so they're obviously going to listen to the jamie dimons of the world.mean they're going to follow his advice, and it's quite clear from what jamie said they're not following his tactical advice. you just don't know whether these unusual tactics the president is employing will result in the outcome that's best for the american people so far along the way it doesn't look particularly like the right tactic to be using you don't want to have all this talk of retaliation. jamie dimon is absolutely right. the quid pro quo is going to ratchet it up. and no leader wants to look like they're losing face in a battle with the president of the united states so i don't think gary cohn's absence from the scene reduces the access bankers on wall street have, but that doesn't mean donald trump is going to listen to them >> jim kramer raised the possibility or at least the risk of criticizing the president because you open yourself up to potentially a negative tweet or even more. is that a real threat do you think when you at least speak out, and it was a very mild crit

i spoke to jamie dimon in chicago. dimon said the president is right to target china on trade, but not much else. >> the way to look at trade. the president has raised serious issues that are accurate around china that need to be fixed. we want nafta done. i think mexico is a wonderful neighbor. we want nafta done. to torture mexico in this way is dead wrong. it should be fixed. we thought what the president should do is work with mexico and canada and do tpp. work with the european allies and japanese allies and go to china with a common front. this is the way the modern world deal was trade and ip and state enterpris enterprises. now we have a little bit of a trade war or battle with allies and china. the president is doing a great job, maybe we would have a great outcome. the president's team said there will be no retaliation. they have been wrong. if you do another $200 billion of tariffs and national security with cars, you are getting close to having reversing the benefits we have seen in the economy. >> the trad

jamie dimon remains bullish on the u.s. economy, but does believe there are two big risks.ceo of jpmorgan highlighted the trade conflict between the u.s. and china and the unraveling of qe by central banks around the world as two key factors. addressing the trade dispute, dimon said he believed it had not turned into a full-blown war but expressed concerns about trump's strategies so far. >> i would put it in the skirmish category. the business community is representing to the president that we agree with a lot of issues raised by china the business unit in general would have tried to get mexico, canada, japan and europe to get a common front it needs to be fixed we want it to be fixed he has taken an approach which i'm worried could create negative outcomes. we told the president that i'm hoping his methods work. >> the wall street boss outlined his concerns about the unwinding of easing monetary policy. >> it's trade if the skirmish becomes more of a war. i would say it's the reversal of qe we never had qe. we never had the reversal. regulations are different. monetary tr

creates some space, though, for growth i'm sorry for value overgrowth the last fewdays we had james dimonn yesterday and you interviewed him. >> i had nothing to do with the interview. >> no, you asked some questions. >> i didn't ask any questions. >> you were on when it happened. >> correct i listened. >> oh. >> i listened,too. >> let me stop you there before bowing down the jamie dimon stuff. >> let's not do it for once and move on to apple you talk about 12 to 13 times. yeah apple trading something like that >> yeah. why is that considered not a value stock? >> it's up why isn't alphabet a value stock? >> it is just a second, let me take a phone call [ laughter ] i interrupted you. i got apple reporting after the bell i was curious look through the samsung results. we don't talk that often about the corporation in south korea by far one of the largest in the world. >> please, do you have anything? i would like something to say tomorrow i'm like what will help me it was a great quarter. >> how about you heard what easterbrooke and mcdonalds said about what china what he thinks it may be

. >>> bp shares jump after the company reported a 300% jump in profit and jamie dimon tells cnbc what he thinks is the biggest risk to your money it's tuesday, july p31st, "worldwide exchange" begins right now. ♪ >>> we're not perfect, but we try. great song good morning, good afternoon, good evening from wherever in the world you may be watching. so glad you're with us to start your tuesday here's how your money and the global marketing are setting up their day. this is after yesterday's big losses for big tech stocks the f.a.n.g.s down again for the most part. the dow down 144 points. futures this morning are holding up better today. they're flat to slightly higher. the dow is up 18 these are tiny moves we have a long way to go there's been a lot of nervousness out there because the nasdaq has fallen more than 1% for three sessions in a row people are wondering is that massive run for the f.a.n.g.s and a few tech stocks finally coming to a multi-year close we'll have to wait and see let's check on how those names are trading. they are higher mildly facebook which was down 22% in a c

jamie dimon said that are you worried.ax reform we have not heard as much in the second quarter as we did in the fourth quarter. out.thing planning finally to wrap it up with trading revenue, clients have been more participating in the markets. she expects expansion in markets and pick up and volatility. we might see that coming soon. coming up, minutes away from president trump and theresa may's press conference. we will have that. this is bloomberg. ♪ >> this is bloomberg daybreak. today, brigadier general mark kamman, the secretary of state. we are minutes away from president trump's news conference with theresa may. it is basically a countryside retreat. i am thinking about it as u.k. count david -- can't david. intake us through the latest what we can expect, alex wayne, and the bloomberg opinion columnist. kevin cirilli also joining us. i want to head over to you first. what are the expectations? optics of this meeting are the exclusive interview of donald trump. the u.s. deal is off. he is going hard on trade. perso

dimon want himself at the top of jp morgan.3:00 p.m.arian time. >> thank you very much wilford frost, 3:00. the exclusive with jamie dimon coming up in the second hour of power. the busy hour. the president holds a joint news conference with the prime minister of iflt guiseppe conte that folks is next on power lunch when it begins do you want the same tools and seamless experience across web and tablet? do you want $4.95 commissions for stocks, $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online. i was on the fence about changing from a manual to an electric toothbrush. but my hygienist said going electric could lead to way cleaner teeth. she said, get the one inspired by dentists, with a round brush head. go pro with oral

the firm posted record revenue and profit and growth in nearly very metric reported s ceo jamie dimon touted what he sees an a strong environment for banking. he says consumers and their company versus money to spend and people are building houses, all of which are positive for jpmorgan and the industry as a whole. >> consumes confidence very high, albeit off the highs, probably because of some of the -- if you're looking for es poth there's not a lot of things and growth is acsell r5i9ing. >> reporter: both dimon and citi's chief financial officer ls thatseparate media c the trade war has only tangentially affected the businesses, because it creates uncertainties for companies.nk f america, morgan stanley and goldman sachs rept next week, for "nightly business report,"'m leslie picker. >>> the s&p 500 had its best close since february. the strength came from the tech sector with amazon, facebook and microsoft all hitti new hides, the dow roses 94 points to 25,019, the nasdaqose two and s&p 500 added three. for the week all the majors indeere higher. >>> one of the worst performing do

the stock has gone a long way. >> see what jaime dimon has to say later. closing bell >> it will be interesting. >> steve weiss >> i mean, i could give you a bunch of them. what i'm going to give you, though, is not what i want to the producer, but very strong quarter. middle of everything you want to own. >> jim levinthal >> tomorrow down 3% to the high. that's doing really well i think it's a value stock not a growth stack stock >> we'll see what it means for tech >> how about verizon continues to move higher >> good stuff. thanks, guys power starts now >> scott, thank you very much, folks. welcome to power lunch i'm tyler matheson losing their bite. facebook hitting bear market territory. netflix down again the fang names have been bullet proof this year, but is the market finally ready for a big rotation and trade tariff troubles. a triple t caterpillar warning it will take a financial hit, and it will raise prices harley davidson ceo speaks out exclusively to cnbc about tariffs, and cvs shares sinking again. the board meeting to discuss the investigat

plus, jamie dimon said something on this network, that has all of wall street talking. we're going to bring you nose comments, and as always we're live from time square. imagine traveling hassle-free with your golf clubs. now you can, with shipsticks.com! no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. sending your own clubs ahead with shipsticks.com makes it fast & easy to get to your golf destination. with just a few clicks or a phone call we'll pick up and deliver your clubs on-time, guaranteed, for as low as $39.99. shipsticks.com saves you time and money. make it simple. make it ship sticks. >>> we've had suppression of rates for a better part of a decade around the world. those things reversing so far to good effect. global growth is going to be as strong as its been in a long period of time as long as they're raising rates in that that's fine. >> that was jpmorgan chase sitting down for a candid interview for wilfred frost. dimon giving a vote of confidence to the american economy, saying rising rates will

jamie dimon.e to remember the transmissions he talks about in monetary policy, he is one of those gears in the transmission. banks, primary dealers are the avenue of implementation of monetary policy to get it into the economy, and indeed, how it reverses we don't know one thing we do know when we talk to people like jim bianco today, all the cumulative positions of central banks should be moving a bit lower as the u.s. starts and mario draghi to some extent is joining. the problem is if you look at where we were in qe as we started to do our taper, those levels are about the same levels we are today between bank of japan and other central banks, they've made up the difference the point of that is kind of hard to tell nothing really has happened yet. and the biggest issue of all may be europe and japan. with respect to europe, mario draghi understands that you have to take these things slowly but the problem with slowly is if there's a bad market signal, if we come to a point where there's an area

i just have to be patient a little bit jamie dimon's comments i agree with completely, in term of theay the economy's doing. >> and you say that the yield curve is a worry but should it be a worry, i guess, is the question, but the germany 10-year kind of anchoring the u.s. 10-year yield. i guess you're saying that the curve is not sending much of an economic message right now >> i worry about it. i'm a big fan of the yield curve, but it needs to go negative before i react to it. and if it goes negative, there are different measures like the 2-year versus the 10-year, or the feds funds versus the 10-year. i'll look at all of them and the context in which it would invert i don't expect it to invert, i think bond yields will go up at some point before the hedge funds get to 3%. but if it inverts, i'll forecast a recession. >> what about earnings overall and which pockets of the market would you like to be in as we expect another pretty solid growth as far as top and bottom results? >> i agree with that, sarah. i think the earnings this quarter are going to be a complete blowout on the u

so it remains to be seen how that trickles down. >> jamie dimon likes what is good for jpmorgan chaserview. >>> a lot of news developing into the morning. let's get right to it. >>> run by something that resembles the mafia. >> we have seen a lot of bellicose words from mr. trump, but this tweet really takes it to a new level. >> trying to change the subject away from his disastrous summit. >> russia is not our friend, and they tried to attack us in 2016. the president needs to say that. >> in the president's view, any sort of admission of russian interference is admission of collusion. >> it sends a message that he doesn't, you know, know either what the facts are or he won't accept the facts. >> we signed a wonderful paper saying they're going to denuclearize. >> mr. trump is frustrated at the pace. >> restart military exercises a stern warning to what happens if they play you. >> this is "new day" with allison c allison cam rata and john berman. >> monday, july 23, 8:00 in the east. and we start with breaking news for you. because president trump has issued that stern warning to th

you couldn't get the time of day from jamie dimon if you are a big nonbank servicer and you had cashs. today, they are getting plus. jamie dimon is calling those guys on the phone to tell them how happy he is to be taking care of them. so the market for institutional deposits has tightened a lot. that's what drives loan growth. if you don't have deposits growing, you are not going to grow loans. what is the fed doing? shrinking reserves. every time they pay off the loan held by the fed, you are destroying the deposit. the money disappears. so the whole reserve base of the banking system is disappearing. you can see the numbers. loan growth has been ratcheting down since 2016. with all due respect to the economists, i think this is a case where we had our boom, it was driven by quantitative easing that created liquidity. now we are taking liquidity away. paul: so we've got some challenges around loans growth. how do banks grow earnings going ahead in this environment? chris: to some degree, the way they have been, by watching their pennies. you are seeing that interest market growing

be good for banks . >> jamie dimon shook it off and so did citigroup.d it was not an issue right now but both definitely said it could be an issue moving forward. jpmorgan said it could be an issue as soon as the second half of the year because confidence dries up been so does dealmaking. -- dries yield curve up been so does dealmaking. what was the color in the analyst calls? >> they shrug it off, said it was not always that to be flattening and jpmorgan said the yield curve would steepen once again. concern,shrug off the it is a huge deal with these banks because they borrow short and land along. interest margins are compressed should the yield curve not work in their favor. for now, high interest rates is a good thing for these banks. vonnie: prices are diverging right now. more.ll be back with let's get to the first word news. >> president trump made nice with theresa may today. theaid the relationship is highest level of special and outplayed a skating interview he gave to a british newspaper that was highly critical of her. notident trump: i do cr

not really much expected out of it with regard to jamie dimon's comments, in the background has been this idea, maybe we're late in the cycle and monetary policy is acting as a restraint how much do we have to think about that >> we have to think about that alou l lot. there's uncertainty. >> i believe the strategists at jpmorgan are not particularly alarmed, but that's a different story. >> it's something to clearly watch. the bigger issue is everyone has a story around the yield curve now that we're getting close to flat, everyone has an excuse for why it doesn't matter. our view is, look, the yield curve is powerful because there are always exceptions but it's telling you it's consistent with the fact that the unemployment rate is low. inflation is starting to pick up all these indicators tell you they're fairly late in the cycle so we need to keep that in mind. >> what does that mean being late in the cycle if you agree we are in terms of where you want to be with asset allocation >> late in the cycle does not mean the end as we learned this cycle is already ten years in, does th

morgan all right so jamie dimon is going to call you and say thank you max and he's going to pay you more plus for that money really really sort of that's how much it's changed so you get a two to three percent to the vig that a business will get from a bank compared to a few years ago so they yield on the cash instruments is now higher than the dividends on the s. and p. five hundred yes ok that's the first time that's happened in a while as a lot happen in the curves already inverted a little bit now this morning to the buffett model of valuation you know you looking at yield and up a thing he that would suggest that the stocks are overvalued or people will take the money off the table that they made earlier this year and last year and stick it into bill's right exactly i mean that's what i had to write. to you out of people to take portfolio a lot of people are doing this then you have a rotation out equity out of stocks yes now i think yes and the only thing that is holding it up frankly is buybacks there's a huge amount of stock repurchases this year yeah which most retail inves

jamie dimon to the rescue.s, deutsche bank surges on a report that jpmorgan and i cbc may take stakes in the beleaguered bank. it is jobs day. america is fully employed. can we survive the low wages of the american gig economy? good morning, everyone. this is "bloomberg surveillance." live from our world headquarters in new york, i am tom keene. francine lacqua in london. headlines are coming moment by moment. jpmorgan denies, but we have this odd headline of chancellor merkel and axel weber. he cannot confirm that angela merkel is meeting axel eber on deutsche bank. maybe the market will determine it is ubs. it could be an advisory board or on a personal level. we do not know where that takes us on deutsche bank. the first headline we got was an hour ago. deniedorgan saying they this report that they are interested in a deutsche bank state. tom: the stock stays elevated here at 9.91 euros and we did get a brief print of 10 euros per deutsche bank share. now with the first would news, here's taylor riggs. taylo

we need jamie dimon to divest from this. amy: jpmorgan chase has invested tens of millions of dollars in both corecivic and geo group, for-profit prison companies that also operate immigrant detention centers. at the white house, president donald trump said wednesday he's reached a deal to halt a burgeoning trade war with the european union. this i is president trump speakg in thehe white house rose garden after a memeeting with european commission president jean-claude juncker. presidentt trump: we agreed today, first of all, to work together towards zero tariffs, zero nontariff barriers, and zero subsidies on non- auto industrial goods. thank you. amy: trump had few details on his agreement with juncker, but claimed the eu would buy more u.s. soybeans and said he would work to reverse tariffs he put in place on imports of european steel and aluminum. wednesday's surprise joint appearance by trump and juncker in the rose garden came after the white house banned cnn correspondent kaitlan collins from the event. collins says

cut pond ice into big chunks, followed it with drag lines, and another crew on davidson ditch would dimon night -- would dynamite the waterway to get an early jump on the season. the normal season in the fairbanks district would be extended from 100 days to well over 200 days. companyges of the fe became the principal employer in the fairbanks district. for over 40 years the company established their reputation. they shut down really for world war ii because of shortages. they came back after the war with every intention of picking up where they left off. however, the company was facing significant challenges. a lot of their more experienced workers, for one reason or another, did not come back from the war. and goods and services had also gone up in price. dredge eight shutdown finally in 1958. and the last of the company dredges for fe, dredge for, shut down in 1964. the fairbanks exploration company had eight dredges and number eight is the one behind me. collected thousands and thousands of ounces of gold. it ran from 1928 all the way to 1959, and it stopped right behind me when it du

the interview live with jp morgan chairman and ceo jamie dimon.view of with we discuss, albeit not all the details don't want to reveal the questions, coming up on "closing bell." before you can achieve a higher standard of craftsmanship, you need a higher standard of craftsman. see for yourself at the lexus golden opportunity sales event. lease the 2018 es 350 for $329 a month for 36 months. experience amazing at your lexus dealer. i never thought i'd say this but i found bladder leak underwear that's actually pretty. always discreet boutique. hidden inside is a super absorbent core that quickly turns liquid to gel. so i feel protected and pretty. always discreet boutique. need a change of scenery? the kayak price forecast tool tells you whether to wait or book your flight now. so you can be confident you're getting the best price. giddyup! kayak. search one and done. >>> let's take a look at some of the key earnings coming out next week the big one of course is apple on tuesday after the bell. also next week caterpillar on minnesota proctor and

dimon is limited if. lincoln can do it if he merely supers wasn't here for him down. is to look at for microsoft even less to infinity for larger wonder storage concerns it's not mentioned in the senate side four hundred give distances i'm going to get the stupidity of it as the youngest was no it was who it was last. assumes or eighty it was lucky enough to go into into it or. it's fitted on windows to be very effective. according to a survey the vast majority of city employees are quite satisfied with lima however the experts found that the i t. was poorly managed partly because the heads of departments were allowed to make their own decisions about how to use the programs but there was no fundamental technical problem as the previous head of munich's i t department told the industry news service. we can't interview the employees of the administration because they are not allowed to talk to us however an expert from the municipal department is prepared to talk to us anonymously so is there some truth in the claim that the open source system in the munich administrat

wells we should still see that momentum >> in terms of the commentary, jamie dimon is no wall floweres to commenting on the administration and what he sees going on with the trade situation. i'm curious if you can see jamie dimon specifically shaping the direction of the bank trade by his commentary >> he is, again, the pillar of the sector when he talks at the very beginning of earnings season every quarter, it is important so yes, what he says will shape what we're about to see. the trade war is the uncertainty. it's kind of that wild card that nobody knows where we're going with that. in his perspective on that will have an impact on the group. so that's the one thing that's out there that can kind of for the meanwhile drive us in the different direction. >> so every time i look at the banks especially this year, we've seen the regional banking index outperform then when we bring that up, they say the carry always outperforms. why do we ever want to buy the xlf versus the kre why should they ever buy anything but a index what we've got to remember is two things the regulation that

here to weigh in on this jamie jamie dimon this is jp morgan saying.ers who will come out publicly and say that trump's economic growth agenda is working and is good. he is right. the explosion -- that's the wrong word. the expansion of the economy coincided right at the time when we got the tax cuts right at the time that we got reregulation. it pumped up the economy. tax cuts taking effect. unemployment came down. worker bonuses reached the highest levels ever. the cbo, the congressional bean counters basically they say wages are rising 25% faster under president trump than they did under president obama. pete: took a swipe at president obama. said we could have had this kind of growth but we didn't have these kind of policies. he is a republican. >> president trump has directly reversed the economic policies of president obama that was tax and spend and going to big deficit. president trump is lower taxes, deregulate and growth economy. that's the difference here. >> ultimately i believe i read jamie dimon is a democrat and sea businessman and banke

i am looking to what jamie dimon has to say.mind, jpmorgan and jamie dimon are the bellwethers of wall street. goldman sachs was the bellwethers in 2000. jpmorgan is really the kind of the top bank on wall street and i want to hear what he has to say. >> one last thing is that the base actually should do well over the next month because they are going to do buybacks so they can start redeploying capital into their own businesses as well as purchasing stocks. they are set up for success right here. trained to defend give morgan family a break in terms of what they pay back in how much capital they need double just last week. >> yeah, they did. trained to jon hilsenrath. we want to switch gears and talk about this. the department of justice challenging the approval of the $85 billion at&t merger with time warner. at&t ceo randall stephenson reacted to the news. here is what he told fox business network senior correspondent charlie gasparino last night. let's listen. >> we've broke it yesterday that they were thinking of doing this

i have seen some of the moves that we've had in the recent weeks. >> so, brent, you heard jaime dimon say that his concerns are trade if it becomes something more than a skirmish, but clearly he seemed more concerned about policy errors that might be monetary policy errors than anything else. what is the biggest brick in the wall of worry for you? >> well, i think it is that. it's that inflation rises faster than what the market expects, and it causes the fed to go back on their promises of staying longer -- accommodated for longer, but i don't think that's going to occur i think from a societial standpoint we've shifted if you think about the 1980s, post-1980s, the enemy was inflation, and the fed's job was to phyte fight the enemy and keep it at bay at all cost, and they were willing to sacrifice some economic gains for that in the short-term because they thought it led to longer term price stability. i think societially we shifted now the enemy is no longer inflation. it's deflation it's lack of economic growth it's income inequality i think the enemy is no longer inflation, but th

dimon is limited if he. can do it if he merely soup it wasn't here for him dunk. is to look at for microsoft he can listen to him for the full article distortion concerns it's not mentioned in his i have tried for hundreds give distances to get to students even if the youngest was no it was over the last just as. it was flock of to go to consort. it's fitted on window to begin to. start. according to a survey the vast majority of city employees are quite satisfied with limericks however. the experts found that the i t. was poorly managed partly because the heads of departments were allowed to make their own decisions about how to use the programs but there was no fundamental technical problem as the previous head of munich's i t department told the industry news service. we can't interview the employees of the administration because they are not allowed to talk to us however an expert from the municipal department is prepared to talk to us anonymously so is there some truth in the claim that the open source system in the munich administration didn't work properly

dimon this is. lincoln and to. me at least it wasn't here sitting down. is to look at the microsoft thinking list on for the full article distortion concerns it's not mention then says i had tried four hundred give just isn't. i mean i think it was definitively the youngest was you know it was over the last just as soon as you're eighty it was lucky enough to go into it if. it's fitted on windows to be very very effective. according to a survey the vast majority of city employees are quite satisfied with limit however the experts found that the eighty was poorly managed partly because the heads of departments were allowed to make their own decisions about how to use the programs but there was no fundamental technical problem as the previous head of munich's i t department told the industry news service. we can't interview the employees of the administration because they are not allowed to talk to us however an expert from the municipal department is prepared to talk to us anonymously so is there some truth in the claim that the open source system in the m

morgan all right so jamie dimon is going to call you and say thank you max and he's going to pay a lot more plus for that money really that i'm going to that's how much it's changed so you've been to two to three percent to the vig that a business will get from a bank compared to a few years ago so they yelled on the cash instruments is now higher than the dividends on the s. and p. five hundred yes ok that's the first time that's happened in a while as a lot happen in the curves already inverted a little bit now this morning to the buffett model of valuation you know you looking at yield and just up a thing he that would suggest that the stocks are overvalued or people will take the money off the table that they made earlier this year and last year and stick it into bill's right exactly i mean that's what i had to write. out of people to take portfolio and a lot of people are doing this then you have a rotation out of equity out of stocks yes now i think yes and the only thing that is holding it up frankly is buybacks there's a huge amount of stock repurchases this year yeah which mos

. >>> coming up on mand don't miss my exclusive interview with jamie dimon. esentrp,ntesras pridt um iert te and much more. "the closing bell" back after this short break ones that make it fast and easy to analyze and take action? how about some of the lowest options fees? are you raising your hand? good then it's time for power e*trade the platform, price and service that gives you the edge you need. alright one quick game of rock, paper, scissors. 1, 2, 3, go. e*trade. the original place to invest online. ♪ experience the versatility of utility at the lexus golden opportunity sales event. get up to $2500 customer cash on select 2018 nx 300 models. experience amazing at your lexus dealer. you might or joints.hing for your heart... but do you take something for your brain. with an ingredient originally discovered in jellyfish, prevagen has been shown in clinical trials to improve short-term memory. prevagen. healthier brain. better life. >>> welcome back to "the closing bell." as the trade war between the u.s. and china intensifies congress plans to strengthe

. >>> jpmorgan's jamie dimon is making comments to cnn that could derail a stronger economy.ould remind folks that the president's team has already said there will be no need for retaliation here. if i was the president, i would be a little ticked off at some of my advisors it goes on to say if you do another 200 billion in tariffs, i think you will get close to reversing the benefits you have seen in the economy. >> he was talking about ge gave you a pretty good exposition in tariffs, what it would mean to ge and it's not material, but it's still a huge amount of money. i mean the not material is always in the ugliness in the eye of the beholder. and the trade war, stanley noted this morning about trade war and semis and how you can have a yellow turn to red recent tariffs increase the risk of analog, upstocks under perform. these have been tight, all of the supply has been tight, the demand's been aggressive so these stocks are not going to rally on a day like today. ek, ow's down 19 to start the wea busy week, we'll get stop trading with jim in a minute ♪ ♪ our new, hot, f

to talk to you martin feldstein. >>> coming up on closing bell, don't miss an interview with asrne dimontime >>> meantime, dow is down 22 "squawk alley" starts in a few eligible for medicare? that's a good thing, but it doesn't cover everything. only about 80% of your part b medical expenses. the rest is up to you. so consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like any of these types of plans, they pick up some of what medicare doesn't pay. and could really save you in out-of-pocket medical costs. call unitedhealthcare insurance company today to request a free [decision guide] to help you better understand what medicare is all about. and which aarp medicare supplement plan works best for you. with these types of plans... you'll be able to visit any doctor or hospital that accepts medicare patients... plus, there are no networks and no referrals needed. there's a range of plans to choose from, too. and your coverage goes with you when you travel, anywhere in the country. join the millions who have already enrolled in the only medica

jamie dimon has been very interesting going forward into mainland china, asking the government for all banking license to allow them to do trading and debt and equity capital markets deals. that is not something he sees necessarily impacted by the trade war. i thought that was interesting. i want to talk about citigroup. they were someone who did not have a great quarter here. the fixed income trading was lower. they are talking a lot about not being such great movement on spread products. equities was fine. fixed income is definitely lower than we were expecting. mark: any respite for wells fargo from its troubles, or not? laura: that call just started so we will be listening to that for what explanation the executives have. they are under a fed warner -- order, meaning their assets are capped. they have a lot of different struggles and also not having a good quarter. broad-based weakness, worse than what were low expectations, mortgages falling by one third and fees dropping. deposits are trending down. commercial real estate is also falling. consumer loans are lower. there is a lo

jeremy dimon is near where the president is staying in glasgow. what is the president saying this morning? >> reporter: well the president is already taking to twitter from the confines of his golf retreat here at turnberry in scotland. the president said he will be golfing. he has now tweeted about this indictment against 12 russian agents. the president tweeting the story you heard about the 12 russians yesterday took place against the obama administration, not the trump administration. why didn't they do something about it? especially when it was reported president obama was informed by the fbi in september before the election. so there you have it. the president of the united states not coming out to criticize the action of these agents, to mend, rather the justice department for these indictments. instead pointing the finger at the obama administration seems to be the president's go-to move at heat for today. the president is set to meet with russian president vladimir putin on monday. that's despite a series of calls of democratic leaders ur

average and slightly below where we've been the past four years >> rick santelli, listen to jeremy dimon on the call saying that the economy is especially good in the u.s., and those trade fears are effecting psyches but not really the economics. >> i think the bond markets are telling us a mixed message i think the long end is telling us that global growth and the central bank subsidies, both of those have to be studied i think other economies like europe and dhichina are in the x to some extent not only based on our fed, which is trying to normalize but based on the activity of other central banks and the fact they failed to normalize this week we're basically unchanged, up four bases point in twos, maybe the message of why some of the financials are weak generically i think your two-years are the best gauge to pay attention almost as an economic indicator if you over lay a two-year top over the s&p since june it leads me to my next point. i love weekly closes and today's weekly close in the s&p as long as it's above 2786, that was june high, to me it's break out country. i think the s

not had an opportunity to be in the workforce previously, i think we focus a lot and we hear jamie dimon common to say this a lot. it's about the dignity of work. you've got to give people a purpose and a place to go and the ability to have pride in being able to support themselves and support their families. we will focus on that. i would also called out the following capacity tax reform earlier this year, we thought about how it was a from going show up in this conversation, in this debate. rather than thinking about what is a short term thing we can put our press release. we thought about what is a long-term ways in which we can reinvest in our employees in argument is in our business? what we did, we once again raise the minimum wage again between, if i can squint, between $15.18 an hour. depending on what your market is, that is a pretty significant for first job. that's a significant method would also are expanding our business footprint. even in washington, d.c. area we are for the first i'm going to retail branches later this year. where hiring hundreds of people. we've made comm

at 10 dimon street in lonlddon, 11:00 a.m. here on wall street. ♪ ♪ ♪ ♪ >>> good monday morning.n fortt with morgan brennan. wilfred frost. carl has the morning off there's a lot going on of course, but we start with the market major indexes in the green dow, s & p and nasdaq look for a sixth positive session in seven. nasdaq coming off the best day in over a month. joining us, our own bob pisani and mike santoli trade worries, fears seemed like last week. now we're up about 259 points on the dow, s & p chart looks similar, up two-thirds of a percent. >> you can see what happens when you have a weekend devoid of headlines about trade wars escalating nothing happened this weekend essentially. we saw a rally we saw a rally in china which has been dramatically oversold where we are now i think we have a great jobs report, we have modest wage inflation, good job growth the fed in a dovish box that's positive for the markets trade war remains the marginal sentiment mover that we've had see, no talk, market lifts and beat up sectors, industrials, materials, semi conductors on trade war

aree dimon warned clients worried about global trade wars, even disputes in china creating uncertaintytigroup ceo echo the concern but said it has not impacted the transactions at this point. let's get to the charts and go through the headlines. j.p. morgan chase did have the strongest results. it is the biggest bank by assets. strong trading revenue and long growth. core loans expected 7%, adding $200 billion in three years. citigroup, the treasury business record -- generate record revenue. they have worried investors in recent months. the firm started a challenging market environment in the second quarter as fixed income revenue fell 6%. it reported 19% increase in stock trading. let's get to wells fargo. the big focus here was on the net interest margin for the second quarter. it did beat average estimates but it was another tough quarter for wells fargo. the mortgage fees were lower. let's get quickly to the bloomberg. i will clean it up. what we have is a picture of the big bank profits. see yellow is citigroup. they are all coming up. analysts were concerned about performance bu

as we head to break, this is an interview you're not going to want to miss jpmorgan chase ceo jamie dimonting down with cnbc it will be an exclusive. it is today on "closing bell" 3:00 p.m. eastern. "squawk alley" will be right back >>> let's get to seema mody. >> european markets falling from a six week high as trade worries continue to linger officials from canada, eu, japan, mexico are reportedly set to meet in geneva this week to discuss their response to president trump's threat to impose tariffs on foreign auto imports, that according to reuters, german dax down heineken cutting its outlook for the full year after reporting earnings that missed analyst expectations heineken said its operating margin would drop by 20 basis points, compared with the previous forecast of 25 basis point increase the stock down 5%. look ahead to this week. italian prime minister meeting with president trump today at the white house. investors digesting a host of monetary policy statements from the u.s., japan, uk, brazil, and india. meantime, ahead of those statements, eurozone bond deals rising on the b

anthony: i think jamie dimon said it best, there is a lot of uncertainty for brexit, and for the economyarkets. when you look at the u.k. and of the eu, they have the most to lose. united kingdom trades 50% with the eu, so brexit and having a good trade agreement with the eu is highly important. i think at this stage in the lose you will not see may her position, but she has a hard and difficult task in front of her. she has to balance the conservative party which wants more independence from the u.k., while also trying to come to a trade agreement and customs agreement with the eu, which is a difficult task for her. paul: all right, we will have to leave it there. thank you so much for joining us, ameriprise financial local markets strategist of error. the next do not miss interview with have with mark may be us, he will be joining bloomberg markets at 1 p.m. sydney time, 11:00 a.m. if you are watching in hong kong. this is bloomberg. ♪ ♪ ♪ paul: that is get a quick check of the latest business flash headlines. giantestment from singapore says global threats are moderating, and they red

john pointed out that jamie dimon doesn't believe a recession is imminent.hink we get a china issues revolved partially get them resolved partially. bank stocks react. >> back to washington on what the deputy attorney general is saying overseeing the russia election he's going through the counts that are being lobbed against these 12 intelligence officers from russia. there are 11 criminal counts that this grand jury has indicted this group of 12 russian intelligen intelligence, to committing an offense against the u.s. through cyber operations it's a wide range of offenses that the department of justice in this investigation has found these individuals to have taken part of. they say this group was operating under a couple of different aliases. they used a website, d.c. leaks.com to publish the data and information that they were able to obtain through u spear fishing. basically sent malicious links to volunteers and employees of the democratic campaign. the department of justice says there was another alias created called gucifer 2.0 posing as a blogger an

." >>> jamie dimon is in moscow, phil black is in glasgow with protests expected, and matthew chances in helsinki, finland. we'll start, though, with jeremy in washington. let's go to scotland with jeremy diamond, instead. jeremy, let's talk about the president and what he's saying this morning. >> reporter: yeah, that's right. well, we've seen the president already taking to twitter, offering his first reaction to this indictment of 12 russian nationals that came down from an announcement by deputy attorney general rod rosenstein. the president tweeting this morning, "the stories you heard about the 12 russians yesterday took place during the obama administration, not the trump administration. why didn't they do something about it, especially when it was reported that president obama was informed by the fbi in september, before the election?" so, there you have it, the president returning to his tried and true tactic of blaming president obama for something, rather than addressing the issue at hand here, which, of course, is this very stunning and significant indictment of these rus

think there's one added thing that we're missing, which is that if you're a traditional ceo like jamie dimon is a great example and someone is out to get them with theirstantly exage could say we're going to earn $8 for the year i'll deliver that. anyone can say what they want. this story in particular faith-based because there are earnings and so a lot of what's going to happen with the stock is going to be dependent on whether or not the company can keep raising money, which is why the combativeness, it's not like he could just say we're going to earn $3 a share. you know they're not >> that's hugely -- that's important. >> jeffrey yeah to correct us o that, last year, he's saying the stock's overvalued why is musk not saying it this year he's got 2.5 billion in cash he we going to pab r pay for these things where's this money going to come from it's a r very good point that's a distinction here. >> yeah. guys, thanks jeffrey, thank you so much bethany, thanks for joining us and lynnette lopez of business insider. we did reach out to tesla for a response we've yet to hear back we'll bring