BOJ, Disney Stock, John discussed on Bloomberg Surveillance


The price section one hour away from CPI in America futures come in just a little bit Down a tenth of 1% not even on a S&P on the NASDAQ down by 0.14% on the Russell moving lower by under more than a tenth On a year so far year to date the S&P down by 3.76% not a big move now We start to eat away at those losses as the Sessions progress a big two day winning streak We break that Just a little bit going into CPI These can change a lot in the next 60 minutes Let's talk about how we set up in a bond market Twos tens and 30s on twos One 36 86 the higher the session very close to one 37 We pulled back by three basis points to one 33 66 Some tens came very very close Very very close to getting that one 97 on tens A little bit earlier in the week then we pulled back after that really really strong demand in that auction yesterday Right now one 92 50 on a ten year yield coming in about a basis point or so similar move on 30s Big question for the fed how does this CPI print set the tone for the March meeting and maybe shape the discussion for the year beyond that For the ECB and the BOJ let's sit on this Just for a second song switch up the board Euro dollar dollar yen For Europe can they keep up with the Federal Reserve Perhaps not will they hike Possibly later this year For the BOJ governor Corona was asked about it Tom No chance of a shift from that man anytime soon Is he the last one standing It's going to be interesting to see John I mean the churn here of information and the difference of opinions that we've seen John have been extraordinary and it's going to get reframed here in 20 58 minutes Just with a move off the back of those comments From the governor and the action from the BOJ as well One 15 to 79 that currency up a quarter of 1% CPI just around a corner Let's get you some movers some single names and say good morning to remain Good morning Hey good morning John and no doubt about it in 58 minutes The data the complexion of that CPI data is going to be a big driver here for the markets but we do have some fundamental stories here in the pre market moving stocks here Twitter shares up about 5% The numbers that they had on their earnings this morning I should point out Pretty much in line with estimates but they did institute a new $4 billion buyback That adds to about a billion that they had left over from the past buyback So all told about 5 billion shares that they're going to buy 2 billion of that accelerated That's a big part of the reason why you're seeing shares higher Disney shares were out at Disney stock was out last night with their earnings year The big news there A lot of people are focusing in on that streaming revenue which of course was big and it was a big surprise They're pushing now to about a 130 million subscribers overall here But I think the parks business really has to be talked about here $7.23 billion in revenue in the most recent quarter When you go back to the last quarter of 2019 the last three months of 2019 they had $7.5 billion in revenue at that parks business So they are basically back near pre-pandemic levels for that parks business Bob chapek talked a lot about this yesterday and about the pricing power Yes a lot of pricing power that they have at that parks business He also mentioned the streaming business as well and said he would not rule out a price increase on some of the Disney+ services in 2023 here Coca-Cola also out with earnings Again a lot of pricing power there 9% organic growth but more importantly that price mix that they had was also up about 10% well above what the street was looking for at about 6% Flip up the board a couple other names just to keep a quick eye on here We did get Uber earnings here Pretty much a beat on all the main metrics those shares higher by 5% Twilio is actually your biggest percent gainer here in the pre market as well as your biggest volume over here on the back of a good earnings report Those shares up 21% and Tom keep an eye on micron I'll send some of the other memory chip makers here a shutdown over at its competitor Western Digital giving a boost here to micron and some of the other competitors Roman basic Thank you so much to close this afternoon Amidst this earnings season This is our interview of the day on inflation We do this with a gentleman from Cornell and Yale under James Tobin Edward yardeni is definitive on linking our economics into our investment we're thrilled that doctor Jordan could join us This morning And I want to talk about the great divide which is the analysis of the nominal the actual the current statistic with the inflation adjusted statistic Phil kore the legend of pioneer once told me that the bright lights of inflation can solve a lot of problems for corporations Do you see that now that corporations will prosper amidst this new inflation Well I don't know that anybody really prospers in an inflationary environment So far over the past year where we've seen this surgeon inflation is certainly seems as though corporations have been able to hold on to their profit margins remarkably well They're basically at all time record highs and that certainly implies that all of these cost increases labor shortages part shortages have been overcome One way or another and one way to do it is to pass through those pressures into higher prices which we've seen But I'm really a believer that companies are scrambling to increase their productivity And I think that's going to be the big difference between now and the great inflation of the 1970s We had a raging debate on this yesterday of the horse and the cart of productivity to the rising wages to rising wages lead to a more spirited productivity It's debatable isn't it Well yes or no I think the big big structural issue the decade ahead which is just not going to go away It's kind of baked into the demography is that the labor force growth is going to grow at something between zero and 0.5% per year And that's all because of the population isn't growing baby boomers are retiring And we're replacing them basically one for one And so we're just no growth in the labor force and companies started to see that when the unemployment rate got to 3.5% before the pandemic And now here we are again with extremely tight labor market I think everybody's starting to understand that this is not just a pandemic issue This is a structural issue and the only way to deal with it is to increase productivity and there's phenomenal technologies out there to increase the manual and mental productivity of workers And I think.

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