and i loved morgan stanley.hink morgan stanley was the best of the best, but that was sort of the ethos on wall street. and in fact, a couple of years into my career, i was working on a deal and i was out with a partner and a client. i was pregnant with our first child, and the partner actually turned to the client and said, ruth may come back after the first child, but there is no way she will come back after the second child. fortunately, the client liked me a lot more than he liked his partner and basically told him he was an idiot, but that made an impression on me. and the thing that was inspiring and helpful and critical in my career is there were so many extraordinary men who really bet on me, helped open doors. i didn't know at the time those were sponsors, but that is what they were. david: you became the cfo and at some point, you are one of the most important people in morgan stanley. then the u.s. government calls up and says, why don't you work at the treasury department? a very senior position. did

she started as an investment banker at morgan stanley and rose to be the cfo of morgan stanley and roseo be the cfo of google and now alphabet. in that role she has enormous influence at that company and has done a terrific job in making certain that the balance sheet works well and that they really are much better organized. i have no doubt she will be a power at alphabet for a long time unless the next president says i would like her to be secretary of the treasury. she would be a terrific candidate for that position. during this period of time, google and alphabet have done quite well. your stock is up more than 20% this year and from the time you became the cfo, the stock is up over 200% and the market cap is up over 200%, so it's done quite well under your leadership. i'm curious, are more people looking at doing searches now during this covid-19 period of time than ever before, or are people not spending as much time searching? ruth: no, people are spending a lot of time searching. we have trillions of searches per year. pre-covid, post covid. it's really the nature of searches th

david: morgan stanley also went through a crisis during that period of time.ou remember it, where morgan stanley was close to not being able to survive, and then a japanese investor said, we will put in some money. turns out that money was at three times the stock price that you were trading at and people were not sure if the japanese company, mitsubishi, would show up. were you ever in doubt that mitsubishi would show up with that money? ruth: that was a terrifying period of time. the series of events was that famous lehman brothers weekend followed by a call from the federal reserve, saying we collectively had worked on the wrong thing, we needed to focus on aig, and asked me to get back down to the federal reserve that sunday evening. they said aig would be out of money by wednesday. in fact, it was tuesday when they were out of money, and that's the point at which morgan stanley was running into its own very severe liquidity crisis. david: morgan stanley, obviously prospered through the period of , time, they survived, and you did quite well. then someday,

and i loved morgan stanly. i think morgan stanley was the best of the best.nd that was sort of theer those on wall street. and -- the ethos on wall street. i was working on a deal. i was pregnant with our first child. and the partner actually turned to the client and said, ruth may come back after the first child. but there's no way she'll come back after the second child. and fortunately, the client liked me a lot more than he liked his partner and basically told him he was an id you. but that really made -- told him he was and it i.d. yot. and that made an impression on me. the thing was that there were so many extraordinary men who bet on me, helped opened doors. i didn't know at the time those were sponsors. but that's what they were. david: you became the c.f.o. at some point you were one of the most important people in morgan stanley. and the u.s. government came and said come and work at the treasury department. did you consider doing that? >> i was in the 2008 crisis when secretary paulson asked me to lead a team to help him with the housing -- the ho

morgan stanley also went through a crisis during that time, i'm sure you remember it, where morgan stanley was close to maybe not being able to survive, and then a japanese investor said we will put in some money. it turned out that money was that three times the stock price you were trading at, and people weren't sure if the japanese company, mitsubishi would show up. were you ever in doubt they would show put that money? ruth: that was a terrifying period of time. the series of events was, there was the lehman brothers famous weekend, followed by a call i got from the federal reserve saying we collectively had worked on the wrong thing, we need to focus on aig, and asked me to get back down to the federal reserve that monday evening. they said aig would be out of money by wednesday, and in fact it was tuesday and they were out of monday -- out of money. that's the point at which morgan stanley was running into its own very severe liquidity crisis. obviouslygan stanley prospered through that time and survived and did quite well. then somebody called you up, was it a headhunter or somebody

joining us now is enter sheets, morgan stanley -- is andrew sheets, morgan stanley chief man -- cross asset strategist. andrew: ask, and good morning. it is nice to be with you. while ithat we see is is very easy to ascribe some of the summer strength to easy central bank continued easing globally, i do think the major story of the summer strength has been surprisingly strong economic data that surprised to really a historically elevated degree. i think that means the continued strength of the data is really essential going forward. we can't simply coast on the expectation that central banks will solve all problems. i think this is what makes the debate around u.s. fiscal policy so important. i think we are facing a really key decision point for how economic growth in the u.s. could look going forward. we think that would matter for markets even if the fed keeps policy easy. tom: what does the decline in oil signal? it seems to be the one statistic removed from all of the gyrations of fed, central-bank, ecb, fiscal and that. what does morgan stanley say of wti? andrew: the oil market

still with us to talk about it is his right amaq at them of morgan stanley -- is reza moghadam of morgantanley. do you see them extending the furlough program in the ok? reza: i think our view at morgan stanley is that the stimulus package will eventually get done before the recess, so i think we are building that into the shape of our recovery. we have a strong recovery in the u.s. taking place already, and we are expecting the u.s. precrisis be back to level of output i the second quarter of next year. if this doesn't happen, of course we will have to revise. on the u.k., i think you mentioned the view, but i think generally iniety the u.k. political circles, but also in the monetary policy committee meetings. so i think one attaches importance to his point of view, but i don't think one should interpret that as the view of the npc or the view of the bank of england -- the mpc or the view of the bank of england. as we have seen elsewhere, depending on the path of the recovery, depending on the strength of the recovery, central banks have reacted, so my guess is if the recovery is not a

morgan chase is moving billions from the u.k. to frankfurt and it said the 200 staffers made the channel as well. as an uncertain terms. for me in the business to buy stuff. there's a little society event in the labor market versity is calling for the gender of the ethnic background. orientation health of the military should be the deciding factor in career success. we talked to the human resources director is diversity just lip service to the reality made in germany. next. what secrets lie behind. discover new adventures in 360 degree. and explore fascinating borders heritage sites. w world heritage 368 getting apps now. we're all different even though at the same time we're all basically the same where fashion from a maryada factors like age ancestry gender.

morgan stanley was close to not being able to survive.anese investor said they would put in some money. that money was at three times the stock price you are trading at and no one was sure mitsubishi would show up. ruth: that was a terrifying period of time. the series of events was the lehman brothers famous weekend followed by a call i got from the federal reserve saying we collectively had work on the wrong thing, we needed to focus on aig and asked me to get back down to the federal reserve that sunday evening. they said aig would be out of money by wednesday. it was tuesday when they were out of money. that was the point at which morgan stanley was running into its own very severe liquidity crisis. david: morgan stanley prospered and survived and you did quite well. one day somebody called you up -- was it a headhunter? someone from google? were you surprised at that offer because you are a wall street person? you were not a technology person? ruth: i was on the stanford board and had the opportunity to spend some time with bill was

strong get stronger jp morgan is strong. they're going to come out of that a winner. if things get better, they've got leverage to capital markets and things like that they're well positioned to do well in almost any environment we come into. >> jeff, the argument i've made for a while, banks to me it's about price of tangible book i've made the argument that i think jp morgan deserves that premium valuation. right now as the market closes we're looking at a citi which tangible book was reported around $72 the stock is trading at $52. i think it should trade at a discount, but should it trade at that steep a discount to a name like jpm >> no, i don't think it should citi may not be hitti inting it they're a hot clolot closer talking about jp morgan, you buy it today you kind of win either way citi is the way to play it if you think the economy is going to be better they've got a much bigger credit card portfolio you tend to see bigger losses and you tend to see them sooner. if the losses don't materialize, citi is set up to

yourself,t to hedge jp morgan say give me yen, yen, yen.ll deliver a lot better a hedge than bonds, trifling things like gold. let's talk about hsbc. it was the most in hong kong trading since 2009. the biggest shareholder, ping an , looks large. dani burger is with the details. last week, they were of them a bit sanguine i would say in terms of their rhetoric but they have gone in, they have looked march, and everyone else has to go home. good morning. dani: a little bit sanguine. a 25 yearc trade to low. what a different story we are talking about today with the biggest intraday rally. 10.8an jumped in buying million shares. here's the interesting thing. it was barely at a premium from friday's close. they bought it at 28 hong kong 28.30 hong kong dollars. quite the big vote of confidence coming from ping an, saying this is a long-term play for the insurance unit. it's also saying that the slump only increases the appeal and this is key, manus. they think the suspension of dividends is only going to be a near-term thing. they have been in

morgan?ave been talking about bank consolidation for the best part of a decade since the financial crisis. if you look at the banking model, the cost of doing business is just going up and up and up, whether it is capital, whether it is liquidity, whether it is cyber technology, compliance. so really, i think there are compelling benefits to scale. that scale benefits not simply from the cost side of the equation but also it benefits from client service, from the client offering, and really what you are seeing is the big names of the long muted bank consolidation wave. you said it, francine. you saw it in saudi arabia, you saw bankia and you have seen it in italy. i think we have been waiting for this for a wild. it does make sense, and it is kind of reassuring to see this quest for scale and optimizing of business models take place. francine: thank you so much. another three hours to speak to you, but thank you so much. we have things to do. that you have things to do. coheadhavan, head of -

--s phone, jp morgan lowered this fall, jp morgan lowered its net income forecast.ther banks with that income under pressure. the idea of bringing people back in what might be a very tough second half of the year is something they may be thinking about. caroline: of course, we are starting to see citigroup resuming job cuts as well. that will be something that will be weighing on many bankers concerns right now. sonali: absolutely. they will not be limited to citigroup. morgan stanley from account was the only one to make that promise into 2021. but 2021 is not that far away. there are concerns about what headcount will look like. -- tour thanks to sonali: sonali bostic with the latest. basak with the latest. coming up, we will be selling -- we will be showing some charts. this is bloomberg. ♪ ♪ caroline: today, we are looking at some of the potentially more permanent changes to the labor market due to the pandemic and recession. i know one part of the labor market you have kept an eye on is freelancers. a lot people positioning themselves as freelancers. some ate a

all morgan stanley and others have warned about. we are not saying markets will collapse or soar you've got to watch out. if you think things are more volatile now, if you believes that the case, what do you do to protect yourself are you buying options or bonds, putting more money in cash what is the playbook for this? >> in the short term, you'll be right. it is an uneven bumpy market something we haven't seen for quite some is time since back in 2020 the good news is that the down side should prove very limited this should help to place a floor under the market for the longer term, we are in a bit of a holding pattern we are in a more volatility than we are used to there are some opportunities being created. we are optimistic for the global economy. >> when we can freely move around again and get on a plane and head to the yyc and pretty good airport why do you believe better money making opportunities are to be found in the canadian market and how might our american markets take advantage of that >> the outperformance we've seen

morgan has -- six banks, on the jp morgan hasn't even gender split.ink it is also going to get folks asking questions about what is next for j.p. morgan, for bank of america or morgan stanley and the rest of the industry? annmarie: certainly. i think the spotlight will be on the other major wall street banks-tell us a bit about jane fraser. what kind of experience that she bring to the top role? candice: a little bit about hoechst areas, the show about her experience, she was at goldman sachs, mckinsey and she experience,ional but her star rose very quickly since you joined citigroup into thousand four. she has had experience running areas thaty teams, are in the center stage. i think her old boss complimented her really well in the yesterday when he said she has demonstrated in the past decade that she can manage any region. and this is a testament to her ability? annmarie: she will have a number of challenges ahead of her, though. what are they, what would you say are her top three in terms of her to do list going into this role? candice: to start o

really seeing that divergence between jefferies and morgan stanley.ries saying this is an election strategy on behalf of president donald trump. you and i talk about the bifurcation of tech between washington and beijing, don't we. manus: i think we should rename the show, and of the bifurcation show. here is the european equity story. if you look into this he saw the dax down by over 4%. germany is worried. we are up by three quarters of 1%. what has changed between yesterday and today. there is still the stories about the banks. you've got ftse rallying by over a half of a percent. we will keep an eye on those. we will talk about the calls on the u.k.. what have we got? droprie: steepest one-day since june. we will see how it opens today. are we headed for the cliff edge? the heavymists warn cost of the u.k. economy if we see a partial lockdown. we are seeing pubs closing at 10:00 p.m. we will dig into that. this is bloomberg. ♪ annmarie: 6:30 in the city of london. i am annmarie hordern with manus cranny live in dubai. is the were still to come? as

morgan stanley sees upside in mining shares. juliette: they certainly do.talking about what shape this recovery is going to be. they are seeing it will be av rape -- a v-shaped recovery. that should be a good boost for mining equities and also for commodities as a whole. the uptick is copper. they are saying that will be in eight -- be a winner. when it comes to money, equities look well-positioned to do well in this scenario. the top mining equity picks go around the globe. anna: thanks very much. juliette saly in singapore. staying in the asian region. getting latebreaking lines coming through from hong kong on the security situation. hong kong police arrested the activist joshua wong over the october 2019 protests. back in the autumn of 2019, we were very focused on what was going on on the streets of hong kong. joshua wong is a very well-known activist. he has been arrested. his twitter account says he has been arrested in hong kong. let's get a bloomberg business flash with laura wright. laura: j.p. morgan is set to pay $1 billion to resolve u.s. marke

we are morgan stanley. the volatility. the ambiguity. the moment calls for more.thern trust delivers more. with specialized expertise. proven strategies rooted in data and analytics... and insights borne from over 130 years of successfully navigating economic turbulence. giving you clarity. inspiring confidence. and helping you uncover new paths forward. northern trust. wealth management. >>> good afternoon welcome to "power lunch. glad you could join us on a friday afternoon stocks giving up an early rally. all the major averages in the red even if just by a smidge for the dow industrials. nasdaq leading the declines down more than a percent. the dow and s&p now on track for their worst week since june. the nasdaq, its worst since march. retail wreckag

a lot can happen in the next 63 days and jp morgan has a message.his is bloomberg. ♪ is bloomberg daybreak europe. suggestedtrump has that the man arrested for killing two people during a protest last week in wisconsin may have acted in self-defense. he says the video of the incident shows that the alleged rittenhouse, was trying to get away from protesters but he fell and then they very violently attacked him quote. the incident is being investigated. editor, in our senior derek wallbank. this is the latest response from the white house. how is that being interpreted? >> i think that one of the difficult things you will have here is trying to sort out the spin vis-a-vis these protests, was responsible for how violent they are, when it comes to the presidential campaign tactics. because that is what we are in the middle of right now. is video president trump referring to, i have seen it. it is very graphic. it is actually the second incident involving this 17-year-old young man. had alreadyr he been involved in a shooting. but this guy was apparentl

morgan chase is moving billions from the u.k. to frankfurt and it said that the 200 staffers made needs moved across the channel as well all to the post friends of uncertain terms. that's it for me and the business to be with us. where does research stand. what are scientists learning. background information and news. hour carona updates. covert 19 special next on d w. m her. sometime. since learn. what connects from the stronger the monster the rates that. are so strong that it cannot be torn down. we celebrate the 30th anniversary of his realistic occasion october 3rd on d w. in african countries poor living conditions are in demick and diseases such as malaria diabetes and tb a widespread. health care facilities are generally under resourced and often decrepit. and yet so far the continent has avoided the worst of the pandemic. there were fears that living conditions in urban communities in south africa and beyond would accelerate the spread of the virus some experts are now asking.

morgan chase, and marko kolanovic and his team.et's get to this route and what you think is behind it. we will get to your presidential calls. first off, the selloff, what drove it? marko: the selloff that happened in early september was largely driven by the technology sector. we had some pretty big options trades, speculative activity in mid august, late august that pushed the nasdaq higher. that reverted in early september. as the market rallied in august, there was some rebalancing. we think it happened early september. now we think the selloff is probably over. our price target earlier this year in march was 3400, so we overshot it, came back under it, and we are now again positive, and actually increased our target to 3604 snp. vonnie: are you saying we are through the process for the pullback and will not see another one? that is early, payment one cannot be certain but that is our view. it is also based in the time that positioning in the acquittal market is right. if you look at the hedge fund indices on equity data, it is

morgan.g spokespeople for their part say their younger employees are missing out on learning one in the office. this is a key data point. you want to bring your employees back into the office? we have learned that frequently, people do work longer hours at home, but perhaps of those longer hours are less productive if you are a jp morgan employee. what banks are telling their employees, come back to the office -- jp morgan is telling employees to come back september 21 if they are in one of the key sales and trading jobs. they are opening their new york offices and hoping to have 50% capacity by next week. manus: thank you very much, dani burger. we never left the office, did, anne-marie, dani and myself. the whole debate is the we just more? did you work harder at home, annmarie hordern? tell the truth? annmarie: my terminal was up all day. and never shut down from 4:00 a.m. until i went to bed. i found that i worked more at home, but i am probably more focused in the office. i will be hones

morgan and deutsche bank and h.s.b.c. it will seem like it to the news to the to the you know ordinary voter think wow deutsche bank pay $2000000000.00 is a lot of money but of course it's going to be back doored through the taxpayer they're going to pay it out nobody will go to jail in the meantime they will crackdown on ordinary small investors small business people ordinary people and we'll get into that in a 2nd or so for it's 11 years i've been saying that j.p. morgan jamie dimon have been funding terrorism and now fin senna's come out and said exactly that and as you say nothing will be done on mean that this i don't know what he alan joe great i mean they go to the doctor he says doctor my brother thinks he's a chicken and the doctor says here take these pills and he goes no you don't understand we need the eggs. so even though if incense says these banks are committing terrorism the justice department will say we need the eggs we need the money we need the revenue we need the profits we need the billionaires. well

morgan goldman. have been all these major banks is to apply anti racketeering law that's the only way you're going to stop it unfortunately they're just going to go after ordinary people that will have to be seen to crack down they will go after somebody who's like a small business person with a $10000000.00 turnover a year though marching in front you know the frog march him in front of the. incarcerate him for 30405060 years and they'll say see we did something about it because they have to do something now right so if insan is embarrassed by this and no billionaire banker is going to get arrested they won't get in trouble because the holder adoption already establishes that this will jeopardize the system so the have to in order to maintain confidence from the people in the institutions will have to throw some low level chumps that's what they used to do with the mafia before giuliani took them down remember they used to throw away a few of the foot soldiers and say see we did something somebody d

kate >> morgan chesky, thank you. the pandemic, a central issue this labor day, the traditional kickoff to the fall campaign, president trump accusing joe biden and kamala harris of undermining science after they said he's politicizing the search for a vaccine more now from kelly o'donnell. >> reporter: injecting politics into the covid debate today president trump accused the biden-harris team of using anti-vaccine rhetoric after kamala harris said she would not trust donald trump over scientists on a vaccine. >> she's talking about disparaging a vaccine. so that people don't think the achievement was a great achievement. >> reporter: the president frequently links the vaccine timeline to election day, but claims that is not politicizing science. >> so we're going to have a vaccine very soon, maybe even before a very special day. you know what date i'm talking about. >> reporter: after meeting with union members in pennsylvania, today joe biden said the president's actions could discourage vaccine acceptance. >> i'm

jp morgan relocating 200 london bankers.t of them will use other european offices because a no deal brexit is looming, according to people familiar with the matter. i want to bring in kelsey butler, who covers credit markets. we have seen a lot of action at the higher end of credit, large companies able to tap these markets to a record degree. smaller and mid-cap may now be joining the party. we are the evidence that seeing credit flows are starting to work their way down market? kelsey: the private credit market, which has been largely silent since the start of the pandemic as private credit shops tended to their own portfolios, are starting to see volumes pick up again. big midmarketa lending firm, has done three really big deals called unitrau nches which blend higher priority and lower priority debt into single financing. we are seeing companies that are not necessarily brand names but sizable midsized companies that are looking to finance by outsourced strategic acquisitions. fedie: how much is the anticipating this wil

brokerage, goldman, morgan. most of the dedicated analysts from five and ten years ago are now covering square and paypal and visa so it's lost its luster and they're going more into thin tech space i think i would still avoid the banks, quite honestly. >> guy adami, here's a provocative would you rather. >> i love that square or jp morgan? >> square. absolutely i think the growth potential for square is still there. we understand that it's had a ridiculous run and people will cast aspersions of valuation but when you talk about a company with growth potential as opposed to one where we know where the ceiling is with jp morgan, you put a 1.8 price to tangible book you get a $115 stock that's exactly where it topped out in june. whereas a name like square to me, i think that's where the growth is. i think steve would probably agree. given the game would you, square. >> victoria, your favorite non-bank financial. >> s&p global is something we've been uh buying in the financial arena. we're not a big fan of the ban

morgp morgan out with its k for september.y surprise you and there are a slew of retail names outperforming today. capri, american eagle, rh and foot locker all seeing gains of 6% foot locker up 7% in the past week now capri up almost 15% now in the same time. we'll keep an eye on it. we're back after the short break. stay with us i'm a verizon engineer. and i'm part of the team building... ...a powerful 5g experience for america. it's 5g ultra wideband, and it's already available in parts of select cities. like los angeles. and in new york city. and it's rolling out in cities around the country. with massive capacity. it's like an eight-lane highway compared to a two-lane dirt road. 25x faster than today's 4g networks. in fact, it's the fastest 5g in the world. from the network more people rely on. this is 5g built right. only on verizon. come on in, we're open. ♪ all we do is hand you the bag. simple. done. we adapt and we change. you know, you just figure it out. we've just been finding a way to keep on pushing. ♪ >>> welco

we are getting some breaking news out of jp morgan.ot of the banks have been preparing with the extent of brexit and now maybe a hard brexit. no deal with the eu when they leave january 1 of 2021. we understand jp morgan is set to move $230 billion of assets to germany and the brexit shift. what we know so far from jp morgan, we will try to dig deeper and bring you details. they chose paris as the european headquarters. some of the reasons the reasons they need to actually transfer physically some of the assets that they have managed and decided to do that to germany in this brexit shift. as soon as we find out more, we will bring it to you. let's get the bloomberg business flash. leigh-ann: tesla is setting the lofty goal of making a $25,000 car by 2023. the car will be possible by innovating electric car batteries and cutting the costs in half. it is part of the company's so-called battery day that lacked the sizzle investors have come to expect from ceo elon musk. hsbc is joining goldman sachs in positing its efforts to return to it

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morgan, this is is how trump's tweets could affect markets. i know it started as a bit of a oke with covfeve but i think this is called valfefe? >> yes, it certainly started on the back of that infamous tweet of it in the back of 2017. and the j.p. morgan analysts is looking at how much his tweeting affects the markets. and they found that even though trump's tweets are not quite as high or having quite of a market impact as they were back in may, words such as ventilators are getting a lot of action and volatility come through in the market. this is a change from a year ago when the words that shook up the market were more like million, china. the election and covid-19 and geo politics. it could be a much more bullish factor. so the president tweeting remaining a statistically driver of volatility here, annemarie. >> what does morgan stanley have to say about them? >> yeah, we've been talking about what this recovery is going to look like. they say it will be a v-shaped recovery thanks to a lot of stimulus coming through. that's going to be p

morgan juergens -- jerkins i thoroughly recommend this. also a visiting professor at columbia university. the short form work. has been featured in the new york times the atlantic rolling stone esquire in the guardian among many others. based in harlem. joining morgan in conversation. born and raised in jackson mississippi that chilling professor. the author of the long division author. how to slowly kill yourself and others in america. it's also the author of the men were heavy. named one of the best books. by the undefeated. the publishers weekly. in the library journal. the washington post. and entertainment weekly the san francisco chronicle. in the new york times critics. without further ado. please join me in welcoming him to the stage. the hi everyone. i'm so excited to talk to you about this book. i wish that we could we could of done this down south. >> this is full for me. two years ago i was in a conversation with you at the brooklyn public library. you helped me. i am mississippi through and through. i lived in new york for 16

morgan says the odds are now even. largely due to the impact of violence on public opinion, and bias in the polls. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. up, interviewsg from the hong kong executives at a time when health care issues have surged due to the pandemic. this is bloomberg. ♪ francine: this is "bloomberg surveillance."i'm francine lacqua in london. the hong kong exchange has kicked of its summit at a time when health care reit issues -- health care issues have surged due to the pandemic. this is the right thing to do at the right time. it is such a big sector, and china is such a big country with an aging population due to health care challenges. and drug development. all of this requires asia to have a center for biotech so we and theort research massive health care reforms. that is a big event, because china finally, literally four years ago, brought the entire drug administration s

he's the equity analyst at morgan stanley it's good to have you, ravi.rt with who this doesn't include which is the airlines more geared towards business travel. what happens to them >> thanks for having me. i think as the covid case count improves and as we get closer to a vaccine, we think it looks relatively close to normal within a couple of years first of all, i think that's a sooner time line than most people expect. i think consensus is looking for 2024 in terms of normalization i think leisure comes back first. i think u.s. domestic comes back first. i think international and business will catch up we think based on everything we see in terms of v shape, macro rebound, we think asm and rpms which is air traffic demand and volumes will come back to 2019 levels exiting 2021 and early 2022 that's a combination of leisure and business >> tell me, for example, about american airlines where we have talked a lot about the debt levels they will have coming through this pandemic even if demand brought prospects brighten, will they be able to service that

morgan h.s.b.c.'s standard chartered bank deutsche bank and bank of new york mellon have put greed and corruption over decency in public good.

morgan with a question for vice president nixon. mr. morgan: mr. vice president, in your speeches you emphasize that the united states is doing basically well in the cold war. can you square that statement with a considerable mass of bipartisan reports and studies, including one prominently participated in by governor rockefeller, which almost unanimously conclude that we are not doing nearly so well as we should? mr. nixon: mr. morgan, no matter how well we're doing in the cold war, we're not doing as well as we should. and that will always be the case as long as the communists are on the international scene, in the aggressive tendencies that they presently are following. now, as far as the present situation is concerned, i think it's time that we nail a few of these distortions about the united states that have been put out. first of all, we hear that our prestige is at an all-time low. senator kennedy has been hitting that point over and over again. i would suggest that after premier khrushchev's performance in the united nations, compared with

we are morgan stanley. at cdw we get you're always yeah.or the road ahead. office drones were the way to do it. [ laughing ] drone voice: l-o-l. our market share looks good, but... drone voice: where are the bagels? well, cdw can help you modernize your company the right way, with a scalable infrastructure from hpe, making you more efficient and secure. great. oh. [ drones buzz angrily ] let's find a different room. for transformation that works, you need hewlett packard enterprise and it orchestration by cdw. people who get it. >>> welcome back, believe it or not, the wizard back in theaters years after being released why the boy wizard is back trending what happened? >> if there was another book, would you read it? i've never seen the movies, the book i don't know anything about it >> me either butter beer, the drink made famous by the franchise is now available for online purchase and delivery previously only available in parks and resorts. you have to be in the united kingdom for this >> move over pat mahomes, another athlete has inked

we are morgan stanley. >>> welcome back to "the exchange."he dow was up about 250 points at the highs the averages were briefly positive this morning after that better than expected report on the jobs market last month, but we didn't hold that for long we're down 350 on the dow right now, and that's off the lows the s&p is down 59 the nasdaq is down 330 points. it was down 480 mid-morning at what are so far the lows of the day. so another nearly 3-point drop for the nasdaq and that brings me to the sector board behind me take a picture you haven't seen it look like this for a while t industrials and financials are the ones going up. at the bottom of the board, technology down 3% today and consumer discretionary, you'll find those names like amazon also shedding 3% today again, a pattern we've seen the past couple sessions maybe the new normal we'll see. let's get to sue herera for a cnbc update. sue? >>> here's what's happening this hour, everyone a u.n. watchdog finds a ran increased uranium. it is still ten times over the amount allowed >>>