WEBVTT - China Tensions Highlight G-7: Merck's $11B Acquisition

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<v Speaker 1>From the Bloomberg Interactive Burgers Studios. This is Bloomberg day

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<v Speaker 1>Break for Monday, April seventeenth.

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<v Speaker 2>Coming up today, Tensions.

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<v Speaker 3>Over China lead the agenda at the G seven meetings

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<v Speaker 3>in Japan.

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<v Speaker 1>Settlement talks between Fox News and Dominion voting systems heat

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<v Speaker 1>up on the eve of their trial.

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<v Speaker 3>Merk pulls the trigger on a nearly eleven billion dollar acquisition,

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<v Speaker 3>and the head.

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<v Speaker 1>Of Google speaks out on artificial intelligence policem.

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<v Speaker 4>In Alabama, town need the public to come forward with

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<v Speaker 4>information about another man's shooting. Plus Broadway's longest running show

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<v Speaker 4>ends It's run. I'm Michael bar More Ahead.

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<v Speaker 5>I'm John Stasharon Sports Garrett Cole puts the Yankees the

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<v Speaker 5>victory of the Mets won in Oakland. The Nets and

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<v Speaker 5>Islanders have playoff games tonight.

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<v Speaker 6>That's all straight Ahead on Bloomberg day Break, the Business

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<v Speaker 6>news you need to start your day in just one

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<v Speaker 6>fifteen minute podcast each morning on Apples, Spotify, the Bloomberg

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<v Speaker 6>Business app, and everywhere you get your podcasts.

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<v Speaker 3>Good morning, I'm Nathan Hager.

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<v Speaker 1>And I'm Karen Moscow. Here are the stories we're following today.

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<v Speaker 3>Tensions over China could be high on the agenda in Japan.

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<v Speaker 3>That's where top diplomats from G seven nations are gathering.

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<v Speaker 3>Amy Morris has more from our Bloomberg ninety nine one

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<v Speaker 3>newsroom in Washington.

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<v Speaker 7>A senior State Department official tells Bloomberg News Now that

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<v Speaker 7>Japan holds the rotating G seven presidency, geopolitical challenges in

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<v Speaker 7>Asia will take on greater focus. Tensions in Taiwan especially

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<v Speaker 7>demand attention after China held more military drills around the

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<v Speaker 7>island and the US Navy said it sent a warship

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<v Speaker 7>through the Taiwan Strait on Sunday. Foreign ministers in Japan

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<v Speaker 7>will look for a common approach on issues like taiwan

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<v Speaker 7>human rights, economic coercion, and US moves to restrict China's

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<v Speaker 7>access to advanced technology like computer chips. In Washington, I'm

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<v Speaker 7>Amy Morris, Bloomberg Daybreak, Amy, thank you well.

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<v Speaker 1>Tensions over US DAD are also front and center this week,

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<v Speaker 1>but no deal in the dead ceiling. The word default

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<v Speaker 1>is being thrown around in some circles. European Central Bank

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<v Speaker 1>President Christie and the Guard says such an outcome would

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<v Speaker 1>have dire consequences around the world.

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<v Speaker 8>I have huge confidence in the United states. You know,

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<v Speaker 8>ever since my year in this country, in this city

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<v Speaker 8>in seventy three seventy four, I have had confidence in

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<v Speaker 8>this country, and I just cannot believe that they would

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<v Speaker 8>let such a major, major disaster happen.

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<v Speaker 1>ECB President Christie and the Guard made the comments. Unface

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<v Speaker 1>the Nation from CBS sketched the program every Sunday on

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<v Speaker 1>Bloomberg Radio.

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<v Speaker 3>In Israel, Karen Prime Minister Benjamin Netanyah, who is defending

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<v Speaker 3>the strength of his country's democracy. That's after Moody's lowered

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<v Speaker 3>Israel's credit outlook over a planned judicial overhaul that spurred

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<v Speaker 3>mass protests.

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<v Speaker 6>Israel is a vibrant democracy, has been a vibrant democracy

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<v Speaker 6>and will remain a vibrant democracy.

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<v Speaker 4>And you don't want who's the one who's most committed

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<v Speaker 4>to that is me?

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<v Speaker 3>Israeli Prime Minister Benjamin Netanyah, who made those comments on

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<v Speaker 3>NBC's Meet the Press, which can also be heard Sundays

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<v Speaker 3>on Bloomberg Radio.

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<v Speaker 1>Well, Nathan, we have new development this morning on a

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<v Speaker 1>massive lawsuit involving dominion voting systems and Fox News. Let's

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<v Speaker 1>get the latest live with Bloomberg Steve Rappaport's Steve Good Morning.

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<v Speaker 2>Good Morning, Karen and Nathan. On the eve of opening statements,

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<v Speaker 2>Judge Eric Davis announced a one day delay.

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<v Speaker 9>To the trial.

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<v Speaker 2>Sources tell The Wall Street Journal. The move is to

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<v Speaker 2>allow the parties more time to reach a settlement dominion,

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<v Speaker 2>says guests on Fox News shows repeatedly accused the company

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<v Speaker 2>of rigging its voting machines in the twenty twenty election

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<v Speaker 2>to switch votes from President Trump to Joe Biden. Fox

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<v Speaker 2>News is expected to argue it has the right to

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<v Speaker 2>report claims from a sitting president and his lawyers, even

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<v Speaker 2>if those claims later turn out to be false. Live

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<v Speaker 2>in New York, I'm Steve Rappaport Bloomberg Daybreak.

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<v Speaker 3>All right, Steve, Thanks, also have a couple of deals

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<v Speaker 3>to kick off the week on Wall Street. The first

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<v Speaker 3>involves pharmaceutical giant Merk, and we get the details live

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<v Speaker 3>with Bloomberg's John Tucker, John.

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<v Speaker 9>And ninth And it's one of the largest pharm of

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<v Speaker 9>deals in recent history. Murk is buying Prometheus Biosciences. The

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<v Speaker 9>price tag about ten point eight billion dollars. That works

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<v Speaker 9>out to two hundred dollars a share, a whoppings seventy

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<v Speaker 9>five percent more than Friday's closing price. Although they have

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<v Speaker 9>no approved drugs, Prometheus has some promising treatments in immunology.

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<v Speaker 9>A merksman looking to beef up its business because some

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<v Speaker 9>of its key drugs are coming off patent. In fact,

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<v Speaker 9>fifty five billion dollars worth of its sales are at

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<v Speaker 9>risk over the next seven years. Let's deal expected to

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<v Speaker 9>wrap up in the third quarter. Patent expirations are driving

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<v Speaker 9>M and A activity across the pharma sector, so this

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<v Speaker 9>probably won't be the last deal you're going to hear about.

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<v Speaker 9>Live in New York. I'm John Tucker, Bloomberg Daybreak.

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<v Speaker 1>All right, John, thanks well shareholders of the creator of

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<v Speaker 1>Angry Birds or anything but Angry. This morning, the company

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<v Speaker 1>Rovio up about eighteen percent after video game maker Sega

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<v Speaker 1>Sammy Holdings offered to buy the finished company for seven

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<v Speaker 1>hundred and seventy six million dollars. Nobio's board unanimously recommended

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<v Speaker 1>shareholder except shareholders U. Rovio's board unanimously recommended shareholders accept

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<v Speaker 1>the offer.

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<v Speaker 3>It's staying in Europe. Karen Word of job cuts at Barclay's.

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<v Speaker 3>Bloomberg News has learned the London based lender will eliminate

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<v Speaker 3>a one hundred roles in its investment banking group. The

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<v Speaker 3>cuts come as a slow down in deal making and

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<v Speaker 3>capital markets businesses continues at Barclay's and.

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<v Speaker 1>We're seemore falla from the historic deal between Credit Suite

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<v Speaker 1>and UBS. The Wall Street Journal reports outflows from Credit

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<v Speaker 1>Suite branded investment funds have accelerated in the week since

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<v Speaker 1>the takeover. The paper says net outflows from around three

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<v Speaker 1>hundred funds have reached five point six billion dollars since

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<v Speaker 1>the tie up.

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<v Speaker 3>Back here in the US, Careen, the CEO of Google

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<v Speaker 3>is speaking out about artificial intelligence. Alphabet Sundar Paschai says

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<v Speaker 3>the push to adopt AI technology must be well regulated

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<v Speaker 3>to avoid potential harmful effects.

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<v Speaker 10>The pace at which we can think can adapt as

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<v Speaker 10>societal institutions compared to the pace at which the technology

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<v Speaker 10>is evolving, there seems to be a mismatch. On the

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<v Speaker 10>other hand, compared to any other technology, I've seen more

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<v Speaker 10>people worried about it earlier in its life cycle, so

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<v Speaker 10>I feel optimistic.

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<v Speaker 3>Alphabet sud Dar Paschai made the comments on sixty Minutes

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<v Speaker 3>from CBS our Washington. Listeners can catch the show Sunday

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<v Speaker 3>Nights on Bloomberg ninety nine to one.

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<v Speaker 1>Another tech news. This morning, Apples sales in India had

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<v Speaker 1>a new high, reaching almost six billion dollars for the

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<v Speaker 1>year through March. Sources say revenue in India grew by

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<v Speaker 1>nearly fifty percent from the prior year. This search highlights

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<v Speaker 1>the market's increasing importance for the iPhone maker, as CEO

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<v Speaker 1>Tim Cook arrives in the country to open its first

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<v Speaker 1>local stores.

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<v Speaker 3>Finally, Karen, Netflix is apologizing to its customers this morning.

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<v Speaker 3>The service buckled under the strain of popular live streamed

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<v Speaker 3>reunion episode of Love is Blind. Down detector says thousands

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<v Speaker 3>of users reported Netflix streaming was unavailable yesterday. Straight ahead,

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<v Speaker 3>we'll get your latest local headline, Santa Check of sports.

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<v Speaker 3>This is Bloomberg. It is fifty five degrees in New York.

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<v Speaker 3>Should have some partial clearing this afternoon with Heisenem for sixties.

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<v Speaker 3>We'll get down to the low fifties tonight under a

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<v Speaker 3>partly cloudy sky. Time now to look at some of

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<v Speaker 3>the other stories making news in New York and around

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<v Speaker 3>the world. For that, we're joined by Bloomberg's Michael Barr.

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<v Speaker 3>Good morning, Michael, Good morning, Nathan Als.

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<v Speaker 4>Republicans are holding a hearing in Manhattan today targeting District

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<v Speaker 4>Attorney Alvin Bragg, the chair of the House Judiciary Committee.

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<v Speaker 4>Ohio Republican Jim Jordan scheduled the hearing at the Javit Center,

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<v Speaker 4>accusing brag of interfering in the twenty twenty four election

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<v Speaker 4>with the prosecution of former President Trump. However, Senate Majority

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<v Speaker 4>Leader Chuck Schumer says the real threat to New Yorker's

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<v Speaker 4>safety is a call by Jordan and Trump to defund

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<v Speaker 4>the FBI and police Department.

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<v Speaker 11>Every member in the House and Senate Democrat, Republican, liberal

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<v Speaker 11>conservative should denounce such attempts by former President Trump and

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<v Speaker 11>his allies to degrade public trust in our law enforcement

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<v Speaker 11>agencies out of personal peak and grievance.

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<v Speaker 4>Schumer calls Jordan's hearing a political stunt. Today, authorities in

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<v Speaker 4>one Alabama town are asking for the public's help to

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<v Speaker 4>make an arrest in another mass shooting. It happened over

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<v Speaker 4>the weekend at a birthday party in Dadeville. At least

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<v Speaker 4>four people were killed and more than two dozen injured.

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<v Speaker 4>Sudan's embattled capital faces a third day of heavy fighting

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<v Speaker 4>between the army and a power full rival force were

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<v Speaker 4>control of the country. The weekend civilian death toll in

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<v Speaker 4>Khartom has risen to around one hundred. Secretary of State

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<v Speaker 4>Anthony Blincoln says there is a shared deep concern about

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<v Speaker 4>the fighting.

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<v Speaker 12>We're also closely in touch with any American citizens INSIDAM

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<v Speaker 12>to make sure that those who are registered with the

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<v Speaker 12>embassy and that we're actually in contact with get all

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<v Speaker 12>the information they can about how to remain sales secure.

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<v Speaker 4>Secretary Blinken spoke of the G seven Foreign Ministries meeting

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<v Speaker 4>in Japan. The countdown is onto this morning's launch of

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<v Speaker 4>the tallest rocket ever built. Elon Musk's SpaceX is preparing

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<v Speaker 4>to launch Starship, the most powerful rocket ever built, into space.

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<v Speaker 4>After thirty five years, Broadway's longest running show has taken

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<v Speaker 4>its final bow. After nearly fourteen thousand performances, Phantom of

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<v Speaker 4>the Opera bid it farewell. Sunday. The last curtain call

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<v Speaker 4>brought out not just cast, crew and musicians, but the

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<v Speaker 4>original Broadway company and Andrew Lloyd Ubber himself.

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<v Speaker 12>He couldn't go.

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<v Speaker 1>Out with the best of conformance was bord to Christi.

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<v Speaker 4>Fandom won seven tony awards including Best Musical. Global News

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<v Speaker 4>twenty four hours a day, powered by more than twenty

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<v Speaker 4>seven hundred journalist and analysts and over one hundred and

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<v Speaker 4>twenty countries. Michael Barr, this is Bloomberg ninth.

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<v Speaker 3>And it's still there inside your mind. Thank you, Michael,

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<v Speaker 3>Thank you. After the Bloomberg Sports up date. Good morning,

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<v Speaker 3>John Stanshall by Nathan NBA playoffs just getting started. Everyone's

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<v Speaker 3>played once already. Injuries are looming large.

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<v Speaker 5>Milwaukee had the best regular season record, but the Bucks

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<v Speaker 5>lost Game one to Miami. Had to play most of

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<v Speaker 5>the way without Yanna's son to the Company's got a

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<v Speaker 5>bad back. They say the x rays were clean and

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<v Speaker 5>the heat also saw a key player go down in

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<v Speaker 5>this game, Tyler Hero broke his hand and Memphis John

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<v Speaker 5>Moran left with a hand injury. Those x rays were negative.

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<v Speaker 5>Grizzlies lost only six times all season. They lost to

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<v Speaker 5>the Lakers. The Clippers won in Phoenix, easy for Denver.

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<v Speaker 5>The Nets have game two tonight in Philadelphia. It's also

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<v Speaker 5>opening night in the Stanley Cup playoffs. The Islanders visit Carolina.

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<v Speaker 5>Speaking of injuries, another one for Yankees slugger John Carlos

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<v Speaker 5>Stantony's got a hamstring injury, expecting to miss at least

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<v Speaker 5>a month.

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<v Speaker 6>Here's Aaron Bruce.

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<v Speaker 13>I know he's he's really frustrated, but you know it's

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<v Speaker 13>it's opportunity now, it's opportunity for frankly people. We have

0:10:23.960 --> 0:10:26.040
<v Speaker 13>a lot of confidence in that we can mix and match.

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<v Speaker 13>We're gonna get some other people back here and then

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<v Speaker 13>in the next days, in the next couple of weeks,

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<v Speaker 13>and uh, you know, we gotta make.

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<v Speaker 5>Do Yankees off. Tonight before welcoming in the Angels, they

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<v Speaker 5>gained us one of the four game series of the Twins,

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<v Speaker 5>winning two nothing at the stadium thanks to Garrett Cole

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<v Speaker 5>complete game two hit or ten strike ass. Cole's already

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<v Speaker 5>four to zero. His era is under one. Mett's visited

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<v Speaker 5>the Dodgers tonight. They completed a sleep in Oakland, winning

0:10:49.240 --> 0:10:51.680
<v Speaker 5>four to three and ten names. Peter Wonzo a game

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<v Speaker 5>time home run of the ninth and he already is

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<v Speaker 5>eighth of the season. Matt Fitzpatrick is a brit who

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<v Speaker 5>has a kid vacationed every year at Hilton Had he

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<v Speaker 5>won the heritage It's fine to the playoff with Jordan Speed,

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<v Speaker 5>John Stash that Bloomberg Sports.

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<v Speaker 6>Live from coast to coast, from New York to San Francisco,

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<v Speaker 6>Boston to Washington, d C. Nationwide on SIRIUSXAM, the Bloomberg

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<v Speaker 6>Business app, and Bloomberg dot Com. This is Bloomberg Daybreak.

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<v Speaker 6>Good morning, I'm Nathan Hager. Stocks are getting off to

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<v Speaker 6>a relatively quiet start this morning. We'll see whether that

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<v Speaker 6>continues as we make our way further into first quarter

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<v Speaker 6>earning season.

0:11:29.480 --> 0:11:31.520
<v Speaker 3>So let's get you set for the trading week ahead.

0:11:31.559 --> 0:11:34.439
<v Speaker 3>We are joined this morning by Lori Calvacina, head of

0:11:34.559 --> 0:11:38.320
<v Speaker 3>US Equity Strategy at RBC Capital Markets. Laurie, it's always

0:11:38.360 --> 0:11:41.079
<v Speaker 3>great to speak with you, and we have seen stocks

0:11:41.559 --> 0:11:44.720
<v Speaker 3>do relatively well so far this year. Where do you

0:11:44.720 --> 0:11:46.280
<v Speaker 3>see the momentum going for equities?

0:11:47.800 --> 0:11:49.839
<v Speaker 14>Well, thanks for having me. As always, look, we think

0:11:49.840 --> 0:11:52.440
<v Speaker 14>it's going to continue to be a choppy environment this year.

0:11:52.520 --> 0:11:54.960
<v Speaker 14>I do think the bears have really, you know, sort

0:11:54.960 --> 0:11:57.640
<v Speaker 14>of overstated their case. I probably see more upside risk

0:11:57.679 --> 0:11:59.880
<v Speaker 14>than downside risk, but we have been training right around

0:12:00.120 --> 0:12:04.000
<v Speaker 14>forty one hundred target. I don't see anything really eminent

0:12:04.080 --> 0:12:06.120
<v Speaker 14>that would derail us. We'll see what happens in this

0:12:06.200 --> 0:12:09.960
<v Speaker 14>reporting season. We are watching Nasdaq futures positioning pretty closely

0:12:10.000 --> 0:12:12.880
<v Speaker 14>as a potential short term cell catalyst. But I think

0:12:12.920 --> 0:12:16.120
<v Speaker 14>investors just need to get ready for what is likely

0:12:16.160 --> 0:12:18.640
<v Speaker 14>to be not as bad as what some of the

0:12:18.640 --> 0:12:20.880
<v Speaker 14>bears are saying, but just a chopping environment for the

0:12:20.960 --> 0:12:21.720
<v Speaker 14>duration of the year.

0:12:21.920 --> 0:12:25.120
<v Speaker 3>Now, the bears have been pretty loud. We've heard once

0:12:25.160 --> 0:12:27.800
<v Speaker 3>again from Mike Wilson, probably the biggest bear on Wall

0:12:27.840 --> 0:12:30.280
<v Speaker 3>Street over at Morgan Stanley saying there needs to be

0:12:31.040 --> 0:12:34.080
<v Speaker 3>more earnings down grades. Why do you think the bears

0:12:34.080 --> 0:12:36.000
<v Speaker 3>have overstated their case? What's your case?

0:12:36.640 --> 0:12:40.080
<v Speaker 14>Well, look, I think it really all goes back to

0:12:40.160 --> 0:12:42.760
<v Speaker 14>how close are you looking at the history of how

0:12:42.840 --> 0:12:46.000
<v Speaker 14>markets trade around Earning's downgrade cycled. And I think the

0:12:46.040 --> 0:12:48.760
<v Speaker 14>bear case has largely rested on the idea of, hey,

0:12:48.840 --> 0:12:51.800
<v Speaker 14>earnings expectations are way too high. We think the number

0:12:51.840 --> 0:12:53.720
<v Speaker 14>is going to be lower, therefore markets need to come

0:12:53.760 --> 0:12:56.080
<v Speaker 14>down and retest the low. And I think that's just

0:12:56.240 --> 0:12:58.280
<v Speaker 14>overly simple, and I don't think it really has an

0:12:58.320 --> 0:13:01.800
<v Speaker 14>appropriate view of how Earning's grade cycles have impacted stock

0:13:01.840 --> 0:13:04.920
<v Speaker 14>prices in the past. If you go back historically, what

0:13:04.960 --> 0:13:07.720
<v Speaker 14>we have seen very consistently is that three to six

0:13:07.800 --> 0:13:11.199
<v Speaker 14>months before earning downgrade cycles are done, stock markets tend

0:13:11.280 --> 0:13:13.440
<v Speaker 14>to put in their bottom and I really shouldn't even

0:13:13.520 --> 0:13:16.320
<v Speaker 14>use the word ten, because that's what always tends to happen,

0:13:16.800 --> 0:13:19.880
<v Speaker 14>or actually always does happen in these major downgrade cycles.

0:13:19.880 --> 0:13:22.400
<v Speaker 14>We've gone back looking at this over several decades. The

0:13:22.480 --> 0:13:24.280
<v Speaker 14>other thing we've seen is that if you look at

0:13:24.280 --> 0:13:26.280
<v Speaker 14>the price action in the S and P five hundred

0:13:26.360 --> 0:13:29.880
<v Speaker 14>last year, and price action does loosely tend to follow earnings,

0:13:29.920 --> 0:13:33.640
<v Speaker 14>but around major inflections, stock prices do tend to lead earnings.

0:13:33.800 --> 0:13:36.160
<v Speaker 14>And when we compare how the stock price is acted

0:13:36.240 --> 0:13:38.640
<v Speaker 14>to what the earnings expectations are for this year, both

0:13:38.679 --> 0:13:42.000
<v Speaker 14>consensus and my well below consensus number, the price action

0:13:42.160 --> 0:13:44.959
<v Speaker 14>reflects a more onerous earnings environment than even what I'm

0:13:44.960 --> 0:13:48.000
<v Speaker 14>anticipating with my two hundred number. And then the last

0:13:48.040 --> 0:13:50.840
<v Speaker 14>thing I would say, if you look at earning downgrade cycles,

0:13:51.200 --> 0:13:54.040
<v Speaker 14>you tend to get the cuts in largely by the

0:13:54.080 --> 0:13:56.880
<v Speaker 14>April May timeframe. In the SMP and the small caps,

0:13:56.880 --> 0:13:59.319
<v Speaker 14>it tends to be more like May June. But really

0:13:59.360 --> 0:14:01.960
<v Speaker 14>this is the little reporting season where the numbers do

0:14:02.120 --> 0:14:04.240
<v Speaker 14>need to get cleaned up. Cell Grant the bears that

0:14:05.080 --> 0:14:07.600
<v Speaker 14>for that market bottom back in October to hold. So

0:14:07.640 --> 0:14:09.880
<v Speaker 14>I think it all goes back to the idea of

0:14:09.920 --> 0:14:13.040
<v Speaker 14>what is baked into stocks, and stocks already baked in

0:14:13.080 --> 0:14:16.720
<v Speaker 14>a pretty onerous earnings environment last year, and that's always

0:14:16.760 --> 0:14:19.120
<v Speaker 14>what they do in these downgrade cycles.

0:14:19.680 --> 0:14:21.760
<v Speaker 3>How do you read what we've heard from the big

0:14:21.760 --> 0:14:25.360
<v Speaker 3>banks so far? As we've just gotten earning season kicked

0:14:25.400 --> 0:14:29.480
<v Speaker 3>off here by JP Morgan, Chase, Wells Fargo, and City Group,

0:14:29.640 --> 0:14:32.840
<v Speaker 3>do you see the momentum continuing for them?

0:14:34.120 --> 0:14:37.960
<v Speaker 14>So look, it's very very early in the financials reporting season.

0:14:38.120 --> 0:14:40.000
<v Speaker 14>And you know, I will say, if you look at

0:14:40.040 --> 0:14:43.000
<v Speaker 14>the BKX performance, and we've been watching it very closely

0:14:43.080 --> 0:14:45.560
<v Speaker 14>relative to the Nasdaq one hundred performance, it does look

0:14:45.640 --> 0:14:47.680
<v Speaker 14>like it is trying to stabilize. So I think the

0:14:47.720 --> 0:14:50.640
<v Speaker 14>market is looking for an excuse to have some good

0:14:50.680 --> 0:14:52.880
<v Speaker 14>reaction to these earnings numbers. And you know, I think

0:14:52.960 --> 0:14:55.200
<v Speaker 14>Friday ended up being a little bit weaker than perhaps

0:14:55.280 --> 0:14:58.520
<v Speaker 14>the headlines from the banks themselves would have suggested.

0:14:58.920 --> 0:14:59.320
<v Speaker 5>My read.

0:14:59.360 --> 0:15:01.440
<v Speaker 14>And again I'm not a banks jannalyst, I'm a strategists.

0:15:01.480 --> 0:15:04.800
<v Speaker 14>I'm looking more for macro clues. But I was comforted

0:15:04.840 --> 0:15:06.440
<v Speaker 14>by the fact that we saw one of the banks

0:15:06.480 --> 0:15:09.320
<v Speaker 14>saying they weren't going to unreasonably tighten in here because

0:15:09.360 --> 0:15:11.440
<v Speaker 14>of past events. I thought there was a lot of

0:15:11.440 --> 0:15:14.120
<v Speaker 14>focus on regulation, which I think is appropriate. I think

0:15:14.120 --> 0:15:16.520
<v Speaker 14>that's a longer term issue that banks have to contend with.

0:15:17.040 --> 0:15:19.360
<v Speaker 14>But generally, if we look back over the last couple

0:15:19.320 --> 0:15:21.520
<v Speaker 14>of weeks, what companies are telling us, not just in

0:15:21.520 --> 0:15:24.240
<v Speaker 14>the banks but elsewhere, was that the sort of impact

0:15:24.720 --> 0:15:27.320
<v Speaker 14>from the recent events in banking has been pretty limited.

0:15:27.360 --> 0:15:31.120
<v Speaker 14>So far, we aren't seeing an overly alarmist tone from companies.

0:15:31.120 --> 0:15:32.880
<v Speaker 14>We're seeing more echoes of what we saw in the

0:15:32.960 --> 0:15:35.240
<v Speaker 14>Duke CFO survey a couple of weeks ago, where corporate

0:15:35.280 --> 0:15:38.800
<v Speaker 14>sentiment was actually improving prior to the SBB crisis. So

0:15:38.840 --> 0:15:40.480
<v Speaker 14>I think it's going to be really important to watch

0:15:40.520 --> 0:15:42.320
<v Speaker 14>the tone from here. I don't think we can read

0:15:42.320 --> 0:15:44.240
<v Speaker 14>too much from Friday. I think we were off to

0:15:44.320 --> 0:15:45.840
<v Speaker 14>a good start. Would have liked to have seen a

0:15:45.880 --> 0:15:49.240
<v Speaker 14>slightly better stock market reaction, but I think in general,

0:15:49.360 --> 0:15:51.600
<v Speaker 14>the idea that this was a contained crisis, I think

0:15:51.600 --> 0:15:52.480
<v Speaker 14>that is bearing out.

0:15:52.880 --> 0:15:55.320
<v Speaker 3>Just about thirty seconds left in this segment, Laurie, so

0:15:55.360 --> 0:15:57.440
<v Speaker 3>do you think that the worst is over then for

0:15:57.560 --> 0:15:59.400
<v Speaker 3>the banking turmoil.

0:16:00.680 --> 0:16:03.080
<v Speaker 14>I think that's that's what the market is telling us

0:16:03.160 --> 0:16:05.280
<v Speaker 14>right now, and I think that's the vote of confidence

0:16:05.320 --> 0:16:09.120
<v Speaker 14>we're seeing in the stabilization. In that VKX performance. We've

0:16:09.160 --> 0:16:12.160
<v Speaker 14>actually started to see a little bit of underperformance from the

0:16:12.240 --> 0:16:15.320
<v Speaker 14>NASDAT complex again, and that tells the investors are starting

0:16:15.360 --> 0:16:18.320
<v Speaker 14>to worry about the set again, which can only happen,

0:16:18.640 --> 0:16:20.560
<v Speaker 14>you know, if the Fed feels confident enough to go.

0:16:21.840 --> 0:16:24.760
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