kriti: goldman sachs made this point over the weekend.e idea inflation is going to come down faster than anyone expected. it rings to the question whether this is disinflation or active deflation, how the economy is going to take it. when you see that pullback in prices, the wealth of the fed -- which has been perhaps driving income or average americans -- that gets removed on top of the stock market carnage. when you talk about the inflation versus growth perspective, you have to talk about the willingness to consume. i think quickly as you see inflation numbers come down, i am not talking to 7.5%, but back perhaps death 4% -- back perhaps to 4%. that is when you will perhaps see wages becoming more sticky as prices stay stickier at a higher level. that is where you are going to see more pain on the growth side. fewer and fewer americans are going to be actively spending as much as they were this year. guy: mike, let me ask you a different question. is it possible to quantify how you look at the relationship between china and the united

goldman sachs is predicting the u.s. may dodge a recession.oining us is deputy head of different markets research. i want to get your views on the direction of travel. goldman sachs do not expect a recession in the u.s., that is not their base case. that ties into their views that you are going to see 4% on the 10 year through the end of 2024. could the equity markets look through that? >> the door is now for a reduction of rates. they said they would look into cumulative tightening. in the evolution of the economy and inflation. but we definitely think that the fed will continue to remain hawkish. inflation is an unacceptable high level in the fed is really concerned that the market -- the reduction in magnitude of interest rate hike, as dovish people, lack of commitment to fighting inflation. we really think the fed will continue to remain on the ok side. the fed is now ready to accept a recession to bring inflation back to 2%. regarding the fed, the fed will remain hawkish. i will really be a bit maybe less comfortable with this position by

this time steve will speak to the head of utilities from goldman sachs. a comeuple of years ago, steve, the less exciting sector now it is the center of the storm. >> it is absolutely, as you say, the epicenter. this is the sector alberto gandolfi is here with me she said i think she is right. a sector that was not interesting and to the key sector you have been excited? >> ti totally look at the amount of spending the world needs to be electric and you would be excited about the industry there are a handful of companies capable of doing that. >> a handful of companies capable. does that mean the investment universe and the finance here? >> there has to be new trends. what is fascinating is out of the top ten global renewable, eight are european this is europe silicon valley. >> we are so far behind in so many sectors globally. we have a head start in renewables >> we had a head start up until 10 or 15 years ago, the renewables were in europe. europe versus the globe. with the inflation reduction act, they are picking up in terms of targets, it is startin

goldman sachs says the u.s.l narrowly avoid recession next year we're going to ask a veteran strategist if the worst is over. and where he may be seeing opportunity right now. on to the crypto contagion, shares of crypto bank silver gate down more than 25% this week 50% this

goldman sachs.prise financial, our advice is personalized. based on your goals, whatever they may be. all that planning has paid off. looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice? i can make this work. that seems to be universal. i can make this work. i can make this work. no wonder more than 9 out of 10 clients are likely to recommend us. because advice worth listening to is advice worth talking about. ameriprise financial. ♪♪ we all have a purpose in life - a “why.” maybe it's perfecting that special place that you want to keep in the family... ...or passing down the family business... ...or giving back to the places that inspire you. no matter your purpose, at pnc private bank, we will work with you every step of the way to help you achieve it. so let us focus on the how. just tell us - what's your why? ♪♪ >>> on an explosive day in the market who better to sit down with than the ceo of goldman sachs? david solomon. he also has

head of commodity research at goldman sachs. you thought the price would be higher of the commodity oil and brent and wti. you have been pcutting your prie target what changed is it about china? >> it a combination of factors first it was the dollar. too much money chases too few goods. the too few goods condition is there and we have less money yen went from 100 to 150 in japan, there is 50% fewer dollars to chase oil that is factor one factor two is as you point out has to do with covid in china. by the way, it's big it's worth more than the opec cut for the month of november to put it in perspective. the third factor is russia is pushing barrels on the market right now before the december 5th deadline for the export fans you put those three factors together and markets tank. medium term outlook for 2023 is still very positive. we stick to our guns of $110 forecast next year the path between now and next year has uncertainty >> i spent more daysthan i car to remember spending time in vienna to discuss this i did not foresee th

goldman sachs has been making an effort to tout its diversity credentials.have made various pushes not just inside the firm but also in terms of who they engage with. when you have complaints like this, that gives you concern and pause in trying to figure out if enough progress is big made fast enough. guy: really interesting reporting, thank you so much. markets continue to trade positively and the nasdaq is up 2.6%. this is ♪ - [announcer] imagine having fuller, thicker, more voluminous hair instantly. all it takes is just one session at hairclub. introducing xtrands. xtrands adds hundreds or even thousands of hair strands to your existing hair at the root. they're personalized to match your own natural hair color and texture, so they'll blend right in for a natural, effortless look. call in the next five minutes and when you buy 500 strands, you get 500 strands free. call right now. (upbeat music) alix: we are an hour into the u.s. trading session. abigail doolittle is checking the moves. markets love that ppi report. abigail: the s&p 500 very similar to

but bank of america, goldman sachs, and deutsche bank all say more pessimism. bank of america thinks the s&p will end next year at 4000 where we are now, and goldman sachs and deutsche bank saying a recession is not yet fully priced in. manus: and morgan stanley is qt. what would that do to the bond market? we have christine lagarde disbelieving of the peak in inflation, you have readiness to do another cut in oil. let's have another look at oil and across assets, this is what we have got. nymex is bouncing as china seems to be now under control but we will get more clarity about covid tenths. mark mobius looked at $10,000 as the next beat on bitcoin. yield differentials is what will drive the narrative in 2023. dani. dani: a dollar not bothered, a rare occurrence for 2022. let's get the latest from the ongoing efforts to tame inflation to covid protests in china followed by the market reaction and more fallout from ftx. manus: let's put the fed speak in perspective. they are stressing and prepared to raise rates to curb further inflation. enda curran is there.

we will be talking to the likes of goldman sachs, david solomon. we will, talk about navigating this whole volatile volatility we are seeing in the markets and the uncertainty we are seeing. david: the goldman boss, i don't have my list, morgan stanley's also here, james gorman. yvonne: president bank of china. david: if you are part of the finance community. rish, i am sure you are. rishaad: well, i mean, let's not lose sight. they are saying china's future is intertwined with hong kong's. there's so many headwinds. people are concerned of this dual circulation and this move inward, not least of course the rhetoric of taiwan getting more aggressive. geopolitical tensions over taiwan intensify in. we've got the chip side of things and in the u.s. which is shutting out the chinese from what is a vital industry. some are calling this the start of a superpower declaring war on a great power. this is something people are concerned about. they want to track money back into hong kong, where we have been seeing it flow out. how do you make it attractive by

all of this while goldman sachs warns the bear market is not over.tors call opportunity in this volatile market? let's get to the floor show, george ball and to have to it senior portfolio manager rob sumall. gentleman, good to see you. george, do you believe that, a, do you believe this is a bear market still and all the rallies that we've seen, not toed, are bear market rallies? -- not today? or do you think there's more pain ahead? >> on balance, i think the market is poised to rally both over the short term, the next month to -- month or two and also into 2023. right now you can see the market is batting around a great deal of -- without a great deal of direction. for the past two years, people have been watching the fed rate hike expectation, and that's been the driving force behind everything in the market, which way is the fed going to do. lauren: yeah. >> at this juncture i think people are fairly comfortable in saying the fed will raise rates in december, they may raise rates in early 2023. but after that there has to be a long pause. the fe

dani: goldman sachs putting the dichotomy between letting the virus spread or increase sanctions. thank you. as we were discussing at the top of the show, there has been a strong reaction in markets to this. let's get more with juliette saly, tracking all of this. jules, what are you looking at? juliette: markets hate uncertainty, and as a spy asset management put it, pragmatism is waning. we are off the earlier lows of the day in the afternoon session, particularly on this age share index. they had been down by as much as a 4.5 percent, certainly a negative undertone and flowing into high em currencies. some have fallen as much as 1% against the dollar. of course these trade-weighted currencies like the aussie under pressure, down by 1%. adding to the nervousness is we had another read on negativity in terms of the china economy due to covid restrictions. let's look at industrial profits. in terms of monthly figures, we haven't got those a since june so they are rolling average, but profits in january to october declining 3%. extending those losses we saw from september, about 2.

goldman sachs paid for a lot of protection from the government to pay out, it's like an insurance policyatter most when the 2008 financial crisis hit, that's why goldman sachs bought built out while even brothers didn't tease atop donor of the democratic party even as his exchange was going bust, yet there is one small wants to this, i think they might actually go after him and punishing anyway. not a lot of people know, he ha pledged up to $1 billion in donations this cycle and next s there are a lot of democrats upset that he only gave 30 or 40 million. if they went after him it's because he didn't buy the goldplated insurance policy he stopped at the cheap version instead. if he is indicted or if he does get in trouble, that will be on of the lessons of the story is pay for freight or you will get in trouble. >> intends seconds, and oligarc pledging to throw a billion dollars into democratic election . democrats used to complain abou big money, didn't they? to keep what happened to the citizens united corporations ar not people, the party used to b skeptical of the expansion of corpor

they will be a few more empty seats in the goldman sachs offices in london. oomberg learned goldman is shifting some of its trading desks to milan and will be hiring staff locally. this is an example of banks moving to the continent after brexit. >> goldman's move to milan. is this -- is milan going to become the big player in the banking industry? are we there yet? >> big player is probably a strong word, but yes. we are seeing several bankers moving to milan. goldman is the latest example. many of them coming from london. somehow m be. there is also some very important fiscal benefits for people to move to milan. we are seeing a new era as milan as a financial destination. guy: the italians need to talk about football, but it must be tough watching everybody else playing in the world cup right now. we need to talk about juventus front and center at the moment. what is going on? the board is resigning? they are playing ok on the field, but financially it is not going well. is this potentially looking for an exit? tommaso: first of all, italian football is not

paul: goldman sachs jeff curry speaking with lisa brahma that you.why oliver wyman says an end to china covid zero is unlikely until march of next year. this is bloomberg. ♪ ♪ ♪ well would you look at that? ♪ ♪ jerry, you've got to see this. seen it. trust me, after 15 walks it gets a little old. i really should be retired by now. wish i'd invested when i had the chance... to the moon! [golf ball bounces off rover] unbelievable. ugh. [ding] >> you are seeing live pictures of shanghai as we await the daily covid number case count. we had heard from the state council saying policy tools will be used in a timely and appropriate manner, that suggests a rrr cut coming down the pike. the yuan strengthening against the greenback right now. shery: our next guest says china's ongoing co. the disruptions will not be cost free. global consumers will bear the brunt. ben -- ben simpfendorfer, good to be with us. we heard operations are back in order, but is the expectation that these disruptions and protests continue? >> china's exit from pandemic restrictions wi

investor mario gabelli about bob iger's return to disney he's known for his media calls plus, goldman sachs jan hatzius will break down the latest signals from the fed and abercrombie & fitch is spiking senior markets commentator mike santoli, what's on your radar? a pretty broad rally thanksgiving seems to be positive, right, seasonally? >> we've been talking about how the market was having this orderly low drama, consolidation of the rally, not any selling pressure coming in modest pullback and has gone sideways where we sit now right at this level just under 4,000 is slightly above the closing high for this rally which was a week ago friday we did get above that. it's inching in that direction, but you see since the low in october, you've seen a series of these higher lows, a stair step type action you want to see. of course the big test comes above here when you challenge the overall downturn on the tactical basis that's where if the market is goingto go to that point of kind of maximum mutual frustration or suspense, it's going to be more like 4100, 4200 and make the bulls and bears ma

we are talking to goldman sachs chief strategist david kostin.stand it is hard to make a turn of something we are ending the year, but the dollar is weaker and equities are not responding to this hawkish talk like we might have thought. why do you think that is? david: i think it will happen. as we looked in the next quarter, the s&p 500 will fall to 5600 in the first quarter. he will see that perhaps rise later in the year back to around 4000, which will put us at a flat market. your question about what the market has been avoiding, there's this expectation, optimism if you will, of a potential pivot. perhaps the fed may stop hiking rates sooner than we expect here at goldman sachs. we are expecting a 50 point basis hike next week, followed by three more in the early part of next year, february, march, and may. that is the risk as i see it. in terms of the valuation to the market, as well as earnings, negative earnings revisions, i think that is the set up for entering the new year. i think it will be a challenging environment, negative earnings

goldman sachs says the u.s. will narrowly avoid recession next year we're going to ask a veteran strategist if the worst is over. and where he may be seeing opportunity right now. on to the crypto contagion, shares of crypto bank silver gate down more than 25% this week 50% this month investors want to know about the company's ftx exposure and what crypto's credibility crisis means for the bank's longer term business contessa >> hello, tyler. all the major indices on pace for a down week. you have the dow, though, just barely hanging on to the green today, up 40 points. the s&p 500 just barely in the red, down three points the nasdaq composite down half a percent. more big retail movers here, ross stores higher on better than expected results. foot locker posted an improving outlook. and gap, there you see gap up 5.5% you have foot locker up. ross up 10.5%. williams sonoma trading lower after warning about margin head winds here crude breaking below $80 a barrel on track for a second weekly decline, about demand

solomon and goldman sachs? william: constantly evolving.ly normal and david is a clever, smart guy. has he made missteps? of course. he tried to get the bank into more retail banking with markets and making loans and cash management made it a top or -- it a tougher business. trading helps goldman and goldman is a perfectly designed creature to take advantage of opportunities in the financial markets. they have been doing that for 160 plus years and will continue to do it. they are one of the oldest surviving financial institutions we have in this country. they know how to survive. tom: william cohen with his book. thank you so much. 700 plus pages. i won't mince words, it reads wonderfully supple and fluid from all of the different people, including bob nardelli and on and on to the collapse of this american icon. power failure, the rise and fall of an american icon, i really can't say enough about it. futures negative 12. you can see what kind of day it is, a day waiting for economic data into tuesday and a ton of data as we heard from ver

speaking of gold, goldman sachs says there is still a good chance we can avoid a recession.re and will share her views next. ♪. what should the future deliver? (music) progress... (music) ...innovation... (music) ...discovery? or simply stability... ...security... ...protection? you shouldn't have to choose. (music) gold. your strategic advantage. (music) visit goldhub.com. research shows that people remember ads with young people having a good time. so to help you remember that liberty mutual customizes your home insurance, here's a pool party. look what i brought! liberty mutual! they customize your home insurance... so you only pay for what you need! ♪young people having a good time with insurance.♪ ♪young people.♪ ♪good times.♪ ♪insurance!♪ only pay for what you need. ♪liberty liberty. liberty. liberty.♪ ♪. charles: since we've been on air we had the exact opposite of "cp effect." see on the screen all major indices are up huge. dow holding on right now. we're looking what may be going on. fedex had a major announcement they're cutting flights, parking planes. off four b

that is good news for a company like goldman sachs.ield and they are a solution for industrial digitization. we like that one a lot. also beneficiary of a weaker dollar which you and i talked about. charles: what about palo alto networks? i feel like these names, they will be a great earnings period. they go you there roof then for some reason they don't live up to the hype, they come down. they have been very volatile but it feels like maybe palo alto really has some traction? >> you nailed it. i think what we saw with all of the cloud companies, service now, microsoft, palo alto they delivered great earnings, excessive growth in the space and got panned because they are slowing down somewhat which is largely, law of big numbers but remember stocks are trading on the macro right now. so people are just, sort of extrapolating higher interest rates are bad for big technology. that was true when technology didn't have earnings but these companies all have earnings. palo alto, i think their growth in climates over a million dollars was 67

fenway sports group is working with goldman sachs and morgan stanley to determine buyer interest.could fetch more than $5 billion. fenway took control of liverpool in 2010 for $344 million. haidi: nintendo is expected to post an earnings rebound for the latest quarter, helped by the success of the games and benefits from the week yen. talk us through what we see in terms of market expectations and the currency effect is going to be a big one. >> right that's exactly right. the market expects nintendo to raise its forecast, for the full year profit, it is based on an exchange rate of ¥150. that exchange rate is now close to 150. it is likely nintendo will rise up. unlike sony, the other big japanese consul maker, nintendo has a very distinct advantage to the yen. most of it comes in domestic currency and most of its sales go out to japan, 80% come from overseas. it's going to get a boost unlike sony which has more of a diversified cost and sales. shery: with the latest on nintendo. we are turning to some live coming from the be oj. we have the summary of opinions from their october

guy: sharon bell of goldman sachs. finishing near session highs in europe. are the final numbers. we have been talking about energy stock is the real driver. the sector is up by 4.5 percent today. that is why you have seen the performance ftse today. what has been happening with the energy story in europe, the energy caps maybe not a good idea. and energy cap coming out of germany. the eu programs to cap gas prices. we will talk about that. plus, politics. alix: crypto. regulation in the wake of the ftse meltdown. we are talking to kristin johnson, and her agency which regulates here in the u.s., this is bloomberg. ♪ >> keeping up-to-date with news from around the world. here is the "first word". i am retaking group to. the ec is trying to prevent more damage to the economy from russia squeeze on energy supplies rated the commission is seeking a cap level of about 270 five dollars per megawatt. the proposal still has to be approved by eu member nations. the world health organization warns millions of lives are at risk in ukraine -- millions of lives are in y

we saw big names on wall street, goldman sachs, citi saying a few weeks ago now is the time to increase your exposure on chinese equities. where they for mature -- where they premature? jacob: when you look forward six to 12 months, and probably these protests make it look even more urgent, to find a way to reopen the economy. it is a difficult choice to make. previous policy has been less than optimal, but they understand that more than ever. given where you thought of limit is out of the economy, they need to get policy refocused on earth. being constructive now is not a crazy idea. if you think about the u-turn turn on property policy, it's been a 180 agree you turn from being very tight, to being actually white loose -- actually quite loose. in terms of the pathway of the economy, the amount of stimulus is important, and that's been going up. tom: youth unemployment about 20%, which is remarkable. and in terms of stimulus reserve ratios, it was announced they would be cut friday. that will come through early december, in terms of that policy support, is it too far to say you would p

he played the old goldman sachs pre 2008 game. you'll remember this. goldman sachs paid for a lot of protection from the government to pay out. it's like an insurance policy when it matters most. when the twenty eight financial crisis. that's why goldman sachs got bailed out while lehman brothers didn't. well, appears to be playing a really similar game. he's a top donor to the democratic party even as his exchange was going bust. yet there's one small new one to the tucker. i think they might actually go after him and punish him anyway. and here's the funny part. not a lot of people know he actually had pledged up to a billion dollars in donations this cycle and next. so there are actually a lot of democrats upset with them that he only gave 30 to 40 million. so if they do go after him, it's because he didn't buy the gold plated insurance policy. he just stopped at the cheap version of the insurance policy instead. and so if he is indicted or if he does get in trouble, that'll be one of the lessons of the story for future crony capitalists is pay up f

goldman sachs is sticking with the view that it will take a few months. are preparations, but it takes time to take effect. there are a few reasons they are still sticking with their theory that we will see reopening in the second quarter of next year. first, that the elderly vaccination rate is still too low. we are also in the middle of flu season. then also, that preparations do take time for facilities to be ready to have treatment options, not just vaccines, made available. these are the sorts of things they are focusing on, saying this is the reason they need to keep a covid policy for now in place. haidi: let's get the first word news with vonnie quinn. vonnie: china says it will unswervingly stick with covid zero, dashing hopes for ending restrictions soon. health officials said in a weekend briefing that the measures are completely correct and needed to fight outbreaks. officials will also ask local governments to correct excessive control measures. online speculation over a move away from covid zero last week helped boost stocks. support for an

going with gol goldman sachs and former first lady of moscow and why were they doing business with the bidens? at the end of the day, is it good to believe with this and our national security is compromised with joe biden as president. >> hopefully the last question and i want to get to herschel walker who's been an inspiration to me. our national security was compromised by the biden family and i believe congressman comer will prove that and congressman jordan and -- the biden -- sorry. >> sean: i'm giving you water. everyone clap for him. there you go. >> i know we're live but, you know, the biden family was doing business with the chinese communist party and don't take my word and hunter biden says that with the first person and joe biden well aware in the audio recording where he calls hunter to acknowledge that the new york times was going to release an article that talks all about it. >> sean: the fbi had this laptop now forever and they didn't do a thing. >> right. >> sean: last thing, herschel walker. >> yeah, so i think your audience knows this but the most important thing goi

i'm going to goldman-sachs later today, and goldman-sachs sells the cheapest it ever has to book i don'tant to sell goldman up ten. >> it sounds like you think earnings are at risk for next year we might have -- we might have taken care of inflation but the slowdown -- >> earnings are very at risk and they're worrisome because i think a lot of companies that people are in, they start doing poorly because they can't get through the price increases, and there are others -- johnson & johnson, large investment for my travel trust, all their costs are going down they're splitting off the consumer business. that is the kind of stock i like the dividend suddenly in play. it's positive. remember, dividends were -- they were passe for a little while here do we have any stuff about meta? is that later today? >> not that i can think of i was going to mention -- >> i happy to think that meta, if he can -- if mark zuckerberg can do what he's saying in terms of cutting costs, there's a piece by michael nathanson that made a brief for meta that was extraordinary and i think he's a rigorous analyst >> w

goldman sachs says the lows are not in, that next year will be flat.harlie mcelligott is joining us next from nomura. this is bloomberg. ♪ >> we are going through an inflection point, like we saw earlier in the summer. we are starting to see the shorter-term signals and modern term signals at odds. so we are looking for a pivot to the next big trend. alix: that was on the market's search for direction. the disney ceo chapek leaving, bringing in bob iger. what is the readthrough for the broader industry when it comes to replacing your ceo? joining us now charlie , mcelligott, managing director, cross-asset macro strategy at nomura. is this going to be the trend we see as we shift from an inflation narrative to a recession narrative? is this the kind of reshuffling we can expect? charlie: i think right now from the buy side, people need idiosyncratic alpha. from an index level, stocks have had a difficult time in the past year between the multiple repricing off of the back of the interest-rate policy impulse and central bank tightening around the globe.

higher frank holland -- we're going to kick it off broad, more than the 1100-point surge microsoft, goldman sachslesforce, exactly the places that have been hit hard on fear of rising rates going the other way. the question is, you know, biggest rallies come in a bear market. >> that's very true. you had heavily shorted tech stocks today are flying double-digit percentages that being said, the magnitude is not the most comfortable situation. when you see the two-year note yield drop a third of a percent in a day, that's not your normal market processing. when you see the u.s. dollar and it's down 2% in a day, that's not what you typically would see. we know that these are very tightly wound markets. we've been doing with a lot of stuff. this is what happens when you have this focus concentrated on one data point, and where the downside price is, in terms of market outcomes have been more prominent. i get how this all fits. ed bond market is closed tomorrow >> there's a crowd here and welcoming the department of the navy in celebration of veterans day tomorrow mike, the bull case is clear the fed

the upgrade for goldman sachs. thank you very much.et's get to our reporters from around the world. endocrine joins us for a look at the latest noises from fed officials. john step it has our breakdown. we've got the latest on crypto and ftx from stacy marie ishmael in singapore. let's start with ende karen. fed officials keep making the case for further rate hikes. he has the breakdown. we are hearing from james bullard, raising his view of 5.25% at the minimum. it seems like further hikes and big hikes are still in the cards for these fed officials. enda: yes. more hawkish comments from these officials. mr. bullard making the point, that's the kind of zone where the fed funds rate needs to end up. he's not yet satisfied that the right hikes have had so far this year. it's not yet having the impact he wants to have. those comments were backed up by the other fed official who spoke overnight. he made the point that he satisfied with inflation where it sat. he says they have a lot more work to do. these comments gel with jerome powell.

goldman sachs global head of commodities. inflation is obviously welcome in a lot of markets. you look very closely at certain types of commodities not necessarily shelter. not necessarily the labor markets. how much of the inflation we see now and future inflation is based on your purview versus things you don't follow closely? is it possible we have a dropoff next year in overall inflation like we heard from jan >> you're an mute. >> okay. we're back >> is it just a switch that someone didn't throw had. >> just a switch >> go ahead. >> we cover physical goods and commodities. the physical goods were the root of the inflation at the very beginning. then shifted to wages and services and that's at the core of what jan was speaking about when we think about the outlook for physical goods, it starts to get really bullish over the course of the next 6 to 12 months primarily because you get china back in the picture. that's the big news over the weekend. china. second largest economy in the world. world's largest commodity consum

i don't know, deutsche bank, goldman sachs, jm. i'll go with hunter biden, the crack guy. here with reaction, the chief of staff, reince priebus. and the author of the coming collapse of china, gordon chang is back with us. why not even a word of solidarity. to me, everything goes back. everything is suspect as it relates to china, russia, kazakhstan, ukraine, and other countries where the bidens made money. now why would they not stand in solidarity for the people of china to freely express their view and stand up against what is obvious tyranny and a crackdown against innocent people. >> i'm with you, sean. this -- this weakness, this theme of weakness that just keeps popping up with joe biden just doesn't go away. starting with afghanistan, then it started -- obviously with inflation. then afghanistan, and it continues through iran, through russia, now china. and, honestly, it's -- it's even baffling to me because, you know, i do events all over the country. a lot of time with democrats. and i find that one of the only things that we can agree on is china and taiwan. an

goldman sachs. >>> my mission is simple to make you money. to level the plays field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now >>> hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends, i'm just trying to make you a little money my job is not just to entertain but to educate and explain how days like today can happen so-call me at 800-743-cnbc or tweet me @jimcramer. listen to me, a year ago today

hole of $ 8 billion was found, and the owner, who had not ruled out the possibility of buying goldman, sachsin the spring, asked for help from a competitor to the binance cryptocurrency exchange at the beginning of she you agreed to buy the site, but then changed your mind in preparation for the transaction revealed in case of misuse of clients' money. more algae regulation will help set standards for maximum acceptable risk. and it will attract more customers. also, the laws will indicate the players in the industry. what can be done? and what is not, but in the end , every business needs to take care of its own security and the business models of ust luna and other crypto projects that have faced a liquidity crisis have poorly managed their finance. these are fundamental problems that regulation can reduce but cannot eradicate. that's it for now, more news in the next hour. the power of the taiga the power of the river the power of the mountains the power of the spirit the power of will the power of beauty the power of the family the power of tradition the power of movement the power of li

do you think that the acquisition of goldman-sachs has been postponed >> by ftx? remember, he did say he was going to buy goldman i'm asking if it's been postponed. what do you believe? >> i believe that's -- yes held in abeyance for some period of time. >> he did say over time, i'm going to buy goldman-sachs, i'm going to see david solomon tomorrow i think that david's job is more secure and the acquisition of goldman-sachs has been postponed. >> i think you have a good chance of that being correct -- a correct prediction >> did your eyes light up when i suggested that >> i love you in those i really do. >> chapek's eyes -- where'd you get that >> cut, clarity, and something else, right? >> carat >> that whole moment where he sounded a lot like warren buffett, i think we have to replay that over and over. >> this is -- you know, we have fun with it, but this is important. >> we're not having fun. people are losing billions >> trillions have been lost. >> $3 trillion this week last year. >> now it's under a trillion dollars. >> so, $2 trillion >> it's not going to

what goldman sachs's ceo is saying following the inflation data. >>> and cautious approach for commercial real estate the one-two punch economic ttedies are having on the baer sector. a very busy hour ahead when "worldwide exchange" returns ga-a-a-ap! oh... hi. what's this, a hospital bill? mm-hmm. for 1,100 bucks? ga-a-a-ap! looks like your wallet may need a sling too. tell me about it. did that goat say "gap"? he's talking about expenses that health insurance doesn't cover. eh-ehh-eh! well i'm talking about the money aflac pays to help close that gap. aflac, huh? aflac! ga-a-a-ap! aflac! gap... uh-oh! that duck can motor! get help with expenses health insurance doesn't cover at... aflac! ...dot com. (vo) verizon small business days are back. and there's never been a better time to switch. health insurance doesn't cover at... get our best offers of the year on business internet. help your business stay ahead with the reliable connection your business deserves. book your appointment today. and switch to the network america relies on. verizon. well, we fell in love through gaming. but now

it is called the goldman sachs of crypto. on november 8th everyone said there is some connection.have no material exposure. okay. november 9th okay, looks like we lost $7 million. november 10th, we lost $175 million and we're okay. november 16th, we won't allow anyone to withdraw any money and no new loans. november 17th we need a billion. november 21st, by the way if we don't get this money we'll go bankrupt. that date could be tomorrow that's how fast this is moving. this again is the goldman sachs of crypto. it's -- everyone is afraid and what's next, who is next? will the entire thing implode? i was just at my meeting with my team. it is like a game jenga. >> dana: do we know what that piece could be good or bad for the people who invested from the bankruptcy hearing today? >> we'll know a lot more before the hearing is over. i don't know if they want to reorganize. sam bankman-fried said he is trying to raise money. the guy there now is still thinking they could reorganize. i think the clock is ticking. coin based shares closed at a low. i have $1 hundred thousand in bitcoin.

the chief european economist at goldman sachs joins us now thank you for the time appreciate you being in studio with us as well. always a treat having guests in studio the prediction here is for not just, you know, whether we will see a recession or not, it is about how long, how deep it is projections here are for a shallower recession than normal. just run me through the reasons and kind of what brings that about? >> first of all we think the energy crisis will push the euro area into recession. think it will weigh on production it is going to weigh on real incomes and therefore on consumers. that's why we maintained the long held view we'll see a recession over the winter months at the same time, we think it's going to be a fairly shallow recession, so the incoming data has been better recently we've seen some easing of the gas tensions so i think it's less likely we run out of gas during winter and also more fiscal report. so recession is coming we think but it's a more mild one than usual. >> would the risks be on the down side here that things could escalate and be worse than we

a result so we watch and wait to see exactly what comes out of this meeting, but nonetheless, goldman sachsnd in particular this interview steve has done with jeff currie in the last 24 hours also suggesting we might see an output cut, opec sticking with this brent forecast for next year. the direction of markets still very uncertain at this point and so much lies in the hands of the opec meeting that is hatching on sunday back over to you. >> thanks for the preview. >>> dutch tef futures have pulled back after nation fill their gas reserves with new data showing they're set to end the year prices are at a six-year high and supply issues in norway and the uk eu nations are trying to hash out an agreement on a gas price cap, which could see a market correction mechanism if they breach 275 euros for two weeks despite that, they're set to shut down a gasfield by the end of 2024, this became apparent after it was determined the field causes earthquakes the dutch government says 13,000 homes would be at risk for collapse if the extraction continues. let's get out to julianna tatelbaum with more.

hawkish fed speak from john williams and also goldman sachs took up its terminal rate forecast to overhere they were expecting the fed to land. >> then fed governor waller as well reiterating the message of two weeks ago from chair jay powell that essentially whatever the pace at which they go from here, even if it's half a percent in december and there after, there's still more to be done to get to where they believe rates need to go also, waller talking about how the strong job market gives the fed ammunition to continue to tighten. they don't feel as if there's this direct tradeoff just yet so things have to slow down more. so clearly, that's probably on investors minds even though it's not fresh news it's maybe contributing to the aggressive buying at the longer end of the treasury curve right now. because real sharp decline in longer term treasury yields and you know, maybe something somewhat technical, but definitely is a key feature of this pullback in equities. >> also, so is the retail news target, we've got to talk about that, which is slumping hard right now after reporting

over the weekend, goldman sachs said they are forecasting this massive deceleration in inflation in 2023ut where does that leave sticky wages and prices? did the vice chair comment on that? >> we don't know. the feeling that she has and other people at the fed has is that there may not have been a dynamic change in terms of sticky wages but waits growth -- wage growth is slowing down in price growth is going down. is a slow enough to bring you back to the 2% target and that will take a lot of data to show over a period of time. mary daly put it best. data is a plural world. we need to see a number of reports. we got bad news from the new york fed. they did a survey of consumer agitations of inflation and expectations went up, that the 3.5 -- three to five year range. went up. the fed's work is not done. if people think inflation will water -- rice, they have more work to. -- rice, they have more work to do. kriti: president bynum and chinese leader xi jinping met to talk about the importance of u.s. china relations. rocking the first in-person conversation between the leaders since the o

goldman sachs says it defeats bloomberg's reporting. -- the space agency will try again on wednesdaythe unmanned moon mission on the ground. -- off the ground. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. rishaad: thanks. coming up, regulation continues to haunt tencent's gaming business. this is bloomberg. ♪ haslinda: welcome back. the war in ukraine is dominating headlines here. let's get more from our correspondent. it is a tough day hearing all of this news. the big question for nato is whether that attack was deliberate. >> that is really the answer that nato was looking for right now. there has been a sobering shift in tone after the optimism we saw yesterday coming out of that president biden and president xi meeting. there is one geopolitical risk here. if we have had a missile attack on a nato ally, that would be a turning point in the conflict. the other is an issue over food security, which has been another big topic at this conference. ha

coming up, goldman sachs sees array bound coming in china.nomy to go 4.5% in 2023. we hear from our chief china economist next. this is bloomberg. ♪ vonnie: you're watching daybreak asia. live pictures from shanghai. we saw numbers of covid cases locally in beijing up for another bay -- day. the offshore yuan is trading at 7.1363. we will get the fix in more than an hour. haidi: of course, all of these concerns as china's economy is bracing for more major disruptions. covid infections rising. that surge posing a challenge to the government's attempt to maintain covid zero whilst also reducing the economic and social cost of that. let's take a look at chinese virus restrictions. it's effective lockdown come you can see that on the screen. tightening policies to control fresh outbreaks despite hopes for a gradual reopening. let's bring hui shan. it's unfortunate timing. we see this willingness and the recognition of the social as well as the economic cost, not to mention the fiscal cost of government of maintaining covid zero. they want a way o

>> well, i think, if you look at maria the goldman sachs u.s.onditions index tightened above 100 indicative of basically financial conditions tightening what federal reserve is attempting to achieve, in last week or so, given the rally that we've had in stock prices, you can see a along with dollar weakening considerably you can see in that headline goldman sachs financial index looks like barely above 100 as we speak, so i think as a wkwens noted by kashkari from minneapolis federal reserve something paying attention to rally over summer counterintuitive to what federal reserve is attempting to -- i am not surprised a number of fed officials trotted out to talk about tightening economic conditions sufficiently before nation would come back a looseness applied by rally in stock prices on one or two cpi prints i think are not necessarily indicative of the kind of slowing headline inflation fed is likely to be comfortable with at this time. maria: a great point, we've seen some series demand destruction, mark in housing waiting on existing home sa

goldman sachs. >>> my mission is simple to make you money. i'm here to level the plays field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now >>> hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends, i'm just trying to make you a little money my job is not just to entertain but to educate and explain how days like today can happen so-call me at 800-743-cnbc or tweet me @jimcramer. listen to me, a year ago today the nasdaq peaked. the world we thought we knew came to an end and the highest of growth stocks began their slow motion crash and burn look, even on a good day like today and the dow gaining 398 and s&p advancing and the nasdaq climb 1.36%, doesn't come close to erasing the trillions of lost wealth that we've seen so we can't let one strong day throw us off the last year, which is big loses for your portfolio. much of these losses are concentrated in businesses hidden and sound very confusing, not exactly like each other. enterp

. >> i will say you know who doesn't give a monkey's patute goldman sachs. when if you look at fixed income and commodities, they have crushed it i think they will continue in in environment. we talked about this when it was around 280 book value, ridiculously cheap that's why it's now approaching its all-time high in the summer of 2021 and i think it's probably going to get there. comes in around 415. this is a fantastic environment for goldman sachs and they are finally being rewarded for what goes on in fik. >> do the financials have to continue their outperforms >> the yield curve is inverted the most since, what, 1982 i think that was the stat. so it's over 80 basis points so to your point, the market hasn't really cared about the yield curve and if that yield curve improves, these names are going to fly higher. so i think you are okay in the financials. >> i was selling some upside calls in money center banks because they had a great run in january i think we will wake up and focus on credit. >>> coming up, violent protests in china at the world's bigg

well, i want to get to a couple of other stories you ear looking at, goldman sachs and the possibilityot. everyone wants to know where the economy is headed. and also amazon layoffs. could you update us on both those stories? >> the two things worth talking about, goldman sachs is now suggesting that there's a possibility that there could be a soft landing. we've been talking about is this a hard landing, a soft landing, what does that really look like. and i think that report is giving some people a little bit of hope. i have to say the stock market just opened up high they are morning, and what you're seeing right now is a sense that, again, this push/pull of does the fed pivot, do they not, do they pivot, this morning again we heard from another fed governor that was suggesting that maybe things are getting better. yesterday we heard things maybe aren't getting better. again, maybe this is what makes a market. and talking about layoffs, there are more coming at amazon. again, when it comes to figuring out what unemployment looks like in this country, that could be a big issue. we pr

500 on the dow jones industrial average it looks like taking the biggest chunk off the dow is goldman sachs, home depot and boeing the s&p 500 is down more than 1.5%, every sector is lower. the weakest link today, real estate, energy and materials the nasdaq also down 1.5% and, of course, this comes after a week when the s&p rose more than a percent. take a look at a it's near the bottom of the dow again today amid concerns that protests in china will further limit iphone production. more news on that for you straight ahead. >>> also coming up on the show this hour, we'll discuss the rising tensions in china and how the web's wide -- how widespread the protests could become and we're joined by former u.s. ambassador to china and former season max baucus. plus, david zervos will break down the political unrest on the economy. let's get to the market dashboard with commentator mike santoli. discretionaries holding up the best. >> tesla is to the upside, at least the last time i looks. helped the discretionary sector. very hard to tease out a very clear story line pause it started out with a b

we like a shorter-term two-year goldman sachs bond that's basically yielding close to 5% so that's nothingompare it to where the s&p 500 yield is and if you go back, what, nine months ago or something like that, yield was much better on the s&p stocks so i think the higher yields are certainly attracting a lot of the dollars from the stock market now but that's not a bad place to hide in this environment also >> sandy, thanks very much have a great -- i almost said halloween. have a great thanksgiving, sandy. >> happy thanksgiving, tyler thank you. >> you bet >>> all righty still ahead, the thanksgiving travel rush is under way are airlines and airports prepared to handle the crowds? phil lebeau is live at o'hare with that story. hey, phil. >> hey, tyler. this is exactly what airlines and travelers were looking for for the start of the thanksgiving travel rush the planes are on time so far and the planes are also packed for the airlines we'lrudo t nbe il n wnheumrsn just a little bit. wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in

a top economist at goldman sachs says there is a plausible path for the u.s. to avoid recession. he says that involves a moderation in economic activity, a slowdown in wage growth, and easing of inflation, and a rebalancing of the labor market. goldman sees a 35% probability of a u.s. recession in the next year. that is well below wall street's consensus. the northeastern u.s. is hurtling towards a winter heating crisis. heating oil delivered to new york is the priciest ever. retailers in connecticut are rationing it to prevent panic buying and there are warnings of a natural gas shortage and if you add it all up, northeastern consumers faced the highest energy bills and gave this winter. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. >> welcome to bloomberg markets. >> let's get a quick check on the price action because this is the day before you are starting to see midterms in the united states here. stock market a little bit green on the screen