall. this really masks major single stock movers today it's a heavy day for earnings. as i mentioned in the open, we've had a number of results come through as well as some corporate stories. we have seen even double dej it
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movers when it comes to those. aerospace and airlines in big focus. at the top of the board we've got food and bev retail and health care. down at the bottom we've got some of these more cyclical names. basic resources down 1.4%. banks and autos also underperforming along side telecoms it has been a very big day for corporate earnings with arange trading down significantly ams, big positive mover today. up about 20% at some stage this morning after they reported guidance that was better than the market expectedon higher
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android demand a lot of idiosyncratic moves for investors to die jers this morning. >> bp has record an almost 30% fall in first quarter underlying replacement cost profit. that just beat expectations. the oil giant was impacted by lower oil prices and weaker refining margins revenue fell during the period by more than 2%. >> you see production is down 700,000 barrels a day on the average of what it was last year continued problems around venezuela why. it's a huge human tragedy that we're seeing in venezuela, but we continue to see problems with production now down as low as --
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whether or not that's sustainable going forward given some of the issues on the ground in libya, and then, of course, the iran sanction waivers is what led to that oil price correction by another $3 or $4 a barrel >> let's go back to the banking secretary of stator where there's a 12% fall predicted in net profit year-on-year. that's amid an investigation into alleged money laundering. snoo stepping away from the korpts for a moment, i want to bring you some pictures, some live pictures from tokyo this comes as japan marks the end of the three decade reign of the emperor.
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the leader will stem cell step down for the first time in two centuries. pretty remarkable. his son will take over as emperor tomorrow you can see there some live footage from that ceremony taking place just now in tokyo >> three decades on the throne he seems to have served his purpose. at least as far as he is kernld. coming up on the show we'll hear from the chairman of emirates airlines as they express its view on boeing's recent challenges unpredictable crohn's symptoms following you? for adults with moderately to severely active crohn's disease, stelara® works differently. studies showed relief and remission, with dosing every 8 weeks. stelara® may lower your ability to fight infections
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welcome back to the program. well, let's dive into a couple more of those earnings out today. starting with lufthansa. it's reported that rising fuel costs and over capacity have led to a wider than expected first quarter net loss.
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the firm highlighted favorable booking levels airbus has reported better than expected quarterly core profits. strong deliveries of the a320 neo model and cost productions in the a 350 program led them to adjust operating profit of 549 million youro. the company's strong commercial jet segment helped it confirm its guidance of a 15% rise in full year operating profit >> meanwhile, boeing has insisted it did not intentionally deactivate the key safety alert in its grounded 737 max jets the company issued the statement after a tense annual general meeting. dennis faced frustrated shareholders at a hostile press conference as he outlined plans to rebuild public trust in the company. that enforced grounding of the boeing 737 max has meant that several airlines are now looking for other manufacturers like airbus that includes emirates the airline's chairman has been
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speaking to cnbc's dan murphy who joins us now live from dubai. dan, what did he have to tell you? >> well, willem this was interesting because we have now heard from not just boeing executives who were facing shareholders for the first time since the grounding of the max aircraft and those two fatal crashes, but we've now also heard from the chairman of emirates, the world's largest long haul airline speaking to c nshs about how this has undermined confidence and impacted the aviation sector he told me that this is resulted in a significant loss of profitability for emirates sister airline fly dubai, which, of course, has those boeing max aircraft in its fleet. he is now seeking compensation i asked him what it means for the forward orders of the boeing aircraft, and he said he could now potentially be keeping his options open and looking at
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airbus as a replacement. listen in. i could say it really costs a lot of the airlines a lot of costs, a lot of the profitability. today we have a big number of the max coming to the airline. that doesn't make me sit down. for example, i have to look into a similar type of aircraft and say with the airbus, you know, to see could not a-320 or 321. we will have that option before the aircraft is grounded you know of course, we'll always demand that we should be compensated.
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>> if we're talking about the max, i have to keep my option open and to also to airbus about it >> do you think that boeing could have handled the situation better >> it could be that communication should be better we don't know really the details of except what we hear and we are very much engaged between the fly dubai and also coming up with what would be the solution. it's not only about the faa today who are really set to fly the aircraft for example, i also would be involved as a european authority and also other country who will approve it and they wanted to insure that it will be free from any accident that could happen
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>> also pont important to point out that emirates does not carry any of the boeing max aircrafts in its fleet it only operates the boeing 737 and the a-380. i took this opportunity to ask him about the aviation sector more broadly, particularly as emirates looks to release its results in the next two weeks. he says despite the fact that we have seen a compression in yields, rising fuel prices, and, of course, a slowdown in the united states and china, it's not too worried about the outlook. the airline also plans to introduce a new premium economy segment into its cabin mix, and to build out profitability chasing more dollars when it comes to more -- having more aircraft in the sky. that's going to be particularly interesting to look out for as well just on this fuel price issue, what we have seen oil prices up about 40% this year-to-date. brent crude up 75 u.s. a barrel last week. i asked him whether or not
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higher fuel and higher oil prices are going to impact profitability at the airline moving forward he said possibly ideally emirates would like to see air prices at $60 u.s. a barrel no surprises to also see one of the fuel guzzling airlines in the world falling for lower oil and fuel prices. back over to you >> dan, thank you for bringing us that interview. great to get more insight into what's going on in the industry gichk how much focus there is on the back of the boeing 737 max scandal and numerous other issues that was dan murphy live in dubai. shifting gears. >> the official figure came in at 50.1, while the private -- hit 50.2 the official services pmi also cooled in april. it fell to 54.3. now, positive data back in
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march, remember, had lifted hopes among investors that the world's second largest economy was regaining momentum >> on a related note, imf managing director christine lagarde has told a milkin institute she expects the u.s. and china to reach a trade agreement. blackstone steve schwartzman echoed this view he is positive they will come up with something that works. he warned it would not be a deal that resolves all tensions between the two nations and says that a process of normalization would require more time. u.s. consumer spending in march, meanwhile, grew by the biggest level in nine and a half years data from the customers department showed that personal spending rose 0.9% last month, but the fed's preferred inflation measure, the personal consumption expenditures index, that rose 1.6% in march, and that is, of course, well below the central bank's 2% target >> larry kudlow said the slowing
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inflation opened the door for possible rate cuts the fed begins its two-day policy meeting in a few hour's time the u.s. central bank is widely expected to keep rates on hold as it sticks to a patient's stance we turn to -- pgim we are looking at the fomc's meeting kicking off in just a few hour's time. almost any statement will be perceived as being hawkish if you look at what's being priced as a rate cut this year, end of this year, and another one next year.
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what you are hanging your lat on is that inflation is the sole focus. i think it's a really difficult message and difficult story. i think that is going to be the source of volatility in the second half of this year >> you as an investor, what do you make of this effort by vice chairman to look at how they target inflation in a different manner is that something that you think is long overdue given that they continue to come in below that 2%. >> well, clearly you know, the fact that so much has been thrown at the system globally and inflation is below target globally suggests that, you know, a revisitation of the current process is warranted to me it's okay. i'm not as worried about it as some other investors, but the fact remains that with all this
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stimulus, you're still under shooting inflation target and that is a concern for central bankers. >> now, if we look at q4, obviously the market turmoil played some role in the fed's decision making now. this year it's been an incredibly strong start. can the fed stay patient if this market rally continues >> well, i think therein lies the crux of the issue, which is do they focus on inflation solely and forget about creating bubbles? right? so i think it's a really hard narrative, right? >> question will be keeping a
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close eye on that meeting as it kicks on of. gregory peters, portfolio manager of pgim. coming up on the show, he will speak exclusively with bank of england, dave ramsden. stay with us okay, i picked out my dream car.
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welcome back to "street signs. >> these are your headlines. >> standard chartered shares rise after the lender unveils a billion dlar share buyback scandinavian rivals, though, danske bank see their stocks sink as money laundering allegations cloud their first quarter earnings bp first quarter profit falls on weak refining margins, but still beats estimates as cfo brian tells cnbc the company has weathered a difficult period >> given the tough environment we had in the first quarter, assets being out of action, and the oil price slowly recovering, so i think we're set pretty well for this year. this quarter is the tough quarter for us to get through. >> ams shares soar as the apple
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supplier delivers a positive outlook for the second quarter on growing android demand for its 3-d optical sensors. >> and alphabet shares slide on extended trade after its first quarter revenue misses expectations the figure rises at the slowest pace in three years thanks to greater competition in the advertising industry. >> it's aloverall major -- it's now trading in negative territory. early on the ftse mib over in italy was trading above the flat line, but now it's just hovering around there these moves really mask the big news of the day, and that is single stock movers. we've had a number of corporate earnings take focus, which is
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driving a lot of individual shares higher and lower at the top.
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let's take a look at u.s. futures and see where things stand last night after hour. we had alphabet reporting. >> the dow jones is looking at a ten-point rise at the open >> that's according to david duffy, the ceo of cybg the british vendor acquired virgin money back in 2018 in a deal valued at 1.7 billion pounds, and it said at the time that it aimed to take on the beg banks.
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>> it's to look at what big tech partners are doing in terms of either banks or other alliances with big payment companies are doing and big teleco companies are doing. where do we want to be in a partnership with those i think that's an interesting debate right now we think we're going the same direction. partnerships for us will be in all of the areas of big tech, teleco, and fin tech we see partners at all levels. >> we recently heard apple getting into the fin tech space and the new credit card. is that a partner you look at when you talk about big tech in some cases you can replicate that offering. for example, we wouldintend to deploy a credit card offering in the near term which has all of
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those particular benefits and some more. it's not -- i think the important thing about all this is don't get too excited about single points of innovation because that's a reversion to the mean model everybody can ino vat. it's the overall partnership benefit as you look at, including those pieces. we're obviously here yesterday the governor said that this new economy as far as the new finance and in turn this new finance requires a new bank of england, so why is it so
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important to the bank of england to be part of this process? they're leading to changes to that financial system. we in the bank of england, we're at the center of the u.k.'s financial system, and that puts us in a position to support change and what we are doing is enabling competition and innovation we're empowering the changes that we think can take place, but we're doing that in a way that is true to our mission to maintain economic and financial stability. they're huge opportunities that come from innovation and finance, but you would expect me to also say as a central banker that there are risks that we
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have to be on top of >> what are some of the risks in a second i want to go back to london's place in all of this, and looking at statistics here and deloitte has said that the u.k. is, if anything, captures one of the biggest market share in the world for global fin tech activity. what we have is across the -- also, we have the skills that comes from being a global financial center, and we also have real drive to ino vat we've got all the ingredients to be successful, and the bank of england wants to support that success given its mission for monitoring financial stability >> how do you expect that to evolve once brexit has happened? >> well, i think it's evolving all the time
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not just because of -- it doesn't need to wait for brexit. we're seeing changes in ini don't -- innovations taking place every day. we in the bank of england have been doing our part. for example, one thing that the governor flagged yesterday and that i also drew attention to in my speech today is that in the payment space, which is now an area of huge change, we're opening up our real-time growth settlement system, which is the core infrastructure.
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>> there's cloerl a balance to be struck, and what we are doing in the bank of england through our fin tech hub is making sure that we're staying very close to the developments so that we can advise the different parts of the bank of england, the spokes, if you like, that feed off from the hub on what is happening, and so i sit on the prudential regulation committee in the bank of england, and we can inform them of developments as we see them that are taking place so that we make sure we get the appropriate regulatory landscape. >> how does that regulation evolve as fin tech and as technology evolves one of the criticisms levelled
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at regulators is that it's very difficult for them to keep track with the pace of technology given how fast things move outside the scope of regulation. >> well, it is a challenge, but it's one that we feel that we have the capability to respond to we have the information coming into us in terms of developments in fintech, and it is very important, though, that we track the developments in the regulated sectors, whether it's banking or insurance something that the governor was talking about yesterday is how, for example, we might be able to use artificial intelligence and machine learning for vast amounts of data that we get in from companies that we might be able to use that, for example, to make parts of the regulatory process more straight forward,
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the reporting of data, the reporting of information, but, therefore, also on top of that, g given p that we take a judgment-based approach to regulation, it will allow us to focus our efforts more on making those appropriate judgments so we get the starts of regulation right. >> how frequently are you conversing with central banks in other parts of the world about tackling regulation within the tech space and how closely is the coordination >> the coordination is both bilateral and multi-lateral, and i spoke, for example, at a conference at the bank of japan out this time last year. i spoke on our approach to fin tech that we were taking an open-minded, open door approach. equal, i sit on the committee for the global financial system, the bank for international settlements, and there, for example, we will look at issues such as the way that business
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models of banks are changing in response to what i was talking about in my speech earlier today, the unbundling of -- the potential unbundling of financial services, the breaking down of what is currently a set of functions that is offered into constituent parts such as payments there's a very, very intensive agenda of multilateral but bilateral cooperation on this so that we can learn awhat has worked and what hasn't worked in terms of changes in the fin tech landscape and what regulation should do to respond >> do you think that perhaps applying a lighter touch post-brexit would give the u.k. a competitive advantage versus europe >> i think it's really important that we keep absolutely central to our core mission, which is the safety and soundness of individual banks and insurers, and also the stability of the overall financial system i mean, here we are 11 years on
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now from the start of the financial crisis ten years on, though, from when the economy showed its first signs of recovering. i think the lessons we've learned from that, it's incredibly important to maintain the right regulation and certainly not think of reducing the regulatory starts for some kind of competitiveness reason or other that won't actually be good for the u.k.'s financial sector, and it won't be good for the burgeoning fin tech sector in the u.k. >> i have to ask you about digital assets where does crypto currency and block chain ledgers fall into your mandate also, i was reading as well that the bank of england, yourselves, you are looking to incorporate some of that technology as well.
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>> also, as a medium of exchange, you know, the costs of transactions and the like were very expensive, so it didn't really satisfy those basic principles of being a currency, which is why we call them crypto assets overall because of the small size of the crypto asset market the fpc concluded that they didn't represent the risk to
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financial stability. it was very important that we kept monitoring them it concluded that for the ags it is that might fall within the regulatory perimeter, we have to take a strong approach, but we also had to be very mindful of assets and exchanges potentially that might be in or outside of the perimeter. we remain very vigilant about crypto assets. equally at the same time we're positive about technology underlying the distributed ledger technology. this is something the fpc identified and something that we are continuing to work on. as part of my role in bracing fin tech across the bank of england, we are looking at the
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potential for distributed ledger technology for example, in the payment space. very interesting interview well, coming up on the show, we'll take a bite out of apple and find out why investors could be left with a bitter taste. the maker releases second quarter numbers. - i love my grandma. - anncr: as you grow older, your brain naturally begins to change which may cause trouble with recall. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain
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the first leg of the champions league semifinals kicks off tonight with the british team tottenham hot spurs taking on ajax the north london side entered
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the game as slight favorites, and they'll be without key players, including harry kane and herman liverpool take on barcelona tomorrow in the other battle for a place in the final >> the co-working company filed confidentially back in december. one month later soft bank valued the firm at $47 billion. now, last year the company posted a loss of $1.9 billion. >> meanwhile, apple supplier ams has offered optimistic guidance on the back of increased demand from android smartphones the swiss listed tech group suffered a net loss in the first quarter, but the chip maker said it expects q2 revenues between 3 $390 million and $430 million.
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zbloirjts apple expecting a fall wall street analysts also predict a decline in earnings per share for the period apple's latest results come off the company low at its key holiday quarter sales guidance in january and reached a settlement in a legal battle with qualcomm.
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>> we did miss expectations, but more importantly, what was the driver or why did they miss? >> we saw a slowdown in revenue for alphabet it's rare to be below 20%. it's the first time since 2016 that's happened. where that was mainly coming from is in looking at this ad business, and ads make up the majority of alphabet's revenue from its key properties like search and youtube, and for the first time we saw growth of about 15% year-over-year in the first quarter in that ad business that compared to 20% range in previous quarter analysts looking at this and saying maybe there's some signs there's competition here and that its core money-making
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business could be slowing down a little bit we saw amazon's growth was double of what alphabet reported here albeit from a slower base coming from a slower point amazon is increasingly devoting resources into the ad business, and it has a pretty good base to start from given that many people already search on amazon. it's a pretty good contender for google >> let's shift gears looking ahead now to apple they're due to report later today. will iphone sales still dominate in terms of sentiment towards the results today and what can we gleen from what we've seen elsewhere? in particular, ams shares there trading off 20% this morning on the back of higher demand for android smart phones >> looking at three key things in the apple report after the bell today, the first as always
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is iphone revenues we won't be getting unit sales for iphones. we no longer get that. they stopped reporting those metrics. >> thanks so much. that was a difficult set joining us to talk about those two stocks well, president trump has sued deutsche bank and capital one in a bid to prevent the lender from handing over financial records to democrats trump filed a lawsuit late monday in new york together with his children and the trump organization his company. deutsche bank has told cnbc it remains committed to providing appropriate information to all authorized investigations and u.s. deputy attorney general rod rosenstein has separately announced his resignation. he has expected to step down in march, but stayed on to help
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manage the release of special counsel robert mueller's report. nbc news's tracie potts has more from washington. this wasn't unexpected is it significant? that's what rod rose enstein was doing after jeff sessions stepped down he was the person in charge of overseeing that investigation. as such, he butted heads with president trump from time to time he tried to defend the investigation that president trump was publicly criticizing
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he denied those reports, but he did create more tension. he is now stepping down as of may 11 his replacement still unconfirmed by the u.s. senate can you tune in later for holly gamble's exclusive interview with the director of the public investment fund from saudi arabia that is 9:00 a.m. cet for tonight. that's it for today's show >> worldwide exchange on the other side of the atlantic is coming up in just a few minutes time what's a target date fund? 529 plan? a 10-k? what's an etf? an ipo? 401(k)? where do i start? empower yourself with the free tools and resources on investor.gov. before you invest, investor.gov.
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it's 5:00 a.m. at cnbc global headquarters. here's your five at 5:00 breaking news out of europe. the latest growth numbers are just crossing. we will bring them to you. that's coming up straight ahead. also, looking for traction we're getting fresh signs of a slowdown in china as high level trade talks get underway we will take you live to beijing. president trump suing deutsche bank and capital one over his finances. we'll have that story. alphabet slammed after reporting a big slowdown in one key part of the business. that will be a big mover today, and the countdown is on to apple. what you can expec

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