>> quality company, quality management i think goldman sachs is doinget everybody says goldman sachs >> quality company, quality management i think goldman sachs is doing everybody says goldman sachs >> quality company, quality management i think goldman sachs is doingst everybody says goldman sachs >> quality company, quality management i think goldman sachs is doing other dimension stuff that is more creative. >> so going into earnings season for the banks, goldman sachs is the top pick, is that what you're telling me? >> i'll give you that. >> i've got citi i'm playing for something north of 75 on citi. i also have american express jpmorgan i own as well i still think morgan stanley is going to do okay >> look, all of those names you mentioned march to the beat of individual drums the problem about the morgan stanley call is it looks a lot like goldman sachs they look a lot alike in what they do. so when you bring one up, immediately the other name comes to your mind and you think about which one do you want to own yes, you could own both. i don't like to. i like to have more conc

goldman sachs results were boosted by strong growth and its equities and lending divisions of the revenue slipped by 2 percent year on year. net income also declined even though the bank still posted solid profits of $2200000000.00 for the 3 month period j.p. morgan chase said revenue in its retail bank division surged by 11 percent but investors were concerned about slower loan growth tighter lending margins and soft capital market results net income still exceeded 9200000000 well ahead of expectations. the bank's c.e.o. jamie dimon said positive momentum in the u.s. economy was helping the banking sector but he pointed to geo political uncertainties as a reason for the dips and the banks market driven business. the results are broadly in line with the robust growth the us economy continues to enjoy at the end of july it would have grown from 121 consecutive months the longest hot streak since records began in 854. and over to europe the nominee to head the european central bank christine lagarde as n l shows stepped down as managing director of the international monetary fund in septemb

goldman sachs raising its quarterly dividend to $1.25 a share.t of a lift. johnson & johnson and jp morgan also out last hour, both of those companies beating expectations. jp morgan's stock is about 1 and-a-half percent lower. johnson & johnson gaining in premarket trading. wells fargo earnings out shortly. in the next hour, we will have the numbers. checking on markets, fe futurese looking for a positive open. the dow futures up 19 points at the moment. yesterday, another round of records for all three major market gauges here in the u.s. in europe, you have buying to report. gains across the board. the biggest winner at the moment, the ftse 100, up almost half of 1%. in asia overnight, mixed markets. the nikkei and shanghai lower, the reverse in hong kong and south korea. a new privacy concern, disneyland reportedly keeping tabs on its visitors and profiting from the data. the details on that. plus, the growing business of marijuana, the ceo of the company that has signed jay-z as its chief brand strategist. we have tweets from president trump

morgan chase and goldman sachs book profits in the 1st 3 months but some of their results disappoint investors and they underline the uncertainties that are looming over wall street. the growth of the u.s. economy continues to confound expectations and choose to some of the country's biggest banks reported mostly strong 2nd quarter results covering the period from april to june j.p. morgan chase by total assets the biggest bank in the u.s. unveiled better than expected quarterly earnings although other indicators on set of the investors its rival goldman sachs saw a dip in its profits but they still exceeded analysts expectations. goldman sachs results were boosted by strong growth in its equities and lending divisions of the revenue slipped by 2 percent year on year net income also declined even though the bank still posted solid profits of 2.2 $1000000000.00 for the 3 month period j.p. morgan chase said revenue in its retail bank division surged by 11 percent but investors were concerned about slower loan growth tighter lending margins and soft capital market results net income sti

alix: with us still is mike's well, goldman sachs asset ,anagement -- is mike swell goldman sachs asseth is pretty g china, though, different story. how do you see it? the forecasts of the rollover of the u.s. economy are way overdone. i think the treasury market as well is basically pricing in a significant slowdown or rollover in the u.s. economy and significant that activity. i think we are likely to be very surprised, so i think the u.s. economy is fine. i think the china issues in the trade issues senator portman talked about our one, very complicated. from a macro perspective, completely changing your investment pieces in the u.s. is a very tough thing to do. the fundamentals of the u.s. economy are strong enough. there are sectors of the economy impacted by china more so than others. when you look at earnings, earnings have been very good, but the forecast from a lot of companies from an investment standpoint, as well as sales, we seen about 70% or so of companies report, and you've heard the word sluggish in terms of growth from a lot of companies, more so than we've heard in a

the bullish call on stocks by goldman sachs that's giving some investors, and we here at "countdown," a little whiplash because it comes barely a week after goldman warned of no new gains for the s&p in the second half of the year. which one should you believe when it comes to your portfolio? we are going to take that question to the floor of the new york stock exchange and the cme. >>> calling up china. trade negotiations have officially restarted in shanghai but here at home, president trump warning china's leader that trying to wait out a second trump term win in the hopes maybe of getting a better deal from one of his 2020 rivals, will be quote, a big mistake. those same rivals taping up their gloves as they prepare to enter the debate ring for another two-night matchup, from trade to the economy to medicare for all, it's a steel cage death match that's putting dem versus dem so let's bring in democratic adviser and fund-raising guru robert wolf. he is here on who stands the best chance of a tko against both the democratic pack and president trump. >>> capital one facing its own a

morgan earned 6200000000 euros in equity sales goldman sachs 6800000000 and morgan stanley 7.9 in other words deutsch was pretty far behind now wants to focus on managing financial transactions for its big corporate clients especially german ones and that's the global transaction banking you see there and unions back home welcome the move because it means more job security for them in fact the head of germany's the union chief called it the right direction. so german employees breathe a sigh of relief but can do it your bank thrive again by focusing on the domestic market now for more on that let's talk with our financial correspondent in new york jose luis de haro jose could have you with us do investors really believe that this restructuring plan from georgia can actually work. time will tell stephen but some investors are indeed referring to a plan as too ambitious and too optimistic according to analysts it's important to have in mind some of the challenges ahead for the plan to be successful i'm on damn the options of a high return platform which could guarantee higher profitabilit

goldman sachs is a different story. the equity trading revenue for that business coming through and that is what investors are happy to see, as well as better fees. vonnie: there is volume and there is rates. what is the outlook for volume when it comes to revenue growth? alison: on the volume side of things, we are continuing to see deposit growth. we see some pickup and deposit cost. that was concern yesterday with citigroup. , healthy growth we saw today at jpmorgan, on the loan side of things, that is something we are looking for in the outlook. the consumer continues to be healthy in the u.s. on the corporate side of things. from the investment banks, we are hearing sentiment is resilient. we are hearing in general a positive tone. the question is will we see the execution, will we see the execution come through and will we see the execution in terms of loan growth in the second half. vonnie: we did see looser restrictions this quarter impact the result. where did that happen most and what did banks due to take adv

goldman sachs just paid $715 million for a business themselves.trying to double down at a time when net interest margins account for most of the revenue. lisa: you think of charles schwab as a brokerage that caters to mom-and-pop, and you think of usaa as being an association of financial advisors. the idea is that money is going to come from those advisory fees. that seems to be this sort of play in the asset management and brokerage business. sonali: that's right. and fidelity shifting fees 20, it is a lot of pressure on wealth management. something looking forward is you see the rich getting richer, and middle america are not necessarily seeing that. betting on this part of the market is still a risk. david: bloomberg's sonali basak, thank you for being with us. coming up, j&j raises guidance on the year on sales for its former unit. the chief financial officer, will join us next. lisa: if you are heading out, listen to us on bloomberg radio on sirius xm channel 119 and on the bloomberg business app. this is bloomberg. ♪ david: johnson & johnso

coming up, we are going to see goldman sachs looking like kkr and kkr looking like goldman sachs.apital founder and senior partner in the last installment in this week's banking on change. bloomberg users can interact with the charts shown on gtv . catch up on the analysis and save charts for future reference. this is bloomberg. ♪ viviana: i am viviana hurtado in the hewlett-packard enterprise greenroom. coming up on "balance of power," ken: jelly come eu is immigration -- u.s. immigration acting director. this is bloomberg daybreak. here's your bloomberg business flash. shipments of personal computers rose 1.5% in the second quarter. businesses upgrading to the latest windows software from microsoft will be increased. group holds the top spot again -- above hp. eric lindblad is retiring after only a year in the job. he has been dealing with the aftermath of the fatal crashes max.e 737 his replacement has been in charge of developing a mid ranged jet. to each a bank is reportedly giving reduced severance to hundreds of staff in london. the bank is trying to limit the cost of t

in april, goldman sachs, good analyst downgraded the stock to a sell and then a couple of weeks laterhitch happy hour could be over for boston beer stock once again, when boston beer reported later that same month, they shot the lights out the company literally doubled wall street's earnings making over $2. analysts take for a buck even though management left the full year guidance unchanged it was fafwas phenomenal dave really focused on truly he said truly continues to grow beyond our expectations. all right? we're expanding distribution across all channels and improving our position as a leader in hard selzer. it was a very bullish story, so bullish when the other big innovator constellation brands reported, management was peppered over and over with questions when they will launch their spiked selzer. in response to stock quickly spiked back to $320, look at this, a lot of guys calling the top right here and $320 and keep running when the market rolled over in may. earlier this week, boston beer broke out above $400 look at this, will you this is incredible move. all right. pull b

that is more a negative for goldman sachs.y trading missing is one of the reasons why you saw goldman sachs trading down today. those companies are much bigger in the business. i think those results are more meaningful tomorrow. caroline: the cfo was talking about the uncertainty in challenging market environments. should we be nervous ahead of tomorrow? >> i think it is more about the future outlook. numbers, thes equity bar is lower. their business is small compared to j.p. morgan and goldman sachs. there could be other factors at play. the other difference with citigroup is they are mostly in currency trading. to your point, it is about the outlook. one of the positives, equity fees better-than-expected. they said dialogues are positive, this should be a good thing. but with all the risk, we cannot count on that to continue into the future. it is about the third quarter and beyond. caroline: busy woman. we are pleased you are able to spare time for us. time to look at what is trending across the bloomberg universe. they wil

appreciate your time. >>> goldman sachs is out the company now tweets its release.want to put it on the twitter and run with it, it's $5.81 a share versus the 4.89 that the street was expecting. revenue at 9.46 billion versus 8.28 billion that the street was looking for. david solomon chairman and chief executive officer making statements saying they're encouraged by the results for the first half of the year they continue to invest in new businesses and growth as a way to serve the broader clients raising their quarterly dividend to $1.25 a share, too. mike, just what we've seen so far. >> yeah. i mean, i want to see exactly what the margin of the beat came from i know there was going to be potentially some gains from sales of an investment, but it seems obviously like it continues the story with the other banks, which is essentially no negative surprises certainly. 11.1% return on equity i believe it was which is essentially the same as it was through year to date so it's obviously still, you know, not quite posting the same kind of profits as jpmorgan but it look

jp morgan and goldman sachs will be reporting.will also hear from jerome powell later on, and u.s. retail sales, a headline grabber. as we look at the other side of the gmm, we are a little muted in terms of appetite but we seem to have an appetite for fixed income. certainly we have some sovereign bonds on the right, australia and new zealand in particular. let's just mention iron ore. some of our colleagues are talking about how we may need to watch out for those mining stocks in london when they open up because of what we saw in production particularly on the dalian exchange. rio tinto looks interesting. >> let's get into the markets with mark cudmore, are bloomberg mliv managing editor in singapore. mark, what are you focused on? is it all about bank earnings this week, or are we still all looking at what central banks around the world are doing? of peoples like a lot aren't looking at anything to do with markets, they've gone on holiday. this is the actually the third session, third-most stable session for futures this year.

comcast was upgraded to buy from neutral and added to the conviction buyist at goldman sachs. analysts cited the company's strongundamentals. the price target is $54. the stock hit a new high during the t trading session close at 43.79. comcast is the parent company of cnbc which produces this program. >>> hca health care was upgraded to buy from neutral at goldman sachs. the analyst cites the health care services company's bargaining power at the local level. the price target is $160. the shares ros 1% to 136.68. deere was downgraded from neutral to buy at ubs. the analy says demand will likely weaken in the nexrtone to two qs as farmers hold back on purchases. the price target is 167. the shares fell 5% to160.81. >>> we don't often report from beautiful sun valley, idaho, but ce a year it becomes the center of the media world when allen andhosts its annual conference. over the years the sofds of some the biggest deals in history have been planted there. there was jeff bezos purchase o "the washington post". verizon's acquisition of yahoo!. most famously, disney merger with a

goldman sachs revenue bucks wall street trend.hery: later in bloomberg technology global link, we will be talking about the showdowns in washington facing silicon valley. let's get a quick check of how the markets closed in the u.s. regulatory scrutiny in congress being felt across the market as tech stocks underperformed in today's session with the s&p 500 now holding the five-day rally. we had president trump's comments on tariffs dampening sentiments as well. tech giants took a hit. we had energy producers leading some of those declines as we continue to see the selloff in oil markets. we had u.s. bank earnings. they little bit mixed. goldman sachs managed to jump after beating the unit. we had some strong data out of the u.s. when it came to retail sales. that sent yields higher but at the same time, chair powell speaking in france about taking appropriate measures to deal with the economy. that led to the yield level being paired back a little bit. u.s. futures not doing much at the moment but let's see how we are setting up

bustedttle brewing ovary goldman sachs bond deal.s were channeled to a cluster of airlines connected to and head airways. now, a group of creditors have reverted to hiring private detectives. ourmore, we welcome bloomberg finance reporter. give us a sense of what the issue at stake is here. >> the main issue is that people but something that is now trading at $.40 on the dollar. they need to figure out how they can maximize a recovery, maximize something that has cratered in value. ,hat they have resorted to conventional, perhaps aggressive, hiring a private intelligence firm not only to look at the borrowers but also have them raise that money. that is why the story seems so interesting to us. was ane: this award-winning deal because it was so creative. >> let's look at what the deal was. eddie had airways, a well-known airways, a well-known regional player wanting to be global. it bought up stake in several other airlines. but those airlines by themselves were not in great financial health, so they created a special vehicle so they

indeutsche is not alone european banks having tried to break into that goldman sachs tier of investmentanking. if this is the end of deutsche's ambition to be a wall street-style investment giant, where does that leave the european banking scene? -- european investment banking scene? reduced. been rbs and others are key examples. barclays is still engaging in some of this. it is going to be difficult when it comes to competing with the biggest players on the others of the pond dominating this market. they will dominate the market for years to come. >> thank you. thank you for being with us. about the's talk worldwide grounding of the 737 max series for boeing that has cost them a major order. a provisional order has been canceled for 30 of the 737 max 8 jets. they opted to buy airbus instead. they have been reviewing their deal with boeing since two fatal crashes grounded the fleet worldwide. 737 remains grounded as it awaits regulatory approval for flight software blamed for those two crashes. genie: bad news for british airways following a massive data breach last yeyear. commissioner

goldman sachs upgrading the sector.n it comes to the growth prospects, demand is seen as rising. 12% in 2019. the likes of air china. future land is what we are watching out for as well. it has been cut. stocks still rebounding. lots to talk about. we are headed into the lunch break and japan. negate, dollar-yen, low. we are headed into the lunch break. we are talking beer, we are talking abn, how it affects companies listed in japan. this is bloomberg. ♪ ♪ most of us don't know how much data we use, but we all know we're paying too much for it. enter xfinity mobile. america's best lte with the most wifi hotspots, combined for the first time. when you're near an xfinity hotspot, you're connected to wifi, saving on data. when you're not, you pay for data by the gig. use a little, pay a little. use a lot, just switch to unlimited. get $400 back when you buy the new lg g8. call, visit or click today. >> it's 10:29 a.m. in hong kong and 10:29 p.m. in new york. we start with the latest on the fed. fed chairman jay powell has

if spend one minute of goldman sachs or 2 years your goal is x. cars and forever i'm going to get back to the fed and your views on the fed on rates in a 2nd you probably know over here in britain the big story is a came down who i believe you may have known you'd be defending him in the u.s. media what do you think of the fact donald trump is calling him a very stupid guy and the fact that basically he's persona non-grata in washington . first i don't believe that for a minute and i don't even think the president's actually manage and bastard barack so that's the president's style you hit the president is going to hit you 10 times but here's the other thing you know he. he wants to go on all over on the british government he knows that there's a trade deal coming and he knows there's some negotiating coming in so if there's a close call he wants the thai to go to the united states and so he's pressing down on this because this was an embarrassment so listen i benedicto this i understand i'll fix somebody late in encrypted cable and asser derek is

other than results for goldman sachs, j.p.acebook's proposed digital currency libra will be discussed when the senate banking committee meets. stephen has called it a national security issue. according to a flash on the terminal, germany sees the currency as a risk for the euro. they are writing about it the papers in germany. that's not all. the house financial services committee will convene to grill representatives from facebook, google, amazon and apple as part of the ongoing antitrust investigation in the world's largest technology companies. if you're traveling to work, tune into the team on bloomberg radio live on your mobile device or dab digital radio in the london area. this is bloomberg. ♪ ♪ this is bloomberg daybreak: europe. i'm nejra cehic in london. manus: i am many scrawny -- manus cranny, in dubai. debra mao is in hong kong with the newsflash. debra: blackstone is nearing a deal for crh's european distribution arm. the buyout firm beat other bidders, including bain capital and lone star funds. the purchase cou

how are you thinking about the other name reporting, goldman sachs.hey have been embroiled in this malaysia scandal >> yes for us at goldman sachs, the malaysian scandal is front and center we'll listen for how many billions of dollar also it cost the bank to settle will the bank take a charge in the current quarter for the costs, and we know they're conducting a strategic review. we know goldman has a lot of headlines for their investments in the consumer space, expanding markets into wealth management or the apple card that will launch in the next few months. so we'll listen on how big those initiatives may turn out to be >> finally i want to ask about jpmorgan the other bank posting results later today. they are perceived to be the crown jewel amongst the u.s. investment banks can we expect any negative surprises out of earnings later this afternoon >> we are shareholders of jpmorgan we agree with your characterization we think they're a crown jewel they've been a consistent market share gainer they are creating opportunity and have a deep manageme

our two-way starter, bob hormats, former goldman sachs vice chair, analyzes both of these situations, iran and what is jerome powell going to do, but more importantly, how do you make sure your money is safe? >>> plus a boeing customer decides to return the goods it just ordered. retail, no longer playing the victim. it's ready to take on amazon and big tech, and the next move in the trump trade truce with china. less than an hour on this monday morning. hour to the closing bell. let's start the very first edition of "the claman countdown." liz: we are just getting this breaking news. we just got the sketches from wealthy financier jeffrey epstein's court appearance today. he's going to stay in jail, as we understand it, until a bail hearing next monday. he's pleaded not guilty to federal sex trafficking charges. the 66-year-old big businessman is accused of creating a network that allowed him to sexually exploit dozens of underaged girls. this is from the years of 2002 to 2005. if you don't know his background, epstein is a hedge fund manager who began his career as an options trader

johnson & johnson and goldman sachs 7 dow stocks on the week.look at yield on tenure treasury 2.09%. oil prices 59 dollar, about and 80 cents a barrel a gain of 22 cents. stocks in asia mixed mostly higher. could china could those trade talk as be become on track treasury secretary mnuchin says phone contacts are happening shanghai composite down and in europe a mixed bag dax in germany down fractionally, the london and cac and paris up fractionally. >> new rule on seekers coming to the united states are going to go into effect today. and that's inpure rating the democrats. it sure is ray boggen live in washington with the details. good morning, ray. >> cheryl, good morning to you. asylum seekers from far away countries will not be allowed to apply for protection in the u.s. if they pass through another country on their way to america. this rule will impact migrants from northern triangle countries especially honduras and el salvador they travel through mexico and guatemala before entering the u.s.. therefore, they would have to apply in one of

report.expected to we have got goldman sachs and j.p. morgan on the 16th, similar issues for them. goldman, they have been able to survive the 1mdb scandal. that,test have to stay on -- the bank has signaled it will increase its dividend and j.p. morgan chase is expected to deliver $28.8 billion in revenue. stay tuned. tuned areall stay plenty to watch for on the earnings front this week. -- we will stay tuned. tornado watch for on the earnings front this week. -- plenty to watch for on the earnings front this week. china gdp and industrial production, a lot of data. i want to start you off right this chart. all those lines are pointing down. is this the trade war affect? >> you can say the length of time those indicators are going down, it has been fairly consistent, slow but steady. with 6.2,to see that 6.3. on top of last week's trade data which shows imports a little bit worse than they had previously, export -- all of those factors see more stimulus measures through easing. it is really the transition mechanism for having to get it done. we are expecting these results to contin

goldman sachs jumping after the beat on their trading revenue. pretty solid bailout when it came to u.s. retail sales in june. let's see how we are setting up for asia. sophie: this wednesday, asian futures are pointing lower while stocks and wellington are not budging too much after a two-day decline. a rise in iron ore output. korean chip related stocks on view on reports that they are testing hydrogen fluoride from other countries. crypto related players are in focus with bitcoin sliding below $10,000. a made increasingly pessimistic views, we will hear from a chinese heavyweight as well as a company in india. offshore yuan this morning is holding overnight losses after pushing above the 6.88 handle. of course in the face of a stronger greenback. i want to highlight the child theng -- li keqiang saying economy is facing more downward pressure despite the upbeat data. paul. paul: thanks very much. let's check in on the first word news with ritika gupta in new york. ritika: fed chairman jerome powell says the central bank is always monitoring an

why don't you come back to the desk and we will trade it in the meantime tucker, would you buy goldman sachs>> i prefer jp morgan. when you look at these banks in general, you know, goldman basically, they just increased their dividend by nearly 50%, right? so in the past this has been a stock that attracted value investors. now i think you have some of those dividend investors who are actually interested in stocks like this as well. i mean you are getting a higher -- or you are getting a good yield with half the valuation of utility so it is not a bad play. >> what's that term you use for charts you don't like? the worst chart you have ever seen >> worse chart i have ever seen. >> is this one of them >> no. here is the thing, one of the things i think isinteresting about goldman. it has been trading in this range since the initial ramp on the v reversal in january. it has been trading and unable to breakout. it shows relative performance due to the money setting banks, wouldn't you agree >> sure. >> at least in 2019. what i see is something different. i see the fact that morgan stanley and

managing director european equity stategy, goldman sachs.il giant gains more than 3% this morning. we will discuss how it worked the trend of losses. this is bloomberg. ♪ matt: 30 minutes into the trading day and your top headlines off the terminal. as the oil giant outperforms rises in the first half. ceo bob dudley tells bloomberg there are risks ahead in the middle east. >> we are going to be extremely careful. we've had ships move in and out. we've had concerning incidents. we are certainly not sending british ships and crews into the persian gulf. matt: back to the table. chinese trade negotiators host their u.s. counterparts in shanghai. huawei reports a 23% rise in revenue for the first half but warns tougher times could be ahead. amlo exclusive. mexico's president tells bloomberg he wants lower rates to boost growth. growing asomy is not we would want it to grow. on the other hand, there are no risks of recession. matt: welcome to "bloomberg markets: the european open." i'm matt miller in berlin alongside anna edwards. anna: 30 minut

david: goldman-sachs, he has to get a little nervous. not a bubble but when you have that much money sloshing around, some people are going to do some pretty risky things to it. alix: totally. and that creates other systems in the market. hire an investigator? are there things still? david: sure. alix: i thought they would have an investigating team. david: it's not just what went into the deal but can they go after anybody? alix: excellent point. david: yeah, how can you get some of the money back? trade talks between the united states and china could be back on the table soon. over the weekend, chinese companies ask u.s. exporters about buying agricultural products and apply for exemptions from china's retaliatory tariffs on the goods. today, u.s. tech companies intel intel, qualcomm and goog will be meeting at the white house to discuss the presumption of some sales to huawei. welcome now from washington, shawn donnan, our resident trade expert. you and i talked when i was in washington. you said these talks are not going anywhere soo

>> the big read through tomorrow with jpmorgan and goldman sachs is probably seeing weakness on the tradinge. that will more than likely affect goldman because it doesn't have as diverse of a revenue stream compared to jpmorgan. it is the strength in the today, andnk at citi we are probably looking at some gains in jpmorgan, weakness which is already telegraphed in terms of trading. revenue fromo saw m&a slumping 36%. would you say this was more citigroup specific or reflected of the barter market? >> broader market. this is the whole global beer wars.rade tariffs, ceo confidence will come out soon for the first half. those factor in a weak outlook for m&a. you have to be careful here. goldman, morgan stanley, jpmorgan, they are having terrific m&a activity in the u.s., fallen off obviously in europe, as well as asia. one other thing on earnings for tomorrow with goldman. they will probably hit their earnings even with the week trading, i think. they will have things related to principal investing, lending, which has always been their ace in the card when the capital markets are not strong.

alix: david kostin is going to be staying with us from goldman sachs. just out with earnings, a totally different story from csx. that stock was dragged down with its peer, but they beat taken quarter estimates at $2.22 a share. their carloads were a little bit light, but they did wind up beating on the bottom line and operating revenue. that's not getting a nice pop in premarket. we will speak with the ceo of union pacific later this morning. that's at 11:00 a.m., lance fritz. coming up, the rest of the transports having a really rough go. we will break that all down with david kostin, next. this is bloomberg. ♪ taylor: --viviana: this is "bloomberg daybreak." union pacific posting second-quarter earnings that beat estimates. total carloads were down 4%. shares of united rentals are lower in premarket trading. construction and industrial equip into rental company trimming the upper end of its andnue -- the construction industrial equipment rental company trimming the upper end of its revenue. volvo's second quarter earnings were better than expected. t

which is a different position than one of its goldman sachs -- position from what goldman sachs findss ago, they passed a test. deutsche bank did. getting a vote of confidence in condos that, in made the regulator uneasy about deutsche bank. i think if you things to balance out. houston, we have a listing. the first ever space tour's to hit public markets, after receiving a hundred million dollars investment from publicly traded firms and social capital. walk us to the logistics of how this ipo is happening. >> that is right. they are reversing into the already listed company. that can bypass the whole traditional iba. only down a couple of test spaceflights. they have not started on the space tourists. dust are operating around the operating the mop -- model on which we are building the business shows we will start to see the ramping up of customer flights of revenue-generating flights. we expect profitability in mid-2021. >> we have had very successful flights into space recently. we have made the first five astronauts to be made in america since 2009. , wer 14 years of hard work fe

. >> goldman sachs shares were up because i growing loan business pushed net interest income up by almost. that business however is threatened by trade tensions and the possibility of interest rate cuts. goldman's profits revenue both topped estimates, but both down from a year ago. profits fell by 6%. consumer businesses were relatively strong at jp morgan chase, too profits fro loans, up 7%, were qbig reason the bank's overall secondrter profit jumped by 16%, b -- and it is a big but -- interest race were on hold, which means loan growth slowed and any interest rate cut by the fed will put even more pressure on the bank's loan portfolio. wells fargo's profit was up even more, about 20% from a year ago, butev renue was flat and like jp morgan chase net interest margins fell. that's the difference between the amoun of the loan and the amount of interest tt the loan brings in. margins are down, in part because homeos are refinancing again, making their mortgages less profitable for banks. >>> and tomorrow we will get quarterly results from bank of america, u.s. bank corp. and pnc financial

i heard of the concept of suitability when i was at training for goldman sachs that helped small constitutions and individuals. i built individual stocks for myself and others before i gold to goldman in '83 as an intern i was watching news. when i could, i would run to the harvard business school library and long gone firms. it's snice to look back to see what i would do next if i found a stock i would like i would ask for a microfish you read them if they would be six months old everything i did back then was online and instant and updated they were legent. i would spend all week trying to find one stock that i thought would work, one stock that would be good for one week for anyone that wanted to invest could take the idea and run with it and take my answering machine and give you a 20-second wrap on that stock answering machines, can you imagine? some companies used to make them -- with all those jobs wiped out by your cell phone, answering machines, same with answers services for that matter talk about jobs that aren't coming back no matter who is the president. i would say hi, this is ji

vonnie: micron trading at the since being upgraded by goldman sachs to a buy. e has more. abigail: at the end of june, there were signs of stabilization, and goldman is hopping on that bandwagon. it puts them in the majority of analysts there are. -- of analysts. buys.are 18 the upgrade is really on the stabilization around improving memory trends. they are talking about the type of memory that goes in cell phones. if we happen to the bloomberg, there is a reason to think that maybe we are seeing some stabilization for a stock that has been on a real roller coaster. this chart goes back to 2014. in white, we are looking at the memory,ry -- at dram the kind that goes into computers. you can see coming back to 2014, the cycle of dram going down, the stock going down, and then in 2016, the bottom end. dram started to trend back down well ahead of the stock in 2018, but that appears to be putting in a bottom, so lots of hope there. on earnings, but what do they say about the outlook? abigail: interestingly, they guided a little softer for their fiscal fourth-quarter

, jpmorgan chase and wells fargo as well. >>> a big analyst call just crossing the headlines goldman sachsverage on fiat chrysler automotive with a sell rating. goldman sees limited opportunity for earnings growth in north america. the firm predicting 7% down side for the stock over the course of the next 12 months the stock now in extended trading down 4%. >>> let's turn back to the broader markets with the dow, the nasdaq and the s&p 500 all sitting at record highs. joining me right now is ed campbell, senior portfolio manager of global multi asset solutions at qma is this a market at record highs where investors should be adding to positions or thinking about trimming them? >> well, we've been trimming i think the market will probably go through a bit of a tough phase here over the summer months it's been exhilarating we're up 20% year to date but we think the market has gotten ahead of itself here our market sentiment indicator is signaling some level of exuberance here. we think we could have a pull back economic and earnings growth has slowed to a crawl. we're not bearish. i don't th

the ny mellon, goldman sachs, some say are in concerns about growth for that industry.t is the latest on the monday trade. shery: thank you so much for that with the latest on the markets. joining us right now is jalinski advisory group president josh jalinski. great to have you with us. we continue to see stock market losses given the lingering effects of the strong u.s. labor data we had last week. is it possible to see u.s. equities run higher? we have had some softer data to put out on the goldilocks scenario with the fed. josh: i think definitely, i anticipate the bull market to resume its run. i think we will have some soft lift in the summer, people taking off. may be sell in july and maybe go away. long-term, i don't see this ending the bull market rally. shery: what about the earnings season? what are you expecting and could we see more volatility, macro down moves, or bottom up given that it will be about individual names? josh: i think it will be about individual names. if you look at the big companies -- google dominant in search. facebook dominant in social

off the busiest earnings week of the season later food for thought the one part of the market goldman sachs is bullish on. beyond meat down big let's get more on beyond's quarter. >> beyond meat shares taking a dive as you mentioned after the company announced a secondary share offering shares slip more than 11% after the company made that announcement a secondary offering of 3.25 million shares which increases its float. that could boost short seller interest in the stock which prior to earnings was a 16% of the float. keep in mind that number itself was a bit inflated because the company is still in its lockup period the company mentioned on the call it can't comment on the secondary offering due to regulatory requirements. beyond's worst to date was on june 11th when it lost more than 25%. the stock is still up a little less than 700% since its i.p.o many analysts were focussed on the company's top line growth. beyond attributes its top line beat to a number of factors, including new partners and increased demand from existing partners >> we are using our advantage to drive, continued ex

goldman sachs, jpmorgan, wells fargo looking head we also get bank of america one of the ones you want to watch out for. as we were talking about, the focus is back on trade more commentary out of the u.s. president suggesting that they could look to impose more tariffs on china that's weighed on asian equities overnight. in europe the picture is in the red. ftse 100 trading down by a quarter percentage point yesterday the ftse was the out-performer. yesterday the theme in the uk was about that move in the pound. the pound briefly dipped below 1.24, inverse correlation to the ftse 100 that helped give the ftse 100 momentum yesterday today the inverse is happening ftse 100 is trading weaker in a half hour's time we get inflation data watch out for that after strong wage data. xetra dax below the flat line. cac 40 also weaker ftse mib just above. we are also getting into the heart of earnings season here in europe today is a heavy day, but in terms of the break down, oil and gas is trading right at the bottom down 1.2%. we are continuing to see drops on the spot price. tell l telecoms, w

in many ways are the goldman sachs, jpms immune from trade? do they care >> i don't believe they are immune they're going to see a cascading effect from the consumer if it can hurt the consumer, absolutely that's what jamie dimon talked about today. he was call your attention in 2007 now he's enthusiastic about what's going on with consumers. >> okay. we have the two headlines. that's all kayla has more in d.c. where are the comments coming from >> the president is holding a cabinet meeting this morning according to reporters who are in the press pool in the room with the president he's making comments on a broad variety of topics on china he's talking about china's growth and the gdp numbers that ground to a halt that we saw yesterday. he said you read yesterday that china is down substantially. president trump feels emboldened by weakening financial data out of china oh to press the position the other context for this is the fact that the treasury secretary and the u.s. trade representative are expected to have another call this week with th

goldman sachs on the other hand is heavily reliant on trading.t is a huge trading powerhouse so we have to see whether goldman was able to skate through those markets and capitalize on the market fluctuations now that that the fed is in play and investors have to prepare for a potential fed rate cut this month. has goldman able to capitalize on that volatility? shery: tell us a little bit about what we saw in terms of city and trying to improve efficiency. this will be a key issue for many banks going forward. what are they doing in terms of cost-cutting? lananh: citi made a huge point to talk about cost cuts because that is something that has disappointed investors and analysts in the past. they hammered on with this point and they have made some progress. analysts did give them credit for improving in terms of cost cuts. this will be key across all the banks. as we head into potentially a rate cutting environment, everyone is going to be asked about cost cuts. everyone is going to be scrutinized on the cost-cutting points. nguyen,l right, lanan

luke from goldman sachs asset management.emergingeaction markets following the trade truce between the u.s. and china. june was a really good month for em equities. despite all the lingering uncertain, do you expect that to give a further boost? luke: the market this year has been trading very much on whether we will get a resolution between the u.s. and china. what people should be focusing on is the underlying picture and, for the most part, it is robust. we have seen a bit of a slowdown in places like china and asia but, overall, the fundamentals are solid. what is great, you can really talk about some of the detail below the surface. let's focus on china for a second. in terms of policy support and of course we were just talking about measures of opening up the economy, what kind of stocks in particular do you expect to benefit from chinese policy support? it is a similar picture if we think about what suffered last year. very much the domestic economy in china was oversold last year. the consumer really suffered as senti

investigators have spent years looking at goldman sachs' involvement. xamining a former goldman executive who later worked at deutsche. global news 24 hours a day and on tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. bloomberg. tom: thank you so much. currencies,nds, commodities. we have made back 60% of the retracement at least. t.tures with a further lif 3004 on xps futures. euro stronger on dollar weakness. handle. a 12.96 much lower earlier. there is the close on the s&p 500. 1.80.o year yield, what do you got, francine? francine: i have a similar data check. i feel like we have been on the same page for a couple of weeks. stocks, bonds climbing. it is all about the rate cuts, right? which is why our data checks are similar. there are fresh signs from central banks that rates are heading lower. investors are cheering that now. it depends on how big the fed cut is. we are looking at crude because of what is happening with that british oil tanker. tom: this is what happened yesterday. this is the physi