stephen: well, one of the hallmarks of jp morgan is there diversification.hey always seem to be running on seven cylinders ahead of eight, a weakness in one area, strengthen another. it is rare to see a quarter where they have material weakness in several divisions at one time, so i think the diversification aspect helps. they have the national banking franchise, strong on the consumer side whether mortgages, credit cards, automobile loans, etc. they are high in the table so when capital markets do well, they capitalize on that. trading revenues tend to be strong. this quarter was an exception with reduced volatility throughout the year, so it is more of a well managed bank, jp morgan, with return on equity in assets, and you know, that is where you look for investments in this space. john: we appreciate the time as always. the director of financial research at argus break and gum quarterly results from the big banks. coming up, a preview of bloomberg's next big risk series where we interviewed 3 twelve st players about their long-term outlooks. thss bloombe

jp morgan up by 2%.ave to manage the excellence. they've got to underplay profitability, underplay dominance. >> imagine trying to forecast this year, tom, the next 12 months. all the elections around the world, the tensions in the middle east the expectation the fed is going to reduce interest rates, may well start in march. tom: we are going to have to see. will continue with mohamed el-erian. this is just wonderful after the accolade he has received from dubai, and an award given to him for all of his commitments of the arab world and economics as well. his father, the former egyptian investor to france a few years ago. i know what dubai was like the first time i was there and the growth just since i've been there is extraordinary. what was dubai like the first time you were there? >> so, that's going to expose my age but i was there the first time in the 80's and there was nothing there. there is absolutely nothing there. to see what there is in dubai right now and it's a combination, as you know, of

let's start with jp morgan.what's your reaction so far to the overall numbers and what about jpm in particular? >> i think they were moderately positive. in other words, it's almost impossible quickly to go through these numbers and come up with really hard decisions because there are so many one-time writeoffs coming from multiple different places whether the crease in the fdic insurance, the writeoff of long held bonds, whether it those do with shifting of the businesses to meet the requirements of this new what they like to call basel iii end game. you have to separate that out. once you separate that out you take a look at what would be called operating earnings and i think that jp morgan showed and improvement in operating earnings. i think that you are seeing some contradictions, though, bank to bank. in other words, the capital markets activity of jp morgan and of bank of america were weak, whereas they were strong at wells fargo. plus wells fargo took one very, very sizable capital gain which a allowed i

sonali: that was jp morgan president and coo daniel pinto.t is interesting is jp morgan in the united states, for banks, is the largest employer, 320,000 people last year with the purchase of first republic. number two was actually citigroup, and citigroup is dropping by tens of thousands in headcount. so the divergence between jp morgan's hiring versus the rest of the banks is stark -- bank of america, citigroup and wells fargo are all dropping in headcount. compensation costs rising even with less headcount. it shows you the conundrum of these banks to compete on talents today. jon: yes, it is helpful to point out some of those differences. exist one comparison that is worth making if we are talking about the size and scale of jp morgan, is that you have the head of the largest canadian bank, rbc, speaking to bloomberg in davos, and he also indicated that there is a willingness on his behalf to expand into the wall street business, into the capital markets. so while all the big banks obviously, are doing with different realities, when you a

jp morgan.t the former for the stock. looks like this on the s&p 500 pulling back yesterday. by one third of 1%. yields up again by four basis points. first trading day of the year dollar stronger. the euro. >> brilliant continuation of what we saw. fed speak does resume. everyone is pleased to hear that. the richmond fed present begins his day long discussion with a number of different events. does he lean into some of the market softness saying people got over their skis when it came to how much they were pricing in the rate cuts. ism manufacturing. jolts job opening. what i am curious about we have seen more than a year of sub 50 ism manufacturing rates. do we see a continuation of this and does it matter considering the disinflation from goods has not played out in services in the same kind of way. honestly this to me as one of the biggest mysteries. you shouldn't follow the manufacturing numbers. >> do they talk about cuts in the minutes based on what you've just said? >> we may get the ans

jp morgan gave a pretty positive view on revenues.uide of 88 billion dollars, $90 billion total, that is a little bit above expectation, so that is good. even their their guidance implies that over the course of the year income on a quarterly basis is going to come down. wells fargo also suggested that that interest income is going to find a flow only later in the year. i think there is some hope that we would find inflection points in that interest income in the middle of the year. i think bank of america, they give more of an optimistic view. you are still seeing lung growth that is sluggish, still seeing some deposit pricing pressure, in the quarter. you are still seeing outflows to interest-bearing. so, some of these things we are concerned about. it is an up quarter for markets. so, some of the things we have been concerned about from a revenue standpoint are still factoring into the results. i think that is why you are seeing a negative market reaction more broadly. alix: at least for jp morgan and citi, the market reaction was

jp morgan you acquiring first republic. do you see further fallout? >> the banks are very sound. when first republic happened, we told you all i think it was the last domino, provided that rates don't go up much higher which they haven't and we don't have a major recession if we haven't. if rates go up, a major recession, some banks will be in stress. they didn't fix the fbb problem which they should have focused on. the lending standards will tighten. that's all normal. it's wishful thinking a that the economy will get stronger. it may get weaker. i would think how to grow the economy right now. and i think it's important for the future of this society that we grow, have a healthy economy. maria: what about your own investment cycle? your technology budget is half of nasa's total budget. obviously this is a priority for you, $15 billion and you were for a long time competing with centuries old institutions but now you're competing with apple and google and amazon. is that right? >> yeah. we're not just competing with them. there's new technology you

jp morgan, bank of america, -- tom: jp morgan. things could get rocky, may be volatile the first humans of this year, the topic is jp -- maybe volatile the first few months of this year, the top pick is jp morgan. tom: i believe it is one out of five profit dollars. it is amazing. let's not forget the call that citigroup, there is -- jonathan: that is the banking story. that's get a conversation started with the macro strategy director at ts lombard. it's wonderful to catch up with you. let's go to the data in 85 minutes. what are you looking for in cpi? >> i think the headline of what we need to focus on isn't so much this, but what we have seen since the summer of 2022, disinflation. we got the peak, then we got the peak in core. when it is higher it is more volatile. you can see that in the impact that geopolitics has on commodity prices that feeds into inflation and the core on inputs. we are getting inflation prices that are a bit hot. we saw that in europe earlier this month. core is too elevated for the fed's comfort, but t

thank you so much for setting us up for the jp morgan conference. partner over at andreessen horowitz. coming up, a breakthrough in another area of tech. rocket launches. this time, for the pentagon space partner. we have details coming up. ♪ ed: i'm going to go back to shares of boeing. still down 6.6%. an update from flight records show us the specific airlines 737 max nine airlines. it's been 10 days in oklahoma city in the previous weeks prior to that flight, where the carrier's maintenance partner and work on it according to the headlines crossing the terminal. it was fitted with a wi-fi dome. it is not having a knee-jerk impact on the stock right now, but it is fast-moving and we are getting more details, which will bring you throughout the day. this is bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh caroline: going viral, an extraordinary story about how apple's promise for sturdy iphones may have been kept. after one was found intact after

i spoke to jp morgan chairman and ceo jamie dimon ahead of the earnings report, i asked him thoughtsts and whether or not we'll see action this year. watch. coming off of this little bit of a drought in capital markets activity, i'm wondering if you're getting a sense that the log jam is going to break this year in 2024. >> i think you've seen part of the log jam actually broke early last year. you see ipos, not as many, but they're coming back, just different types. a couple big healthcare ipos, m&a you're seeing. if you want to do a huge deal, you could do a $30 billion deal, $30 billion financing, probably today, so yeah, it's open. maria: he said debt capital markets are wide open. we've got another deal this morning, hewlett-packard announced it's acquiring juniper networks, $14 billion deal, all cash, $40 a share, expected to close the deal this year or early 2025. so adam, maybe we are seeing some green shoots here in terms of capital markets activity. >> i think we are. i think jamie's right. i think that's an excellent interview. i'm enjoying seeing it all week. you see a de

jp morgan chase, wells fargo, citi, bank of america, all expected to report before the opening bell.a big week of inflation, we've got the december consumer price index out on thursday, followed by the december producer price index on friday. kenny, want to get your the take on the banks first and then the data because the banks had a real good bid as interest rates went down in november, the bank stocks went up coming out of a funk they were in for a year and-a-half. your thoughts. >> right. so i think as interest rates kind of settle in, we're not really sure, are we going to get five or six that we thought they were going to get at the end of the year, absolutely not. some are questioning whether we'll get one cut. dallas fed president said don't be surprised if the fed raises rates before they cut rates again. that will put some anxiety into the market. one way or the i the other, i tk the banks will do okay. people have to pay attention to what loan loss reserves are, watch what they say about allocating money to the account, this speaks to what the banks think will happen in th

>> absolutely jp morgan on a returns basis is leading the pack.ee a lot of these banks trying to turn things around. citi is in the midst of a large restructuring and their hopes to improve returns. i think a lot of the banks in this quarter will be looking at a period where we are heading into rate cuts or a softer u.s. economy. how can we still be on the front foot with our fee income? kriti: let's go to the nitty-gritty. in the u.s. session yesterday citigroup shares fell by a significant margin. this particular stock move was tied to a filing. they are setting aside $1.3 billion with risk associated with russia and argentina. >> this is what investors don't like about citigroup. it has operations in over 160 countries. citigroup has exposure to anything happening anywhere in the world. they have operations in argentina. after the country devalued the peso that month -- last month, citigroup says that will hurt their revenue on the basis of currency translations. nothing materially changed about their operations but on the currency valuation ba

jp morgan, nasdaq up .8%. let's parse through a lot of this year. -- allison williams and sonali basak as well. we have been going through all the earnings presentations. is there a take away from all of them? a lot of them did seem idiosyncratic? sonali: there is a take away, and it is credit quality. you have different things to expect from each of these banks about how much they will lend in these environments. take citigroup. the ratio will be between 3.5 and 4%. j.p. morgan is guiding below 3.5%, so that gives you a basis of what they are expecting to lose. as they expect to maintain their competitiveness into this market. listen, guys, it is only less than a billion dollars here. their costs are rising at a greater margin. again, they are making money on loans, making money in this market and willing to take some losses off of it. guy: allison, what is your take away, the similarities and differences here? christa: the key thing we are seeing is expectations coming in solidly across the line. net interest on a core basis, operating expenses be

jp morgan predicting a drop off this year. can see for those three banks and bank of america, the actual loan losses are growing. it will be interesting to see who else shifts years. black rock has agreed to buy global infrastructure partners for about $12.5 billion. the move vaults the world's largest money manager into the top ranks of investors. blackrock will pay 3 billion dollars in cash and $12 million in shares. elsewhere bloomberg has learned that apple is shedding its ai team in san diego. leaving many employees at risk of dismissal. sources say the group has until the end of february to decide if they want to relocate to austin where they would merge with the texas portion of the same team. coming up we will be joined by the israeli minister of economy and industry. stay tuned for that c'mon, we're right there. c'mon baby. it's the only we need. go, go, go, go! ah! touchdown baby! -touchdown! are your neighbors watching the same game? yeah, my 5g home internet delays the game a bit. but you get used to it. try these.

>> with jp morgan i have it within my portfolios that i manage on a discretionary basis.of the best banks there is. and i think overall within jp morgan, if it does pull back on earnings until it's something that's going to completely dislodge the trajectory of the course, i would be a buyer. maria: you're a buyer here. mark, the big story of the morning is crypto. let's talk about the securities and exchange commission approving the etfs, green across the board here on crypto with the s.e.c. approving the first ever spot bitcoin etp. it's actually an exchange traded product as opposed to exchange traded fund like stocks. what's your reaction? what do you want to do with the etfs. >> it's pretty exciting if you're a crypto fan. i'm a crypto believer. as relates to crypto and bitcoin, i think the key to investing in it, and this is what i tell my clients when they ask me how much they should invest in crypto, it's highly speculative. you have to get your asset allocation right. for some people that might be 3% of your the total investable assets others it might be 10, othe

>> if you're thinking about underwriting, jp morgan, bank of america. going to jump back, they will put more fees from that business. it even more than the investment banking business that has seen a lot of pain last year, consumer business is very high interest. on one hand, can expect banks to have a little less pressure from interest rates moving forward. bank of america and their mark to market losses -- material losses, rather. the change they can hopefully see this year as the rate pain subsides. you also have jp morgan, which has been very much benefiting from an expansion and net interest income. can they still see that expansion this year? consumer sitting on yearly record and out of consumer debt, so what is the expectation to extend new loans to consumers in particular and what are the bad loans looking like? that is a massive question in this part of the cycle. alix: is it going to be -- is it autos? home? consumer loans? >> you have to think about the consumer lows from big banks. jp morgan, wells fargo, citibank all on friday. it is a big

jp morgan says the treasury's bull run will continue after this current rest.you think about the dollar, it has been stronger against most of its g10 peers as we await inflation data. we got it out of tokyo tomorrow. the u.s. on thursday. and china and france on friday. euro-dollar trading at 1.09, pretty steady. brent crude importantly, just shy of $78 a barrel. you have all of this disruption in the middle east. tensions in the red sea. the supply disruptions in libya being outweighed by the worsening outlook. you have seen saudi arabia cutting official seller prices for all regions as a result of that. we keep an eye on the oil price. for more the latest market moves and last week's jobs reports, let's go now to bloomberg mliv's mark cranfield. more misery in chinese stocks today. the japanese session not in action this morning, but the msci asia pacific index down 0.8%, if you six glued japan. dragged down by the tech stocks in hong kong. how worried should we be? >> if you are invested in that part of the world, you should be worried because it has made a

guy: is it jp morgan and all the other u.s. banks and then european banks?eak. sonali: it's very bleak. there are a lot of challenges that europe is facing in the economy. the bank executives themselves is one thing and another thing you have to think about is what about everyone else? we are seeing these banks hoard pay for the best performers and then everybody else will end up with a tough season. in some firms, it's not just -- it's a matter of business lines. some business was week that they expect to rebound. they don't want to scrap everyone on pay and lose their best bankers and then have the boutique banks which are willing to pay a lot of money to bring his people on board and compete in a year where things start to rebound. it's a tough equation. the europeans have been in a tough place relative to the u.s. banks. guy: great stuff, thank you very much indeed. we are coming up to the end of the day and the closed because this is the last show. the stoxx 600 is down by 0.2% in a bumpy week. we rolled over a little bit and today the pound is under pr

tom: jp morgan capturing profit dollars in banking.his on how much they are making. what's good to be interesting about this is with blackrock we have not addressed yet what is the right size to cost efficiencies. that's going to be i'm not sure what they know what they're going to say on wednesday. >> 3% of global workforce 600 employees. absolutely nailed it. this is what you were looking for now. will we see more of that from the other players. some of the big shifts they are starting to see an asset management. i'm wondering if you see it elsewhere. >> asset management may be as a gossip idea esg and that struggle. this is not some annual layoff at john deere or caterpillar. they did a layoff 12 months ago. they had layoffs somewhere. the answer, of 3%. it adds up to a real number. jonathan: we see our industry changing faster than at any time since the founding of blackrock. that's quite a statement off the back of that decision. >> where are boeing aircraft are made. i believe it's washington where they were tuned into the colleg

jp morgan, citigroup, wells fargo bank of america, all on top before the opening bell.will have those numbers coming up. inflation at the forefront, take a look. markets anticipating the december cpi this morning. the december cpi was higher-than-expected in this morning the markets are weighty the ppi, dow industrial 12, the s&p 500 lower by four. were awaiting the producer price index and a sense of how the producer is varied with the december ppi out this morning at 8:30 a.m. eastern, check european markets, the eurozone looks like this as stocks trade lower, stocks are higher in europe, the supreme would hundred and 56, the cat caught up 73 and the daxs index higher 139 in germany. in asia overnight stocks finished with economic data, china's consumer prices drop in for a third straight month in december, the longest streak tofdecline in 2009. joining to the conversation already long plus managing director mitch rochelle, cyber expert krysia lenzo in cheryl casone. "mornings with maria" is live right now. we have breaking news this morning, the u.s. and the uk strik

manus: jp morgan -- time to the risk 2024.tarted for the set of bloomberg trading. this is bloomberg the open with jonathan ferro. manus: coming up, markets o

jp morgan, wells fargo out with numbers next week.pect as well many people will be back at their desks. i'm fascinated by the lufthansa story. boeing and airbus as well as going to tell us a lot about global supply chains. it is worth focusing on what is happening there. katie: let's dive deeper on those transport stories because it is going to be a big week. we get boeing's you're-and delivery numbers on tuesday. that is followed by airbus on thursday. a lot of potential catalysts for the industry overall. you already heard morgan stanley , weighing in, saying in -- saying whatever the final delivery numbers are for airbus, it up alere's -- it appears the playmaker has improved execution. any reports suggest airbus beat its delivery guidance for 2023. i suppose we will find out soon enough. joining us now to preview all of this is sinq philip. walk us through what exactly we might learn for next week and what it means for these two very important names. >> next week we are going to see what the playmakers have managed to deliver. 202

i'll be speaking with jp morgan ceo jamie dimon tomorrow morning ahead of it. join us for that exclusive interview coming up as banks set the tone for the year. we're watching the stock this morning of jpm and all the banks. we're watching boeing, that is setting the tone, following the incident where a plane door blew off shortly after takeoff. boeing shares down 9 and a quarter percent. that's one of the main reasons that the dow industrials are down 202 points. european markets, take a look at the euro p zone, the ft 100 down 31, cac quarante down 14 and dax lower by 1 and-a-half. asia overnight, markets finished like this, in korea down a fraction, the hang seng down almost 2%. back in washington, congress is facing two major deadlines on spending, as the house and senate agree on a top line cap in spendi spending for the fisc, the aappropriation committees negotiating detailed bills ahead of the spending deadline, january 19th. everything you need to know coming up. policy marchs into politics as the iowa caucuses are one week away. the candidates making t

guy: is there a line i can draw between what's happening at morgan stanley and goldman sachs and jp morgan at citi? it feels like these banks are having their own stories to tell rather than trading as a group. they plan to trade as a group but the differences are beginning to emerge more. sonali: absolutely. i'm glad you asked that question. if you think, like ted pick told me last year investment banking would lead the cycle, goldman sachs coming in at number one and they inked more than $1 billion in advisory fees and last quarter alone in about market. if you look at jp morgan, the underwriting fees are starkly ahead of everybody else. net interest income. you have jp morgan, the biggest of the group saying they are going to be flat to a little higher on the year. interesting about that outlook. it incorporates six rate cuts. that does not happen, there's a big question on loan demand and whether you see that loan demand feeding and through the entire banking system at a time where costs are undetermined is pressure. the biggest reason that goldman came in less than everybody is becaus

she was speaking to the president of jp morgan.s putting an emphasis on the geopolitical risks on ukraine, the middle east and the geopolitics. the agent does not necessarily help the case. white positively comes to the economy and the market. he said something our next guest might actually share. also today, live from bloomberg has, a conversation with ecb president. there is a lot going on. you deftly want to tune in for these guests. stick with us. this is bloomberg. ♪ >> welcome back to daybreak europe. i am pretty good debt in london. asian markets continuing their decline. hong kong leading those losses. the chinese gdp data came in weaker than expected. for more on this and more, we want to go to haslinda. >> those declines coming on the back of five years of losses. let's speak to paul chan. thank you for joining us today. they are currently down about 4%. people say this is a vote of no-confidence on hong kong or china. going forward, it will be coming down. >> it is about confidence, it is about trust. how does it get fix

so this is the place to be. >> the san francisco travel association says the jp morgan conference has. last year, it brought more than $86 million to the city. there are huge boost to san francisco, to our restaurants, accommodations, our cultural attractions in our small business is i can't think of a better way to kick off the new year for san francisco. the convention benefiting small businesses too, with hundreds of receptions in restaurants, bars and galleries. uc berkeley hosted one of those side events, a bio startup showcase tuesday night at a gallery on mena street, pitchbook just ranked uc berkeley number one for venture backed startups, edging out stanford for the first time in 2023. >> and so we really just wanted to show people what we're building in berkeley, the former british prime minister, tony blair, was the keynote speaker on tuesday. >> this conference is set to run until thursday and sf travel says jp morgan has already committed to having this conference here again next year in san francisco, jana katsuyama , ktvu, fox two news. >> coming up here on mornings on

jp morgan revenue last year was short of $50 billion.orkforce ahead of the departure of long-term ceo jeff janet. the cuts include 2350 employees, mostly in corporate positions, and will close five stores. macy's struggle to compete as consumer preference shifts away from department showers -- stores to online retailers. walmart giving its store managers a raise in a bid to attacked workers. the average will now jump to $128,000 and store profits will play a bigger role in annual bonuses. retailers have struggled with labor retention as workers face unruly customers and a rise in store theft. coca-cola ceo james quincy says the company's wide range of products will protect its business if new weight loss drugs cause changes in consumption habits. quincy says in almost every category, the maker of sodas has products without calories and sugar. >> when you break down the data, i don't think it's a big thing for us. at the end of the day if you want to make it super simple, we sell a whole range of beverages. at the end of the day, you can

cheryl: two of your picks are morgan stanley and jp pour began. we have morgan stanley tomorrow.characterization and a very different story from bank to bank. i've never seen i don't think any quarter where each bank had so many separate issues and it's anybody's ballgame tomorrow for these earnings. >> yeah. i think you're right. we're seeing a lot of that divergence, disparity between banks. it's been such a challenging environment. jp morgan has done so well in general because they had have a large franchise, a huge balance sheet. not only can they do well on the commercial side of things, they can do well on the investment banking side of things. morgan stanley, they're more geared toward investment banking and wealth management. for morgan stanley it may not be as much about how well they did last year but the forecast for this year. if we have a case where people are less worried about recession, you get more capital markets activity, you see more investment banking done, ipos and secondaries, that could be good for a bank like morgan stanley which not only has the wealth m

we have had all of the big earnings from morgan stanley, from goldman, the likes of jp morgan as wellgulation. that will be a big feature of the conversation in davos. we know they are unhappy about the prospect of higher capital requirement. where's that conversation headed? sonali: is headed in a direction that is getting quite ugly because you have the banks pushing back hard and sing to lawmakers that not only will it constrain lending to have these were fireman's, but remember -- to have these requirements, but remember they have constraints they are beholden to as well as other constraints on their trading activity they argue would be a pain to the treasury market. certainly there fighting back hard. none of these bankers, it was a staunch person to advocate against those rules, they do not think they will pass this forum. another thing to consider is what does this look at into the election cycle. to these banks have the same sort of difficult regulatory environments here they had had in the last four years? is not just capital constraints, these banks have faced record finds t

earnings season kicking off with earnings from jp morgan. starting the year on a nine week winning streak. tom: what's so important here is it was about a catch-up being gone. if you assume -- the super bowl in the 8:00 hour if we are going to be bullish what kind of bullish are we going to be. jonathan: let's talk about the scores of the last 12 months. the s&p 500 up 24%. the range of forecasts on wall street coming into this year you could drive a double-decker through them. 4200 on the low end. 5200 at the high end, oppenheimer prayed -- oppenheimer. abigail: -- lisa: that's really rare. we've seen 20% up, 20% down pretty consistently for the past couple of years and you'll have to go back to 2016 for a 10%. tom: i thought over the weekend over the long holiday it was way too much short-term analysis. i went over to where we were from the beginning of covid, spx up 12% per year. nasdaq up 19% per year. with a super 2023. jonathan: a decade with the stories in 12 months. the banking crisis. moved on from there. we have the story of hire f

jp morgan raising the pay of their ceo, jamie dimon.1.5 million salary, the rest coming as performance-based incentives. jp morgan revenue last year was just shy of $50 billion. davos predicting him and a deals will increase, saying the fed will be prudent and that predictability is good for investment banking. david rubenstein saying deals are returning as recession clears ease, adding that he will be shocked if the federal reserve does not cut interest rates by much. markets are a bit to the upside. yvonne: it really has gone global now, so that is helping to lift this morning. china is obviously still the outlier here, doing relatively speaking better. fourth quarter gaming revenue rising, the highest you have seen since the first quarter of 2020. rishaad: this is a classic base effects story, 486 percent. yvonne: you are still seeing a lot of action in macau, even when hong kong has dwindled. rishaad: lots more reporting next week, but you can see their strong outlook really fomenting these big gains. yvonne: coming up, a lot more o

jp morgan's revenue last year was just short of $50 billion. street bosses at davis are predicting m&a deals will pick up as the fed brings rates down. morgan stanley ceo ted pick says morgan stanley will be prudent and predict ability is good for investment banking. david rubenstein sees he will be shocked if the fed doesn't cut rates by march. sticking with wall street, bloomberg learned that ubs plans to sell credit suisse pasta strat debt business piecemeal after failing to attract enough interest from a single bitter. credit suisse ought to exit the business last year in an attention to shore up confidence weeks before it was first in an emergency takeover by his biggest rival. to the tech space. the eu antitrust regulator is expected to block amazon's proposed one $.4 billion acquisition of roomba maker irobot. the e-commerce giant was told yesterday that the deal would likely be rejected. shares in irobot plunged in after hours trading. the final decision is due by february 14, with the deal also likely to face opposition in the united s

i was in las vegas at ces and jp morgan happening at the same time in san francisco.one single defining piece of gossip that went on in the hallways of the hotel? >> more than one. that is for sure. the mood was cautiously optimistic. lots of excitement around the acronyms, aia, glp-1, and the intersection of bio and digital in 2024. >> was their exuberance around writing checks to these venn diagram that might not overlap as much as might be anticipated? i'm interested as to whether people wanted to go in and still support these companies or whether it is a story of having to do more with less? deena exuberance is not quite the word i would use but i would say there was interest and excitement. jpm is more focused on the public side of things but of course that does have a direct impact on privates and there is sort of a private track at the conference. lots of announcements around mna on the farm outside, around big partnerships with ai and health systems so you can expect investors to continue to be excited about those particular intersections on the biocide as wel

inflation strategy at jp morgan securities. work ahead of her with the fed decision in about one hour and five minutes. the market continues to oscillate less around the fed but more around the disappointing earnings we got over the last 24 hours. the nasdaq composite is down more than 1% on the day in the s&p down about 0.8%. the dow is one of the few bright spots, up by about one -- 0.1%. people are keeping an eye on yields of the 10 year yield is back below the 4% level. that's more about the treasury and its more about the earnings we got out of new york community bancorp. the dollar is in a holding pattern as is the vix. we are counting you down to that fed meeting. this is bloomberg markets and that does it for me for now but i will be back. i will pass the baton over in half an hour's time to team surveillance with lisa abramowicz, annmarie hordern and jonathan ferro will have full coverage starting at 1:30 p.m. from new york, a huge slate of guess they have lined up. -- of guests they have lined up. a great lineup to br

it is the big one kicking off already, the annual jp morgan health care conference in san francisco.es of the event, here is chris boerner bristol-myers squibb ceo. thank you for joining us for some of our -- joining us for some of your time. let us talk about where you see this business. you have changed, you have, in and delivered a flurry of deals. are you in the process of axing pistol myers? chris: it is great to be here. i am excited to be taking over as ceo. our business is in transition because we have a number of products that have gone off a patent but we are replacing them with a portfolio that will drive long-term sustainable growth. look, this business continues to be dynamic business development. that has been part of our history. the deals that we have done makes sense. the corona deal is our entry into neuroscience and we have extended the leadership position with additional platforms in oncology. we think they will continue -- contribute to the growth of the company. alix: part of the reason we love it is this is where deals get done, this is the speed dating as i wa

air france, jp morgan has a street low price target. klm down nearly 5% today.he issue here is what is happening on the non-fuel cost story going forward. revenues will remain reasonably well as abated. fuel costs will be all the tile, but it is that non-fuel element that will be interesting. that is where the inflation is coming from. the airlines are really struggling with it. ben smith is a master of this stuff. sainsbury, u.k. grocer. food has done really well over christmas. it is the general merchandise side of things that have been much quieter. they have not upgraded their numbers. general merchandise not doing as well. think about clothing sales. people have spent money on the holidays but not elsewhere. that tells you a little bit about what is happening with the consumer might know. alix: this tracks my budget 100%. here in the u.s., it is dull. the s&p up by .2%. boeing stock is up by 1.6%. the ceo admitting mistakes, talking to staff yesterday afternoon. the 10-year is interesting not because of the level, but because beget $37 billion of 10-year no

tom: how important is jp morgan earnings?re capturing one out of five dollars in american banking. maybe that is as big as the job market. jonathan: the important one is from apple, early february. a big run up through 2020 three, multiple expansion, sales of the iphone not great. tom: to their credit, they write a blisteringly clear report when it comes out. their ir staff get an a from me for clarity. one of the things you can read is into one -- economic literature. each one is 40 pages long except for when she stops at a traffic to tweet. anna wong. you stopped me yesterday with a famous red pencil on the birth and study of the bureau of labor statistics. do we actually know what our job numbers are or are they changed by the births and deaths in america? anna: bls adjusts their survey number with a model estimated that aims to capture the growth of small firms. those estimations are based on benchmark results from a year ago. what oftentimes happens is when you have turning points in the economy, you have a lot of volati

really helps when you start off the jp morgan healthcare conference with a few deals.nnounced last month and the big closing of the pfizer cgen transaction. it's really good for the sector because it's not just healthy for bio -- for the big bio pharma names and small that shows there's a path to an exit. >> why are these -- i see why the deals are sort of the tonic that the sector needed. but why are companies like pfizer, bristol myers and j&j down so much over the past year? pfizer down 39%. i suppose it has to do with the decline of sales of covid drugs and covid vaccines, but what else could it be? >> there's a lot of nuances here. look at lilly, it's up massively year over year, but something like pfizer, they were transitions away from covid, trying to reset their revenue base, misaligned expectations cha management was saying and investors thought. now it's a reset. cgen coming in. lot of opportunity there. bristol same thing. they need to replenish that revenue base and some of the new launches weren't doing as well. now they're bringing in new assets hopefull

jp morgan downgraded coin base, at least, saying today that they think a key catalyst for the crypto trk fs has been overestimated by the crypto community. they acknowledge that coin base they think is a dominant u.s. exchange and leader in the space. but they think the catalyst in those bitcoin etfs say that pushed the ecosystem out of its winter. they say it will still disappoint market participants. jp morgan expects the etf enthusiasm to further deflate as they described it driving prices lower along with lower ancillary revenue opportunities for firms like coin base. back over to you guys. >> where were these wet blankets before the etf approval came along? you didn't hear a lot of people saying, oh, this etf approval, it's going to go down from here. bitcoin is because it's overbought. >> that's a great point, tyler. hindsight is 20/20, at least in the analyst community. you're now hearing more bearish sentiment ahead of this news it was a lot about the potential of constitutional investors. now the reality is sitting and hearing way more bearish tone out of the sell side when

so let's keep getting very cosy with jp morgan chase. black rock, private equity firm carlisle group, bridgewater associates, blackstone black rock, again, the world's largest money manager, meantime complex thousands of ukrainians have been tossed into them. for details on the of the joseph conrad wrote hall of darkness at the height of units colonial scramble fast . it's about the search for a mysterious white trader. old mister cups is become a monstrous killer. it symbolizes a type of savagery at the hall of western civilization. shops of african heads for fun. the 1st red joseph conventional was studying at oxford university. i thought cups was just an operation. a twisted fantasy of conrad's imagination. he had summed up, he had judged the hard i didn't really get it. but the more i learned about colonialism, the more i realized it always started with men like cuts and that fixed link to this day. then i made a discovery that changed everything for me. at the same time that comrade was writing his book, life was imitating out. in a

let's put jp morgan's number in focus as well.y want to extend internationally in investment banking and wealth management at a time where the number two bank by headcount is shrinking. citigroup is the number two by headcount and they are going from number two to number four, it feels like, overnight. you do see selective hiring among the banks and a willingness to grow. with that optimism that things will get better the ship. for now it is for the cards to player. things will be rosy so they can put that money into work and remain competitive in those businesses. guy: lots of moving parts. thank you very much, and. sonali basak, kind of dissecting and working out what this all means. and ultimately the direction of travel. coming up, the senate voting on stopgap funding legislation. chuck schumer just on the senate floor saying talks on border trending in the right direction, aiming to take up ukraine aid as soon as possible. we will have more in a moment. this is bloomberg. ♪ when you automate sales tax with avalara, you don't

morgan's number is like 250 or 240 or something like that. average is 185 and have to go to inflation. nothing with the economy. liz. the precursor of the jobs report on friday was adp number and that was a miss, which was interesting and labor market as powell said which was slightly slower and getting to stocks here, gabriella, look at names and magnificent kevin a few more in there and they've just been the leaders in the markets. they've basically taken over entirely. looking at the revenues last year for the magnificent seven, they were up and 493 games left and those contracted 6% and does that flip to make the rest of the team look better? >> we absolutely think s. it's not just about that one star quarterback here anymore or the seven quarterbacks, magnificent seven last year. i want to make clear that we don't think it was unwarranted to have the kind of returns we saw out of the companies. their valuations got cheap, there was a huge tech reck in 2022 and cut costs and refocused businesses and already monetizing artificial intellige

the united states is heading towards a cliff due to growing government debt, said jp morgan ceo chaceze of washington’s foreign loans has exceeded 34 trillion dollars, but two years ago it was at around 30 trillion, and growth is accelerating. it seems that we still have time, but when it starts, you know, foreigners have 7 trillion dollars of us government debt, so markets around the world will riot. this would be the worst possible scenario. there is a cliff ahead, about 10 years away, but we are rushing towards him at 60 mph. and at the end of the issue, i will remind you that the exchange rates for today are dollar 89 rubles. 51 kopecks euro 97 rub. 9 kopecks and that's all i have for now. the fourth annual forum: strong ideas for new times. the forum is aimed at supporting and implementing citizens' initiatives for the development of the country. the forum is implemented by the agency. federation together with the roscongress foundation. more than 450,000 citizens took part in initiatives under the decree of the russian president throughout the forum. more than 90,000 ideas were

. $90 billion is how much jp morgan expects to make in net income this year alone and m six rate cutshis year alone. there could be more. from new york that does it for me.same time same place next we. that was real yield on bloomberg. >> welcome to bloomberg markets. >> let's check the markets. we are trying to hold on to some green on the screen but we are roughly flat on the day, investors pouring out o the market even with the pair down in the yield, five days straight that yields moving lower, and eight-point move on the day, does not show you the volatility, 17 basis points on the two

. >> jp morgan notwithstanding, don't have people tying on that one. alicia of a nice performance with the stop of the last year. >> financials tended to perform well also based on where the yield curve is positioned right now. still very much flat. we start to see some normalization, we could begin to lead in their. but until we actually begin to get rate cuts on the, table i think that headwind on the regionals is still existing. that is one question that all investors are going to be looking at. head of those reasonable banks share in these queue for results that will be coming out soon. that something will be looking at. but financials right, now it's on something we're ready to step partisan. >> the performance of, late obviously they've done well of late. it's here for the banks? >> you have to be very selective as well. some banks have better balance sheets than others. >> what about large banks? let's just say to ages, point if the yield curve reese deepens, wang and goes up, reeves deepening of the curve, better for net income? economy hangs i

. >> just a short time ago from jp morgan, marco kelowna vic has been negative for many months. he said that valuations look more stretched. how do you take that view? a few bad inflation prince would upload -- it could go against our pricing and the higher probability of a hard landing. what do you make of that argument? even someone who is really bullish like jeremy siegel, 20 times is not exactly cheap. >> it's not. listen, p e's levy little room for error. that is true at the single stop level and at the index level as well. listen, we came in last year at a lower multiple thinking eps this year was going to be somewhere around, i think it was 225. for the next year, which is now this year, want to be somewhere around 250. both of those numbers have come down by about $10, let's call, and the market editor of the year last year largely on the back evaluation expansion which you are unlikely to get this year. the linkage between valuations and multiples and market performance can be differentiated from one year to the next. i think what you are saying is entirely true. when y

cramer has more, next. ♪ ♪ ♪ >> reporter: jp morgan health care conference i got to sit down with industry'sng the company makes his former presentation of the conference. but tonight, you're getting a sneak peek with teresa graham. she's the ceo of russia's formative issue. miss graham, welcome to mad money. >>> thank you very, much it's a pleasure to be here. >> reporter: i've got to tell you, this is a rows that seems to reinvent itself. it's a young company, 20 new medicines in 2015, 50% of sales. you've got to become a nation of great acquisitions, but also tremendous [inaudible] >>> absolutely, i think if you can say anything about the 125-year history of roaches that we are at the forefront of innovation company. we are consistently looking around the world both internally and externally to find the best innovation that can treat serious diseases that are affecting patients around the world. and that is really what we have been focused on over the last several years. building our own internal pipeline, maximizing our in market portfolio, and making some great acquisitions of partnersh

jp morgan is shaping up its top ranks. jamie dimon moving two key executives into new roles as co-ceos of its expanding commercial and investment bank. the switch comes halfway through his five year retention package, giving both executives more experience as he prepares potential successors. that is your bloomberg brief. jonathan: up next, the fed. >> the consensus around the table of the governing council was that it was premature to discuss rate cuts. in addition to that, i typically stand by my comments. jonathan: more in a moment. you are watching "bloomberg surveillance." good morning. ♪ jonathan: good morning. six-day winning streak on the s&p 500. here is the bump in the road. we have been spoiled on the equity market last week. lisa: honestly, this nirvana story. everyone leaning into soft landing seems to be the story. whether it can last. we have been saying this. we have to question. jonathan: asset management talking about it this morning. the ecb behind us. the fed come up next. >> the consensus around the ta

you think about jp morgan. jamie dimon developed a culture and that one is a little more straightforward at this point. they are moving ahead, really building, and their dominance is continuing to spiral so i think that was morgan stanley, this is a chance for them to continue the culture. starting from a pretty stable level. it is just a matter of can he continue that momentum? can he continue these the ability -- the stability? jon:jon: what about on the capital issues specifically? you had the executives that made their way to washington not that long ago and clearly in the conversation, james gorman highlighting some of those failed banks and essentially saying one offs. the regulators themselves have been very concerned about what could happen going forward. what is that conversation going to look like going forward? katherine: it's funny, his answer to that topic, to that question, he started it with a laugh, saying is signaled to me that he does not think that this was a system failure at all. he referen

sonali: jp morgan's oksana renault predicted a credit reckoning for 2024. is the credit reckoning here yet? arcs honor: like -- oksana: like all reckonings we cannot pinpoint the catalyst, but we know where the vulnerabilities are. the interest rate reckoning took its time but arrived in 2022 and even 2020 328 large extent. high-yield will face significant challenges. you had a number of companies that should probably have not made it past 2020 but did because the fed supported a wide range of companies. that won't be the case. these businesses will have to stand on the merit of their fundamentals and it will be challenging. in 2022 and 2023 as the cost of capital went up, we saw those two years being the lowest issue years since 2008. how this year will play out, you have a maturity while coming up in 2025. it will be interesting. we have seen defaults quadruple in high-yield bonds going up to something like 6%, close to 6% in leveraged loans for you you have low recoveries. there is definitely a drumbeat of the default cycle underway. sonali: megan, you s