17 Burst results for "Jpmorgan Morgan Stanley"

"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

08:05 min | 3 weeks ago

"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

"Is possible that we've seen a low, I have my doubts at this point, I think the fed is going to continue to be less expansionary than they had been. They're going to be exactly actually contractionary as far as monetary policy is concerned. S&P's up 8 tenths of a percent up 33 doused up 7 tenths of a percent of 213 in the NASDAQ's up one and a half percent of a 168. The ten years down 1530 seconds with the yield of 2.97%. West Texas intermediate crude is up four and a half percent at one O two even per ounce, the dollar yen, one 38 15, the Euro dollar O one 63 in the British pound of the dollar 20 O 7. That's a Bloomberg business flash Bloomberg markets is on now. Paul Sweeney is back. Welcome back, Paul. You bet back from Hawaii, as they say, and it was fun. I wore a Hawaiian shirt in honor of you every day last week. Did you really? I got a sweet wine shirt there that I wore to the luau on the last night we were nice. Which was awesome. We had a good time there. The good folks in Hawaii were great. Great hospitality as you can expect. We've got some green on the market today, which I kind of like up a market here. We get the S&P up 8 ten to 1% just met and she joins us here in our Bloomberg interactive broker studio. She covers all things markets for Bloomberg news. Just what are you looking at? And we are seeing gains extending from Friday's rally, looking at what's leading the way energy discretionary materials, where I've seen financials up, 1%, as well as technology, healthcare utilities, a little bit lower, but we did get this momentum obviously looking at the big banks looking at Goldman Sachs reporting this morning as well as Bank of America. And especially after this past Thursday, we heard from JPMorgan, Morgan Stanley. There were some pessimism there when we started getting earnings reports from that in. But then looking at Bank of America, for instance, just talking about the strength of the consumer, still seeing strong consumer spending there, even with inflationary pressures given there. And then also Goldman Sachs, some of the deal making boom from the pandemic being offset by their trading revenue, but then also Goldman Sachs executives on their call just minutes ago talking about. They didn't see any sort of significant indications of credit deterioration, which I think is helpful for investors as far as those recessionary concerns that continue to linger in the markets, but again seeing everything in the green almost this morning when you're looking at the S&P 500 with just two sectors lower utilities and healthcare. Goldman Sachs is going to slow hiring this year. I know, and here's the headline we have on the Bloomberg terminal. Goldman Sachs has planned to quote slow hiring velocity. I guess they're just not going to hire as many people. But the real question is will they lay off people? The thing is, I think this shows that they all watch Bloomberg surveillance way too much. Right? They've stolen that phrase from Tom Kean. Right. But the question is, there's such a huge is a nuanced statement. You could slow hiring. You could stop hiring, which they didn't say they're going to do. They're still going to be hiring, I guess, right? Just slowing that momentum there. And that's obviously a key thing that investors are going to focus on for corporate earnings, especially looking at the second quarter, obviously that's more backward looking, but looking at how things are going to look like moving forward. So that's a big indication, especially because we've had a number of technology companies already slowing hiring or pausing, hiring or cutting. So you're starting to see that now beyond even just some of these technology companies and also the banks doing it. But then also a strong dollar has been a big thing in seeing how that's going to really affect corporate earnings. We heard from PepsiCo last week. They had better than expected results, but did warn about how a strengthening dollar could continue to impact them, which was similar and echoed Microsoft statements last month, but we haven't heard from them just yet, but that's something that they warned that could weigh on their future results. So that's a big thing too, but for instance, even just today, we're seeing a little bit of a repeat in the dollar anytime we've seen that overall in the global equity markets, we've been able to see the equities get a bounce from that when that's happened. All right, I want to look at the home building business because again, I think Matt Miller absolutely top ticked the market, but the U.S. home builder sediment fell in July to the lowest since May of 2020 is inflation and higher interest rates hurt by our traffic and sales. So the home buyers Wells Fargo gauge decreased to 55. The lowest level since May of 2020 figure showed Monday that 12 point decline from the prior month was the largest since the beginning of the pandemic. So people are really sensing higher interest rates pulling back from the housing market. Boy, that was quick. Right, and we're going to get a batch of war housing indicators this week. So we'll have building permits housing starts existing home sales. And we are in the fed blackout period, so that'll be big, as far as just looking at that housing data this week, but also more on the global sense will be getting a number of inflation indicators from Canada. The UK also the Euro area and we'll have the ECB rate decision on Thursday, which is they're widely expected to raise rates for the first time in over a decade by potentially a quarter of a percentage point but just last week we did have the bank of Canada come in and do a surprise a hundred basis point move. So it'll be interesting to see what actually happens this week since we won't be hearing from any fed speakers, but obviously very heavy on earnings and then also this inflation data from overseas. ECB in focus this week, we just got a red headline across saying that the European Union estimates a Russian gas halt would cut GDP by one and a half percent in the worst case scenario. And so this is either wishful thinking on their part or they're just talking about a short halt. You spent so much time in Germany are the Germans and the Europeans, are they going to have energy, this winter? Well, so if this is if what they mean by this and so far, we only have headlines crossing the terminal. So I don't know exactly the context. But if they mean a halt that's temporary and will be resumed after the maintenance on an IS I assume they're talking about Nord stream one pipeline. Okay, that isn't so bad. Well, cutting GDP by one and a half percent. It's pretty bad. But if the Russians decide, you know what? We're tired of all these sanctions and we're going to strike back by just completely cutting gas shipments to Europe. It's going to cut GDP by a lot more than one and a half percent. Yeah, I'm just concerned. I'm not very good at thinking ahead, but I'm thinking ahead to the wintertime in Europe and are they making contingencies now? Are they stockpiling whatever you can stockpile? Natural gas. They're doing anything they can and they'll probably result in some kind of regulations where you can only heat your house for, I don't know, 6 hours a day or some kind of rationing like that. But think about how lucky Europeans are that they didn't ever get addicted to air conditioning like us. Yes. Because I just got off the phone with a friend from Berlin who told me it was 36°. Okay, so that's well, you can type on the Bloomberg terminal. You see envy you conversion unit conversion and then you can see 36° in Fahrenheit is 96.8. And he said tomorrow it's going to be 43, which is a 109.4. Can you imagine me? We would have the air conditioner. And by the way, we have over a 100° temperatures every day in Texas. Yes. Yes. And I saw Lubbock and Dallas and College Station. It's going to be over a 100° every day for the next week, week and a half, and the grid there. I don't know if you guys can handle it. Right, and that's a big concern just given what's happening with the grid, and even when you think back to that freeze that happened a little over a year ago. So there are those concerns that are about just this heat wave, which obviously happens typically in the summertime, but especially right now. It's just these crazy crazy heat waves that are going on over there. All right, grace, I just met in covers equities force of Bloomberg news. We appreciate that. Let's head down

Goldman Sachs Bloomberg news Paul Sweeney Bank of America S Hawaii Tom Kean West Texas fed JPMorgan Morgan Stanley ECB Matt Miller PepsiCo Paul Wells Fargo
"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:39 min | 3 weeks ago

"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

"Are. We're talking about JPMorgan, Morgan Stanley, citicorp, Citibank, excuse me today. Where are the big banks on this? And just got about 20 seconds. Yeah, so JPMorgan's despite what we hear from Jamie Dominick times. They are very much involved in this space. They have their Onyx division. They had their JPMorgan coin that they've been utilizing since 2017. So they are on the forefront of this technology as well. I just don't think you see a lot of announcements about it. All right, we got to run Steve Russell over at emerald advisers. Thank you so much, crossing the Bloomberg terminal. Yeah, Facebook parent meta Amazon set to pull back on NYC office expansions. That's a big deal. You're listening to Bloomberg. This is a Bloomberg money minute. It's been a rough week on Wall Street, but attending well. Stocks are sharply higher as fears of a massive interest rate hike by the fed subside. That one industrial is up 597, the S&P is up 66 the NASDAQ up one 78. Shoppers continue to shop despite rising inflation and fears of recession. The government says retail sales rose 1% last month, higher prices likely were behind much of the increase. Is cruised, ready for prime time, the self-driving startup is facing scrutiny following a pair of recent incidents, one was a crash that injured two people in the other as many as it does in cruise cars blocked an intersection for more than an hour. Operational snafus at United Airlines have cost its chief operations officer his job. Jonathan roitman's dismissal comes less than two weeks after he blamed the FAA for worsening disruptions, plaguing air travel. Larry kofsky, Bloomberg radio

JPMorgan Jamie Dominick citicorp Bloomberg Morgan Stanley Citibank Steve Russell Amazon Facebook fed S Jonathan roitman government United Airlines FAA Larry kofsky Bloomberg radio
"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:55 min | 3 weeks ago

"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

"So it is a mixed bag for Wells Fargo, but they need to earn on net interest income in the face of what they see as higher losses ahead in terms of credit quality. Put up here with the stock is doing right now. It was down. I'll call it substantially here off some grim news and a little less. It's still down, which is interesting. It's the credit costs. I mean, that's the worry at the end of the day that yesterday's numbers don't give you no success. And we heard Tom showed talk about that that everything changes is maybe you get to a normal spread business in banking. Futures advance up 12 Dow futures up one 19. The vix 26.21, very simple in the yield space. You got inversion. Let's pivot off a ten year yield of 2.93% well below 3% level, that curve inversion 19 basis points .19 percentage points difference, a higher two year yield, a lower ten year yield. I do want to mention Italian spreads. They did widen out off the Draghi. It helped me here, Lisa, is it a resignation or? He tried to resign and the president rejected it. And so now they're trying to figure out what's next, but it has been a crisis in Italy, which raises serious concerns for the ECB, which wants to prevent spread widening for too much. And now has to face the prospect of being accused of politically okay. So what we went with a wider spread there in German spread to Italy, Italy take away the German yield as a little bit grimmer than it was. A week ago, dollar resilient and one O 8.34 on DXY and Sterling one 1840. She has been more than patient, but an important station out of the land of the fight in Texas aggies with G squared private wealth, their chief investment officer, Victoria green joins us in Victoria. It's nice to get away and talk to somebody that actually knows how important Texas Texas and football used to be somebody at that game is going to go. I need to reallocate here. I need to have courage to be in the market. How do you reallocate amid this chaos? I think you're looking for defense still. I think it's early to chase. We're not trying to buy some of the stuff that sold off the hardest. I think that is right now a value trap still. I think his earnings are all in. You can see they're all mixed at best, you know, in the united health is good. PNC good, Wells Fargo, JPMorgan, Morgan Stanley. We're kind of more mixed and downtrodden. So listen to what these people are saying, a lot of these CEOs are not Uber bullish. They're warning about loan losses on the banking side. So we're playing defense. We're looking to not buy this dip yet. We think it's going to let down a little bit lower. We think the fed's going to have to move. You've got a lot of pressures on the consumer. We talk about how consumer spending has stayed relatively stable, but that's because they're borrowing. And if you look what's happening on how much the consumer debt is rising, even though consumers have been spending and travel has been robust, it's not that they're saving, it's not that they're pulling this from cash. They're now adding to their balance sheets and adding debt. So something we're definitely watching 'cause if you're like the consumer is very, very stressed right now. And the U.S. economy lives and dies on its consumer. So Victoria, what is playing defense mean at a time when the fed is very much in play and bonds have been out of favor for the majority of the year. Sure, ultra short, right? We would focus on the 90 to a 120 day treasury bonds or some sort of ultra short duration. We don't want duration, we don't want credit risk. We want to be boring. I know that's silly, but boring is fantastic right now. So we want stocks that are making a lot of money. We're playing defense in health and Staples. We're looking for companies with resilient revenue streams. We're looking with companies with a strong dollar that their revenues are more earned in the United States versus multinational. So like a Ross Thor or a Costco that is mostly U.S. revenues, you're going to be hit a little bit less on this dollar because I feel like that's a big headwind for a lot of multinational companies that's being underestimated now because as the world continues to evolve and the U.S. relative to other countries is possibly going to tighten faster and race faster. I don't see the dollar pressure easing off. I think versus the Euro and the yen because it's all relative, depending on which currency, the dollar is going to be extremely strong for the foreseeable future. Victoria, my good friend Paul Sweeney, three decade Wall Street veteran, his number one rule is don't fight the fed. You point that out as one of your convictions right now as well. Is there a point when you change that? Is there a point when you see the fed starts turn over that you do start to go in there? Absolutely. If we have capitulation or the fed starts to put anything dovish in, you know how we love to look at the meeting minutes and we parse out any tiny chains and vernacular to see and see what they may be thinking. But I will be looking at the data. They're going to hike until something bright and either the economy is going to break. The labor market is going to break or liquidity is going to break or last but not least inflation might finally break. But those are the only four things we're looking at. What's going to give first? We're in this massive tug of war right now. High inflation tight labor. And relative to the amount of hikes they're talking about, the markets absorb them quite well. And the fed doesn't care if Apple goes down, that's not their job. The fed only cares about the market if liquidity drives up. So we're looking for all those canaries in the coal mine, but the fed's going to need a reason to change. It's going to be status quo and hawkish until something changes in the data that makes you need to pause. Victor, I got to leave it there. Victoria green, thank you so much for G squared for being with us. Today, Lisa, I want to scope out your Wells Fargo with a dropdown from a 38 80, almost a 39 level down to middle 37 and we've made about halfway back on Wells Fargo with that net income correction. They still have increased their credit their provisions for credit losses. And perhaps that's what people are picking up on for a bank that is exposed to the consumer. They are saying that interest income actually was a huge benefit to their business and expects to continue to be given the higher interest rates, which makes sense given where we are in the environment. Going forward, it will be interesting to hear what they have to say about the mortgage business that has definitely lost favor with a lot of investment banks considering the fact that mortgage rates are pretty darn high. And then also just how much they see the consumer we can and currently versus the strength that we hear from others. On the screen right now, what's really of interest is the equity market where the very nice live future is up 13 down futures up one 28. And for the second third day in a row or so, we have the larger indices leading the NASDAQ higher that somehow changes in the afternoon I would suggest or at least when we get the market open, but right now Dow leading SPX fractionally leading on a percentage basis, a NASDAQ went under dancing up three tenths of a percent as well. We are going to continue most importantly, we continue to monitor the travels of the president of the United States in the Levant. He will move south to

fed Wells Fargo Italy Victoria green united health Texas PNC good Victoria U.S. Ross Thor ECB Lisa Paul Sweeney JPMorgan Morgan Stanley Tom football
"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:47 min | 3 weeks ago

"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

"A sucker. Is that the brand or is that actually a type of clothing you wear when it's really, really hot? It's very popular in the evening. Give it a shot. It might work out for you. Well, add that to the Amazon basket. There you go. And speaking of any other ecommerce, Nathan. Right, because prime day is still on. Speaking of heat, Tom, that is what we are expecting from the next inflation print June, consumer prices, 8.8%, that's the prediction. It would be yet another 40 year high. We're going to look at what these numbers are going to a mean for a fed that of course is determined to fight inflation. Sarah house joins us this morning, senior economist at Wells Fargo. We're going to be getting ready for those numbers as well with Bloomberg's Michael McKee. Of course, inflation is a big part of why President Biden is heading to the Middle East this morning. He wants oil producers to pump more, help bring prices down, crude is leveling off a bit from the big surge from the invasion, but the era of high energy prices may be with us longer than many of us might like. Will Kennedy has a great piece on that in Bloomberg businessweek and he's going to join us with more on the dynamics of the oil market and Bloomberg government Emily Wilkins is with us as well this morning following a January 6th committee hearing connecting the dots between a wild Trump tweet and the riot last year at the U.S. capitol. I hope you'll join me and Karen Moscow. For all that this morning, trying to keep it cool, Bloomberg daybreak America's coming up, Tom. Nathan always there's no trying. Nathan is the epitome of cool. Nathan, how you go. Thank you very much in deed, Bloomberg day break is up next. If you're listening on London DAB digital radio, you're going to hear Bloomberg surveillance. Okay, so it's all about the data today then, isn't it? The inflation print in the U.S. expected to hit 8.8%. I mean, U.S. prices at petrol pumps jumped 11% in June, so that one of the key drivers, joining us now in studio, nice and cool, Rebecca, chess, senior equity strategist at state street. Good morning, Rebecca. Thanks for being with us. What's your expectation then for U.S. inflation? How much does it fuel further big jumps for fed rate? Rates. Yes. Nice to join you, Caroline and Tom. Thank you. Indeed, calling the studio and ahead of this hot CPI print it almost feels like it's going to be two days in the market today. The time before and the time after the print, this comes, of course, on the heels of the non farm payrolls on Friday, which were higher than expectations, so obviously this is all about whether it's going to be 75 basis points or not at the next fed meeting. So this is key because not only is the rate rise key, but they're on in that those expectations as to whether this is going to be a hard landing or a soft landing. So a lot in the market revolves around that and until we've got this over and done with we can't then think ahead about the impending earnings reporting season. The 75 basis points from the fair, the markets are pricing that in, but you're suggesting there is still some uncertainty as to whether that comes through. Are you looking for upside on that 1%? Is that something that we should start to be thinking about now? Actually, I think that 75 basis points feels like that's it. It's maybe the next one after it, because over the last, I'd say the last 6 weeks, we've gone from maybe we'd take a break in September to now looking again at 50 or 75 basis points. So that's maybe more that where people are looking out to. Okay, so that on the fed, meanwhile, of course, we're going into earning season as you mentioned. The trading revenue at the 5 biggest Wall Street firms looks likely to have climbed 16% in the second quarter. I mean, you've had wild swings wild markets recession fears, inflation, the war in Ukraine. Is volatility your friend? It may well be for the investment banks and of course, JPMorgan, Morgan Stanley, they're amongst the first to report starting tomorrow. So that will be key, but for most investors, it's not your friend. It's very difficult for people to read these markets. I'd suggest there are quite a few people sitting on their hands until they can get more of a measure as to what happens within these markets. Does the energy trade still hold up in this environment? I think it does. It may not hold up over the last week, and we've seen that Brent crude oil price come back below as you've mentioned this morning below $100. So it does mean that that pressure for a forecast rises, which we've been seeing maybe is limited at the moment. But what happens is in this environment and let's think about it. We're only talking about CPI. So you need an inflation beneficiary and energy companies are still your main inflation beneficiary within the stock market. Okay. What do you think, though, of the major concern here in Europe, the possibility of the gas shut off from Russia? The predictions for that really are pretty hair racing. Potential for a 20% drop in terms of European equities, that's the BNP parabel line, the Euro hitting 90 cents. What is your view if that does happen? Well, you can look at that sectorally and regionally. If we looked at it, it sectorally, then oil and gas, the energy sector is still on the right side of the trade. It then starts to affect many of the consumers of those oil and gas commodities. So you think about anyone from the chemical sector to food manufacturers, et cetera. And then if we think about it regionally, it does make it more difficult for countries like Germany, who are large importers of that gas, but actually in the UK were relatively well off. Does that mean that the FTSE 100 still remains something of a relative haven? I think it does. So the FTSE 100 has actually done very well this year compared with any other market, and that's because we have in terms of oil and gas we have less need to import, but also then the makeup of the market that's very, very important. So if you look at the FTSE all share and you look at the share the energy companies account for, maybe the miners account for again another commodity play and then also the large number of stocks that we've got in large healthcare companies large consumer Staples companies They're all going to weather this storm maybe a little bit better than some of your more sick Polaris, which is why people have been coming to the market. Okay, just lastly on consumer sentiment then amidst that, how does it compare no UK Europe U.S.? It's probably got further to fall in the U.S. in the sense that things got more and more and more hyped. They have the consumer means more to the market there. Of course, in the U.S., you have the consumer who's very important to earnings, but you also have the consumer who's also very important as retail investor. So maybe things are less fragile and less volatile when we think this side of the Atlantic. Okay, Rebecca chesworth, senior equity strategist at state street fantastic city of thoughts on another important day for these markets as we look ahead to that CPI print out of the U.S. and whether that changes the dynamic at all as we wrestle with the question of peak or

Nathan U.S. Sarah house Michael McKee President Biden Bloomberg government Emily Wilkins Karen Moscow Tom Bloomberg Rebecca Bloomberg businessweek Wells Fargo Amazon Middle East
"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:37 min | Last month

"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

"Back What have we got in terms of the market action here? This is going to be the first chance for markets in Asia to consider the impact of that very strong U.S. employment report we had from last Friday. Jobs growth above forecast the unemployment rate holding steady near a 5 decade low, nothing in these numbers suggest the fed is going to change course anytime soon. So that gives us a consensus call for a rate hike later this month of 75 basis points and we have inversion in the treasury curve in that two to ten year range two year yield at three ten, ten year at three spot zero 8. Now bear in mind and you guys suggested this a moment ago, we have that CPI data due on Wednesday. The Bloomberg survey is expecting an increase at an annual rate of about 9% in the month of June, and also earning season will be gearing up in the week ahead will get numbers from the big banks, the list includes JPMorgan, Morgan Stanley followed by Citigroup and Wells Fargo, and President Biden will visit Saudi Arabia one goal here is to secure a pledge for a lot more crude oil. You know that prices have been under pressure on concern about recession, but that said supplied does remain very tight. WTI right now down about 8 tenths of 1% as we get Asian trading underway one O three 90. And we've got stability in the Japanese yen here at one 36 ten Chicago nikkei futures Brian imply a move of more than 250 points to the upside when Tokyo comes online. Strong victory there for the LDP, so it's looking pretty solid. Normally translates into higher stock prices. We'll get a closer look at that a little bit later with Ed Baxter. Well, on the China tariffs, general Armando says imminent, the president says, well, we're still talking about it. So let's get into this a little bit. President Biden says the administration is still discussing action on lifting the import tariffs. The ideal move would ease inflation while maintaining pressure on China. That's what the administration is thinking. However, the administration is divided as suggested commerce secretary general Armando addressing potential impacts on NBC's meet the press. Lifting tariffs isn't going to bring down top line inflation in a very significant way. What it will do potentially is help consumers on certain, as you say, household goods. And so for that reason, given where inflation is, I think it could make sense to do it. That's commerce secretary, Gina raimondo heard earlier on Bloomberg radio, she expects a decision on tariffs shortly, they are set to begin expiring this month. Twitter has hired a heavyweight legal team as it erases the suit Elon Musk for backing out of a merger agreement the firm will be represented by Lipton resident cats, which held a seat will be filed as early as this week in Delaware, chancery court, late Friday, must backed out of his deal to buy a Twitter for $44 billion. He charged that the platform was misrepresenting user data based on previous merger fights efforts to terminate a deal can play out within a few months. They often end with settlements in order to further avoid further litigation. Coming up, we have James abate managing director and chief investment officer at center asset management with this live here. You get his take on the jobs report because there were a few mixed signals in there and also what to expect from inflation numbers and the fed. All right, it's time now for global news. While the ruling coalition in Japan expanded its majority in the upper House elections over the weekend at Baxter has global news from the 9 60 newsroom, San Francisco, Ed. Yeah

President Biden Brian imply Ed Baxter Armando JPMorgan Morgan Stanley Citigroup Bloomberg Wells Fargo fed treasury LDP Asia Gina raimondo Bloomberg radio Saudi Arabia China U.S.
"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:00 min | Last month

"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

"That together. What's your recession probability number is a heist for Bloomberg? Well, Bloomberg economics monitor, I've pegged it at around 70 odd percent for U.S. recession. Sometime next year, a globally people are starting to talk about it now, maybe a 50 50 chance. I think Citigroup was out this week. They said 50% chance with global recession right now. The big debate comes down to then what kind of conversation will it be either in the U.S. or globally? We know the kind of backstories meant to be consumers have tash, a bank term better order and that this time around the economy should be better placed for a kind of a shallow recession or a shorter live recession at least. That's a big unknown. And that's the big trade off the policy makers are facing, but this language from Jerome pile again he said in the testimony yesterday. He said a recession is not inevitable. He's trying to talk up the economy, but I think most people are aging towards now at the very least, both the U.S. economy and global economy are certainly headed towards a Steve soda and it's not something in the order territory. Okay, and thank you very much. And the car and there were the very latest probability statistical analysis on recession watch. That's what Japan's key inflation gauge has stayed above the BOJ's target level of 2%, a result that will likely keep the speculation alive over a possible policy adjustment at the center of bank. Let's get to our Japan economy editor, Paul Jackson, Paul, the issue is what triggers a response from the BOJ, is it the currency? Is it inflation? What's the latest take after the inflation data? Well, I think you've mentioned some of the key points there already. We're at 2.1%. So this isn't like inflation crisis, digit reaction required mister Corona. No, no. But at the same time, we've got the three factors really, the yen, getting weaker. Pressure on bond yields. And political pressure. They're the three things that I think could move the BOJ to change policy. The moment curta says the inflation is not sustainable and he must keep course, keep the stimulus going, keep interest rates at rock bottom levels to ensure the recovery continues and that inflation feeds through into wages and we get a sustainable loop. Yeah, but the moment relatively contained on the eastern front and Japan at least with the dalliance of a 105 Paul, thank you very much for that Paul Jackson. Japan economy editor. I want to get to another important story in that as Wall Street's biggest bank, stay in east, defense annual stress test, paving the way for billions of dollars in shareholder payouts that set out to Bloomberg zucchini for more. So what details then emerge from the numbers exactly. Who did how well? Well, 30 of the biggest banks here in the U.S. were evaluated 30 past and what the fed says and it's very important is that all of these banks showed they were able to withstand a severe recession and that's very important given the current macro environment were in, specifically, they demonstrated that they were able to stay above the fed's capital minimums when faced with a mock crisis that the fed throughout them. They tested these banks with hypothetical scenarios announced back in February when they seemed a bit far fetched, lucid and see if they don't sound quite as far fetched. Now, widening corporate bonds spread a collapse in asset prices, increase in market volatility, a surge in unemployment in a crash and commercial real estate. That was the scenario. And for major firms, such as JPMorgan, Morgan Stanley and Goldman Sachs, they also faced a made up market shock that tested the resiliency of their trading operations. Again, I'll pass. You're looking at year to date stock performance for the banks

BOJ Bloomberg U.S. Steve soda Japan Paul Jackson center of bank curta Citigroup Jerome Paul fed JPMorgan Morgan Stanley Goldman Sachs
"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:46 min | 4 months ago

"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

"It is 8 30 a.m. in Hong Kong and here in Singapore I'm Juliet Sully We have training underway in Tokyo Sydney and Seoul where an hour away from the day's trade in Hong Kong and Shanghai It's a little mixed out there We do have the ASX 200 in Sydney rising by a third of 1% but weakness to the tune of around four tenths of 1% in both New Zealand and Japan South Korea pretty flat Doug prisoner will be along to fill in the blanks shortly While Cleveland fed bank president Loretta mester says she's confident the U.S. will avoid a recession as the fed Titans policy even so investors said the inflation rate will probably remain at more than 2% into next year His messed up on CBS's face the nation I think that it will take some time to get inflation down because as you know there's other things going on in the economy that are adding to price pressures including the commodity price increases in energy price increases that are happening as well So I think inflation will remain above 2% this year and even next year But the trajectory will be that will be moving down And that is Cleveland fed bank president Loretta mester heard here on Bloomberg Fed officials have said they're open to hiking interest rates by a half pointed their May meeting to curb inflation Elon Musk wants Twitter to offer authentication check marks and zero ads for users and his view users should pay for those premium features Musk was reacting to investor Michael Burry Over the weekend Barry complained about lose about losing his Twitter accounts authentication checkmark and Musk said that Barry would get it back Musk also said everyone who signs up for the Twitter blue subscription service should get that check mark since taking a 9.2% stake in Twitter Musk has already weighed in on the lack of an edit button as well as how little celebrities post on the medium Musk is now a Twitter board member and he's set to join Twitter's CEO at a company meeting next week to address further employee questions Will the U.S. earnings season begins this week and the big banks will be the first to report we get more from Bloomberg's susannah Palmer Goldman Sachs JPMorgan Morgan Stanley Wells Fargo Citigroup all set to report quarterly earnings this week JPMorgan Wednesday and the rest on Thursday Investors will get a look at how banks dealt with the onset of fed tightening to stem a rise in the rate of inflation and also the onset of the war in Ukraine Susanna Palmer Bloomberg daybreak Asia Chinese developer genre was unable to pay interest on $2 bonds before a grace period ended on Saturday The coupons totaled $20.4 million general said the missed payments are events of default The company warned it may also miss three more dollar note coupon payments before the next grace periods end However general did say that it intends to pay the two interest on all 5 notes by May 31st Let's get over and check in on the markets now with Bloomberg stock prisoner in New York Doug And Juliet I think COVID lockdowns on the mainland in China are certainly a complicating factor in trying to understand how markets may perform over the near term One of the things we can point to is that oil which is resumed its decline on concern about demand destruction in China the active WTI contract right now is off by more than 1.4% We're trading around 96 85 And then there is the situation with the semiconductors even though Taiwan Semiconductor manufacturing last week reported revenue rising to a record We had a lot of weakness among the chip stocks here in the U.S. the Philadelphia semiconductor index was down 2.4% And most of that pullback was tied to worry over weak Chinese demand Particularly given the virus restrictions in Shanghai and Shenzhen If you look at equity market action now in Tokyo we've got the nikkei weaker by about four tenths of 1% It is leading this decline We're looking at communication services and consumer discretionary shares Also in Seoul the Cosby rising by about a tenth of 1% and in Sydney the ASX 200 is ahead by about four tenths of 1% We'll get stocks trading in Hong Kong at the bottom of the coming hour over the weekend We learned that more details on China's campaign to rein in potential abusive algorithms by some of the big Internet companies on the mainland firms like ByteDance intense and holding In fact it was in the Friday session here in the U.S. when news first broke the NASDAQ golden dragon index fell for a fourth straight day and in that time the NASDAQ Holden dragon index has given back more than 11% In the treasury market right now U.S. tenure and the Tokyo session with a yield of 2.71% We'll take another look at markets in 15 minutes Juliet Thank you very much Doug Coming up to 35 minutes past the hour time for global news And the campaign for the prime minister has begun in Australia Ed Baxter has the details in.

Musk Loretta mester Twitter Juliet Sully Cleveland fed fed Titans Hong Kong Cleveland fed bank Bloomberg Fed Sydney Michael Burry susannah Palmer JPMorgan Morgan Stanley Wells Seoul Barry U.S. Tokyo
"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:14 min | 4 months ago

"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

"Bloomberg daybreak Asia And at 6 30 a.m. in Hong Kong I'm Ivan Mann And I'm Doug prisoner at the Bloomberg interactive broker studio in New York new trading week underway in the apac region and we're a few hours away now from the march readings on Chinese wholesale and retail inflation We'll be talking about that as we continue here on daybreak Asia right now Yvonne and I are going to update you on a few of the sours top business stories Yeah still about the fed Doug Cleveland fed bank president Loretta mester says she's confident the U.S. will avoid a recession as the fed Titans policy even so messer said the inflation rate will probably remain at more than 2% into next year Here's mister on CBS's face the nation I think that it will take some time to get inflation down because as you know there's other things going on in the economy that are adding to price pressures including the commodity price increases in energy price increases that are happening as well So I think inflation will remain above 2% this year and even next year But the trajectory will be that will be moving down That's Cleveland fed bank president Loretta mester heard here on Bloomberg fed officials have said they're open to hiking interest rates by a half point at their main meeting to curb inflation Well here in the states earnings season begins in the week ahead and the big banks will be the first to report We have more from Bloomberg Susanna Palmer Goldman Sachs JPMorgan Morgan Stanley Wells Fargo Citigroup all set to report quarterly earnings this week JPMorgan Wednesday and the rest on Thursday Investors will get a look at how banks dealt with the onset of fed tightening to stem arise in the rate of inflation and also the onset of the war in Ukraine Susanna Palmer Bloomberg daybreak Asia And China is taking aim at the way social media platforms serve up ads and content to hook users Authorities are kicked off a formal campaign to rein in the potential abuse of algorithms The cyberspace administration of China said it will conduct onsite inspections of firms and the agency will also ask them to submit their various services for review much of the focus is on large scale websites platforms and Internet products with big influence Tencent and ByteDance are among the firms with heavy reliance on algos And that may have been one of the reasons that we saw weakness in the NASDAQ golden dragon China index here in the U.S. on Friday We were down for a fourth straight session and in those four days the golden dragon index has lost more than 11% Coming up on 33 pounds the hours we get you caught up on the market action we were talking earlier about expectations for hot readings on the factory gate inflation number for China We'll also get to retail price inflation And then importantly here in the U.S. Tuesday will get march consumer prices so there's a lot of conversation in markets on inflationary pressures that are building in the risk of inflation or rather recession We heard from January the chief economist at Goldman Sachs on Friday was saying the fed may need to hike rates past 4% to cool an overheated economy Now the dollar has been one of the beneficiaries of the backup that we have been seeing in treasury yields a ten year at two 70 now a two year at two 51 We had the Bloomberg dollar spot index rising Friday for a 7th straight session by about one tenth of 1% We've got a weaker yen here at one 24 33 Chicago nikkei futures now less than a hundred points above where we were in the cash market Friday in Tokyo WTI crude oil now flirting well we're holding just above $98 a barrel here in the electronic session And I mentioned the weakness that we had in the chip stocks Friday here in the U.S. with the Philadelphia semiconductor index dropping 2.4% much of this pullback was tied to worry over Chinese demand particularly given virus restrictions not only in Shanghai but Shenzhen as well Take another look at market action for you in about 15 minutes All right let's take a look at global news now The campaign for prime minister has begun in Australia at Baxter has more Ed Yeah this on your right with the naming of May 21st as the election Bloomberg's.

Loretta mester Ivan Mann fed Doug Cleveland fed bank fed Titans Asia Bloomberg fed Bloomberg Susanna Palmer Goldm JPMorgan Morgan Stanley Wells Palmer Bloomberg China messer U.S. ByteDance Yvonne Bloomberg Doug Hong Kong
"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:55 min | 5 months ago

"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

"Going back to close to the beginning of 2021 of the Dow Jones Industrial Average going to finish the day up excuse me 2.5% or about 834 points The S&P 500 96 points or 2.24% And the NASDAQ composite going to finish higher by about 1.6% The Russell 2000 also getting in on the action not sitting this one out It's higher here right now on the day Let me just check by 2.25% here and we should point out that for all of these indices right now they're all in the green here on a weekly basis with the exception here of the Dow which is basically flat unchanged on the week Which is pretty amazing considering the week that we've had and it was a shortened trading week because of the holiday I'm just going to say I love you all equally and there was a lot of love going on around Wall Street And that included the KBW bank index It was up almost 4% Did you guys see that I mean pick your big bank city JPMorgan Morgan Stanley maybe as race went up a little bit We saw investors feeling pretty comfortable moving money into it I think we saw the sector The sector performance that the industry level in particular was really compelling today because I think there was one notable missing component and that was energy If you look at the components of gainers household and personal products food beverage and tobacco these are groups that tend to benefit most when energy prices are falling not staying high So some of this is an unwind of expectations for oil prices to escalate with the European crisis with the invasion of Ukraine On top of that you have some of the more traditional players on value continuing to lead which would say we're just going back to the trade that we had pre Ukraine for the most part Value leading while growth continues to continue to bring up the rear with software and services down there at the bottom of the list I'm just going to say Gina don't be too worried about energy because it's still the best performing major industry group in the S&P I think it's up something like 23% so far this year so really an outperformance As for other gainers today Etsy it's not just about macrame vests or flowers for lapels Oh.

KBW bank JPMorgan Morgan Stanley Ukraine Gina S Etsy
"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:24 min | 6 months ago

"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

"Pellet that's a Bloomberg business flash All right Charlie appreciate that update on what's been another interesting market day Well it's a new year new opportunities new challenges and certainly Charlie was just laying out Our next guest though understands all of that when it comes to the investment environment He has been involved in the development of many technology companies including the funding of 55 18 of which though also ended up IPO ing We're talking David sprang the founder and CEO of runway growth capital He joins us on the phone from Silicon Valley David great to chat with you again How are you Carol Great to speak with you guys Yeah really great to chat with you again Venture capital debt Before we get into how it's doing right now explain what it is and how it's different from a company going out and raising traditional VC funds Yeah absolutely So venture debt is a complement and sometimes an alternative to venture equity and particularly for late stage companies as they grow and become more mature and have more confidence in their business It's appropriate to use a combination of debt and equity And so venture debt will very often be used by venture backed companies to extend their runway Hence the reason that we named our business runway So that they can achieve more milestones before they have to raise additional equity And at the end of the day it results in the founders management and early investors owning more of the company by giving up less to later stage equity investors Well David it's great primer right when it comes to debt equity Like you think about liquidity events and when you get into debt it's a way of founders right Really retaining their ownership of a company and not giving up more equity but also being able to access capital to grow the business or do whatever Very well said you should be our spokesperson Just doing this a long time No no but it's fascinating you know having done some things on liquidity events and you realize there's just multiple ways I mean a company can be sold It can be you know there's just lots of different ways to do it Having said that then what's the investment play especially as we increasingly David talk about alternative ways for investors to find returns and what's a really tricky environment Yeah it's true And more and more investors whether they be retail high net worth individuals or institutional investors are looking into the world of alternatives particularly folks that are seeking yield And there's been a lot of discussion today about interest rates and how low they are And how they may be in very likely almost certainly will be moving up But they're still very low And so for investors that are looking for yield the venture debt world has been a really good spot because the returns are in the double digits They pay on a current basis and the losses are extremely low There are 5 publicly traded venture debt funds Ours is one of them but there's four others And it's a great alternative for investors that are looking for some exposure to Silicon Valley but also want to benefit from a high current return and low volatility because at the end of the day these are pretty much yield oriented products But we do get warrants in almost every company in which we invest or to whom we lend money And those warrants can sometimes add a really nice upside Well runway growth finance corp went public last year And I'm wondering David How it has been in the public markets right now and why you made the decision to go public with a company like this Yeah so when we started the company in 2015 and first raised money in 2016 we did it in the form of a BDC or a business development company and we were a public filers So registered with the SEC reporting with the SEC but not publicly traded So we've been practicing to be a public company for almost 5 years And the reason for going public was primarily to offer liquidity to our early investors There are plenty of BDCs from name brands that household names like KKR and Apollo and Carlisle and Goldman Sachs And they have both public and private BDCs and some BDCs do decide to stay public for a long time For us we wanted to be able to offer our investors the chance to get liquidity when they want to And so becoming a public vehicle just made sense And it was the path that we had promised people we would take And the market was very receptive and we were fortunate enough to attract world class underwriters like JPMorgan Morgan Stanley Wells Fargo and UBS to leave the deal for us Hey hey David what's been the connection between venture debt the demand for it and what's been going on with spacs which as we know we're kind of high flyers early last year and then just down from there But what's the connection what's the connection between demand but as I said for venture debt specifically and what's going on with the specs back activity Yeah so the demand for debt is going to remain very high and it probably will increase in 2022 The decline in value of the comparable companies will have a delayed impact The private markets always follow the public markets And so our view is that in 2022 even in a rising rate environment debt is going to remain cheaper than equity and that difference will even be magnified so that equity is getting more expensive is the bottom line And that debt remains cheaper than equity And so borrowers venture back borrowers particularly late stage companies that might have been attracted to the high valued equity are now going to be even more interested in debt And there's a few other factors that lead to the really positive environment and strong tailwinds for venture debt And one of those is that we're seeing a lot of late stage companies choosing not to take over valued equity Now that sounds kind of crazy right So if SoftBank or co two or Tiger comes to you and wants to invest in your company at a really high value it's tempting but with that in equity investment in the billions comes the situation Yeah it's a lot of pressure that you're going to create multiples of that for them And that may not be consistent with what the management team or the founders or the early investors want to do So we're funding right now a couple of companies one in particular that turned down a term sheet from one of the names I mentioned because they didn't want the bar to move up so high that they would have to keep building the company for another 5 years That is right Comes with strings Well David fun to check in with you It's another part of our investment world and it's a growing.

David Silicon Valley David Carol Great Charlie Pellet SEC JPMorgan Morgan Stanley Wells Silicon Valley KKR corp Goldman Sachs Carlisle Apollo UBS SoftBank
"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:12 min | 7 months ago

"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

"Silver lining in a crisis But first Ralph schlosstein co chairman and co CEO at Evercore announced that he'd be stepping down this February after nearly 13 years at the top turning the reins over to John wenberg his co CEO for the past few years I spoke to Ralph in an exclusive interview to find out why he's stepping down But first I asked him how Evercore had changed since he took the helm Well it's changed in a number of ways The firm I joined was a genuine boutique a $180 million of revenue And so just from a scale point of view on a trailing 12 month basis our revenues exceeded $3 billion and our earnings exceeded 15 dollars a share Where were they when you started 19 cents a share and a 180 $1 million So it's grown a lot in scale But there's so many other things that have happened We've globalized the business That first year we had $5 million of revenue from companies outside of North America Today a third of our revenues come from companies outside of North America We've broadened dramatically what we do for clients We were an M and a and restructuring firm in 2008 and today we have the number one independent equity research platform We do equity underwriting We have the number one practice in activist defense We have the number one practice in corporate restructuring split off spin offs et cetera et cetera So what we can do today is we can advise clients on literally anything that they want to do in the financial markets And that means we have a greater share of our clients wallet Then the other really important thing that is happening at the firm as we've become a talent development company And when I joined less than 10% of our partners were promoted from within today 40% of our partners have been promoted from within and that's the stock If you look at the flow the last three years it's around 50% So that's a big thing And you've shown that you can and do compete with the big boys I mean I know you pay attention to the league tables I pay attention to the M and a league tables but I pay more attention to what each firm has in terms of advisory revenues And as I said we started out at a 180 and on a trailing 12 month basis we're around two and a half $1 billion We've over the years we passed all the European firms about 8 or 9 years ago We passed city about 6 years ago in 2018 We passed B a lazard and Rothschild And so we've been number four since 2018 behind Goldman Sachs JPMorgan Morgan Stanley So what comes next in this business and forever core in particular what is John Weinberg having in front of him Well first of all it's worth noting that in the firm was founded 27 years ago by roger Altman He was the CEO for the first 14 plus years And then we had a very smooth transition to myself And now we've had our second extraordinarily smooth transition So it's worth noting that that doesn't always happen in investment banking But beyond that we have huge growth opportunities filling in the white space both geographically and by industry adding to our product capabilities And also we call it the vortex clean tech real tech BioTech and FinTech Those are sectors of the economy that are growing very rapidly and where the total addressable market even though we're adding people is growing faster than we're adding That's the big question A famous movie studio had once said you want to choose your predecessor carefully because in fact you want somebody who wasn't all that successful You've got love quite a track record behind So where's the upside for that You talk about white spaces Is it by sectors like BioTech Is it some sectors in building in those areas and also we're much smaller in Europe than ultimately we should be And by the way John he's been at the firm for 5 years He was executive chairman for the first three and a half years of that and my co chair and co CEO for the last 15 months But from the moment he joined the firm along with roger we've been managing the firm together so I don't deserve all the credit for at least the last 5 years or even before that Why'd you decide now is the time Well I'll be 71 in February stepping down February 25th I will have been doing this for 13 years The idea of having a little bit more flexibility and not waking up every.

Evercore Ralph schlosstein John wenberg North America Goldman Sachs JPMorgan Morgan John Weinberg Ralph roger Altman lazard Rothschild
"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:44 min | 7 months ago

"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

"Of actress Betty White The president told reporters today it's a shame she died just weeks before what would have been her 100th birthday On Twitter the president called her a cultural icon A winter storm is now moving into boulder county Colorado just as that's today deals with the impacts of the Marshall fire Sheriff Joe Pelé says Louisville and superior will likely see up to 6 inches of snow governor Jared polis believes nearly 1000 homes have been damaged or destroyed so far there's been no reports of deaths The university of Alabama football teams moving on to the national championship the crimson tide beat out Cincinnati 27 to 6 in the college football playoff semifinal played at AT&T Stadium in Arlington Texas Alabama will face off with the winner of tonight's George and Michigan game A jeopardy contestant is breaking a show record Amy Schneider won her 21st consecutive game on the show making her the first woman to ever do it She then went on to break your own record the next night I'm Scott Carr And I'm Charlie pellet Bloomberg world headquarters Stalks and a banner year that few would have imagined in January but moving into 2022 a big question is the impact of the Akron variant on economic growth Jay Bryson is chief economist at Wells Fargo There has been a little bit of a pullback so far and travel There's been a little bit of a pullback in terms of people going to restaurants But all that said I wouldn't expect a complete downturn or anything coming from this I think it's a little bit more of a speed bump in the road as people get a little bit more cautious They don't travel as much They don't go out to restaurants et cetera Jay Bryson of Wells Fargo So where to invest against the backdrop of the pandemic Soviet jablonski is cofounder of defiance ETFs We had a year or two ago where we're all at home and it just seemed very obvious to buy Netflix and peloton and those were things that were going to shake out That's just changed now So I think that the differences now are things like the travel revenge trade right I think airlines hotels and cruises are going to pick up at some point next year when we sort of get past this next wave Sylvia jablonsky of defiance and then there's the Federal Reserve Nancy Davis chief investment officer at quadratic capital management she says 2021 was the year of the pivot We really had this major shift between extremely accommodative monetary policy to a very tough talking hawkish fed with the taper being increased and others even talk about the balance sheet Nancy Davis of quadratic capital a down day with the S&P falling 12 points down three tenths of 1% the Dow was down two tenths of 1% down 59 points NASDAQ down 6 tenths for the year the S&P up 26.9% Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I'm Charlie pallet This is Bloomberg You're listening to balance of power with David Weston on Bloomberg radio Still to come this hour Carly fiorina tells us what it takes for effective communication by a leader and how to embrace the silver lining in a crisis But first Ralph schlosstein co chairman and co CEO at Evercore announced that he'd be stepping down this February after nearly 13 years at the top turning the reins over to John wenberg his co CEO for the past few years I spoke to Ralph in an exclusive interview to find out why he's stepping down But first I asked him how Evercore had changed since he took the helm Well it's changed in a number of ways The firm I joined was a genuine boutique a $180 million of revenue And so just from a scale point of view on a trailing 12 month basis our revenues exceeded $3 billion and our earnings exceeded 15 dollars a share When you started 19 cents a share and a 180 $1 million So it's grown a lot in scale But there's so many other things that have happened We've globalized the business That first year we had $5 million of revenue from companies outside of North America Today a third of our revenues come from companies outside of North America We've broadened dramatically what we do for clients We were an M and a and restructuring firm in 2008 And today we have the number one independent equity research platform We do equity underwriting We have the number one practice in activist defense We have the number one practice in corporate restructuring split off spin offs et cetera et cetera So what we can do today is we can advise clients on literally anything that they want to do in the financial markets And that means we have a greater share of our clients while it And then the other really important thing that is happening at the firm as we've become a talent development company and I joined less than 10% of our partners were promoted from within today 40% of our partners have been promoted from within and that's the stock If you look at the flow the last three years it's around 50% So that's a big thing And you've shown that you can and do compete with the big boys I mean I know you pay attention to the league tables I pay attention to the M and a league tables but I pay more attention to what each firm has in terms of advisory revenues And as I said we started out at a 180 And on a trailing 12 month basis we're around two and a half $1 billion We've over the years we passed all the European firms about 8 or 9 years ago We passed city about 6 years ago in 2018 We passed B of a lazard and Rothschild And so we've been number four since 2018 behind Goldman Sachs JPMorgan Morgan Stanley So what comes next in this business and forever core in particular what is John Weinberg having in front of him Well first of all it's worth noting that in the firm was founded 27 years ago by roger Altman He was the CEO for the first 14 plus years And then we had a very smooth transition to myself And now we've had our second extraordinarily smooth transition So it's worth noting that that doesn't always happen in investment banking But beyond that we have huge growth opportunities filling in the white space both geographically and by industry adding to our product capabilities And also we call it the vortex clean tech real tech BioTech and FinTech Those are sectors of the economy that are growing very rapidly and where the total addressable market even though we're adding people is growing faster than we're adding That's the big question A famous movie studio had once said you want to choose your predecessor carefully because in fact you want somebody who wasn't all that successful You've got love quite a track record behind So where's the upside for that You talk about white spaces Is it by sectors like BioTech Is there some building in those areas and also we're much smaller in Europe than ultimately we should be And by the way.

"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:38 min | 9 months ago

"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

"Any out there Where did you see them Where did you see it Right here in midtown Well a lot of I mean as Ed ludlow reported those early models are going to ribbon employees right now I must live in the neighborhood And Mark day for the IPO process though the 6 biggest to list on a U.S. exchange Morgan Stanley Goldman Sachs JPMorgan all on this IPO Even some retail investors through SoFi getting in early Can I say it's historic I mean it really is a landmark IPO It's pretty remarkable in terms of a new offering And it tells you something maybe about also the overall financial market or just investor interest over 20 underwriters including JPMorgan Morgan Stanley and Goldman Sachs The big banks all wanted to be lead underwriters on this one So it just shows you to some of the extent of the interest guys I wonder how much about the excitement when it comes to rivian is about Amazon's involvement And Amazon's big bet The company has invested so much money in it It's a 20% stake a 100,000 cars on order That's a real vote of confidence I think to people that say okay this company does have a future because it's got the backing of Amazon Yeah I mean let's be clear We wouldn't be talking about this company and the way that we do if Amazon hadn't been attached to it also early on this process here Meanwhile I mean is it another question of collective delusion That was some of the thoughts coming out in terms of valuations and polos saying that when they're over at the super return we've got people wondering about how we can still see these sort of record numbers coming out Nothing's delusional in the metaverse Everything is happening At least not when it comes to stocks I mean this Howard marks of oak tree has comment about putting your money in the S&P and closing your eyes and letting it sit It's still sitting with me Yeah it's fascinating to hear him say that that you just basically leave it right 'cause there's no distress that Yeah Hey but I mean look I mean you know and what he says is right but it's also something that I guess has sort of been a mantra now for decades I mean you go back to John bogle you go back to Warren Buffett I mean the whole idea of just sort of you know basically just track the market you know don't look don't peek don't try to trade in and out What if they did get cute Yeah and look we had Suzanne woolly on the show who spoke to me because you want to right We had Suzanne woolley on our program earlier And she interviewed Howard marks And she said of course one key that he keeps talking about is holding it and just not selling because the problem that people have from a personal finance perspective is getting in and out at an opportune time So just set it and forget it We'll have to question whether it's inopportune times or not to be continuing with some of the key stocks that are really outperformed of course throughout COVID the stay at home trade one of them was Disney because they did so well with some of its streaming provisions We were going to be getting numbers out of Disney And it's the perfect sort of encapsulation of the reopening versus stay at home trade because of course you go into streaming It was meant to be the buffer versus therefore going out there getting to the Disney theme parks and the light We really want to read on how well they performed in the last few months We'll just take a look at the stock price over the last 6 months or so It's been all over the chart Talk about volatility in terms of Disney chairs And it really does play into whether we're reopening or not Yeah let's get to a Disney coming out with our fourth quarter fiscal results revenue Let's get to that first 18.53 billion folks That is a miss 18.78 billion is what the street was looking for a fourth quarter adjusted EPS 37 cents That is a big miss That's 12 cents light from what the street was expecting First quarter Disney+ subscribers missing estimates but keep in mind bob chapek back at that Goldman Sachs conference back in September was saying and warning Caroline investors that those subscriber numbers that there would be you know maybe some concerns about that in terms of going forward Still climbing very slightly quarter on quarter is about 2% increase a 118 million But the market wanted to see a 119 million Of course we've got the issues we're out there in LA of course a little while ago guys talking about how content has been hard to make of late They've got that issue They don't call Scott the focus in India that perhaps is rolling over But revenue still up almost 9% What's the cost issue though 'cause I'm looking at these numbers now You're talking about the parks and experiences operating income coming in at 640 million That's well below what the street was looking for the street was looking for 8 64 And similar story for media entertainment distribution operating income there at 900 or 47 million and the street was looking and I don't know I just want to make sure I have this number right but the street looked like it was looking for something around 9 91 So a big miss here on some of the operating numbers that makes you wonder whether this is also a cost story as well Yeah I'm going through some comments from Disney CEO bob chapek He writes quote this has been a very productive year for The Walt Disney Company as we've made great strides in reopening our business Well taking meaningful and innovative steps in direct to consumer at our parks particularly with our popular new Disney Genie and magic key offerings he does say that he's extremely pleased with the success of our stream business a 179 million total subscribers across our DTC portfolio at the end of fiscal 2021 and should not only 60% subscriber growth year over year for Disney+ Still though shy of what analysts wanted to see Yeah he's been definitely and he's been definitely also highlighting a lot of these issues that we have over at Disney parks and theaters with reduced capacity as they still struggled through COVID-19 Guys if you don't mind I'd love to start getting over to a firm a little bit too because we have the revenue coming in for the quarter Above analysts estimates after a really tough day Right Yeah exactly Hang on for a second folks because we do want to mention a little bit more on Disney So it's down about 2.3% here in the after hours You know I'm looking at the parks experience and products revenue 5.45 billion.

Disney Amazon Ed ludlow Morgan Stanley Goldman Sachs J JPMorgan Morgan Stanley Suzanne woolley Goldman Sachs bob chapek John bogle IPO Howard marks Warren Buffett Suzanne Howard U.S.
"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:53 min | 10 months ago

"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

"Week Ralph schlosstein co chairman and co CEO of Evercore announced that he'd be stepping down in February after nearly 13 years turning the reins over to John Weinberg his co CEO for the past several years I talked to Ralph in an exclusive interview to find out why he's stepping down now But first I asked him how Evercore has changed since he took the helm Well it's changed in a number of ways The firm I joined was a genuine boutique a $180 million of revenue And so just from a scale point of view on a trailing 12 month basis our revenues exceeded $3 billion and our earnings exceeded 15 dollars a share When you started 19 cents a share and a 180 $1 million So it's grown a lot in scale But there are so many other things that have happened We've globalized the business That first year we had $5 million of revenue from companies outside of North America Today a third of our revenues come from companies outside of North America We've broadened dramatically what we do for clients we were an M and a and restructuring firm in 2008 And today we have the number one independent equity research platform We do equity underwriting We have the number one practice in activist defense We have the number one practice in corporate restructuring split off spin offs et cetera et cetera So what we can do today is we can advise clients on literally anything that they want to do in the financial markets And that means we have a greater share of our clients wallet The other really important thing that is happening at the firm as we've become a talent development company and I joined less than 10% of our partners were promoted from within Today 40% of our partners have been promoted from within and that's the stock If you look at the flow the last three years it's around 50% So that's a big thing And you've shown that you can and do compete with the big boys I mean I know you pay attention to the league tables I pay attention to the M and a league tables but I pay more attention to what each firm has in terms of advisory revenues And as I said we started out at a 180 and on a trailing 12 month basis were around two and a half $1 billion We've over the years we passed all the European firms about 8 or 9 years ago We passed about 6 years ago in 2018 We passed be of a lazard and Rothschild And so we've been number four since 2018 behind Goldman Sachs JPMorgan Morgan Stanley So what comes next in this business and forever core in particular what is John Weinberg having in front of him Well first of all it's worth noting that in the firm was found at 27 years ago by roger Altman He was the CEO for the first 14 plus years And then we had a very smooth transition to myself And now we've had our second extraordinarily smooth transition So it's worth noting that that doesn't always happen in investment banking But beyond that we have huge growth opportunities filling in the white space both geographically and by industry adding to our product capabilities And also we call it the vortex clean tech real tech BioTech and FinTech Those are sectors of the economy that are growing very rapidly and where the total addressable market even though we're adding people is growing faster than we're adding That's the big question I mean a famous movie studio had once said you want to choose your predecessor carefully because in fact you want somebody who wasn't all that successful You've got left quite a track record behind So where's the upside for that You talk about white spaces Is it by sectors like BioTech Is it some building in those areas and also we're much smaller in Europe than ultimately we should be And by the way John he's been at the firm for 5 years He was executive chairman for the first three and a half years of that and my co chair and co CEO for the last 15 months But from the moment he joined the firm along with roger we've been managing the firm together so I don't deserve all the credit for at least the last 5 years or even before that Why'd you decide now is the time Well I'll be 71 in February stepping down February 25th I will have been doing this for 13 years There's some chance that my wife might be moving rumors to that effect So I'm the idea of having a little bit more flexibility and not waking up every single day worrying about how is Evercore doing is very appealing to me at this point in my life Talk about the culture at Evercore and how it has evolved and how you expect it to evolve I know you have your first female CFO for example How is has it changed already What do you expect in the future Well roger started with a great culture which was very collaborative and with great values the very first presentation that he made to his very first client had two words on the first page Quality and integrity And so that was the absolute start of the culture of Evercore And we have a very collaborative culture often get asked what does it take to be a really good ever core partner and I say three things you have to be in arguably a plus or a at our craft You have to have the highest integrity And no jerks No jerks is really important because investment banking is a team sport And roger and John and I are yelling at our partners all the time Bring the right team make sure it's much better to win by 20 than by two And if you're encouraging people to collaborate and work together a they have to all be super qualified because nobody wants to bring a less qualified person to their client And B they have to be pleasant to work with and that's where the no jerks rule is really important Evercore has had quite a run but I must say investment banking right now overall is pretty much on fire How much it is because you run faster and jump higher and how much of it is actually the field you're playing on particularly with the extraordinary degree of monetary and fiscal stimulus Cost of capital is pretty low right now that encourages people to make deals I suspect There's no question that right now is about as good as it gets in our business And we have a wind at our back affected by the whole market But if you look at the last 13 years we've gained market share every single year So Evercore is thrived obviously today when the markets are very strong But we also thrived in ten and 11 and 12 and 13 when M and a was essentially flat and half the level that it is today and each of those years we grew by double digits by taking market share Because you and I have talked about it.

Evercore John Weinberg Ralph schlosstein North America Goldman Sachs JPMorgan Morgan roger Altman lazard Ralph roger Rothschild
"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

09:15 min | 10 months ago

"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

"Far the CDC has approved booster shots for folks over 65 those with preexisting conditions or those who work at jobs with a high risk of exposure The White House confirmed Harris job duties made her eligible The dataset for a vote to pass a new labor contract between John Deere and the united auto workers on Tuesday UAW workers will vote on the tentative agreement reached between John Deere and the union Dear workers have been on strike since mid October I'm Chris courage You're listening to balancing power with David Weston on Bloomberg radio This week Ralph schlosstein co chairman and co CEO of Evercore announced that he'd be stepping down in February after nearly 13 years Turning the reins over to John Weinberg his co CEO for the past several years I talked to Ralph in an exclusive interview to find out why he's stepping down now But first I asked him how Evercore has changed since he took the helm Well it's changed in a number of ways The firm I joined was a genuine boutique a $180 million of revenue And so just from a scale point of view on a trailing 12 month basis our revenues exceeded $3 billion and our earnings exceeded 15 dollars a share Where were they when you started 19 cents a share and a 180 $1 million So it's grown a lot in scale But there's so many other things that have happened We've globalized the business That first year we had $5 million of revenue from companies outside of North America Today a third of our revenues come from companies outside of North America We've broadened dramatically what we do for clients We were an M and a and restructuring firm in 2008 And today we have the number one independent equity research platform We do equity underwriting We have the number one practice in activist defense We have the number one practice in corporate restructuring split off spin offs et cetera et cetera So what we can do today is we can advise clients on literally anything that they want to do in the financial markets And that means we have a greater share of our clients while it Then the other really important thing that is happening at the firm is we've become a talent development company And I joined less than 10% of our partners were promoted from within Today 40% of our partners have been promoted from within and that's the stock If you look at the flow the last three years it's around 50% So that's a big thing And you've shown that you can and do compete with the big boys I mean I know you pay attention to the league tables I pay attention to the M and a league tables but I pay more attention to what each firm has in terms of advisory revenues And as I said we started out at a 180 And on a trailing 12 month basis we're around two and a half $1 billion We've over the years we passed all the European firms about 8 or 9 years ago We passed city about 6 years ago in 2018 We passed the a lazard and Rothschild And so we've been number four since 2018 behind Goldman Sachs JPMorgan Morgan Stanley So what comes next in this business and forever core in particular what is John Weinberg having in front of him Well first of all it's worth noting that in the firm was found at 27 years ago by roger Altman He was the CEO for the first 14 plus years And then we had a very smooth transition to myself And now we've had our second extraordinarily smooth transition So it's worth noting that that doesn't always happen in investment banking But beyond that we have huge growth opportunities filling in the white space both geographically and by industry adding to our product capabilities And also we call it the vortex clean tech real tech BioTech and FinTech Those are sectors of the economy that are growing very rapidly and where the total addressable market even though we're adding people is growing faster than we're adding That's the big question I mean a famous movie studio had once said you want to choose your predecessor carefully because in fact you want somebody who wasn't all that successful You've got left quite a track record behind So where's the upside for that You talk about white spaces Is it by sectors like BioTech Is it some building in those areas and also we're much smaller in Europe than ultimately we should be And by the way John he's been at the firm for 5 years He was executive chairman for the first three and a half years of that and my co chair and co CEO for the last 15 months But from the moment he joined the firm along with roger we've been managing the firm together So I don't deserve all the credit for at least the last 5 years or even before that Why'd you decide now is the time Well I'll be 71 in February stepping down February 25th I will have been doing this for 13 years There's some chance that my wife might be moving and for rumors that affected So I'm the idea of having a little bit more flexibility and not waking up every single day worrying about how is Evercore doing is very appealing to me at this point in my life Talk about the culture at Evercore and how it has evolved and how you expect it to evolve I know you have your first female CFO for example How is it has it changed already What do you expect in the future Well roger started with a great culture which was very collaborative and with great values the very first presentation that he made to his very first client had two words on the first page Quality and integrity And so that was the absolute start of the culture of Evercore And we have a very collaborative culture often get asked what does it take to be a really good ever core partner And I say three things you have to be in arguably a plus or a at our craft You have to have the highest integrity And no jerks And no jerks is really important because investment banking is a team sport and roger and John and I are yelling at our partners all the time Bring the right team make sure it's much better to win by 20 than by two And if you're encouraging people to collaborate and work together a they have to all be super qualified because nobody wants to bring a less qualified person to their client And B they have to be pleasant to work with and that's where no jerks rule is really important Evercore has had quite a run but I must say investment banking right now overall is pretty much on fire How much it is because you run faster and jump higher and how much of it is actually the field you're playing on particularly with the extraordinary degree of monetary and fiscal stimulus Cost of capital is pretty low right now that encourages people to make deals I suspect There's no question that right now is about as good as it gets in our business And we have a wind at our back affected by the whole market But if you look at the last 13 years we've gained market share every single year So Evercore has thrived obviously today when the markets are very strong But we also thrived in ten and 11 and 12 and 13 when M and a was essentially flat and half the level that it is today and each of those years we grew by double digits by taking market share Because you and I've talked about it before you think there are some things we should be investing in in this country at the government level that we should get some money for But one of the things that appears to be the case right now is the Democrats came into office in the power saying we want to do away with the Trump tax cuts as their call from 2017 There's a lot of resistance to that Having spent that time washing is it basically an axiom right now that once you give people something you can't take it away whether it's the Affordable Care Act or tax cuts I think it's a challenging proposition in both directions and I think some of the elements of the legislation is reflective of that The idea that we'll give you a benefit for two years and then once it's the foot is in.

Evercore John Weinberg UAW John Deere union Dear workers David Weston Ralph schlosstein Goldman Sachs JPMorgan Morgan North America roger Altman
"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:53 min | 10 months ago

"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

"Schlosstein co chairman and co CEO of Evercore announced that he'd be stepping down in February after nearly 13 years Turning the reins over to John Weinberg his co CEO for the past several years I talked to Ralph in an exclusive interview to find out why he's stepping down now But first I asked him how Evercore has changed since he took the helm Well it's changed in a number of ways The firm I joined was a genuine boutique a $180 million of revenue And so just from a scale point of view on a trailing 12 month basis our revenues exceeded $3 billion and our earnings exceeded 15 dollars a share Where were they when you started 19 cents a share and a 180 $1 million So it's grown a lot in scale But there's so many other things that have happened We've globalized the business That first year we had $5 million of revenue from companies outside of North America Today a third of our revenues come from companies outside of North America We've broadened dramatically what we do for clients We were an M and a and restructuring firm in 2008 And today we have the number one independent equity research platform We do equity underwriting We have the number one practice in activist defense We have the number one practice in corporate restructuring split off spin offs et cetera et cetera So what we can do today is we can advise clients on literally anything that they want to do in the financial markets And that means we have a greater share of our clients wallet The other really important thing that is happening at the firm is we've become a talent development company And I joined less than 10% of our partners were promoted from within today 40% of our partners have been promoted from within and that's the stock If you look at the flow the last three years it's around 50% So that's a big thing And you've shown that you can and do compete with the big boys I mean I know you pay attention to the league tables I pay attention to the M and a league tables but I pay more attention to what each firm has in terms of advisory revenues And as I said we started out at a 180 and on a trailing 12 month basis were around two and a half $1 billion We've over the years we passed all the European firms about 8 or 9 years ago We passed city about 6 years ago in 2018 We passed BA lazard and Rothschild And so we've been number four since 2018 behind Goldman Sachs JPMorgan Morgan Stanley So what comes next in this business and forever core in particular I mean what does John Weinberg have in front of him Well first of all it's worth noting that in the firm was found at 27 years ago by roger Altman He was the CEO for the first 14 plus years And then we had a very smooth transition to myself And now we've had our second extraordinarily smooth transition So it's worth noting that that doesn't always happen in investment banking But beyond that we have huge growth opportunities filling in the white space both geographically and by industry adding to our product capabilities And also we call it the vortex clean tech real tech BioTech and FinTech Those are sectors of the economy that are growing very rapidly and where the total addressable market even though we're adding people is growing faster than we're adding That's the big question A famous movie studio had once said you want to choose your predecessor carefully because in fact you want somebody who wasn't all that successful You've got left quite a track record behind So where's the upside for that You talk about white spaces Is it biased Sectors like BioTech is some sectors in building in those areas and also we're much smaller in Europe than ultimately we should be And by the way John he's been at the firm for 5 years He was executive chairman for the first three and a half years of that and my co chair and co CEO for the last 15 months But from the moment he joined the firm along with roger we've been managing the firm together So I don't deserve all the credit for at least the last 5 years or even before that Why'd you decide now is the time Well I'll be 71 in February stepping down February 25th I will have been doing this for 13 years There's some chance that my wife might be moving and her rumors that affect that So the idea of having a little bit more flexibility and not waking up every single day worrying about how is Evercore doing is very appealing to me at this point in my life Talk about the culture at Evercore and how it has evolved and how you expect it to evolve I know you have your first female CFO for example How has that changed already What are you expecting in the future Well roger started with a great culture which was very collaborative and with great values the very first presentation that he made to his very first client had two words on the first page Quality and integrity And so that was the absolute start of the culture of Evercore We have a very collaborative culture often get asked what does it take to be a really good ever core partner And I say three things you have to be in arguably a plus or a at our craft You have to have the highest integrity And no jerks And no jerks is really important because investment banking is a team sport And roger and John and I are yelling at our partners all the time Bring the right team make sure it's much better to win by 20 than by two And if you're encouraging people to collaborate and work together a they have to all be super qualified because nobody wants to bring a less qualified person to their client And B they have to be pleasant to work with and that's where the no jerks roll is really important Evercore has had quite a run but I must say investment banking right now overall is pretty much on fire How much it is because you run faster and jump higher and how much of it is actually the field you're playing on particularly with the extraordinary degree of monetary and fiscal stimulus Cost of capital is pretty low right now that encourages people to make deals I suspect There's no question that right now is about as good as it gets in our business And we have a wind at our back affected by the whole market But if you look at the last 13 years we've gained market share every single year So Evercore is thrived obviously today when the markets are very strong But we also thrived in ten and 11 and 12 and 13 when M and a was essentially flat and half the level that it is today and each of those years we grew by double digits by taking market share Because you and I have talked about it before you.

Evercore John Weinberg Schlosstein co BA lazard North America Goldman Sachs JPMorgan Morgan roger Altman Ralph roger Rothschild
"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:31 min | 10 months ago

"jpmorgan morgan stanley" Discussed on Bloomberg Radio New York

"The footsie up a quarter the cac up by four tenths of a percent the Dax up by two tenths closing the gap on the other markets actually as we've gone through the last hour and a half the ibex and the foots you made about the periphery make slightly better gains looking at a sector breakdown of what's moving European equity markets around It's actually travel and leisure stocks are moving to the upside utilities is the worst performer So that's a kind of risk on picture for markets banks also doing pretty well perhaps this is all about higher interest rates and what we've learned about the interest rate environment at through this week That lifting the banking sector and those earnings coming through from U.S. banks perhaps suggesting good things on investment banking at least just a diving into the travel and leisure sector and looking at the stocks that are on the move there as I say that sector is up by 1.3% the best performing and it is the likes of Deutsche Lufthansa and IAG the owner of British Airways and Iberia Those stocks moving up by two or 3% this morning On to other assets and U.S. futures point to the upside we're up by three to four tenths of a percent on the major U.S. averages The MSCI Asia Pacific was really lifted by the positivity of the earnings story so far are by 1.3% through the Asian session checking out the oil price and here again we see some signs of buying of risk assets Is this a good or a bad sign for other risk assets so that we continue to see oil prices moving higher The Brent price went above $85 a barrel earlier on today now at 84 85 at WTI also up by around a percent compared to previous set the previous close a little bit of movement to the downside this week in general on the U.S. ten year yield but we're now up again 1.53% is where we yield on the ten year arguably more interesting moves at the two year horizon this week The dollar is flat to negative The pound makes games this morning one 37 25 four cable That is a quick look at where we are on these markets Then this morning And coming up in half an hour's time the team that brings you Bloomberg surveillance the early edition will be busy and in action Matt Miller Kaley lies and francine lacquer If you're listening on London DAB will be bringing you Bloomberg surveillance and mat joins us now from Berlin Good morning to you Matt happy Friday Good morning Happy Friday Yes indeed We have a lot going on today Did you see Bitcoin I did see Bitcoin $9000 and change Yeah the long conversation about this at the top of the hour I had a good opportunity to ask nor Al Ali from the market's live blog All my terribly hard head scratching questions about Bitcoin It was cathartic Well I will go back and re listen to that on Bloomberg dot com I just want to point out the SEC is set to allow Bitcoin futures ETF next week That's what we think is the catalyst for driving it higher Of course always difficult to really pinpoint There's another story out there that crypto risk now touches $7.1 trillion worth of stocks This according to MSCI That's really interesting because the bank that ties in with what I was saying from the Bank of England earlier on this week John can live drawing parallels between subprime pre GFC And crypto is now Mark cudmore says that's kind of nonsense But no no I was thinking exactly about that kind of angle because this could be seen as a down arrow story You know if crypto is really starting to be systemic then regulators may be more concerned about it even though it's asking for regulation already I mean it's not asking The regulators want to Yeah so I just think it's also a huge number because I noticed in the ETF story there's only $6.8 trillion of ETFs traded So the fact that crypto touches $7.1 trillion worth of stocks more in dollar terms were the stocks I think it's just a really interesting story So that's one of the things that we're going to touch on We're also obviously going to continue talking about bank earnings Joins us after her fantastic interview yesterday With James Gorman the CEO of Morgan Stanley in which he said the fed you know he said if I were there I would raise interest rates in the first quarter of next year They need to be much more hawkish Yeah I thought that was a great interview Alex Steele and guy Johnson also joining Chanel on that And then David Weston spoke with Bank of America CEO Brian moynihan We're going to play some of that as well Today we have Goldman Sachs so capping basically the deluge of financial earnings that came this week Walter Todd joins us on the banks He is the CIO at Greenwood capital and they own shares in Bank of America JPMorgan Morgan Stanley He's obviously going to say positive things about those companies because they own them You got to talk to your book right But we'll ask him questions about loan growth because there are still concerns in terms of the general banking business Even though they all did great and trading they all did great in M and a If you were lucky enough to build up a savings pot during the pandemic then you may be have less need of loan facilities That's a conversation Matt thank you so much Thanks for bringing us a bit of a heads up on what is coming up on Bloomberg surveillance earlier edition That'll be next here on London DAB digital radio And for our U.S. listeners you can catch Matt and Paul Sweeney hosting Bloomberg markets that's at ten a.m..

U.S. Deutsche Lufthansa Al Ali IAG Iberia British Airways Mark cudmore Matt Miller Asia Pacific francine Bloomberg James Gorman MSCI