goldman sachs is the best in investment banking goldman sachs is the best in trading.nd let's pull the lens back for one second if we could and understand both in the case of goldman sachs and morgan stanley, they've done remarkably well since where they were prepandemic. morgan stanley up 60%, goldman sachs up 450%. the rest of them, jpmorgan, citi, bank of america, they're flat prepandemic they've done a good job. this is a step in the right direction. more needs to get done >> i mentioned mayo. i want you to hear what mike mayo thought about investor day. he talked about the challenges they're facing. >> they did have a terrible fourth quarter they are likely to miss their targets this year and next i personally asked a lot of questions around that. but, you know, just like in sports, as in wall street, winning cures all. if they can get to their targets, then all this other stuff will just be noise >> one of their targets, joe, is to, you know, grow their asset management biusiness, which is the reason you're bull irk on morgan stanley over goldman sachs. that's th

goldman sachs expects to get to 15% rotce. morgan stanley is already at 15%. their goal is 20%.re much better -- they're a better -- >> a bigger player in wealth management a year from now than today? >> they're not going to be close to morgan stanley. >> i don't see how they could. >> just go back to what worked for them which is catering to the elite whether it's consumer or corporations. you're right, steph. morgan stanley has won that broader game but the consumer business was never a good idea. they didn't execute on it well. >> they are leaning into asset management. >> so is everyone. >> they're clear and direct about the growth engine that it will be moving forward >> 70% of their business is capital. >> wealth management is the crown jewel of every firm on wall street right now. it may not always be this is what they're all saying they want to do. goldman bought one of the biggest in the country about four years ago i don't know that the stock price has benefitted from that >> because it's small, josh. it's small as a percentage of total revenue. >> understood. now they

goldman sachs investor day kicking off.k at the 118 page powerpoint. i've driven into it and page 63, executives can come out with platitudes as loaded as you would see any investment firm with the positive. it's a big theme as well. what i would say is the money charts on page 63 where they look very optimistically net charge-offs in the consumer banking rolling over and doing better towards 2025. jonathan: one goldman sachs. tom: that's page one. jonathan: sonali basik coming up to talk about it. >> keeping you up to date with news from around the world with the first word. the supreme court hears arguments on president biden's move to slash the student debt of 40 million people. republicans contend the president is overstepping his authority. biden put a freeze to penalties on his first day in office. rishi sunak's government has a hard sell. convincing to back a post-brexit deal. he spoke with reporters in belfast. >> i'd like to engage with the parties and it's one of the key parts of this deal, safeguard sovereignty.

>> the death blow was that goldman sachs -- i'll step back. one of the surprising things in my reporting is the extent to which the decisions ceo matt rosendale had an impact on the story of marcus, and its failure. he had done a series of reorganizations, shifting the walls around - >> and shifting people for this organization in 2021 you had a partner, omarishmail, one of the original architects of marcus, well regarded, an he felt like he had been looked over for this promotion that happened in late 2020 one of his peers got it, and he leaves for a place, a welcome backed fintech named one and this sets off a series of disastrous things for marcus waves of people leaving. lack of discipline leading to a boom and bust scenario and things went south. >> one of the things, kelly jump in a second, one of the things your reporting seems to be this, that there were a lot of people who felt that initial credit card deal with apple was very poorly engineered from the standpoint of goldman sachs. >> one of the delicious details in the story for sure

goldman sachs hosting an investor day.ou can call this a real-time report card on how it is going. the stock is the biggest drag on the dow. kriti: you are seeing it come back slowly and drive the trade. this pivot from the macro. the micro coming in a little bit as well. the euro hotter than expected. inflation data from france and spain. who better to ask than michael mckee. there's is a lot to digest here. specifically when we talk about what the european inflation data is telling us. to what extent is this record french inflation data and spanish data that had ticked backup some sort of crystal ball or signal inflation is not a done deal when it comes to the u.s.? michael: it's a signal that inflation is not a done deal. there situation is a little different. much of what drove the price levels in those countries where food prices. it is not as directly translatable here were the wholesale food prices have been going down. we are waiting for that to transfer into the cpi. it did have a major affect on the bond markets

well, you know, you talked about jeffrey sachs, kale, talk about jeffrey sachs and the information that was put forth and the fact that sweden and germany and denmark did report, they refused to share that information. because i think there's other information that jeffrey sachs talked about when he was pulled down off of the off of the show on bloomberg. i don't know if you're aware of that, but he was talking about the fact that us helicopters were, were circling up ahead on or above it on radar. in the fact that in february biden said he'd put an end to the north stream pipeline to i think that most of the countries at the u. n that are part of the un security can understand what really happened. they're just afraid to stand out and tell the truth and the u. s. is doing the same thing that it's always done and parenting the same misinformation. disinformation conspiracy theory. everyone's running around the tinfoil hat, yet they're literally holding the murder weapon in their hands and have shown time and time again that they don't respect the sovereignty of other nations. and they d

since leaving goldman sachs in 2018, it's about time.en rumored for a lot of positions before, including ceo of wells fargo. him taking over at a private asset farm -- firm, it's pretty crazy to hear. the pitches interesting. harvey schwartz rose that the ranks there, particularly at goldman sachs. he was a sales executive for a long time as well. in that time, he had built a lot of relationships with clients, investors around the world, sovereign wealth funds, which is something that could come in handy when the fun rising has been difficult -- fundraising has been difficult. the other thing to keep and i out for, for harvey schwartz and assistance, is the talent story. what is this going to do to bring people together, to improve morale after such a big shakeup at the top, after some senior executives have left? kriti: there has been a bit of musical chairs, for lack of a better term. what else do we need to know about that? sonali: we were talking about asset management and the carlisle since baird you don't often see asset managers m

all the a way at the bottom there, turn your attention to goldman sachs. it is the biggest laggard, now down 3. very low, close to the lows of the session. now, at the bank's investor dayed today, ceo david solomon bluntly said in so many words that that goldman's foray into main street banking -- something, by the way, that was launched well before he was named ceo -- has been a bust. solomon bluntly stated, quote, we've significantly narrowed our ambitions for consumer strategy. he then revealed that goldman is considering strategic alternatives for its consumer business which has lost a pretty jaw-dropping $4 billion over the last 3 years. that division includes the apple card partnership which lost $1 billion in just the first 9 months of 2022. but also that pricey acquisition of green sky, the platform that offers loans for home improvement and health care. now, that $2 billion acquisition was driven by the solomon regime. ing spiking costs for the division are one thing, okay? we get that. but now it's paired with the consumer very wary about an econ

>> i think it's getting close to the range of being overvalued relative to goldman-sachs.e, and so yeah, i would not be buying morgan stanley over $100. >> mike, nice to see you, sir. never one to hold back he's got a lot of views. we'll see what happens in the next two weeks thanks >>> up next, what to watch ahead of the opening bell on wall street stay tuned "squawk box" is coming right back ♪♪ the only thing i regret about my life was hiring local talent. if i knew about upwork. i would have hired actually talented people from all over the world. instead of talentless people from all over my house. >>> we got a big stock mover take a look at this. roblox shares are up 18%, surging this morning the video game company reporting fourth quarter results including better-than-expected bookings, healthy holiday spending the cfo said growth was strong across all geographies and age groups next wednesday, we'll be speaking with the ceo of roblox right here on "squawk box. >>> little more than half an hour from the opening bell on wall street and after the retail sales number, th

tom: sharon bell, goldman sachs. thank you. they are geopolitical tensions arising we will get more views on geopolitics and how you lay that across the equities space there'd coming up, a meeting between top diplomats between china and the u.s. over the weekend may have only heightened the tensions between the two sides. we'll bring you the details of that meeting next, and implications. this is bloomberg. ♪ tom: welcome back to the open. we are 11 minutes into the european trading day. modest gains of .2% for the european market. as markets -- the main benchmark and mainland china getting 2.4%. the main chinese diplomats and u.s. had a meeting that was meant to patch up escalations. they have only worsened elation's between the world's two biggest economies. let's speak to bloomberg's bruce einhorn in hong kong. let's start with the u.s.. what did blinken have to say about this meeting? he quickly jumped onto the u.s. airwaves. bruce: you're right, tom. antony blinken was supposed to meet with wang yi in other chinese officia

we will talk to our goldman sachs expert on that.expert katrina dudley with franklin mutual, wonderful goldman take, as well. in your opening paragraph, you announce the youngest baby boomer is 59. how does that demographics fold into a long-term investment confidence? katrina: we are looking at the wage spiral and looking for workers to come back into the workforce in order to address the fact that our unemployment is extremely low despite the fed having made some significant rate hikes and trying to try to cool the economy and that inflation number. don't forget, inflation is somewhat of a catch 22, because if we have inflation and then we need to pay our workers more in order for them to be able to get goods and services, that increase in wages and feeds back into that inflation spiral. we either need productivity or need to get those workers back into the workforce, and that is where the baby boomers come in, because the 59-year-olds are now starting to retire. tom: do we need immigrants from australia? katrina: i think australia

shery: the goldman sachs president and coo speaking to sonali basak.wings in alibaba shares, now pushing to october levels. we have more on the $85 billion round ahead. this is bloomberg. ♪ introducing the new sleep number climate360 smart bed. the only smart bed in the world that actively cools, warms and effortlessly responds to both of you. our smart sleepers get 28 minutes more restful sleep per night. proven quality sleep. only from sleep number. shery: mexico's president has announced that tesla will build a new plant in the northern state of monterey. he says elon musk has given environmental assurances, including the use of recycled water. he says musk was responsive, understanding of mexico's concerns and accepting of its proposals. a key supplier of apple products says rising geopolitical tensions could push them out of china faster than many observers anticipate. the deputy chairman of airpods's manufacturer says they are investing in a new vietnam plant and considering an expansion in india. he says u.s. tech companies have been urging supp

scrapping gulf coast a goldman sachs card >> the goldman sachs card or the potential goldman sachs cardsualty of their pivot away from the consumer at first, we had heard about marcus loans basically being shuttered. that was their inaugural product. they're shuttering that. and then we learned that this, that the digital checking account they'd been working on for years and had piloted with employees is just being shelved. so once you got to the point where they're not going to be the main -- they're not trying to be the main kind of transactional bank for main street a lot of these ancillary products that were theoretical products on the road map that they were going town vail over t the years, the rationale for those products essentially evaporated >> what good is the apple partnership for them if they can't leverage it into other things >> you're talking the pro goldman sachs proprietary card, which is, we built this thing, we already sunk the money into this, the millions of dollars to create this new tech platform for apple, for gm, for other folks, why not just use it for our own

i would like to thank us g rosemary decarlo, professor jeffrey sachs and mr. ray mcgovern for their briefings. the press article that motivated our meeting today report serious allegations about last september's incidence on the north stream one and no upstream to pipelines. it is widely known, so there are claims that these incidents were acts of sabotage. nevertheless, the brazilian position on this issue remains the same as we expressed at the meeting called for shortly after the events. any response should be based on sound information and the results of impartial investigations. we ask other members to proceed with caution in the face of assertions attribute to attributable to a single anonymous source. on the other hand, the seriousness of the allegations and the accusation of involvement of state actors in the episode must be given to consideration by this council. we understand the importance of secrecy to the success of investigations. but given the political implications of the incidents, we encourage greater transparency in the dissemination of esta

so that's always going to be a big part of goldman sachs.ses that we think are important to serve our clients we've got an interesting ethos around one goldman sachs and i think it's working >> let me read you a critique, though did you read the "financial times" this morning? >> i did not read the "financial times" this morning. >> this is the editorial board op-ed. i'm sorry, you read this yesterday, you know what i'm about to say, probably this is the "f.t.," the bank goldman sachs that gained notoriety as the vampire squid is now more of a damp squid. the question is the wisdom of the mix he show and its bungled implementation i'm curious what you think of that and also, if there's a lesson in all of this? >> well, i don't -- i don't like that, but at the same point, that's -- i would say that's an opinion from one source. i look to our clients. and i listen to our clients. and the feedback from our clients about the way we serve them continues to be excellent our market shares across our core business continue to be excellent and they'v

i think of goldman sachs and their ability to trade markets and to generate revenue doing that.heir identity. it's one of the reasons why. i'm invested for capital markets towards morgan stanley morgan stanley knows who they are and the wealth management business is thriving they have been additive to the bottom line. i don't see that as a sell the news event i think you can buy goldman sachs if they're going to message to the investment community they're returning to who they are no one is better at what they do >> guys, let's throw up shares of apple, because there are some interesting headlines that are breaking from "the wall street journal" that i want to call your attention to as we pay attention to that stock. "the wall street journal" is reporting, according to sources, the justice department has, in their words, ramped up work on a potential apple antitrust complaint that justices examining whether apple has favored its own products, focusing on the mobile operating system and studying whether a top antitrust official can work on an apple probe. all of that according to

goldman sachs is expecting less than that.ty weaken compared to last year but it has been below $100 a ton for most of that period of time. there is going to be definitely an impact there. cost pressures is something bhp was talking about particularly around diesel. the same problems around china demand as well although as bhp said it is seeing some green shoots around that. rio tinto has been doing pretty well though. that has outperformed the broader -- even though the dividend is expected to get a bit smaller, it is still pretty healthy. >> paul allen there with the latest from sydney. we do have an exclusive conversation later. he joins us later at the times on your screen. >> let's take a look at australian bonds. we continue to see the downside for treasuries, the slump on tuesday when it comes to regional bonds across australia and new zealand as we get into the rbn decision. all of this really being enveloped by concerns about fed rate hike bets and we will see an environment of higher rates for longer as well as expec

>>> too little too late with goldman sachs's david solomon talking about the biggest job cuts in years. >>> and what investors are doing for the first time since 2016 that is turning heads on the street >>> later on, one for the record books. kansas city chiefs beat the philadelphia eagles to claim the second super bowl win in four years. it is all happening on monday, february 13th. this is "worldwide exchange. >>> good morning good afternoon or good evening. welcome from wherever in the world you may be watching. i'm brian sullivan before we get started on the official show, a quick shoutout to the kansas city chiefs and all your fans. you are 2023 super bowl champs a textbook second half and looked like a painful 26 yard scramble from patrick mahomes to keep his team in the game and gimpy ankle. it would be a touchdown and penalty that would decide the game final in arizona. chiefs 38 and eagles 35. if you stayed up and watched the whole thing and watching or listening live to "worldwide exchange" right now, we feel you because we did the same thing. it could be a long day stilling

on the desk tonight -- we start off with the countdown to g goldman sachs' first inves terror day in three years. it takes place tomorrow. what is is ceo's plan for growth as questions swirl over the collapse of the company's consumer finance business? hugh put out a report today detailing that many of solomon's decisions led to the ultimate failure of the marcus arm. shares of goldman rose half a percent today and are up more than 6% this year. so can solomon deliver a strategy that will get investors back on board? he's got a lot of convincing to do, tim, when it comes to the ability to create durable r revenue streams and whether or not to trust him on like a consumer business. >> goldman sachs have been geared toward cyclicality. if you think about where we've gone for banks even in the last four or five quarters. i think the quarter will be strong for fixed commodity comparing them to morgan stanley at this point, which is what we used to do all the time. they were really the two big investment banks morgan stanley became a wealth management firm. i think a lot of this focus on

lauren: goldman sachs downgraded them to neutral.deterioration and profitability, most notably in the chicken sector. we one nike and home depot are both down. lauren: both down 2% and that is weighing on the dow jones industrial average. i don't have reasons each are down but they are a big reason the dow is down. fishermen sounding the alarm t over wind turbines off the what are fishermen telling you? >> reporter: they are telling me these offshore wind farms are threatening their bottom lines and it is only in the surveys to win develop and happens we will sit at the grocery store with prices and availability around the dinner table. we are at a commercial fishing. they fish for everything from crabs to scallops to squid and they are already having to change some of their roots because of the development and surveying of offshore wind farms. when the roots are longer it is dangerous during bad weather and more expensive because of the cost of fuel. i will show you a map of where these outlands for development exist. it happens to

that's according to a new study by investment bank, goldman sachs, a curved spending closed shops and generous stimulus measures helped households pad their savings by the end of 2021. before relief measures ended and inflation sword as good against quarter in new york, yann's many american households did pad their savings through these english mal measures during this pandemic time. to what extent were those savings a critical for what came what came next. the stephen definitely was very crucial for a 20 a 22. i mean we had 2 factors that play. we had the stimulus money out of washington on $1.00 side, and then we had the american household spending a less and $2220.20 a one. so people spent less and restaurants that's for travel less for leisure, and saw that both let 2 additional savings in the united states or extra savings in the amount of $2.00 trillion dollars by the end of 2021. and that money came to use in the last year, especially when we had inflation kicking. and we also had almost record prices for housing. so therefore, that money was a pretty crucial can we say, how pr

but as you mentioned, and as a goldman sachs showed in this study, it's getting a less and less so. so it will be a big burden looking a hat for you as a consumer. so that was i cost of living. they have to live from paycheck to paycheck, and that's at the same time. are at record tice jones court in york. thank you. and e, u import embargo on russian crew products such as diesel and gasoline has been in effect since sunday. it aims to further limit russia's revenues from energy sales and therefore its ability to finance its were on ukraine. the measure is to compliment and import ban on russian seaborne crude oil that came into effect in december. russian oil tankers that won't be heading to european ports with shipping bands and price caps, you slammed its door shut and russian supplies since russia's invasion of ukraine early last year. the amount of russian crude oil arriving in europe has dwindled. at the end of 2022, it was only a quarter of the amount it was at the beginning of the year. but russian tankers haven't stayed home. instead, the kremlin diverted many of the shipme

this is something that ought to rattle to have just talked to us right in detail, jeffrey sachs and ray mcgovern. i just like to say that the information that he has is astonishing his previous professional experience and his foolish journalistic reputation leave no doubt as to the fact that the american journalist is telling the truth. it is also astonishing, not only because of the degree of cynicism and conviction in their own unity regarding the carrying out of the suppressed entered crime. of course, to an attention already to the fact that our american colleagues are themselves above the law. indeed, claiming that they are indeed the law itself. so need them who can, with impunity interfere in the domestic phase of other states, carry a kind of constitutional cood carrier acts of aggression against independent states . and i'd like to remind you that from the end of the cold war alone, in line with a document that was prepared in 2022 by the us congress research institute. there were 250 cases of the use of u. s. force abroad, so it's only they who can kill and maim civilians in o

he is little in addition, jeffrey sachs, confirmed the results of the investigation into the attacksducted by the seymour hash police prize. and why the states seriously miscalculated will tell the name of the mersai. this interview in the usa will obviously not be shown on national tv channels. spets, adviser to the secretary general, he is one of the most influential economists in the world. geoffrey sax. extremely tough on foreign policy. the united states pointed out the main rule of washington, the absence of rules , emphasized, what kind of terrorist attack is there on the nord streams, the states really stand such operations by the cia and other covert divisions of the us government are carried out regularly. they blow up a lot of infrastructure. trying to keep everything secret, but this operation was difficult to hide because the us was practically the only country with a means motive. and what? it is noteworthy in advance that the bidens, who announced their intention to destroy the nord stream a year ago, publicly stated that the states have every opportunity to destroy th

caroline: goldman sachs faces a stripe. all that and so much more coming up from the private markets back to these public markets. let's check in, optimism managed to push through even as we look towards the key inflation. s&p back above the 4000 level. msci all country index pushes up. we will take into that. the seven year yield managed to pull back after it reached a record high at the auction earlier today. let's see what is happening in the world of crypto. i'm looking at what has actually been about the 23,000, almost 24,000 level down over the last couple of days. we have managed to push away from the correlation of the stock market. ed: for the technology sector, earnings is still a sector. not only missed expectations but guidance for the four year and set really low expectations for 2023. see the stocks drop pretty significantly. this is the second best performer the software maker beating -- cutting prices in more than a hundred countries but lower income markets where they have fewer customers still reacting neg

morgan and goldman sachs.nds is giving you yields four or five times what you would normally get. this is what the data is showing you. i would say, there doesn't seem to be anything particularly right now that indicates the inability to make short-term obligations. here is the thing. at what point does a crisis of confidence become a liquidity issue and a solvency issue? we have all seen different stories on this and how quickly not morphs. to be frank, the difference between genius and madness often enough in this case is the madness of crowns. we will see how this all plays out. shery: we will stay with delving deeper into adani and groups seems to be plunging by the day. it is weighing on india's credibility as a desk nation for global investors. we have emma o'brien joining us now. it has really been fascinating to me, we have made the comparison with similar emerging-market worker governance and debt concern stories. china, hna, evergrande. what has happened with adani that is materially so different in

another company, goldman sachs. key update appeared the bank says it will take another two years to break even on its business. this is bloomberg. ♪ ♪ 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? for businesses of all sizes, there are a lot of choices when it comes to your internet and technology needs. when you choose comcast business internet, you choose the largest, fastest reliable network. you choose advanced security for total peace of mind. and you choose a next generation 10g network that's always improving, getting faster; more reliable; and more intelligent to keep you ready for today and tomorrow. the choice is clear: make your business future ready with the network from the most in

alongside kelly evans i'm tyler mathisen coming up the future of goldman sachs.anagement will be the new growth engines for the company, but will he be around to lead goldman to its next chapter? we'll discuss what's ahead for solomon and the bank. >>> plus, target shares are moving higher. earnings beat but the outlook is weer

cheryl, this goldman sachs report is interesting. quote, overheated cities. cheryl: i want to start with arizona, in particular scottsdale, arizona. this is one area we're seeing the biggest price reductions. i'm going to give you three different homes. you have to tell me which one is worth 1.15 million. here are the three homes right now. this is scottsdale. the first one, reduced by 50,000, four bedroom, two bath, 2,421 square feet, new pool deck, outdoor barbecue. is that the one that's worth 1.15, paradise lane. the next home is a five bedroom, four bath home, 3,879 square feet, the price reduction, 45,000 on this second home. and then the third one, reduced by 100,000, these are all recent price reductions i found, four bedroom, three bath, over 3,000 square foot. it's on a three quarter acre lot, there's a circle drive and room for rv storage which i think is important as i get older in my life. which one is worth $1.15 million, maria? maria: shoot. okay. i'm going to say 1.1 is in california. cheryl: these are all in scottsda

>> i work for -- goldman sachs. >> you work for goldman sachs in new york?telling the goldman sachs lie six years ago. what does that tell us at this point with this guy? >> it tells us that he is always been a liar, he always has a hard time with the truth. even a time he's referring to himself as a politician, but he wasn't even a politician yet at that point, so is neither a goldman sachs pollack employee or a politician. and he felt very comfortable lying to a judge in a court of law. it just shows that there are no limits to what the things that he will lie about. >> let us help us contextualize about this, because there are multiple ongoing investigations into sandals at the moment. if you could lay out for us and give us a sense of what you're doing about the status of all these probes that are seemingly everywhere covering everything. >> so he is being investigated a pretty much every level of government right now. there's federal investigations, his campaign finances, there's local investigations about his handling of funds for a dying dog a number

we have earnings season and the call from goldman sachs on oil at $100. we need to change the thoughts longer-term on stocks? madison: i think that's fair. longer-term, i think when it comes to where we are most constructive, i think we need to think about what are the drivers of cap acts? -- cap ex? that is geared towards the real economy not the mega cap tech leaders that we saw the last cycle. we have to think very carefully about how we are positioning further in this environment. francine: on the nasdaq rally, gains of 60% year-to-date. there are strategies saying the tech rally is too hot that they would have missed out on these almost double digit gains in tech. >> it's been a fantastic start to the year, a live asset classes. there is a lot of caution to be had right now because the signaling from the market and the fed remains at odds with one another. there going to be a re-conciliation at some point in we have to find out where that happens. there is potential for that short-term volatility before we get back the upside. i am broadly an agreeme

. >> here at the goldman sachs global macro conference in hong kong. this is the first time this event has been held in person some of the start of the pandemic and what an action-packed lineup we have over the next two days. starting up with the chief economist. he will tell us why the bank has raised its forecast for where the federal funds rate ends up. when it sees another rate hike in june and the outlook for the boj later in the morning. we will speak with the former executive director about the outlook for maybe og -- for a boj led by you waited. haidi: let's get you into the market open as we get into the staggered start any australia. looking muted given the absence of a lead by trading in the u.s.. futures were soft in the u.s. asian equities looking to build on a robust session in the monday advance we did see in this region. we are seeing the ethics coming on 3/10 of 1% softer and with expectations on futures. kiwi stocks down by 2/10 of 1% as we head into the rbnz decision day. whether the -- whether they slow that trajectory. potentially

goldman sachs now matching the money market to you -- view on the ecb moving ahead to 3.5%, the terminal rate. when it comes to the prospects of this european equity market rally we have seen year to date, the likes of j.p. morgan and bank of america saying it will start to fizzle. it has run too far already. the ftse 100 down .3% today, the spanish ibex down 26 points. in france, the cac 40 off by .2%. let's see how things are playing out in the yield space, that move higher in turn of the u.s. two-year yield, the yield inversion remains pronounced, a move higher at the front end of the curve. coming back to the goldman sachs view, we have looked at the ecb in terms of the fed, there is an expectation that you will not get it cut until 2024 at the earliest. futures stateside pointing to losses of .6%. euro-dollar at 1.06, and brent in focus, $83 a barrel, down .6% after a decent rally yesterday, the dynamics around china demand versus fed hikes and what that does to the broader global economy. let's check in on hsbc. the shares dropped in the hong kong session, opening in the u.k., down

sonali is going to sit down with goldman sachs president and ceo.ion and radio looking to see what john has to say. burke radio, much to say there. inflation out of the euro zone. massive repricing of the ecb. now 4% this is bloomberg. ♪ . >> from the world of politics to the world of business, this is balance of power with david westin. david: from bloomberg world headquarters in new york to our television and radio audiences, welcome to "bloomberg balance of power". and that challenged president biden proposal to forgive student loan debt. elizabeth, what have we learned from the oral argument so far?

gorman sachs sees the -- goldman sachs sees the federal reserve raising rates by 75 points.will be no rate cuts until 2024. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. guy: we just heard from walmart. now let's turn to home depot, which is not having the shame -- the same share price reaction, under a bit of pressure today. investing billions of dollars of wages in the face of a labor -- tight labor market. joining us now, bill smead. what do you make of what walmart had to say today? basically, the cost of service is going up and they have to pay it. >> they left out one ingredient. we look at this and say, wealthy people that lose money in the stock market pretty much keep spending because they did well the last 10 years, but he mentioned people at average and below average incomes, their income is going up, so they make good customers. there is a third dimension that he did not mention, 92 million millennials forming households and engaging the kind of spending that is necessity based. as so

>> if you look at goldman sach'' basket of the most shorted stocks, it is down more than 5% today.ggest early decline since early november. if you think about its upper performance this year, it is up about told percent year-to-date. basically more than double what the s&p 500 is. showing you basically january how the majority of the gains came in when a lot of traders were caught offside on that positioning. you've begun to see that catalyst wayne. chris murphy was thinking basically when you're looking at that particular basket, it ran its course and you don't have that as a catalyst for the broader market anymore and you won't see that support for the s&p 500 anymore. >> the earnings season we have gone too is an interesting data point as well. you've been crunching the numbers and looking with the bloomberg intelligence team that's been putting together things on sectors like tech which had all that momentum we just talked about in january. but i'm terms of the magnitudes of beating expectations, there were certain sectors that have really stood out. >> there definitely are. wh

now to the banking sector, goldman sachs ceo said he should have acted sooner to cut jobs.ccording to the financial times. the bank has plans to eliminate over 3000 positions in one of its largest ever rounds of job reductions. several european banks are reporting this week. standard chartered on their stay. first abu dhabi big reiterated it is not planning a bid for the em focused lender. those plans may be warmed up again, but they denied that. nonetheless, significant to watch the earnings on the back of that news. you've got sand and air -- santander as well. looking at a string of earnings from these european tanks to flesh out what we seen from u.s. counterparts. coming up, an exclusive interview with the portable -- cortical central bank governor. stay with us. this is bloomberg. ♪ - [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 co

a lot is on deck tonight but coming up, we seen a solid year for commodity traders with goldman sachsprofit for the firm was under pressure we will talk how specifically that part of the business did next. this is bloomberg. ♪ jon: this is bloomberg markets. time for today's for what it's worth. $3 billion is how much revenue commodity traders at goldman sachs generated last year according to our sources. russia's invasion of ukraine was one of the geopolitical factors that fueled activity and energy, metals and agriculture in 2022 and that big number is a reminder that goldman sachs has been a heavy weight commodities trading. kriti: they are leading the call in commodities. jeff curry the head of commodities research is very vocal about that. how far away are we from jeff curry's prediction coming true when we look at rent crude and 83 handle and nymex at 76 and $100 oil not that far away? jon: it feels like these continued swings might make it another profitable year for goldman. even if they look at big tech as we roll into the close on this thursday. kriti: it all comes down to a

jeff currie from goldman sachs, the global head of commodities.g up in the show markets, we're going to wait for these latest fed minutes. that's after the rba. anz raised rates by 50 basis points and signals inflation is still too high. more on bloomberg. when i went to start researching different roofers in my area, i was overwhelmed. it was so much information at once. then we got on and it was just insane how quickly things went. contractors pop up on your screen. you can read other people's experiences to me. angie is a time saver. i scheduled it right then and there. it was really just such a seamless, enjoyable experience that i never thought i would be saying that about a project at my home. got a home project. get started at angie dot com today and at interactive brokers independent arias worked with the best research and trading tools designed to help them outperform the markets. meet them at interactive brokers, investors marketplace for advisors. advisors at interactive brokers keep all they earn on our low cost platform with no ticket

tom: jari stehn, goldman sachs' chief european economist.ine: we will hear more from the eskom ceo on south africa's power problems. this is bloomberg. ♪ and it's easier than ever to■ get your projects done right. inside, outside, big or small, angi helps you find the right so for whatever you need done. with angi, you can connect with and see ratings and reviews. just search or scroll to see upf on hundreds of projects. and when you book and pay throug you're covered by our happiness it's easy to make your home an a check out angi.com today. angi... and done. tom: welcome back to the open. we are 42 minutes into the european trading day, the benchmark up .2%, the ftse 100 up .4% propelled higher by energy, that sector gaining 1.6%. brent and wti up struggling in the session. futures range bound stateside about the s&p and nasdaq. let's get the first word news now with laura wright. >> the rba has raised its cash rate by 25 basis points to 3.35%, in line with most economists. the australian dollar and bond yields jumped after the announcemen

investors included intel corp qualcomm, goldman sachs, were vested in 17% of global deals with chineselion dollars. the flow of u.s. money raising concerns that investors are sharing a lot more than capital some say, we are also transferring valuable knowledge to chinese tech companies, can be used to enhance chinese military. >> there is a tremendous amount of engagement in commerce between united states and china but god forbid if a war comes about going to look very, very different there is going to be increasing pressure on economic actors to shield themselves from this chinaed of exposure chinese are not gentle about it going to trach advantage of their leverage where they can. >> troubling maria the report found american investments are often intertwined with other chinese investors foreign money at least one case, american firm was found to have covested in have chinese artificial intelligence with another chinese firm, that other chinese firm was on the u.s. department of commerce, liz a trade blacklist that company red flagged recommended to have been treated with caution not

let's get to the chief indian economist at goldman sachs.ential of this drama likely to hurt the indian economy and indeed, confidence with in it in terms of corporate governance? >> uh, well, it is a fluid situation and i don't claim to have all the insights to specifics here, but what we know and our published view from our bank analysts is that exposure to the overall banking system, the international system, $23 billion, $24 as of march 22. indian banks have one third exposure as of march 22, and public sector banks is 25%, giving you $6 billion risk private banks, about to be in dollars, but overall capital expenditures three in india, that is underpinned by other macro factors. manufacturing companies in india have delivered the banking system and the banking system as well capitalize. as we have seen in the budget again, it has been very focused on capital expenditures, raising it to 3.3% of gdp, which is more than a 15-year high in terms of capex, showing 27% growth for fiscal year 2023, budgeted for fiscal year 2024. rishaad: i just

goldman sachs protecting yesterday along with other banks that chinese stocks would gain an goldman sachs saying it would be a 24% gain in 2023. haslinda: in their broader markets we have the likes of j.p. morgan saying there is just too much optimism right now. let's bling -- let's bring in mark cranfield. first off, the rba minutes, talk about hawkish. mark: they put themselves in a bit of a tight spot. if you look at some other things they said, they are calling the technical rate the peak 3.75. that is still effectively two hikes away from where they are now. in a way they are almost dancing -- they give themselves an internal forecast now will be very difficult to back away from. even if the data in the next couple months changes the outlook. they have pretty much committed to go towards that 3.75. so they have to sound hawkish. they have upset the bond markets several times the past several years by backtracking at the last minute. they are setting themselves up for another difficult spot because if the inflation data in australian it tends to be the big one is the quarterly one --