Hello everyone. I'm Karen Cho, co-anchor of Squawkbox Europe on CNBC. Let me please extend a warm welcome to the World Economic Forum participants, stakeholders and delegates. Thank you so much for joining us for this discussion. Well, we are about to begin a conversation on a topic that is embedded in the DNA of the World Economic Forum. Stakeholder capitalism. But it is also a highly contentious one. The legitimacy of sustainability reporting has been questioned with ongoing claims about greenwashing. Can better non-financial reporting repair trust and amid fragmentation across jurisdictions? The IFRES Foundation's International Sustainability Standards Board brings promise. But what's next? Can companies forge ahead with responsible capitalism while faced with deteriorating economic conditions, divided investor bases, a highly charged political environment on the issue? Feel free to engage on social channels with this conversation. Hashtag WEF23. And for those on the audience, you could also participate using Slido. Let me introduce you to our panelists today. Erky Leichen and Chair of IFRES Foundation, United Kingdom. Brian Moynihan, Chairman and Chief Executive Officer, Bank of America USA, Chair of the World Economic Forum International Business Council. Geraldine Machette, Co-Chief Executive Officer and Chief Financial Officer of Royal DSM Netherlands. Ananish Shah, Managing Director and Chief Executive Officer of Mahindra Group India. Welcome to you all and thank you so much for joining us today. Erky, let me turn to you first. It feels as though it's a race against time to keep stakeholder capitalism on track in 2023. How much progress has there been towards developing a global standard for non-financial reporting that gives investors, consumers, certainty that the claims they're reading from companies about social impact, sustainability, governance are more than just marketing campaigns highlighting the good, bearing the bad. But importantly, also allowing us apples for apples comparisons on company disclosures. Thank you very much. It's a very important question. Can I just first say that it actually started here three years ago. Brian was a key operator and promoter here for the demands that we must have global sustainability standards which are comparable and transparent. And then I was chairing the IFRES Foundation and we do financial reporting standards which are used in 144 countries fully or partially. But we are careful not to go to the sustainability area unless it's demand because there were so many organizations there. So we organized a consultation, global consultation, we took questions. Do we need global sustainability standards? Second, should IFRES play a role there because it's globally well known. Massive yes for the first question. Majority also is a yes to this second question. So we started preparations and second turning point was in March 2021 in Glasgow COP26 summit where we were able to make three announcements. First, we are establishing an international sustainability standards board. Where are we now? It's now established fully operational. It's now in meeting actually in Frankfurt today. Second, we need to consolidate the multiplicity of the standard setting organization in the area to avoid the alphabet soup. What has happened, we were able to consolidate major organizations such as SASP and IR which were part of value reporting foundation and CDSP on the climate in Europe so that since August they are part of IFRES as a whole. Which is a major simply case on the one hand and gives us a lot of knowledge and know how in our work. Third issue we promised in Glasgow in March 2021 that we published prototypes for two standards for general requirements and second for climate. It was done, consultation was organized this year and now the sustainability standards board is working for the final four and the aim is very concretely they would be able to publish and adopt issue the final standard by mid this year which means in June. And it's tremendous speed. I've been working with the standardization and normally two issues never meet speed and standardization. But this time because there's such an urgency we have Paris agreement. We had a lot of pressure from the markets, from NGOs. Everybody feels that we must move forward and we are doing it. I feel like we need to drumroll so there is a global standard coming in June on non-financial reporting. On two issues on general requirements which will be as I said the standard model standard and then on climate. But of course that's only standard. From that on we must move forward. It must be also endorsed and adopted and IOSCO which international organizations for securities regulators has been working very closely with us and I expect them to endorse it relatively soon. And third step is then to get assurance so that when companies are audited auditors are able to give assurance that they have been following the standards that should also follow. So many things are moving on. Finally and I finish here is that because of the global character of the issue we must be present in all jurisdictions. So our offices have been set so that we have one in Frankfurt with Europe, Montreal and the largest agreement with Beijing. And we have earlier offices which continue to work in San Francisco in Tokyo and London. So it's got a global footprint there at the moment and it's fully functioning. Thank you very much for setting the scene there Geraldine. I want to bring you in. The CEO of a European company that has been leading on sustainability impact on social governance. You're also headquartered in a jurisdiction that is demanding more paperwork from companies to avoid greenwashing concerns. What is the biggest hurdle that you think you are facing and accelerating this idea of stakeholder capitalism in 2023. I can't agree more with you. The big dilemma as you were saying earlier is speed versus standardization. So firstly I would like to applaud and thank you very much Brian for helping get speed on getting convergence. Now as Royal DSM we have been basically reporting on non-financial KPIs for 20 years plus. We're a triple P bottom line company. People plan a profit. We've put that in our incentives. It's been audited. It goes to the audit committee. It's part of the same way of communicating with our customers with our stakeholders with our employees. So this goes a long way. However, and I think it's worth reminding the audience who are listening to us why is it so important that we seek in convergence at speed. And that is because the topics that we are trying to address with this broader definition of capitalism is that a company is effectively part of the economy and of society. We are just people trying to meet the needs and demands and the activities we do have also broader implications. How do we in an efficient way make sure that we communicate on this as much as a financial part. Now you said where is the barrier. So I think the direction of travel is going well. The speed is going well. The hardest thing right now is actually finding the right pace. And it's probably the first time in my career and I've been very much an advocate for this that I worry a little bit about speed because speed without convergence is not going to work. And what we're seeing is there's a lot of work being done now very well. We have the you know the the the international sustainability standards coming. We have the European Union putting a lot of efforts. There's a lot of demand in terms of disclosures coming from there and we have the US jurisdiction. If we do not have alignment this will not actually meet the aim of what everyone is seeking which is better transparency and importantly more trust in the numbers. So for me the biggest barrier is finding that right balance between speed and convergence and the other big challenge actually having the people who can do this. So there's a huge lack of talent of qualified individuals who can join companies to help the preparers like us to provide more and more of that disclosure but also in the actually the audit firms are struggling to have enough resources. So you know I think the the ambition is definitely the right one. Finding that right pace is actually critical. Geraldine thank you. Brian you've been a leading voice in stakeholder capitalism for various different roles as chair of West International Business Council a member of the Vatican Council for Inclusive Capitalism and co-chair of the Sustainable Markets Initiative launched by Prince King Charles I should say now. Critics believe companies have been too active in controlling the narrative though with voluntary disclosures. Does stakeholder capitalism need a reboot in 2023 and would common standards achieve that. I think my two colleagues have sort of laid it out that what we saw back five years ago when we sort of started on this was as we talked about things about short termism and thinking about companies of long periods of times as we thought about 50 plus years ago when Klaus sort of wrote the manifesto in stakeholder capitalism as we thought about the companies I think 400 or so signed to support the SDGs in 2017. You started saying wait a second we've got a lot of different people defining what all this means and we've never sort of defined here's the metrics by which to measure the progress of the private sector and stakeholder capitalism and without that definition without that convergence and all the things that my colleagues talk about what you had is everybody define it their own way and somebody would think this issue is important or this way to talk about this issue and what hit me as I was sitting in Argentina at the G 20 whatever year that was and I'm sitting there on a panel and I look out at the audience and everybody there want to tell me different ways to calculate the same question. I said this this has got to do it and I looked and there were 600 conferences on metrics on sustainability scheduled in 2020 in North America alone and I said we've got a business has got to take a leadership position here so we we went and said to the big four accounting firms go out and look at all the metrics including GR and SAS being all the people get them in a room put them in a room work with those colleagues and try to come up with a set of metrics that master SDGs that simply says capitalism is aligned to producing what the world wants from us simply says company X Y or Z across all industries and all types of companies is aligned with driving that and we'll tell you how they're doing it and then the last part is critical put it in your annual report so now we have 200 companies around numbers are doing this 50 odd or under third year this year another 60 70 or under second year this year and another 80 or so come on stream and these are all industries across all the world so what you can say people can say is now it's in your end report Sarbanes oxy in the US context is going into it it's accountable it's disclosed or tell people why you can't disclose this they cover all the metrics there's 20 out of them and then we started saying okay now we got to go to the official side and try to get them to adopt it and that's where Hurricane colleagues and we said you know we don't want this to be unofficial we want to be official so then we can say stop the unofficial level of it and we all agree and then frankly an investment manager a consumer society others can sit there and say here's a line which is acceptable in Europe either above or to blow if you blow we shouldn't do business with you if you're above it tells how you're making progress along these important things which in any day will line capitalism what society wants from it and then we'll get us going faster Brian thank you Nisha I want to turn to your important voice too because emerging markets need to be developed for the future of capitalism and the future of capitalism. I know that India it's been late to the party but it is now driving forward too in trying to achieve responsible capitalism for instance the securities regulator has made a mandatory for top 100 1000 listed companies to reveal sustainability information and the country has a specific CSR mandate to spend 2% of profits on CSR initiatives. And this is one as well where the momentum we are seeing right now will allow India to leapfrog again our Prime Minister has put out a very high bar to get 250% renewable energy by 2030. As we think about energy transition that is a huge step forward. Solar energy in India today is cheaper than coal it's at 2.7 cents per kilowatt hour. We have a solar business as part of our group and the kind we are seeing in solar is just amazing. So I do feel that India will end up leapfrogging but I go back to the conversation here which is critical around having the metrics and again I would comment Brian for his work with the IBC. We are one of the 200 companies that are reporting it's audited it's an annual report but I'd go beyond that which is what are the actions now that we are driving. We often talk about goals for 2040 and 2050. We want to start talking about goals for 24 and 25 and really start driving those actions so we've got the reporting and measurement behind us. We've really got to start focusing on the action now. Let's go back to the standards then Anarchy. So we have a business in India. We got to be careful about CSR in the 2% spending which is a great policy for that country and we do it just like others away from that alignment of enterprise and that changes this dynamic dramatic. Would you rather have 2% of our profits in India or would you rather have our entire $60 billion cost base aligned or $3 trillion balance sheet aligned or $3 or $4 trillion in assets that we hold for our customers. That's the distinction we're making in this is aligning the entire enterprise which will create a lot more action how we purchase, how we consume energy, how we hire people, how we spend money, how we spend money, how we spend money, how we spend money in the corporate governance. That's 70s and 80s honestly. We are now in a different world which is you have to align the entire system to get the progress society wants. I would agree completely with Brian because this has to be driven from within. It is not a mandate saying you got to spend money. We started sustainability journey in 2008. We have had India's first carbon neutral plant. We are looking at in fact we have set up India's first residential net zero community. There are a number of actions around greening ourselves, decarbonising industries, nurturing the planet but all of that happens only when exactly as Brian said everyone is aligned within the company and we want to do it together. We have more than 140 countries that follow global accounting rules so we can compare profits mostly across the globe but even with a common standard how hard will it be to get buy in because of all the different voluntary mandatory rules we have got at this point? Perhaps we must remember that the priorities agreement has brought support politically. Then the finance stability board which was shared by the United Nations which have also been broadly accepted and their structure is in our standards and now the consultation on the content has been also broadly agreed because it is based on this long work. So I am relatively optimistic that we can accept this kind of global baseline everywhere and why it is important even though of course everything is important but investors need to understand that if there is no global baseline you are not able to compare investment. Then there are jurisdictions who want to go higher as was said here but it is very important that they are somehow clear they are complementary that this global baseline applies for all and we are working very hard for that in good cooperation also with jurisdictions. There is a particular jurisdiction working group where we have for instance that global baseline for all and additional element one day so won't clearly separate. One of the problems is supply chain and a lot of companies are revisiting that value chain. How do you bring small and medium sized enterprises into a global standard? If I just make briefly that it is very important because if it is complicated or you need more auditors or account understand work at the company it will never work. It must be as simple as possible standardized and also done in the way that you can use also estimates. But we are very much focusing on the issue that it must be simple formulas so that whole supply can apply the same disclosure requirements. But that is why you had to go away from informal standard settings and other things too to make it part of the official sort of accounting practice in a broadest context because once you do that then everybody will stop with listed companies. You are only going to talk about companies. If you stop with large listed companies you are only going to talk about certain companies. What can happen is you can have squeezing out of things that may want to go on by other companies in the claims of wait this is an unlevel playing field or there is greenwashing. People are just divesting polluting assets and nothing is being done to reduce emissions which is a whole game. I am looking at Al Gore there and he will tell us at some point that when you ease out of the system you can do that. All these informal standards when all these groups you see this alphabet soup is they come to big companies they are not talking to the supply chain down the stream so net zero commitment by a big company will drive the supply chain but if they don't have to disclose it they can hide for a while whether private equity firms can take those out of the public domain and this doesn't let you do that but if you want to support and help develop this have we tried to educate clients they tried to educate the clients that said if it goes through the process which it is going through it becomes part of the official literature as opposed to someone's idea that they can go around and do share of resolutions for large companies and try to create action it's a completely different question. I would love to also here bring the voice of the customer and the consumer because what has changed fundamentally from the assumption and to choices and what we are trying to do is clearly I have been interfacing with the capital market my whole career so I understand capital allocation and comparability but what is very important is we have more and more of our customers we are saying we need to be able to tell our consumers what is the climate footprint of this product and that means that you embedding it in your absolute operations and that requires the whole supply chain to be there so scope three is the biggest thing we need to figure out. Scope one and two is within your own remit you can measure it yes the standards need to be the same etc but what is I think in many ways very encouraging is that the debate about disclosures and methodologies is going well beyond annual reports integrated reports and capital allocation it's in the core of what companies are doing today and that makes it to some extent even more important that we get it right. Are those small and medium sized companies that you work with in India capable of adopting a global standard this year? Some of them are but that's where we need to help them and as large companies many of us who've been at the forefront of this have learned a lot over the last 10-15 years that we've been doing this and one of the discussions we had at the IBC yesterday was how do we distill that together and how do we take that to small and medium enterprises specifically for India we have an alliance of India CEOs for climate change and I'm co-chairing that we had a session yesterday and we were talking about bringing the industry associations in India together going to the medium and small enterprises and helping them through our journey to say here are things that work here are things that had a six month payback period and we've done 2,000 projects so we know which ones can payback very quickly and which ones will take a little longer and it's an economic argument as well I would agree with Geraldine which is first the consumer wants it second there is an economic argument and third if we can create a blueprint that makes it easy for folks to do it that's really the path to go forward Brian I want to get a little bit picky around the standards here because we know there's certainly going to be a number of critics where anarchy fleshes out this global standard if we think about accounting standards the US uses gap not if it's for accounting standards so rules based system versus as principles based system so without getting too technical here we're not going to have any identical accounting standards why should we hold out any hope that the US too will be part of a global system on non-financial reporting you know the difference between gap and international account there are differences but it's it's the frosting on the layer of the cake some of it is standard and by the way they're understood the differences and so therefore people can articulate and see them and that's history and how we got here on non-financial reporting but the thing is when you get to actually some of this not all of it but some of this may be easier to actually go across jurisdiction because the discussion about you know companies energy usage and the emissions part of that and things like that there are factors and formulas and calculations that are already being used across jurisdiction so I call me optimistic I don't think this is as hard as you know accounting for inventory or something like that trying to get that straight across 150 countries I think this is probably easier because it was developed as a global standard because this is a global question from the start I think you are right and even I must say when you go up the US gap and IFRS in the end the difference are not big ones and we work together to avoid any disruption but here I think the critical question really is that we have one global which we apply in the same way otherwise it doesn't serve capital markets it doesn't serve consumers and that's important that Asia is here with us I just say and Africa I've been very much encouraged that African by the way ministers of finance ministers in environment came out to say that we want to be among the first who adopt these global standards of course for political reasons but also reason they want to be part of the supply chain simple clear global best solution the second issue will then be will they be mandatory or voluntary in the countries but if we have the same assurance for companies difference is not perhaps that big some areas may be difficult just to make it mandatory others make it simpler but Brian is better expert on that actually one thing remember one of the problems going on in the US is it's not going through the accounting side it's actually going through the scourge disclosure side it applies to a very narrow set of the market I mean much as everybody thinks it applies to big set every non-public company has nothing to do with this and so that's the danger of going through the Securities Exchange Commission equivalent as opposed to getting a part that then stops the leakage especially around the environment that stops the ability to take something out of the public domain and hide it and so I think that's where we're trying to get to standardization at the core disclosure accounting in a report put it in your in a report get the out of processes on top of that and that Erky's earlier point requires it to be somewhat straightforward at the beginning it's never simple otherwise you have the problem we're not going to have enough people to do it and the arguments get about this as hard and you're going to start to lose enthusiasm for it can I just bring up leadership here because this whole concept of divulging information on sustainability and 360 on risk that is just not encapsulated in financial reporting yet the most prominent central banker in the world recently on a panel, Jerome Powell over at the Fed said last week in Stockholm that the Federal Reserve will not become a climate policymaker isn't that exactly what Jay Powell should be doing? I was actually in Stockholm I know Jay well but I just wanted to make the difference he said that he's not a policymaker the Federal Reserve is not a policymaker on the other hand financial stability belongs to the central banks so disclosure of the risks is critical also for central banks but you should separate these two issues and when we talk about disclosure it's critical to be able to make the assessment of the risks which bank and the economy are facing Brian we know it's a very meanwhile just so you know if you read the papers today they're starting their process on risk assessment in climate and the big banks he's making a distinction which is policy versus supervisory and analysis of the actual risk involved what he's saying is I'm not the policymaker which industries and that's somebody else but they are looking at literally we're going through the exercise beginning as we speak. Does this go to the heart of the backdrop in the United States that everyone's dancing around the politics now that's being pushed back from some U.S. Republicans where the companies should even be in the business of stakeholder capitalism they should be purely focused on profits and we're coming up to a 2024 presidential election campaign could the politics derail the conversation we're having here because our companies have been around for almost 240 years so we were there in the election where they actually really had a tough election in 1800 the plays are made about so go see Hamilton you'll see when people shout each other after elections and vice president brought up his trees these institutions these great institutions we all sit on and we'll be here through governments and changes so the idea is you have to have something that works for society and so the politics are up and flow and there'll be a lot of debate about it but I think if you talk to business people investors and others in the United States they're going to run the companies based on a view of how to create long term value and I don't think that gets derailed by politics. I don't think it's going to be because as we talk about Europe it's a different environment here regulators mostly on the same page central banks want to get involved too when it comes to stakeholder capitalism but the problem is the investor base Dunon a very big company in Europe you had activists trying to remove the CEO in recent years because they thought he was too committed to some of these issues fast forward and now you've got concerns that you've got legal cases coming that activists are concerned the company hasn't been too active enough on some issues around plastics you've got very divided communities how do you deal with that very split opinion from what investors want from you? Ultimately you have to go back to the essential of who you are as a company and do what's good for your company and for your employees and your customers and society at large and you're going to have cases where sometimes it's seen as too much of not enough but what you were saying very earlier there's ebbs and flows and it's all about resilience it's about how do you as a company and as a society manage to shocks and we've been focusing a lot on this panel on climate standards because that's the one that is now but what is important this is in the context of broader non-financial reporting and the broader part is the social part is the interactions between the economy and the social dynamics so this is something we have to be careful of because I'm a little less positive on the convergence I'm very positive on I think we'll get convergence quite rapidly on climate because of the work done on TCFD etc I'm not so sure we're going to get convergence on the broader non-financial and to your point of Europe maybe versus the US there's a big debate about single materiality versus double materiality that is a core fundamental principle that if we can't agree on we're going to have issues especially if you are multinational that works across jurisdictions and when you have those fundamental differences then it does become more complicated with the investor base because you're playing on different kinds of rules and expectations as to the emphasis that needs to be put not only on environmental but on social aspects of the impact of a company Anisha I'm curious to hear your view on this as you listen to the conversation around how central banks deal with the issue and the split investor bases politics rising around some of the capitalist themes how does India deal with these competing themes as it tries to play catch up I think let's go back to the fundamentals this is not about politics this is about society and for society capitalism is a word that often has been derided so we have to look at how do we reinvent capitalism and really bring back the positives of capitalism in terms of helping society our philosophy is what we call rise which is enabling communities to rise or driving positive change in lives of communities we have been very clear that we are purpose driven purpose comes first, profits follow and that's something we've told our investors for many years we are the best performing stock in the Nifty for the last 20 years and therefore our investors like the fact that we are purpose driven yes obviously they want to see profits as well but purpose will always come first so I don't think there's a choice in that factor so while there will be noise around it I think if companies take true to their course consumers will see that we talked about trust and transparency earlier that's a very important element for companies to succeed and with that investors, politicians all I think will follow the same field I think in a strong economic environment it's easy for companies to say that purpose comes first but what about a very difficult economic environment now that we're setting up for that companies are worried about profits they're worried about margins for the first time in a number of years we're coming off the back of what have been extraordinary conditions for company profits how do we think about things like human capital a commitment to bringing social impact when quite frankly companies are laying off workers how do we stay on track on some of these issues I think we call it the genius the end it's profits and purpose that's not a concept that we invented it's a great business writer Jim Collins in the mid 90's talked about the sustainability of companies all the companies studied and how the great fail all the different books he's written that was one of the key principles so I think it's always going to have an flow and be in balance but in tough times after the financial crisis we still drove the company down both avenues and so wouldn't you think about adjustments and headcount our job is to manage it without having human you can reduce jobs without actually having human impact by letting attrition be your friend and managing through that stuff in it so that's why we plan a headcount by months three years in advance to sit there and say how do we manage and how do we retrain people and how do we bring people across Brian but that's your company you've just come off the back of a very strong reporting season not every company is in the same position I think we have the luxury that we're more diverse we move people around and stuff but I think the managers I talked to think hard about this disrupting somebody's life is one of the most difficult things that you can do as a manager and so I think all of us try to figure out a way around it but be that as it may you go to the other side and this goes out to a little bit Jeremy's point the metrics we had are balanced across different dimensions they go against all the SDGs they go against people purpose and planet and so they get into international tax stuff they get into diversity disclosure they get into other aspects of the company's operations not just environmental we all talk about environmental because it's so critically important but the reality is it goes across this balanced view which ought to really be a measurement across time of all your constituencies that's an important aspect of this and so I think we got to make sure that we don't just do the environmental stop you want to go across these things which the human capital question becomes that turnover rates, diversity fair treatment supply chain things like that that are critically important here Yes actually the work program is such that this year we should get done this general requirements standard and from that on there would be agenda consultation on four issues first would be biodiversity second human capital third human rights and fourth connectivity with financial reporting and this would be consulted globally and openly so we are moving on but I just think that for the credibility of the exercise this climate standard is critical there's such a support behind if it speaks to the fellow of the time they will get it done credibility for the other exercises will also be weak second point on the short termism and of course I mean in politics and business there are people who only work on short term they don't live long You've come from a world of of central banking hierarchy you've seen rational decisions you think about not just from the human capital point of view around climate change that some companies may not want to take a long term target 2030, 20, 40, 20, 50 they don't have to commit the investment in the next 24 months they can change the time frame of course the atmosphere is difficult let's say in Europe we have when Ukraine has a lot of disruptions and surprises but still I if I make one comment on Europe I must respect European political leadership in European Union you saw yesterday on the lion here you have seen many prime ministers they have been working for the long term they don't give in they have been united I think this same attitude works with the green deal works with the global sustainability standards they have been setbacks but keep the long term in your mind you can adjust but don't change the course direction travel must be clear and what I have seen now leaders you'll see many others is perhaps stronger common position we have seen for a long time in Europe Jordan I'm interested to hear your views as to whether you think there will be slippage on some of the goals that you have given the tough macroeconomic environment do you think some companies will pull back on these targets around social around climate target investments in particular well maybe just if you allow me to bounce back on the long term targets versus the short term and that's probably where the biggest credibility gap or potential gap comes from targets to 2030-50 but you the person won't necessarily be in the job anymore and one way of addressing that is to actually combine these externally committed targets midterm with internal targets that are actually preferably linked to incentives and those are either annual bonus or long term incentives long term being usually three years LTI type of structures and then you have basically you're embedding the micro steps in the context of a committed long term direction and why is that helpful and that's our genuine experience is that you have to take into account the context we're currently in a very difficult economic environment in Europe of course we have the impact of Ukraine and things like that so you can adjust in your short term planning you have all of those little bumpiness that comes along but it is anchored in a long term direction which by the way governance then kicks in with the board making sure that you you are constantly driving those road maps so I would say that is how in practice companies do this it's externally it looks like a long term ambition but internally you set your road maps and you set your hurdles and you take it forward what we're going to see in 2023 is exactly that is the environment an easy one to navigate absolutely not but when you know what your mid to long term ambition is and you're setting every year it's like you're rolling four cars you say okay we have different facts we adjust to them but we know what the goal is and when you are in the space where you are able to as a corporation to do this you attract the right kind of people who are going to make it happen as well Anish let me toss it down to you as we talk about just navigating this tightrope of the macroeconomic headwinds this year do you think that some companies will just take a shortcut and pull back from some of the targets we're talking about So Karen purpose is more important in tough times when times are good it's easy to do everything else so the true test is if you're building long term trust then can you stand up and live your purpose in tough times as well and I do see us and a number of companies around us actually being able to do that because this is not about 2040 and 2050 I agree with Geraldine which is it's easy to set those targets here at someone else's problem at that point but we have to set targets for 24 and 25 and 26 and those are the targets that we have to drive there's two things that one is this this annualized disclosure has to show year by year progress and so having now done this a couple years and having talked to people come and say we'd like to know how you're doing diversity so we'll go to page 53 or whatever it is the annual report you can see so it now binds the company because next year it's got to drop in if it disappeared it'd be really strange so there's scope one scope two scope three the controllable and then moving out what you're doing you pick the topic so one is by having it disclosed on a periodic basis you're actually making part of the official record so to speak you can't walk away from it and second is the facts don't bear out 20 and 21 and 22 were three interesting years and the reality is I think in 21 we did $200 billion of financing around the SDGs about three quarters of that was environmental and in 22 we haven't told it all up yet but it's going to be bigger and so while the world's been going the commitments are net zero by operating companies and colleges and everybody 8,000 organizations of I remember Nigel's numbers right it creates this level of activity that just is growing very fast that's not going to stop because those projects are committed to going on 20 branches solar on top of the US we have 60 this year these things are relentless in the thing could you slow them down sure but they won't stop and so our client demand is driving this and you see it keep going up so obviously it hasn't been stopped in very tough times the world in the last couple years of war the pandemic shutting down the economy the interest rate movements down and up you know you pick your spot any uncertainty around that and yet the amount of financing going towards these things has gone up each year we've got a couple minutes left a very quick comment from each of you on a concrete step that CEOs leaders of companies institutions can take this year something that perhaps can be replicated to make genuine progress in 2023 Nish do you want to kick it off for us I would start with decarbonizing our industries that's one where we've got to take the leadership and it's possible and what we're seeing also is consumers actually wanted I talked about our residential net zero project it sold out in three days we haven't seen that with any of our other projects the consumers want to come in and align themselves with green and that's a momentum shift that we are seeing which is very significant so in terms of concrete concrete steps we have to focus on decarbonizing our industries look at circularity wherever possible and work with not only our suppliers but also everyone else in the industry to be able to have that path to be able to share what works this is innovation but it's not innovation for a specific company it has to be done collaboratively okay do you want to weigh in here perhaps I take a one step forward Jean-Paul Serrevé who is the chair of the IOSCO which is the International Organization of Securities Regulators he said that the aim should be that 2024 financial reporting and sustainable reporting will go together that's a good point to keep in mind if you are a business leader be ready to rebuild both 2024 the questions cannot be any more delicate to sustain the director they will come to CEO if you take that as a target move forward when standards are there start to apply be ready Geraldine what concrete steps can other CEOs take this year for me in the context of the conversation we're having on this panel is absolutely being gate right here right now on making real the convergence of these standards that are coming because if we're not avoid we cannot complain later if we don't like the way that things have fallen so this alignment particularly I have to say a bit self-interested between Europe and the US because this is starting it will be the bedrock from which the international baseline is going to be based we need to be all at the table in order not to slow things down but to make sure that the quality of what comes at the end has built the trust 2023 is the year Brian two parts to one is and I said it to the IBC members we've got 200 companies if you're not one of them why aren't you joining because you're going to be a competitor look like one of those companies so get the disclosure done because frankly you said it's true it's coming at you anyways you might as well get going and that's sort of a concrete step a CEO can drive in a company the second thing as a financial services company as a bank the thing we're doing a lot of especially in the supply chain question we've had 12,000 meetings with customers so far small minimum size explain what a net zero commitment by their ultimate buyer of their product means and that education process is helping them get prepared for what's going to come down the pike at them at some point maybe not yet and to me that's a very concrete step because in a day the belief that the financial system is going to drive this is dead flat wrong it has to be the actual operating companies and then we'll help that finance that transition one of the things you have to do is educate the people who don't have the hundreds of people we have work on that stuff about what is going to mean to them and as you do that you're going to start the momentum for another round of activity and that's a concrete step what's going on as we speak there's been plenty I think of topic ideas we've covered here in stakeholder capitalism from the convergence that needs to take place across jurisdictions the common standard that is coming and how you prepare for that from everything from a small and medium size enterprise an emerging developing market to a very large multinational globally thank you very much for tackling the issues that challenges and of course one of the big ones and the backdrop for many people here on the mountain is that macroeconomic and how you stay on track with many of those long term targets very much appreciate the time here on stage thank you very much to Geraldine to Brian to Adish and also to Erky we do appreciate your time


Why is that always the thing that I feel inclined to do is just scream I used to have an intro Remember when I did an intro can't do that anymore. It's not good enough in the people's eyes The people say hey, we don't want an intro anymore.  This is a game That's new on steam You look cool. I don't know dude, so you just a bunch of ragdoll boys and girls and running around in the thing So we got build your own scenarios title says it all it's mini games or we've got Explorer or we've got Tutorial recommend it if you're playing for the first time. It's fun. Trust me. Okay. We'll do the tutorial Whatever we'll do what you want. I guess ready. Let's play. Okay. Let's play. Yes.  What's up, dude? Well, hey, hi. How's it going? I'm pretty good. I'm dummy Danny You can tell me Danny. I'm not dumb. Just your lucky dummy, buddy. All right Danny What's up introductions are out of the way? I'm here to teach you how to end up like me trust me More fun Basic movement. I like that So two scenarios Try jumping on to that platform. Okay is space jump. It is I need to jump on to the platform Okay, honey, but holding down the grab button Or my body, okay aim a whole left mouse button to grab worry. I can take Okay Here you are. Here you are ready. We're going to have a fun time This is a great game.  Okay, go hurt yourself.  Oh Right on to my chinny chin chin. Oh, yes. I love it. Oh, we're leveling up, aren't we? Oh, yeah We is. Oh, yes, we is Okay, I won't push that button. I don't even know what button it was press tab to not cause an existential crisis You know, you're in build mode because you'll see a red icon on the screen, huh when in build mode everything resets back to the way It was it's a magical button. It truly is Now bring up the build item menu to add something to the seat. How do I do that? Let's do some stairs Well, what if I want to put it over here well Wow, but it's there place to put it. Yeah, it is remove it cover over it until the hologram turns red Okay, press the button on screen Wow How do I rotate stupid? There's one last thing. I can't believe I forgot this just listen closely because this is really really Really important. Okay, do not and I repeat do not forget to oh Oh Well, they bamboozled me dude. Let's do some middle game in middle games and minigames I don't know how to rotate anything But that's okay gets to the other side without getting hit it prevent red rag dolls from getting in I'm gonna do road cross Let's cross some roads All right boys, let's go get to the beam without getting it. Do I just run? Oh No Okay, okay, okay This is too much for my sweet little body. Oh, I almost didn't get hit boys Yeah, I am a superhero All right, if I go over here like this And then I'll go this way all the way over to the side Where shit's not spawning in anymore Maybe just maybe I can make it Please don't get hit with so far over red rover red rover. Oh my god.  That's happening. I love it.  I was so close to the flag. All right, we're just gonna go. We're just gonna go and we'll see what happens We will make it there.  This is fun. I think this is a fun time and I like the idea of this game Wait, oh, okay. Let's keep going. I will make it to the very end. I Will I will I'm feeling it.  I was so close and then Paul came in with his shitty little legs And he want me out any I feel like the best option is to go in the center But you know with that we really got to look out for the people because I feel like that's all The main problem now is the people imagine having to do this in real life where there's hundreds of people Just trying to do the good old chicken And cross the road and then you ask yourself why do I why am I even crossing the road? You know to get to the other side? Yes, but at what cost?  I am almost there Oh No, that was okay, you didn't lose Give me a kiss Thank you. That was nice. I like that. Oh, there's only two. Okay. Let's see what fort invasion. I was like I don't know if I like fort invasion. This seems From the description This seems really keep red ragdolls out of your base. Oh, is this mine? You will not get into my base No, you will not You stay out of my home. All right. Oh, no. Oh, no Did I get one? Oh, no. Oh, no get back in. Oh my gosh. Oh, no. Oh, no. Oh, no, they had one they had two What now? Do I lose immediately how many are allowed to intrude into my base into my base? They're getting so quick they're getting faster and faster and faster. Oh, no Oh, no, there's too many but there's so many of the good boys You know There's so many of my blue boys So does it even matter how many are allowed in 10 invaders? Oh, is it 10? Okay, it's 10 I don't think I like this one right ball around in pre-made environments. Okay, the pit Oh That was so sad. Oh, this is so much. Oh, this poor boy.  You should get your pelvis checked out. It's just sitting down or all right the prong wall What do you got for me? Oh? Oh, no, this seems cruel. Oh Hey It happens if we run along. Can we bring in other boys? No, we can't we can't edit these worlds These worlds are not ours to edit. Just imagine how many bones would you break? Oh Oh, do you think you would just be knocked out? immediately He's just hanging out. He is just hanging out chilling with his boys All right, that's enough of this. Let's do the last one tower. What this tower? All right. Oh boy. This is like a skyscraper This is just a straight-up building. Oh No, oh That's horrifying. Oh, I can I can control his rotation a little bit That's kind of cool lean back. Oh, yeah, do some flips on him. Oh, look at this spinny spinny spin That's pretty cool. You know moment like this that I just want to Sit and think a little bit. You know, this is my chill zone. This is where I like to chill Karen Don't come near me when I'm in my chill zone. Okay. All right. This is my special place my happy place Or I can just hang loose hang ten with my boys Nothing can hurt me. Okay Karen, I'm sorry. I shouldn't have trusted you. I should have listened. Oh guys have figured out flips. Oh, yeah.  That is a fun time right there. This is actually I think this could be a really really fun game I want more mini games because this was really fun I wish that they had more than that before invasion I didn't really like but more stuff like this with different challenges reminds me of that game.  It was like a rag doll thing. Why does my brain say need for need for speed? That's not what it is. I am going to end this one here. Thank you guys so much for watching Let me know what you thought of this game. I liked it So thank you guys so much for watching. Hope you enjoyed if you did make sure to stop that like button right in the face I will see you guys in the next video. Okay. Love you. Bye


The following is a presentation of TFNN. The morning market kickoff with your host, Tommy O'Brien. Good Wednesday morning, everybody. I'm Tommy O'Brien, coming to you live from TFNN just after 9 a.m. Eastern time. We got about 24 minutes to go until the start of trading and you got markets in negative territory just off the lows. You get the S&Ps, negative by 12 points right now. That's about a 30% of the red trading at $39.28, NASDAQ 100. You're negative by 48 points. That's about 410% in the red. You're trading $11,722. We were higher overnight. We started trading lower, about 3 in the morning Eastern time. We're about 150 points in the NASDAQ 100 below where we were trading at that time. You back it up on the S&P, you were pushing a price level of $39.68. You're talking about 40 points in the red from where we escalated to overnight. We were up there again at about 3 a.m. Eastern time. Now, negative by 99 points right now, call it 131,078, we were above 32,000 for most of the overnight session until that same timeframe, about 3 a.m. when markets started turning south. Russell, negative by 4, 1760. You got Bitcoin. Back under 30,000, 209,055, it's accrued up a dollar at $1,1087. We'll be talking about Antietta Kegstatt coming up at 40 past the hour. We talk to them every Wednesday, folks, from 4xtraining-unlock.com. We always talk some 4x, we usually do some crude as well, crude, holding up relatively well at 110 and change this morning. You got gold, negative this morning, down $17 at $1848, and we jumped to notes and bonds. You got a little bit of higher price and lower yield. We're talking about a yield right now, 2.73%. Talk about a reversal, right? You put this thing on a daily. There's your 10-year. I'm going to back it up, get the full pull down that we had in terms of where we were, 135 and change last August. I think we had the 10-year around 1.1%, 1.2%. Maybe if somebody knows, what was the 10-year yield sitting at when we started this move to lower prices? Basically the beginning of August, I think we're just above 1% somewhere around there. You were in quite a downtrend channel. Markets really escalating to the downside in the beginning of March. That's when yields got out of control. I had mentioned, maybe this is just getting back within that channel line. You extend that line to the right as well. You're talking about maybe you can push up to an upper boundary line of 124.21. We will see that. It'll be quite a rise. We're already three and a half full points off of where we were on May 9th a couple weeks ago. Yields, 2.73%. Back to a short-term timeframe. You jump over to the volatility index this morning back above 30%. Excuse me, you have the VIX trading at 30.06%. All right, jumping around to what we have going on in the market. We'll kick it off with future slip before Fed minutes. So Fed minutes, 2 PM Eastern time today. You have yields falling as investors evaluate the Fed hike bets. Where are we going forward, man? It's going to be an interesting one. We'll see what the Fed had to say on their minutes. The last time we got the minutes, we got some serious action in the market. We'll be talking to our man, Kevin Hinks, coming up in a few minutes after the first break. But nonetheless, you have the Treasury yield falling while the dollar rebounded from a two-day drop. And the euro sliding as comments from the ECB officials indicated policy normalization will be gradual. The ECB is in the midst of a debate of how aggressive it should be, should act to reign in inflation. Nowhere near as aggressive as the US is going to be. That causing a little bit of craziness in terms of the dollar strength recently, putting a hurt on gold, right? Putting a hurt on many things, causing our yields to rise dramatically, lots of influences going on in this market. Economic data this morning, we got durable goods orders rising on steady business equipment demand. So bookings for long lasting goods, this number was out at 830 40 minutes ago, increased 0.4% in April. Core capital goods orders and shipments can continue to advance. So the headline number 0.4% in April after a downwardly revised 0.6% advance a month earlier. The value of cores, core capital goods, and that's investment in equipment that excludes aircraft and military hardware climbed 0.3% after a 1.1% gain a month earlier. The median estimates, the market was looking for a 0.6% increase in orders and 0.5% on the core numbers. So a slight miss. The figures suggest companies are adhering to capital expenditure plans as they seek to enhance productivity, to ease the burden of high inflation, but it was a slight miss in terms of what they were looking for. Core capital goods shipments, a figure that is used to help calculate equipment investment in the government's gross domestic product report, increased 0.8% pointing to a solid start to the second quarter. We also have factory surveys. Yeah, that's a slowdown on the horizon. So Philadelphia's index of capital expenditure, six months from now, dropped in May to a six-year low, while a similar gauge for New York Fed was the weakest since August. Bookings for commercial aircraft rose 4.3% after falling the prior month. Let's jump over to Boeing, because Boeing's been quite a problem child recently, BAs. Their symbol down to 117 last Friday, you put this thing on a daily man, right? You were in a downtrend channel that I was watching for a while. This thing just breaks out of it, remarkable that you're talking about being down basically at the COVID lows when travel ceased to exist. You make it down to a low of 113 in May of the year of 2020, $89 was the exact COVID low. And I'm not sure where you go here yet, folks, because it has not found a bid just yet and you're going to open down another 50 cents to a dollar on Boeing shares this morning. All right, we jump over to Dick's morning goods out with their numbers, a little bit of a miss this morning. Shares sink after retailer cuts outlook for the year joining the broader retail trend, tough, tough period for retail. So they now expect to earn between 9.15 and 11.70 a share. The previous range was 11.70 to 13.10. Analysts were looking for 12.56. It's not going to be 12.56 if the range is 9.50 into 11.70. Forecasting same-store sales growth to be down 8% to down 2% versus a previous expectation of 4% to flat. Investors were calling for a year-over-year decline of 2.5%. So it's going to be down at least 2%, maybe down 8%. The market was looking for 2%. Earnings for the current quarter, they report 285 versus 248. Revenue they beat as well, but it's not what have you done for me in the past. It's what are you going to do for me in the future? And there is the pullback of them recently. Now they've already paid quite a dear price in terms of retail, right? You back things up to just where it was this month. May 2nd, I got a 102 price tag on Dix. Amazing, man, what's happened to retail in the month of May. Nothing is safe in this market, folks. Make sure you're diversified because nothing is safe right now in this market. From 100, you're going to open at $62. That's down from 147. You see the 618 on this chart of the entire acceleration from 13 bucks up to 147. Now you could say that that turned $13. You don't hear me. I think we're fine. Maybe you can check it out. Yeah. OK. Dix down to 62 bucks. And you're basically right back to this consolidation in Dix towards the later part of 2020. Now, Dix had a move of about $10 priced in for their earnings. And that's about the move you're going to get this morning. You're trading at 62 bucks. You're getting a $9 move to the downside. You check out the 15 minute. We were as low as $57 on the news initially at 7.30 in the morning. We're opening at 62. Well, we're at least at 62 right now. We'll see where we open in about 15 minutes from right now. All right, folks, stay tuned. We got the S&P's negative by 15 points right now. We're going to be coming back with our man, Kevin Hinks. We'll be talking a little bit of earnings. We'll be talking a little bit of Fed minutes. We'll be right back, folks. Time of booming inflation. We are purchasing powers eroded. There's no better place to protect your harder and money than in gold. Vistagol's flagship asset is the Mount Todd Gold Project in the Northern Territory of Australia. This is Australia's largest undeveloped gold project. We are talking a world-class gold project in a tier one mining district. 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Steve Rhodes is committed to sharing his techniques and knowledge with anyone who wants to learn, and he shares his vast amount of trading knowledge every day in his Mastering Probability newsletter. Steve's award-winning newsletter, Mastering Probability, is delivered every trading day with updates throughout the afternoon. Sign up for Steve's Market Newsletter, Mastering Probability, and you'll receive access to seven of Steve's educational webinars absolutely free. At tfnn, all our newsletters come with a 30-day money-back guarantee, so you have absolutely nothing to worry about. Visit tfnn.com, a tribe mastering probability 30 days risk-free today. tfnn, educating investors. Folks, we get the S&P negative by 15 points right now. We're looking at a Nasdaq 100 negative by 57, Dow off 133. We got the VIX sitting right at about 30. Let's jump over to our man, Kevin Hicks. Every trading day, folks, 12 noon Eastern time, right here on Tiger TV, fast market on the TD Ameritrade Network. Your host, Kevin Hicks, Tom White, the team at TD Ameritrade Network. They walk you through the day's market action. They set up hypothetical trades, folks. At every trade they set up, you're talking about defined risk. Kevin Hicks, good morning. Good morning, Tommy O'Brien. Yep, you know, we've had kind of a, it doesn't feel like it, but in terms of economic data, we've had kind of a quiet start to the week. Well, that takes up pace. Today, we just got a durable goods number. We got some mortgage applications this morning, and today at two o'clock Eastern, we'll get the Fed minutes. It's funny, Tommy, I personally don't think that the release of the Fed minutes from two weeks ago should move the market, but it always does. Without fail, the market moves when we get the granular look at what happened at the Fed meeting. So Fed minutes come out today, and then we'll get a second look at GDP tomorrow, and then we'll get personal income and outlays on Friday. So there's a lot going on today, and today we'll have NVIDIA with earning dotted for the belt. So still some good high-profile earnings this week, but I think the rest of this week, Tommy, what will keep people glued to their computers through the end of the day Friday is that inflation data on Friday. Yeah, I can't. I was trying to look up the day, Kevin, because I remember chatting with you about the last month, the last time that we got Fed minutes was it early April, maybe? From the March meeting, whatever it was, it seemed like we got some fireworks, man. Either way, we were chatting about it in the morning. My memory, it's just in my own head. I said, man, recently the market has reacted sometimes. So two o'clock, we get those Fed minutes. We have some Dick's Sporting Good numbers out this morning, Kevin, some tough numbers continuing on retail. Pretty remarkable when you look at some of these stocks. Dick's had already traded so much lower with the retail, man. They were sitting at 110 bucks, basically just over a month ago, let alone they were sitting at 102 dollars on May 4th, and you're gonna open at 63 bucks. What's your take on the overall retail sector, man? Is there gonna be a max-paying situation here? Pretty remarkable, strong companies like Dick's, they're not going anywhere, man. They're gonna be around, and you shave 30, 40% off the price of that equity in a matter of a few weeks. Yeah, retail is just going through a horrible segment of the economy right now. They're trying to manage their inventories. They're trying to get those right. It's interesting that Dick's is down, and JW Northstrom is, well, it was up. It was up 10%, now it's up. Cool, yeah. Maybe a little over one, that was quick. But that's because the overall market, but retail, all these stocks, some of them did better during the pandemic, some did worse, and they're all trying to figure out what their futures are. You're right, Dick's isn't going anywhere. It's the largest sporting goods retailer in the country, but they've got to figure out their data, and a big part of our conversation with them yesterday was Nike, right? Nike is moving more and more product to online and e-commerce. So that affects places like Dick's Sporting Goods, and they're working on trying to get inventories right they had. Fairly good numbers, but they guided poorly. They guided poorly for the second half of the year, as everyone, Tommy, is using their cautious tone for the second half of the year. So yeah, there's more pain coming in. Some of these names will get Dollar Tree today that will cover, that's another discount retailer. So yeah, retail is always a volatile trade, Tommy, and it continues to be so. The inventories, you make a great point, man. Some of the inventory levels, I think Target had like 43% inventory, but huge numbers for a lot of these retails. Walmart as well. Do you see Kevin, because I've been chatting about even with my friends saying, we're all aware of the inflation factor going on. Are these inventory numbers, are they gonna be discounting some of these large inventory levels that they have? Would that be like one of the factors that might contribute to inflation coming down? Because it makes, if all these stores have so much merchandise, let's say my fiance said, there's gonna be some sales coming at Target, man, because they got so much inventory, they gotta get rid of it. Is that something you're looking forward? Because I'm chatting even with my friends, because these inventory levels, it seems like they'd have to be discounting them at some degree, and maybe that's one variable coming into the pricing of everything going on. Well, let's just focus on Target, because their conference call after their earnings talked about, they have a big inventory in discretionary purchases that isn't moving, and people are moving to more essential purchases as the economy starts to slow. So that inventory of panial furniture, things like that, discretionary purchases will probably have to be discounted and come down. And that was part of the outsized weakness, and Target was they're getting their inventory wrong. When people are starting to move towards essentials, they had a bunch of inventory in discretionary stock, or inventory. So yeah, it's kind of a swing and a miss in terms of Target, and you gotta get that inventory discounted and out the door, and get the new inventory in. So yeah, there's probably, you'll probably get an indication of who got the inventory issue wrong by what they're discounting, Tommy. There might be some deals out there, folks. Even, I was starting to do in my head, Kevin, right? Saying I'm in the market potentially to get a bigger vehicle. We've got plenty of kids in the house that probably need a big SUV. And maybe you'll see some decreasing prices of just large SUVs, because man, these gas prices, there's probably a lot of families, rightfully so, that we're not thinking that when they were buying a big SUV, the gas was gonna be pushing five bucks a barrel anytime soon when it wasn't even close to it a year ago. So it's gonna be interesting to see how some of our personal preferences, personal buying behaviors, because I imagine, man, that people just aren't gonna be willing.  And at five bucks a gallon, I imagine there might be some deals there as well. Well, we go forward. You mentioned one of the stocks that's coming up with earnings, Kevin. What are you guys talking about at 12 o'clock today? Yeah, we'll talk about Dollar Tree and their earnings coming up after the bell. We'll look at NVIDIA with like folio and their earnings coming after the bell. And then we'll look at Splunk in our third segment. So three good names today, focusing on earnings. We'll look at all the economic data. We'll look at the overall market. Futures are off their lows. So there's a bit of affirming going on here. None of the economic data was catastrophic. So we'll see how this day plays out, Tommy. Yeah, and pretty, I was just pulling up Dollar Tree. Even Dollar General, I took a look at as well. Real quick, NVIDIA. All of them, about a 10% move, maybe a little bit more priced into their numbers. Huge moves right now, which as option traders, you gotta love folks. You got premium, you can do it both ways. Whether you're buying the premium, you're selling the premium, it's pretty cool as we come into it. And we got a VIX, Kevin, sitting at about 30. Well, we're coming into the long weekend, man. We got three days left. We look forward to the show at 12 o'clock today, Kevin. And we'll talk to you tomorrow. We'll be watching at noon, man. Thanks for having me on, Tommy. Have a great day. You too, Kevin. Take care, always a pleasure. Folks, tune in 12 noon Eastern time every trading day. Kevin Hanks, Tom White, they walk you through the day's market action. They walk you through hypothetical trades. I got NVIDIA up here on the Thaker Swim platform. You have a market maker move expected of 1552. Now this is as of the close of yesterday. NVIDIA 161, you talk about a pullback, man, from 346 to 161, you have a $16 move priced in to their earnings tonight. And you're talking about folks in August of 2020, NVIDIA trading at 147. You get a move down within the expected move and you're back almost two years in NVIDIA after being at 346. We'll see. We'll jump over to the analyze tab. We get their numbers after the bell tonight. Stay tuned, folks. We'll be back for the open. If you want to take advantage of this sector, now is the time to subscribe to my Gold Report. The Gold Report is a comprehensive look at the metal sector, as well as the markets that move gold, which is the currency and bond markets. New subscribers get a 30 day money back guarantee, so you have nothing to lose. Every Monday morning, I publish the Gold Report with coverage of gold, silver, bonds, DXAU, HUI, GDX, as well as more than 30 different mining equities. To see for yourself the types of profitable trades that are recommended within the Gold Report, sign up now by visiting tfnn.com. Don't miss out on the next great gold trade. Sign up today. Tfnn has just launched their new trading room, the Tiger's Den, hosted at Discord. Tfnn has been educating traders for more than 20 years, with live programming hosted by a variety of professional traders during market hours. And now they are expanding their reach with the Tiger's Den, available to all tigers and tigers for just $1 for the year. There's no catch or added costs when you join our community of traders. 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Using this first-of-its-kind program, The Art of Timing the Trade Charts allows you to scan thousands of stocks for Fibonacci formation setups, including guardleafs, ABCs, butterflies, and much more. The Art of Timing the Trade Charts is designed to help you when scouring the markets for stocks just beginning to form the trading patterns that many investors spend days, weeks, or even months searching to find. And right now, we're offering licenses available at only $79 a month. We are so confident that you're gonna love this new charting software that will even give you a 30-day unconditional money-back guarantee. Don't miss out on this incredible new piece of software. Get your copy of The Art of Timing the Trade Charts today by visiting TFNN.com. This segment is brought to you by Think or Swim. For more information, just click the Think or Swim banner on the front page of TFNN.com. Welcome back, folks. We've got markets open right now. Jumping back to the S&P, you're negative by 12 points right now. On a 15-minute basis, you were as high as I mentioned at the start of the show, almost pushing 39.70. You're trading 39.26 right now, negative by 15 points. Let's jump around to some of the fang stocks. See how we're trading Amazon. Negative by about a 10th of a percent. Microsoft shares down three-quarters percent to kick off the trading day. Apple, down a full percent. Now, we get some big pullbacks right now. If you have Apple down a percent, you got Microsoft down three-quarters percent. You have Google down 1.1 percent. And somehow the NASDAQ 100 is only down 50 points. We jump over to Tesla, Tesla's flat. Talk about a pullback, man. It's just not stopping on Tesla. Down to 6.17 overnight, you're back to 6.27 right now, basically where you were as of the close of yesterday. We jump around to Dix, down 9.5 percent on their week forecast going forward for Dix Sporting Goods. And as Kevin mentioned, we get the dollar stores coming up. Dollar Tree, now you talk about some pullbacks, folks. Look at the way that these equities got hit already. And that's the thing that's kind of crazy about Dix. They've already to put things back on Dix, right? Let's go back 20 days. You have some serious gaps. That's a one-way trip from 103 to $70. And meanwhile, they come out with the earnings that a lot of people already knew were gonna be pretty rough and you're still down 10% on that equity. Dollar Tree, there's your drop off for them from 156. That was last Wednesday, down to 129. And that's where we're opening today. When we jump over to the Analyze tab, they have their numbers tomorrow, Dollar Tree, $16 move for a $13 stock. So that's some serious volatility in Dollar General. You're talking about a $17 move for $195 stock. You take a look at their chart, pretty similar action. As we were just trading at 250, we're trading at 195. Kevin mentioned NVIDIA they'll be talking about. NVIDIA, we pulled up the longer term timeframe. They're talking about a $16 move. Their numbers after the bell tonight, more than a 10% move priced in to the options on that equity. And let's jump right to what else we have going on. Mortgage demand, Kevin referenced it as we talked to him at the top of the hour. Mortgage demand slides even further as interest rates pull back slightly. Applications to refinance a home loan drop 2% for the week, 75% lower than the same time a year earlier. Applications for a mortgage to purchase a home were flat week to week and down 16% from a year earlier. The average contract interest rate for a 30 year fixed mortgage with a confirming loan balance of 647,000 bucks or less 5.46% down from 5.49. So when somebody asks you what a 30 years going for folks, it's going for 5.5%, all right? Now, what's gonna be interesting to see how this plays out is chat with friends who are not in the financial business, but they're always in the business of whether it's investments, home investments, et cetera.  Are you gonna sell your home right now for a 3.5% loan and go rent somewhere?  Why would you do that, right? But if you are an investor, man, and you got a plethora of properties, I would be very wary of how this is gonna hit that market. And yeah, it's gonna be a tough one, man. What about refinances as well, right? Who's gonna be refinancing their home for any time soon? Yeah. And what was it? What's this, is it rocket, right? What is, no. What's the rocket mortgage, rocket companies? Yeah, RKT, is that rocket mortgage? Is that, I think it is. Yeah, if this doesn't tell you everything, man. When they went public, I think this is. Yeah, rocket, yeah. When they went public, right? Dan Snyder, what's he, he's got, what is he on? He owns one of those teams out there. No, Dan Snyder is Washington. Who owns, excuse me, who owns Quicken? Either way, when they went public, I said, why are you going public, man? You're going public at peak of the market, right? There's no reason to go public and sell shares of your company if you have future growth coming down the line. Well, I forget when they went public at, but this thing chopped around between 15, as high as 30, you make it to 40 last year when things were rocking out of control and it's been a one-way ship to $8. And I would be careful because going forward, I'm not sure how the refinance market plays out when you have people locked into mortgages. Yeah, thanks, dad. So is that, yeah. So they go in August of 2020 at $18. Yeah, it's a rocket trajectory right into the ground, man. Because it's going to take a lot for people to ever need to refinance. Now, yes, people buying right now, right? Anybody buying homes at this level, they're going to be the ones refinancing. But the only people refinancing are going to be anybody buying a home 2022 forward for a very considerable period of time. Which if you think about how long the refinance acceleration has gone forward as rates went from double digits when I was born to 0% basically recently, there's no reason for anybody to refinance anytime soon unless you're one of the people that are buying a mortgage now as rates have risen. And yeah, this one, you know, pay attention when somebody goes public folks and they don't need to. They had no reason to go public, all right? None whatsoever. And they go public when business was booming. And the only reason you do that is because you think that maybe you're at peak levels. And look at that chart. S&P charging back, we're in positive territory, man. Look at that pop to 3946. The Nasdaq pops as well. Let's see how those fank stocks are trading. Apple still negative by, oh, no, yeah, Apple. Look at that pop, man. You talk about moves. Apple just popped basically $2 from where it was pre-market which is adding about $32 billion in market cap just like that as markets turn green. Let's see how Dix is trading on theirs. I mean, they've clawed back almost $10 of where they were initially to 57 bucks. We jump around to some of the other retail stocks. You've got Walmart down half a percent right now. Target positive by about three-tenths. You jump over to Amazon, man. Talk about some pullbacks. Amazon up 1% right now. Let's see how the stocks are coming out in the next couple of days. Nvidia catches a pop by about $5. You're trading to $165. Let's see the dollar stores basically hanging tough, waiting for their earnings right now. Flat for Dollar Tree and Dollar General. All right, let's see what else we got going on for stocks making moves. What do we got pulled up? Oh, you know what I want to talk about is crypto. So be very careful here, folks. Anderson Horowitz, right? They are well into crypto, man. I think they're a big player in the board-ape universe of everything going on. They're starting a new fund of $4.5 billion fund for backing crypto and blockchain companies, okay? So yes, that's gonna be crypto. But don't take that as meaning that they're just starting a fund to go buy Bitcoin, okay? Because there is a lot more money to be made in the business that they are running. And I understand it by like the faintest of notions, but all I understand is they're basically printing currency, giving themselves a bunch of it and then selling it off to everybody else. You know that board-ape yacht club, man? And they're selling virtual land and they're selling virtual land in Apecoins. They create the Apecoin. They give themselves billions of the Apecoins. It's probably a very, very brilliant business idea right now, but don't take that to mean that Bitcoin is gonna be a huge buy at 30,000 because they can make money in that field by doing different things as opposed to just loading up in Bitcoin. Being able to print their own cryptocurrency and building an NFT world is a lot better way to make money in the crypto sector. And I have no idea how to do it. Which is why I'm not doing it, man. But the brilliant men and women that do quite a time to be alive, folks, when you can literally just create your own currency, print it off, give yourself billions of it, sell virtual land that has to be paid for in that cryptocurrency, lock up those purchases for a year so they can't sell it. The list goes on and on. Yeah, be very, very wary. So we're gonna talk about this. We're gonna talk a little bit about Luna and stay away from tether, folks, if you are in tether. You got some risks. We'll be talking to Teddy Kegstad. We'll be right back, folks. 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Welcome back, folks. We have the S&P, positive by five points right now. You're trading at 39.46. We accelerate on the open and jumping over to that crude market. We got the price accrued right now. Let me pull it up. CL, 110.56, we were just above 111. Let's jump over to our man, Teddy Kegstad. We talk to Teddy folks every Wednesday at 40 past the hour. Put it on your calendar at 9.40 a.m. Eastern Time every Wednesday. You can reach Teddy every trading day at his website, forex-trading-unlock.com. Teddy Kegstad, good morning. Good morning, Tommy. So we got volatility in these markets to say the least, Teddy. Quite a week for retail, but jumping around to Forex. We have a little bit of a reversal maybe in the dollar. We have yields back to 2.73% this morning. What do you think about this market? Well, right now, I think we have a nice little corrective rally going against the dollar. I think it's possible to get edge a little higher. And one of the main reasons is the Treasury bond market. We know that right now, the 10-year and the 30-year have been trending higher for the past week and a half. Interestingly enough, the 30-year bond had a reverse head and shoulders that it broke out of last week. And over the past couple sessions, it's been trying to edge push resistance a little bit. So right now, if that head and shoulders pattern is really true, we can still see a little bit more upside potential in interest rate pricing, meaning a little pressure on the dollar also and with that variable. But I think that the markets are getting kind of skittish because when you really see how much the dollar has corrected when it has, over the past few months, it hasn't corrected very much. So I think we're kind of at that little friction point right now. Yeah, when I just take a look at it on a six-month basis, I mean, quite a little pullback what we have, almost up to 105 in early May. And we're sitting at 102.27. That's the DXY, the Bloomberg Dollar Index. But that's coming, as you say, from a price point of 96 in almost March. Yeah, not really a pullback. We were, you know, I love Fibonacci levels. I don't even have to put a Fibonacci level on that. We're nowhere near even to the 3A2 in terms of a real pullback of still a bullish run. Breaking down the individual pairings, where can we start off? What are you looking at this week for the individual pairings? Okay, well, interestingly enough, you know, the yen that I've been a bull of for a very long has had a pretty nice correction over the past, like especially weak or so. I would be careful at these levels being a seller. I'm not saying that we haven't seen the low yet, but we are kind of bottoming in there, especially with oil poised to break out to the upside.  So I think that as the interest rate trade starts to give a little relief, meaning the rates are going short-term lower in the market rate and higher in pricing, I think as that starts to nudge up against resistance and pullback, you're gonna see a big snap back in the US dollar yen as well. You know, so I really do believe that if oil does start to break out to the upside, we're in front of a holiday weekend. You know, there's a lot of reasons to be more bullish oil than not. And if we can break out, I mean, right now we're wedging, if we challenge that 116 level and hit it, get above 116, well, I can't see how the US dollar yen wouldn't explode to the upside. You know, so on the Euro US dollar trade, I would use caution at these levels because we already hit our short-term daily target. We had a buy signal about a week and a half ago, but we had a weekly buy signal that was finished yesterday, or not yesterday, last week. And if that level runs out of gas, you know, that's why I was just mentioning the head and shoulders and the interest rate market because these coincide with each other right now. So you have the rate pressure going down, meaning up in price and the dollar pulling back, but it's very, very sensitive. You know, and we have a lot of inflation numbers that, hey, you know, we were talking about this months ago about how the lag is there, and now people are accepting the fact that, well, we're gonna be talking about inflation for six months from now still, you know. And I even heard you earlier about people's choices, you know, like a target, yeah, maybe you can get a good deal on a patio set right now, but people that aren't gonna be buying patio sets right now when they're spending $6 a gallon for these. That's house choice, right, for sure, yeah, for sure. Hey, we got a caller, Teddy, all right? Let's jump to a caller if you don't mind. We got Jeff from Philly, and he wants to talk a little New Zealand dollar. Jeff, good morning, man, thanks for calling in. Hi, good morning, Tommy. Thanks for taking my call. And Teddy, thanks for taking my call. It says a little bit of an obscure question, but I've been trading Econ News and FX for about the last four years, and I saw something last night that I've never seen before. There were two very strange price actions, and I wanted to ask you if you heard anything or just had any comments on this. So what I saw was there was a rate decision coming out in New Zealand at 10 o'clock, Eastern time, PM, and three minutes before the news came out, price started dropping. The New Zealand against the US dollar started dropping. Now, I've seen sometimes news releases come out a little bit early, maybe 10 seconds, 30 seconds, most something like that, but this was three minutes early. I saw the price started dropping, and but then exactly at 10 o'clock when the news release came out, it shot up like crazy. It was a huge move, and actually I made a lot of money, but it shot up in the opposite direction. And the weird thing about that, I mean, in addition to the early price drop, for no apparent reason, is that the forecast for that rate decision was 2% and the actual was 2%. And 2.00%, I mean, precisely the same. So when I see big price moves like this, it's in response to some kind of a surprise, but I mean, it's gonna be less of a surprise. It exactly matched the forecast. So to get this huge move without a surprise and to get the price dropped in the opposite direction a little bit before the news, or a few minutes before the news, those are two very strange things. Well, it isn't, it isn't. You gotta remember when you're trading a news event, that's very typical. So I mean, especially in today's algo world, so I would assume that probably right before that number, you have a lot of liquidation where a lot of algos will actually shut off because they don't wanna trade the number because of the noise that happens during those moments.  So now I think one of the biggest questions you have to ask is besides the knee-jerk reaction on just the volatility of the number going out is what are the expectations? Are they gonna continue to follow suit? And I think that there is an interest rate war going on now with all the central banks, it's a matter of who's gonna catch up to who first, except for like Japan where they're not doing anything when they said they would. So I think that that's where you're getting these little reactions right now, but you get the expectations no matter what for New Zealand are not that good. So where this raising the interest rate you would think it would help support their currency more? I mean, right now the New Zealand dollar isn't an upside correction. I view it as a correction, especially because their lockdown measures are very severe and still coming back again. So there's a lot of reasons why their economic numbers are gonna be very poor moving forward over the next six months. So that's gonna weigh on their currency. So, and we know that they just pop their rate. Well, we're gonna pop our rate again in the next few weeks, no matter what at least and more likely over the next few months we're gonna pop our rate more than theirs. So I think that that's why you're seeing this kind of reaction that you're looking at that happened. Okay, great. Well, thank you very much for your insights. I appreciate you taking the time. Jeff, that was a great question, man. Thanks so much for calling in. All right, thanks, take care. Teddy, I appreciate the update as always, man. Have a great holiday weekend and we look forward to chatting you in next Wednesday. We'll see where crude is following Memorial Day, man. Higher. It's not surprising, man. Thanks so much, Teddy. I appreciate it as always. Okay, you too, man. We'll talk to you next week. Stay tuned, folks. We'll be right back to Finish Up Show. Opening your skills as an investor is like getting better at playing a musical instrument. You have to practice, sure, but you also need excellent instruction from experts. At TFNN, you'll get advice and guidance from the authority in technical market analysis and it's not just dry, tedious text either. TFNN airs live financial content streamed live on TFNN.com and TFNN's YouTube channel with Tiger TV, live every market day from 8.30 a.m. to 4.00 p.m. Eastern for free. Each host is an experienced trader and gives their take on the market while taking calls and questions live from around the world. 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It's so political, I get it. But you got to ask yourself, what are we doing? And we're doing nothing right now. We got to do something, okay? We're doing nothing right now. And the normal discourse goes, let's put guards in schools, all right? I have a five-year-old in the house. He goes to a school. There's a guard there. I like there's a guard there, okay? That's not going to solve the problem. Yesterday, you had an 18-year-old showing up with an assault rifle with body armor, shooting the guards on his way into killing kids in the school. That's not going to solve it, folks. So what are we doing, okay? For the greatest country in the world, what are we doing? Ask yourself, what are we doing? What are we doing to create difference, okay? I don't know what the solution is, but we often forget, folks. I was born in 1980, okay? When I went to high school, when I went to college, there was a federal assault weapons ban. From 1994 to 2004, it expired, okay? I'm not saying that solves everything. I'm not saying that that would even fly with this court right now. But at least our country was trying to do something when I was in high school and we didn't even have the same problem. They were trying to do something. What are we doing? What are we doing right now? All right, ask yourself, what are we doing to make sure it doesn't happen again?  They were going to have only gun sales to people who were 21. I believe they weren't going to sell assault rifles either. Okay, that's a company that's trying to do something. Okay, what are we doing? Guards in schools aren't going to solve the problem. When you have kids showing up who are 18 with assault rifles with body armor, mowing guards down on their way into the school. So what are we doing? What are we doing, folks? We got to do something. I got a one-year-old, I got a five-year-old, and I got a 15-year-old in the house, okay? And it's too real. It's too sad and those poor families, man. I have them in my heart. Keep them in your hearts. All those kids, man, so sad. So God do something, folks. Okay, we've got to come together and do something. What are we doing? Stay tuned, folks. Thanks so much for tuning in. S&P is positive by five. We got our man Basil Chapman. He's coming up next, folks. Have a great Wednesday.