38 Burst results for "Citigroup"
Tech Path Crypto
A highlight from 1261. Fed Meeting vs. Crypto LIVE | Jerome Powell + Inflation Sentiment Analysis
"All right, so welcome in everybody to the live stream today. We'll be breaking down the FOMC meeting and also talk a little bit about what Chair Powell has decided to do along with the Board of Governors and break down all that, what kind of implications this might have on the market for you. It's going to be a good one. My name is Paul Beyer and welcome back in the Tech Path. All right, so joining, of course, today we will be doing our normal live stream where we air the Fed meeting. And it's not necessarily the meeting, but it's the remarks. It's the press conference after the meeting, which obviously we've got news in now that there is no rate hike. So whether you think that's a good thing or a bad thing, I think the key here is that the Fed has continued to hold this position of softening now is and can they navigate a soft landing is the real question. I think this is going to be the one that we'll have going into this. We're probably going to take, I think we may take some questions. It depends on how long Chair Powell talks. So make sure and drop some of those over on the side. And if this is your first time here on the channel, all I would ask is that you subscribe. We do a lot of hard work and research to hopefully bring the best news content out there in the crypto and blockchain space to you. So just hit that little subscribe button. And if you can hit the little bell, it's going to give of you notifications when we go live, just like this one right here. So we'll break in and all that. Just to let you guys know, so when the Fed meets every month to every two months, depending on the on the period of time, basically you have a board of governors that comes together. They start working through all of the data that comes in from the market. And then at that point, they start to make the final decision of how they're going to go interest about rate hikes or potentially interest rate declines. So we'll be airing Chair Powell's speech when he addresses the press corps here in a bit. So just be on the lookout for that. They are probably about 10 to 15 minutes away. We'll go through some things here today I want to talk about today. First of all, how would Bitcoin react to the Fed's interest rate decision? Obviously, right now we're starting to see Bitcoin do a little bit of slight move down. But that's my question is, do we continue to see Bitcoin in more of a holding pattern right now with where it has been? Or if you look at the chart, let me kind of bring up the Bitcoin chart real quick and I'll just jump over to my chart. And I'm on the five minute chart right now. But as you can kind of see, let me go to the one hour so we can kind of push that out for the last couple of days. You can kind of see a little bit of that incline that we've had over the past few days where Bitcoin slipped right into that $27 .4K range at its high and it started to adjust off of that. And I think this is the scenario that I think a lot of people are looking at. And that is when you consider the current status of the macro pressure that the markets are getting. Remember the S &P and I'm going to show you guys some cool things. Let me jump over to the S &P real quick because this is something that we've been doing here on our power index or our market sentiment index and that is starting to measure a little bit more of the S &P compared to what's happening in crypto. Right now I'm looking just at the one hour but this was the decline that we've seen in the S &P 500 which of course has started to adjust a little bit. Now some of that may be coming from the softening in the market itself. Let me jump over to this article here because I want to go back to this point on Bitcoin. Fed's interest rate decision everybody's expected today did come in at what was expected being no interest rate hike. However some experts also said that low volatility may continue after Fed's decision and investors expecting high volatility in the Bitcoin price may be disappointed. I am in somewhat agreement with that. Now there are two I guess two camps thinking of where this direction may go and what it really boils down to is two things. One of course is going to be the situation of when the Fed does pivot and the other is going to be how much lagging data is coming in in the last quarter because here we are going into Q4 October 1st. Once we start to move into Q4 we're going to start to see one the Q3 earnings that will give us some indicators of how most of these companies are doing which will cause some action on the S &P 500. And then with that you are also going to get lagging data on jobs. You're going to be lagging data on general scenarios that are market pressures coming things like the oil market. And then what we'll see is I still believe is the CRE market the commercial real estate market. That's going to be the one to watch for. And that is my concern if we continue to see a little bit of a decline there. Now the other question that plays into this is how sticky will inflation be during this last quarter because all of what we could see and including possibly another quarter point and we'll probably hear this from Chair Powell here in a few minutes when he comes on to address the press is whether or not we will see another quarter basis points rise in the fourth quarter of this year and how that sets up Q1 and Q2 for 2024. Now you have to be thinking about what is this going to do around an election year. You've got a lot happening with the UAW. That's the United Auto Workers strike potentially looming. Biden administration is pushing hard to try to position against that along with what's happening on the labor market tightening somewhat. And then of course what we've seen with sticky inflation. So all of this was really playing into when is that bottom really in. Now that's the question mark for Bitcoin, Ethereum and some of the blue chip assets. Have we started to see maybe a little bit of that swoop off of the bottom and started that into that stabilization. And I'll show you guys some examples of that. But here's the U .S. Federal Reserve keeping rates elevated through 2024. This is the concern that I think slows things down a little bit in the general market. And that is that if BlackRock is right and that if we continue to see higher rates interest rates through 2024. Now when I say higher he could still pivot and start that quarter point softening of a market. That in itself would most likely send the markets into a tizzy. But I think the other issue is whether or not we actually reach the scenario of an inflation cap that actually gets hit by consumer price index which obviously will affect consumer spending all those kind of things. And that starts to roll into the potential of a recession. And that is the real question mark looming here right now. A couple of points I want to hit out on this article on BlackRock. BlackRock's head of global fundamental income strategy agreed that the Fed is unlikely to change rates. Everybody's right on that. But the big deal is since March 2022 the Fed has increased rates 11 times to fight soaring inflation. And we've got a few charts I'll show you here in a minute of the history of inflation and the reaction of markets and how they've been able to respond. What you see there right there in 2023 is where we are now. But obviously this back in the 1980s when we were at pretty much all time inflation hits. Additionally if you guys did not follow this Citigroup announced the Fed interest rate forecast for September and November. This is another one that I think is important. From now on markets will price and how long interest rates will remain high and rather than whether there'll be an increase in interest rates. And that's my point is if we're talking about all of 2024 seeing a five plus interest rate Fed fund rate that's going to continue to pour money into the money market overall. And I think that's the other scenario especially when you look at the amount of liquidity that's going to be setting in on the sideline. So that's another factor into 2024 because you've got the halving coming with Bitcoin. You have a new election year coming in and then you have these crazy scenarios playing in on all these market pressures coming in from the macro side of things and that's providing that we don't end up with a united autowork because I think if we get a strike in the car market that could have some pretty big effects possibly even actually be one of the things that pushes us into recession because of how the auto mobile industry is so connected to so many different job industries so many sectors and obviously part of what we'll see in terms of just consumer pricing. Other parts on this I wanted to show this is kind of the the nominal Fed funds target rate increase during the FOMC tightening episodes. This goes all the way back to 1983. And this is good because it shows you how quickly this is us right now in the green the twenty two twenty three range. Look how quickly we've accelerated up that chart versus if you look at the 2004 to 06 tightening all the way back to the 2015 to 18 very slow and steady until we had the you know what. And then back here in the 80s which was really kind of that flat line and then boom that heavy acceleration that we had in the early 80s when we really started to see kind of a redefinition of what high inflation truly was. And I don't know how many of you guys are around. I was still in high school at the time but but it this kind of shows where we could be. Now that's the question mark right now because if we stay at this rate right here if we start flat lining right here what maybe we'll have a little bit of this kind of effect back in the 80s where before we saw that last two to three point raise. And that's the concern I have is if we do see any kind of somewhat tentative recovery here in the Q1 possibly even in Q2 does the Fed look at 2024 data and start to reposition. I still believe that we are at the end of this cycle.
Bloomberg Surveillance
Fresh update on "citigroup" discussed on Bloomberg Surveillance
"Cannot under any circumstances allow America's support for Ukraine to be interrupted. Too many lives at stake, too many children, too many people. A call with allies could happen as early as today and the White House says it will announce an additional aid package for Ukraine soon. I'm Ed Baxter, Bloomberg Radio. The Nobel Prize in Physics was awarded this morning to three scientists. The Royal Swedish Academy of Sciences has decided to award the 2023 Nobel Prize in Physics in equal years Tierra to Agostini, The Ohio State University, and two other scientists were also awarded for their work in electrons. Hunter Biden is due back in the Delaware courtroom. He's expected plead to not guilty today to federal firearms charges that emerged after his earlier deal collapsed. Live from the Bloomberg Interactive Broker Studios, this is global news 24 hours a day, powered by more than 2700 journalists and analysts over 120 countries. I'm Michael Barr and this is Bloomberg. Together we have the opportunity to build a more sustainable and inclusive future. At the Bloomberg New Economy Forum, we help make this possibility a reality by cultivating new connections among global leaders that transcend geographies, industries and ideologies. Because when global leaders work together, the outcomes benefit all of us. Learn more at bloombergneweconomy .com When you get your news from Bloomberg, you don't just get the story, find the story. How your EVs battery may not be as green as it seems. Why a decrease in global rates birth could send countries scrambling to increase immigration. You get context and context changes changes how you see things, how you change things, because context changes everything. Go to bloomberg dot com to get context. I would like to see a fed get to a neutral position which is neither stimulative nor restrictive and I I describe that as two to four. If inflation's two, then the fed funds rate should be higher than that so that there's a positive real fed funds rate. Mr. Marks, Howard Marks, he is with oak tree and long ago securities analysis its Citigroup as he came out of Wharton. He has been out front and center on the debate over prosperity and capitalism in America. Howard Marks, great supporter of the show. Lisa, he and I go back far enough where you know he was just a huge support when I was trying to figure out what to do with equities, bonds, currencies, commodities. He's a tour de force and he was one of the founders of the distressed debt market in many ways and he has said he started in stocks didn't understand them and then he understood bonds because it is a cash flow question of are you going to get your money back and are you offsetting the risk of what you're seeing with respect to the potential for some sort of default or loss payment. And where then has been philanthropy as well joining us now David Rubenstein co -founder co chairman Carlisle Group of course host of Bloomberg at wealth for spirited conversation. Did you get an equity call David Rubenstein from Mr. Marks? No I wouldn't say so but I would say that what I described about him is certainly true. Howard Marks started in 1995 Oaktree with his partner Bruce Karsh and in the ensuing years they built into one of the largest debt operations or investment firms in the world an incredible track record Howard Marks is best known for the memos he writes to his clients which seen are all over the world because they go more than just his clients and he's very intelligent in what he says about the markets and what they're likely to do and I suspect the Federal Reserve probably reads them as well. On a type 2 construct Howard Marks is not so much what he does but what he does not do. What the is number one thing that Mr. Marks in his philosophy tries to avoid? Well he tries to avoid undue risk. He tries to make certain he understands exactly what he's investing in and he loves to invest in fixed income instruments and the main point of the interview was that he sees a gigantic shift from equities to fixed income instruments over the next couple of years because his interest rates are likely stay to high in his view. It's likely that more and more investors will say I don't want to take the risk of equities where you could lose all of your money and rather go into fixed income instruments where you're going to get a current yield and almost certainly likely to get your money back. This is what we've heard from Apollo as well the sort of golden era for credit particularly private credit at a time of that kind of yield. Before we get there though David how much is there going to be some sort of washout of companies that finance themselves during a low rate era that don't really fit with a much higher borrowing cost? Well for sure there will be some companies that don't work out I think particularly things in real which estate borrowed a fair amount of money commercial real estate office buildings are probably going to have some real debt restructuring problems. But overall I would say the principal issue that he wanted to address is the I would say the macro shift in investor sentiment away from equities and private equity and more towards fixed and income private credit. Now of course he's in that business but I do think he has a lot of truth to what he says. And a lot of people would agree with him I'm wondering from your perspective David you've been in this business very long time as well and I'm wondering whether you think that in some ways because of the amount of money going into private credit to other private assets they're going to offset some of the lending constriction that we're going to see from banks. In other words are they going to take over that role more and more as banks are forced to pull back with the balance sheet that they have full of fees? Well the banks are generally regulated pretty tightly in many ways. The private credit market where you have many private firms that are not regulated for this particular aspect of what they do, they have some greater freedom to do things that the banks may not be able to do and there is therefore some tension between the banks and what they
Thinking Crypto News & Interviews
A highlight from BIG CRYPTO NEWS!! CITI BANK TOKEN & JUDGE DENIES SEC GARY GENSLER IN BINANCE US CASE!!
"Welcome back to the Thinking Crypto Podcast, your home for cryptocurrency news and interviews. If you are new here, please hit that subscribe button as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify, Apple or Google or wherever you get your podcasts, make sure you hit that five star rating and review. It helps support the podcast and it doesn't cost you anything. Well folks, we've got big news coming out of Citigroup today. They have officially launched a token that will be used for deposits and the transference of money. Let me give you the details. Citigroup launches deposit city token services for institutional customers. This product will be based on a private blockchain controlled by the bank, converting customer deposit into digital tokens that can be sent instantly. Customers do not need to set up their own digital wallets and can be accessed through the bank's existing systems. This was reported by Bloomberg. This is huge news. There's many layers to this story. First it is further validation of this asset class and technology. And this technology is disruptive folks. And disruption is at the doorsteps of the banks, whether it be Citigroup, JP Morgan and many more. And they are trying to build their own versions, right? If the old system is working so perfectly, why are they trying to build blockchains and use blockchains and build tokens? Why? They know this new technology, this new asset class is the future. This technology is here to stay. It has many benefits. It will leave the old system in the dust. Folks, disruption is happening. Another major move here by a bank. And it's once again, further validation with technology. The other layer is that just about a week ago, reported on September 7th, JP Morgan was reported that they were building a deposit token themselves for settlements. JP Morgan is reportedly developing the infrastructure to run a new deposit token, allowing settlements between banks for corporate clients. Pretty clear what's happening here, folks. They know, especially with the likes of Ripple winning the lawsuit and XRP getting the clarity and not to mention CBDCs and stable coins and PayPal building their stable coins. This technology is here to stay and it's moving at a rapid pace. And look, I've been on record saying that I believe the TradFi incumbents, such as Citi, such as JP Morgan, Goldman, and these guys, weaponized Gary Gensler and the SEC to go and try to kill the stable coins, kill Ripple, kill whatever payment or crypto startup, right? Because Gary Gensler and the SEC are controlled by these TradFi incumbents. I had Caitlin Long on the podcast talking about the bias towards the TradFi incumbents, right? And we know how the political system works with campaign donations and much more. So it's pretty clear what's happening here. If you sit back and you look at the timeline, you look at the parallel of these things that are actually happening, right? We're not saying that we're not fabricating something here. It's clear what's been happening. It's clear what Jamie Dimon was saying since 2017 and what his bank was actually doing, right? Watch what they do, not what they say. Folks, first they ignore you, then they laugh at you, then they fight you, and then you win. It's pretty clear that this tech is so disruptive. They're scared of it and they're trying to build their own versions. But the problem is these wall gardens that they're building on private blockchains, no one's going to trust it. Why would another bank want to trust your token that you control the blockchain, you control the nodes, and much more? There are going to be private blockchain systems, don't get me wrong, right? Citi may launch its token and within its own different branches move money and settle instantly, but don't expect JP Morgan to use their coin and vice versa. So this is what's happening. They're not going to be able to disrupt the market with cross -border payments and all the different blockchain systems that are out there, which provide more of a free market, trustless permissionless setup. So very bullish folks for the crypto asset class that these banks are so scared. They're trying to launch their own tokens. And once again, JP Morgan is trying to do the same thing. And as mentioned, this is being reported by Bloomberg and they're calling it Citi Token Services once again. Let me give you a quote here from Shamir Khalik, global head of the company's services division. The development of Citi Token Services is part of our journey to deliver real time, always on next generation transaction banking services to our institutional clients. Oh, but I thought the traditional way of doing things was working. I thought crypto and blockchain, all these things are scams and a Ponzi. I guess not. The move is the latest by an established banking giant to offer so -called tokenized deposits or transferable digital coins that can represent a claim against banks. Crucially though, these tokens are processed on blockchain reels, meaning settlement is instantaneous. Yep. Folks, I'm so glad I'm here early. I'm paying attention. I'm researching, I'm dollar cost averaging and I'm hodling. Now a great way to dollar cost average in is using Uphold, which is a great crypto exchange. They are one of the sponsors of this podcast. I've been using Uphold since 2018. They have 10 plus million users, 250 plus crypto currencies, and they're available in 150 countries. You can also trade precious metals and 37 national currencies where you can easily transfer between crypto to different Fiat currencies to precious metals. That's a pretty unique feature to Uphold. If you'd like to learn more about this platform, please visit the link in the description. Well, folks, we've got big news around the SEC versus Binance. The judge declined the SEC's request to inspect Binance US. So if you recall, there was news that the SEC rips into Binance US over a shaky asset custody asked court to order inspection. The regulator asked a US court to reject Binance's half -hearted objections to its motion seeking depositions and inspection and communication from the exchange. This is another big fat L for scumbag regulator Gary Gensler, and this is being reported by Bloomberg. Here's the headline. SEC fails to win immediate inspection of Binance US software. Regulator says it is not getting enough access in lawsuit. Magistrate judge didn't grant expedited discovery requests. So the SEC says it has been struggling to get information from Binance US since it sued the American exchange along with its international affiliate Binance Holdings Ltd and its chief executive officer Changping Zhao in June. So Gary is taking loss after loss after loss. And I think a big blow is coming with Coinbase. I think Coinbase has a strong case and just like the grayscale situation, a lot of legal analysts are saying, yeah, we think Coinbase is going to walk away with a victory. Now, it may not be a full victory, kind of like the ripple situation where the SEC did win on some grounds, but it will be the lion's share of the win, or if you were to count up the numbers here, and that is what we're looking for. And you may say, well, Tony, why are you bashing the SEC and Gary Gensler so much? Don't they have a job to do? You're absolutely right. They do have a job to do, but we know, and this has been confirmed by the crypto industry as well as members of Congress and other regulators, even SEC Commissioner Hester Peirce and Mark Ueda, the SEC and Gary Gensler have not been acting in good faith. They have not been abiding by the law. So this government agency, which is supposed to have integrity, which is opposed to abide by the law, are themselves not doing that. Well, you have Judge Sarah Netburn rip a lawsuit saying the SEC lacks faithful allegiance to the law. What a burn. What a statement, right? That a government agency is being called out by the judicial branch and you lack faithful allegiance to the law. And even Bill Hinman and his conflicts of interest with Ethereum. And the list goes on and on and on. Gary Gensler is a puppet on strings doing the bidding of the incumbents when he's supposed to be a neutral party just looking to protect investors and they are attacking good actors. So it's not like they are just going after bad actors and that's the end of it. They're attacking good actors. And it goes back to what we were talking about at the beginning of the podcast. Citibank and all these banking incumbents have weaponized Gary Gensler to kill the startups that are disrupting them. The other aspect is Gary Gensler is not working with Congress to provide clear regulations, right? And he's flip flopped over the years. He's a big hypocrite. He's a liar. We've seen him lie many times. And he continues to say there's hucksters and scammers and so on and so forth in the industry. I tweeted about it today. You have some of the biggest names entering the crypto market, such as BlackRock, Franklin Templeton and many others filing for Bitcoin spot ETFs. Earlier this year, Charles Schwab, Fidelity and Citadel launched a crypto exchange called ADX Markets. PayPal launched a stablecoin. Deutsche Bank just reported last week they will offer crypto custody. Mastercard launched a CBDC program. Visa expanded their use of USDC stablecoin on Solana. So Gary clearly tried to distract and attack the startups while his Wall Street TradFi buddies come in and take over and look at the facts, right? I just listed out a whole bunch of big names that are coming in. And remember, Gary met with Sam Beckman Fried and FTX officials, didn't do anything. Big collapse happened there. He didn't do anything about Celsius or three hours capital and a whole bunch of other things. He didn't stop Terra Luna or anything like that, right? He just sat back and waited. And I think that was part of his strategy. I think he knew of the things that are happening, but he let them collapse so that they would hurt the market, right? Let the flush out all these startups who look, they're not established like the banking incumbents. And then what happened this year? Oh, I'm going to go after the good actors. I'm going to go after Coinbase, right? I'm going to go after this company and that company and NFTs and many other projects. So it's pretty ridiculous what's happening. But guys, we will win the war. We've seen historically that the disruptive technology will progress. It will get adoption. And if these folks don't get on board and it looks like they're trying to with their tokens, they will get or have their blockbuster moment. Now, speaking of further adoption, blockchain capital raises $580 million for two new funds. Venture capital's firms, record funding comes as space is teeming with exceptional innovators, despite bear market execs says. So the capital keeps coming in investments into the crypto industry. These companies and these funds are investing in both the companies, building the infrastructure, as well as the tokens are very, very bullish. Despite all that happened last year with FTX and Celsius and so forth, there's looking beyond that. They're looking at the future and the horizon of the adoption of this technology and much more. So one is the San Francisco based companies, six early stage fund in line with such funds it has previously launched, while the other is its first so -called opportunity fund. The $580 million marks the company's largest raise in its 10 year history, according to blockchain capital executives, Spencer Bogart, Bart Stevens, and Jason de Piazza. Such funding coming during a bear market reflects our investors trust in our long -term perspective, they said in a Monday blog post, adding that innovation often thrives during tough economic times. Despite the downturn in liquidity prices, we see a space that is teeming with exceptional innovators and founders, each aligned with the first principles of open source innovation, credible neutrality, and censorship resistance, Stevens told block works. The firm's first opportunity fund was conceived as a post dislocation investment vehicle. According to blockchain capital, Bart Stevens, it was designed with a high conviction concentrated mandate to pursue financing opportunities at the later stage. Very bullish news here, my friends. And here we got some more quotes. We felt generalists and newcomers misjudged the opportunity set he added. In contrast today, the fundraising environment for late stage crypto companies is barren, creating a unique and compelling opportunity for targeted capital that understand web three technology. Pretty incredible folks. And this is a lot of capital and more is going to keep coming, right? We're just seeing some of the biggest trad fi names entering a lot of capital being raised by different funds and new funds popping up and they're going to invest in the market and we're going to see continued growth and the S curve adoption keeps moving higher and growing folks. It's happening day by day, week by week, month by month, year by year. Now we got news here in New York financial watchdog proposes strengthened crypto guidelines. The New York financial or the New York department of financial services published proposed guidelines on Monday aimed to strengthen how firms list or delist coins. It also proposed guidance on adding coins to the state's green list. So we're seeing states move in the direction of trying to figure out regulations while the federal government continues to drag their feet. Obviously we got two bills in the house and shout out to patch McHenry and those folks who have been trying to get things through. Even Senator Cynthia Lummis and Christian Gillibrand in the Senate also have a bill, but we need Congress to act, right? Things are moving really slow. They need to put the guardrails in place, but we're going to see a lot of states do this. And I think as they do this and with their grassroots movements and much more, it's going to put pressure on the federal government to eventually act. So I think this is a good thing. However, the devil's in the details. New York can sometimes be very heavy handed. They obviously have the ridiculous bit license, which they should get rid of. But I think that's Wall Street's gatekeeping to allow only companies that they want and much more. So it's tough for a lot of crypto companies to get that bit license in New York. So we shall see what they come up with, but let me give you some details. Since joining DFS, I have made it a priority to ensure the department's regulatory and operational capabilities keep pace with the industry developments to protect consumers and markets. And why DFS Superintendent Adrian Harris said in a statement on Monday, and why DFS has been active in regulating crypto in the state for years, having launched its bit license regime in 2015. A slew of firms have virtual currency licenses in the state, including Coinbase Incorporated, and according to its site, although some firms close up shop in the state. So let's see what they come up with and all the details as it comes out, and we'll have some of the legal experts review it. But I am for regulations. I think they're important. Now, I don't believe in draconian regulations. I believe there's a balance. You allow innovation to flourish, but you protect consumers. That's the balance. But we got to keep our guard up and push back on anything that's draconian. Finally, Malta, they seek to change their crypto rule book to get ready for MICA. So the EU MICA regulatory framework was passed. The EU and the UK are ahead of the United States right now. The country's financial watchdog wants to align its framework with the EU wide rules set to take effect in 2024. So once again, EU and UK ahead, and it looks like these countries and the European Union are going to look to align to this. So this absolutely makes sense. Now, this law and this regulation is not perfect, right? And there's still some fine tuning that's needed, but it's a really great start. And I'm glad they were able to get things through because it just once again shows crypto is not dependent on the United States. This in technology the digital world that we live in and everybody on the internet, it doesn't need the United States land and borders to operate. It can operate from anywhere. Now, obviously I say that, but the United States is the world's largest capital market. So matter of capital raising and funding and so forth, that is certainly a big factor for the United States, but for these projects to launch and to build and to grow, they don't need the United States. And living in the United States, I'm worried that the US is in danger of losing some of these companies and a lot of jobs and economic benefits, but hopefully they can get it right sooner than later. And this EU MICA bill will take effect in 2024. And I think we can expect to see other countries align with it. And that is really great because there's not going to be different rules for different countries, at least in the EU, they can online and provide clarity to the different businesses operating in the EU. So this is good news, I think all around. Well, folks, that's the news. Please let me know what you think about the Citibank token, the SEC taking another big fat L, the judge striking down their requests in the Binance US case. And what do you think about all these items? Leave your thoughts and comments below, hit the five star rating on the podcast platforms, and I'll talk to you all later.
Tech Path Crypto
Fresh update on "citigroup" discussed on Tech Path Crypto
"Here, of course, was a breakdown on the liquidity of U.S. dollar continue to decrease just as liquidity of stablecoins in the markets. Only China continues to inject liquidity in the markets. And right now you've got Bitcoin pump is probably not going to last. This is one analyst that is looking at this. I'm kind of in this camp right now in the short term because I'm still thinking that the macro is too dominant. It's too in our face in the sense of what we've seen with not only higher for longer but higher interest rates holding, but also the amount of inflation and the stickiness. And it's something that a lot of people are looking at this and that is oil. If oil prices do get to that $150 target that some analysts are looking at, that would be devastating for the Biden administration and it's going to be devastating for the economy because that is one of the major influxes in how inflation is really not only tracked but received on the American population. So it's a big one to stay abreast of. Now let's look at some other tokens real quick. Chainlink, of course, everybody's been asking me about this one because it has been on the move for quite some time. Just to give you an example of where this one has been. Let's go up here. We'll get to its top right there. 40 percent right there since the 12th of September. And if you've been following us on our mastermind group we do trade signals in there. We exited this trade at around $7.50, $7.70 on getting out of Chainlink looking at maybe that eventually this thing was going to top out. But topping out it did but it was over $8 when it did. So that was a nice a nice room. Remember you're not always going to hit the top. But the key is is you don't want to be on that falling knife side. So that's something to be watching for right now. However I think Chainlink is going to stabilize here maybe around the $7.40 to around $7 range which is the one I'm looking at right now. Whether or not I go back in on that will be a question mark for sure. I want to jump over to a video that was done by the Bankless team and they kind of break it down on what Wells Fargo is trying. It was kind of just the theory of it but listen into what they had to say. But I have some money in my Wells Fargo account right now. So I have that $1,000 and over on some Ethereum layer 2 there is this DeFi yield product that can provide 8 percent yield. If Wells Fargo sets it up correctly there could be a button inside of my Wells Fargo user interface such that I can click it and say deposit funds into XYZ compound money market. The Wells Fargo Swift platform connects through CCIP and out the other side my funds are actually deposited into some Wells Fargo tokenized stablecoin money market account that is now yielding 7 percent. And again the banks don't need to know how to interact. They don't need to learn how to interact with every single chain out there. You guys take care of the interoperability. That kind of thing is what's possible with CCIP. Yes you're absolutely on the right track there. Whether it's Wells Fargo or a brokerage account I don't know if Wells Fargo would share the 7 percent with you. I think they keep as much as they could. So obviously they're talking to Chainlink there but the point being that Ryan was trying to hit is that the integration of banks into DeFi could get huge quickly. The question will be whether or not they do it because this is still old school banking systems old school infrastructure that plays into this. Now it doesn't mean that someone's not going to break rank and do it because I think that's where the upside is for what this market might represent in terms of growth. So I'm still very optimistic around that that we could see that in traditional banking. However at the same time you've got this happening and that is eight CEOs of the U.S. banks including JP Morgan Chase, Bank of America, Citigroup, Goldman Sachs, Bank of New York, Mellon, Morgan Stanley, State Street and Wells Fargo all facing questioning at the Senate Banking Committee hearing in December. I don't know what this is going to be about but the point will be I think of how this is going to maybe play into how DeFi could be looked at in the future and whether or not banks are going to actually step into this zone. If we see that kind of innovation happening in the banking industry obviously I think all of you guys would agree that's going to be pretty big. Now there are the staunch proponents that are very anti-bank and I completely understand that but I think this is going to be good for the people that maybe are not in the crypto market or even DeFi as of yet. It's going to open this up to a lot more people which is what we need for that bell curve to really take place.
CoinDesk Podcast Network
A highlight from MARKETS DAILY: Crypto Update | Navigating Token Listings and Delistings in the Crypto World with Host Noelle Acheson
"This episode of Markets Daily is sponsored by Kraken. It's Monday, September 18th, 2023, and this is Markets Daily from Coindesk. My name is Noelle Acheson, Coindesk collaborator and author of the Crypto's Macro Now newsletter on Substack. On today's show, we're talking about new crypto rules from New York State financial regulator and official support from token financing in Japan. And just a reminder, Coindesk is a news source and does not provide investment advice. Now, a markets roundup. Crypto markets have been enjoying a green day, with Bitcoin up almost 2 .8 % as at 10 am Eastern Time, trading at $27 ,280 according to Coindesk indices. Ether is up almost 1 .8%, trading at $1 ,658. Some smaller tokens such as Chainlink are up almost 10%, and Cosmos' ATOM token is up over 4%. The driver behind the change in mood appears to be renewed trader interest, as open interest in Bitcoin and Ether futures has jumped to the highest point for both since mid -August, according to data from Coinglass. 30 -day implied volatility as priced by the options markets is also on the rise. In traditional markets, U .S. stock indices are all trading slightly down so far this morning, as traders adopt a cautious mood ahead of Wednesday's FOMC rate decision. Futures market pricing is still signalling high confidence around a pause, but concerns remain around the Federal Reserve's outlook and expectations. Wednesday also sees the release of updated official economic projections, which will give us some insight into where the Fed expects rates to end the year, and by how much it expects to cut next year. We'll also get a glimpse of its expectations for U .S. inflation and GDP growth. As always, the fun part is the press conference afterwards, where Chair Powell feels some predictable and some unexpected questions from journalists. In Europe, the FTSE 100 was down 0 .75 % earlier today, drifting lower on weakening risk sentiment ahead of the Bank of England's rates decision later this week. European stocks were also weaker in trading today, with both the Euro Stoxx 600 and the German DAX down just over 1%. This comes amid concerns about the relentless climb in oil prices, and concerns that U .S. and Eurozone rates will remain higher for longer than many economists have predicted. Earlier today, a European Central Bank policy -maker said that the rate -setter would need to wait until at least March of next year before ruling out further hikes. In Asia, China's Shanghai Composite Index climbed just over 0 .25 % in trading today, as investors focused on last week's of economic stabilization. The Hang Seng Index, however, was down almost 1 .4%, hit by persistent concerns about the Chinese property sector and the impact on technology stocks of persistently high U .S. and Eurozone interest rates. Japan's market was closed today for a public holiday. In commodities, earlier this morning, the Brent crude benchmark took a breather from its weekend climb and is trading at just under $95 per barrel. Citigroup analysts put out a note earlier today saying that, while geopolitical risks could push oil prices over $100 a barrel in the short term, expected supply increases from non -OPEC producers should soon bring this back down below $90 a barrel. The energy minister for Saudi Arabia is due to address the World Petroleum Congress in Calgary later today. No doubt his remarks will be scrutinized for any hint as to how much longer the leading oil exporters' production cuts will continue. Gold prices continued their weekend climb, currently trading at around $1 ,923 per ounce, up just over 0 .1 % over the past 24 hours. While the price is still down 0 .6 % from the beginning of the month, traders appear to be energized by the likely pause in U .S. rate hikes. It also doesn't hurt that on Friday, China's central bank lifted temporary curbs on gold imports for state and mid -sized commercial banks. Stay tuned, after the break, we'll take a look at latest and supportive not -so -supportive rules from regulators. Back in a minute.
Bloomberg Surveillance
Fresh update on "citigroup" discussed on Bloomberg Surveillance
"Or is it about China? Is it about China? Take your pick. You said pick your weapon, pick your poison. Exactly. When you get a correlated move like this, what I know is I'm never right. I can think about it as hard as I want and I never get it right. You don't see the problem coming, but we've not the had catharsis yet. We have had the dollar strength, that's for sure. Eleven weeks of it against the euro, about to be helped if this is anything to go by. The euro at the moment, negative again at 104 .72. At least it's getting closer and closer that to line of the sand. I can now tell you the height of the session on dollar yen, 149 .98. It's almost like people are just testing it to see who's going to step over the line. There do seem to be these sort of breaking points, thresholds in markets right now. As policymakers grapple with a new reality, they have not dealt with this before, where suddenly the central banks, the policymakers, are losing the plot. They're losing control on some level, and okay they're with it if it brings inflation down, except for in Japan. But this to me is really the question mark, right? Have they lost the plot? Have they lost ability to tamp down on yields in a new economic and policy environment? Well, Japan's a curious one, isn't it, at the moment? Because Japan has got two opposing forces, weak yen on the one side, treasuries, or rather JGBs selling off on the other. And at the moment, they've shown some appetites come in and do something about putting lid the on the moves in JGBs haven't seen the same thing in foreign exchange. So let's see if we breach 150. And let's see what happens. as effective We're very close as the to first it now. I'm one, going to go Dornbush and we 101 are on not you, in the which business is the of second, predicting third, interventions fourth interventions here, but we're going to be tuned to it and we see 149 .97. We're going to do equities here in a minute after the data check. But John, I just want to this show as life goes on. This is the sell side recommit. This is not Dan Ives. This is someone who dresses more responsible than Dan Ives, talking about the premiumization of Apple. And this came out with a reaffirmed, this is made like I believe over at Citigroup, Apple will experience premiumization, which I think is gross margin solidity, and he reaffirms and up 30 something percent on Apple to 240. So in all the chaos we're macro babbling about, there's people still out looking at Apple as a moonshot 173 to 240. There's one interview I've been excited about all morning, not just our next guest. I love Michael O 'Rourke, but also Jefferies. Jefferies on the airlines. Yeah, that note that came out in the last week that if the United Airlines can get their passengers to lose some weight at and pick. Thank you. But maybe they can save fuel costs and they're actually crunching the numbers. They're crunching the numbers. It's a whole new world in America. My favorite was the interview with the CEO of the former Kellogg's, the maker of Pringles and Cheez -Its, et cetera. You got some new division. Saying that we're going to adapt and just we're taking the O 'Rourke very seriously. We'll mitigate it. We are very aware of it. What does that mean? You basically come out to sell more crap that people are buying less of and so that they can still reduce their don't see it here. We're in our wonderful temporary studio. Right over there is going to be our new palace, the Brahmo Palace we're calling it. Is that what they call it? Established BrahmoCam. The BrahmoCam moves from a wooden tripod to this gorgeous just granted edifice. It's going to be there, but when these guys are talking about the weight loss drug, I got them looking at me. I got six interns over here looking at me and two executive quantuses over there laughing his ass off when you guys are giving me grit. What are the side effects? Come on, this thing's a free lunch. The side effects are supposedly not things that we were going to talk about at breakfast time. It can make you very very ill and lose strength and not be able to really engage in the same kind of airlines quick data check the 10 year real yield. I've lost perspective a new high 2 9%. I want to know if it changes the Warren Buffett trade, the investment of a lifetime to go along those companies that have contributed to some of these issues, the sugar, water, etc. You know, snacks, all of those things. Well, they're going to mitigate it so it's going to be fine. All the wealth built on epidemic in this country. Maybe we can get him on. Warren Buffett, if you want to join us to talk about it, please come join us. It'd be lovely to talk about it. It really would, but I sense they probably won't come on and talk about it. equities on the S &P negative by 0 .5 % on the S &P hundred little bit softer yields a whole lot higher 10 -year new cycle high forget up the board there we go six seven basis points higher on a 10 -year tom 474 .53 right now equity markets are particular trenches of actually what do you make about the short -termism that's out there the short term trends Michael O 'Rourke decades of experience at Jones trading Michael in the old days you and I had OTC traders we call them up or we give them Giants tickets and they tell us what the hell was going on we don't have those old days anymore what do it now what is the tone that you see so I thought the utility sector provided a great signal yesterday the group is down 5 % most of the day closed down almost 5 % and I think what we're witnessing here
Markets Daily Crypto Roundup
A highlight from Crypto Update | Navigating Token Listings and Delistings in the Crypto World with Host Noelle Acheson
"This episode of Markets Daily is sponsored by Kraken. It's Monday, September 18th, 2023, and this is Markets Daily from Coindesk. My name is Noelle Acheson, Coindesk collaborator and author of the Crypto's Macro Now newsletter on Substack. On today's show, we're talking about new crypto rules from New York State financial regulator and official support from token financing in Japan. And just a reminder, Coindesk is a news source and does not provide investment advice. Now, a markets roundup. Crypto markets have been enjoying a green day, with Bitcoin up almost 2 .8 % as at 10 am Eastern Time, trading at $27 ,280 according to Coindesk indices. Ether is up almost 1 .8%, trading at $1 ,658. Some smaller tokens such as Chainlink are up almost 10%, and Cosmos' ATOM token is up over 4%. The driver behind the change in mood appears to be renewed trader interest, as open interest in Bitcoin and Ether futures has jumped to the highest point for both since mid -August, according to data from Coinglass. 30 -day implied volatility as priced by the options markets is also on the rise. In traditional markets, U .S. stock indices are all trading slightly down so far this morning, as traders adopt a cautious mood ahead of Wednesday's FOMC rate decision. Futures market pricing is still signalling high confidence around a pause, but concerns remain around the Federal Reserve's outlook and expectations. Wednesday also sees the release of updated official economic projections, which will give us some insight into where the Fed expects rates to end the year, and by how much it expects to cut next year. We'll also get a glimpse of its expectations for U .S. inflation and GDP growth. As always, the fun part is the press conference afterwards, where Chair Powell feels some predictable and some unexpected questions from journalists. In Europe, the FTSE 100 was down 0 .75 % earlier today, drifting lower on weakening risk sentiment ahead of the Bank of England's rates decision later this week. European stocks were also weaker in trading today, with both the Euro Stoxx 600 and the German DAX down just over 1%. This comes amid concerns about the relentless climb in oil prices, and concerns that U .S. and Eurozone rates will remain higher for longer than many economists have predicted. Earlier today, a European Central Bank policy -maker said that the rate -setter would need to wait until at least March of next year before ruling out further hikes. In Asia, China's Shanghai Composite Index climbed just over 0 .25 % in trading today, as investors focused on last week's of economic stabilization. The Hang Seng Index, however, was down almost 1 .4%, hit by persistent concerns about the Chinese property sector and the impact on technology stocks of persistently high U .S. and Eurozone interest rates. Japan's market was closed today for a public holiday. In commodities, earlier this morning, the Brent crude benchmark took a breather from its weekend climb and is trading at just under $95 per barrel. Citigroup analysts put out a note earlier today saying that, while geopolitical risks could push oil prices over $100 a barrel in the short term, expected supply increases from non -OPEC producers should soon bring this back down below $90 a barrel. The energy minister for Saudi Arabia is due to address the World Petroleum Congress in Calgary later today. No doubt his remarks will be scrutinized for any hint as to how much longer the leading oil exporters' production cuts will continue. Gold prices continued their weekend climb, currently trading at around $1 ,923 per ounce, up just over 0 .1 % over the past 24 hours. While the price is still down 0 .6 % from the beginning of the month, traders appear to be energized by the likely pause in U .S. rate hikes. It also doesn't hurt that on Friday, China's central bank lifted temporary curbs on gold imports for state and mid -sized commercial banks. Stay tuned, after the break, we'll take a look at latest and supportive not -so -supportive rules from regulators. Back in a minute.
Bloomberg Radio New York - Recording Feed
Monitor Show 00:00 09-14-2023 00:00
"Interactive brokers clients earn up to USD 4 .83 % on their uninvested instantly available cash balances rates subject to change visit ibkr .com slash interest rates to learn more here's the full conversation on the latest edition of the masters in business podcast subscribe on Apple Spotify and anywhere else you get your podcasts plus listen anytime on the bloomberg business app and bloomberg .com broadcasting 24 hours a day and the bloomberg business app this is bloomberg radio this is bloomberg daybreak at least in Africa our top stories this morning US headline inflation rises by the most in more than a year while core CPI accelerates on a monthly basis for the first time since February I pick up in gas prices piling more pressure on already strained household budgets is a great decision from the ECD markets have completely changed their view in recent days on what is likely to happen highlighting just how much uncertainty surrounds the decision we're live to Frankfurt this hour the IEA warns that oil supply cuts by Saudi Arabia and Russia will create a significant supply shortfall threatened with new surge in price volatility and Citigroup is preparing for a wave of job cuts as CEO Jane Frazier launches the biggest restructuring of the Wall Street giant in two decades we'll have the details just gone 8 a .m. across the Emirates exam a few Johannesburg I'm using a Medellin in Dubai we're seeing a little bit of cautious upside in u .s.
Bloomberg Radio New York - Recording Feed
Monitor Show 12:00 09-06-2023 12:00
"Morgan Stanley and RBC which is Royal Bank of Canada. They are Enbridge's financial advisors on the deals while on the sell side Citigroup and Goldman Sachs represented Dominion so that's good to see. McGuire Woods a Richmond based law firm also advising Dominion which is a Richmond based company too so lots of good stuff there. M &A in the energy space coming at you. We're gonna have more. This is Bloomberg. Broadcasting 24 hours a day at Bloomberg .com and the Bloomberg Business Act. This is Bloomberg Radio. This is Bloomberg Markets with Paul Sweeney and Matt Miller. We got a lot of green on the screen here but the volume is light. We constantly underestimate the strength of the U .S. consumer. This is a market that's much more optimistic or bullish than maybe central bankers are. Breaking market news and insight from Bloomberg experts. There's still some concern out there in the market that there is room for things to deteriorate a little bit more than what they're indicating. As small and medium -sized businesses struggle they don't present as much competition. The supply chain has still got dislocations globally and here in the U .S. This is Bloomberg Markets with Paul Sweeney and Matt Miller on Bloomberg Radio. Alright coming up in this hour we're going to check in with Brian Egger Bloomberg Intelligence. He covers all the casino stocks, cruise lines, all that kind of fun stuff. We want to get an update on what's happening in Vegas post -pandemic Vegas baby. Diana Scott lead of U .S. Human Capital Center at the conference board is going to join us to discuss its recent findings on hiring in corporate America. So lots coming up in this hour as well but first let's kick things off with Mr. Charlie Pellegrino. Hi thank you very much Paul Sweeney and here's what's going on to Dow the S &P Nez Stack all in the red with the S &P extending its drop below 4 ,500 right to the numbers with the S &P at.
Bloomberg Radio New York - Recording Feed
Monitor Show 18:00 09-01-2023 18:00
"Video, they're coming for you, Stanovec. And you've got the Cities issue, the double issue of Bloomberg Business Week magazine. Be sure to check that one out. It's on newsstands now. We take it to all corners of the world. This was fun. This was really fun. It's going to be good next year. I love doing it with you because you like the game. You play the game. Can I say the game? Yeah, you can say the game. Really good, fun stuff. If you missed anything, check out our podcast, The Ford, Tim Stanovec, and the whole Bloomberg Business Week team. Thank you so much for watching and listening. That does it for us. Wall Street Week. Start. Broadcasting 24 hours a day at Bloomberg .com and the Bloomberg Business Act. This is Bloomberg Radio. This is a Bloomberg Money Minute. Wall Street heads into a long weekend on a mixed note. The Dow finishing up less than one half of a percent. The S &P 500 gaining less than one quarter of a percent. The NASDAQ went the other way, falling less than one tenth of a percent. The Labor Department reports the U .S. added 187 ,000 jobs last month. Wages continue to grow, but unemployment did as well. The jobless rate climbing to 3 .8 percent. Open AI wants chat GPT to be used in classrooms. The generative chat system is adding special tutor prompts to help students and teachers use AI to enhance learning, though educators have raised concerns about plagiarism and cheating. Several big banks and Wall Street firms plan to toughen their return to office directives once we get past Labor Day. Citigroup, JPMorgan Chase, Goldman Sachs, BlackRock, Bank of America, and others have been reminding employees they'll have to work from their offices at least some of the time. That's not enough, though, for some firms that want employees back on site five days a week. Steve Rapoport, Bloomberg Radio.
Bloomberg Radio New York
"citigroup" Discussed on Bloomberg Radio New York
"Bloomberg surveillance podcast, a conversation with Citigroup economist Veronica Clark. These still have that terminal rate at 5 and a half to 5 75, so that's 25 basis point hike in May, another in June, another in July. And again, it comes down to this timing issue where it's tomorrow, CPI report before the main meeting. It's probably a lower bar for them to hike still in May. That's what the dots show. But before the June meeting after the May meeting, we'll have two more CPI prints and those look like they can stay consistently strong. And then at the June meeting, you know, we'll have an update to projections for inflation growth and the dots. And it seems unlikely to us that the fed will have to be revising higher. Their inflation forecast and then not still hiking. I think that keeps them going. The markets, of course, will just get there over time as we get consistently strong inflation data. If Veronica, this is really important, what you just said there is stop the show. You and Andrew are reaffirming a set of rate moves higher. So when you talk to Keith Horowitz, I mean, I know you're not in speaking terms, but how does your banking team at Citigroup adapt in, I guess the crisis is over, but adapt to flows in banking, giving your economic call. How do they adapt to that? Yeah, I certainly don't want to speak for them, but I think the system as a whole, we know that there are these issues, but it does seem like the fed's facilities are working to control liquidity issues. And if things do stabilize, well, we know that the fed has all of those other tools to deal with financial stability, but we do still have this price stability problem and there are only tool really to deal with inflation
AP News Radio
Pay transparency is spreading. Here's what you need to know
"Labor laws in some states that employers must include pay ranges when posting a job appear to be helping job seekers across the country. Employers across the country have begun adopting more transparency and their hiring ads to stay competitive with companies and states that require it. Advocates say that benefits women and people of color whose statistically don't fare as well as others during hiring negotiations. The job site indeed dot com says twice as many companies, 43% posted the pay scale in their ads last month compared to three years ago. New York City, California, Washington, and Colorado are among the municipalities requiring Patreon's big companies including Microsoft Citigroup and Google have committed to posting salaries nationwide. I'm Jackie Quinn
Bloomberg Radio New York
"citigroup" Discussed on Bloomberg Radio New York
"Of these places have already started job cuts, many have said they're trying to hold off on drop cuts. But you really have to watch the environment at a time like this because jobs will come under pressure because expenses are already going up. If I'm a kid and I want to get a job on Wall Street, what job should I look for on Wall Street in these banks? It can be really hard to become an investment banker when you're in an environment like this. There are a lot of banks that are not only not hiring an investment banking. They are cutting a lot of headcount and investment banking. So it is harder to get a job as an investment banker. If you're a trader, you know, on one hand, these Wall Street trading desks have made so much money last year and the biggest hedge funds have also made a lot of money in our hiring and our expanding, but you look at it from like Citigroup and they say that trading is going to be about even this year. So you even wonder what kind of investment will be there. What's my bonus going to be? It's down. I mean, there's no question. There's going to be pressure on costs. And it's because like I was mentioning those it's interesting to see the headcount rise because what it means at the end of the day, you may have more people, but they are going to have to then be paid less And so the only lever the banks really have there is that bonus. That is the variable compensation. So they can bring down the bonuses pretty meaningfully. And so it's the easiest way to preserve jobs is to cut bonuses really drastically. I think it was about this time last year we were talking about FinTech and they didn't have that in-house necessarily. That's where they were making all sorts of acquisitions. It's funny that you asked that because we have definitely seen a lot of acquisitions, particularly one that has come under the spotlight recently, and JPMorgan bought this kind of financial planning FinTech company called Frank. And how did that turn out? A massive mess to the point that you have Jamie Dimon, one of the most famous bankers in the world, the sea of JPMorgan, saying that it's been a huge mistake and now they're wrapped up in litigation for Frank that company allegedly creating millions of fake customers. So, you know, even Wall Street analysts. Well, there's a question. They correct me if I'm wrong, they did like college financial planning sort of thing. Yeah, and part of the idea here for JPMorgan, and you see a lot of banks that are kind of like this, you know, Morgan Stanley has the same ambitions when it comes to E trade. Bring on younger customers appeal to another generation and then kind of bank with them as they build their wealth in their lifetime. But I think there's two things about this story about Frank, one of them is, you know, a lot of these companies, these high flying fintechs of the last generation, some of them just simply have not panned out to be what they said they would be. And you saw similar things with cryptocurrencies as well, where a lot of these companies, it just ended up being a huge washout. What do you expecting Tuesday? Give me some of the highlights that you'll be looking for. JPMorgan had missed expectations in almost every single one of their investment banking and trading businesses. So you have to wonder whether Goldman Sachs and Morgan Stanley are able to keep breaking in the money at their high flying Wall Street businesses. Lastly, I would say for Morgan cylinder, a huge wealth manager as well. And so how are all of their many thousands of financial advisers doing across the United States at a time where markets are really choppy and people are short of cash, but usually that doesn't apply as much to the very wealthy customer. But markets were really bad last year. And so how does that set them up for this year at a time where there are a lot of competitive pressures ahead. And frankly, those two banks fared better in the stock market than the other banks had done. We look forward to you working your magic on Tuesday with those earnings. Bloomberg Wall Street reporters chinali basic. And just to hit on Bloomberg daybreak
Bloomberg Radio New York
"citigroup" Discussed on Bloomberg Radio New York
"To the state sector and they're really big. And so that's the big challenge to the open trading environment, preserve open trade, but also recognize that China is a deviation from our principles. Derek, thank you so much as Derek scissors. She's senior fellow at the American enterprise institute. And as we've been talking, we received word crossing the Bloomberg that I speak of the house, Kevin McCarthy has invited President Biden to address Congress on February 7th That will be the State of the Union address. We'll see whether it accepts, but typically presidents do go along with the invitation for the Speaker of the House. So it looks like State of the Union quite possibly on February 7th. And this is balance of power on Bloomberg radio. It is one 18 on Wall Street. I'm do these Pellegrini with today's company headlines, and Johnny Walker workers are walking out. We're considered diageo plant in Scotland, striking overpays starting tomorrow. The job X coming down at BNY Mellon sources say 3% of the workforce there, being fired about 1500 people being fired or positioned eliminated, mixed picture for banks, Bank of America beat, net interest, JPMorgan, Wells Fargo, Citigroup also all reporting city beat in fixed income trading but Bloomberg Wall Street reporters basics says don't get too excited. The challenge is still remain ahead to turn profitability there. And best success that all means Tritter el efforts at city are incomplete. Attention shoppers, price cuts, at Tesla, limbic stone donor headsets. Denise Tesla is cutting prices across its lineup in the U.S. and major European markets, and here at home you'll see price cuts of 20% on the cheapest model Y cuts of as much as $21,000 on Tesla's most expensive vehicles. The EV maker failed to meet yearend targets on deliveries to buyers, in spite of earlier discounts and incentives, more trouble could be on the road ahead in order to continue growing and fully utilize plants, the electric vehicle maker may need to do something investors generally hate, damage company profit margins. Joan Donoghue Bloomberg radio, thank you, Joan, and consumer confidence for January preliminary numbers coming in positive and stronger than expected. That's according to
Bloomberg Radio New York
"citigroup" Discussed on Bloomberg Radio New York
"This is Bloomberg daybreak Middle East, our top stories this morning. Share a slump in commodity currencies collapse and growing unrest in China over COVID restrictions, a rare show of defiance. It's raising the threat of a government crackdown. All taking a hit from the unrest, the WTI contract drops to the lowest level since December, crash of mines, OPEC, and its allies prepare to meet later this week. Saudi Aramco is refining it named banks, including Citigroup and HSBC for its IPO, which could raise about a $1 billion. And as the aftershocks of the FDX debacle reverberate around the world, we look at why Dubai has been hit particularly hard by the crypto crisis. Markets are indefinite risk of mood, which I understand the reaction function from authorities in China to the protest Juliet Sully has the initial risk of monitor jewels. Yes, Madison. I really liked this note that we got from souvenirs, of course, from spy who SBI who was a frequent guest on all our programs. He's saying uncertainty is building pragmatism is waning, but he did also put it really well, that if the protests don't lead to an increase in restrictions, then you could see all of this nervousness unwind somewhat, but certainly today it is a risk of time. You've got China's market down by as much as 2% of those Chinese stocks in Hong Kong have been hit hard at one point the Hangzhou China enterprises index down by as much as four and a half percent and as you and Yusuf have been talking about. Also weakness in the currency market, particularly on show you one, which at one point fell by as much as 1% against the greenback, and of course the Aussie dollar, which is also lower by 1% against the dollar emitter, the concerns about its trade relationship to still though the MSCI China index poised for its best month in around 23 years. So today's weakness is certainly taking some shine off regional stocks, but you've still got a pretty good month for the overall regional index too. It's best month since 2009 aware though we have a couple of days left to go use of. So it shows you've run us through some of the investor anxiety taking hold today, but more broadly analysts are talking about a bigger rotation into north Asian markets. Yeah, well, we know Southeast Asia has been an outperformer in 2022 and a number of analysts coming through saying, even though we are seeing this nervousness in the wake of the protests and that vision that we have been seeing at one point you will see some kind of reopening path in China. Even if it's going to be disorderly like Goldman Sachs is saying and a little bit more calm in the chip maker industry as well. So Goldman expecting equity leadership to shift from Southeast Asia and India to China and Korea next year, society general and Jeffree's indicating that Taiwan's tech heavy market also at an infliction point and CLS saying Indonesia which has been a defensive play could become less favored next year also Goldman sex seeing India, which recently hit record highs to relatively underperform in 2023 Manus. Okay, Joe, let's see, let's see how quickly the reaction function comes in against these pro tax protests. In Singapore, what FTX is break taking collapse and the resulting aftershocks have been dominating the headlines in crypto all of last week. Bloomberg spoke to Cheng pang Xiao, the CEO and cofounder of binance as one of the industry's biggest players. He planned to say on the FTX situation, including his regret for not tweeting his concerns with Sam bankman freed's exchange sooner. I actually reflect on the FTX situation and I kind of blame myself for tweeting that too late. I think as an industry, we let FTX got too big before we question before we started questioning some of those things. Let's get a little bit of local industry knowledge to allow taba is the CEO of coinbase here in by John Joseph and I good to have you with us. There's CZ saying he should have questioned this sooner. He should have questioned Sam bankman fried. We can all look in the rear mirror and say what we should have done. But should you as an industry have been pushing and probing deeper and harder with Sam bankman fried? I mean, hindsight is 2020, right? Yeah. Obviously the industry, whether it's regulators, whether it's users, whether it's partners, should have questioned FTX moves. I guess with a pinch of salt because I guess if it's to be true, it's probably not true. And the size and the way that FTX used social ways to verify their legitimacy, whether it's working with top NBA players, whether it's working with global brands, sponsors for Formula One, you really see that there's a social element to whether they're legitimate or not. As opposed to public companies where you'd be able to see the financial health of the companies. Actually, I think the investors are ones that should have done a lot more due diligence before because FTX raised loads of capital. They had one round where $420 million were raised out of which 300 million were used by the founding team for person and reason. So lots of fraud happened. Just be very careful. So just before you jump in on this, we just need to be very careful when you use the word fraud because you need to give us the evidence of what you believe fraud is. So we'll come back to that in a moment. Yes, please. Yeah, I was just about to say investigations are still ongoing and much still to be determined on FTX. But in terms of the implosion itself, talons had a cataclysmic impact on the crypto space. Before we get to the opportunities that that brings with it, could you give our global audience a bit of insight on how coin Mina was affected that either in terms of headcount in terms of liquidity or any other observations on counterparty risk? Yeah, sure. As part of Cohen Mina, we use multiple liquidity providers. We use about 40 exchanges. So we were not negatively affected by the FTX issue. FTX weren't an investor in coin miner using Alameda's venture arm about a year ago. So now we have about 3% ownership that's by Alameda and we've asked to buy back those shares by the liquidators. So that process will take its path. But I guess risk management is something that is heavily underrated in the world of crypto. And at coin miner, we were fortunate to have those in place where we didn't have exposure to the FTX fiasco from a liquidity standpoint. So you're optimistic that you'll get your share of the company back. One of the things that CZ brought up with has Linda last week was about proving to the world your liquidity one exchange is a liquidity a brokerage is liquidity. Proof of reserves and proof of liability will you what will you do to deliver proof
Bloomberg Radio New York
"citigroup" Discussed on Bloomberg Radio New York
"Saved Citigroup from an epic mistake that became the talk of Wall Street. The second circuit reversed a judge's ruling that revlon creditors could keep more than half a $1 billion the bank accidentally sent them. Joining me is professor Eric talley of Columbia law school. Eric you compare this appellate process to an episode of The Twilight Zone. Tell us why. But one of the things that was difficult, especially after the trial court's opinion was that we knew that this issue was being appealed to the second circuit. And we didn't know what the second circuit was going to do with it, whether they were going to affirm it, whether they were going to reverse it, whether they're going to contract out the job to the New York court system, which they might have done. And in the interim, what happened is that revlon filed for bankruptcy. Well, bankruptcy is a process that requires absolute clarity about who is owed what. And here we were in the middle of not knowing who, if anyone was owed this money by revlon or by Citibank and the bankruptcy process was going forward without having any resolution from the second circuit. So that's why it was a little bit in The Twilight Zone because there was just kind of a surprising and almost disabling amount of uncertainty having to do with what was the status of this mistaken payment, whether Citibank had clawed back, whether Citibank became a lender since they paid off the other lenders, they get to step in their shoes or whether the debt of revlon just mysteriously disappeared. And every one of those things was a possible outcome and we sat waiting for a year to figure out how the second circuit was going to rule on this. And so all of this bankruptcy planning essentially had to be done kind of in the shadow of the northern lights without really understanding exactly where the light was coming from and where the shadows were being cast. So for those who may not have heard about this, half a $1 billion mistake, just tell us what happened here. Yes. So this actually was all born of a around a 2016 very large loan that revlon took out that was financed by a big consortium of lenders. And revlon borrowed this money so that they could buy Elizabeth Arden, which is a well-known cosmetics company and they eventually did buy Elizabeth Hardin and then took on this big set of loan applications. Well, in the ensuing years, revlon was already starting to come up with problems on how they could finance themselves. The COVID hit and they had all kinds of difficulties. So they tried to a few ways of restructuring their loans, ways that caused the lenders to say, hey, wait, you can't do that. That's not an appropriate way to restructure your loans. You're breaching your contract. And it got very, very heated. So heated, in fact, that the lenders were literally just about to sue revlon saying, we want all of our money back. And quite literally the night before they filed their lawsuit, they checked their bank accounts and suddenly mysteriously and not announced by anyone the exact dollar amount that they were owed got popped into their bank account and it was because of a huge mistake, a $1 billion mistake that Citi bank made. Citibank wasn't the borrower, but they were the administrative agent that was handling this loan on behalf of revlon and due to kind of a series of technical glitches and hapless mistakes, Citibank pressed the wrong button and paid off all of these folks who really must have thought that this was like hitting the Powerball lottery because that was exactly what they wanted in the lawsuit that they now no longer had to file. Well, within hours, Citibank realized that they had screwed up they didn't even have revlon's money to pay this out. It came out of their own coffers. And they contacted these lenders urgently pressing them to return the nearly $1 billion payment about half of them did, but about a $500 million worth of the borrowers said, nah, you want this money back. You can sue us. And that's exactly what Citibank did. So this all started in this kind of interesting melodrama about revlon, aggressively restructuring, getting these lenders upset. They somehow magically had this money in their hands that a lot of people thought there must be some weird mistake here, but they didn't want to give it back. And when this went to trial at the trial court level in early 2021, a federal judge here in New York said, you know what? I'm going to apply a very murky and not well understood doctrine from New York that's essentially a finder's keepers rule that says in some circumstances, a person that gets a mistaken payment like this gets to keep it and I'm going to allow the lenders to keep it. And so that in February 2021 sort of hit the news wires and it was pretty big news. Surprised me as well because I had been kind of keeping up on this story. And most of the time when you mistakenly give someone a benefit, you usually have the ability to call it back in court. And so this would be one of these weird exceptions and the judge in this case thought that this 30 year old precedent that kind of set this potential very limited path in motion applied to these facts as well. Coming up next on the Bloomberg law show, I'll continue this conversation with professor Eric talley of Columbia law school and we'll take a look at the second circuit's decision. There's kind of an unusual element to it that gives us a window into the disagreement among the three judges. Remember you can always get the latest legal news on our Bloomberg law podcast. You can find them on Apple podcasts, Spotify, and wherever you get your favorite podcasts. I'm June grosso and you're listening to Bloomberg. The G
Bloomberg Radio New York
"citigroup" Discussed on Bloomberg Radio New York
"Weekend edition of Bloomberg best. Natural gas prices could stay higher for longer, according to Citigroup said Morse. It will be somewhere between 2025 and 2027. That will see the prices in Europe coming back to where they were at the beginning of 2021. Connor co Phillips speaks out against Europe taxing their windfall profits. It is a gordian knot. It is really tough, tough thing that they're going through. But the solution is not the tax what you want more of in the short term. And Chevron calls for reform in permitting for energy projects. It's difficult to permit infrastructure in this country of any type and to build it in substantive reform would be a very meaningful step forward. Bloomberg best, Bloomberg's best stories of the week, powered by 2700 journalists and analysts in more than a 120 countries around the world. And we begin this special edition of Bloomberg best looking at the state of the energy industry with crude oil prices because a lot of people had been called best stories of the week, powered by 2700 journalists and analysts in more than a 120 countries around the world And we begin this special edition of Bloomberg best looking at the state of the energy industry with crude oil prices because a lot of people had been calling for crude prices to go up a lot, but not Ed Morse. He's global head of commodities research at Citigroup global markets, and we certainly have had some days lately when crude oil futures fell just like he said they would, even in the face of all the new planned OPEC production cuts, at Bloomberg's
Bloomberg Radio New York
"citigroup" Discussed on Bloomberg Radio New York
"Coming up the shower. The nation grapples with gun violence yet again over the holiday weekend. There are reports of tariff talks between the U.S. and China. Some big bank strategists warn of a continued growth slowdown. And Citigroup says oil could be in for a major decline in event of a recession. WNBA star Brittany griner pleads with the President Biden to get around a Russia. Plus, fireworks lit up the sky in New York. I'm Michael Barr more ahead. And I'm Scott Steinberg, the mets win, the Yankees were off, plus an update on Wimbledon. I'll have that and more coming up in sports. That's all straight ahead on Bloomberg daybreak. On Bloomberg 11 three O New York, Bloomberg 99 one Washington D.C., Bloomberg one O 6 one Boston, Bloomberg 9 60 San Francisco. Syria's XM one 19 and around the world on Bloomberg radio dot com and via the Bloomberg business app. And good morning, I'm John Tucker. And I'm Karen Moscow, U.S. knock you next futures are lower this morning. We're coming up to 6 O one on Wall Street and we check the markets every 15 minutes throughout the trading day on Bloomberg, get in P futures down 19 points this morning. Now futures down 141 and NASDAQ futures down 75, ten year treasury down four 30 seconds Yale 2.89% yield on the two year 2.89%, the Euro 1.0297 against the dollar, the yen one 35.84 John. And we'll get to more of the markets in a moment for first Karen. We begin in highland park Illinois, where a gunman opened fire from a rooftop at an Independence Day parade yesterday, killing at least 6 people, wounding at least 30 others. Illinois governor JB pritzker addressed the violence in a news conference. I'm furious. I'm furious that yet more innocent lives were taken by gun violence. I'm furious that their loved ones are forever broken by what took place today. I'm curious that children and their families have been traumatized. Illinois gave it a JB pritzker spoke to President Biden after the incident. The president also addressed the tragedy saying more needs to be done to curb gun violence. We got a lot more work to do. We got to get this under control. A person of interest in the shooting was taken into custody late yesterday. After a lengthy manhunt and the community of highland park, there was also gun violence in Pennsylvania last night, two police officers shot in Philadelphia during festivities held near the city's Museum of Art, Philadelphia, police commissioner Danielle Al law says the shooter's motives were unclear. We don't
Bloomberg Radio New York
"citigroup" Discussed on Bloomberg Radio New York
"Set up here for a rally at a pretty important support level with consensus now having shifted quite bearish Peter thank you so much Peter So that acts on a capital this morning This is a joy in particularly timely David livingstone is carved out of Macquarie and Cambridge a career across European banking He is more informed than anyone I know in the European method of business and the challenges to the future assisting Jane Fraser It's Citigroup Their chief executive officer for Europe and points close Obviously sir you have never seen it like this before And we have a war in Ukraine all the different crises tell us how you establish optimism for business three years out givens tumultuous 2022 I won't disagree with you Tom but I think we can look to the past and previous challenges We remember the Gulf War remember the recession around that time a different nature and perhaps a different scale And if you combine that with the challenges for energy energy security as well as the policy around energy transition staying on the agenda I think we could use the same tools that we've used before which is focusing as companies do policy makers on productivity on reform and looking for those areas that as you say will be there in the two or three years time And so we shouldn't forget the agendas that we took into these crises while we focus on the solutions for them in the shorter term In the short term we have an agenda of war the anger of war the sacrifice of war On a business standpoint it is many Citigroup clients leaving Russia and many others as well How will we account for this rapid exit and loss of finance in Russia As you know it will have a very detrimental effect on the domestic economy in Russia as intended by the by the sanctions I think the challenges for the for the companies as they seek to manage their exits from the country is there are capital controls and there are other things in place And they also have employees They also have others who they need to take care of during this time And they need banking services for that they are too important That we've seen of different companies primarily been their need to respect their employees with in Russia I think that's part of it Yes Going forward I know that your chief executive officer has talked about the likelihood of a recession in Europe and that she sees it as quite likely How are you preparing for that Well I think we prepare for it by being with our clients and seeing what their things that they need to do but also by working with policymakers and you said in the earlier part of the segment what will the ECB be doing And I think we're looking clearly for the signals of whether inflation is going to be the primary concern of the ECB as it seems to be with the fed Or are they still going to keep a very accommodating stance in order to keep economic growth positive That's been a challenge for over a decade I think they may well change their stance this time Well then how do you dovetail the risk appetite of lending at a moment that could be on the precipice of a downturn at a time when interest rates are rising and shareholders are demanding profitability Well lending isn't the only tool that the financial services and banking system one of the things that we work closely with Europeans both at an EU and a member state level is really on that structural reform particularly post Brexit but the EU needs to go through to deepen capital markets and access for the company's small and large to capital and alternatives to the banking system EU today is over reliant on bank balance sheets And so going through those reforms getting more access as well as at the same building a domestic buy side industry which is nascent in Europe outside of Luxembourg David you read my mind there And the heritage of Europe is Bond note and Bill in the bank balance sheet That's right And that is the heritage of Citigroup back so far Are the bond losses now a catalyst for finally Europe modeling a more Anglo Saxon balance sheet If we see bond prices go down there you go wait a minute they're doing it better in America I don't think they're going to say that but it's good for TV I think there's the depth of the U.S. markets or markets around the world look at the jealousy of the U.S. particularly debt markets I don't think it needs to be that type of catalyst I think it does need though to be seen as an achievable goal and therefore it might need to come from a European level to member state level in order to get the pace of reform sort of sadly not been present in recent past Where do the American banks fit in here You have many competitors with many different strategies We over talk about Asia and the expansion in the Asia And we under talk about the expansion into Europe How do you see this in particularly coming from Australian with Credit Suisse for years How do you see American banks prospering and competing in Europe Well we see ourselves firstly as a global bank and in this region as a European bank But we have presence in 24 European markets But the rate of change the rate of change is something we're used to and it's not something.
Bloomberg Radio New York
"citigroup" Discussed on Bloomberg Radio New York
"Banking franchise on the ground there and we're in active dialog around that And then what we've also been doing is focusing on helping the multinationals on the ground because a lot of our client base at the Fortune 500 their names that we all know and some of many of those are looking at X sitting You can't exit if you don't have your bank on the ground there Citigroup CEO Jane Fraser made the comments in an interview with Bloomberg at the milken institute global conference in California While Nathan let's turn to the fed now where central bankers begin their two day policy meeting today They're widely expected to raise rates by 50 basis points at tomorrow's decision and we get the very latest live with Bloomberg's John Tucker John good morning Karen it would be the biggest U.S. rate hike since 2000 Bloomberg economics says what happens after that is highly uncertain and Citadel founder Ken Griffin says fed chair Jay Powell will actually be able to ease off monetary tightening if inflation drops quickly If the inflation is transitory if we are heading towards a 4% rate by the end of the year he has a lot more room to maneuver rates in 2023 Ken Griffin spoke to Bloomberg at the milk and global conference in Beverly Hills He had a different inflation doesn't break soon The fed will then have to hit the brakes pretty hard and that will put us into recession Live in New York I'm John Tucker Bloomberg daybreak All right John thanks It's starting to Amazon now and a victory for the company in a New York labor dispute Bloomberg's journey to young joins us live with that Good morning Good morning Nathan Workers at a Staten Island Amazon facility voted not to join an upstart union This comes just weeks after the group won a resounding victory at a warehouse across the street The most recent election at a sorting center was not even close The Amazon labor union got just 380 yes votes to the 618 nose It's welcome news for Amazon which reported online sales slowed.
Bloomberg Radio New York
"citigroup" Discussed on Bloomberg Radio New York
"Vix above 30 So at that level you're not seeing many IPOs you're not seeing much underwriting happen You are having trouble placing deals So we'll see when that returns if at all They're making money if anything else helping their clients change their supply chains actually now Is that right Yeah well they're worried about inflation when it comes to China as well Those COVID cases researching what that means They're worried about any other geopolitical tension So yeah they are advising on that but that's about it It's still doing a big bond sale right Telephone and discovery Yeah absolutely $30 billion bond to over 11 tranches By the way we were talking about this in the commercial break those Russian sovereigns do this week Citigroup being the placement agent how people collect on even the debt that they have when it comes to the Russians They're going to default on Wednesday Because Russia I know our reporting is saying that we're going to pay we're going to pay It will be down to the wire It's really dramatic guys So this is a Wednesday deal that some of this technical default with a 30 day grace period So this will be a lot of bickering into next month All right good stuff here I mean just there's so many different ramifications for what's going on in Ukraine It's just amazing how almost on a global scale Also bad stuff though Horrendous weeks But it's amazing how in a global scale so much of the globe has kind of come together against Russia whether it's economic whether it's political whether it's just rhetoric It seems pretty much across the board Not only basic Thanks so much for joining us here at Wall Street reporter for Bloomberg news giving us the latest All right let's head down to Washington D.C..
Bloomberg Radio New York
"citigroup" Discussed on Bloomberg Radio New York
"And I'm Karen Moscow and U.S. futures are rebounding this morning We're coming up to 5 O one on Wall Street and we check the markets every 15 minutes throughout the trading day on Bloomberg Right now S&P futures are up 47 points Now futures of 265 and NASDAQ futures have 235 ten year treasury down three 30 seconds You have 1.78% and a yield on the two year 1.03% Nathan Well Karen as you say futures are rebounding this morning after another roller coaster riding yesterday's session Let's get the details live with Bloomberg's John Tucker Good morning John And if the S&P futures right now up 1% the S&P 500 closed yesterday at the lowest level since October Technology shares were the biggest losers dip buyers did resurface near the end of the day well that wasn't enough to stop the S&P 500 from posting a 1.2% loss The index just shy of a correction closing more than 9% off its record high from three weeks ago Where do we go from here Strategists from Goldman Sachs to Citigroup now say the time to jump in is now Goldman strategists say any further weakness should be seen as a buying opportunity City strategists say their bear market checklist sit down checklist suggests it's time to buy the dip live in New York I'm John Tucker Bloomberg daybreak All right John thank you Are the volatility continued after hours at the relation of Microsoft earnings And right now shares are up more than 3% in early trading We get more from Bloomberg's done Krishna The company reported after the bell and the focus was on the Azure cloud computing business for the last quarter revenue at the unit decelerated from the two prior quarters and that weakened Microsoft shares in late trading But then on the call with analysts the company said the Azure sales growth rate would pick up in the current quarter excluding the impact of currency fluctuations shares then recovered Microsoft CEO Satya Nadella has turned the Azure business into a solid number two behind Amazon Alphabet's Google ranks third but it's adding resources to catch up in New York on debt prisoner Bloomberg daybreak Doug thanks Meantime shares of Texas instruments are up more than 4% in early trading the chip maker beat earnings estimates and gave an upbeat forecast Up next earnings continue with about three dozen companies reporting today including Tesla We get more on the electric carmaker from Bloomberg's Tom busby The big focus will be margins and how many vehicles it expects to sell this year That's after Tesla ramped up production in a big way in 2021 at its Fremont California plant also its facilities in Shanghai It also expanded into Austin Texas where it's now headquartered and into Germany Also of interest the latest on its long awaited CyberTruck Tom busby Bloomberg daybreak Tom thank you Today's key event for markets comes this afternoon We get a highly anticipated policy decision from the fed at 2 p.m. and Bloomberg's Michael McKee has more Beneficials aren't going to be raising the cost of borrowing at this meeting Instead they'll suggest interest rates will be going up soon The defense current target rate is essentially zero Policymakers will try to figure out how much it has to go up in order to bring inflation down to their 2% target but don't expect them to publish a road map to how fast and how far rates will move and when and how and by how much the balance sheet will shrink Expect chair J Powell to say that with geopolitical tensions supply chain problems and the COVID virus ever present the fed will have to remain flexible deciding policy on a meeting by meeting basis Michael McKee Bloomberg daybreak All right Mike thanks So here's the fed does have a tough road.
Bloomberg Radio New York
"citigroup" Discussed on Bloomberg Radio New York
"Declined dealers struggling to get cars but it does appear core sales were strong Everything from toys to sporting goods and clothing Americans incomes were bolstered by government fiscal aid and rising wages particularly at the lower end of the income spectrum The not so necessarily good news is retail sales will also benefit from soaring inflation as sales are reported in dollar figures Michael McKee Bloomberg daybreak Michael thank you Earnings also come into focus today Big banks kick off the season with results due out this morning and Bloomberg global finance correspondent chenal bouncer has more JPMorgan is kicking off earnings and expectations are high that consumer loan growth is coming back and that trading will hold up even as it starts to moderate and even decline in many places on Wall Street With that said we're also looking at Citigroup and Wells Fargo earnings Not only to see that the consumer is returning but also to make sure that those banks can keep costs down as they are more under pressure with wages rising and more investment in technology Wells Fargo and Citigroup have regulatory risks as well that investors will want updates on In New York shonali Bassett Bloomberg daybreak Thanks Now to the latest on the pandemic and a major legal setback for President Biden the Supreme Court has blocked his rule that would have required large companies to mandate vaccines or weekly testing for employees We got reaction from labor secretary Marty Walsh We just have to continue our efforts with the present laid out Is this a setback I wouldn't say it's a setback Is it should be a disappointment Is what it is but we're going to continue to do everything we can I'm going to continue everything I can as secretary of labor for the United States of America to make sure every single worker in America is safe Labor secretary Marty Walsh spoke with our Washington correspondent Joe Matthew on Bloomberg sound on Catch the program weekdays at 5 p.m. eastern on Bloomberg radio Well when it comes to vaccinated employees Nathan Citigroup is out with its data The bank says 99% of its U.S. employees have implied with its vaccine mandate and the bank expects more workers to comply with its order before today's deadline Cities mandate is one of the strictest on Wall Street making COVID vaccines a condition of employment Lead time here in The White House is ramping up other plans to tackle the pandemic President Biden is doubling his order of rapid COVID tests to send to Americans He says he'll also distribute high quality masks where I'm making high quality mask available to American people in the American people for free You know I know we all wish that we could finally be done with wearing masks I get it But there is a really important tool President Biden says you'll have a formal announcement on distributing masks next week Turning to the markets now Nathan crypto is in focus today Dogecoin search as much as 15% this morning after Elon Musk said it can be used to buy Tesla merchandise Mosque is a frequent booster of Dogecoin on social media and has hinted at the move for some time And Tiger Woods is in financial news this morning Karen a blank check company backed by the golf stars filed to raise a $150 million in an IPO The company plans to seek a merger target in the sports or health tech sectors with an enterprise value of as much as a $1 billion Tiger Woods is the lead investor in the special purpose acquisition company Straight ahead your latest local headlines in the check of sports This is Bloomberg And at 6 O 7 on Wall Street where 40° in Central Park we got a broken down vehicle on the way to Kennedy airport westbound belt Parkway near the van wyck Details coming up from Peter van first Michael Barr is here with.
Bloomberg Radio New York
"citigroup" Discussed on Bloomberg Radio New York
"For a fourth day S&P 500 Index is off the lows of the day gains in financials and energy stocks helped counter declines in mega caps The S&P lower now by ten points down two tenths of 1% ten year yield 1.76% We do have the Dow Jones Industrial Average advancing up 99 points now up three tenths of 1% NASDAQ though down 114 points and has stacked 100 index down by 9 tenths of 1% Spot gold up three tenths of 1% 1796 the ounce West Texas enemy crude oil down 1% 78 69 a barrel and Bitcoin now dropping 3.2% 41,740 on Bitcoin America's labor market remains tight employers are having trouble finding qualified workers causing payroll growth to slow for the second month in a row December's payroll gain just 199,000 at the same time the unemployment rate dropped to 3.9% Allows for the job support hand the Federal Reserve and a stasia amroc is chief investment strategist that I capital This report suggests that economy has normalized to a great extent The job market is normalized to a great extent So that should all else equal means a defense should normalize its monetary policy in response to that It is jab or job of Citigroup Citigroup is the first major Wall Street bank to impose a strict vaccine mandate now it'll place office workers who don't comply by January 14th on unpaid leave the according to a message to staff seen by Bloomberg Citigroup shares up now by 2% Sources.
Bloomberg Radio New York
"citigroup" Discussed on Bloomberg Radio New York
"Upstream are in focus We switch over to the UK where we see Lloyd's banking redeeming four outstanding bonds in February or planning to at least boosting the ADRs up 1.7% I'm going to end here also in the UK with IAG the owner of British Airways and Iberia airlines getting a price target cut from Citigroup on Tuesday lowering their price target to £2.2 from 2.5 pounds but still confirming their buy rating even in the face of that Charlie those ADRs up is 7.3% All right we thank you very much pretty goop to checking out those ADRs You mentioned BP do you want to mention some other U.S. oil stocks ExxonMobil up 3.6% Chevron up 2.1% EOG Resources surging 4.9% Recapping stocks lower S&P down 9 down two tenths of 1% And that is a Bloomberg business flash This is balance and power with David Weston He found at the end of the third quarter because of delta We're hitting another speed bump now I think it's gonna be well into 2022 for the inventory situation It's fully normal Where the world of politics meets the world of business The Federal Reserve is doing the right thing now by talking about tapering They have to start doing it We have a conflict And there is a reasonable likelihood that the Russians will engage in some form of escalation With David Weston on Bloomberg radio 5G does it really pose a danger for airlines pursuing those responsible for the January 6th attack on the capitol and.
The Larry Elder Show
Only 19 of Obama's 186 Clients in an Old Lawsuit Against Citibank We're Able to Keep Their Homes
"That when Obama was a private lawyer, he worked for a civil rights law firm. And there were some 186 clients who claimed that Citigroup was not giving them loans even though they were creditworthy. And Obama was one of several lawyers who joined a class action lawsuit against Citigroup, suing on behalf of these 186. Black people who claimed that they were denied mortgages just because of their race. Now, there was an article in the daily caller also won in Business Insider that followed up all these people that got these loans because the group settled by giving them the loans. Okay, well, we'll give you the loans. We're not going to fight the lawsuit anymore. Probably not like the negative publicity, probably felt it was less expensive to just give them the loans in the fight it. And only 19 of the 186 people who got the loans still had their homes. Many of them lost the homes, and they also had poor ratings as a result of having gotten something they couldn't afford. And two of them even said this. Quote, if you see some people don't make enough money to afford the mortgage, why would you give them alone? There should be some type of regulation against giving people loans, they can't afford. I kid you not. This is one of the clients who got along. Another one said the same thing. So they weren't being discriminated against. It was BS.
Bloomberg Radio New York
"citigroup" Discussed on Bloomberg Radio New York
"When you look at the second half of 2022 are we seeing higher prices that are now outstripping the rises that we're seeing in wages Does that become a little bit of a spiral where we see prices and wages rising together Or does this actually become something that's negative for demand That final point is the key question Is it something that becomes negative for demand Demand right now is robust Andrew Holland horse there of Citigroup The chief U.S. economist from New York City this morning good morning Tom Keane Lisa browner and Jonathan Ferro Your equity market futures are just about positive up 0.05% after a record close yesterday and a third day of gains on the S&P into the bond market yields basically unchanged down Let's call it a little bit to one 55 on tens The front end in focus coming into the fed tomorrow crude 83 50 They're in there about down 7 tenths of 1% on the session on the year on WTI Tom 72% on WTI Used to move In some of the other commodities up a 100% on a nominal basis as well over the last four or 5 years How many blast joins us right now lean forward folks This is your energy conversation of the day The book is the world for sale blossom You can buy a bottle of beaujolais with a book royalties but the movie rights have been off the chart The world for sale winning all sorts of business book nominations and awards This year Javier I want to talk about the giant David pimentel of Cornell University that professor emeritus who did the original work with the UN on energy inputs into food I want you to walk away from OPEC and tell me what these energy prices do to wheat to rice to corn Well it makes you are making a very good point It makes food very expensive to produce because we need natural gas as a main input to produce fertilizers and the price of fertilizer right now depends on the location that you are looking at But around order add an all time high And that means that when American farmers and farmers elsewhere need to plant the next crop they're going to face a very steep increase in cost It may mean that they are going to apply lower fertilizer that it will be the case And certainly would suffer as a result So that's one reason we're going to have higher food prices 'cause of time Javier I understand rice elasticities and Cambodia are different than California We all intuitively get that Are you framing the hydrocarbon mauve is a concern and interesting exercise are we in some form of pending crisis linking hydrocarbons into food I think that we are in our energy crisis right now The prices that we have seen for fuels across the pore not only oil at $85 a barrel but network gas prices particularly here And in Asia thermal coal prices certainly in Asia is a prices that will have been equal to a crisis in the past We see manufacturing capacity being shut down in Europe because the price of energy is too high And it's happening in India and China So essentially we are in a crisis I would not call it yet a food crisis because the price of rice remains contained It's so far soybean corn and wheat but what prices are increasing if rice joins that race on food prices moving high again I would be more concerned a good reminder that rice is the main staple for about 3 billion people in the planet Javier a lot of nations have actually said to OPEC plus please pump more oil including the United States including Japan OPEC plus meeting on Thursday Why have they been so reluctant to adapt to the reality that other people are seeing which is oil prices that are likely to keep climbing Not only those two that you mentioned but also India we are hearing also that behind the door China is also complaining So as you say a very important group of top consumers put in pressure on OPEC OPEC is responding that the problem is not really oil is a natural gas and thermal coal markets But I think that OPEC is probably missing the point to us then There is an oil shortage The market is extremely tied but OPEC is more content about the downside They're worried that with a winter we may have another increase on COVID cases that the demand may suffer going into the future But those concerns are for the future Right now there is a shortage of oil and OPEC is happy letting the market growing up Is there another reason I'm wondering Javier Because honestly it seems like Francisco blanc who's actually been pretty accurate if Bank of America came out said he's expecting Brent crude to go to a $120 a barrel by June 2022 I have not heard one person come out and say they expect a plunge in the price of oil in the near term as a result of an uptick in COVID cases What is OPEC plus looking at Well I think that Saudi Arabia in particular is looking for if I'm going to make a favorite to do the United States where are you giving me in return We have been hearing some messages from the U.S. and from the southeast about what is at play But I think that they said geopolitical play the United States one Saudi Arabia to lead OPEC to a production increase The southeast probably are asking something in return probably is a better relationship between the two countries And until that happens I think that both sides are going to play a bit of a hard ball Javier is we have higher food prices in oil Do you have a tip point on Brent Is there a price point on Brent where the world it's been for sale forever comes undone I think that we are approaching the point where consumers are starting to feel the pain I certainly myself I was filling up the car over the weekend And I realized how much gasoline prices have come up recently over the last three four weeks in the United Kingdom and I felt like a damn it That was expensive And I'm sure that many other consumers are filling the same way particularly in countries like the United Kingdom where gasoline and diesel are heavily taxed prices are very high between 7 and $8 per gallon give it or take compared to American prices on American gallons So I think that we are approaching the point where consumers are starting to suffer But we are not yet seen any demand destruction that will mean that we are not breaking point And we have seen in the past that the global economy has taken a hundred and $125 and demand has not suffered How much is a liter of petrol right now in London Javier It's a 143.9 Is it really One 43 Yeah that's expensive Wow 60% 58% of that is tax or at least the fuel tasty Then van on top I was 75% of that price goes to the UK government rather than to offer them Operate Googlers will make I mean you won lower prices you could lower your taxes Have been plus Thank you sir It's a running for office there Tell them that break down there at the end The breakdown of the price fuel duties about 57 58 pence I forget the precise number Then you've got the taxes on top 75% of the leader of fuel is tax UK We've got other states I don't have it in front of me John but they're selected U.S. states that are on the edge of that To bring that over John to the crisis at hand then you have an entire nation like Indonesia with the size of population where the government unilaterally comes in and fixes the price of hydrocarbons And who wants to be seen over at Glasgow right now Tom cutting fuel duty Can we tax it When you got 400 golf streams landing you know call it worse than Davos I don't think that's possible but you know the uproar here about the 400 gulf streams is tangible Political reality Lisa this week is Shannon pretty brightly isn't it Yeah the idea of not wanting to seem like you're trying to foster more hydrocarbon use by reducing the tariffs and yet not wanting the political ramifications of the price of petrol Bloomberg terminal lighting up now Is it people writing in taxes $1.
Bloomberg Radio New York
"citigroup" Discussed on Bloomberg Radio New York
"Internationally It's because they can do deals because they have to do deals Both That was Tyler Dickson of Citigroup and Carol his words are ringing true in a big way So true Tim this week in the magazine in fact our deals reporter ad Hammond he writes about the importance of psychology in this year's record deal making boom one that could exceed $5 trillion in total value when all is said and done In any circumstance astonishing number But when you look at all the environmental factors going on in the background and why you wouldn't want to do a deal right now I think you will also And what's interesting ad and you really did set up me so well But what's interesting too is these deal makers that I talk to bankers over at city at Deutsche and elsewhere They said that in many ways members of the C suite are getting kind of poked and prod by their board for not doing deals right now Talk to us about what you're hearing why these deals are getting done Despite the backdrop of a pandemic and worries about the outlook in supply chain problems and so on I think part of it is just the cost of an Asher is also very high look Obviously doing a deal at any time carry some risk and you can get it wrong and that can be consequential as the CEO you can do your board is your job story the board you can be It talks about But I think right now with the amount of disruption that's going on across the industry and the rapidity of change to almost every industry is going through I think on real costs to not doing stuff and not growing And the amount of a lot of companies are matched out on organic growth and M and a is obviously a very quick and efficient way A lot of the time to turbo charge that growth in organically In reporting this story you also looked at how investors react to companies that when a company does announce an acquisition both to the company getting acquired and the one doing the acquiring what did you learn It's a very interesting trend that we seem to where you have this sort of an only in the market where shareholders are coming out when companies announce deals and saying this is something we do like in the reflecting that in a way that shows trade Acquisitive companies think shares trade up which goes against almost every historical transformation The recent PayPal's interest deal that was talked about right before I came on obviously that was slightly different where you sort of PayPal trends down and trade down heavily on news and some extent we think that's why they've now pulled the plug on that particular deal But yeah investors again look the happy to see companies going out getting on the front foot and pulling whatever leaders they can to achieve growth in this market And I think they're all comes back to the fact that we are seeing not reckless deals We're not seeing companies go out and try and do very very large complex sort of horizontal margins This is much more vanilla let's go out let's do a deal that actually is in line with what we said we wanted to do strategically perhaps to get this slightly quicker from a to B that we would get there organically Well how much of it too is pandemic related or our pandemic push at trends disruptions digitization was happening but it might have happened over the next three to 5 years and all of us and it was like bam it's happening now And I've got to possibly do a deal and acquisition to put my business in the right place to embrace that Yeah and I think that that comes back to this issue of disruption and the speed at which it's occurring now And as you say the pandemic sort of supercharged some of the activity But you look at any industry now and they are all they're not tech industries that have enabled industries And so a lot of them we've seen a lot of this already this year Are going and doing acquisitions that don't necessarily look like a sort of straightforward industrial company buying an industrial company They are an industrial company buying a software company because they realize that actually this is the way we're going to keep growing and it's much easier to go out and buy something small that we can just tuck in than build our own capabilities and in an area that perhaps is not where we have existed skills How do spacs play into the boom that we've seen over the last 18 months In terms of the sort of headlines and the amount of noise and interest they come on they're enormous but in terms of the actual dollar value they're very very tight Certainly if you look at the sort of development value of the facts themselves rather than the dollar value of the company they often reverse into a minority holder you're talking here It's the minimum But obviously trends they have been a driver of activity I'm sure you've seen some companies go out and do M and a because they were sort of worried about what might otherwise happen with respect potentially buying a target that they were interested So I think it's contributed but certainly there is a quite serious dislocation between the amount of noise that have generated in the actual contribution they've had to overall M and a this year So all right if we end up with 5 trillion and then some this year does that mean things necessarily slow down Because I know from my panel they all seem gangbusters that it would continue into 2022 but what are you hearing I mean money is so cheap It's easy for they've also got a lot of cash to play around with Yeah look money is cheap And that's often cited as one of the reasons we're seeing this great market What I would say to that is money has been cheap for a long time So I don't think it just keep money I think there's a lot of momentum going through the M and a market at the moment Some of that is obviously catch up after we had that slowdown during COVID And I think some of that will continue into 2022 The conversations we've been having we had a comment that M and a Vancouver TV is talking about the strength of the pipeline They actually think it's stronger than the current market conditions we're seeing which would suggest going into 2022 we're going to have a lot of deals backed up really to go whether it continued through 2022 2022 sorry who knows I think a lot of that will depend on what we see in sort of global affairs What we see the domestic economy but also obviously some of the sovereign risks that persist That was Bloomberg news deals reporter Ed Hammond and we should note that Ed mentioned there is one potential fly in the M and a ointment on the horizon That would be rising interest rates That's the finding item on everything It is And we keep hearing from fed officials It's not going to happen next year It's not going to happen till 2023 We shall see Maybe it's the only thing it's not a fly in the ointment of is inflation right What do you mean Well it's the point is this to curb inflation That's where interest rates go higher That's true right Exactly All right still ahead on Bloomberg businessweek A panel of investing in legal minds question the effectiveness of environmental social and governance initiatives And one of them BlackRock's former chief investment officer for sustainable investing is among the skeptics This is Bloomberg.
Bloomberg Markets
U.S. Stocks Raising to Record Values
"Stocks Rising to record says and P 500 advancing to an all time high Led by healthcare and technology sectors. The financial shares their declining who, along with yields falling. This comes even after Citigroup and Bank of America posted better than forecast trading revenue
Marketplace Minute
Fed tightens bank capital requirements
"Change for banks. I'm nova safa with the marketplace minute. Since last april the federal reserve has allowed banks to keep a little less in reserves than they would otherwise have to the idea was to encourage lending and the purchases of government bonds at a time when the economy needed the boost now the federal reserve says the rule exemption it had implemented to allow for. This will end. Starting in april banks will be back to the old rules. Fed officials savings have plenty of capital. And they're not worried but analysts say there's a risk of disruptions in the bond market. The news sent bank stocks tumbling today. Shares of j. P. morgan chase bank of america wells fargo and citigroup where each down several percent. Meanwhile
Bloomberg Markets
Tech Stocks Sink in Early Trading as Bond Yields Climb Again
"Let's get over to Dave Wilson. Right now. He is in the studio with a look at stocks. Dave We're not seeing a lot of movement on the index is, but what do you see under the hood? Well, I mean, you've kind of got big tack on one side and big banks on the other. That's how things are kind of lining up in early trading. So you look at what's lower in the S and P 500. You see technology Chris Apple Microsoft fitting in their communications services, Google's owner, alphabet as well as Facebook, and then that consumer discretionary category where you find Amazon dot com and Tesla's so you know, that's one side of the coin. The other side's what's going on with the banks. You know, we're seeing Bond yields move up and bank stocks kind of going along for the ride, and we should point out yesterday. KBW Bank Index, which tracks 24, the largest U. S. Lenders, broke a record that had stood since February. 2007. So it's like the banks are finally getting out from under the shadow of the financial crisis. If you look at their share prices, and by the way that KBW index is up 2% today, and we're seeing gains of on that magnitude from JP Morgan Bank of America, Citigroup, Wells Fargo and Maura's, So you know, it looks like You know, we kind of got, you know, the kind of classic on the one hand on the other going on in early trading. And what you get out of that, in terms of the broader market is not a whole lot of direction mean some weakness, But you know, the S and P 500 actually coming off its early lows at the moment. Have to have a guess. What we've seen today is another example of that trade We've seen recently. You know what bond prices trade off interest rates push higher, and that brings the NASDAQ down with it. We're seeing that again today. Oh, yeah. I mean, that's you know, sort of how things are lining up at the moment on them beyond that, though, I mean, you look at utilities in real estate, you talk about the areas most sensitive to higher rates. They're actually up a bit. In early trading. You look at their S and P index is higher by three tents for percent. So you know that's kind of uninterested contrast and you know, they kind of puts them in the metal, arguably between big tank and big banks and big tech
Bloomberg Radio New York
"citigroup" Discussed on Bloomberg Radio New York
"This is a Bloomberg business Flash and I'm Karen Moscow. Global markets are climbing ahead of his speech by Treasury secretary nominee Janet Yellen. We check the markets every 15 minutes throughout the trading day on Bloomberg. S and P futures up. 27 points down. Futures have 175 and NASDAQ futures have 127 the decks in Germany's up 1/10 of a percent 10 year Treasury down the 30 seconds yield 1.11% yield on the two year 20.13% Nynex Crude oil is a third of a percent er, 19 says, and 52 55 a barrel Comex gold is up 7/10 percent, or $13.30 at 18 43 30 Announce the euro 1.2130 against the dollar. British found 1.3619. The ended 104. That's a Bloomberg business Flash. Now here's Michael Bar with more on what's going on around the world. Michael Aaron White House officials don't expect President Donald Trump to pardon himself, family members or close aides, according to people familiar with the matter. President Trump is expected to announce a list of pardons on his final full day in office. Meanwhile, President elect Biden will arrive in Washington today on the eve of his inauguration. Tonight, Biden will hold a somber event he will honor those who have died from covert 19. The president's attorney, Rudy Giuliani, says he will not take part in the impeachment trial. After all. Giuliani would first said he was taking part in the trial told ABC He's a potential witness in the MBA, the Knicks, nets and Warriors, all one in the NHL, the island to shut out the Bruins. One zip. Global news 24 hours a day on air and on Bloomberg. Quick take powered by more than 2700, journalists and analysts in more than 120 countries. Michael Bar in this is Bloomberg. Nathan. Okay, Michael. Thank you. It's 5 48 on Wall Street live from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak as bank earnings continue later this morning. Of course, we've heard from J. P. Morgan Chase, Citigroup and Wells Fargo later this morning. We hear from Bank of America and Goldman Sachs. So let's get a preview where things stand. Bloomberg Radio and Television finance correspondent Shonali Bosic. Great to talk with you again, Shonali. And I guess if there was any theme that we gleaned from the first three banks reporting on Friday, it's to temper expectations as far as the economic outlook. So what indications? Are we getting from B of A and Goldman heading in? Well, we don't know yet, right? And that's a great question here. Tempering expectations we saw JP Morgan Wells Fargo, Citigroup. Really, uh, cut their reserves for loan losses by more than $5 billion, So that's a good sign. But we've also heard J. P. Morgan say. We really don't know what the rest of the year is going to look like It looks like it's getting better, but there are still some concerns on the horizon. Right now for Bank of America, obviously, at least for Deutsche Bank's perspective, the analysts they're saying that interest income is going to be a big deal. Of course, they've got a lot of rate exposure and be obey. That's for sure. They've also said that they expect outlook to get better from where they were in the middle to late last year. Where you know, they even pressured on that interest margin for years now, So the question is, Bank of America has been moving to Morphy based businesses. Can they really weather the storm here? Can they really get some relief here as we're seeing the yield curve steep in, but I have to say. So far. The outlook has been pretty sluggish among the other three banks so we would expect the same from Bank of America when it comes to Goldman Sachs. A lot of their businesses in Wealth management investment banking where the indications there Yes, so though, as we know this whole year, the Wall Street businesses events so much better than those consumer businesses that have faced those loan losses. So what we want to see today from Goldman Sachs is really just More out performance there last quarter was a standout. Can they keep up that performance? And what about costs that spittle? A lot of the discussion, particularly for for Goldman Sex? I think it's safe to say going in. What are they sort of indicated here? Yeah, absolutely. Goldman and Morgan Stanley tend to have higher efficiency ratios, but, you know, So do the consumer bank. So I think cost cutting is going to be a story across all of Wall Street. Remember Bank of America in particular is one of the firms that said they wouldn't cut head count in 2020 in the pandemic here. So what does 2021 look like that Goldman we know has been trimming at the margins. We know they've been looking to lower cost locations. And really, it's just an update. I've they're on track. Tonto cut cost quicker because they had promised investors last year their investor day that they would do so what should we expect when it comes to share buy backs for either of these banks? Yes. So the three banks that have already reported said that they would return to share buy backs for J. P. Morgan, that's to the tune of $4.5 Billion. The Thing is, there's an expectation that a lot of these buybacks are really priced into the stacks the CIA. That's why and on Friday you saw all the major banks still decline, even though we did see those buybacks come back. We would expect Bank of America and Goldman Sachs to give more color and how much they're willing to buy. And of course, as you mentioned trading revenue, the equity side has been such an outperformer for all the Wall Street banks so far could that be something? Particularly for Bank of America when they report in just about an hour here that might offset some of the the drama. Perhaps that we might see from some of the more rate sensitive sites of Bank of America's portfolio. We would hope so. But you know, there's drama on the trading side, too. There's been a lot of changes at the top for their sales and trading division. But On their investment banking side. We may see it in the numbers. As far as performance goes, They really gained a lot of share an investment banking and advising on mergers and acquisitions and on my post globally, so let's see how that translates into profit in our last 30 seconds here, would you expect a Treasury secretary designate Yellen's comments to be a mover for bank stocks at all? I think there's a lot of things that already expected in the tent the town she's going to take. I think another interesting thing over the weekend was AH lot of news about the other bite and regulators and how hard they may be on Wall Street. So I assume that they'll get some questions about that today at both Goldman Sachs and Bank of America, Aziz we say We're expecting those results from B of a in just about an hour here, followed by Goldman Sachs right around 7 30 Bloomberg radio television finance correspondent Shonali Bostic. Makes.
Business Wars Daily
Avon Rebrands Amid a Surge in Reps
"Month brought big changes to a beloved brand avon. I made a name for itself by offering housewives away to earn independent income by selling skin-care perfume and cosmetics from home but the iconic american company is no longer an independent corporation or based in america the household name cosmetics company is now to companies owned by two different international corporations south korean consumer products giant elgin household and health healthcare which bought avon's north american business and brazil's largest cosmetic company nature cosmetic os which bought the majority of the company in a deal that closed this month. Lg is also a significant investor in the net. Sure deal. it's another end of an era story which has been a familiar. Refrain of late for nearly a century and a half. Avon's presence has been a constant in the beauty sector. Now you'll say lights from the beginning. Avon was a trendsetter decades. Before american women had the right to vote avon founder. David h mcconnell gave them a chance to earn an independent living. Mcconnell was a traveling book salesman who offered perfume to his customers. As a perk. The perfume was so popular that he soon created his own product line in the late eighteen hundreds. He recruited women. He met during his book selling days. As the first quote avon ladies in the century that followed the company became a direct selling amazon with more than six million home-based representatives at its peak. But the beauty behemoth suffered an ugly fall in more recent years value plummeted from its peak of twenty billion dollars. The company struggled to keep pace with changing consumer tastes one forbes. Report blames the company's decline on a failure to adapt to the changing role of women in the workplace. An ill conceived plan to crack the retail sector in stores like sears in jc penney after well known ceo andrea junks. Ouster in twenty eleven one citigroup analysts said quote. You guys are so totally screwed up in. So many ways that change has to be radical a report in fortune recount. The company also failed to anticipate new competition. Both from companies like amazon and from upstarts like rodin and fields. That's the skin care. Brand behind the wildly popular. Acne treatment proactiv rodin and fields was purchased by estee lauder three years later and converted into a direct selling company. The brand now grosses more than a billion dollars a year. Largely because tech savvy. Soccer moms sell the lotions and serums to their pows by a social media but avon may win the beauty competition and the end. Direct sailings appeal has faded in the us. But it's still a popular concept in many other countries and the new international focus means avon can better capitalize on hot markets like the uk where pandemic job losses led to a one hundred percent surge in new rep sign ups last year and of course avon will still be doing business in its country of origin. So if you need glimmer sticks or skin so soft well fear not. They're still just a socially distanced. Quarter away
Yahoo Finance Market Minute
Nio downgraded by Citigroup, Etsy performs well with stock up 12%
"Neo ended the session down about one percent. It was downgraded at citigroup and sc was one of the best performers today. Up more than twelve percent.
Science Friday
US businesses cut Republican party donations in wake of riot
"Some businesses a rethinking political contributions and wake the wake of the cat deadly capital siege by the pro trump rioters last week. Citigroup is pausing all federal political donations for three months, saying the company won't support candidates who don't respect the rule of law and the trade group representing Blue Cross Blue Shield Association. Says it, too, is suspending political contributions to lawmakers who voted last week to reject the electoral college results that showed Democrat Joe Biden won.
Influencers with Andy Serwer
Citigroup CEO Michael Corbat Addresses Bank's Risk Management Deficiencies
"Was fined four hundred million dollars earlier this month for lacking adequate risk controls and entered into a consent order with a Federal Reserve should investors be concerned about that. Well, I would say first, you know, we are disappointed that we fall short of our Regulators expectations and as we've said very publicly as an institution, we are fully committed to thoroughly addressing the issues identified in those consent words as part of that. There are four main areas of focus in there around risk management data governance controls and compliance and I think what important what ties these together is, you know, the the the need or desire to continue the modernization of our infrastructure our governance in our process dead. And we have had remediation programs in place. And while we've been making progress against those we're simply not where we need to be and and we acknowledge that and and I would say wow. This is is disappointing. We are committed to addressing the issues and you know continuing to kind of push forward in those areas that we've described. You know, we've already begun making structural changes celebrating our programs and Investments and you know as a firm, I think we're absolutely laser focused on automating processes ensuring accurate data can be assessed quickly and and we're I you know is reproducing management regulatory reports it again, nine months into the crisis, you know, those systems have served us well, but we can certainly make them better.
Morning Edition
Dow Jones Futures Surge As Pfizer/BioNTech Coronavirus Vaccine Effective
"Stocks are hitting record highs this morning. This follows Pfizer's announcement that has had a big success with a Koven 19 vaccine. The Dow rose more than 1500 points right after the market opened, and the other major indexes are Oppa's. Well, We have NPR's Jim's really with us, Jim. Good morning. Good morning, did it So what do you see Ng and what's driving the market so high? Well, this is really good news for the economy. I mean, it's a potential sea change. You know, the as you know, the pandemic led to a global shutdown in the economy, with lots of businesses closing Lots of millions of people. Tens of millions people laid off really all over the world. The economy just ground to a halt, especially in a travel companies. Airlines cruise ships they were, they were just devastated. If this vaccine proves to be a successful as it appears right now, you know, maybe we will start to see a return to normal at some point, which is why we're seeing stocks just up across the board this morning. What kinds of starts in particular scenes seem to be benefiting. Well, we're seeing airline stocks really surging United was up 25% right after the market opened. Delta was up more than 20% companies like Carnival and Norwegian Cruise Lines, which you know nobody takes crew took cruises. You know, once the lockdowns took effect There they are up. Also, big banks tend to do better when the economy is in good shape. So you're seeing Goldman Sachs and Citigroup up and and also energy companies. Exxon, for instance, they benefit from an economy that's growing. There are much higher this morning. But really all almost all stocks are up across the board. Are there exceptions? Maybe there's some some stocks that might go down if it looks like a pandemic could at some point soon be coming to an end. Yeah, that And this is kind of funny. The ones that air down or not up his much our companies like Netflix and Pel Aton eBay. These are companies that have actually benefited from the locked down, so you know When there's a lock down. People watch a lot of Netflix because they can't go out. So you know they can't go to the gym, so they used Saletan. So if this vaccine is his promising as it looks, people are going to do that as much and so you're seeing. Netflix stock down pellet on eBay is down to I mean, the other thing. Obviously, we saw over the weekend, which was pretty significant news is the election called and Joe Biden gives a victory speech and we're now calling him president elect. It has that had a factor in what we're saying this morning as well. Yeah, I think so. The market really soared last week, and it was up later in the week when it became pretty clear that Biden was going to be the winner the Democrats didn't do as well as they hoped, and and and it looks like the Senate is going to remain in Republican control, depending on the outcome of those to run off elections in Georgia. Unless the den's Democrats convene those races, we're going to be headed for a period of divided government. You know, a Democratic White house in a Republican controlled Senate, and it's kind of conventional wisdom on Wall Street, the market has has usually done pretty well under divided government. And I guess the other big question. I mean, when we've talked about stocks and the markets we've we've talked about a stimulus bill and whether we might see one coming from Congress is do you feel like there's any clarity and we've seen the market's respond? Yeah, there's I think there's a broad consensus among economists that we need another stimulus bill. The economy was really weakened by the by the pandemic. As we said, You know, this vaccine news today is still preliminary, and it could be months before we know what the impact is going to be. So you know, way need. We need a stimulus bill and the hope is President Biden and Congress will be able to get one NPR's Jim's early, Jim. Thanks as always, you're welcome.
Top Advisor Marketing Podcast
How To Help Professionally Successful Women Survive a Divorce With Allison Jeffereys
"Hello and welcome to another top advisor. Marketing podcast. Some of you have said to me on podcast, you know Matt. My Niche is focusing on women that's not an itch. It's fifty. One percent of the population is actually the majority of people on this planet. But today we're going to dive into how you could actually focus a lot more on women in an area that is very, very important and I believe is entirely underserved Alison. Jeffries is a divorce coach and author of a woman's guide to surviving divorce. A woman's guide to surviving divorce, she's also at the end when everybody hanging to the end because she's going to give away something that we'll have link in the show notes but and I was reading to prepare for this and if you know anybody who's been through a divorce if you've been through a divorce, it doesn't matter if you're a man or woman, you'll see yourself in these questions. She's really created this magnificent spreadsheet that will help you navigate conversations. But Allison. Let's let's start at the beginning. What do you do I mean how did you get here? Why are you? Why did you publish this book? Why did you want to become a divorce coach? Well I publish the book as a Personal Passion Project. We all go through life. Everybody has one book in them, but I think the important part of that story is, how did we get to the book? So I headed thirty five year career in the corporate world worked for Fortune One hundred companies Merrill Lynch prudential. Citigroup Wells Fargo worked in the financial sector worked in the securities area at Citigroup was. Managed a part of the country educating financial advisors on how to work with women in a group called Women Company. During that time it was in the middle of all the changes in the laws and regulations around financial advisers and tracking and documenting, and all of a sudden I had one month to take my seven and get it to continue to do my job. I did it. Couldn't believe it. But I, did it. They told me I had to take it I figured whether I failed or not. At least I'd taken it up pass. So I did have my seven had my sixty five. Loved the education of how women relate to money my degree is in psychology. So that was right up my alley really worked a lot on the difference in how women approached things how we make decisions, how we manage or don't manage our money those barriers between ourselves in money, the cultural issues, the professional issues, and all of those things that men had a hard time understanding about their women clients and why it was important to work with them. Left that career and honest to goodness. Being financial adviser with something I never wanted to do. So I. Let all that Go. I. Went Back into the corporate world in at a certain point in my life, I had a chance to stop. Rethink about what I wanted to be I. was on my second divorce. and. It was kind of one of those things where you common denominator here would be meat. So. I had to fix that become a big belieber marriage in I like men so. It was a it was self revelation process did a lot of writing. It became the book and it is a fictitious version of what a woman experiences when faced with divorce. Based on those common cultural and. thinking process. Things that are totally women. That we do. And so that's where I am. Okay. Why why should financial adviser scare? Why should insurance agents care? Why should financial adviser scare? Why is this such an important focus for people who have discussions surrounding money? Well. As you said, women are fifty one percent of the population. I don't know that math works for me the other reason it. Is More critical to financial adviser is back when I was it women company years ago we always cited that statistic that by twenty, fifteen, fifty percent of US wealth was gonNA transition into the hands of women. Well guess what it's happened. So whether women have come up with all this money through death divorce or old fashioned way we aren't it. We control a larger percentage of the investable assets in this country. But because of the cultural barriers because of the social morays that women have been raised with if we're anything over twenty five to thirty years old. We might not be managing them very effectively. And It just makes sense to me if you're a financial adviser to understand how to speak to women to get them engaged in Manning, they're managing their money.